永赢数字经济智选混合发起A（018122）基金经理为王文龙。 截至发稿，王文龙累计任职时间2年304天，现任基金资产总规模48.81亿元，任职期间最佳基金回报 84.85%， 任职期间最差基金回报5.34%。 从南亚新材十大流通股东角度 数据显示，永赢基金旗下1只基金位居南亚新材十大流通股东。永赢数字经济智选混合发起A （018122）三季度新进十大流通股东，持有股数228.27万股，占流通股的比例为0.97%。根据测算，今 日浮盈赚取约981.55万元。 永赢数字经济智选混合发起A（018122）成立日期2023年4月10日，最新规模4.26亿。今年以来收益 1.75%，同类排名5869/8873；近一年收益85.62%，同类排名297/8123；成立以来收益68.75%。 2月6日，南亚新材涨5.5%，截至发稿，报82.43元/股，成交4.36亿元，换手率2.34%，总市值193.52亿 元。 资料显示，南亚新材料科技股份有限公司位于上海市嘉定区南翔镇昌翔路158号，成立日期2000年6月27 日，上市日期2020年8月18日，公司主营业务涉及覆铜板和粘结片等复合材料及其制品的设计、研发、 生产及销售。主 ...

永赢数字经济智选混合发起A（018122）成立日期2023年4月10日，最新规模4.26亿。今年以来收益 8.02%，同类排名2042/8873；近一年收益91.29%，同类排名275/8119；成立以来收益79.14%。 永赢数字经济智选混合发起A（018122）基金经理为王文龙。 截至发稿，王文龙累计任职时间2年302天，现任基金资产总规模48.81亿元，任职期间最佳基金回报 84.85%， 任职期间最差基金回报5.34%。 2月4日，南亚新材跌5.02%，截至发稿，报76.41元/股，成交1.83亿元，换手率1.01%，总市值179.39亿 元。 资料显示，南亚新材料科技股份有限公司位于上海市嘉定区南翔镇昌翔路158号，成立日期2000年6月27 日，上市日期2020年8月18日，公司主营业务涉及覆铜板和粘结片等复合材料及其制品的设计、研发、 生产及销售。主营业务收入构成为：覆铜板77.25%，粘结板20.95%，其他(补充)1.80%。 从南亚新材十大流通股东角度 数据显示，永赢基金旗下1只基金位居南亚新材十大流通股东。永赢数字经济智选混合发起A （018122）三季度新进十大流通股东，持有股数228 ...

一、分立完成的情况说明 公司于2023年12月9日、2025年3月21日在上海证券交易所网站披露了《南亚新材料科技股份有限公司关 于控股股东存续分立的提示性公告》（公告编号：2023-090）《南亚新材料科技股份有限公司关于控股 股东存续分立进展的公告》（公告编号：2025-005）。公司控股股东科技集团考虑到战略布局及业务发 展需求，拟进行存续分立，即分立为科技集团（存续公司）和上海耀南企业管理有限公司（新设公司， 以下简称"耀南企管"）。 截至本公告披露日，控股股东已完成不动产权登记信息变更，不动产权证书权利人由目标公司变更为耀 南企管。本次控股股东存续分立已完成全部的相关手续。 二、本次分立对公司的影响 本次分立完成后，公司的控股股东仍为科技集团，公司实际控制人未发生变化。科技集团本次分立不存 在损害公司及其他股东利益的情形，不会对公司的生产和经营产生实质性影响。 三、保荐人核查意见 经核查，保荐人认为：公司控股股东仍为科技集团，公司实际控制人未发生变更。分立后存续公司科技 集团与新设公司耀南企管的股东和持股比例与分立前科技集团的股东及持股比例保持一致，同时，存续 公司科技集团将承继目标公司在公司首次公 ...

光大证券股份有限公司 二、控股股东本次分立对公司的影响 关于南亚新材料科技股份有限公司 本次分立完成后，公司的控股股东仍为科技集团，公司实际控制人未发生 变化。科技集团本次分立不存在损害公司及其他股东利益的情形，不会对公司 的生产和经营产生实质性影响。 控股股东存续分立完成的核查意见 光大证券股份有限公司（以下简称"光大证券"或"保荐人"）作为南亚 新材料科技股份有限公司（以下简称"南亚新材"或"公司"）2022 年度向特 定对象发行 A 股股票并在科创板上市及进行持续督导的保荐人，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司收购管理办法》《上 海证券交易所科创板股票上市规则》（以下简称"《科创板上市规则》"）以 及《上市公司监管指引第 4 号——上市公司实际控制人、股东、关联方、收购 人以及上市公司承诺及履行》等法律法规，对公司第一大股东存续分立进展事 项进行了核查，核查情况如下： 一、第一大股东拟进行存续分立完成的情况说明 南亚新材料科技股份有限公司于 2023 年 12 月 9 日、2025 年 3 月 21 日在上 海证券交易所网站披露了《南亚新材料科技股份有限公司关于控股股东存续 ...

证券代码：688519 证券简称：南亚新材 公告编号：2026-004 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 南亚新材料科技股份有限公司（以下简称"公司"或"南亚新材"）于近日 获悉控股股东上海南亚科技集团有限公司（以下简称"目标公司"或"科技集团"） 已完成存续式分立，具体情况如下： 一、分立完成的情况说明 公司于 2023 年 12 月 9 日、2025 年 3 月 21 日在上海证券交易所网站披露了 《南亚新材料科技股份有限公司关于控股股东存续分立的提示性公告》（公告编 号：2023-090）《南亚新材料科技股份有限公司关于控股股东存续分立进展的公 告》（公告编号：2025-005）。公司控股股东科技集团考虑到战略布局及业务发 展需求，拟进行存续分立，即分立为科技集团（存续公司）和上海耀南企业管理 有限公司（新设公司，以下简称"耀南企管"）。 截至本公告披露日，控股股东已完成不动产权登记信息变更，不动产权证书 权利人由目标公司变更为耀南企管。本次控股股东存续分立已完成全部的相关手 续。 二、本次分立对公司的 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [12]. Core Insights - The company, Nanya New Materials, has been deeply involved in the copper-clad laminate (CCL) industry for over 20 years, producing a wide range of products suitable for various applications, including high-frequency and high-speed products for the 5G era [4][10]. - The CCL market in China has shown steady growth since 2018, with an expected market size of 71.2 billion yuan in 2023, driven by increasing demand in telecommunications, computing, consumer electronics, and automotive electronics [7][29]. - The demand for high-frequency and high-speed CCL is significantly driven by advancements in AI and 5G technologies, which require materials with low dielectric constants and low loss factors [44][71]. Company Overview - Nanya New Materials has established a robust production and R&D network centered in Shanghai, with additional facilities in Jiangsu, Guangdong, and Jiangxi, allowing it to adapt to diverse market needs [10]. - The company has developed a comprehensive product line that includes various grades of CCL, catering to the evolving requirements of the electronics industry [10][76]. Industry Dynamics - The CCL industry is experiencing a price increase cycle, with strong upward pressure on prices due to rising costs of key raw materials such as copper foil, resin, and fiberglass cloth [8][35]. - The industry is characterized by a higher concentration compared to the PCB industry, which limits the bargaining power of PCB manufacturers against CCL suppliers [35]. - The demand for high-frequency and high-speed CCL is expected to grow as AI applications expand, necessitating advanced materials that meet stringent performance criteria [76][79].

Core Viewpoint - The 2025 performance forecasts for companies listed on the Sci-Tech Innovation Board show promising results, with nearly 250 companies disclosing their earnings, and around 50% of them expected to be profitable, indicating a recovery in market demand and growth in emerging industries such as semiconductors, biomedicine, and artificial intelligence [1] Group 1: Company Performance - 125 companies are expected to achieve profitability, with 67 companies forecasting positive growth in net profit year-on-year, and 29 companies anticipating a profit increase of over 100% [1][2] - Shanghai Yizhong leads with a projected net profit increase of 760.18% to 903.54%, followed by Zhenlei Technology and Baiwei Storage with expected increases of 529.64% to 642.26% and 427.19% to 520.22%, respectively [2] - Baiao Saitu anticipates a significant net profit increase of 384.26% to 443.88%, driven by its advanced antibody platform and collaborations with major companies [4] Group 2: Industry Trends - The semiconductor, biomedicine, and AI sectors are experiencing a surge in demand, contributing to the overall positive performance of the Sci-Tech Innovation Board companies [1][3] - Companies like Shijia Photon are benefiting from the AI boom, with a projected net profit increase of 425.95% due to rising orders in the data communication market [5] - The PCB and CCL industries are also seeing growth, with companies like Shengyi Electronics and Nanya New Materials expecting substantial profit increases due to high-quality orders and market expansion [6][7] Group 3: International Expansion - Many companies are actively pursuing international markets, with Pioneering Technology expecting a net profit of 62 million to 86 million yuan, a year-on-year increase of 50.82% to 109.21%, driven by international demand for energy storage solutions [3] - The internationalization strategy is becoming a key path for high-quality development among listed companies [3]

Market Overview - The component sector experienced a decline of 3.95% on January 29, with Si Hui Fu Shi leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable gainers included: - Shangluo Electronics (300975) with a closing price of 16.96, up 20.03% on a trading volume of 1.36 million shares [1] - Guanghe Technology (001389) closed at 105.33, up 1.55% with a trading volume of 144,700 shares [1] - Significant decliners included: - Si Hui Fu Shi (300852) closed at 45.82, down 8.63% with a trading volume of 129,700 shares and a transaction value of 618 million [2] - Nanya New Materials (688519) closed at 79.60, down 8.51% with a trading volume of 77,700 shares [2] Capital Flow - The component sector saw a net outflow of 5.767 billion yuan from institutional investors, while retail investors contributed a net inflow of 4.874 billion yuan [2] - The detailed capital flow for selected stocks showed: - Shangluo Electronics had a net inflow of 360 million yuan from institutional investors [3] - Dongshan Precision (002384) had a net inflow of 10.2 million yuan from institutional investors [3]

Summary of CCL Industry Conference Call Industry Overview - The report focuses on the CCL (Copper Clad Laminate) industry, analyzing historical trends and future projections regarding material prices, demand, supply dynamics, and profitability [1][2]. Key Insights 1. **Historical Price Trends**: - **Cycle 1 (Q1 2016 - Q2 2018)**: Significant price increases in upstream materials led to a 68% price rise in FR4 CCL, with copper, electronic cloth, and resin prices increasing by 69%, over 100%, and 64% respectively [2]. - **Cycle 2 (Q1 2019 - Q4 2021)**: Continued price increases with copper, electronic cloth, and resin rising by 130%, 157%, and 70% respectively, resulting in a 129% increase in FR4 CCL prices [2]. 2. **Current Cycle (Q1 2023 - Present)**: - Upstream copper prices have reached a new high of 1.3 million yuan/ton, a 65% increase from previous highs [2]. - AI-related demand is significantly boosting downstream needs, with high-end CCL shortages affecting traditional capacities. The industry utilization rate is expected to rise to 80% by 2026 [2]. 3. **Market Concentration**: - The market concentration ratio (CR10) has increased from 74% in 2022 to 77% in 2024, indicating a trend towards greater industry consolidation [2]. 4. **Profitability Outlook**: - The gross margin for leading CCL manufacturers, such as Kingboard Laminates, is projected to improve significantly, with potential increases of 10 percentage points or more, reaching 30-40% by the first half of 2026 [3]. 5. **Price Projections**: - CCL prices are expected to rise by over 20% to a range of 170-190 yuan per sheet in the first half of 2026 [3]. 6. **Stock Performance**: - The stock prices of CCL manufacturers are anticipated to rise in tandem with margin recovery, supported by high-end product volume increases and process optimizations [3]. Investment Recommendations - Continued recommendations for investment in leading companies such as **Siyang Technology**, **Kingboard Laminates**, and **Nanya Technology**. Additionally, second-tier CCL manufacturers are expected to exhibit greater profit elasticity due to lower profit baselines [3].

Group 1 - Heng Rui Medicine's HRS-5346 tablets have been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with a total R&D investment of approximately 76.3 million yuan [30][30] - Yuguang Jin Lead announced a significant short-term stock price increase of 45.01% over five consecutive trading days, raising concerns about the uncertainty of future silver prices [31] - Dongcai Technology's actual controller and vice chairman has been detained and investigated, but the company states that this will not significantly impact its normal operations [32] Group 2 - Aisen Co. plans to invest 2 billion yuan to establish an integrated circuit materials manufacturing base in East China, with the first phase expected to be operational by 2028 [33] - Jingpin Special Equipment has been banned from participating in procurement activities for the armed police force for three years, which will have a limited impact on its overall revenue [34] - Nanhua Futures' overseas subsidiary has obtained membership approval for the Nodal Exchange, allowing it to trade and clear related products [35] Group 3 - Zhong Rare Earth expects a net profit of 100 million to 130 million yuan in 2025, reversing a loss of 299 million yuan in the previous year due to market recovery and operational improvements [38] - Deep South Circuit anticipates a net profit increase of 68% to 78% in 2025, driven by growth in AI computing power and storage market demand [39] - Hai Xin Energy Science and Technology expects a net loss of 450 million to 640 million yuan in 2025, although this is an improvement from a loss of 954 million yuan the previous year [40] Group 4 - Nanya New Materials forecasts a net profit increase of 337% to 417% in 2025, attributed to the recovery in the copper-clad laminate industry [41] - CanSino Biologics expects a net profit of 24.5 million to 29 million yuan in 2025, driven by the growth of its quadrivalent meningococcal vaccine [42] - Zhiguang Electric anticipates a net profit of 110 million to 160 million yuan in 2025, reversing a loss of 326 million yuan due to rapid growth in its energy storage business [43] Group 5 - Dongfang Securities expects a net profit increase of 67.8% in 2025, supported by growth in its core investment banking and wealth management businesses [44] - King Long Motors forecasts a net profit of approximately 463.26 million yuan in 2025, reflecting a 193.68% increase due to steady growth in overseas markets [45] - Zhenray Technology expects a net profit increase of 529.64% to 642.26% in 2025, driven by demand in special integrated circuits and satellite communication markets [46] Group 6 - Yongding Co. anticipates a net profit of 200 million to 300 million yuan in 2025, representing an increase of 225.66% to 388.48% due to investment income from its joint ventures [47] - Xiamen Tungsten's preliminary report indicates a net profit of 2.311 billion yuan in 2025, a 35.08% increase driven by rising prices of tungsten and rare earth materials [48] - Guodun Quantum expects to achieve a net profit of around 5 million yuan in 2025, reversing a loss from the previous year due to growth in the quantum computing sector [49] Group 7 - Shijia Photon anticipates a net profit of approximately 342 million yuan in 2025, reflecting a growth of around 426% due to increased orders in optical chips and cables [50] - Ningbo Fubang expects a net profit of 50 million to 70 million yuan in 2025, with a significant increase of 3099.59% to 4379.43% driven by rising silver prices and non-recurring gains [51] - Huasheng Lithium Battery plans to adjust its share repurchase price limit from 32 yuan to 150 yuan per share, reflecting confidence in its future development [52]