Core Insights - The U.S. and Japan are actively seeking to reduce their dependence on rare earth elements, with Japan conducting successful trials for rare earth mud extraction in the Pacific Ocean [1] - Japan currently relies on China for over 70% of its rare earth imports, prompting increased focus on domestic development following China's export restrictions [1] - The U.S. plans to initiate a critical mineral reserve program with an initial funding of $12 billion to decrease reliance on China for rare earth resources [1] - China maintains a dominant position in rare earth resources, extraction technology, and downstream applications, making it challenging for other countries to rebuild their rare earth supply chains [1] Industry Performance - The A-share rare earth sector showed strong performance, with the sector rising by 3.80%, led by companies like Longhua Technology, which increased by 11.46% [3] - Analysts highlight a supply-demand resonance in the rare earth market, with increasing supply concentration and growing demand from sectors like new energy and high-end manufacturing [3] - The strategic value of rare earth resources is becoming more pronounced globally, with many countries emphasizing the importance of critical mineral reserves [3] Company Highlights - Shenghe Resources is a significant player in the domestic rare earth industry, involved in mining, refining, and recycling, with projected earnings growth exceeding 339% by 2025 [5] - Northern Rare Earth is one of the largest rare earth production and processing bases in China, benefiting from resource advantages and stable product supply [5] - Jieneng Permanent Magnet is a high-tech enterprise specializing in rare earth permanent magnet materials, positioned to benefit from the growing demand in sectors like electric vehicles and wind power [5]

证券之星消息，2月3日通用设备板块较上一交易日上涨3.25%，春晖智控领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。通用设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300943 | 春晖智控 | 30.50 | 12.01% | 22.82万 | 6.80亿 | | 301468 | 博盈特焊 | 73.10 | 11.94% | 11.76万 | 8.28亿 | | 300263 | 隆华科技 | 11.57 | 11.46% | 136.40万 | 15.47 乙 | | 002342 | 巨力索具 | 16.01 | 10.03% | 156.17万 | 23.94亿 | | 000811 | 冰轮环境 | 17.33 | 10.03% | 45.68万 | 7.64亿 | | 002943 | 宇晶股份 | 81.11 | 9.99% | 4.24万 | 3.35亿 | | 000039 | 中隼隼团 ...

Core Viewpoint - The company is adapting to the evolving demands of the photovoltaic industry, particularly in the development of new materials for thin-film solar technologies such as perovskite and heterojunction cells [1] Group 1: Company Development - The company has achieved steady growth in the field of ITO target materials for photovoltaics despite challenges in the overall solar industry over the past two years [1] - The company is focusing on the development of next-generation TCO materials, emphasizing low indium and cost-effective technology pathways [1] - The company plans to enhance its ITO target material production capacity with the commissioning of 500 tons of new capacity by July 2024, marking the completion of its industrial layout in the photovoltaic market [1] Group 2: Product Focus - The company is advancing the research and application of IZO (Indium Zinc Oxide) target materials, primarily aimed at the perovskite cell sector, which has shown promising performance metrics compared to industry peers [1] - The company is also developing AZO (Aluminum-Doped Zinc Oxide) target materials, focusing on new doping systems to improve core properties such as durability and radiation resistance [1] - The company is concurrently working on the development of other TCO materials, including nickel oxide, establishing a systematic product planning for TCO materials [1] Group 3: Industry Collaboration - The company is actively collaborating with national projects to provide precious metal target materials, including gold targets, for the photovoltaic sector [1] - The company has built a tiered product layout system in the photovoltaic materials field, progressing from first-generation to third-generation products [1] - The company is committed to continuous technological iteration and market application in the photovoltaic materials sector [1]

Core Viewpoint - Longhua Technology experienced a decline of 2.25% in stock price on January 30, with a trading volume of 593 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On January 30, Longhua Technology had a financing buy amount of 78.90 million yuan and a financing repayment of 83.49 million yuan, resulting in a net financing outflow of 4.59 million yuan [1] - The total financing and margin trading balance for Longhua Technology reached 657 million yuan, accounting for 6.35% of its circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high financing level [1] - The company had a margin repayment of 13,300 shares on January 30, with no shares sold short, and a margin balance of 37,000 yuan, which is below the 10th percentile level over the past year, suggesting a low level of short selling activity [1] Company Overview - Longhua Technology Group (Luoyang) Co., Ltd. was established on July 5, 1995, and listed on September 16, 2011. The company operates in electronic new materials, polymer composite materials, and energy-saving environmental protection [2] - The revenue composition of Longhua Technology includes: 35.87% from energy-saving heat exchange equipment, 26.91% from target materials and ultra-high temperature special materials, 13.49% from environmental water treatment products, and smaller contributions from other segments [2] - As of September 30, the number of shareholders increased to 47,000, up by 11.74%, with an average of 20,766 circulating shares per person, an increase of 3.32% [2] Financial Performance - For the period from January to September 2025, Longhua Technology reported a revenue of 2.326 billion yuan, representing a year-on-year growth of 20.49%, and a net profit attributable to shareholders of 180 million yuan, up 16.64% year-on-year [2] Dividend Information - Longhua Technology has distributed a total of 315 million yuan in dividends since its A-share listing, with cumulative distributions of 98.09 million yuan over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth largest circulating shareholder of Longhua Technology, holding 16.423 million shares, an increase of 11.0926 million shares compared to the previous period [3]

Core Viewpoint - Longhua Technology is focusing on the semiconductor sector, particularly in metal and ITO target materials, with an emphasis on semiconductor display and photovoltaic applications [1] Group 1: Product Focus - The company is strategically positioning itself in the metal target material sector to meet the diverse needs of semiconductor display technologies, which are evolving rapidly due to advancements like foldable screens and high-end automotive displays [1] - There is a growing demand for reflective layer materials, large-size molybdenum targets, and molybdenum alloy targets suitable for 4K/8K ultra-high-definition displays, indicating a trend towards highly specialized target materials [1] - Longhua Technology has completed its layout for metal targets in emerging display technologies such as Micro LED and Mini LED, aiming to seize market opportunities [1] Group 2: Future Plans - In the integrated circuit sector, the company plans to focus on storage-related target materials and is currently in discussions with partners to advance this initiative [1] - Leveraging existing production equipment and technical foundations, the company has developed a certain level of technical reserves in this area, although it has not yet established a significant competitive advantage in specialized equipment and market channel development [1] - By 2025, the company intends to increase investments in the semiconductor field, particularly in the research and industrialization of storage target materials like molybdenum and copper [1] Group 3: Current Capabilities - The company has accumulated relevant technology in high-purity copper targets and has established a certain industrial chain foundation, although this business segment is currently smaller compared to display target materials, indicating substantial growth potential in the future [1]

（编辑 姚尧） 证券日报网2月1日讯 ，隆华科技在接受调研者提问时表示，兆恒科技二期扩产计划目前已进入规划后 期，接近收尾阶段，预计2026年将在适当时机启动项目建设工作。本次扩产项目全称为"碳基吸波隐身 材料及功能结构复合材料部件产业化项目"，并非对原有PMI泡沫产能的简单扩张。公司现有PMI泡沫产 能设计规模为2万至4万立方米，由于材料密度存在一定波动，具体产能无法按固定立方数精确核算。目 前，公司PMI泡沫部分生产环节已出现产能紧张情况，为有效满足下游市场日益增长的需求，在集团公 司的支持下，自2025年起，公司已针对性地对关键生产工序进行设备增补，逐步缓解局部产能瓶颈问 题。本次扩产规划是基于公司"一体两翼"发展战略制定的，主要面向未来吸波隐身材料及工程复合材料 等领域的市场需求，进行针对性的产能布局，为公司相关业务的持续发展提供产能支撑。 ...

Core Viewpoint - The company is focusing on the commercial aerospace sector, particularly in the field of structural new materials, emphasizing lightweight and high-strength materials for cost control in payload weight [1] Group 1: Company Strategy - The company adheres to the "first principle" approach, positioning itself to provide lightweight and high-strength materials specifically for the commercial aerospace industry [1] - The core product, PMI foam, presents significant market opportunities due to its mature application technology in aerospace [1] Group 2: Product Features - PMI foam serves as a base material that, when combined with surface composite resin systems and carbon fiber skins, meets requirements for lightweight, wave transparency, and relevant certification [1] - As a closed-cell foam, PMI foam also offers excellent vibration isolation, noise reduction, and high-temperature resistance, making it suitable for stringent aerospace conditions [1] Group 3: Market Position and Partnerships - The company has established cooperative relationships with several major commercial aerospace enterprises, with many seeking lightweight solutions from the company [1] - The company has transitioned from being a simple structural new materials supplier to a comprehensive solution provider, leveraging its material technology to meet diverse customer needs [1]

Core Viewpoint - Longhua Technology has announced a performance forecast for 2025, expecting a year-on-year growth of 40%-80%, indicating significant improvement in the company's operational status in the fourth quarter [1] Financial Performance - The company has completed the conversion of its 800 million yuan convertible bonds, effectively alleviating future financial expense pressures [1] - Although the financial expenses do not impact cash flow, they do affect consolidated profit, and the conversion of these bonds has significantly optimized the company's financial performance [1] - The company's asset-liability ratio has decreased to a low level, leading to a more stable financial structure and a substantial improvement in financial health [1] Future Financial Management - The company aims to strengthen financial management to align operational performance more closely with market expectations and reduce significant performance fluctuations [1] - To address impairment provisions, the company will enhance process management, conducting timely assessments upon detecting impairment signs and appropriately distributing impairment amounts across reporting periods to ensure stable performance [1]

Core Viewpoint - The company is focusing on the development of new materials for photovoltaic applications, particularly in response to advancements in thin-film solar technology, including perovskite and heterojunction technologies [1] Group 1: Industry Trends - The market is demanding new supporting materials due to the evolution of thin-film solar technology [1] - The photovoltaic industry has faced challenges in recent years, but the company continues to track the development trends of next-generation photovoltaic technologies [1] Group 2: Company Developments - The company has achieved steady growth in the field of ITO target materials for photovoltaics, despite industry challenges [1] - The company is focusing on the development of IZO (Indium Zinc Oxide) target materials aimed at the perovskite battery sector, which has shown superior performance in key metrics compared to industry peers [1] - The company is also advancing the research and development of AZO (Aluminum-Doped Zinc Oxide) target materials to enhance core properties such as durability and radiation resistance [1] - The company is developing other TCO materials, including nickel oxide, and has established a systematic product planning for TCO materials [1] Group 3: Future Capacity and Production - In July 2024, a new production capacity of 500 tons by Jinglian Photovoltaics will be officially launched, further enhancing the company's mass production capacity for ITO target materials [1] - The company has completed its industrial layout in the photovoltaic market, focusing on a tiered product system from the first to the third generation [1]

（编辑 姚尧） 证券日报网2月1日讯 ，隆华科技在接受调研者提问时表示，在吸波隐身电磁屏蔽材料领域，公司目前 主推的EPMI产品经过持续研发迭代，产品成熟度已显著提升。公司研发此类材料，核心是为响应下游 客户对材料轻量化与雷达波吸收性能的双重需求。其中，吸收剂体系的构建是研发工作的核心，公司自 主开发的碳基复合体系吸收剂，具备独特的技术优势。公司自主研发的吸收剂体系适配性较强，可与 PMI泡沫、PVC泡沫等多种基材结合。依托公司在后端材料复合与成型工艺方面的成熟技术，未来有望 进一步拓展产品品类，形成系列化的电磁波吸收与屏蔽材料矩阵。在下游应用领域，EPMI与EPVC材料 目前均主要聚焦于装备领域，涵盖地面装备与航空航天装备，其中EPVC材料更侧重于多型号地面装备 的关键部位应用。此外，该类材料具备广阔的民用潜力，公司计划在合适的时机，推进其在民用市场的 产品推广工作。 ...