光达电子在提交答辩状期间，对原案件管辖权提出管辖权异议，请求将原案 件移交浙江省温州市中级人民法院审理。浙江省高级人民法院作出《民事裁定书》 （（2025）浙知民初 3 号），裁定驳回光达电子对原案件管辖权提出的异议。具 体内容详见公司于 2025 年 12 月 10 日披露的《关于子公司重大诉讼事项的进展 公告》（公告编号：2025-082）。 证券代码：300842 证券简称：帝科股份 公告编号：2026-012 无锡帝科电子材料股份有限公司 关于子公司重大诉讼事项的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、案件的基本情况 无锡帝科电子材料股份有限公司（以下简称"公司"）之控股子公司浙江索 特材料科技有限公司（以下简称"浙江索特"）因与浙江光达电子科技有限公司 （以下简称"光达电子"）侵害发明专利权纠纷（以下简称"原案件"）向浙江 省高级人民法院提起诉讼并获受理（案号：（2025）浙知民初 3 号），具体内容 详见公司于 2025 年 11 月 6 日披露的《关于子公司重大诉讼事项的公告》（公告 编号：2025-074）及公司于 202 ...

证券代码：300842 证券简称：帝科股份 公告编号：2026-011 在前述经审议通过的担保额度预计范围内，公司与中国银行股份有限公司东 莞分行（以下简称"中国银行东莞分行"）签订了《最高额保证合同》（以下简称 "原合同"），同意在控股子公司浙江索特材料科技有限公司（以下简称"浙江 索特"）2025 年 8 月为其全资子公司东莞索特电子材料有限公司（以下简称"东 莞索特"）融资提供 22,000 万元最高额连带责任保证担保的基础上，公司为东莞 索特融资提供不超过人民币 22,000 万元最高额连带责任保证担保。上述担保事 项在年度预计担保额度范围内，无需再次提交公司董事会或股东大会审议。具体 内容详见公司于 2025 年 12 月 2 日在巨潮资讯网披露的《关于为子公司提供担保 的进展公告》（公告编号：2025-080） 二、 担保进展情况 近日，公司与中国银行东莞分行签署了《最高额保证合同补充协议》，双方 约定原合同项下第一条主合同及第二条主债权及其发生期间增加中国银行东莞 分行与东莞索特之间签署的编号为 GED476790120250106 的《授信额度协议》和 编号为 CD47679002500328 ...

Investment Rating - The report maintains an "Outperform" rating for the new materials industry [1][8]. Core Insights - The new materials sector outperformed the CSI 300 index in January 2026, with the new materials index rising by 10.54%, surpassing the CSI 300's increase of 1.90% by 8.64 percentage points [8][12]. - Basic metal prices saw a general increase in January 2026, with notable price changes including copper (1.23%), aluminum (2.79%), zinc (4.74%), and tin (34.93%) [8][37]. - Global semiconductor sales continued to grow, with November 2025 figures showing a 29.8% year-on-year increase, marking the 25th consecutive month of growth [8][42]. - The new materials sector is expected to benefit from the ongoing recovery in downstream demand and the push for domestic alternatives, indicating a potential growth cycle ahead [8][21]. Summary by Sections Industry Performance Review - The new materials index showed strong performance in January 2026, ranking 7th among 30 major industry sectors [12][16]. - A total of 170 stocks in the new materials sector were analyzed, with 141 stocks rising and 25 falling in January [17][20]. - The sector's valuation increased, with the new materials index PE (TTM) at 31.72, reflecting a 4.21% month-on-month increase [21][24]. Important Industry Data Tracking - In December 2025, the Consumer Price Index (CPI) rose by 0.2% month-on-month, while the Producer Price Index (PPI) increased by 0.2% [30][31]. - Basic metal prices and inventory changes were tracked, showing significant fluctuations in January 2026 [37][40]. - The export volume of superhard materials increased by 3.39% in December 2025, although the export value saw a slight decline [50][50]. Industry Dynamics - The establishment of the humanoid robot standard committee in Beijing and the introduction of the first group standard for functional diamonds highlight ongoing developments in the new materials sector [2]. - The implementation of the action plan for upgrading the non-ferrous metal industry in Henan province indicates regional efforts to enhance industry standards [2].

Group 1: Federal Reserve and Currency Movements - The Federal Reserve maintained the federal funds rate target range at 3.5% to 3.75%, ending a three-rate cut cycle, with a focus on achieving full employment and a 2% inflation target [1][14] - The Chinese yuan's midpoint exchange rate broke the 7.0 mark against the US dollar for the first time in two and a half years, driven by a weak dollar and seasonal demand for currency settlement [1][15] Group 2: Company Developments and Financial Performance - Huadong Heavy Machinery expects a significant decline in net profit for 2025, projecting a decrease of 39.05% to 59.36% due to the divestment of its profitable CNC machine tool business and losses from its newly acquired chip subsidiary [1][18] - Agricultural University Technology listed on the Beijing Stock Exchange, becoming Shandong's first A-share company of the year, with its stock price surging by 111.56% on the first day despite concerns over its revenue and profit trends [1][20] - Seagate Technology's stock surged over 16% to a record high following a strong earnings report, with significant revenue and earnings per share exceeding market expectations [1][20] - SK Hynix reported a nearly 1.2 times increase in net profit for the previous year, driven by the AI storage market, and expects continued growth in storage demand [1][20] Group 3: Legal and Regulatory Issues - Shenzhen Water Bay Jewelry faced withdrawal difficulties, with thousands of investors unable to cash out, raising concerns about illegal gold betting practices [1][16] - Sunflower's major asset restructuring plan was terminated due to an investigation by the Securities Regulatory Commission, leading to significant losses for investors [1][21] - Dike Co., a leader in photovoltaic silver paste, initiated patent infringement lawsuits against two companies, seeking a total of 4 billion yuan in damages [1][21] Group 4: Market Trends and Consumer Behavior - The price of international spot gold reached a new high, exceeding $5,300 per ounce, prompting major jewelry brands to adapt their business strategies to focus on design and service rather than raw material value [1][23] - The price of Flying Moutai surged to 1,600 yuan per bottle, driven by seasonal demand and supply constraints, leading to a secondary market for reselling [1][24] - Industrial Fulian, an AI giant, projected a significant increase in net profit for 2025, driven by strong growth in cloud computing and AI server revenues [1][25]

Core Viewpoint - Dike Co., Ltd. has initiated legal action against two companies for patent infringement related to its silver paste products used in photovoltaic applications, with a total claim amount of 400 million yuan [2][3][4]. Group 1: Legal Actions - Dike Co. has filed lawsuits against Jiangsu Riyu Photovoltaic New Materials Co., Ltd. and Suzhou Jingyin New Materials Technology Co., Ltd. for infringing on two specific patents related to silver paste [2][3]. - The patents in question are for thick film pastes containing lead-tellurium-lithium-titanium-oxide and lead-tellurium-lithium-oxide, which are essential for semiconductor manufacturing [3]. - Dike Co. demands that the defendants cease production and sales of the infringing products, destroy related manufacturing equipment, and compensate for economic losses totaling 200 million yuan for each case [3][4]. Group 2: Financial Performance - Dike Co. is projected to report a net loss of 200 million to 300 million yuan for the fiscal year 2025, marking a significant downturn from previous profits [7]. - The company's revenue from silver paste, its core business, accounted for 74.86% of total revenue in the first half of 2025, indicating its critical role in overall financial performance [7]. - The decline in profitability is attributed to non-recurring losses, with an estimated impact of 400 million to 500 million yuan on net profit [7]. Group 3: Market Conditions - The silver market has experienced a dramatic increase in prices, with a rise of over 250% in 2025, significantly affecting the cost structure for silver paste manufacturers [8]. - Current market conditions have led to a supply-demand imbalance, causing silver prices to surge and impacting the profitability of companies in the photovoltaic sector [8]. - Dike Co. is actively managing risks associated with silver price volatility through futures contracts and leasing strategies [7]. Group 4: Business Development - Dike Co. is expanding its storage chip business, having acquired Jiangsu Jinkai to enhance its integrated industry layout, which includes chip application development, wafer testing, and packaging [9]. - The storage chip segment has shown significant revenue growth, achieving approximately 500 million yuan in sales, with a notable increase in the fourth quarter [9][10]. - Although the storage chip business currently represents a small portion of overall revenue, Dike Co. plans to increase investment and development in this high-demand market [10].

Summary of Conference Call Notes Company and Industry Involved - The conference call discusses **帝科股份 (Dike Co., Ltd.)**, focusing on its involvement in the **storage and high copper silver paste industries**. Core Points and Arguments 1. **Market Underestimation of Storage Business** The company believes its storage business is still undervalued by the market, with significant potential for valuation improvement. The focus is on DDR4/DDR5 and LPDDR4/LPDDR5 DRAM chip design, targeting products for OTT set-top boxes, AIoT, and mobile devices [1] 2. **Acquisition of 因梦控股** In September 2024, the company acquired 因梦控股, marking its official entry into the storage industry [1] 3. **Acquisition of 江苏晶凯** In November 2025, the company plans to acquire 江苏晶凯, which possesses advanced packaging technologies and testing capabilities for DRAM, including multi-layer stacking and ultra-thin die packaging [1] 4. **Technological Edge in Storage B Products** 江苏晶凯 is noted for its technical barriers in handling storage B products, being the only company in the industry that covers the entire process from core equipment to product algorithm optimization [2] 5. **Revenue Projections for 江苏晶凯** - 2024 revenue is projected at approximately **200 million yuan** with a gross margin of around **30-40%** - 2025 revenue is expected to reach **500 million yuan**, with a net profit of about **130 million yuan** and a gross margin of **60%** - By 2027, the target is to ship **50-70 million units** with a profit of **2-3 USD** per unit [2] 6. **Future Plans for Memory Products** The company plans to extend its product line to include CXL memory pools and server memory products by 2027, with an investment goal of generating **2-3 billion yuan** in revenue by 2028 [2] Other Important but Potentially Overlooked Content 1. **Risk Factors** The company highlights potential risks including slower-than-expected capacity expansion by original manufacturers, increased industry competition, and a slowdown in storage price increases [3]

Core Viewpoint - The company, Dike Co., is facing significant financial challenges, including a projected net loss of 200 to 300 million RMB for the fiscal year 2025, primarily due to non-recurring losses and rising silver prices impacting profit margins [2][5]. Group 1: Legal Issues - Dike Co. has initiated lawsuits against Jiangsu Riyu Photovoltaic New Materials Co., Ltd. and Suzhou Jingyin New Materials Technology Co., Ltd. for potential infringement of its patent rights, with each case involving 200 million RMB, totaling 400 million RMB [1][3]. - The company demands that the defendants cease the manufacture and sale of infringing photovoltaic conductive silver paste products and destroy related equipment and molds, in addition to seeking compensation for economic losses and reasonable legal fees [1][3]. Group 2: Financial Performance - Dike Co. reported a significant decline in financial performance, with a net profit of only 3 million RMB in the first three quarters, a nearly 90% year-on-year decrease, attributed mainly to rising silver prices [2][5]. - The company's revenue exceeded 12.7 billion RMB in the first three quarters, but the net profit margin has drastically decreased, with a projected gross margin of only 7.6% by the third quarter of 2025, compared to over 15% in the third quarter of 2020 [2][5]. Group 3: Risk Management - To mitigate risks associated with silver price fluctuations, Dike Co. has engaged in silver futures contracts and silver leasing operations [2][5]. - The company has incurred significant losses from fair value changes related to silver futures and leasing, alongside approximately 120 million RMB in share-based payment expenses due to an equity incentive plan [2][5].

Group 1: Semiconductor Industry - Micron Technology has officially broken ground on an advanced wafer manufacturing facility in Singapore, planning to invest approximately $24 billion over the next decade, with production expected to start in the second half of 2028 [5] - The semiconductor industry is projected to transition from a cyclical recovery to a growth leap by 2026, with a focus on "AI foundation + domestic substitution" [6] - Puran Co. is expected to achieve a net profit of 205 million yuan by 2025, exceeding institutional expectations, driven by optimized supply in the storage chip market and demand from AI servers and high-end smartphones [10] Group 2: Advanced Packaging and AI Applications - The advanced packaging theme was discussed in a recent expert meeting, highlighting the increasing demand and technological iterations in this area, with Huada Technology seeing a maximum increase of 16.8% [12] - Dongxin Co. is actively exploring new application fields for AI, including autonomous driving and AI devices, with a maximum increase of 22.58% noted [14] Group 3: Aerospace Industry - COMAC plans to moderately increase the production and delivery of its C919 narrow-body aircraft, targeting the delivery of 28 or more units this year [21] - Aviation Power has been recognized for its position as a core engine manufacturer, benefiting from product diversification and increased production of civil aircraft, leading to a significant stock increase [21][24] - The domestic large aircraft theme was also discussed in an expert meeting, with Aviation Power and Aviation Control seeing maximum increases of 7.14% and 5.83%, respectively [27]

责任编辑：栎树 1月27日，A股市场存储芯片股集体走强，其中，东芯股份20CM涨停，普冉股份涨超15%，恒烁股份涨 超14%，帝科股份涨超12%，康强电子、华天科技10CM涨停，协创数据、精智达涨超9%，航宇微涨超 8%，中微半导、华虹公司、概伦电子涨超7%，北京君正涨超6%，聚辰股份、国科微、沪硅产业、京仪 装备涨超5%。 消息面上，当地时间周一，美光科技宣布，位于新加坡现有NAND闪存制造园区内的先进晶圆制造厂正 式破土动工，计划未来十年投资约240亿美元，预计2028年下半年投产。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 688110 | 东芯股份 | 1 | 20.00 | 678亿 | 16.66 | | 688766 | 普朗股份 | 1 | 15.65 | 380亿 | 102.03 | | 688416 | 恒烁股份 | | 14.72 | 77.94 乙 | 70.32 | | 300842 | 帝科股份 | 1 | 12.57 | 175亿 | 102.83 | | 002 ...

Group 1 - The core viewpoint of the news is that Dike Co., Ltd. has seen a significant increase in its stock price, rising by 5.51% to 112.68 yuan per share, with a total market capitalization of 16.37 billion yuan [1] - Dike Co., Ltd. specializes in the research, production, and sales of high-performance electronic materials, with its main revenue sources being photovoltaic conductive paste (74.86%), material sales (21.31%), storage chips (2.26%), and semiconductor packaging paste (0.14%) [1] - The company was established on July 15, 2010, and went public on June 18, 2020 [1] Group 2 - According to data, Guotai Fund has a significant holding in Dike Co., Ltd., with its Guotai CSI 2000 ETF (561370) being the ninth largest holding, having reduced its position by 100 shares in the fourth quarter [2] - The fund's current holdings amount to 1,420 shares, representing 0.27% of the fund's net value, with an estimated floating profit of approximately 8,349.6 yuan [2] - The Guotai CSI 2000 ETF was established on September 13, 2023, and has a current scale of 31.29 million yuan, with a year-to-date return of 10.51% and a one-year return of 53.05% [2] Group 3 - The fund managers of Guotai CSI 2000 ETF are Ma Yiwen and Liu Fangyuan, with Ma having a tenure of 2 years and 174 days and a total asset scale of 13.657 billion yuan [3] - During Ma's tenure, the best fund return was 117.11%, while the worst was -6.93% [3] - Liu has a tenure of 292 days with a total asset scale of 1.436 billion yuan, achieving a best return of 65.83% and a worst return of -6.14% during his tenure [3]