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Each AI Flash, Huayuan Securities released a research report on March 3, giving Kaidi Quartz (920179.SH) a "buy" rating. The reasons for the rating mainly include: 1) Business overview: Deeply rooted in quartz products for more than 20 years, with semiconductor business revenue accounting for over 95% in 2025H1; 2) Industry overview: Market accelerating domestic substitution, high-end certification barriers building a protective moat; 3) Core catalyst: Jiangfeng Electronics taking over, opening a new chapter of industrial synergy. (Daily Economic News)