01 主题：聚光科技深度报告解读 时间： 6月16日（周一）15:00 主讲：张世杰 电子首席分析师 罗平 电子分析师 参会密码：815532 02 主 题：天立国际控股深度报告解读 时间： 6月16日（周一）15 : 00 主讲：王湛 社服分析师 参会密码：922278 03 主 题：2025年snec展会总结 时间： 6月16日（周一）16 : 00 主讲：刘强 院长助理&电新首席分析师 钟欣材 电新分析师 参会密码：040500 04 主题：石油化工最新观点更新 时间： 6月17日（周二）15 : 00 主讲： 王亮 院长助理&化工首席分析师 白竣天 化工分析师 参会密码：310565 05 主题：稳定币浪潮下的众安在线价值重估 时间： 6月19日（周四）14 : 00 主讲： 夏芈卬 金融首席分析师 参会密码：469079 06 主题：近期农业板块投资策略 时间： 6月19日（周四）19 : 00 主讲：程晓东 农业首席分析师 参会密码：017560 07 主题：拥抱新消费的浪潮深度报告汇报 时间： 6月19日（周四）20 : 00 主讲：郭梦婕 食饮分析师 参会密码：526787 会议号码: +86 ...

② 半导体地图， 奥芯半导体FC-BGA高阶封装IC基板项目正式开业并完成 首批产品交付/整线配备全球领先的高端设备/年产能达3600万颗封装基板/ 年产值超20亿元/满产后有望突破30亿元/ ③ 半导纵横，晶通科技首批2.5D/3D高阶封装设备正式入驻厂区/此次入驻 的设备包含日本Tazmo的激光解键合设备/东台镭射钻孔机等共计11台/这些 设备将在未来2至3周内分批次进厂/逐步投入生产运营/这些高阶设备集成了 行业前沿技术/具备高精度/高效率/高稳定性等显著优势/ ④ 集微网，杰发科技目前芯片累计出货量超3亿颗/其中SoC芯片累计出货量 近9000万套片/MCU芯片累计出货量超7000万颗/杰发科技当前模拟IP自研 率已经达到100%/数字IP自研率超90%/并与国内头部企业积极推进设计/封 测/晶圆制造等全链条国产化进程/ 公司公告 ① 希荻微，发布持股5%以上股东减持股份结果公告/重庆唯纯企业管理咨询 有限公司为公司持股5%以上股东/减持前持有37,878,116股/占公司总股本 的9.23%/ ② 戈碧迦，发布2024年年度权益分派实施公告/以公司总股本144,630,000 股为基数/向全体股东每 ...

Market Performance - The main board led the gains with notable increases in stocks such as Guangdong Media (+10.04%), Dongxin Peace (+10.01%), and Jida Zhengyuan (+10.00) [1] - The ChiNext board saw significant growth with Zhaori Technology (+20.01%) and Chuanwang Media (+20.00%) leading the way [1] - The Sci-Tech Innovation board was also strong, with Luopute (+19.98%) and Xinxiangwei (+13.23%) showing impressive performance [1] - Active sub-industries included SW Communication Network Equipment and Devices (+2.95%) and SW Film and Animation Production (+2.71%) [1] Domestic News - Junlian Electronics successfully completed nearly 100 million RMB in Series A financing, focusing on enhancing production capacity for automotive-grade silicon carbide (SiC) and expanding market share in electric vehicles and eVTOLs [1] - Xiaopeng Motors unveiled the G7 featuring self-developed Turing AI chips, which include a 40-core processor and a local computing power of over 2000 Tops [1] - Chengdu Huamei developed a high-precision RF direct sampling ADC, marking a significant breakthrough in high-speed data conversion technology [1] - Sanbang Microelectronics launched a 36V automotive-grade voltage monitoring chip, SGM880xQ, with excellent electrical performance and a maximum withstand voltage of 45V [1] Company Announcements - Sanbang Co. announced a cash dividend of 2 RMB per 10 shares and a stock bonus of 3 shares for every 10 shares, increasing total share capital to 617,900,439 shares [3] - KeliKe announced a change in the use of part of its raised funds, reallocating 173.91 million RMB to the construction of a production base in Vietnam [3] - Fenghuo Communication declared a cash dividend of 0.179 RMB per share, totaling 212,020,849.58 RMB [3] - Xingsen Technology reported that its cumulative new borrowings exceeded 20% of the previous year's net assets, with a borrowing balance of 504.68 million RMB as of May 31, 2025 [3] Overseas News - Cellid launched two new waveguide products with higher brightness and proprietary software-based correction technology to enhance AR image quality [1] - According to TrendForce, the total revenue of the top ten global foundries is projected to be 36.43 billion USD in Q1 2025, a decrease of 5.4% from the previous quarter due to seasonal market slowdowns [1] - The semiconductor wafer market is experiencing strong growth, with a market value of 17.57 billion USD in 2023, expected to reach 26.73 billion USD by 2032, driven by rapid technological innovation and expanding consumer electronics applications [1] - Honda plans to invest billions of yen in Japanese semiconductor startup Rapidus to secure local supply for advanced automotive chips, marking a significant step in Japan's chip localization efforts [1]

Market Performance - The main board led the gains with notable stocks such as Chutianlong (+10.03%), Honghe Technology (+10.00%), and Dianhun Network (+9.99%) [1] - The ChiNext board saw significant increases with stocks like Chengtian Weiye (+17.02%) and Xiongdi Technology (+14.77%) [1] - The Sci-Tech Innovation board was led by Sanfu New Technology (+11.84%) [1] - Active sub-industries included SW Games III (+2.83%) and SW Marketing Agency (+1.91%) [1] Domestic News - Gree's board secretary announced the successful construction of a process platform for SiC SBD and MOS chips, with self-developed applications accounting for 30% in home air conditioning products [1] - Zhilian An completed a D+ round financing of several hundred million yuan, focusing on the development of satellite communication chips and cellular communication chips [1] - Major Chinese automotive companies have committed to maintaining supplier payment terms not exceeding 60 days, with Beiqi Group announcing the cancellation of commercial acceptance bills [1] - Laofengxiang's AI glasses, targeting the elderly, will be powered by a large model and support various functions such as photography and navigation [1] Company Announcements - Hongli Zhihui announced that its subsidiary obtained two LED-related invention patents [3] - Changdian Technology announced a cash dividend of 0.12 yuan per share, totaling 214.73 million yuan [3] - Jiangsu Cable announced a shareholder reduction plan, intending to reduce up to 18.8 million shares [3] - Pengding Holdings announced a cash dividend of 10.00 yuan for every 10 shares, totaling approximately 2.32 billion yuan [3] Overseas News - Counterpoint Research reported a 1% decline in global smartphone manufacturing output expected in 2025 due to tariffs and industry slowdown, while a 4% growth is anticipated in 2024 [2] - Mercury Research indicated that AMD's server chip shipment share increased to 27.2% in Q1 2025, with revenue share rising to 39.4% [2] - IDC reported a 10.5% year-on-year growth in global wearable device shipments, driven by market recovery and trade impacts [2] - Qualcomm introduced the AR1+ Gen1 chip for AI glasses, reducing size and power consumption compared to its predecessor [2]

Market Performance - The main board led the gains with notable increases in stocks such as Guangdong Media (+10.04%), Zhongdian Xilong (+10.03%), and Zhongke Shuguang (+10.00%) [1] - The ChiNext board saw significant growth, particularly in Fuchun Co. (+19.97%) and Zhongwen Online (+13.19%) [1] - The Sci-Tech Innovation board was led by Huichan Co. (+12.53%) and Dekeli (+4.47%) [1] - Active sub-industries included SW Publishing (+3.83%) and SW Film and Animation Production (+0.84%) [1] Domestic News - Saifules released the T3 series 0.13-inch full-color MicroLED microdisplay, utilizing its proprietary NPQD® technology for high integration of RGB pixels [1] - A semiconductor packaging project by Siyan Semiconductor has settled in Ezhou, Hubei, with a total investment of 2.5 billion yuan, aiming for a monthly production capacity of 5 million units after the first phase [1] - Junlian Electronics completed nearly 100 million yuan in Series A financing to build a silicon carbide power module production line, showcasing its technological strength in the new energy power system sector [1] - BOE's second phase of the smart terminal project in Vietnam, with a total investment of 2.02 billion yuan, is expected to produce over 14 million TV terminals and more than 5 million electronic paper terminals annually [1] Company Announcements - Sanwang Communication announced a reduction in shareholding by a major shareholder, decreasing from 9.92% to 8.97% after selling 1,053,926 shares [2] - Aoshikang provided a guarantee for its subsidiary's loan application of 8.8 million USD (approximately 63.22 million yuan) [2] - Chip Microelectronics announced a cash dividend of 0.37 yuan per share, totaling approximately 48.57 million yuan [2] - Shijia Photon plans to distribute a cash dividend of 0.6 yuan for every 10 shares, equating to 0.06 yuan per share [2] Industry Insights - AMD's high-end processor solutions are being adopted by ASE Technology for AI data centers, with potential future evaluations for AMD's Instinct MI300 series GPUs [3] - NXP plans to close several 8-inch wafer fabs to shift towards more efficient 12-inch manufacturing, aiming to enhance production efficiency and reduce costs [3] - GlobalFoundries is investing 1.1 billion euros to double the output of its Dresden chip factory, alongside additional investments in its New York and Vermont facilities [3] - Counterpoint Research indicates a 4% year-on-year growth in foldable smartphone sales in Europe for Q1 2025, although they still represent only 1.5% of total smartphone sales in the region [3]

Core Viewpoint - The company is positioned as a leading biopharmaceutical firm with a robust pipeline and strong commercial capabilities, expecting significant revenue growth driven by its innovative drug portfolio and strategic collaborations [5][9][13]. Group 1: Company Overview - The company achieved product revenue of 82.3 billion CNY in 2024, marking a 43.6% year-on-year increase [5]. - Established in 2011 and listed on the Hong Kong Stock Exchange in 2018, the company has developed a comprehensive platform covering research, clinical development, manufacturing, and commercialization across major disease areas [5][6]. - The company has a commercial team of approximately 4,000 people, covering over 300 cities and more than 5,000 hospitals, ensuring stable revenue growth from its product pipeline [5]. Group 2: Product Pipeline and Market Position - The company has 15 commercialized products and 22 clinical pipelines, with a focus on oncology, autoimmune diseases, metabolism, and ophthalmology [9][10]. - In oncology, 12 products have been approved, including key drugs like PD-1 monoclonal antibody, with significant sales expected from these products [9][10]. - The company is advancing its ADC (Antibody-Drug Conjugate) pipeline, with multiple candidates in late-stage clinical trials, indicating strong potential for future revenue [9][10]. Group 3: Strategic Collaborations - The company has engaged in numerous strategic partnerships, including collaborations with Eli Lilly and Incyte, to enhance its research and development capabilities [14]. - These partnerships are aimed at expanding the company's product offerings and accelerating the development of innovative therapies [14]. Group 4: Financial Projections - The company forecasts a target market value of 109.90 billion HKD by 2025, with projected revenues of 67.75 HKD per share [2]. - Profit forecasts for the next three years are estimated at 6.23 billion CNY, 13.25 billion CNY, and 30.77 billion CNY, respectively [2].

行情速递 ① 主 板 领 涨 ， 粤 传 媒 (+10.07%)/ 旭 光 电 子 (+10.05%)/ 引 力 传 媒 (+10.03%)/ 元 隆 雅 图 (+10.03%)/楚天龙(+10.01%) / ②创业板领涨， 旗天科技(+16.86%)/润欣科技(+15.67%)/苏州天脉(+9.37%) / ③科创板领涨， 光云科技 (+9.89%)/卓易信息(+8.93%)/海天瑞声 (+7.79%)/ ④活跃子行业， SW营销代理(+4.00%)/SW品牌消费电子(+2.80%)/ 国内新闻 ③赛意信息，发布关于投资建设赛意信息全球研发中心的公告/公司拟投资约 3.3亿元人民币建设全球研发中心/预计建设周期30个月/资金来源为自筹资 金/ ④ 莱尔科技，发布2024年年度权益分派实施公告/公司2024年年度拟向全 体股东每10股派发现金红利0.66元（含税）/合计拟派发现金红利为 10,142,271.48元（含税） / 海外新闻 ① 半导体产业纵横，美国芯片制造商高通周一同意以约24 亿美元的价 格收购英国半导体公司 Alphawave/该公司还推出了首款"硅产品"/可帮 助实现大型数据中心的高速连接 ...

01 主题： 万马科技公司汇报 时间：6月9日（周一）18:00 主讲： 曹佩 计算机首席分析师 参会密码： 238190 02 主 题： 稳定币监管落地，确立产业趋势 时间： 6月9日（周一）20 : 00 主讲： 郑磊 传媒首席分析师 参会密码： 361758 03 主 题： 宁沪高速报告解读 时间： 6月10日（周二）21 : 00 主讲： 程志峰 交运分析师 参会密码： 839740 04 主题： 毕得医药深度报告汇报 时间： 6月11日（周三）15 : 00 主讲： 周豫 医药首席分析师 张崴 医药分析师 参会密码： 733126 05 主题： 东华测试经营状况交流 时间： 6月11日（周三）15 : 30 嘉宾： 董秘 何总 传感器业务负责人 焦总 主持： 崔文娟 机械首席分析师 参会密码： 494081 06 主题： 特斯拉Robotaxi 的商业化时刻 时间： 6月12日（周四）20 : 00 主讲： 刘虹辰 汽车首席分析师 参会密码： 803369 07 主题： 行业配置模型回顾与更新系列（六） 时间： 6月13日（周五）21 : 00 主讲： 刘晓锋 金工首席分析师 参会密码： 10499 ...

Market Performance - The main board led the gains with notable stocks such as Zhongjia Bochuang (+10.09%), Erlingshi (+10.05%), Meiliyun (+10.04%), Chutianlong (+10.03%), and Huamai Technology (+10.02%) [1] - The ChiNext board saw significant increases with Nanning Technology (+19.99%), Yingfeite (+8.84%), and Taichengguang (+7.37%) [1] - The Sci-Tech Innovation board was led by Qingyun Technology-U (+15.31%), Shengyi Electronics (+8.00%), and Youkede-W (+7.49%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+1.94%) and SW Communication Cables and Accessories (+1.59%) [1] Domestic News - OPPO announced a global patent licensing agreement with Volkswagen Group, including essential patents for 5G and VOOC flash charging technology adopted by over 60 automotive companies, with more than 10 million vehicles equipped [1] - Apple is expected to support the next-generation Qi 2.2 wireless charging standard, based on regulatory documents from Taiwan's NCC certification website [1] - Yibei Technology delivered its self-developed substrate and epitaxial defect detection equipment α-INSPEC U1000 to leading customers in the optoelectronic industry, marking a significant expansion in the compound semiconductor front-end detection field [1] - Ideal Automotive successfully reduced the aging failure rate of silicon carbide modules by nearly an order of magnitude by integrating UIS testing into KGD testing, based on data from 300,000 self-developed SiC chips [1] Company Announcements - Neusoft Group announced receiving a government subsidy of 9 million yuan, accounting for 14.27% of the audited net profit attributable to the parent company for 2024 [3] - Fuchuang Precision reported that its major shareholder, Shenyang Advanced, increased its stake by 76,600 shares, approximately 0.03% of the total share capital, with plans for further increases [3] - Vision Intelligence obtained a patent certificate for a method and system for firmware upgrades of home devices based on security certification, enhancing its R&D and innovation capabilities [3] - SMIC announced the sale of a 94.366% stake in its subsidiary to Guokewi, with the transaction price based on evaluation results [3] Overseas News - Apple revealed a patent for eye-tracking technology in AR glasses, utilizing a scanning light source and photodiodes to analyze eye movement without relying on cameras [2] - JPR reported that global PC GPU shipments in Q1 2025 are expected to reach 68.8 million units, a year-on-year decline of 1.6% and a quarter-on-quarter decline of 12% [2] - Samsung's 1c DRAM has achieved a yield of approximately 50% in cold testing and 60-70% in hot testing, significantly improving from below 30% earlier in 2024 [2] - WSTS forecasts that the global semiconductor market will reach $700.9 billion in 2025, an 11.2% increase from the record $626.9 billion in 2024, driven by demand in AI, cloud computing, and high-end consumer electronics [2]

Market Overview - The main board saw significant gains with notable stocks such as Zhongjia Bochuang (+10.10%), Tongding Hulin (+10.06%), and Zhongdian Xinlong (+10.05%) leading the charge [1] - The ChiNext board also performed well, highlighted by Hengshi Technology (+20.05%) and Huijin Co., Ltd. (+20.05%) [1] - The Sci-Tech Innovation Board was led by Shengyi Electronics (+20.01%) and Qingyun Technology-U (+20.00%) [1] - Active sub-industries included SW Printed Circuit Boards (+6.62%) and SW Communication Network Equipment and Devices (+3.85%) [1] Domestic News - Noctiluca is enhancing its business layout in Asia, recently signing a Material Transfer Agreement (MTA) with Huawei to test its self-developed OLED materials [1] - Kairun Co. announced the shipment of China's first 8.6-generation OLED De-mura equipment to a leading domestic panel manufacturer, marking a significant milestone in OLED panel manufacturing [1] - A fourth-generation diamond semiconductor project with a total investment of 265 million yuan is set to commence construction in Urumqi by September 2025, aiming for an annual sales revenue of 300 million yuan upon reaching full production [1] - Yongxi Electronics reported that its 2.5D packaging is expected to complete wiring by Q4 2024, with improving wafer-level packaging yield rates and gross margins anticipated to turn positive in the second half of the year [1] Company Announcements - Electric Science and Technology Chip announced a shareholder equity change, with Electric Investment increasing its stake from 40.60% to 41.00% [3] - Jiuyuan Yinhai declared a cash dividend of 1.50 yuan per 10 shares, totaling 61.23 million yuan [3] - Wantong Technology announced a cash dividend of 0.30 yuan per 10 shares [3] - Debang Technology reported a reduction in shareholding by the National Integrated Circuit Fund, decreasing from 17.98% to 16.83% [3] International News - GlobalFoundries plans to invest $16 billion in the U.S., with over $13 billion allocated for facility expansion and modernization in New York and Vermont [2] - The U.S. Trade Representative announced a three-month suspension of the 25% tariffs on certain Chinese imports, including components containing chips and semiconductors [2] - Broadcom has released a high-performance switching chip, claiming it to be the world's first 102.4Tbps switch, aimed at supporting large-scale AI networks [2]