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]

行情速递 ① 主 板 领 涨 ， 中 嘉 博 创 (+10.10%)/ 通 鼎 互 联 (+10.06%)/ 中 电 鑫 龙 (+10.05%)/ 时 代 出 版 (+10.04%)/方正科技(+10.02%)/ ②集邦Display， 凯伦股份发布消息称/公司旗下佳智彩自主研发制造的国内 首条应用于8.6代线OLED De-mura设备/正式出货至国内某头部面板厂商/ 采用该设备的这条产线是目前全球第二条/国内首条8.6代OLED面板制造世 代线/主要面向平板/笔记本电脑及部分电视应用/ ③集邦化合物半导体，总投资2.65亿元/第四代金刚石半导体项目落户乌鲁木 齐/该项目计划于2025年9月正式开工建设/并力争在2026年5月实现竣工投 产/项目达产后/预计可实现年销售收入3亿元/ ④集微网，近日/甬矽电子在接受机构调研时表示/公司2.5D封装已于2024年 四季度完成通线/目前正积极与客户进行产品验证/此外/公司晶圆级封测的稼 动率不断提高/毛利率环比逐季度改善/展望下半年/随着大客户相关产品的导 入/稼动率水平有望提升/促进毛利率转正/ 公司公告 ①电科芯片，发布关于持股5%以上股东权益变动触及1%刻度 ...

Core Viewpoint - The company is experiencing significant growth in revenue and profit due to the structural changes in the downstream market driven by AI demand and the optimization of its product structure [1][2]. Group 1: Company Overview - The company has been a key player in the copper-clad laminate (CCL) industry for 40 years, being the first listed company in this sector in China [4]. - It has maintained the second-largest global sales of rigid CCL since 2013, with production capacity increasing from 600,000 square meters to 120 million square meters by 2023 [4]. - The company has a diversified customer base across various sectors, including servers, communications, automotive electronics, and consumer electronics [4]. Group 2: Financial Performance - In 2024, the company achieved total revenue of 20.39 billion yuan, a year-on-year increase of 22.92%, and a net profit of 1.739 billion yuan, up 49.37% [8]. - The revenue from CCL and bonding sheets accounted for 72.55% of total sales, with a growth rate of 17.09% [10]. - The gross margin improved to 22.04% in 2024, driven by an increase in high-end product sales [12]. Group 3: Industry Dynamics - The CCL industry is experiencing structural growth due to the explosion of AI demand, with the global PCB market expected to reach $90.5 billion by 2028, growing at a CAGR of 5.4% [17]. - The demand for CCL is closely tied to copper prices, which have risen significantly from around $4,300 per ton in 2020 to approximately $9,000 per ton in early 2025 [20]. - The industry is characterized by high concentration, with the top five companies holding over 55% of the market share [22]. Group 4: Market Trends - The demand for AI servers is driving the growth of high-frequency and high-speed CCL, with a projected compound annual growth rate of about 12% from 2024 to 2029 in the server and data center segment [19]. - The capital expenditure of major cloud service providers continues to rise, with Amazon expected to exceed $100 billion in 2025, indicating strong demand for computing infrastructure [26]. - The transition from 400G to 800G switches is expected to create a surge in demand for advanced CCL materials, necessitating a shift to ultra-low loss materials [35]. Group 5: Future Outlook - The company is projected to achieve revenues of 23.85 billion yuan, 27.87 billion yuan, and 31.65 billion yuan from 2025 to 2027, with corresponding net profits of 2.748 billion yuan, 3.445 billion yuan, and 4.128 billion yuan [45]. - The company is well-positioned to benefit from the increasing demand for high-performance CCL driven by advancements in AI and computing technologies [39].

Market Overview - The main board saw significant gains with notable stocks such as Zhongdian Xinlong (+10.05%), Yuyin Co. (+10.04%), and Guanghua Technology (+10.02%) leading the charge [1] - The ChiNext board experienced a surge, highlighted by Huijin Co. (+20.03%) and Taicheng Light (+14.88%) [1] - The Sci-Tech Innovation board also performed well, with Dekeli (+11.56%) and Shengyi Electronics (+8.54%) among the top gainers [1] - Active sub-industries included SW Communication Network Equipment and Devices (+3.83%) and SW Printed Circuit Boards (+3.40%) [1] Domestic News - Unisoc officially launched its smart wearable platform W527, utilizing a 12nm process and featuring a heterogeneous processor architecture with one Arm Cortex-A75 core and three Cortex-A55 cores [1] - In May, BYD sold 382,500 new vehicles, SAIC Group sold 366,000, Changan Automobile sold 224,300, and Chery Group sold 190,000 [1] - Dazhu Laser announced that its subsidiary has submitted an IPO application to the Hong Kong Stock Exchange, drawing attention to the domestic semiconductor equipment market [1] - Tailin Micro reported its focus on Edge AI technology, launching several chips for edge computing and AI applications, which are widely used in smart home and wireless audio sectors [1] Company Announcements - Yongxin Zhicheng announced a cash dividend of 0.05 yuan per share and a capital reserve transfer of 0.48 shares per share, increasing total shares to 150,961,519 [2] - Yongxi Electronics reported a share buyback progress, having repurchased 2,562,688 shares, representing 0.63% of total shares [2] - Oulain New Materials declared a cash dividend of 0.065 yuan per share, totaling 10,402,913.56 yuan [2] - Jin'an Guoji announced that its subsidiary received high-tech enterprise certification, allowing for a 15% corporate income tax rate from 2024 to 2026 [2] Industry Insights - Nvidia is developing a lower-spec AI chip named "B30" for the Chinese market, which will support multi-GPU expansion and utilize the latest Blackwell architecture [3] - According to Canalys, the global wearable wristband market grew by 13% year-on-year in Q1 2025, with a total shipment of 46.6 million units, although Apple's market share decreased from 17.5% to 16.3% [3] - WSTS forecasts that the global semiconductor market will reach $700.9 billion in 2025, driven by growth in logic and memory sectors, with a year-on-year increase of 11.2% [3] - Reports indicate that Samsung's 3nm process yield remains low at 50% even after three years of production [3]