Report Industry Investment Rating No relevant content provided. Core View of the Report - In the past week, the bond market continued to correct, hitting the largest decline since April. The correction was due to multiple negative factors such as the stock - bond seesaw, commodity price increases, and tightened funds. After the central bank's MLF and OMO injections on Friday, the decline converged [8][13]. - There are three key considerations for this bond market correction: the reason for the lack of a double - bull market in stocks and bonds lies in actual money flows and central bank's money supply; high - duration crowding restricts the bond market's strategic space; the impact of commodity price increases on the bond market is greater than that of the previous rise in financial stocks [8][13]. Summary by Directory 1. Three Reflections on the Current Bond Market Correction 1.1 Why There Is No Double - Bull Market in Stocks and Bonds - The stock - bond seesaw after July deviated from the normal logic of the DDM model. The outflow of funds from the bond market and the tightened expectation of central bank's injection might be the main reasons. The funds flowing into the bond market are not cheap, and there is also an issue of funds overflowing to the equity market due to low bond market interest rates [8][13]. - The strength of the equity market led to the outflow of high - risk - preference funds from the bond market. Currently, the bond market is in a situation where the stock is strong and the bond is weak, with the cash - CD spread widening and the rising capital interest rate further suppressing the bond market. However, in 2015, even when the stock market was extremely bullish, the yield of the 10 - year Treasury bond only increased by about 20bp [14]. - Under the current stable and loose monetary policy, funds flow more strongly into the equity market than the bond market. In reality, equity institutions rely on funds "overflowing" from the bond market; in terms of expectations, the central bank's loose policy statements boost market sentiment. Since 2025, both aspects have been positive for the equity market. On the contrary, the central bank's cautious medium - term capital injection has led to an obvious outflow of institutional funds from the bond market, and the bond market faces the problem of expensive medium - term stable funds [15]. - The key for the bond market to strengthen lies in whether the CD rate can decline naturally. In the short term, observe the decline rate of cross - month CDs and gradually increase positions following the downward trend. In the long term, 1.7% may be a hard resistance level for 1 - year CDs, and as bank funds stop flowing out and the replacement of deposit rates is completed, the CD rate may decline naturally [5][19]. 1.2 What High - Duration Crowding Means - Around June, the bond market saw consistent bullish expectations, crowded institutional behaviors, and rising bond fund durations, but the cash bond interest rate did not decline significantly. Although the long - term logic is still optimistic, high leverage has led to a lack of strategic adjustment space and defensive flexibility for investors, making it difficult to wait for the long - term logic to materialize [6][22]. - In a high - duration and high - leverage environment, the cash bond position adjustment mode is limited, and only "buying short and selling long" can be used. When long - and short - term expectations deviate, the market tends to sell long - term bonds. Moreover, asset management institutions face liability - side pressure and may be forced to sell bonds, making it difficult to maintain long - term positions [6][23]. - In an environment where institutional behaviors are highly crowded but expectations are not met, investors can actively reduce duration exposure or switch to more liquid assets. Although the bond market stabilized slightly on Friday, the bulls in Treasury bond futures are still fragile. It is recommended to wait for the improvement of sentiment and technical indicators before betting on the next possible positive factors [6][28]. 1.3 The Difference in the Impact on the Bond Market between Commodity and Financial Stock Price Increases - The rise in commodity prices has a greater impact on the bond market than the previous rise in bank stocks. Bank stocks and bonds are both safe - haven assets under the expectation of a gentle economic recovery, and their fluctuations only lead to a mild adjustment of funds between stocks and bonds. However, the rise in commodity futures reflects the expectation of economic recovery, which is completely opposite to the underlying logic of the bond market's strength. Once commodities continue to strengthen, it will subvert the core pricing basis of the bond market and cause violent fluctuations [8][29]. - Currently, only supply - side changes have occurred, and the recovery of demand is still unclear. There is no need to rush to revise the expectation of the interest rate center upwards in the short term [29]. 2. Weekly Bond Market Review - **Funds**: From July 21st to July 25th, 2025, the central bank conducted 16,563 billion yuan of open - market reverse repurchases, with 17,268 billion yuan maturing, resulting in a net withdrawal of 705 billion yuan. The DR001 rate rose 6.08bp to 1.52%, the DR007 rate rose 14.56bp to 1.65%, and the 1 - year AAA CD rate rose 5.75bp to 1.68% [31]. - **Cash Bonds and Futures**: Referring to ChinaBond valuations, the yields of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bonds rose 5.52bp, 7.92bp, 6.72bp, and 8.4bp respectively. The yields of 2 - year, 5 - year, 10 - year, and 30 - year CDB bonds rose 5.58bp, 9.53bp, 9.05bp, and 4.93bp respectively. The closing prices of TS, TF, T, and TL main contracts fell 0.12%, 0.4%, 0.56%, and 2.08% respectively. - **Primary Market**: In the past week, 81 interest - rate bonds were issued, totaling 939.8 billion yuan, including 5 Treasury bonds worth 406 billion yuan, 15 policy - bank bonds worth 158 billion yuan, and 61 local government bonds worth 375.8 billion yuan. The total repayment of interest - rate bonds last week was 618.6 billion yuan, with a net financing of 321.2 billion yuan [33]. - **Market Sentiment**: Throughout the week, the stock - bond seesaw and tight funds pressured the bond market sentiment, and interest rates fluctuated upwards. At the beginning of the week, the start of the Yarlung Zangbo River hydropower project and market speculation on policies led to the strengthening of stocks and commodities, and the bond market sentiment was continuously pressured. On Thursday night, the central bank's window guidance and increased OMO injection on Friday provided some support to the bond market, and interest rates declined slightly [34]. 3. Relative Asset Value 3.1 Overall Expansion of Yield Spreads of Treasury and CDB Bonds at Various Maturities - Except for the long - end CDB yield spread (30Y - 10Y), the yield spreads of Treasury and CDB bonds at various maturities generally expanded, and most were still below the median of historical percentiles. The spread between Treasury and CDB bonds also expanded. The spread between new and old bonds generally contracted, especially the spread between new and old Treasury bonds [44]. - The non - CDB - CDB yield spread expanded or contracted differently, and the local government bond yield spread generally contracted [44]. 3.2 Credit Bonds: Overall Widening of Maturity and Credit Spreads - The maturity spreads of various credit bonds generally widened. The maturity spreads of enterprise bonds and secondary - capital bonds showed a pattern of long - end contraction and short - end expansion. The credit spreads of various credit bonds generally expanded, and most were still below the median of historical percentiles [46].

Group 1: Strategy Report on "Anti-Involution" International Experience - The report highlights the increasing focus of China's macro policies on "anti-involution" competition since the second half of 2024, aiming to reshape industry structures and promote sustainable high-quality growth [5][6][8] - The U.S. government encourages mergers and acquisitions to eliminate outdated capacities, leading to an oligopolistic market structure that mitigates fierce competition [6] - Japan's response to economic stagnation involved "grouping out to sea" and industry restructuring, significantly increasing market concentration and reducing competition through mergers [7] - Europe addresses "involution" through regulatory frameworks that set competitive boundaries and promote a "slow consumption" culture, allowing companies to focus on product differentiation [8] Group 2: Logistics and Warehousing Industry - In June 2025, the national express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, driven by e-commerce promotions [9][10] - The express delivery industry saw a revenue growth of 9.0% in June 2025, with a decrease in single-ticket revenue by 5.8%, indicating a moderation in price competition [11] - The report anticipates that the "anti-involution" policies will help stabilize competition and improve the operational environment for express delivery companies [11][12] Group 3: Real Estate Industry - The real estate market in 27 major cities shows signs of weakness, with only 19% indicating a bottoming out, characterized by declining transaction volumes and increasing inventory pressure [15][17] - The second-hand housing market is experiencing regional disparities, with some cities showing significant growth while others remain stagnant [16][18] - The report notes that the inventory clearance cycle is lengthening, particularly in second-tier cities, reflecting structural issues such as declining population attraction and excess land supply [18] Group 4: Robotics Industry - ByteDance's launch of the GR-3 model demonstrates significant improvements in generalization and complex task execution capabilities, indicating potential for future commercialization [20][22] - The GR-3 model outperforms industry competitors in task execution success rates, particularly in new object manipulation [22] - The report suggests that advancements in robotics technology could lead to increased market opportunities as the industry matures [21] Group 5: Semiconductor Industry - The report emphasizes the critical role of semiconductor manufacturing in supporting AI development, highlighting the need for domestic capabilities amid increasing export controls from the U.S. [35][36] - The demand for AI technologies is expected to drive significant growth in the semiconductor sector, with a focus on advanced logic and memory technologies [35][37] Group 6: Investment Banking and Brokerage Industry - The report indicates a significant increase in new fund issuance in June 2025, with a total of 122.12 billion units, reflecting a recovery in investor risk appetite [39][40] - The introduction of new regulations is driving changes in fund products and distribution channels, with a focus on mixed FOF products and floating fee rate products [41]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The increase in the scale of the US ETF market has a temporary impact on the turnover rate, and the liquidity premium of domestic bond ETF component bonds is already relatively high [1]. - The expansion of ETFs is difficult to bring about a continuous improvement in the liquidity of component bonds. The liquidity premium of some component bonds is already at a high level, and the valuation difference between the exchange and the inter - bank market may lead to a narrowing of the spread [2][5][6]. - It is recommended to pay attention to the impact of market sentiment changes on liquidity [6]. 3. Summary According to the Directory 3.1 US Bond ETF Market Scale and Liquidity Comparison - The scale of the US bond ETF market increased significantly from 2023 - 2024 and declined significantly in 2025. In 2023, the scale was $554.482 billion, rising to $1152.808 billion in 2024 with a growth rate of 107.9%. As of June 2025, it was only $441.57 billion [2][11]. - During the periods when the scale of the US bond ETFs increased, the turnover rate of US credit bond ETFs increased significantly in 2022. However, in the long - term, there is no obvious positive correlation between the increase in the scale of US bond ETFs and the change in the turnover rate [2][12]. 3.2 Current Changes in Domestic ETF Liquidity and Component Bond Liquidity - Under the expansion of ETFs, the number of component bond transactions has increased significantly. Taking the Shanghai Stock Exchange AAA Benchmark Market - making Credit Bond Index as an example, the proportion of component bonds in the top three component entities has been continuously rising since 2025, reaching 91.7% since July [21]. - The valuation difference between the exchange and the inter - bank market for medium - long - term and medium - high implicit rating component bonds is more obvious. The spread between Shanghai market - making component bonds and inter - bank comparable bonds is currently between - 1BP and 13BP. The spread difference between central enterprises and local industrial state - owned enterprises is more obvious, while that of urban investment and transportation - related entities is relatively small [21]. - The exchange - inter - bank excess spread of science and technology innovation bond component bonds has widened since July [22]. 3.3 Component Bond Liquidity Pricing: Reasonable Liquidity Premium and Potential Risks - The reasonable pricing anchor for liquidity premium is within 10BP. Since 2024, under the expectation of debt resolution, the spread between high - grade urban investment bonds and secondary capital bonds is centered at 0, and the spread fluctuation range is basically within 10BP. The same is true for the spread between high - grade securities firm bonds and secondary capital bonds [35]. - The risk points of the valuation difference between the exchange and the inter - bank market: the spread of some benchmark market - making bonds and science and technology innovation bonds between the exchange and the inter - bank market has exceeded 10BP, and the spread of some component bonds with high institutional buying enthusiasm has exceeded 15BP [35]. - Three views on liquidity premium and risk points: ETF expansion is difficult to bring continuous improvement in component bond liquidity; the liquidity premium of some component bonds is already at a high level; after the valuation difference between the exchange and the inter - bank market, the exchange corporate bonds become more offensive, while inter - bank bonds are more defensive, and the spread may narrow with the increase in supply [36].

Investment Rating - The report assigns an "Accumulate" rating for the real estate industry [5]. Core Insights - The overall market in Q2 2025 shows weak transaction volumes, stable prices lacking trends, and increasing inventory with heightened de-stocking pressure [3]. - Only 19% of the 27 cities analyzed exhibit signs of market bottoming, indicating a general trend of "volume contraction, price stagnation, and inventory pressure" [12]. - The new housing market is experiencing a downturn, with first-tier cities showing a significant slowdown in sales growth, while the second-hand housing market demonstrates relative resilience but with increasing regional disparities [12][13]. Summary by Sections 1. Transaction Decline and Lengthening De-stocking - The report highlights that the real estate cycle varies significantly across cities due to localized policies and differing reliance on land finance [8]. - A comprehensive scoring model based on seven core indicators is used to assess the real estate cycle of each city, categorizing them into four stages: bottoming, rising, topping, and declining [8][9]. 2. Price Trends: Q2 New and Second-hand Housing Prices Decline - In Q2 2025, new housing prices experienced a slight decline after a period of stabilization, with 85% of cities unable to sustain price increases for more than two months [17]. - Second-hand housing prices also fell, with 78% of cities still in a downward trend by June [17][19]. 3. Transaction Volume: Weak Recovery and Increased Volatility - First-tier cities maintained an upward trend in new housing transactions until June, where a decline of 12% was noted [22]. - Second-tier cities saw a 15% year-on-year drop in new housing transactions in Q2, reflecting greater inventory pressure and declining buyer confidence [22][27]. 4. Demand Entering a Tug-of-War Phase Leading to Rising Inventory Cycles - The de-stocking cycle for first-tier cities increased to 20 months by June 2025, indicating intensified market supply-demand conflicts [29]. - Second-tier cities faced even longer de-stocking cycles, reaching 23 months, highlighting structural issues such as declining population attraction and excess land supply [29]. 5. Company Profit Forecasts - The report includes profit forecasts for key companies, with several companies rated as "Accumulate" based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [32].

Investment Rating - The report assigns an "Accumulate" rating for the express delivery industry [6]. Core Insights - The report highlights that the decline in express delivery prices has narrowed, indicating a potential for healthier competition in the industry. The focus is on leading e-commerce express companies, which are expected to see an increase in market share and valuation recovery opportunities [2][5]. Summary by Sections Industry Overview - In June 2025, the total express delivery volume reached 16.87 billion pieces, marking a year-on-year increase of 15.8%. The revenue for the same month was 126.32 billion yuan, up 9.0% year-on-year. The average revenue per piece was 7.49 yuan, down 5.9% [5][8]. Company Performance - In June 2025, the business volume growth rates for major listed companies were as follows: SF Express +31.8%, YTO Express +19.3%, Yunda Express +7.4%, and Shentong Express +11.1%. For Q2 2025, the growth rates were +31.2%, +21.8%, +11.2%, and +16.0% respectively [5][30][31]. Market Concentration - The market concentration index (CR8) for the express delivery industry was 87.0 in the first half of 2025, reflecting a year-on-year increase of 1.7. The market shares for major companies in June 2025 were: SF Express 8.7%, YTO Express 15.6%, Yunda Express 12.9%, and Shentong Express 12.9% [5][27][31]. Price Trends - The report notes that the decline in express delivery prices has slowed down, with the industry experiencing a 9.0% year-on-year revenue growth in June 2025, while the average revenue per piece decreased by 5.8% [5][8]. Long-term Outlook - The report suggests that the express delivery industry is moving towards healthier competition, with leading companies expected to gain market share. The regulatory environment is anticipated to support this trend, ensuring a controlled level of price competition [41][52]. Investment Recommendations - The report recommends focusing on leading e-commerce express companies for potential valuation recovery opportunities, particularly highlighting SF Express as a key investment target [55][56].

Investment Rating - The report maintains a rating of "Buy" for the company [9]. Core Insights - The report highlights the potential of SSGJ-707 in the global market, emphasizing its promising clinical data and the strategic partnership with Pfizer, which is expected to enhance its market presence [2][3]. Summary by Sections 1. PD(L)1*VEGF Dual Antibodies as New SOC - PD(L)1 monoclonal antibodies have become the standard treatment for various cancers, with a projected market size of $100 billion by 2029. The PD(L)1*VEGF dual antibodies are expected to replace PD(L)1 monoclonal antibodies in many indications, potentially covering a market exceeding $200 billion [13][19]. 2. SSGJ-707's BIC Potential - SSGJ-707, a PD1*VEGF dual antibody developed by the company, has shown superior efficacy in early clinical trials compared to competitors. It is currently in Phase II trials for various cancers, including NSCLC and CRC, and is expected to enter Phase III trials soon [25][29]. 3. Global Market Entry via Pfizer - The partnership with Pfizer, which includes a record upfront payment of $1.25 billion and milestone payments totaling $4.8 billion, positions SSGJ-707 for significant market penetration. Pfizer's established oncology business is expected to leverage SSGJ-707 to expand its treatment offerings [32][35]. 4. Financial Projections - The company forecasts revenues of RMB 191.78 billion, RMB 118.95 billion, and RMB 140.51 billion for 2025, 2026, and 2027, respectively. Net profits are projected to be RMB 102.14 billion, RMB 28.08 billion, and RMB 35.08 billion for the same years [9][10]. 5. Clinical Development Pipeline - The company plans to launch 13 new drug assets between 2025 and 2027, enhancing its portfolio in hematology, immunology, nephrology, and dermatology. This expansion is expected to contribute significantly to revenue growth [9][10]. 6. Competitive Landscape - The report discusses the competitive advantages of SSGJ-707, including its superior binding affinity and efficacy in clinical trials compared to other PD(L)1*VEGF dual antibodies, which positions it favorably in the oncology market [25][29]. 7. Market Potential and Patient Coverage - The dual antibody is anticipated to cover over 1.4 million patients in previously unaddressed indications, significantly expanding its market potential [21][24]. 8. Strategic Collaborations - The collaboration with Pfizer is expected to facilitate rapid clinical development and market access for SSGJ-707, particularly in indications where Pfizer has existing assets [44]. 9. Valuation and Target Price - The report utilizes a DCF valuation method to raise the target price to HKD 46.71, reflecting the company's growth potential in the PD(L)1*VEGF market [9].

Investment Rating - The report assigns an "Overweight" rating for the industry [6]. Core Insights - ByteDance has launched the GR-3 model, which shows significant improvement in complex task execution and generalization capabilities, suggesting a focus on related industry chain targets [2][5]. - The GR-3 model, based on the VLA architecture, demonstrates enhanced performance in new environments and object handling compared to its predecessor GR-2, with a notable increase in task execution success rates [5]. - The report highlights the potential for ByteDance to achieve productization in both software and hardware, particularly in consumer-oriented scenarios, as the technology and industry chain mature [5]. Summary by Sections Investment Recommendations - The report recommends focusing on industry chain-related stocks, including: - Motors: Mingzhi Electric - Encoders: Yapu Co., Fengcai Technology - Rotary Joints: Zhongchen Technology - Linear Joints: Hengli Hydraulic, Zhejiang Rongtai, Demais [5]. Model Performance - The GR-3 model has a superior task execution success rate compared to the industry-leading model π0, with a 17.8% higher success rate in new object operations [5]. - The GR-3 requires only 10 human trajectory data points to increase the success rate of new object operations from 60% to over 80% [5]. Hardware Development - Alongside the GR-3 model, ByteDance has introduced the ByteMini, a dual-arm mobile robot designed to leverage the capabilities of the GR-3 model, featuring 22 degrees of freedom and a multi-camera system for enhanced operational flexibility [5].

Investment Rating - The report assigns an "Overweight" rating for the semiconductor industry, indicating a potential increase in stock prices relative to the CSI 300 index by more than 15% [4][13]. Core Insights - The U.S. AI Action Plan emphasizes accelerating AI innovation, building AI infrastructure, and leading in international AI diplomacy and security, which highlights the competitive strategy for AI development [2][4]. - The report identifies that the development of AI in China hinges on the construction of key AI infrastructure, particularly in semiconductor equipment and materials, which are crucial for self-sufficiency [2][4]. - The potential of AI is expected to trigger significant transformations across various sectors, including manufacturing, government, and scientific research, leading to new innovations and efficiencies [4]. Summary by Sections AI Development and Infrastructure - The U.S. government has launched the AI Action Plan, which includes three main pillars: accelerating AI innovation, building AI infrastructure, and leading in international AI diplomacy [4]. - The report suggests that the U.S. is in a race for global AI dominance, where the largest AI ecosystem will dictate global standards and reap economic and military benefits [4]. Semiconductor Industry Focus - The semiconductor manufacturing sector is highlighted as a critical area for AI development, with the report recommending investments in companies such as SMIC, North Huachuang, and others [4][5]. - The report stresses the importance of self-sufficiency in key equipment and materials for semiconductor production, especially in light of increasing U.S. export controls on semiconductor technology to China [4][5]. Investment Recommendations - The report lists several companies as recommended investment targets, including North Huachuang, Chipone, and others, all rated as "Overweight" [5]. - The projected earnings per share (EPS) for these companies show a positive trend, indicating potential growth in the coming years [5].

Core Insights - The report highlights that most primary industries in the A-share market are experiencing intense competition, particularly in the midstream manufacturing sector compared to upstream resource products [1] - It notes that the willingness to expand production has dropped to a low point across most industries, with over half showing strong capacity for expansion [1] - The report emphasizes different signals for capacity clearance in traditional versus emerging industries, focusing on improving expansion capabilities for traditional sectors and low expansion willingness for emerging sectors [1] Existing Capacity Utilization Levels - The methodology for measuring industry capacity utilization is based on the Cobb-Douglas production function, assessing the ratio of actual output to potential maximum output under given capital and labor conditions [8] - As of Q1 2025, most industries are at historical low levels of capacity utilization, with only the home appliance and electronics sectors showing upward trends [8][9] Potential Incremental Capacity Levels - The report evaluates potential new capacity based on two dimensions: willingness to expand and capacity to expand. The willingness is measured by the historical ratio of capital expenditures to depreciation, indicating active investment in expansion [9] - As of Q1 2025, most industries are at historical low levels of expansion willingness, with only utilities, coal, and non-ferrous metals showing relatively strong willingness [9] - The capacity to expand is primarily determined by current cash reserves and cash flow conditions, with most primary industries at historical mid-high levels of expansion capacity [9] Historical Capacity Clearance Patterns - Emerging industries signal clearance through cash capability and low expansion willingness. The report references the solar industry's overcapacity from 2011 to 2015, where capacity utilization rapidly declined and remained low until cash capability and expansion willingness dropped to zero [10][12] - Traditional industries signal clearance through improvements in cash capability. The steel and coal industries experienced a prolonged decline in potential incremental capacity, with capacity utilization showing a "V" shape trajectory [12] Current Capacity Clearance Trajectories - In the current cycle, the lithium battery and solar sectors have reached low capacity utilization levels, with both showing expansion willingness near the 0% percentile over the past decade, while cash capability remains around historical median levels [25] - Traditional resource sectors are not facing severe overcapacity issues as seen in previous cycles, with steel and coal industries nearing 2019 low points in capacity utilization, although signs of cash capability improvement are emerging in basic chemicals and steel [25]

Investment Rating - The report assigns an "Accumulate" rating with a target price of 185.70 CNY [5][12][18]. Core Insights - The company is expected to benefit significantly from the introduction of a steel-copper composite VC solution in Apple's 2026 models, leveraging its advanced technology and mass production experience [2][12][30]. - The report highlights the increasing demand for vapor chamber (VC) technology in high-end electronic products, particularly in smartphones, due to its superior heat dissipation capabilities [12][30]. - The company's revenue and profit are projected to grow substantially, with expected EPS of 2.60 CNY, 6.19 CNY, and 9.85 CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 62.0%, 138.6%, and 59.1% [11][16][18]. Financial Summary - Total revenue is forecasted to reach 1,131 million CNY in 2025, 3,648 million CNY in 2026, and 5,781 million CNY in 2027, with corresponding growth rates of 19.9%, 222.6%, and 58.5% [11][16][20]. - The net profit attributable to the parent company is expected to be 300 million CNY in 2025, 717 million CNY in 2026, and 1,140 million CNY in 2027, with growth rates of 62.0%, 138.6%, and 59.1% [11][16][20]. - The company maintains a strong balance sheet with a net debt ratio of -42.56% and a current price-to-book ratio of 10.2 [7][11]. Business Overview - The company specializes in thermal management materials, particularly VC technology, which is increasingly being adopted by leading smartphone brands such as Apple, Samsung, OPPO, and Huawei [22][25]. - The VC product line is expected to see increased penetration in mid-range Android devices as manufacturing processes mature and production scales up [12][30]. - The introduction of the steel-copper VC solution is anticipated to enhance mechanical properties and corrosion resistance, further expanding the market potential [30][39]. Market Position - The company is positioned as a leader in the VC market, with advanced capabilities in producing ultra-thin VC and a strong client base among top-tier electronic brands [25][39]. - The report notes that the global market for VC technology is expanding, with significant opportunities arising from the increasing complexity and performance requirements of modern smartphones [30][39].