Core Viewpoint - The company is a leading player in the domestic laser welding industry, with revenue returning to growth in the first half of 2025 [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.533 billion yuan, a year-on-year increase of 5.30% [1] - The net profit attributable to shareholders reached 58 million yuan, up 13.16% year-on-year [1] - The net profit excluding non-recurring items was 42 million yuan, reflecting a year-on-year growth of 10.52% [1] Market Position - The company is a leading supplier of precision laser welding equipment and automation solutions, with applications in various sectors including power and energy storage batteries, automotive manufacturing, consumer electronics, hardware appliances, optical communications, and medical devices [2] - According to the "China Laser Industry Development Report," the company's market share in laser welding equipment was 34%, 30%, and 26% for the years 2022-2024, maintaining its industry leadership [2] Industry Trends - The demand for equipment is recovering due to the accelerated expansion pace of lithium battery customers, with significant growth in the new energy power battery and energy storage battery sectors [3] - The company has delivered solid-state battery assembly lines, including laser welding equipment, in collaboration with leading industry players [3] Non-Lithium Business Development - The company is actively expanding its non-lithium business, particularly in the consumer electronics sector, where it continues to secure orders for small cylindrical battery welding equipment from top international clients [4] - The company currently has a sufficient order backlog, with production capacity utilization nearing saturation, which supports future profitability improvements [4] Investment Outlook - The recovery of the lithium battery equipment business and the strong momentum in non-lithium sectors like consumer electronics are expected to drive continued performance improvement [5] - Projected net profits attributable to shareholders for 2025-2027 are estimated at 282 million, 411 million, and 578 million yuan, corresponding to price-to-earnings ratios of 30.14, 20.70, and 14.71 times based on the closing price on September 1, 2025 [5]

中信证券股份有限公司 关于深圳市联赢激光股份有限公司 2025 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳市 联赢激光股份有限公司（以下简称"联赢激光"或"公司"或"上市公司"）向 特定对象发行 A 股股票的保荐人。根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职责， 并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 8 月 19 日、2025 年 8 月 29 日对公司募集资金进行 了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （ ...

Summary of Key Points from Conference Call Records Industry Overview - **High-end Equipment and AI PCB Market**: The AI PCB market is driven by key players such as Xinxin Microelectronics, Dazhu CNC, and Dongwei, which dominate the exposure machine, mechanical drilling, and pulse plating segments, respectively. Their capital expenditures are expected to account for over 80% of the AI PCB market in 2025, indicating strong stock performance and investment potential [1][3]. Core Insights and Arguments - **Domestic Substitution in PCB Equipment**: There is significant potential for domestic substitution in the PCB equipment sector. While Shenghong Technology relies heavily on imported equipment, companies like Dazhu CNC and Dongwei are positioned to capitalize on domestic alternatives. By the second half of 2025 to the first half of 2026, domestic substitutes for CO2 laser drilling machines and horizontal three-in-one plating are expected to emerge [1][5]. - **Apple's Investment in AI**: Apple plans to significantly increase its investment in generative AI and related machine learning technologies, committing an additional $100 billion, bringing total investments to $900 billion over four years. The upgrade of the mobile GPT-4 model to GPT-5 is also anticipated [1][10]. - **Apple's Hardware Innovations**: The years 2026 and 2027 are projected to be pivotal for Apple's hardware innovations, including the iPhone 17, which will support edge AI applications and introduce new cooling technologies. The launch of a foldable phone is expected in 2026, with sales projections of 10 million units in the first year, increasing to 25 million in 2027, benefiting related mechanical companies [1][11][13]. - **Lithium Battery Equipment Sector**: The lithium battery equipment industry is experiencing a domestic cyclical turning point, driven by ongoing overseas cycles and advancements in solid-state battery technology. Revenue and profit recovery is evident, with significant growth reported by leading companies [1][18]. Additional Important Insights - **Investment Opportunities in 3C Automation Equipment**: The 3C automation equipment market is heavily reliant on Apple's product innovation cycles. Despite a relatively stagnant performance in 2025, the upcoming product launches and AR device demand are expected to provide substantial growth opportunities [4][9][17]. - **Solid-State Battery Technology Impact**: The solid-state battery technology is catalyzing growth in the lithium battery equipment sector, with significant government subsidies and a projected release of equipment flexibility between 2026 and 2027 [19][20]. - **Military Sector Trends**: The military sector is expected to continue its upward trend post-adjustment, with a focus on new types of equipment that enhance systemic confrontation, unmanned capabilities, and strategic deterrence. Key areas of investment include drones, laser weapons, and commercial aerospace [4][26][30]. - **Emerging Investment Recommendations**: Investors are advised to focus on leading companies in the lithium battery equipment sector, such as Xian Dao Intelligent and Hangke Technology, which are well-positioned for growth due to their strong financial performance and market positioning [23][24][25]. This summary encapsulates the critical insights and trends from the conference call records, highlighting the potential investment opportunities and risks within the high-end equipment, AI PCB, 3C automation, lithium battery, and military sectors.

Market Performance - The automation equipment sector rose by 3.45% on September 5, with Lianying Laser leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Top Gainers in Automation Equipment Sector - Lianying Laser (688518) closed at 26.20, up 13.52% with a trading volume of 310,400 shares and a transaction value of 780 million [1] - Shitianxia (688559) closed at 41.35, up 13.29% with a trading volume of 359,100 shares and a transaction value of 1.437 billion [1] - Delong Laser (688170) closed at 39.62, up 12.62% with a trading volume of 77,300 shares and a transaction value of 296 million [1] Fund Flow Analysis - The automation equipment sector saw a net inflow of 120 million from institutional investors, while retail investors contributed a net inflow of 322 million [2] - The sector experienced a net outflow of 442 million from speculative funds [2] Individual Stock Fund Flow - Huagong Technology (000988) had a net inflow of 301 million from institutional investors, while it faced a net outflow of 142 million from speculative funds [3] - Dongjie Intelligent (300486) saw a net inflow of 67.73 million from institutional investors, but a net outflow of 48.91 million from speculative funds [3] - Robotech (300757) had a net inflow of 66.72 million from institutional investors, with a net inflow of 41.57 million from speculative funds [3]

Group 1 - East China CNC and Qinchuan Machine Tool both hit the daily limit up, indicating strong market interest and positive sentiment towards these companies [1] - Other companies such as Lianying Laser, Yizhiming, Rifa Precision Machinery, Haitian Precision, Huazhong CNC, and Shandong Weida also experienced significant gains, reflecting a broader trend in the industry [1]

Group 1 - The core point of the news is that Lianying Laser (688518) has seen a net financing buy of 324.43 million yuan on September 1, 2025, with a financing balance of 2.88 billion yuan, indicating a positive trend in investor sentiment [1][4]. - Over the past three trading days, Lianying Laser has accumulated a total net buy of 3,048.46 million yuan, with 12 out of the last 20 trading days showing net financing purchases [1][4]. - The financing balance increased by 1.16% on September 1, 2025, compared to the previous day, reflecting a growing interest in the stock [4]. Group 2 - On the same day, the company experienced a short selling of 2,699 shares, with a total short selling balance of 4.04 million shares [3]. - The total margin trading balance reached 2.89 billion yuan, which is an increase of 333.09 million yuan from the previous day [4]. - The financing net buy on August 29, 2025, was particularly high at 15,801.2 million yuan, indicating fluctuating investor activity [2].

Core Points - The announcement details the share reduction by the company's directors and senior executives, confirming the absence of false statements or omissions [1] Summary by Sections Shareholding Information - Before the reduction plan, the shareholding details of the executives are as follows: - Li Yi held 641,892 shares, accounting for 0.1881% of the total share capital - Lu Guojie held 251,953 shares, accounting for 0.0738% - Qin Lei held 406,947 shares, accounting for 0.1192% [1][2] Reduction Plan Implementation - The reduction plan involved the following: - Li Yi planned to reduce up to 160,400 shares (0.0470%) - Lu Guojie planned to reduce up to 62,900 shares (0.0184%) - Qin Lei planned to reduce up to 101,700 shares (0.0298%) - The reduction was to occur within three months after the announcement, starting 15 trading days later [1][2] Actual Reduction Results - The actual reductions were as follows: - Li Yi reduced 160,313 shares, achieving a reduction of 0.0470% at a price range of 22.16 to 22.31 CNY per share, totaling approximately 3,566,489.63 CNY [3][4] - Lu Guojie reduced 62,900 shares, achieving a reduction of 0.0184% at a price range of 22.00 to 24.70 CNY per share, totaling approximately 1,446,130.00 CNY [3][4] - Qin Lei reduced 101,700 shares, achieving a reduction of 0.0298% at a price range of 22.16 to 22.62 CNY per share, totaling approximately 2,270,677.74 CNY [4]

深圳市联赢激光股份有限公司 董事、高管减持股份结果公告 证券代码：688518 证券简称：联赢激光 公告编号：2025-023 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 1 重要内容提示： 董事、高管持股的基本情况 本次减持计划实施前，深圳市联赢激光股份有限公司（以下简称"公司"） 董事、副总经理李毅持有公司股份 641,892 股，占公司总股本的比例为 0.1881%； 董事、副总经理卢国杰持有公司股份 251,953 股，占公司总股本的比例为 0.0738%； 副总经理秦磊持有公司股份 406,947 股，占公司总股本的比例为 0.1192%。 上述股份，其中董事、副总经理李毅持有的 200,000 股为股权激励取得， 79,500 股为集中竞价交易取得；董事、副总经理卢国杰持有的 200,000 股为股 权激励取得，3,198 股为集中竞价交易取得；副总经理秦磊持有的 200,000 股为 股权激励取得；其余均来源于公司首次公开发行前持有的股份，且已于 2021 年 6 月 22 日解除限售并上市流 ...

Market Overview - The automation equipment sector increased by 2.19% on August 28, with Sytak leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Top Performers - Sytak (301568) closed at 58.00, up 15.49% with a trading volume of 195,300 shares and a turnover of 1.114 billion [1] - Optoelectronics (688686) closed at 149.68, up 12.44% with a trading volume of 26,700 shares and a turnover of 373 million [1] - Atens (688889) closed at 33.68, up 11.60% with a trading volume of 417,400 shares and a turnover of 1.357 billion [1] - Other notable gainers include Zhuhua Laser (300747) and Central Laser (301021) with increases of 8.93% and 8.08% respectively [1] Underperformers - Dongjie Intelligent (300486) closed at 21.64, down 6.64% with a trading volume of 699,400 shares and a turnover of 1.543 billion [2] - Tianma Intelligent Control (688570) closed at 20.69, down 4.79% with a trading volume of 78,800 shares and a turnover of 164 million [2] - Weichuang Electric (688698) closed at 55.81, down 3.78% with a trading volume of 85,400 shares and a turnover of 476 million [2] Capital Flow - The automation equipment sector experienced a net outflow of 1.077 billion from institutional investors, while retail investors saw a net inflow of 1.354 billion [2][3] - Notable net inflows from retail investors were observed in Huagong Technology (000988) and Guangyun Da (300227) [3] - The sector's overall capital flow indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors increased their positions [2][3]

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]