Investment Rating - The report indicates a positive outlook for the thermal management materials industry, driven by strong downstream market demand and technological advancements [3][21]. Core Insights - The thermal management materials industry is experiencing sustained growth due to increasing demand from downstream sectors such as consumer electronics, automotive electronics, and data centers. The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from $17.3 billion in 2023 to $26.1 billion by 2028 [3][21]. - The penetration rates of heat pipes and vapor chambers are continuously rising, with local procurement becoming a significant trend as domestic companies mature technologically [3][21]. Summary by Sections 1. Industry Demand and Growth - The global demand for thermal management materials is on the rise, with a forecasted market size growth from $17.3 billion in 2023 to $26.1 billion by 2028, reflecting a CAGR of 8.5% [3][21]. - The shift towards high-performance, miniaturized, and integrated electronic products is intensifying the need for effective thermal management solutions [3][21]. 2. Market Segmentation - Heat pipes and vapor chambers are becoming mainstream solutions in high-end smartphones, with market sizes expected to reach $3.776 billion and $1.197 billion respectively by 2025, with CAGRs of 6.17% and 14.20% [15][18]. - The thermal interface materials market is projected to grow from $5.2 billion in 2019 to $7.6 billion by 2026, with a CAGR of 5.57% [16][19]. 3. Local Procurement Trends - Local procurement is becoming a dominant trend in the thermal management materials industry, driven by supply chain security concerns among domestic electronic brands [35][36]. - Domestic companies like Suzhou Tianmai and Zhongshi Technology are expected to benefit from this trend as they enhance their technological capabilities [35][36]. 4. Key Beneficiaries - Suzhou Tianmai is highlighted as a key player in the industry, having established itself early in the ultra-thin heat pipe and vapor chamber market, achieving significant production scale and client certifications [4][35].

9月5日，日联科技涨5.07%，截至发稿，报59.68元/股，成交1.61亿元，换手率2.56%，总市值98.83亿 元。 金鹰元和混合A（002681）成立日期2016年5月25日，最新规模5149.35万。今年以来收益15.85%，同类 排名3887/8178；近一年收益33.98%，同类排名3741/7978；成立以来收益115.04%。 金鹰元和混合A（002681）基金经理为倪超。 截至发稿，倪超累计任职时间10年90天，现任基金资产总规模30.16亿元，任职期间最佳基金回报 156.51%， 任职期间最差基金回报-21.21%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，日联科技集团股份有限公司位于江苏省无锡市新吴区漓江路11号，成立日期2009年7月22 日，上市日期2023年3月31日，公司主营业务涉及公司是国内领先的工业X射线智能检测装备供应商,主 要从事微焦点和大功率X射线智能检测装备的研发、生产、销售与服务,产品和 ...

Core Insights - The demand for high-precision inspection in China is significantly increasing due to advancements in industrial manufacturing, particularly in semiconductor, electronic manufacturing, and new energy battery sectors [1][5] - The market size for China's industrial micro-focus X-ray source industry is projected to reach 1.58 billion yuan in 2024, representing a year-on-year growth of 29.51% [1][5] - The global market size for industrial micro-focus X-ray sources is expected to reach 736 million USD in 2024, with a year-on-year growth of 21.71% [5] Industry Overview - Industrial micro-focus X-ray sources are high-precision X-ray emission devices characterized by extremely small focal sizes (typically at the micron level), capable of producing high-energy, high-resolution X-ray beams for precise internal structure inspection [2][3] - The industry is categorized into open tube and closed tube micro-focus X-ray sources based on sealing technology [2] Industry Value Chain - The upstream of the industrial micro-focus X-ray source industry includes raw materials and components such as vacuum glass, ceramic electrodes, reflective target materials, and X-ray tubes [2] - The midstream involves the production and manufacturing of industrial micro-focus X-ray source equipment [2] - The downstream applications include integrated circuits, electronic manufacturing, new energy batteries, and industrial inspection [2] Market Size - The industrial micro-focus X-ray source market is expanding due to the increasing demand for high-precision inspection in semiconductor and electronic manufacturing [5] - The market size for the non-destructive testing industry in China is projected to reach 19 billion yuan in 2024, with a year-on-year growth of 2.15% [3] Key Companies - Dayun Technology (日联科技) has made significant advancements in the field of industrial micro-focus X-ray sources, achieving breakthroughs in technology and product quality, and has established a vertical integration model covering the entire spectrum of X-ray sources [6][7] - Dayun Technology reported a revenue of 200 million yuan in Q1 2025, reflecting a year-on-year growth of 33.19% [7] - Dandong Aolong Ray Instrument Group focuses on the development and production of industrial X-ray detection equipment and has a strong technical foundation in micro-focus X-ray sources [8] Industry Development Trends 1. The industry is accelerating towards 3D/CT technology to enhance defect identification capabilities, particularly in semiconductor packaging and new energy battery manufacturing [9] 2. There is a shift towards online automation to meet modern manufacturing demands for efficient production and quality control, enabling real-time monitoring and reducing manual intervention [10] 3. The integration of artificial intelligence and big data technologies is driving the industry towards AI intelligence, enhancing detection efficiency and accuracy through automated defect recognition [10]

Core Viewpoint - The article discusses the upcoming 2025 Shanghai Leading Industries and the 14th Pharmaceutical CEO Forum, highlighting the focus on innovation and global expansion of Chinese pharmaceutical companies [1]. Summary by Sections Event Overview - The event will take place on September 4-5, 2025, at the Mandarin Oriental Hotel in Pudong, Shanghai, featuring nearly a hundred executives from listed companies, including chairpersons, CEOs, and industry leaders [4]. Morning Sessions - The morning session on September 4 will include a keynote speech and several roundtable discussions focusing on topics such as the global expansion of Chinese pharmaceutical companies and the search for the next billion-dollar drug [4][5]. - Notable discussions will include: - "From Local Innovation to Global Leadership: The Era of Chinese Pharmaceutical Companies Going Abroad" [4]. - "The Birth of Big Drugs is the Future of Pharmaceuticals: Finding the Next Billion-Dollar Bomb" [4]. Afternoon Sessions - The afternoon will feature discussions on future disease areas and technologies worth exploring for pharmaceutical assets going abroad, as well as the new cycle of Chinese innovative drugs under global competition [5][6]. - Additional topics will cover advancements in drug development platforms and the emerging field of brain-machine interfaces [6]. TMT Forum - The TMT (Technology, Media, and Telecommunications) forum will also take place, discussing AI's impact on various industries, including gaming and healthcare [7][8]. - Key topics will include AI innovations in mobile internet ecosystems and the future of AI in healthcare [7]. Pharmaceutical Sub-Forum - The pharmaceutical sub-forum will address topics such as ADC technology exploration, probiotic delivery systems, and the future development paths of dual antibodies and XDC [8]. - Discussions will also focus on the integration of medical insurance and the innovative practices in building a multi-level medical security system in China [8].

Core Viewpoint - Dayun Technology's half-year performance report for 2025 shows significant revenue growth driven by strong demand and AI integration in industrial X-ray detection equipment [2][3][4]. Financial Performance - In the first half of 2025, Dayun Technology achieved revenue of 460 million yuan, a year-on-year increase of 38.34% [2][3]. - The net profit attributable to shareholders was 83 million yuan, up 7.8% year-on-year, while the net profit excluding non-recurring items was 60 million yuan, reflecting a 15.34% increase [3]. - The gross profit margin was 44.11%, a decrease of 1.31 percentage points compared to the previous year [3]. Business Segments - Revenue from X-ray intelligent detection equipment reached 409 million yuan, growing 40.67% year-on-year, with a gross margin of 44.83%, an increase of 1.22 percentage points [3]. - Specific revenue growth in key sectors includes: - Integrated circuit and electronics manufacturing: 211 million yuan, up 54.63%, gross margin of 50.42% [3]. - New energy battery testing: 98 million yuan, up 69.17%, gross margin of 32.27% [3]. - Castings and welding materials testing: 92 million yuan, up 1.21% [3]. - Spare parts and other revenue amounted to 51 million yuan, a 23% increase [3]. Market Dynamics - The company is leveraging AI technology to enhance detection accuracy, expand application scenarios, and reduce production costs in the industrial X-ray detection equipment sector [4]. - Dayun Technology has established an AI research institute and an AI development center to continuously upgrade its AI models for industrial X-ray imaging [4]. Strategic Moves - The company made significant strides in mergers and acquisitions, investing in Innovative Electronics and Zhuhai Jiuyuan, which align with its business strategy and are expected to create new growth opportunities [5]. - The acquisitions are expected to enhance synergy in technology, products, and market reach [5]. Future Outlook - The company is positioned to benefit from structural growth opportunities in the industrial X-ray detection industry, driven by domestic substitution trends and increasing demand in the semiconductor and lithium battery sectors [5]. - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected at 1.13 yuan, 1.54 yuan, and 2.16 yuan, respectively [5].

9月2日，日联科技跌5.15%，截至发稿，报58.62元/股，成交2.03亿元，换手率3.15%，总市值97.07亿 元。 金鹰元和混合A（002681）成立日期2016年5月25日，最新规模5149.35万。今年以来收益22.01%，同类 排名3779/8184；近一年收益36.93%，同类排名3871/7971；成立以来收益126.46%。 金鹰元和混合A（002681）基金经理为倪超。 截至发稿，倪超累计任职时间10年87天，现任基金资产总规模30.16亿元，任职期间最佳基金回报 156.51%， 任职期间最差基金回报-16.15%。 资料显示，日联科技集团股份有限公司位于江苏省无锡市新吴区漓江路11号，成立日期2009年7月22 日，上市日期2023年3月31日，公司主营业务涉及公司是国内领先的工业X射线智能检测装备供应商,主 要从事微焦点和大功率X射线智能检测装备的研发、生产、销售与服务,产品和技术应用于集成电路及电 子制造、新能源电池、铸件焊件及材料等检测领域。 从基金十大重仓股角度 数据显示，金鹰基金旗下1只基金重仓日联科技。金鹰元和混合A（002681）二季度持有股数3.33万股， 占基金净值 ...

证券日报网讯9月1日晚间，日联科技发布公告称，2025年8月份，公司未实施股份回购。截至2025年8月 31日，公司已累计回购股份108，455股，占公司总股本的比例为0.0655%。 ...

证券代码：688531 证券简称：日联科技 公告编号：2025-059 日联科技集团股份有限公司 因公司实施 2024 年度权益分派事项，本次以集中竞价交易方式回购股份价格 上限由不超过人民币 101.87 元/股（含）调整为不超过人民币 70.03 元/股（含）。 具体内容详见公司于 2025 年 7 月 10 日在上海证券交易所网站（www.sse.com.cn） 披露的《关于 2024 年度权益分派实施后调整回购股份价格上限的公告》（公告编 号：2025-048）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购进展情况公告如下： 2025 年 8 月，公司未实施股份回购。 截至 2025 年 8 月 31 日，公司已累计回购股份 108,455 股，占公司总股本 165,593,939 股的比例为 0.0655%，回购成交的最高价为 46.29 元/股，最低价为 45.94 元/股，支付的资金总额为人民币 500.00 万元（不含 ...

格隆汇9月1日丨日联科技(688531.SH)公布，2025年8月，公司未实施股份回购。截至2025年8月31日， 公司已累计回购股份108,455股，占公司总股本165,593,939股的比例为0.0655%，回购成交的最高价为 46.29元/股，最低价为45.94元/股，支付的资金总额为人民币500.00万元（不含交易费用）。 ...

事件：日联科技发布2025半年报 25Q2单季度，营收2.6亿，同比增长43%，环比增长31%；扣非归母净利润0.40亿，同比增长46%，环比 增长100%。 上半年净利润增速不及营收增速，主要是受新增马来西亚、匈牙利、美国等海外工厂开办及建设费用， 人工智能研发中心筹办建设、日联研究院扩张产生的新增研发费用，新增员工股权激励产生的股份支付 费用等费用的影响。 2025上半年，营业收入4.6亿，同比增长38%；归母净利润0.83亿，同比增长8%；扣非后净利润0.60亿， 同比增长15%； 产品结构不断升级，盈利能力明显提升 分产结构，2025上半年，X射线智能检测设备收入4.1亿，同比增长41%，毛利率提升1pct至43%。其 中，1）集成电路及电子制造领域收入2.1亿，同比增长55%，占比46%，毛利率同比+2pct至50%。2） 新能源电池检测领域收入0.98亿，同比增长69%，占比21%，毛利率32%。3）铸件焊件及材料检测领域 收入0.92亿，同比增长1%，占比20%，毛利率37%。此外，备品备件及其他收入0.51亿，同比增长 23%，占比11%，毛利率同比-18pct至56%。 分地区，国内收入4. ...