Group 1 - The core point of the announcement is that BOE Technology Group Co., Ltd. has successfully issued a bond with a total scale of up to RMB 20 billion, approved by the China Securities Regulatory Commission [1] - The bond issuance took place from June 12 to June 13, 2025, with a subscription multiple of 4.42 times, indicating strong investor interest [1] - Major underwriters, including CITIC Securities and Guolian Minsheng Securities, participated in the subscription, with CITIC Securities subscribing for RMB 300 million and Guolian Minsheng Securities for RMB 100 million [1] Group 2 - The bond is categorized as a technology innovation corporate bond aimed at professional investors, complying with relevant regulations and guidelines [1] - The issuance price of the bond is set at RMB 100 per bond, and it is designed to attract institutional investors through a private placement method [1] - There are no significant shareholders or related parties participating in the bond subscription, ensuring compliance with regulatory requirements [1]

Core Points - A bribery case involving Han Xianghui, former director of the Qinghai Provincial Emergency Management Department, and contractor Zhang, revealed a seven-year exchange of cash and stock accounts totaling approximately 1.98 million yuan in cash and 15 million yuan in stock value [2][4][6] - The court found that Zhang bribed Han with about 8.03 million yuan, including 605 million yuan through two stock accounts, which generated a profit of 8.94 million yuan, yielding a return of 147% [2][6][8] Group 1 - The case highlights a new form of bribery using stock accounts as a medium, which complicates the tracking of illicit financial flows [6][9] - Zhang used two stock accounts to transfer funds to Han, who was able to monitor the accounts without directly accessing the funds, indicating a sophisticated method of concealing the bribe [6][7] - The court ruled that the profits from the stock investments, while substantial, would not be counted as part of the bribery amount but would be confiscated as illegal gains [8][9] Group 2 - The case serves as a warning to potential bribers and recipients that even hidden economic benefits will ultimately face legal consequences [3][9] - The complexity of stock transactions makes it challenging to trace the origins and ownership of funds, but legal authorities are improving their ability to investigate such cases [9][10] - Han Xianghui is also facing separate charges for accepting bribes totaling over 17.38 million yuan during his tenure as a county party secretary [10]

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-049 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-049 | 京东方科技集团股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券 （第一期）发行结果公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 京东方科技集团股份有限公司（以下简称"发行人"）公开发行不 超过人民币 100 亿元公司债券已获得中国证券监督管理委员会（证监 许可〔2024〕1330 号文）批复。根据《京东方科技集团股份有限公 司 2025 年面向专业投资者公开发行科技创新公司债券（第一期）发 行公告》，京东方科技集团股份有限公司 2025 年面向专业投资者公开 发行科技创新公司债券（第一期）（以下简称"本期债券"）发行规模 为不超过 20 亿元（含 20 亿元），发行价格为每张 100 元，采取网下 面向专业机构投资者询价配售的方式。 本期债券发行时间自 2025 年 6 月 12 日至 2025 年 ...

Core Viewpoint - The panel manufacturers are focusing on continuous investment in OLED, LCD, and MLED technologies to maintain competitive advantages and enhance technical capabilities [1][5]. Investment Overview - In the first half of this year, major panel manufacturers have planned new investments in various display technologies, including TCL Huaxing's acquisition of a 21.53% stake in the 11th generation line for 11.6 billion yuan, HKC's investment of 10 billion yuan in a new MLED chip project, and 500 million yuan for acquiring a flexible AMOLED production line [1]. Major Investment Directions - BOE's primary investment direction is the 8.6-generation AMOLED production line, with an investment amount of 63 billion yuan, shifting focus from LCD to OLED [2]. - CSOT is reinforcing its LCD business with a total investment of approximately 25.4 billion yuan through acquisitions of LGD's 8.5-generation line and the 11th generation line stake [2]. - HKC is expanding its investments in the MLED and E-paper sectors, with around 26 billion yuan in MLED and 13.5 billion yuan in E-paper projects [2]. Total Investment Scale - The total planned investment amount by the three major domestic panel manufacturers over the past year and a half is approximately 140 billion yuan [4]. Investment Distribution by Sector - The investment distribution shows that OLED investments account for the highest proportion at 45%, followed by LCD at 20%, MLED at 19%, E-paper at 9%, and IC investments at 6% [5]. - BOE holds the largest share of investment at 48%, primarily due to its significant investment in the 8.6-generation AMOLED line, while HKC accounts for 34% and CSOT for 19% [5]. Future Outlook - As these investment projects are implemented, the competitiveness and technical levels of panel manufacturers are expected to improve further, with future investments likely to continue focusing on OLED as the primary area and LCD as a secondary focus [5].

Core Viewpoint - The panel manufacturers are focusing on continuous investment to maintain competitive advantages and enhance technological capabilities, with significant investments planned in OLED, LCD, and MLED sectors [1][7]. Investment Overview - In the past year and a half, the three major domestic panel manufacturers have primarily directed their investments towards specific areas: BOE is focusing on the 8.6-generation AMOLED production line with an investment of 63 billion yuan [2]. - CSOT is strengthening its LCD business with a total investment of approximately 25.4 billion yuan through acquisitions [3]. - HKC is expanding its investments in the MLED and E-paper sectors, with a total investment of around 26 billion yuan in MLED and 13.5 billion yuan in E-paper [3]. Total Investment Scale - The total planned investment by the three major panel manufacturers in the past year and a half is approximately 140 billion yuan, with the highest investment in the OLED sector at 45%, followed by LCD at 20%, MLED at 19%, E-paper at 9%, and IC at 6% [6]. - BOE accounts for the largest share of investment at 48%, primarily due to its significant investment in the 8.6-generation AMOLED production line [6]. - HKC follows with a 34% share, focusing on MLED and E-paper projects, while CSOT's investment is primarily in the LCD sector, accounting for 19% [6]. Future Outlook - As these investment projects are implemented, the competitiveness and technological level of the panel manufacturers are expected to improve further. Future investments are anticipated to continue focusing on OLED, supplemented by LCD investments [7].

Core Points - The A-share market showed mixed results with the China Securities Strategic Emerging Industries Index declining by 0.53% to 1377.0 points, with a trading volume of 17.491 billion yuan [1] - Over the past month, the index has increased by 1.71%, but it has decreased by 6.10% over the last three months and by 0.96% year-to-date [1] - The index is customized by China Chengtong Holdings Group and includes 50 state-owned enterprises with significant growth potential in the strategic emerging industries [1] Index Composition - The top ten weighted stocks in the index are: Northern Huachuang (10.53%), BOE Technology Group (9.5%), China Aluminum (9.06%), Shengyi Technology (5.64%), Goldwind Technology (4.33%), China Power (3.98%), Shenghe Resources (3.12%), Jingfang Technology (2.82%), Jinghe Integration (2.74%), and Aerospace Rainbow (2.53%) [1] - The market share of the index's holdings is distributed as follows: Shenzhen Stock Exchange 50.65%, Shanghai Stock Exchange 48.59%, and Beijing Stock Exchange 0.76% [1] Industry Breakdown - The industry composition of the index holdings is as follows: Information Technology 45.19%, Industrials 29.25%, Materials 17.11%, Communication Services 4.28%, Utilities 2.02%, Consumer Staples 1.72%, and Healthcare 0.42% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Core Viewpoint - The 2025 TrendBank (Fifth) Lithography Industry Conference will be held on July 9-10, 2025, in Hefei, focusing on advancements in lithography technology and materials, as well as challenges in the domestic supply chain [2][21]. Summary by Sections Conference Overview - The conference will feature over 20 speakers from various sectors of the lithography industry, including academia and enterprises, discussing advanced lithography technologies and materials [13][21]. - The event aims to enhance collaboration between research institutions, universities, and enterprises to accelerate technological innovation and promote the upgrading of the lithography industry [21][22]. Participating Organizations - Notable participants include: - BOE Technology Group: A leading global semiconductor display product company [3]. - Jiageng Laboratory: Focused on high-end lithography materials and semiconductor cleaning materials [3]. - Bomi Technology: Engaged in the development of photosensitive polyimide and related semiconductor materials [3]. - Xingtai Technology: Specializes in the research and production of high-end lithography resins [3]. - Other participants include universities and research institutes such as Nankai University and Shanghai Institute of Measurement and Testing Technology [3][4]. Conference Agenda - The agenda includes discussions on: - EUV lithography, electron beam lithography, and nanoimprint technologies [12]. - The current state and challenges of domestic lithography materials, including photoresists and wet electronic chemicals [12]. - Key issues in the domestic production of lithography equipment and solutions to enhance self-sufficiency [12]. Key Highlights - The conference will feature three specialized sessions covering advanced lithography technologies, photoresists and wet electronic chemicals, and lithography equipment, providing a comprehensive view of the industry [13][21]. - Academic discussions will be held to establish a theoretical foundation for industry development [14]. Registration and Fees - Registration fees are set at RMB 2600 if paid by June 30, 2025, and RMB 2800 thereafter, which includes access to conference materials and meals [16][15]. Background and Industry Context - The lithography technology is crucial for semiconductor manufacturing, impacting chip performance and production costs [20]. - The domestic lithography industry faces challenges such as low self-sufficiency in high-end photoresists and reliance on imports for critical materials and equipment [20][21].

受关税冲突带来不确定性冲击影响，面板专业研调机构Omdia预测，今年下半年北美市场需求会有所下 降。为应对此情势，中国大陆面板厂商积极调整其高世代线产能利用率，在6、7月平均产能利用率水准 有望均降至80%以下水准。 Omdia近日在其微信公众号发文指，美国关税战为全球经济带来巨大的不确定性，其对显示行业冲击在 6、7月将开始显现。 5月底华星光电传出将在6月下旬高世代产线放假7天，并应对市场需求变化决定7月是否继续放假。而京 东方、惠科亦释放消息，将会控制高世代线产能利用率不高于80%。 另，Omdia还追踪到，中国大陆面板厂商几乎都选择在6至8月时继续维持低产能利用率的计划。其中， 华星光电最为激进，其10.5代产线6、7、8月产能利用率由原来的80%左右下调至75%左右，投片维持在 210k/月上下；8.5代线产能利用率由原计划的85%左右降至75至78%左右。 此外，Omdia称，此轮中国大陆面板工厂产能利用率调整，以电视面板生产的产线调整得更为明显。 由于关税战带来的冲击，供应链若承担关税成本，则将几无利润可言；而若品牌端承担关税成本，则必 会带来产品售价升高通膨提升，进而冲击终端需求下降等后果。 ...

Core Viewpoint - The optoelectronic new materials industry is experiencing significant growth in China, driven by advancements in technology and increasing market demand, particularly in solar cells, optical communication, and display technologies [1][4][23]. Industry Definition and Classification - Optoelectronic materials are defined as materials that can generate, convert, transmit, process, and store optical signals, encompassing categories such as semiconductor optoelectronic materials, organic semiconductor materials, inorganic crystals, quartz glass, infrared materials, laser materials, and nonlinear optical materials [2][4]. Industry Development Status - The number of patents for optoelectronic new materials in China reached 122 in 2022, but has seen a decline in recent years, with projections of 99 in 2023 and 76 in 2024, and only 11 by May 21, 2025 [1][4]. - The optoelectronic materials sector is crucial for the advancement of the optoelectronic industry, with applications in solar cells, optical communication, and displays [4]. Industry Chain - The industry chain consists of upstream core raw materials (basic chemicals, rare metals, targets), midstream production of optoelectronic materials and devices, and downstream applications in high-growth areas such as photovoltaic power generation and optical communication [6][8]. Semiconductor Materials - The semiconductor materials market in China is projected to reach approximately 147 billion yuan in 2024 and about 164.69 billion yuan in 2025, accounting for around 27.24% and 27.20% of the electronic materials market, respectively [8]. Optical Communication - The optical communication market in China is expected to grow from 139 billion yuan in 2023 to approximately 175 billion yuan by 2025, driven by advancements in 5G, cloud computing, and big data technologies [10]. Competitive Landscape - Major companies in the optoelectronic new materials industry include BOE Technology Group, Longi Green Energy, Jiangfeng Electronics, Sanan Optoelectronics, and others, reflecting a diverse and international competitive landscape [12][14]. Representative Companies - **BOE Technology Group**: A leading global company in semiconductor display products, with over 100,000 patents and significant market share in LCD and OLED technologies [14][15]. - **Shaanxi Lait Optoelectronic Materials Co., Ltd.**: Focuses on OLED organic light-emitting materials, with a revenue of 442 million yuan in 2024, reflecting a strong growth trajectory [17][19]. - **Ningbo Jiangfeng Electronics**: Specializes in ultra-pure metal sputtering targets, with a revenue of 2.333 billion yuan in 2024, highlighting its strong market position [21]. Industry Development Trends - The demand for optoelectronic materials is expected to continue growing, with advancements in silicon-based solar cells and organic light-emitting diodes (OLEDs) leading the way [23]. - Future developments will focus on higher performance, lower costs, and multifunctionality, with new materials such as perovskite solar cells and quantum dot emitters gaining traction [23].

东山精密是苹果iPhone电路板供应商。二季度以来，摩根大通证券、国信证券、招商证券等机构调研东 山精密。在接受机构调研时，东山精密表示，电子电路板块是公司核心业务，公司将充分把握AI创新 周期带来的机遇，重点巩固高端软板及高频高速高密度硬板领域的技术优势，进一步提升行业领先地 位。 长城证券研报称，在FPC（柔性印制电路板）业务方面，AI手机带来的新一轮换机周期和AI手机单机 FPC用量的提升，将成为行业增长新机遇。AI功能的加入使得软板设计和加工难度大幅提升，高端软板 产能将会更加紧缺，头部企业竞争力将进一步凸显。 ● 本报记者 张兴旺 Choice数据显示，二季度以来，机构密集调研立讯精密、京东方、领益智造、东山精密、欣旺达、蓝思 科技、信维通信、安洁科技等60余家苹果产业链公司。 机构分析称，未来，随着苹果加大在AI领域的投入，以及推出更智能的语音助手，iPhone有望迎来新一 轮换机周期，产业链公司将受益。 机构密集调研 Choice数据显示，二季度以来，立讯精密、水晶光电、天准科技、深南电路、鹏鼎控股、京东方等16家 苹果产业链公司均获得超100家机构调研。 6月10日，2025苹果全球开发者大会 ...