Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company plans to acquire a 30% stake in Rainbow Optoelectronics, which will further solidify its leading position in the panel industry and enhance its competitive advantages [1]. - The repurchase of minority shareholder rights in Wuhan B17 is expected to boost the parent company's performance, increasing its equity stake from 47.14% to 58.36% [2]. - The company's depreciation is projected to peak in 2025, with a subsequent decline expected to provide significant profit elasticity [3]. - The report adjusts the net profit forecasts for 2025 and 2026 to CNY 8.784 billion and CNY 12.471 billion, respectively, reflecting a decrease of 7% and 8% [3]. Summary by Sections Acquisition and Strategic Moves - The company intends to acquire a 30% stake in Rainbow Optoelectronics for approximately CNY 4.849 billion, which aligns with its strategic development goals and aims to enhance its industry influence [1]. Performance and Financial Projections - The repurchase of shares in Wuhan B17 is anticipated to positively impact the company's operational performance, with a focus on high-generation lines becoming a key growth driver [2]. - The company expects its depreciation to peak in 2025, with a gradual decline thereafter, which is expected to improve profitability [3]. - The adjusted net profit forecasts for 2025 and 2026 are CNY 8.784 billion and CNY 12.471 billion, respectively, with a new forecast for 2027 at CNY 14.486 billion [3]. Financial Metrics - The company’s revenue is projected to grow from CNY 174.543 billion in 2023 to CNY 273.063 billion in 2027, with a compound annual growth rate (CAGR) of approximately 9.22% [5]. - The net profit is expected to recover significantly from CNY 2.547 billion in 2023 to CNY 14.486 billion in 2027, reflecting a strong growth trajectory [5]. - The report indicates a PE ratio decreasing from 60 in 2023 to 10 in 2027, suggesting an improving valuation as profitability increases [12].

Summary of Key Points Core Viewpoint - As of July 15, the total market financing balance reached 1.88 trillion yuan, marking a continuous increase for seven consecutive trading days, indicating a growing interest from investors in the market [1]. Financing Balance and Individual Stocks - The financing balance in the Shanghai market was 945.53 billion yuan, increasing by 2.69 billion yuan, while the Shenzhen market's balance was 925.83 billion yuan, up by 2.25 billion yuan. The North Exchange saw a slight decrease of 488.44 thousand yuan [1]. - On July 15, a total of 1,848 stocks received net financing purchases, with 472 stocks having net purchases exceeding 10 million yuan. Notably, 23 stocks had net purchases over 100 million yuan [1]. - The top net purchase stock was Dongshan Precision, with a net buy of 666.5 million yuan, followed by Zhongji Xuchuang and Shenghong Technology with net buys of 400.4 million yuan and 235 million yuan, respectively [1]. Industry and Sector Analysis - In terms of industry concentration, the stocks with net purchases exceeding 100 million yuan were primarily in the electronics, computer, and non-bank financial sectors, with 7, 4, and 3 stocks respectively [1]. - Among the stocks with significant net purchases, the main board had 14 stocks, the ChiNext board had 8 stocks, and the Sci-Tech Innovation board had 1 stock [1]. Financing Balance as a Percentage of Market Value - The average financing balance as a percentage of the circulating market value for the stocks with large net purchases was 3.82%. Jianghuai Automobile had the highest ratio at 9.95%, followed by Hainan Huatie, Dongfang Caifu, and Hand Information with ratios of 7.47%, 7.40%, and 7.37% respectively [2]. - The detailed ranking of net purchases on July 15 included stocks like Dongshan Precision, Zhongji Xuchuang, and Shenghong Technology, with respective net buy amounts of 666.5 million yuan, 400.4 million yuan, and 235 million yuan [2][3].

Group 1 - Chengdu completed investments of 200.79 billion yuan in 950 key projects in the first half of the year, achieving 59.4% of the annual plan, exceeding the scheduled progress by 9.4 percentage points [1] - Among these, 100 projects led by city leaders completed investments of 73.07 billion yuan, accounting for 63.2% of the annual plan; 137 provincial key projects completed investments of 70.62 billion yuan, reaching 69.5%, which is 6.1 percentage points higher than the provincial average [1] - 473 major industrialization projects completed investments of 87.82 billion yuan, representing 59.6% of the annual plan; 187 major infrastructure projects completed investments of 57.18 billion yuan, at 60.5% of the annual plan; and 290 major public service projects completed investments of 55.8 billion yuan, at 58% of the annual plan [1] Group 2 - The first domestic 8.6-generation AMOLED display production line by BOE started equipment installation four months ahead of schedule, setting a global record for efficiency in the same generation production line construction [2] - To ensure rapid project advancement, Chengdu High-tech Zone implemented a "combination punch" strategy, forming a service team to guarantee projects "land and start construction" immediately, and enhancing cross-district collaboration for smooth implementation of water and electricity support projects [2] - The Guotai vacuum composite fluid vacuum coating equipment R&D and production base project in Chengdu's Wenjiang High-tech Industrial Park was signed, started, and topped out in the same year, with an expected annual output value of 500 million yuan upon completion [2] Group 3 - Chengdu has firmly implemented national and provincial policies to promote investment through project facilitation, focusing on key initiatives such as "three centers and one base" and "full park development," adhering to the "project first" philosophy [3] - The city is committed to comprehensive lifecycle management services for major projects, aiming to achieve "time over half, task over half," thereby providing strong support for effective investment expansion and high-quality economic development in the province and city [3]

Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]

英伟达市值超 4 万亿美元创造历史，持续看好 AI 产业投资机遇。本周五美 股收盘，英伟达上涨 0.5%，连续第四个交易日创下历史新高，总市值升至 4.02 万亿美元，成为首家市值突破 4 万亿美元的公司，刷新全球企业市值最 高记录。此前黄仁勋表示，公司正迈入"十年 AI 基础设施建设周期"的开 端，AI 和机器人技术是最大的两个增长机会，将带来万亿美元级市场。结合 本周工业富联发布 2025 年半年度业绩预告超预期，我们认为 AI 基础设施建 设仍是需求确定性高增长的投资主线，建议持续关注产业链相关公司：工业 富联、华勤技术、沪电股份、龙芯中科、联想集团、立讯精密、晶晨股份等。 小米 AI 眼镜销量超 8 万副，下一代产品进入研发筹划。根据 XR Vision 报 道，小米 AI 智能眼镜目前已完成 8 万副销售量，该销量数据超过小米内部 预期。当前小米 AI 眼镜销量目标已从 30 万副上调 60%至 50 万副，各大电商 平台均出现一定颜色款式无货的情况。此外，小米 AI 眼镜研发团队在迭代 和优化 AI 眼镜功能，同时已开启规划下一代 AI 眼镜的研发。我们认为，伴 随大模型的持续更新迭代，端侧 AI ...

Core Viewpoint - The global display industry is entering a rebalancing phase, shifting from competition based on scale and market share to a focus on high profitability, high technology, and high added value [3]. Group 1: Industry Overview - The display industry is currently dominated by two core technologies: LCD and OLED, with Chinese companies, particularly BOE, leading the global LCD market [1]. - The demand structure for LCD is optimizing, with a significant trend towards larger TV sizes, while OLED is gaining traction in high-end segments, including foldable screens [3]. - Emerging display technologies, such as Mini/Micro LED, are expected to inject innovation and growth into the industry [3]. Group 2: Company Developments - BOE has introduced the "Screen IoT" strategy and the "N Curve" theory to drive its development, focusing on display technology, glass-based processing capabilities, and large-scale integrated intelligent manufacturing [3]. - The company has made significant progress in new business areas, including glass-based packaging and perovskite photovoltaic devices, with successful production milestones achieved [4]. - BOE's automotive display platform, BOE Precision Electronics, reported over 10 billion RMB in revenue last year, becoming the global leader in automotive display shipments [4]. Group 3: Financial Performance - In 2024, BOE achieved revenue of 198.38 billion RMB, a year-on-year increase of 13.66%, with a net profit of 5.32 billion RMB, up 108.97% [7]. - The display device business generated 165 billion RMB in revenue, maintaining the global lead in LCD shipments and ranking second in flexible OLED shipments [7]. - The gross margin for the display device business improved to 12.75%, an increase of over 4 percentage points from 2023 [7]. Group 4: Capital Strategy - BOE is shifting its capital strategy from scale expansion to shareholder value creation, with expectations of entering a profit improvement phase post-2025 [5]. - The company has initiated a three-year shareholder return plan, including stock buybacks and profit distribution, to enhance shareholder returns [7]. - Capital operations include mergers and acquisitions of quality assets and independent listings of innovative businesses to strengthen overall corporate capabilities [8].

Monetary Policy and Economic Indicators - The People's Bank of China will conduct a buyout reverse repurchase operation of 1.4 trillion yuan on July 15, 2025 [1] - As of the end of June, M2 (broad money) increased by 8.3% year-on-year, reaching 330.29 trillion yuan, while M1 (narrow money) grew by 4.6% to 113.95 trillion yuan [2] - The cash in circulation (M0) reached 13.18 trillion yuan, with a year-on-year growth of 12% [2] Green Finance Initiatives - The People's Bank of China, along with financial regulatory authorities, issued the "Green Finance Support Project Directory (2025 Edition)" to enhance liquidity in the green finance market and improve asset management efficiency [2] Corporate Earnings Forecasts - Vanke A expects a net loss of 10 billion to 12 billion yuan for the first half of 2025, with a basic loss per share of 0.8433 to 1.01 yuan [4] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, impacted by the closure of 227 underperforming stores [5] - Longi Green Energy forecasts a net loss of 2.4 billion to 2.8 billion yuan, although it expects to reduce losses compared to the previous year [6] - Hengsheng Electronics projects a net profit of approximately 251 million yuan, a 741% increase year-on-year [7] - Wintime Technology expects a net profit of 390 million to 585 million yuan, representing a growth of 178% to 317% [8] - ST Huatuo anticipates a net profit of 2.4 billion to 3 billion yuan, a year-on-year increase of 107.2% to 159% [9] - Tianqi Lithium expects a net profit of 0 to 1.55 billion yuan, recovering from a loss of 5.206 billion yuan in the previous year [10] - Ganfeng Lithium forecasts a net loss of 300 million to 550 million yuan, compared to a loss of 760 million yuan in the same period last year [11] - Liyi Intelligent Manufacturing expects a net profit of 900 million to 1.14 billion yuan, a growth of 31.57% to 66.66% [12] - CICC anticipates a net profit of 3.453 billion to 3.966 billion yuan, a year-on-year increase of 55% to 78% [13] - Shenwan Hongyuan projects a net profit of 4.1 billion to 4.5 billion yuan, a growth of 92.66% to 111.46% [14] - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan, an increase of 84.3% to 120.5% year-on-year [15] - Huahong Technology anticipates a net profit of 70 million to 85 million yuan, a significant increase from 2.224 million yuan in the previous year [16] Corporate Actions and Legal Matters - Suzhou Planning intends to acquire 100% of Beijing Dongjin Aviation Technology Co., Ltd., with stock resuming trading on July 15, 2025 [17] - BOE Technology Group plans to appeal the preliminary ruling from the US International Trade Commission regarding trade secrets and has initiated a patent lawsuit against Samsung Display [18]

7月10日，成都中嘉微视科技有限公司（下文简称中嘉微视）宣布完成近亿元A轮融资，本轮融资 由国泰君安创新投、国金鼎兴、天通股份等机构共同投资。 中嘉微视表示，本轮融资将主要用于以下三方面： 资料显示， 中嘉微视 专注于TFT-LCD、OLED、半导体行业的光学检测机(AOI)、激光切割机 (Laser cutting)等设备研发、生产、销售。目前，公司已获得京东方、TCL、惠科、天马、维信 诺、和辉光电六家面板厂的OLED前道批量订单，累计销售额超5亿元。 巩固显示前道检测优势 ： 加速产能扩张，满足国内主要面板厂商在OLED等高端面板前道 全工艺段对国产检测设备日益增长的需求。 拓展半导体前道检测布局 ： 加速晶圆量 / 检测设备的研发迭代、客户认证与量产交付进 程。 持续突破底层技术边界 ： 持续投入高精度标定、纳米级3D测量、高速高精度成像、智能缺 陷分析、AI算法模型等核心环节的自主研发，巩固自研壁垒。 ▶ 关于集邦 上下滑动查看 值的一提的是，2025年6月，中嘉微视半导体量 / 检测基地于深圳宝安区新桥东先进制造产业园 正式投产。该基地占地 3960平方米，定位为半导体及显示领域高端光学检测设备（ ...

Group 1 - BOE Technology Group Co., Ltd. and Chengdu BOE Optoelectronics Technology Co., Ltd. have applied for a patent titled "Display Substrate and Display Device" with publication number CN120303724A, filed on October 2023 [1] - The patent abstract describes a display substrate that includes a shift register, which consists of a shift sub-circuit and an output sub-circuit, designed to provide signals to various output terminals based on control signals [1] Group 2 - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 3,764,501,620.3 RMB [2] - The company has invested in 71 enterprises, participated in 256 bidding projects, and holds 776 trademark records and 5,000 patent records [2] - Chengdu BOE Optoelectronics Technology Co., Ltd. was founded in 2007 in Chengdu, focusing on instrument and meter manufacturing, with a registered capital of 2,500,000,000 RMB [2] - This subsidiary has participated in 876 bidding projects and also holds 5,000 patent records, along with 495 administrative licenses [2]

Core Viewpoint - The 2025 Zhongguancun Forum, themed "New Quality Productivity and Global Technology Cooperation," serves as a national platform for global technological innovation exchange and collaboration, promoting efficient transformation of scientific achievements and contributing to the development of the global innovation chain [1][15]. Group 1: Collaborative Development - The Zhongguancun Forum acts as an innovative magnet, attracting numerous partners to create a deep collaborative model [2][8]. - Partners are moving beyond traditional funding models, leveraging their technological expertise to integrate cutting-edge technologies into diverse scenarios at the forum [2][8]. - Key partners like Zhongguancun Development Group and BOE are showcasing new technologies and products, enhancing the synergy between technology and industry [2][4]. Group 2: Financial Support and Innovation - Financial institutions like Beijing Bank and Junlian Capital are providing essential support for technological innovation, creating a robust ecosystem for the development of new quality productivity [4][12]. - Beijing Rural Commercial Bank is offering tailored financial products to support the entire chain from R&D to industrialization [4][12]. - The "Patient Capital+" initiative aims to accelerate the industrialization of technological achievements and support innovative enterprises in overcoming growth bottlenecks [4][12]. Group 3: Value Creation and Regional Cooperation - The forum facilitates communication and collaboration between enterprises and regional economies, creating ample development opportunities [9][11]. - Zhongguancun Development Group has engaged nearly 2,000 innovative entities and facilitated over 80 cooperation intentions through its project reservoir mechanism [9][11]. - Shanxi Province is actively participating in discussions on industrial digital transformation, integrating regional innovation resources [9][11]. Group 4: Strategic Technological Advancements - Companies like BOE and Tern Explorer are leveraging the forum's global network to contribute to national strategic technological initiatives [12][14]. - BOE is focusing on integrating display technology with IoT and digital technology, showcasing numerous innovative products [14]. - Tern Explorer is transforming extreme environment protection technologies into solutions for smart cities and emergency rescue, establishing a pathway for innovation in strategic emerging fields [14]. Group 5: Future Outlook - The Zhongguancun Forum is reshaping the underlying logic of technological collaboration, driven by market forces and ecological co-construction [15]. - The acceleration of globalization is expected to provide broader development space for the forum, enhancing its role as a continuous innovation ecosystem [15].