Core Viewpoint - The second batch of Yangtze River Delta Innovation Alliances has been officially announced, with three enterprises from Anhui leading the initiatives [1][4]. Group 1: Innovation Alliances - A total of 12 innovation alliances have been established, each led by a different company, focusing on various technological advancements [3]. - The leading companies and their respective innovation alliance names include: - Jiangsu Hengtong Optic-Electric Co., Ltd. leading the "Yangtze River Delta Marine Information Transmission Technology Innovation Alliance" - Jiangsu Aosaikang Pharmaceutical Co., Ltd. leading the "Yangtze River Delta Antimicrobial Infection Drug Research Innovation Alliance" - Nanjing Meichen Microelectronics Co., Ltd. leading the "Yangtze River Delta Low Earth Orbit Satellite Communication Integration Technology Innovation Alliance" - China Electronics Jinxin Digital Technology Group Co., Ltd. leading the "Yangtze River Delta Artificial Intelligence Source Network Collaborative Energy Management Innovation Alliance" - Shanghai Chemical Industry Research Institute Co., Ltd. leading the "Yangtze River Delta Isotope Technology Innovation Alliance" - Shanghai Yudu Semiconductor Technology Co., Ltd. leading the "Yangtze River Delta Electrical Measurement Equipment Innovation Alliance" - Zhejiang Jingsheng Mechanical and Electrical Co., Ltd. leading the "Yangtze River Delta Integrated Circuit Large Silicon Wafer Polishing Technology Innovation Alliance" - Hangzhou Shenhao Technology Co., Ltd. leading the "Yangtze River Delta Intelligent Robot Innovation Alliance" - Ningbo Geely Luoyou Engine Parts Co., Ltd. leading the "Yangtze River Delta Green Intelligent Powertrain Innovation Alliance" - Efort Intelligent Robot Co., Ltd. leading the "Yangtze River Delta Robot High-Speed High-Precision Technology Innovation Alliance" - Anhui Wanyi Technology Co., Ltd. leading the "Yangtze River Delta Wireless Minimally Invasive Surgery System Innovation Alliance" - Anhui Jianghuai Automobile Group Co., Ltd. leading the "Yangtze River Delta Automotive Low Carbon and Intelligent Technology Innovation Alliance" [3]. Group 2: Strategic Focus - The 12 innovation alliances are designed to address national strategic needs and align with local dominant industry directions, aiming to build an industrial chain around innovation [4]. - The goal is to promote the aggregation of various innovative elements towards the innovation alliances [4].

Group 1 - The establishment of 12 Yangtze River Delta Innovation Alliances is aimed at addressing national strategic needs and enhancing collaborative construction based on local leading industries [1][2] - The second batch of Yangtze River Delta Innovation Alliances was officially announced at the seventh Yangtze River Delta Integration Development Forum [1] - The leading units and names of the 12 innovation alliances include Jiangsu Hengtong Optic-Electric Co., Ltd. leading the "Yangtze River Delta Marine Information Transmission Technology Innovation Alliance" and others focusing on various technological innovations [1][2] Group 2 - The construction goal of these alliances is to layout the industrial chain around the innovation chain, promoting the aggregation of various innovative elements towards the innovation alliances [2] - Future steps involve improving organizational structures and operational mechanisms, leveraging the industry influence of leading units, and fostering collaborative research and technology breakthroughs [2] - The focus is on enhancing the independent innovation capabilities and core competitiveness of key industries in the Yangtze River Delta region [2]

Group 1 - The core point of the article is the launch of an economically efficient OHT crane system by the company Hangzhou Zhongwei Optoelectronics Technology Co., Ltd., a subsidiary of Jing Sheng Machinery [1] - The new OHT crane system is designed to provide cost-effective aerial logistics solutions for industries such as semiconductors, panels, and packaging testing, as well as other multi-point logistics scenarios [1]

Investment Rating - The report does not explicitly provide an investment rating for the advanced packaging equipment industry. Core Insights - The advanced packaging technology aims to enhance chip performance, increase functional integration, reduce product size, and improve thermal management capabilities, driven by the demand for high-performance electronic products. The key to achieving these advanced packaging technologies lies in advanced packaging equipment [2]. Summary by Sections Semiconductor Packaging Equipment Industry Overview - Traditional packaging focuses on low cost and simple structures, while advanced packaging utilizes high-density interconnects, heterogeneous integration, and 3D stacking technologies to meet the demands of high-performance computing, 5G, and AI [16]. - The global semiconductor manufacturing equipment sales are projected to grow from $106.3 billion in 2023 to $117.1 billion in 2024, with advanced packaging driving an increase in the share of packaging equipment sales [21][22]. Required Semiconductor Equipment for Packaging Processes - Advanced packaging introduces new applications such as wafer thinning, RDL (Redistribution Layer) production, bump production, and TSV (Through-Silicon Via) production, necessitating both existing backend packaging equipment and new front-end equipment [9][27]. - The traditional backend packaging equipment must undergo technological upgrades to accommodate smaller sizes, higher integration, and more complex structures, focusing on precision, material compatibility, process control, and automation [32]. Advanced Packaging Equipment Analysis - The report highlights the need for various semiconductor equipment types, including thinning machines, dicing machines, and bonding machines, to support advanced packaging processes [35][45]. - The global thinning machine market is dominated by Japanese companies, with a concentration ratio of approximately 85%, while domestic companies like Huahai Qingke and Jing Sheng Machinery are emerging players [40][44]. Traditional Backend Equipment Upgrades and Manufacturers - Traditional backend packaging equipment requires upgrades to meet the demands of advanced packaging, focusing on precision enhancement, material compatibility, process control, and automation [32]. - Key domestic suppliers for thinning machines include Huahai Qingke, Jing Sheng Machinery, and China Electronics Technology Group [32].

证券代码：300316 证券简称：晶盛机电 编号：2025-019 浙江晶盛机电股份有限公司 2024 年年度权益分派实施公告 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。 特别提示： 1、浙江晶盛机电股份有限公司（以下简称"公司"）回购专用证券账户持有的 本公司股份2,173,984股不参与本次权益分派。本次权益分派将以公司现有总股本 1,309,533,797股扣除已回购股份2,173,984股后的1,307,359,813股为基数，向全体股 东每10股派发现金股利4.00元人民币（含税），共计派发现金股利522,943,925.20 元。按公司总股本（含回购股份）折算每10股现金股利=现金分红总额÷公司总股 本×10 股=522,943,925.20元/1,309,533,797股×10股=3.993359元(保留六位小数，不 四舍五入)。 2、公司本次权益分派实施后的除权除息参考价＝权益分派股权登记日收盘价 -0.3993359元/股。 本次权益分派股权登记日为：2025年5月27日，除权除息日为：2025年5月28 日。 一、股东大会审议通过权益分 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly focusing on the export-oriented segments such as engineering machinery, aerial work platforms, and oil service equipment [1]. Core Insights - The report highlights the positive impact of the recent US-China trade agreement, which significantly reduces tariffs on Chinese exports to the US, providing a favorable environment for machinery exporters [1][15]. - It emphasizes the strong growth potential in the engineering machinery sector, with a notable increase in excavator exports and a focus on digitalization and innovation in product offerings [2]. - The report identifies key investment opportunities in the humanoid robotics sector, particularly in dexterous hands and lightweight materials, which are expected to drive future growth [4][25]. Summary by Sections Recommended Stocks - The report lists a comprehensive portfolio of recommended stocks across various sectors, including Northern Huachuang, Sany Heavy Industry, and others in the machinery and automation fields [1][13]. Industry Trends - The engineering machinery sector is witnessing a recovery, with significant contracts signed at the Changsha International Engineering Machinery Exhibition, indicating robust demand [2]. - The general automation sector is expected to see a gradual recovery, with specific focus on industrial automation and injection molding machines, which are projected to grow in revenue [3][22]. Humanoid Robotics - The humanoid robotics industry is entering a golden development period, with a focus on dexterous hands and lightweight materials, suggesting a shift towards more advanced robotic applications [4][25]. - Investment opportunities are highlighted in companies specializing in dexterous hands and lightweight materials, indicating a growing market for these technologies [26][39]. General Automation - The report notes that the general automation sector is stabilizing, with a focus on opportunities in industrial automation and injection molding machines, which are expected to benefit from increased capital expenditures [3][22]. Market Dynamics - The report discusses the competitive landscape in the machinery equipment sector, noting the challenges posed by price competition and the need for innovation to maintain profitability [3][24]. - It also highlights the importance of export markets for domestic manufacturers, particularly in light of recent tariff reductions [1][15].

证券代码：300316 证券简称：晶盛机电 编号：2025-018 浙江晶盛机电股份有限公司 2024 年年度股东大会决议公告 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。 重要提示 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过决议的情形。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025年5月15日（星期四）下午2：00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 15 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券 交易所互联网系统投票的具体时间为 2025 年 5 月 15 日 9:15-15:00 的任意时间。 2、现场会议召开地点：浙江省杭州市临平区顺达路500号公司2楼会议室。 3、会议召集人：公司董事会。 4、会议方式：本次股东大会采取现场投票、网络投票相结合的方式。 5、会议主持人：公司董事长曹建伟先生。 会议的召集、召开及表决程序符合《公司法》《上市公司股东大会规则》等 法律、法规和规范 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江晶盛机电股份有限公司 2024 年年度股东大会 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江晶盛机电股份有限公司 2024 年年度股东大会 之 法律意见书 致：浙江晶盛机电股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江晶盛机电股份有限 公司（以下简称"公司"）的委托，指派律师出席贵公司 2024 年年度股东大会 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In 2024, the company achieved a revenue of 17.577 billion yuan, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 2.51 billion yuan, down 44.93% year-on-year [2][4]. - The fourth quarter of 2024 saw a revenue of 3.099 billion yuan, a year-on-year decline of 31.47% and a quarter-on-quarter decline of 28.45%, with a net profit of -450 million yuan, down 143.13% year-on-year and 152.13% quarter-on-quarter [2][4]. - The company has fully recognized impairment losses in 2024, with total impairment and credit losses amounting to approximately 1.2 billion yuan, significantly impacting the fourth quarter's net profit [6][9]. Summary by Sections Financial Performance - The company reported a total revenue of 17.577 billion yuan for 2024, with a gross profit margin of 33% [14]. - The manufacturing business's gross margin was 34.82%, a decrease of 8.20 percentage points year-on-year, while the equipment and service margin was 36.36%, down 2.46 percentage points [9]. - The company expects a net profit of 2.5 billion yuan for 2025, corresponding to a PE ratio of 15 times [6]. Market Outlook - The semiconductor equipment market is anticipated to maintain double-digit growth, with the company actively capturing the domestic substitution market [9]. - The company has developed various equipment for silicon wafer manufacturing and is leading in the domestic market share for crystal growth equipment [9]. - The sapphire material business is expected to benefit from the rapid growth in demand for LED lighting replacements, while the silicon carbide substrate business is transitioning to 8-inch production [9]. Product Development - The company has made significant advancements in semiconductor substrate materials, with expectations for both volume and price increases in sapphire materials [9]. - The quartz crucible products have achieved both technological and scale leadership, enhancing the company's collaborative supply capabilities in semiconductor consumables [9].

Core Viewpoint - The company, Jing Sheng Mechanical & Electrical (300316.SZ), experienced a significant decline in both revenue and net profit in 2024, marking the first occurrence of such a downturn since its listing in 2012, primarily due to supply-demand imbalances in the photovoltaic industry and substantial impairment losses [1][2][4]. Financial Performance - In 2024, Jing Sheng reported revenue of 17.577 billion yuan, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 2.51 billion yuan, down 44.93% year-on-year [2][5]. - The company plans to recognize total impairment losses of 1.207 billion yuan in 2024, with credit impairment losses of 277.59 million yuan (up 348.22% year-on-year) and asset impairment losses of 929.23 million yuan (up 222.19% year-on-year) [2][3]. Business Segments - The main business segments include equipment and services, which generated revenue of 13.363 billion yuan in 2024, a growth of 4.3%, but with a gross margin decline of 2.46 percentage points to 36.36% [6][8]. - The materials segment, which includes silicon carbide substrates and quartz crucibles, saw a revenue decline of 19.62% to 3.346 billion yuan, with a gross margin drop of 27.44 percentage points to 28.71% [7][8]. Customer Dependency - The revenue from the largest customer, TCL Zhonghuan, significantly decreased from 9.035 billion yuan in 2023 (50.24% of total revenue) to 5.217 billion yuan in 2024 (29.68% of total revenue) [4][5]. - The company faces risks related to order fulfillment due to the cyclical nature of the photovoltaic industry, which may lead to adjustments in expansion projects by downstream customers [4]. Inventory and Receivables - As of the first quarter of 2025, the company reported 3.236 billion yuan in accounts receivable and 9.545 billion yuan in inventory, indicating ongoing risks related to price declines and potential losses [5][6]. - The company recognized inventory impairment provisions of 962 million yuan in 2024, with specific provisions for certain customers and raw materials [4][8]. Market Outlook - The photovoltaic industry is entering a supply-side adjustment period, with a slowdown in new capacity demand, which is expected to impact the company's processing equipment business significantly [7]. - Despite the challenges in the photovoltaic sector, the semiconductor equipment business is seeing an increase in order volume, although this has not yet translated into significant revenue [10].