Core Insights - Shenzhen Nanjiguang Electronic Technology Co., Ltd. (Nanjiguang) is a leading provider of backlight display module solutions in China, focusing on LED backlight module research, production, and sales [1][2] - The company has established a strong reputation in the industry, serving high-profile clients such as Nintendo, OPPO, VIVO, Xiaomi, Huawei, and Samsung, among others [1] - Nanjiguang is committed to increasing R&D investment and exploring cutting-edge display technologies to provide superior display solutions to its customers [1][2] Group 1 - Nanjiguang has made significant progress in technology innovation, market expansion, and lean production, particularly in providing high-performance backlight modules for international clients [1] - The company’s products are widely used across various sectors, including tablets, laptops, gaming, smart wearables, smartphones, automotive displays, medical displays, industrial control equipment, and home appliances [1] - Nanjiguang plans to implement a dual-track strategy to enhance product layout, focusing on new consumer trends and electronic iterations while also monitoring AI developments [2] Group 2 - The company aims to deepen its service to global leading clients in niche markets such as esports, gaming, handheld devices, and outdoor wearables [2] - Nanjiguang intends to leverage government support and resources to enhance communication and collaboration with government departments [2] - The company is dedicated to increasing its core competitiveness through continuous innovation and aims to deliver outstanding performance in return for societal support [2]

Core Insights - Shenzhen Municipal People's Congress research team visited Nanjiguang to understand the company's development status and actual demands, discussing how the government can better serve the real economy and support high-tech enterprises [1][2] - Nanjiguang is a leading provider of backlight display module solutions in China, focusing on the R&D, production, and sales of LED backlight modules, with applications across various display fields [1] - The company has established long-term trust with numerous well-known domestic and international brands, including Nintendo, OPPO, VIVO, Xiaomi, Huawei, and others, building a strong reputation in the industry [1] Company Development - Nanjiguang's chairman reported on the company's recent operational developments, core competitive advantages, and future strategic plans, emphasizing increased R&D investment and the exploration of cutting-edge display technologies [1] - The company aims to provide high-quality and advanced display solutions to its clients, focusing on new consumption trends and the iteration of consumer electronics [2] Government Support - The Shenzhen Municipal People's Congress highly praised Nanjiguang's achievements in the display field and emphasized the importance of enterprises in driving high-quality development [2] - The company plans to actively study and utilize various government policies and services aimed at supporting enterprises, striving to convert policy benefits into tangible results for its development [2] Strategic Focus - Nanjiguang will implement a dual-track strategy for product layout, concentrating on niche markets such as esports, gaming, and outdoor wearables while also keeping an eye on AI and related fields [2] - The company intends to leverage existing solutions and technological reserves to enhance its core competitiveness through continuous innovation [2]

Core Viewpoint - The company, Nanji Guang, is focusing on increasing R&D investment and expanding into cutting-edge display technologies to provide high-quality display solutions for customers, while implementing a dual-track strategy for product layout [1][3]. Group 1: Company Strategy - Nanji Guang aims to focus on new consumer trends and the iteration of consumer electronics, specifically targeting segments such as e-sports, gaming, handheld devices, and outdoor wearables, to build differentiated competitive advantages [1]. - The company plans to closely monitor developments in AI and leverage existing solutions and technological reserves to strategically advance in related fields [1]. Group 2: Market Position and Clientele - Nanji Guang is recognized as a leading provider of backlight display module solutions in China, specializing in the R&D, production, and sales of LED backlight modules used in various display applications [3]. - The company's products are widely utilized in tablets, laptops, gaming, smart wearables, smartphones, automotive displays, medical displays, industrial control displays, home appliance displays, and other consumer electronics [3]. - Notable clients include major brands such as OPPO, VIVO, Xiaomi, Huawei, Honor, Samsung, LG, Lenovo, Haier, Midea, Honeywell, Panasonic, Canon, BYD, and SAIC Group [3]. Group 3: Government Support and Collaboration - The Shenzhen Municipal People's Congress emphasizes the importance of companies leveraging government resources and services, including industry support policies, talent introduction plans, financing support, market expansion guidance, and industry-academia-research cooperation platforms [3][5]. - The company recognizes the need to better utilize the diverse service systems and policy resources provided by the government to enhance its development [5]. - Nanji Guang plans to systematically review and study the various business-friendly policies and services introduced by the Shenzhen government to convert policy benefits into tangible outcomes for the company [5].

证券代码：300940 证券简称：南极光 公告编号：2025-032 深圳市南极光电子科技股份有限公司 关于控股股东、实际控制人之一部分股份解除质押的公告 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 股东名称 持股数量 （股） 持股比 例 累积被 质押股 份数量 （股） 合计占 其所持 股份比 例 合计占 公司总 股本比 例 已质押股份情况 未质押股份情况 已质押股份 限 售 和 冻 结、标记数 量（股） 占已 质押 股份 比例 未质押股份 限售和冻结 数量（股） 占未 质押 股份 比例 潘连兴 38,979,600 17.51% 8,110,0 00 20.81% 3.64% 0 0% 0 0% 姜发明 47,904,000 21.52% 20,040, 000 41.83% 9.00% 0 0% 0 0% 深圳市南 极光管理 咨询合伙 企业（有 5,484,768 2.46% 0 0% 0% 0 0% 0 0% | 限合伙） | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The announcement from Nanjing Guang (300940) indicates that shareholders Jinfu Yuan No. 5 Fund and its concerted party Jinfu Yuan Tian Tain No. 2 Fund have completed their share reduction plan, resulting in a significant decrease in their holdings [1] Summary by Category Shareholder Actions - Jinfu Yuan No. 5 Fund reduced its holdings by 917,800 shares at an average price of 18.41 CNY per share, representing a reduction ratio of 0.4122% [1] - Jinfu Yuan Tian Tain No. 2 Fund reduced its holdings by 1,000 shares at an average price of 15.3 CNY per share, representing a reduction ratio of 0.0004% [1] - The total reduction amounted to 918,800 shares, accounting for 0.4127% of the total share capital [1] Post-Reduction Holdings - After the reduction, Jinfu Yuan No. 5 Fund's holding percentage decreased to 4.5958% [1] - Jinfu Yuan Tian Tain No. 2 Fund's holding percentage decreased to 0.0000% [1]

证券代码：300940 证券简称：南极光 公告编号：2025-031 深圳市南极光电子科技股份有限公司 关于股东股份减持计划期限届满暨实施结果的公告 股东锦福源五号基金及其一致行动人锦福源天添二号基金保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳市南极光电子科技股份有限公司（以下简称"公司"）于 2025 年 3 月 17 日在巨潮资讯网（www.cninfo.com.cn）披露了《关于持股 5%以上股东及其一 致行动人减持股份预披露公告》，持股 5%以上股东锦福源（海南）私募基金管理 合伙企业（有限合伙）—锦福源五号私募证券投资基金（以下简称"锦福源五号 基金"）及其一致行动人锦福源（海南）私募基金管理合伙企业（有限合伙）- 锦福源天添二号私募证券投资基金（以下简称"锦福源天添二号基金"）计划在 该公告披露之日起十五个交易日后的三个月内（即：2025 年 4 月 9 日至 2025 年 7 月 8 日），以集中竞价方式合计减持公司股份不超过 2,226,443 股（占公司总 股本比例 1.00%）。 ...

证券代码：300940 证券简称：南极光 公告编号：2025-030 深圳市南极光电子科技股份有限公司 关于控股股东、实际控制人之一部分股份质押的公告 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。 一、本次股份质押基本情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 股东名称 持股数量 （股） 持股比 例 本次质 押前质 押股份 数量 （股） 本次质 押后质 押股份 数量 （股） 占其所 持股份 比例 占公司 总股本 比例 已质押股份情况 未质押股份情况 已质押股 份限售和 冻结、标 记数量 （股） 占已 质押 股份 比例 未质押股份 限售和冻结 数量（股） 占未 质押 股份 比例 姜发明 47,904,000 21.52% 14,420, 000 20,040, 000 41.83% 9.00% 0 0% 0 0% 潘连兴 38,979,600 17.51% 13,110, 000 13,110, 000 33.63% 5.89% 0 0% 0 0% 深圳市南 5,484,768 2.46% 0 0 0% 0% 0 0% 0 0% | 极 ...

Group 1: Company Capacity and Production - The company's production capacity is structured with a monthly output of over 2 million units at the Shenzhen facility and over 5 million units at the Jiangxi Wanzai facility, totaling a scalable capacity of over 7 million units per month [2] - The Wanzai facility covers an area of approximately 56,700 square meters, enabling rapid capacity expansion to effectively support core customer orders, including those for the Nintendo Switch 2 [2] Group 2: Market Performance and Sales Projections - The Nintendo Switch 2 achieved sales of 3.5 million units within the first four days of its launch, surpassing the PS5's first-month sales of 3.4 million units and the previous Switch's first-month sales of 2.74 million units [3] - It is projected that the annual sales of the Nintendo Switch 2 could exceed 20 million units in 2025, driven by the expansion of the 3A game lineup [3] Group 3: Research and Development Focus - Over the past three years, the company's R&D investment has accounted for 6.39% of its revenue, with a strategic focus on high-value areas such as esports displays, laptop displays, and automotive displays [3] - The company plans to advance the construction of the "Mini/Micro-LED display module production line" to seize market opportunities and respond to the demand upgrade in high-end display applications [3] Group 4: Disclosure and Compliance - The investor relations activity did not involve the disclosure of any undisclosed significant information [3]

Core Viewpoint - The company has achieved large-scale and stable delivery of its Switch2 backlight module products, with sales expected to grow alongside the sales of the Switch2 main unit, maintaining reasonable profit levels [1] Group 1: Company Transformation - The company's sales structure has successfully transformed from primarily low-margin mobile products to focusing on high-margin products such as the Switch2 gaming products and tablets [1] - This transformation is expected to drive continuous improvement in the company's operating conditions from 2024 to the first quarter of 2025 [1] Group 2: Production and Profitability - In the first half of the year, the company focused on sample development and trial production, with mass supply expected to begin in the second half of the year [1] - As the proportion of high-end customers and high-value-added products increases, both gross margin and net margin are anticipated to further grow [1]

Group 1 - The report highlights the current trading dynamics in the financial sector, comparing the recent financial market trends with those of November 2014, emphasizing the need to assess whether the current financial narrative can support the high valuations seen in the financial sector [3][19] - It notes that the military industry has shown a good rebound rate in similar historical contexts, suggesting potential investment opportunities in this sector [3][19] - The report discusses the importance of trading volume in determining the pricing factors for brokerage firms, indicating that maintaining high trading volumes is crucial for price appreciation [3][20] Group 2 - The report outlines the recent developments from the Lujiazui Forum, focusing on financial policies aimed at enhancing cooperation and high-quality development in the context of global economic changes [4][22] - It mentions significant trends in various industries, including advancements in artificial intelligence and high-end manufacturing, which are expected to drive future growth [4][24] - The report highlights the performance of battery and stablecoin concepts, indicating strong market interest and potential investment opportunities in these areas [4][21] Group 3 - The report on the credit strategy emphasizes the potential for "riding" strategies in credit bonds, suggesting that certain issuers may offer better yield curves for investment [6][25] - It provides a list of credit issuers that may present opportunities for investors looking to capitalize on steep yield curves [6][25] - The report indicates that while liquidity in credit bonds is generally lower, selecting larger issuers can improve investment outcomes [6][25] Group 4 - The report on the communications industry discusses the critical role of switches in network interconnectivity, driven by the growth of data centers and the increasing demand for high-speed networking equipment [9] - It notes that the switch market is highly concentrated, with the top five global manufacturers holding a significant market share, indicating potential competitive advantages for these firms [9][9] - The report suggests that advancements in AI are pushing the demand for higher-speed switches, which could benefit companies involved in this technology [9][9] Group 5 - The report on the coal industry outlines the structural oversupply and external constraints facing the sector, with a focus on the increasing concentration of production capacity [10] - It discusses the transition of coal from a primary energy source to a regulatory energy source, indicating a shift in demand dynamics [10][10] - The report predicts that coal demand may plateau as the relationship between coal and electricity generation becomes more integrated [10][10] Group 6 - The report on Nanjing Light (300940) highlights the company's strategic shift from mobile phone displays to a broader range of applications, including gaming and automotive displays, driven by the launch of the Switch2 product [11][27] - It emphasizes the expected turnaround in profitability due to the successful launch of the Switch2, projecting significant revenue growth in the coming years [11][28] - The report provides a positive outlook for the company's future, with anticipated earnings growth and a target price based on projected performance [11][30]