【公告全知道】可控核聚变+半导体+机器人+军工+算力+光 模块!公司参与聚变堆等核心部件的制造预研工作 公告全知道 2025.05.26 21:51 星期一 合锻智能: 公司生产经营正常 无应披露而未披露的重大信息 合锻智能(603011.SH)公告称，公司股票交易连续三个交易日内日收盘价格涨幅偏离值累计达到20%，属于股票交易异常波动。 经自查, 公司目前生产经营情况正常,市场环境、行业政策末发生重大调整,生产成本和销售等情况没有出现大幅波动,内部生 产经营秩序正常。公司、公司控股股东及实际控制人不存在应披露而未披露的重大信息。未发现可能或已经对公司股票交易价格 产生重大影响的媒体报道、市场传闻和热点概念。 点评：资料显示，合锻智能是国内液压机行业的领先企业，公司的主营业务是为客户提供包括液压机、机械压力机、色选机、聚 变堆核心零部件尖端制造、智能化集成控制及新材料等产品和服务,主要产品是液压机、机压机、色选机。公司的主营业务高端 成形机床产品广泛应用于航空航天、国防军工、轨道交通、汽车、封头石化、核能核电等多个细分行业和领域。 根据3月19日互动易，公司核聚变业务主要致力于解决聚变堆复杂部件的研发制造，已 ...

【九点特供】Arm官方认证!玄戒O1芯片由小米自主研发, 分析师看好其有望发挥"懿鱼"效应，推动国产半导体产业链 技术的创新,这家公司是目前唯一经工商信息明确披露的与 玄戒芯片直接相关的供应合作 九点特供 2025.05.27 08:21 星期二 【市场主线】 周一市场全天震荡调整,创业板指领跌。盘面上,核电股集体爆发,智能物流概念股持续活跃,IP经济概念股午后震荡走强,而 医药股则迎来集体调整。指数层面,如果说上周五上证50的走势是对标上上周五的话,那么昨天几乎就是上周一的翻版,区别是 创业板指又叠加了宁德时代回调的影响，所以跌幅就更明显了些。但在这种不利的形势下，指数到了尾盘还是收复了不少失地, 沪指甚至几乎回到了平盘,除了老生常谈的缩量带来的"好处"外,更有A股自身的韧性,而在这份韧性的众多驱动力之中,人民 币汇率往往是容易被忽略的一环。市场普遍认为人民币的贬值压力是直到近期关税谈判取得进展才有所缓和. 但实际上离岸美元 兑人民币自4月10日起便持续上涨。尤其是对于外资而言，在美元总体走弱的大背景下，人民币汇率的走强是支持他们对中国股 市超配的很重要的一个因素，因为这样的话，国内以人民币计价的企业盈利前 ...

22 May 2025 | 9:39PM JST Japan Economics Analyst ls China Exporting Deflation? (Ota) Tomohiro Ota 81 (3)4587-9984 tomohiro.ota@gs.com Goldman Sachs Japan Co., Ltd. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Goldman Sachs Japan Co., Ltd. ■ Concerns are growing among some market participants about the possibility of "exported de ...

May 20, 2025 09:00 PM GMT China Equity Strategy Mid-Year Outlook More Golden Rays Through the Grey We raise index targets given structural improvement (i.e., ROEs, recent earnings, partial moderation in geopolitical tensions). MS forecasts a stronger CNY, and UW investor positioning also helps. Yet, remaining deflationary macro challenges keep us at EW. Prefer ADRs/H- over A-shares. But, broad macro-level recovery remains challenging, despite more golden rays through the clouds. Therefore, we maintain a sol ...

核心要点 一、特朗营中东之行：经济与地缘政治双轴分析 1.经济合作：规模宏大但聚焦框 架 ·沙特、卡塔尔、阿联苗宣布超 3 万亿美元投资协议，波音成为三国合作焦点，但 多数为框架性承诺，细节落地周期长于总统任期。 *科技博弈：美国通过放宽 GPU 出口限制（海湾国家从 35 万片上限取消），挤 压华为市场空间，同时推动沙特数据中心集群和阿联苗"100 万片 GPU 云枢组"计划， 强化美企技术渗透。 2.地缘政治：未竟之事与力量重构 ·俄乌冲突：普京未与泽连斯基会面，显示俄方倾向"以战促谈"，短期内谈判可能 性低， ·中东格局：以色列削弱伊朗代理势力后，海湾国家对以关系正常化"要价提高"， 沙特因 伊朗威胁降低而放缓步伐；美国对伊"最大压力"政策持续，伊核协议谈判前景 50%概率， ·停火脆弱性：中东停火多与领导人访问挂钩（如特朗普行程），访问结束后冲突 （如俄乌无人机袭击、胡嘉武装行动）反弹，显示和平基础薄弱。 二、美国税收法案：财政影响与市场风险 1.赤字与政策路径 ·众议院通过的财政方案将导致 2025 年赤字扩大约 2500 亿美元（占 GDP0.1%），未来四年平均赤字影响为 GDP 的 0.4%— ...

2025.5.23 市场逻辑精选 特别提示：下文涉及的题材或公司，内容罗列和篇幅长短，与后续涨跌无关，亦均非进行推 荐，仅作研究辅助。投资者应自主决策，注意风险。 一、市场热点 HVDC：英伟达与纳微半导体合作 ◇驱动：2025 年 5 月 22 日盘前消息，纳微半导体（美股盘前+155.50%）公司 宣布与英伟达合作开发下一代 800V 高压直流(HVDC)架构，为包括 Rubin Ultra 在内的 GPU 提供支持的"Kyber"机架级系统供电。纳微的氮化镓和碳化硅技术 将在这一合作中发挥关键作用。 ◇GB300 进展：英伟达首席执行官黄仁勋表示，将于今年第三季度推出 GB300 硬件系统。据他介绍，GB300 配备了升级版 Blackwell 芯片，其推理性能提升了 1.5 倍，HBM 内存容量增加了 1.5 倍。 ◇HVDC：AI 算力单机柜功率超 300kW 时，传统 UPS 因效率低（约 94%）、散 热难、占地大等问题被淘汰，HVDC 架构可减少 30%能量损耗并降低 70%维护 成本。到 2031 年，HVDC 在数据中心渗透率将超 40%，全球市场规模将达 500 亿美元 。 ◇维谛技术： ...

Summary of Company and Industry Insights Company Overview - The company is a microbial synthesis nutrient supplier focusing on two main sectors: "pet nutrition" and "cosmetics and personal care" [1] - The company has a comprehensive range of pet food products and is developing functional raw materials such as ergothioneine [1][2] - The company is actively pursuing an asset restructuring plan to enhance its foundational R&D capabilities [3] Core Insights - The new national standards for infant formula production and R&D are expected to accelerate market concentration towards leading companies with technological and product advantages [2] - The company has established stable and deep collaborations with major clients such as Feihe, Yili, Nestlé, Danone, and Cargill, which is contributing to a steady increase in market share as industry concentration rises [2] - In the pet nutrition sector, the company is developing product application solutions based on fatty acid balance theory, addressing health issues across different life stages of pets [2] - The cosmetics and personal care segment is a significant part of the company's business model, leveraging core technologies such as synthetic biology, omics technology, and permeation carrier technology to serve beauty clients [2] - The company is promoting products like nest extract while also considering the application of DHA, ARA, and β-carotene in the cosmetics sector [2] Financial and Strategic Developments - The company plans to acquire a 63.2134% stake in Shanghai Ouyi Biomedical Technology Co., Ltd. through a combination of share issuance and cash payment, with the project currently under review by the Shanghai Stock Exchange [3] - The acquisition is expected to enhance the company's foundational R&D capabilities, with a projected cumulative net profit of no less than 270 million yuan from the target company between 2025 and 2027 [3] - Analysts believe that the company's performance in Q1 2025 exceeded expectations due to the rapid advancement of new national standards and international markets [3] Risk Considerations - The insights provided are based on institutional exchanges with the listed company and do not constitute investment research opinions; information should be verified against official company announcements and analyst reports [1][3]

Summary of Key Points from Conference Call Records Company: 海得控制 (Haide Control) Industry: Automation and Robotics - **Technological Integration**: Haide Control has accumulated automation and information technology that can be reused in the development of the robotics industry. Industrial robots are integrated into the company's "digitalization" solutions, focusing on control and data interaction layers [1][2] - **Military Applications**: The company has developed the NetSCADA-M monitoring software, which has been applied in military projects and has passed project acceptance by the former General Equipment Department. The software is aimed at the mid-to-high-end HMISCADA automation market and has been widely used in various industries, although military business volume is relatively small [2][3] - **Cloud Solutions**: Haide Control has created the IndusCloud industrial private cloud solution to enhance IT resource utilization efficiency. This solution has been successfully applied in the highway and petrochemical industries [3][4] - **Chip Development**: The company is focusing on the development of intelligent products based on chips, integrating automation and information technology to provide industrial intelligent solutions. The EH11 series PLC has completed domestic chip replacement and is now in sales [4][5] Company: 北斗星通 (Beidou Star) Industry: Satellite Navigation and Chip Services - **Employee Stock Ownership Plan**: Beidou Star has elected members for its 2025 employee stock ownership plan management committee, indicating a focus on employee engagement and retention [5][6] - **Core Business Areas**: The company specializes in satellite navigation products, location-based services, and has established a leading position in high-precision receiver components for mapping and military applications. The company’s products are also used in robotics, with a market share exceeding 60% in the drone sector [6][7] - **Collaboration with Huawei**: Beidou Star has been collaborating with Huawei since 2020, involving various business units and product lines, including chips and antennas [7][8] Company: 信邦智能 (Xingbang Intelligent) Industry: Industrial Robotics and Automation - **Acquisition Plans**: Xingbang Intelligent plans to acquire controlling stakes in Wuxi Yindi Chip Microelectronics, indicating a strategic move to enhance its capabilities in the semiconductor sector [8][9] - **Focus on Robotics**: The company is heavily invested in industrial and collaborative robotics, providing automation solutions across various sectors, including aerospace and military. Their autonomous mobile robots (AMRs) are designed to improve operational efficiency [9][10] - **Development of Monitoring Systems**: The company has developed an automatic monitoring system for drones, which can be applied in military contexts, showcasing its commitment to innovation in the robotics field [10][11] Additional Insights - **Market Trends**: The integration of automation and information technology is a common theme across the companies, highlighting a trend towards smart manufacturing and digital transformation in various industries [1][3][4] - **Military and Civilian Applications**: Both Haide Control and Beidou Star emphasize their involvement in military applications, reflecting the growing importance of military-civilian integration in technology development [2][6] - **Collaborations and Partnerships**: Strategic partnerships, particularly with major tech firms like Huawei, are crucial for these companies to enhance their technological capabilities and market reach [7][8]

Summary of Conference Call Records Industry or Company Involved - **Companies Mentioned**: 中欣氟材 (Zhongxin Fluorine Materials), 三生国健 (Sanofi Biopharmaceuticals) - **Industry Focus**: Fine chemicals, pharmaceutical biotechnology, and high-performance materials Core Points and Arguments 1. **Zhongxin Fluorine Materials**: - The company focuses on the research and production of fine chemicals, including fluorinated fine chemicals for pharmaceutical and agricultural intermediates, and electronic chemicals [3] - It has established a production capacity of 5,000 tons for PEEK core intermediates and is in the trial production phase for 30,000 tons of electronic-grade hydrofluoric acid [3][4] - The company aims to enhance its technological core competitiveness while expanding market share, particularly in high-performance lightweight materials [3] 2. **Financial Performance**: - Zhongxin Fluorine Materials reported a main revenue of 356 million yuan, an increase of 11.97% year-on-year, and a net profit of 3.12 million yuan, up 22.0% year-on-year [4] - The company is also involved in the sodium-ion battery sector and has developed lithium battery-related projects [4] 3. **Sanofi Biopharmaceuticals**: - The company is one of China's first innovative biopharmaceutical enterprises focusing on antibody drugs, particularly in the autoimmune disease sector [4][5] - It has three marketed products, including Yisaipu, which is used in autoimmune rheumatology, and is advancing a pipeline of 14 autoimmune projects [5] - The company plans to focus on the commercialization of several key clinical projects expected to yield important data in 2025 [5] Other Important but Possibly Overlooked Content 1. **Market Dynamics**: - The overall market showed mixed performance with significant trading volume, indicating active investor interest despite fluctuations [1] - Institutional participation increased, with net buying in several stocks, highlighting a shift in market sentiment [2] 2. **Sector Performance**: - Various sectors such as ports, ST stocks, and consumer goods showed strong performance, while robotics and certain metals faced declines [1] - The report indicates a diverse range of stocks with varying performance, suggesting a complex market environment [7] 3. **Institutional Trading Insights**: - Specific stocks like Youfu Co. and Sanofi Biopharmaceuticals saw significant net buying, indicating institutional confidence in these companies [2][6] - The report also highlights the importance of monitoring institutional trading patterns for potential investment opportunities [6] This summary encapsulates the key insights from the conference call records, focusing on the companies' strategies, financial performance, and broader market dynamics.

Summary of Key Points from Conference Call Records Company and Industry Overview - **Company**: 康达新材 (Kangda New Materials) - **Industry**: Adhesives and New Materials, Military Technology, Aerospace Core Insights and Arguments 1. 康达新材's military technology products are primarily applied in aerospace, with a focus on developing new materials that meet urgent demands for new equipment, filling domestic gaps in the military sector [2] 2. The company is actively expanding its strategic layout and business development in the military field, with its military platform managed by 康达冠璟, which oversees subsidiaries like 必控科技 and 力源兴达 [2] 3. 康达新材's power series products are undergoing strategic upgrades to meet customer application needs, aiming to enhance technical foundations and promote innovation in high-end manufacturing [2] 4. The company has received recognition from the China Astronaut Research and Training Center for its high-purity, electronic-grade epoxy resins used in aerospace applications [3] 5. 康达新材 is also involved in the development of advanced composite materials, including thermoplastic carbon fiber, targeting applications in the medical and automotive sectors [3] Additional Important Information 1. 康达新材 has a diverse product range in the adhesive sector, including epoxy, polyurethane, and acrylic adhesives, with nearly 180 product models tailored for consumer electronics [4] 2. The company is a state-owned enterprise, ultimately controlled by the Tangshan Municipal Government's State-owned Assets Supervision and Administration Commission [1] 3. 康达新材's products are being used in various high-profile projects, including applications in unmanned vehicles and robotics [2] 4. The company is positioned as a leading player in the domestic adhesive industry, focusing on R&D, production, and sales of electronic products related to electromagnetic compatibility [1] Conclusion 康达新材 is strategically positioned in the military and aerospace sectors, with ongoing efforts to innovate and expand its product offerings. The company's focus on high-tech materials and applications in emerging markets such as robotics and consumer electronics highlights its potential for growth and investment opportunities.