电子材料 上半年实现营收 2.79 亿，同比下滑，毛利率小幅增加。 MLCC，上半年销量超 2900 吨，其中 q2 单季度 1700 吨，相较 23 年疫后补库存，同比 出货下降，但毛利率略有提升；需求端关注，电子消费品复苏、国内家电以旧换新。客户 端，配合国际大客户开发新领域应用。 蜂窝陶瓷，平均单价超 40 元/升，出现较好增长，毛利率 50%+，受益于乘用车逐步放量， 产品结构改善。上半年，完成 20 余款自主品牌车型的验证和审查，预计下半年乘用车 （包括混动车），国产替代的速度将加快。公司是国内唯一能够满足乘用车需求的国产产 品。 铈锆，通过优美科的大批量交货，在积极推动巴斯夫验证，目前已经完成第一轮验证，批 量销售时间预计今年底到明年。 生物医疗材料 上半年实现收入是 4.38 亿，同比+6%，毛利率 58%，小幅下滑。 氧化锆粉体，齿科粉体 1 季度公司产线调整，影响部分出货，q2 逐渐追平。新产线投入使 用，更高的自动化程度，提升产能利用率。目前，建成的氧化锆粉体产能超 6000 吨， 50%齿科，超过日本东曹，市占率持续提升。 电子浆料，上半年增速 30%左右（国产替代&同时开发国外大客户， ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The UK economy shows signs of recovery, with GDP growth recorded for three consecutive quarters, albeit at a low rate of 0.1%, 0.1%, and 0.2% respectively [17] - In 2023, the bilateral trade volume between China and the UK reached USD 98 billion, reflecting a year-on-year decline of 4.3%, indicating a slowdown in the downward trend of trade [17][26] - Chinese direct investment in the UK amounted to USD 2.82 billion in 2022, marking a significant year-on-year increase of 48.4%, positioning the UK as the second-largest destination for Chinese investment in Europe [17][27] Summary by Sections Chapter 1: Current Status of Sino-British Economic and Trade Cooperation - The bilateral trade between China and the UK has shown resilience, with a decrease in trade volume slowing down [26] - Chinese investment in the UK remains strong, with the UK being a key market for Chinese enterprises in Europe [27] - High-level exchanges have been revitalized, promoting cooperation in traditional and emerging sectors [32] Chapter 2: Overall Evaluation - The UK economy presents both positive factors and adverse conditions, with GDP growth and rising wages contributing to consumption growth, while foreign direct investment flows are declining [5] - Chinese enterprises exhibit cautious optimism regarding the UK business environment, with over half of the surveyed companies rating it as average [5][18] - Nearly half of the Chinese enterprises in the UK report growth in market share and revenue [5] Chapter 3: Overall Issues - The UK has tightened foreign investment security reviews, with a high index of restrictions on foreign direct investment [7] - Chinese enterprises face increased market access barriers, with a significant proportion of anti-dumping investigations targeting Chinese companies [7][19] - The politicization of economic issues has added pressure on Chinese enterprises operating in the UK [19] Chapter 4: Overall Recommendations - Recommendations include adhering to trade liberalization principles, treating all foreign enterprises fairly, and improving public service efficiency [22][24] - Emphasis on enhancing cooperation in green economy and digital sectors to foster mutual growth [24] Chapter 5: Market Access - Recent developments include the UK's formal accession to the CPTPP and the implementation of a global tariff system to reduce trade barriers [10] - Issues identified include the general perception of the UK market access environment as average among Chinese enterprises [10] Chapter 6: Competition Policy - The UK has increased regulatory scrutiny in the digital market and proposed new regulations to enhance consumer protection [11] - Concerns raised about the potential for discrimination against Chinese enterprises in antitrust reviews [11] Chapter 7: Financial Taxation - The UK financial market is viewed positively by Chinese enterprises, with a significant proportion reporting fair access to financing [12] - The report highlights the importance of continued cooperation in financial services between China and the UK [12] Chapter 8: Digital Economy - The UK maintains a strong competitive position in the digital economy, though many Chinese enterprises report average conditions [12] - Recommendations include expanding openness in the digital economy and enhancing cooperation on data security [12] Chapter 9: Public Procurement - The public procurement environment is perceived as generally average, with concerns about discriminatory practices against Chinese enterprises [13][14] Chapter 10: Green Economy - The report outlines the potential for cooperation in green industries, with both countries committed to ambitious carbon reduction targets [15][40] - Challenges remain for Chinese enterprises in accessing green energy programs and subsidies in the UK [15]