格隆汇11月24日丨云南锗业(002428.SZ)在投资者互动平台表示，公司子公司的化合物半导体产品为砷 化镓晶片、磷化铟晶片。磷化铟晶片主要用于生产光模块中的激光器、探测器芯片，下游主要运用于 5G通信/数据中心、可穿戴设备等；砷化镓晶片主要用于射频器件产品、激光器件、传感器，常用高亮 度发光二极管（HBLED）器件产品，下游可运用于手机及电脑、通信基站、无人驾驶、新一代显示 （Mini LED、Micro LED）、工业激光、面容识别等领域。 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 【引言】 在追求轻量化、环保化与高性能化的今天，有一种"身轻如燕"却"力大无穷"的材料，正悄然渗透进我们 生活的方方面面。从脚下的静音地板、车内的舒适内饰，到守护新能源电池安全、助力5G信号畅通， 甚至我们日常使用的包装、运动器材和婴幼儿用品，都离不开它的身影。 它，就是 发泡材料 。这个看似专业的名词，实则是一个充满创新活力、市场规模超万亿的庞大产业。 它如何从传统的建筑保温、包装领域，一跃成为新能源、通信等国家战略新兴行业的"关键配角"？ 未 来又将走向何方？本文将为您全面解析发泡材料行业的发展脉络、竞争格局与未来趋势 ，带您看懂 这"小气泡"背后所蕴含的"大能量"。 备注： 材料汇将持续发布关于化工新材料方面的文章，同时专门成立" 材料汇化工新材料交流群 "，欢 迎加入（ 加入方式见文末 ） 一、发泡材料行业发展概况及分类 1、发泡材料的定义 发泡材料，又叫多孔材料或海绵材料，是一类包含 大量孔隙的材料，是以合成树脂（如聚乙烯、聚丙 烯、聚氨酯）为主体，经过发泡工艺形成内部有许多微小泡孔的一类高分子材料 ...

Core Viewpoint - China is a significant player in the global aluminum die-casting alloy industry, with the market size expected to reach 215.26 billion yuan in 2024, reflecting a year-on-year increase of 3.67% driven by the automotive market, electronics industry, and high-end equipment manufacturing [1][10]. Industry Overview - Aluminum die-casting alloys are produced through die-casting processes, primarily composed of silicon, manganese, magnesium, and trace elements, with production involving melting, refining, molding, and pouring [3]. - The industry benefits from the lightweight, high strength, and corrosion resistance of aluminum die-casting alloys, which are widely used in automotive, aerospace, medical, military, and electronic sectors [3]. Market Size and Growth - The aluminum die-casting alloy market in China is projected to grow, supported by the country's large automotive market and rapid advancements in the electronics sector [1][10]. - The global aluminum die-casting alloy market is expected to reach $142.78 billion by 2024, with a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031 [10]. Competitive Landscape - International companies like Nemak, Ahresty, and Ryobi dominate the industry due to their technological expertise and extensive market presence [10]. - Domestic companies such as Aikodi, Wencan Group, and Guangdong Hongtu are emerging as significant players, benefiting from China's market demand and industrial support [10]. Industry Trends - The industry is moving towards precision and high performance, driven by the increasing quality and performance requirements from the automotive sector, especially for electric vehicles [12]. - There is a growing demand for customized solutions, necessitating improved customer communication and tailored product designs [13]. - The industry is also expanding into international markets, seeking to enhance competitiveness and brand influence through global partnerships and participation in international events [14].

来源：科技日报 当发生重大地震、洪水或山火时，能否迅速调动直升机、固定翼飞机和无人机，穿越复杂地形，第一时 间抵达灾区，直接关系到人民群众的生命财产安全。在中国工程院院士，北京航空航天大学教授、博士 生导师刘大响看来，这条"空中生命线"的强弱，是衡量国家现代化应急管理能力和综合国力的重要标 志。 四是从建立培训体系、推行资格认证、强化实战演练三方面着力，培养专业航空应急救援人才队伍。 五是营造"保障有力、技术先进"的支撑环境。包括推动建立"应急救援空域"概念，优化审批流程，并利 用5G通信、物联网、大数据、人工智能等前沿技术提升救援效率和智能化水平。 如何实现这一宏伟蓝图？刘大响认为，应实行"近期、中期、远期"三步走战略。近期阶段重点是理顺机 制，补齐装备和基础设施短板，完善法规和标准体系；中期阶段重点完善网络和信息化平台，壮大专业 队伍，提升整体能力；远期目标是建立世界一流现代化航空应急救援体系，其具备高效的全国调度能力 和跨区域、远程投送能力，装备、人才、基础设施和信息化平台高度融合。 在日前举行的香山科学会议第797次学术讨论会上，刘大响对国家航空应急救援体系现代化建设的发展 方向和路径进行了分析，提出 ...

Core Insights - Two Chinese public fund companies have entered the top 20 global ETF providers, with China becoming the largest ETF market in Asia, surpassing Japan [1][2] Group 1: ETF Market Growth - As of Q3 2025, China’s ETF market has reached approximately 5.5 trillion yuan, solidifying its position as the largest in Asia [1] - Bloomberg's ETF team predicts that by 2035, Asia's ETF market assets could soar to 8 trillion USD, surpassing current European levels [2] Group 2: 华夏基金's Position - 华夏基金 has seen its ETF management scale rise to 126.8 billion USD, moving from 19th to 18th globally, marking a significant ascent since entering the top 20 in 2022 [1] - The company has the largest equity index scale in China, reaching 904.7 billion yuan, and has been recognized as the "Passive Investment Golden Bull Fund Company" for eight consecutive years [3][6] Group 3: Product Diversity and Innovation - 华夏基金 offers a comprehensive range of 116 ETF products, covering core broad-based, thematic, and cross-border markets, establishing a robust investment ecosystem [4][11] - The company employs a "Lego-style" approach to asset allocation, allowing for flexible combinations to meet diverse investor needs [9][11] Group 4: Active Management and Research - 华夏基金 redefines ETF value by integrating active research capabilities, allowing for proactive industry trend predictions rather than merely following market indices [8] - The firm collaborates with index companies to ensure that index compositions remain relevant and reflective of actual market conditions [8] Group 5: Long-term Commitment to Investor Services - The company has introduced various investor service initiatives, including the "Red Rocket" app and educational content, to promote a scientific investment framework [12] - The rise of 华夏基金 in the global ETF rankings exemplifies the combination of scale, research empowerment, product ecosystem, and long-term commitment [12]

关键词：车载电脑行业发展历程、车载电脑行业产业链、CPU行业市场规模、汽车产销量、车载电脑 行业市场规模、车载电脑行业发展趋势 内容概况：在汽车智能化、电动化、网联化浪潮的推动下，传统车载电子系统正朝着高集成度、强算力 与广域通信的方向演进，车载电脑作为新一代车载系统的"神经中枢"，逐步取代了过去分散的电子控制 单元与信息娱乐系统，成为智能交通与车载控制的核心设备。近年来，随着居民收入水平持续提升与消 费观念升级，消费者对汽车智能化与舒适性提出更高要求，车载电脑作为增强驾驶体验的关键配置，日 益成为购车决策中的重要考量，尤其在年轻消费群体中呈现快速普及态势；同时，人工智能、5G通信 与高性能芯片等技术的不断突破，为车载电脑实现功能融合与性能跃升提供了坚实支撑。在需求拉动与 技术推动的双重作用下，中国车载电脑行业实现稳步成长，市场规模从2018年的92.48亿元增长至2024 年的143.68亿元，年复合增长率为7.62%。未来，随着智能汽车渗透率持续提升、软件定义汽车理念深 化落地，以及车载AI应用场景不断拓展，车载电脑行业将在硬件算力、系统集成与生态服务等方面实 现全面升级，迎来更广阔的发展空间。 相关上市 ...

Core Insights - The A-share market experienced a morning surge followed by a decline in the afternoon, while the AI computing sector remained strong, showing resilience with upward trends in related ETFs [1] - NVIDIA's latest earnings report exceeded expectations, countering market skepticism regarding "peak growth" and "AI bubble" claims, with CEO Jensen Huang emphasizing the continuous and exponential growth in computing demand for AI applications [1] - NVIDIA provided a robust sales forecast for Q4, projecting revenue of $65 billion, surpassing the general expectation of $62 billion, indicating sustained growth momentum even at high baseline levels [1] ETF Overview - The Huaxia ChiNext AI ETF (159381) tracks the ChiNext AI Index, focusing on companies in the AI sector, with over 54% weight in optical modules and coverage of domestic software and AI application firms, showcasing high elasticity [2] - The top three holdings in the Huaxia ChiNext AI ETF are Zhongji Xuchuang (24.78%), Xinyi Sheng (19.40%), and Tianfu Communication (5.11%), with a low comprehensive fee rate of 0.20% [2] - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a scale exceeding 9 billion, focusing on the supply chains of NVIDIA, Apple, and Huawei, and its top five holdings include Zhongji Xuchuang, Xinyi Sheng, Luxshare Precision, Industrial Fulian, and Zhaoyi Innovation [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company specializes in the research, production, and sales of printed circuit boards (PCBs), providing one-stop services from prototypes to mass production across various sectors including automotive electronics, computer communications, industrial control, and smart security [1][16] - The PCB industry is transitioning from scale expansion to technology-driven growth, with a projected compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, driven by demand from emerging fields such as AI, 5G communication, and new energy vehicles [2] - The company's future growth is driven by "capacity release" and "benefits from emerging industries," with established production bases in Shenzhen, Xinfeng, and Zhuhai [3] Financial Summary - The company's projected revenues for 2025, 2026, and 2027 are 746 million, 1.544 billion, and 2.077 billion yuan respectively, with corresponding net profits of 31 million, 150 million, and 222 million yuan [4] - The company experienced a significant revenue increase of 57.22% in 2025 compared to 2024, and a projected growth of 106.93% in 2026 [4] Business Analysis - The company focuses on high-end PCB manufacturing, with a product range that includes HDI boards, flexible boards, and high-frequency boards, catering to various applications in smart security, automotive electronics, industrial control, and medical electronics [2][52] - The automotive electronics segment is particularly promising, with the demand for high-temperature and high-thermal conductivity PCBs increasing due to trends in smart driving and electrification [2][28] - The company is actively entering high-growth sectors such as AI servers, optical modules, and robotics, leveraging advanced manufacturing techniques to meet the needs of top-tier clients [3][29] Growth Potential - The company is expected to achieve significant growth as it optimizes its product structure and increases capacity utilization, particularly in the AI and robotics markets [3] - The automotive PCB market is projected to see a substantial increase in unit demand, with the average PCB usage per vehicle rising from 6-8 square meters in traditional vehicles to 18-25 square meters in electric vehicles [28] - The company is also focusing on the robotics sector, with a projected compound annual growth rate of over 60% for high-reliability PCBs used in humanoid robots [29]

Group 1 - The AI computing sector is experiencing volatility and correction due to tightening overseas liquidity and concerns over a "bubble" in US tech stocks, with significant declines in ETFs such as the 5G Communication ETF and the Huaxia Entrepreneurial AI ETF [1] - Despite short-term fluctuations, the long-term growth trend of the industry remains intact, as indicated by the strong order backlog reported by optical module CPO company NewEase, which anticipates continued production ramp-up for its 1.6T products [1] - According to CITIC Securities, the narrative around AI capital expenditures (CAPEX) in the US is likely to persist in the short term, with projections for 2025/2026 showing a year-on-year increase of 61% and 27% for the top four North American cloud service providers, and a 94% and 159% increase for AI CAPEX [1] Group 2 - The Huaxia Entrepreneurial AI ETF (159381) tracks the Entrepreneurial AI Index and has a significant weight in optical module CPOs, with the top three holdings being Zhongji Xuchuang, NewEase, and Tianfu Communication [2] - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index and focuses on companies within the Nvidia, Apple, and Huawei supply chains, with major holdings including Zhongji Xuchuang, NewEase, and Lixun Precision [2]

Industry Overview - The Ministry of Industry and Information Technology has solicited opinions on the regulatory conditions and announcement management measures for the printed circuit board (PCB) industry, emphasizing the need to strictly control the introduction of low-technology projects that merely expand capacity [1] - The PCB industry is recognized as a foundational support for the electronic information industry, with expectations for the global market size to reach USD 96.8 billion by 2025, with China contributing over 50% of the output value [1] - The industry is projected to maintain a compound annual growth rate of approximately 5.2% over the next five years, with a focus on high-end, intelligent, and green development [1] Technological and Market Trends - The application scenarios for PCBs are expected to broaden continuously due to advancements in AI technology, 5G communication, smart vehicles, and data centers, indicating ongoing opportunities for technological upgrades [1] - The industry is encouraged to develop clusters and build well-equipped industrial parks, promoting technological and management innovation to enhance product quality and production efficiency while reducing costs [1] Company Insights - Relevant A-share concept stocks include Chongda Technology and Mankun Technology, which are positioned within the PCB industry [2]