Core Viewpoint - The overall market in Q2 2025 experienced a turbulent yet limited increase, influenced by ongoing tariff impacts and structural differentiation across sectors [5][6][30]. Group 1: Market Performance and Economic Outlook - The market showed structural differentiation, with banks and dividend assets performing well, while some cyclical industries struggled [5][6]. - The macroeconomic outlook remains optimistic, but caution is advised at the micro level regarding individual stocks [5][6]. - The impact of tariffs on the long-term fundamentals needs to be validated with new financial data [5][6]. Group 2: Investment Strategy and Portfolio Management - The investment strategy focuses on maintaining a robust portfolio, with a preference for high alpha and low valuation stocks, continuing to buy undervalued assets [5][9]. - The portfolio has seen minor adjustments, with a stable overall position and a focus on quality assets with long-term growth potential [9][20]. - The strategy emphasizes diversification to mitigate risks associated with macroeconomic sensitivity, particularly in cyclical sectors [20][34]. Group 3: Sector-Specific Insights - The white liquor industry faced significant concerns due to government policies against waste, but high-end liquor demand remains stable due to its limited government use [8][9]. - The technology and innovation sectors are expected to benefit from supportive policies and domestic growth, particularly in AI and semiconductor industries [20][21]. - The healthcare sector, particularly innovative pharmaceuticals, is showing signs of recovery and potential for long-term growth, driven by overseas collaborations [20][21]. Group 4: Market Trends and Future Expectations - The market is expected to remain cautious in the short term due to external trade pressures, but domestic policies are anticipated to provide support [30][33]. - The focus will be on sectors with inherent growth potential, such as technology and consumer upgrades, while monitoring macroeconomic policies and liquidity changes [21][22][33]. - The overall investment sentiment is improving, with a notable recovery in excess returns for public funds, indicating a potential for better performance in the coming quarters [30][33].

Core Viewpoint - Rapidus has successfully demonstrated a 2-nanometer semiconductor wafer, confirming operational performance that meets customer expectations, with plans to further enhance transistor performance and achieve mass production by 2027 [1][4][8]. Group 1: Company Overview - Rapidus was established in August 2022, funded by eight private companies, including Toyota, with a total investment of 73 billion yen, alongside 1.7 trillion yen in government support [4]. - The company aims to develop logic semiconductor foundry services essential for electronic devices, utilizing design technology from IBM [4]. Group 2: Recent Developments - On July 18, Rapidus held its first official event in Chitose since the factory's launch, showcasing a 30 cm diameter golden wafer and confirming its operational capabilities [3][5]. - The wafer is still in the intermediate stage, containing only essential functions, with plans to improve its performance and complete development within the year [4][6]. Group 3: Market Position and Competition - Rapidus faces intense global competition, with TSMC and Samsung planning to mass-produce 2-nanometer products by 2025, and Intel targeting 1.8-nanometer production [8]. - Current production capacity is approximately 7,000 12-inch wafers per month, with plans to scale up to 25,000 to 30,000 wafers upon mass production, but still significantly lower than TSMC's expected output of over 100,000 wafers [8]. Group 4: Future Challenges - Rapidus must address three critical challenges: customer acquisition, mass production, and financing, to reduce reliance on government support and attract private investment [9]. - The company aims to provide the latest Process Design Kits (PDK) to potential customers within the fiscal year, which will help assess its technological capabilities [4][9].

Core Viewpoint - The A-share market is expected to maintain a slow upward trend despite short-term fluctuations, with technology stocks playing a significant role in the rebound [1][2]. Market Outlook - The market is likely in a phase of consolidation before a breakout, with two potential paths: continuing the upward trend or consolidating before challenging previous highs [2]. - Three conditions are necessary for a direct challenge to the previous high of 3674 points: implementation of fiscal stimulus policies, continued global environment easing, and sustained increase in trading volume [2]. Sector Highlights - The A-share market in July is anticipated to be driven by event-based themes, with a high likelihood of sector rotation [3]. - Key sectors to watch include: 1. Consumer expansion and domestic demand, with a focus on dairy products, IP consumption, leisure tourism, and medical aesthetics [3]. 2. Robotics, with a shift from humanoid to quadruped and functional robots, presenting opportunities in sensors and controllers [3]. 3. Semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. Military industry, with expectations of order recovery and signs of bottoming out in Q1 reports [3]. 5. Innovative pharmaceuticals, which are expected to see a fundamental turning point in 2025 after a period of adjustment [3]. Market Review - The A-share market showed signs of stabilization and resumed an upward trend, with the ChiNext index rising over 1.7% [4]. - More than 3500 stocks rose, indicating a positive earning effect, with leading sectors including defense, telecommunications, electronics, and pharmaceuticals [4].

Core Viewpoint - Wentech Technology is undergoing a significant transformation with a major management overhaul and a strategic shift towards the semiconductor industry, aiming to enhance its professional capabilities in this field while projecting substantial profit growth for the upcoming year [2][9]. Management Changes - The company announced the resignation of four key executives, including Chairman Zhang Qiuhong and Vice President Dong Botao, as part of a strategic management reshuffle to strengthen its semiconductor expertise [4][6]. - New executives from Anshi Semiconductor, including Yang Mu, Zhuang Wei, and Shen Xinjia, have been appointed to the board, reflecting a focus on semiconductor specialization [7][8]. Financial Projections - Wentech Technology expects to achieve a net profit attributable to shareholders of 390 million to 585 million yuan in the first half of 2025, representing a year-on-year growth of up to 317% [2][9]. - The anticipated profit increase is attributed to a recovery in semiconductor market demand, cost reduction measures, and improved supply chain management [9]. Business Transition - The company is nearing the completion of its product integration business divestiture, marking a full transition away from consumer electronics ODM operations to a pure semiconductor focus [8]. - The divestiture is expected to enhance the company's profitability and align its strategic direction with the growing semiconductor market [9][10]. Industry Context - Wentech's Anshi Semiconductor has become a leader in the global automotive power device market, benefiting from trends in electrification and digitalization [10][11]. - The semiconductor industry is facing increasing competition and rapid technological advancements, necessitating ongoing investment in research and development to maintain a competitive edge [11].

Group 1 - The AI wave is driving a surge in demand for computing power, significantly increasing the value in sectors such as servers, AI chips, optical chips, storage, and PCB boards [1] - 3D printing is expected to accelerate penetration in the consumer electronics sector, with potential applications in foldable device hinges, watch/mobile phone frames, and other precision components, marking the beginning of a new era for 3D printing in consumer electronics [1] - Amid escalating tensions between China and the US, China is vigorously promoting domestic semiconductor production, leading to a surge in orders flowing to Korean 8-inch wafer foundries, benefiting China's mature chip manufacturing industry [1] Group 2 - Domestic wafer foundries in China have absorbed most of the demand from local IT companies, rapidly increasing their market share in the global wafer foundry market [1] - In 2024, advancements in lithography and continuous progress in domestic equipment for advanced processes will be prioritized, with "expansion of advanced processes" becoming a key focus for self-sufficiency over the next three years [1] - The importance of advanced packaging is highlighted by CoWoS and HBM positioning in the AI industry trend [1] Group 3 - OLED panel revenue is expected to grow by 2% year-on-year in the first quarter of 2025, driven by accelerated shipments in categories such as AR glasses, automobiles, smartwatches, televisions, and monitors [1] - There is a sustained optimistic outlook for the recovery trend in upstream sectors represented by passive components, digital SoC, RF, storage, testing, and panels [1]

Market Overview - The A-share market experienced noticeable fluctuations, with the Shanghai Composite Index briefly falling below the 3500-point mark but recovering to close above it, indicating that the sideways movement since Q4 2024 has ended [1] - The market sentiment regarding trade conflicts has eased, and with the policy window approaching in July, a slow upward trend is expected to continue amidst fluctuations [1] Future Outlook - After breaking the 3500-point level, two potential paths for the market are identified: 1) Continuing the upward trend to challenge the October 2024 high; 2) Consolidating before challenging the 3674-point high [1] - For the market to challenge previous highs, three conditions must be met: 1) Implementation of fiscal stimulus policies; 2) Continued easing of the global environment; 3) Sustained increase in trading volume [1] Sector Analysis - The market is expected to see a thematic event-driven trend in July, with a high likelihood of sector rotation between high and low-performing segments [2] - Key sectors to watch include: 1) Consumer sectors such as dairy, IP consumption, leisure tourism, and medical aesthetics, which are expected to benefit from policies aimed at expanding domestic demand [2] 2) Robotics, with a shift from humanoid to quadruped and functional robots, presenting opportunities in sensors, controllers, and dexterous hands [2] 3) Semiconductor industry, focusing on domestic production across equipment, wafer manufacturing, materials, and IC design [2] 4) Military industry, with expectations of order recovery in 2025, showing signs of bottoming out in Q1 reports [2] 5) Innovative pharmaceuticals, which are anticipated to reach a turning point in fundamentals after a four-year adjustment period, with positive net profit growth since Q3 2024 [2] Market Performance - The market showed signs of consolidation with a decrease in the number of profitable stocks, as only about 1300 stocks rose during the trading session [3] - Leading sectors included telecommunications, computers, electronics, home appliances, and automobiles, while sectors such as coal, agriculture, public utilities, textiles, and beauty care lagged behind [3]

公司在长期发展中一直重视研发能力的提升，始终把技术创新作为公司提 高核心竞争力的重要举措，能够与全球领先的高科技企业及关键技术领域的科 研院所合作并同步参与光学产品的前期研发。同时为推动国内光学事业的发展， 支持高校建立全方位的人才培养，公司和南京航空航天大学组建了"茂莱-南航 智能光学测试和成像技术联合实验室"，达成科研合作关系，共同推动光学技术 赋能智能测试和成像领域进步。公司在光学行业深耕多年，包括核心技术人员 在内的专业团队对光学加工工艺具有独到的理解，积累了丰富的技术诀窍，目 前公司已掌握了精密光学镀膜技术、高面形超光滑抛光技术、高精度光学胶合 技术、光学镜头及系统设计技术、低应力高精度装配技术五大核心技术。截至 专利 1 项，软件著作权 8 项。 二、本次募集资金投向方案 （一）募集资金的使用计划 南京茂莱光学科技股份有限公司 关于本次募集资金投向属于科技创新领域的说明 （修订稿） 南京茂莱光学科技股份有限公司（以下简称"茂莱光学"或"公司"）根据 《上市公司证券发行注册管理办法》等有关规定，结合公司本次向不特定对象 发行可转换公司债券方案及实际情况，对向不特定对象发行可转换公司债券募 集资金投向 ...

Group 1 - The A-share electronic sector is showing positive signals as mid-year performance forecasts are being disclosed, with 13 out of 50 stocks in the electronic ETF (515260) having released their earnings forecasts, indicating significant profit expectations [1] - Notable companies such as Industrial Fulian, Luxshare Precision, and TCL Technology are expected to achieve substantial profits in the first half of the year, with Industrial Fulian projected to exceed 12.1 billion yuan in net profit [1] - Several companies, including Silan Microelectronics and Wentai Technology, are forecasting net profit increases of over 100% year-on-year, with Silan Microelectronics expecting a remarkable increase of over 1203% [1] Group 2 - The domestic consumer electronics industry is accelerating its globalization efforts in response to changing global trade dynamics and increasing local service demands, with companies like Lens Technology and Luxshare Precision planning listings in Hong Kong [2] - Analysts suggest that a comprehensive management model encompassing production, sales, service, and supply chain in overseas markets will become essential for consumer electronics brands, while those lacking global operational advantages may face challenges [2] - The semiconductor industry in China is experiencing growth driven by the widespread application of artificial intelligence, with significant policy support and technological breakthroughs facilitating a transition from "filling gaps" to "strengthening chains" [2] Group 3 - The electronic ETF (515260) is designed to passively track the electronic 50 index, heavily investing in the semiconductor and consumer electronics sectors, covering areas such as AI chips, automotive electronics, 5G, and cloud computing [5] - The ETF's performance has been positive, with a price increase of over 1.7% during trading, and notable gains in component stocks such as Shenghong Technology and Pengding Holdings, which rose over 13% and 9% respectively [2]

Group 1 - The A-share market closed above the 3500-point mark, indicating a continued recovery in market risk appetite, with the Shanghai Composite Index breaking the high point from November 8, 2024 [1][3] - The recent market uptrend is a response to the U.S. adjusting tariff rates for 14 countries, suggesting that the market has become desensitized to tariff impacts and has formed sufficient expectations regarding these changes [1] - Key support factors for the ongoing rise in A-shares include the sustained low interest rate environment and the potential for early interest rate cuts by the Federal Reserve [1] Group 2 - The outlook for July suggests that the A-share market may continue to experience event-driven thematic trading, with a high likelihood of sector rotation between high and low-performing segments [2] - The focus on expanding domestic demand and consumption is a key task for 2025, with expectations for policy support in the consumer sector, particularly in areas like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend of robot localization and integration into daily life is expected to continue into 2025, with opportunities arising in sensor, controller, and robotic hand sectors as products evolve from humanoid to functional robots [2] Group 3 - The market saw over 2900 stocks rise, with significant gains in sectors such as real estate, oil and petrochemicals, steel, non-bank financials, and coal, while sectors like automotive, media, military, electronics, and utilities faced declines [3] - The military industry is anticipated to see a rebound in orders by 2025, with signs of recovery already evident in Q1 reports across various military sub-sectors [2] - The innovative drug sector is expected to reach a turning point in fundamentals by 2025, following a period of adjustment, with positive net profit growth observed for three consecutive quarters since Q3 2024 [2]

Core Viewpoint - GlobalWafers faces significant challenges in its development due to dual threats from market competition and investment pressures, leading to a decline in stock price from over 600 TWD to around 300 TWD this year [2]. Group 1: Financial Performance - GlobalWafers plans to invest 4 billion USD in expanding its advanced 12-inch silicon wafer manufacturing facility in Texas, despite a projected revenue decline of 11.4% to 62.6 billion TWD in 2024 compared to 2023 [2][3]. - The company's earnings per share (EPS) for 2024 is expected to be 21.06 TWD, more than halving from the previous year, with Q1 2024 EPS at 3.05 TWD, a decline of over 60% year-on-year [2][3]. Group 2: Market Dynamics - The demand for 8-inch wafers is limited, and the market is facing low-price competition from China, which is expanding its silicon wafer production capacity [4]. - GlobalWafers' revenue is primarily from mature 8-inch wafers, and the transition to advanced 12-inch wafers is contingent on new capacities in Europe and the US [3][4]. Group 3: Strategic Initiatives - The company is focusing on SOI (Silicon On Insulator) wafers, which are critical for silicon photonics packaging, and plans to establish the first and only 12-inch SOI wafer production line in Missouri [5][6]. - The SOI wafer market is projected to grow at a compound annual growth rate of 13.6%, reaching 10.5 billion USD by 2032, indicating a strategic opportunity for GlobalWafers [6]. Group 4: Impact of Subsidiary Performance - GlobalWafers holds a 13.67% stake in Siltronic AG, which reported a revenue decline of 6.7% to 1.41 billion EUR and a significant drop in EPS by 65.9% [6][7]. - The performance of Siltronic AG negatively impacts GlobalWafers' financials, with potential EPS impact exceeding 4 TWD if Siltronic's stock price drops significantly [7].