Group 1: Market Overview - The Hang Seng Index rose by 0.58%, gaining 135 points to close at 23,679 points, while the Hang Seng Tech Index increased by 0.61% [1] - The early trading volume in Hong Kong stocks reached HKD 1,094 million [1] Group 2: CRO Sector Performance - CRO concept stocks led the gains, with Trump's drug pricing policy potentially benefiting the domestic CXO industry, as institutions noted a fundamental turning point has emerged [1] - Zhaoyan New Drug (603127) surged over 10%, while Tigermed (300347) rose by 13%, and Kanglong Chemical (300759) increased by 7% [1] - WuXi AppTec (603259) saw a rise of 2.76% [1] Group 3: Semiconductor and Technology Stocks - InnoCare (02577) increased by over 4%, following a significant rise of over 14% the previous day, driven by the collaboration between NVIDIA and Navitas, igniting a gallium nitride (GaN) trend [2] - Fourth Paradigm (06682) rose by 2.63%, with enterprise-level agent demand beginning to explode, indicating sustained high revenue growth for the company [5] Group 4: Biopharmaceuticals - Rongchang Biopharmaceutical (09995) increased by over 4%, with a cumulative rise of 2.5 times this year, as institutions noted that H-share placements have bolstered cash reserves [3] - Gilead Sciences-B (01672) rose by over 4% after its psoriasis treatment drug ASC50 received approval for Phase I clinical trials in the U.S. [8] Group 5: Music Streaming - NetEase Cloud Music (09899) rose by over 6%, reaching a new high, driven by operational leverage that improved gross margins, with institutions optimistic about the valuation increase in music streaming [4] Group 6: Lithium Industry - Tianqi Lithium (002466) saw an intraday increase of over 3%, while Ganfeng Lithium (002460) rose by 1.4%, as falling lithium prices may trigger localized supply contractions [5] Group 7: Gold Sector - Gold stocks generally declined, with Chifeng Jilong Gold Mining (600988) dropping over 2%, as gold prices fell below USD 3,300 [6] Group 8: Retail Sector - Tmall (06110) fell by over 9%, as institutions indicated that deepening discounts amid inventory reduction negatively impacted the company's gross margin performance [7]

Group 1: Hong Kong Stock Market - Nuclear power stocks strengthened, with China General Nuclear Power Corporation Mining rising over 8% and China General Nuclear Power Corporation increasing over 2% due to Trump's upcoming executive order aimed at simplifying reactor approval processes and strengthening fuel supply chains to promote the nuclear energy industry [1] - CRO concept stocks led the gains, as Trump's drug pricing policy is expected to benefit the domestic CXO industry, with institutions indicating a fundamental turning point has emerged; Zhaoyan New Drug surged over 11%, Tigermed rose over 10%, Kanglong Chemical increased over 6%, and WuXi AppTec gained 2% [1] - Gold stocks generally declined, with Chifeng Jilong Gold Mining and Shandong Gold falling over 3% as gold prices dropped below $3,300 [1] - Automotive stocks mostly rose, with Great Wall Motors increasing over 3%, BYD rising over 4%, Li Auto up over 4%, and Leap Motor gaining nearly 2%; the China Passenger Car Association expects retail sales of new energy vehicles to reach 980,000 units in May [1] - Country Garden saw a nearly 4% increase as over 70% of noteholders joined the restructuring support agreement [1] Group 2: US Stock Market - Vigil Neuroscience experienced a surge of over 241% following a premium acquisition by Sanofi, which announced it would acquire Vigil for $470 million in cash, potentially rising to $600 million based on future development milestones; the acquisition price represents a 236% premium over Vigil's closing price [2] - Sunrun, the largest rooftop solar company in the US, plummeted 37.05% due to the House of Representatives passing the "Beautiful Act," which significantly cuts green energy subsidies, leading to a sharp decline in the solar panel sector [2] - Fannie Mae and Freddie Mac stocks surged over 50% and 41%, respectively, following Trump's mention of privatization plans [2] - Nike's stock rose over 2% as the company plans to implement widespread price increases on products in the US market, expected to take effect as early as this week [2]

Core Viewpoint - The article discusses the advancements in the silicon carbide (SiC) industry, highlighting new production lines and technological developments in both China and Singapore, which are expected to enhance the capabilities and applications of SiC products in various sectors, particularly in electric vehicles and power electronics [2][4][8]. Group 1: New Production Lines - Zhuzhou CRRC is set to launch an 8-inch SiC wafer production line by the end of 2025, with construction starting in November 2024 and equipment installation expected in the second half of 2025 [2][4]. - Singapore's A*Star is establishing an 8-inch SiC wafer open research line aimed at accelerating SiC innovation, which will be the world's first industrial-grade production line of its kind [6][8]. Group 2: Technological Developments - Zhuzhou CRRC has developed a third-generation fine planar gate SiC product and is advancing towards fourth and fifth-generation technologies, with key products including 3300V high-voltage planar gate SiC MOSFETs and 1200V fine planar gate SiC MOSFETs [3]. - The company’s SiC MOSFETs cover voltage levels from 650V to 6500V, suitable for high-frequency and high-power density systems, with applications in electric vehicles and UPS systems [3]. Group 3: Market Applications - Zhuzhou CRRC's SiC products are being utilized in various sectors, including photovoltaic applications and charging infrastructure, with significant potential for mass production in the new energy vehicle market by 2025 [3][4]. - The open research line in Singapore is expected to benefit local companies, particularly startups, by providing a centralized platform for SiC wafer development and trial production [8].

Core Viewpoint - The article highlights the significant advancements and strategic developments in the GaN (Gallium Nitride) semiconductor industry, particularly focusing on Huazhong Microelectronics and its subsidiary Runxin Microelectronics, which recently celebrated the shipment of its one billionth GaN chip and the establishment of a new epitaxial production base [5][6][7]. Group 1: Company Developments - Huazhong Microelectronics' subsidiary Runxin Microelectronics has successfully shipped one billion GaN chips, marking a major milestone in its production capabilities [5][6]. - The new epitaxial production base was completed in just nine months, utilizing cutting-edge technology to enhance the quality and efficiency of GaN chip production [5][6]. - The establishment of this base is seen as a critical milestone in Huazhong Microelectronics' strategic layout in the GaN sector, aiming to become a leading player in the domestic market [5][6][7]. Group 2: Strategic Collaborations - The strategic partnership between Huazhong Microelectronics and Runxin Microelectronics has evolved through two main phases, with Huazhong Microelectronics acquiring a controlling stake in Runxin to accelerate its GaN strategy [6][7]. - Runxin Microelectronics has built a complete technology chain from epitaxial material preparation to device process optimization, significantly enhancing its market influence and collaboration with leading clients in power management [6][7]. Group 3: Industry Landscape - The article notes that there are currently 15 domestic GaN manufacturers, with production lines expected to exceed 19, indicating a rapidly growing industry [10]. - Companies like InnoSilicon, Silan Microelectronics, and Sanan Optoelectronics are also expanding their GaN production capabilities, with significant monthly wafer production targets [10][11]. - The competitive landscape is characterized by ongoing investments and technological advancements, positioning the GaN sector for substantial growth in the coming years [10][11].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 52.55 for 2025, based on a 35x price-to-sales (P/S) ratio [4]. Core Insights - The company is a leading high-tech enterprise focused on the research and industrialization of GaN-on-Si technology, utilizing an IDM model that integrates chip design, epitaxy growth, chip manufacturing, and packaging [2]. - The global GaN power device market is projected to grow from CNY 3.2 billion in 2024 to CNY 50.1 billion in 2028, with a compound annual growth rate (CAGR) of 98.5%, driven primarily by applications in consumer electronics and electric vehicles [2][40]. Summary by Sections Investment Logic - The company has established deep collaborations with leading firms in various sectors, including lidar, data centers, 5G communications, and electric vehicle charging, achieving mass production of GaN power devices that range from low to high voltage (15V-1200V) [2]. - GaN power devices offer advantages such as high frequency, low loss, and cost-effectiveness, making them suitable for a wide range of applications [2]. Competitive Advantages - Cost Advantage: The company benefits from an 8-inch wafer production process, which is more cost-effective and efficient compared to the 6-inch products of most competitors. The company has achieved a manufacturing yield exceeding 95% as of 2024 [3]. - Capacity Advantage: The company has established production bases in Suzhou and Zhuhai, with a monthly capacity of 13,000 8-inch GaN power wafers, positioning it as the largest in the world [3]. - Customer and Technology Advantage: The company serves well-known brands in consumer electronics, data centers, and automotive sectors, with significant growth in automotive-grade product shipments and AI-related products [3]. Financial Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are CNY 1.32 billion, CNY 2.21 billion, and CNY 3.45 billion, respectively, with year-on-year growth rates of 59%, 67%, and 56% [4][8]. - The company is expected to reduce losses significantly in 2025 and 2026, with a forecasted net profit of CNY 238 million in 2027, representing a year-on-year increase of 265% [4][8].

插播： 5月15日，"电动交通&数字能源SiC技术应用及供应链升级大会"活动将在上海举办， 三菱电机、意法半导体、Wolfspeed、三安半导 体、天科合达、元山电子、大族半导体、香港大学、长飞先进、宏微科技、利普思、昕感科技、国扬电子、国基南方、芯长征、合盛新材料、国 瓷功能材料等将出席本次会议，点击文章底部"阅读原文"即可报名参会。 近期，芯联集成、 斯达半导体及快克智能公布了最新业绩，同时披露了其碳化硅业务进展，详情如下： 芯联集成： 2024年，实现营收65.09亿，同比增长22.25%，归母净利润大幅减亏超50%。 值得关注的是，碳化硅业务收入为 10.16亿元 ，同比增长100%以上，占总营收的15.6%。 4月28日晚，芯联集成发布2024年全年及2025年第一季度业绩公告。报告期内，业绩实现持续增长： 快克智能：2024年营收超9.45亿，银烧结设备与英飞凌、博世、比亚迪等展开合作。 芯联集成： SiC收入达10.16亿 碳化硅业务收入为10.16亿元，同比增长100%以上。 斯达半导体： IGBT单管、SiC 模块等其他产品的收入约为2.7亿元， 自主车规级芯片批量装车。 已在多家国内外 O ...

Core Viewpoint - The company has announced the launch of its self-developed 1200V Gallium Nitride (GaN) product, which offers significant advantages in high-voltage and high-frequency applications due to its wide bandgap characteristics and zero reverse recovery charge [1] Group 1: Product Features - The 1200V GaN product enhances energy conversion system efficiency and miniaturization [1] - It is validated by customers and has achieved mass production in medium to high power supply applications [1] Group 2: Application Areas - The product is expected to be widely used in electric vehicles, industrial applications, and AI data centers [1] - Future applications will focus on the automotive and AI data center sectors [1]

Core Viewpoint - The collaboration between STMicroelectronics and Innoscience focuses on GaN wafer manufacturing, aiming to enhance supply chain resilience and expand product offerings in the GaN market [1]. Group 1: Partnership Details - STMicroelectronics and Innoscience signed an agreement to collaborate on GaN wafer manufacturing [1]. - Innoscience will utilize STMicroelectronics' front-end manufacturing capacity outside of China to produce GaN wafers, while STMicroelectronics will leverage Innoscience's capacity in China for its own GaN wafers [1]. Group 2: Market Implications - The partnership aims to enhance supply chain flexibility and meet diverse customer needs across various application scenarios [1]. - GaN power devices are recognized for their material properties, setting new performance benchmarks in power conversion, motion control, and drive systems, leading to reduced energy consumption and improved efficiency [1]. Group 3: Application Areas - GaN power devices are rapidly being adopted in consumer electronics, data centers, industrial power supplies, and photovoltaic inverters [1]. - The lightweight advantages of GaN technology are being actively utilized in the design of next-generation electric vehicle power systems [1].

以下文章来源于硬氪 ，作者黄楠 专注全球化、硬科技报道。36kr旗下官方账号。 硬氪 . 当出海越来越成为一家中国公司核心战略时，如何征战全球市场就成为一个极其专业的话题。在全球化的演变中，已有不少中国品牌站立 潮头。鉴于此，硬氪特推出"Insight全球"专栏，从品牌成长与变迁，探索中国品牌出海的前沿方向与时代契机，为出海玩家与行业提供思 考与启发。 2019年，关注到氮化镓快充赛道的张波与朋友创立闪极科技，首款产品众筹就突破了百万美金。其主打高端路线，凭借差异化的用户定位 和产品设计，两年内登上亚马逊美国站高客单价电源产品第一，2024年营收破2亿元……中国硬件品牌如何避开内卷陷阱，在红海赛道找 到新出路？基于此，我们与闪极创始人兼CEO张波聊了聊。 文 ｜ 黄楠 编辑 ｜ 袁斯来 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ 企业供图 2019年，张波刚从魅族离职，和一群离开大疆、格力的朋友创业。 在那个时间点，一家创业公司，要在中国硬件行业存活下来，必须找到大厂还没涉足的细分赛道。 在考察市场后，他们发现看似红海的充电宝赛道，仍有部分用户的精准需求未能得到充分满足。比如户外运动爱好者需要更 ...

3.26犀牛财经晚报：腾讯脑机接口运动控制专利获 授权 比亚迪2025年销量目标550万辆 中国银行：2024年净利润2378.4亿元 3月26日晚，中国银行发布2024年年度报告，2024年实现营收6327.71亿元；实现净利润2378.4亿元，同 比增长2.58%；董事会建议派发2024年度末期普通股股利每10股1.216元（税前）。 中国人寿：2024年净利润1069.35亿元 同比增长108.9% 中国人寿公告，2024年营业收入5285.67亿元，同比增长30.5%；归属于母公司股东的净利润1069.35亿 元，同比增长108.9%。公司拟向全体股东派发2024年末期现金股利每股0.45元（含税），共计约127.19 亿元；连同已派发的2024年中期现金股利，全年现金股利为每股0.65元（含税），共计约183.72亿元。 去年城镇网络视听用户规模达7.88亿人 市场规模1.22万亿元 3月26日，在四川成都第十二届中国网络视听大会现场，《中国网络视听发展研究报告（2025）》发 布。截至2024年12月，我国城镇网络视听用户规模达7.88亿人，网民使用率达99.1%，城镇网民几乎都 是网络视听用户。 ...