| 核心增长赛道，为公司业务发展提供更广阔的市场。 | | --- | | 3、随着公司经营规模的不断扩张，下游应用领域越来越丰 | | 富，请问公司是如何保持优质的毛利率的？ | | 回答： | | 公司自上市以来，持续进行研发投入及管理创新，不断 | | 推出具有核心竞争力的新产品、降本提效管理工作不断深 | | 化，历年平均毛利率均保持在同行业较优水平。 | | （1）公司的愿景是"成为电子元器件领域专家"，去 | | 20余年，公司跟随全球电子信息产业链的发展，获得了宝贵 | | 的事业机会及持续增长的市场空间，从电感领域出发，向以 | | "磁性器件、微波器件、传感及敏感器件、精密陶瓷"为核 | | 心的产业领域，积极开拓，聚焦战略市场，为公司规模成长 | | 持续贡献新的增长极。 | | （2）公司产品均属于自主研发、设计,自身拥有强大的 | | 核心技术及综合服务实力,不断在推出具有高附加值的新产 | | 品，行业壁垒较高，高附加值的新产品在竞价时有更充裕的 | | 溢价空间，保障了毛利的空间。 | | （3）订单增加，产能利用率的不断提升在较大程度上 | | 保障了公司稳定、优质的毛利率水平。 ...

Summary of the Conference Call for 博迁新材 Company Overview - 博迁新材 is the only domestic company mastering PVD technology for powder production, benefiting from the recovery of AI servers and high-end consumer electronics, leading to a steady growth in high-end electronic powder demand, expected to reach around 250 million yuan [2][5][30] Key Industry Insights - The global MLCC market size is estimated between 100 billion to 110 billion USD, with a recovery of single-digit growth expected in 2024 and 2025 due to increased demand from AI servers and new energy vehicles [2][16][18] - The photovoltaic (PV) industry is experiencing a trend of reducing silver usage, with copper paste technology accelerating as a substitute, expected to reach an application volume of 30GW to 40GW in the coming year [2][8][32] Core Business Performance - The core business of 博迁新材 is nickel powder, contributing 70% to 80% of revenue, primarily used in MLCC for consumer and automotive electronics. In Q1 2024, revenue reached 250 million yuan with a net profit of nearly 50 million yuan, a 200% year-on-year increase, and a gross margin recovery to 32% [2][13][14][30] - The copper powder market for BC battery scenarios is expected to contribute a market space of over 700 tons by 2026, with significant growth potential [2][6] Financial Projections - The electronic powder business is expected to maintain stable profit levels, projected to reach around 250 million yuan [2][5] - The copper powder business is anticipated to see large-scale introduction in 2026, with expected shipments exceeding 1,000 tons and a gross margin of over 30% [4][31] - Overall, the company expects to achieve around 500 million yuan in revenue by 2026, with a market capitalization potentially reaching 15 billion yuan based on a 30x P/E ratio [4][32] Competitive Advantages - 博迁新材's competitive edge in the electronic powder sector lies in its strong technical capabilities, market position, brand accumulation, and continuous innovation, particularly through its unique PVD process [3][24] - The company has established a strong position in the copper powder market by collaborating with major clients in the PV sector, successfully developing silver-coated copper powder and HCD copper paste with initial shipments [2][9][28] Market Trends and Future Outlook - The demand for MLCCs is significantly driven by AI servers, with usage per server increasing dramatically compared to traditional servers [17] - The company is well-positioned to benefit from the domestic substitution trend in the powder supply chain, particularly in the PV sector [2][9] Key Milestones - Important milestones include the completion of technology validation by major clients in Q3 2025 and the large-scale introduction of copper paste in BC batteries in Q1 2026, which are expected to catalyze further growth [4][33]

Market Overview - On June 27, the A-share market exhibited structural differentiation, with the Shanghai Composite Index down by 0.70%, while the Shenzhen Component Index and the ChiNext Index rose by 0.34% and 0.47% respectively [2] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 1.58 trillion yuan, with over 3,400 stocks rising and 54 stocks hitting the daily limit [2] Sector Performance - The electronic, non-ferrous metals, and textile sectors attracted significant capital, with Tesla supply chain and military protection stocks showing particularly active performance [2] - In the electronic sector, nine stocks hit the daily limit, with notable inflows into Huaten Technology and Shenzhen Huqiang, which saw net inflows of 5.82 billion yuan and 6.40 billion yuan respectively [2] Non-Ferrous Metals - North Copper achieved a four-day limit increase, closing at 10.31 yuan with a net inflow of 2.57 billion yuan [3] - The sector saw a collective rise in small metal varieties such as zinc, tin, and molybdenum, driven by interest in Tesla's new electric vehicle concepts [3] Military and Defense - The defense sector saw significant activity, with Inner Mongolia First Machinery Group receiving a large net buy of 4.8 billion yuan, while Jihua Group also hit the daily limit [4] - The military protection theme ranked among the top gainers, supported by recent advancements in new equipment development by military enterprises [4] Communication Equipment - The communication equipment sector experienced a net inflow of 12.80 billion yuan, with Hengbao Co. hitting the daily limit at 19.15 yuan and a turnover rate of 54.38% [5] - The sector's activity is linked to the accelerated rollout of 5G-A networks by operators, indicating a potential for valuation recovery in related industries [5] Capital Flow Insights - The main sectors attracting capital included electronic components, communication equipment, and small metals, with net inflows of 19.26 billion yuan, 12.80 billion yuan, and 5.47 billion yuan respectively [5] - As the semi-annual report disclosure period approaches, sectors with strong earnings certainty, such as technology and high-end manufacturing, are likely to continue attracting investment [5]

其中，NJU120-1 是一种厚度仅约 8 纳米的 纳米片 ，相当于 1.5 个晶胞，而 NJU120-2 是一种尺寸为 50×250 纳米的 纳米棒 。 通过利用 微晶电子衍射 （MicroED） 技术平台 快速确定结构，研究团队揭示了这两种纳米沸石的 多维孔道结构， 极大地加速了对这些物质的合成优化，它们 最大自由球体直径高达 1.2 纳米，再加上纳米级的形态，使得能够对大分子进行 催化裂化 （FCC） 反应， 展现出优异的重油转化率和轻质燃料 （汽油、柴油和 液化石油气） 选择性 ，其性能均媲美甚至超越现有的超大孔沸石和工业沸石。 编辑丨王多鱼 排版丨水成文 具有超大孔道和纳米尺寸、能够处理大分子的稳定沸石，需求量很大，但一直难以生产。它们复杂的结构和纳米级的晶体尺寸给采用传统 X 射线衍射技术进行的 分析带来了挑战，导致材料开发效率低下。 2025 年 6 月 26 日 ， 南京大学 黎建 研究员、 中国石化石油化工科学研究院 林伟 研究员 、香港理工大学 林聪 研究员 作为共同通讯作者 （ 南京大学 博士生 马超 、博士生 章正汉 、硕士生 张梦迪 为共同第一作者 ） ，在国际顶尖学术期刊 Scie ...

Core Viewpoint - The article discusses the challenges and realities faced by graduates of e-commerce programs in China, highlighting the disparity between the perceived opportunities in the industry and the actual job market conditions [4][6][21]. Group 1: E-commerce Education Landscape - E-commerce has become a popular field of study, with over 600 universities offering related programs, indicating a promising outlook for the industry [5][15]. - The initial enthusiasm for e-commerce programs has waned, with many graduates struggling to find relevant jobs, leading to a significant drop in the number of new programs being established [11][15]. - In 2004, the employment rate for e-commerce graduates was reported to be as low as 20%, reflecting the difficulties in securing relevant positions [13][14]. Group 2: Job Market and Employment Challenges - Despite a high demand for e-commerce positions, with projections of 1.627 million job openings by 2025, graduates still face significant challenges in finding suitable roles [21][28]. - Many graduates report that the most accessible positions are low-paying customer service roles, leading to feelings of frustration and inadequacy [22][32]. - The e-commerce industry places a strong emphasis on practical experience, which many graduates lack, resulting in a gap between education and job readiness [24][39]. Group 3: Work Conditions in E-commerce - E-commerce jobs are characterized by high workloads and long hours, with many employees experiencing burnout due to the demanding nature of the work [29][31]. - The average salary for e-commerce specialists is low, with nearly 70% of employees earning less than 10,000 yuan per month, and some even earning below 5,000 yuan [32][33]. - Many employees find themselves performing multiple roles within the industry, leading to a sense of being overworked and underappreciated [30][31]. Group 4: Career Transition and Future Prospects - A significant number of e-commerce professionals are considering career changes due to the challenging work environment and limited growth opportunities [34][36]. - Those with skills in video production and design find it easier to transition to related fields, while others may struggle to find relevant opportunities outside of e-commerce [36][37]. - The perception that a degree in e-commerce is essential for success in the industry is challenged, as practical skills and adaptability are often more valuable [39].

Core Insights - The scientists at Delft University of Technology have observed quantum spin flow in graphene without the need for an external magnetic field, marking a significant breakthrough in spintronics [1] - This discovery is a crucial step towards the realization of quantum computing and advanced storage devices, as published in the latest issue of Nature Communications [1] Industry Implications - The observation of quantum spin Hall effect in graphene could accelerate advancements in spintronics, which is essential for developing next-generation electronic devices [1] - The findings may lead to enhanced performance in quantum computing technologies, potentially transforming the landscape of data processing and storage solutions [1]

简评 机构：中信建投证券 研究员：崔世峰 核心观点 6 月26 日，小米召开人车家发布会，发布了小米YU7、首款AI 眼镜、MIX Flip2 小折叠等一系列产品。 核心亮点在于： 1） YU7 大爆：YU7 定价标准版/Pro 版/Max 版分别为25.35/27.9 9 /32.99 万元，基本贴合前期市场预 期，上线3 分钟大定突破2 0万台，一小时突破28.9 万台，18 小时锁单超24 万台， 相比su7 4 分钟大定 突破1 万&27 分钟大定破5 万&24 小时破8.8万表现明显强劲。 2） 首款AI 眼镜：小米AI 眼镜集第一人称相机+耳机+随身AI 助手为一体，标准版/单色电致变色版/彩 色电致变色版售价分别为1999/2699/2999 元，对标竞品Ray-Ban Meta AI 眼镜（定价299 美元）优势在 于：更轻、续航更长、配置超级小爱。 YU7 上线3 分钟大定突破20 万台，1 小时突破28.9 万台，1 8小时锁单超24 万台，相比SU7 4 分钟大定 突破1 万&27 分钟大定破5 万&24 小时破8.8 万表现明显强劲， 并且大幅超出此前市场预期，按照现有 大定&锁单，推 ...

Group 1 - The EU-China Business Forum held in Brussels gathered over 150 representatives from the business, political, and academic sectors to discuss the current state and challenges of EU-China trade and future cooperation paths [1] - The Chinese Ambassador to Belgium highlighted a significant shift in global trade dynamics, with the share of goods trade from Global South countries increasing from less than one-third 25 years ago to 45% currently, and noted the rapid growth of global service trade outpacing goods trade [1] - The President of the EU-China Chamber of Commerce emphasized the commitment of both China and the EU to a greener and more digital future, identifying collaborative opportunities in electric vehicles, clean energy, circular economy, and artificial intelligence [1] Group 2 - The former Portuguese Minister of Employment stated that both Europe and China possess ancient and wise civilizations, and they can work together to enhance global governance in the current multipolar world [2] - The Chinese Mission to the EU expressed a willingness to resolve trade disputes through dialogue and to jointly oppose unilateralism and protectionism, aiming to maintain an open and cooperative international environment [2] - Discussions in sub-forums focused on themes such as "Business Associations as Cooperation Platforms" and "50 Years of EU-China Relations: Co-prosperity Illuminating the World," sharing experiences in international cooperation and exploring opportunities in new energy and green economy sectors [2]

Company Overview - Guangdong Huafeng New Energy Technology Co., Ltd. maintains a long-term credit rating of A- with a stable outlook for both the company and its convertible bonds [1][3] - The company primarily engages in the research, production, and sales of electric control and drive systems for new energy vehicles, as well as the development and production of electrode foils [13] Financial Performance - In 2024, the company reported a significant increase in operating revenue, reaching 10.31 billion yuan, with a profit of 0.97 billion yuan [13][29] - The company’s cash assets increased from 2.40 billion yuan in 2023 to 3.54 billion yuan in 2024, indicating improved liquidity [11] - The company’s total assets grew from 17.20 billion yuan in 2023 to 20.63 billion yuan in 2024, reflecting a positive trend in asset accumulation [11] Business Segments - The new energy vehicle drive system segment saw substantial growth, driven by increased orders from major clients such as Foton Motor, contributing to a revenue increase [29] - The electrode foil business also experienced growth due to a recovery in demand from the electronic components industry, with a notable increase in sales volume and revenue [29] Industry Analysis - The electronic aluminum foil industry is benefiting from a recovery in the consumer electronics sector and the growth of the new energy vehicle market, which is expected to continue driving demand [18][21] - In 2024, China's new energy vehicle sales reached 12.87 million units, a year-on-year increase of 35.5%, indicating a strong market for related components [22] - The aluminum oxide industry is also experiencing growth, with production expected to rise, further supporting the demand for electronic aluminum foils [18] Competitive Position - The company holds over 50 technology patents in the electrode foil sector and has established itself as a supplier to well-known aluminum electrolytic capacitor manufacturers [6][24] - Despite its competitive advantages, the company faces challenges such as high dependency on a single customer for its new energy vehicle drive systems, which affects its pricing power [5][8] Future Outlook - The company’s rating outlook remains stable, with potential for upgrades if asset quality improves significantly or if there are major technological breakthroughs in its new energy vehicle systems [6] - The ongoing expansion of the new energy vehicle market and the company's strategic initiatives in R&D are expected to enhance its market position and financial performance in the coming years [21][24]

Group 1 - The first China Electronic Paper Ecological and Industrial Integration Innovation Development Forum was held in Beijing, focusing on technology, ecological integration, and market development trends in the electronic paper industry [1] - Hanwang Technology's chairman noted that the exit of Kindle in 2023 caused a temporary setback but stimulated innovation among domestic e-book brands, leading to a vibrant Chinese e-book market [1] - According to the report by Luotu Technology, the total sales of electronic paper tablets in China are expected to reach 1.834 million units in 2024, representing a year-on-year growth of 49.1% [1] Group 2 - Hanwang Technology's vice president described the three development phases of e-books: introduction, rapid development, and popularization, indicating that the current phase is still in the introduction stage [2] - The general manager of E Ink Technology highlighted the broad application scenarios for electronic paper, including its potential to replace tablets in education, and identified three future trends: colorization, flexibility, and large size [2] - The forum marked the initiation of the standard formulation for "Quality Grading and 'Leader' Evaluation Requirements for Electronic Paper Readers," indicating a shift from being "followers" to "rule makers" in the industry [2]