Market Overview - On June 26, A-shares experienced a collective decline, with the Shanghai Composite Index down 0.22% to 3448.45 points, the Shenzhen Component Index down 0.48% to 10343.48 points, and the ChiNext Index down 0.66% to 2114.43 points [1][2] - The total market turnover was 162.31 billion yuan, a decrease of 16.3 billion yuan from the previous day, with over 3600 stocks declining [1] - In sector performance, tourism and hotels, digital currency, oil and gas extraction, and banking sectors saw gains, while innovative drugs, complete automobiles, and photolithography concept stocks faced declines [1] International Market - The U.S. stock market saw gains on June 26, with the Dow Jones Industrial Average up 404.41 points (0.94%) to 43386.84 points, the S&P 500 up 48.86 points (0.80%) to 6141.02 points, and the Nasdaq Composite up 194.36 points (0.97%) to 20167.91 points [2][4] - European stock indices showed mixed results, with the UK FTSE 100 up 16.85 points (0.19%) to 8735.60 points, the French CAC 40 down 0.85 points (0.01%) to 7557.31 points, and the German DAX up 150.97 points (0.64%) to 23649.30 points [3] Commodity Prices - International oil prices increased on June 26, with WTI crude oil up 32 cents (0.49%) to $65.24 per barrel and Brent crude oil up 5 cents (0.07%) to $67.73 per barrel [3][4] Key Developments - A new generation of domestically developed general-purpose processors, the Longxin 3C6000, was released in Beijing, featuring a self-designed instruction system and achieving the highest level of security certification [4] - The semiconductor industry in China is accelerating its domestic production, with a focus on AI computing chips, CPUs, and advanced semiconductor equipment, as external restrictions increase [5] - Xiaomi launched its first SUV, the Xiaomi YU7, with a starting price of 253,500 yuan, achieving over 200,000 pre-orders within three minutes [6] - The Chinese government is advancing flood control infrastructure, including the construction of flood storage areas and enhancing the safety of existing reservoirs [7] Financial Sector Insights - The National Financial Supervision Administration and the People's Bank of China released a plan to establish a high-quality inclusive financial system over the next five years [7] - Tianfeng International Securities has upgraded its license to provide virtual asset trading services in Hong Kong, reflecting the growing interest in virtual assets [8] Institutional Perspectives - Fangzheng Securities suggests that after reaching new highs, sectors like brokerage, technology innovation, and the Hang Seng Tech Index may have short-term rebound opportunities [9] - CITIC Securities notes the growing demand for AI model training and inference, indicating a shift towards system-level solutions in AI computing [10] - Guotai Haitong predicts that the demand for inference computing power will reach 62.2% by 2026, highlighting liquid cooling and high-speed interconnect technologies as investment hotspots [10]

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确 定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 同宇新材料（广东）股份有限公司 Tongyu Advanced Materials （Guangdong） Co., LTD 广东省肇庆市四会市大沙镇马房开发区（西南一区编号 ES1020） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） 福州市湖东路 268 号 同宇新材料（广东）股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致 ...

信创 - 迎来新一轮加速推广期 20260626 摘要 投资应聚焦于操作系统、芯片和数据库等核心环节，这些环节在行业生 态成熟后利润集中，并主导软件生态。关注工业控制 PLC、CEM 和 CAD 设计软件等低渗透率环节，其投资机会来源于产品力的突破，逐步 实现替代。 国产算力核心竞争力体现在与英特尔芯片的性价比对比上，尤其是在 FP8、FP4 和显存等方面的比拼。随着国产芯片的快速迭代，预计国产 化率将迎来快速提升，关注芯片迭代带来的性价比提升。 计算机行业自主可控板块的表现与替代周期紧密相关，信创替代的投资 核心在于把握从政府向行业逐步扩散的周期性机会。政策加码会带来行 业下游的扩容，关注政策驱动下的市场扩容。 推动国产化率提升需从供需两端着手，供给端关注 PLC、CAD、CEL 等 低渗透率领域的产品迭代带来的性价比提升，需求端关注政策引导，尤 其是在工业等事关国家安全的领域。 最佳投资阶段是把握从小规模试点到小规模铺开的阶段。海外对中国的 封锁加强将加速国内替代进程，关注海外封锁节奏是核心。 （此问题在访谈记录中未获得直接回答，访谈在提出此问题后即告结束。） 推动国产化率提升的关键因素和政策关注点有哪些 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 01 绝缘耐温云母分类及应用领域 云母是主要造岩矿物之一，广泛应用于绝缘、耐温和珠光材料等领域。 本报告主要研究用于绝缘、耐温领域 云母，2022年，耐火绝缘领域云母应用占比高达80.8%，为云母材料主要的工业应用。 绝缘耐温云母材料市场下游应用领域涉及高温冶炼、电力等传统行业，并在近几年逐步扩展到新能源汽车、电 化学储能等新兴行业。 新能源领域：23-27年CAGR预计达40.5% 2027年新能源云母市场规模预计突破百亿，CAGR达40.5% 。根据弗若斯特沙利文报告，随新能源汽车销量进 一步上升，市场对新能源汽车动力电池安全性能要求进一步提高，2022年全球新能源云母材料市场规模达18.6 亿元， 预计2027年将增长至123.7亿元，2023年至2027年复合增长率达到约40.5%。 国内家电云母消费规模占比达49.3%： 中国家用电器市场作为云母制品的重要消费市场，预计2025年其消费的 云母制品将达到 6.61亿 元，占全球比重的 49.3% 伴随着 CTC、CTP 等无模组化技术的推广，电芯 ...

处理器（CPU）是计算机的核心组成部分，就像"大脑"一样指挥各个部件的运行。今天（26 日）， 我国自主研发的新一代国产通用处理器——龙芯3C6000，在北京发布 。 最新发布的龙芯3C6000采用我国自主设计的指令系统龙架构， 无需依赖任何国外授权技术， 是我国自主研发、自主可控的新一代通用处理器，可满足通算、智算、存储、工控、工作站等 多场景的计算需求 。目前，3C6000系列处理器已获《安全可靠测评公告》当前最高等级二级 认证，可确保关键领域应用安全。 据龙芯中科董秘李晓钰向21世纪经济报道记者介绍，"上市加速了公司的研发迭代，未上市时 龙芯每年推出1—2款新芯片，到现在每年可以推出4—5款左右新芯片，高强度的研发投入提 高了研发迭代的效率，促使公司更快推出适应市场的新产品，加速发展。" 据记者统计，截至2025年5月底， 科创板集成电路领域公司总数达119家，涵盖上游芯片设 计、中游晶圆代工及下游封装测试，形成上下游链条完整、产业功能齐备的发展格局 。 就一季报表现看，科创板110余家集成电路行业公司合计实现营收721.82亿元，同比增长 24%；实现归母净利润44.79亿元，同比增长73%。随着自主 ...

处理器（CPU）是计算机的核心组成部分，就像"大脑"一样指挥各个部件的运行。今天（26 日）， 我国自主研发的新一代国产通用处理器——龙芯3C6000，在北京发布 。 最新发布的龙芯3C6000采用我国自主设计的指令系统龙架构， 无需依赖任何国外授权技术， 是我国自主研发、自主可控的新一代通用处理器，可满足通算、智算、存储、工控、工作站等 多场景的计算需求 。目前，3C6000系列处理器已获《安全可靠测评公告》当前最高等级二级 认证，可确保关键领域应用安全。 中国科学院计算技术研究所研究员、龙芯总设计师胡伟武表示： 3C6 0 0 0的性能 相当于2 0 2 3年或者2 0 2 4年市场主流产品的水平 ，是一个土生土长的CPU，它没 有任何境外技术授权，也不依赖任何境外的供应链，完全是依赖境内的供应链， 而且从指令系统到各种I P核都是自己研发出来的CPU。 此次发布的还有龙芯2K3000/3B6000处理器，同样采用自主指令系统龙架构。该处理器主要面 向智能终端和工控应用，为人工智能等领域应用提供了底层技术支撑。在龙架构生态成果展示 区，基于龙芯处理器的通用算力服务器、存储及工业服务器等全场景产品矩阵也集中 ...

Core Insights - The Chinese cheese industry is experiencing significant growth, driven by consumer demand for high-quality, nutritious products and supported by favorable policies [2][3][4] - Miaokelan Duo aims to achieve cumulative revenue of 19.9 billion yuan over three years, focusing on product innovation and market penetration to elevate the cheese consumption trend in China [1][6] Group 1: Market Potential - As of 2023, China's retail cheese consumption has reached parity with Japan, yet per capita consumption remains low at 200 grams compared to 2000 grams in Japan, indicating substantial growth potential [2][3] - The cheese market in China is projected to exceed 30 billion yuan by 2025, supported by government initiatives and increasing consumer health awareness [2][3] Group 2: Company Strategy - Miaokelan Duo is implementing a dual-driven strategy (B+C) to enhance brand value and product matrix, aiming to lead the transition from milk consumption to cheese consumption [1][6] - The company has established a comprehensive supply chain and quality management system to ensure product safety and innovation in cheese production [1][5] Group 3: Financial Performance - In 2024, Miaokelan Duo reported revenue of 4.844 billion yuan, with a 6.92% increase in cheese business revenue and a significant net profit growth of 89.16% [6] - The company aims for a cumulative revenue of no less than 19.9 billion yuan and a net profit of at least 990 million yuan from 2025 to 2027 [6][7] Group 4: Industry Trends - The cheese segment is recognized as a rapidly growing and active market within the dairy industry, with retail cheese product sales growing at an annual rate of 21% from 2015 to 2022 [3][4] - The industry is shifting towards high-value, refined processing of dairy products, with a focus on original cheese production and innovative snack products [2][5]

Group 1 - The A-share market experienced fluctuations on June 26, 2025, with the Sci-Tech Innovation Board leading the gains, particularly in the computer and semiconductor sectors, where stocks like Xinyi Sheng and Haiguang Information rose nearly 6% [1] - The China Securities Regulatory Commission (CSRC) announced support for AI and other cutting-edge technology companies to apply the fifth listing standard on the Sci-Tech Innovation Board, enhancing institutional inclusiveness [1] - The reform aims to serve high-quality tech companies with significant breakthroughs, broad commercial prospects, and continuous R&D investment, while also strengthening information disclosure and risk revelation [1] Group 2 - Domestic wafer manufacturers and memory manufacturers are increasingly motivated to procure domestic alternatives to ensure supply chain security and production capacity, benefiting companies in semiconductor equipment, materials, and EDA fields [2] - The Southern AI ETF (159382) closely tracks the AI index of the ChiNext, reflecting the stock price changes of listed companies related to the AI theme [2] - The top ten weighted stocks in the Southern AI ETF include Xinyi Sheng, Zhongji Xuchuang, Softcom Power, and others [2] Group 3 - The Southern Chip ETF (588890) tracks the Shanghai Sci-Tech Innovation Board Chip Index, which selects securities related to semiconductor materials, equipment, design, manufacturing, packaging, and testing [3] - The top ten weighted stocks in the Southern Chip ETF include SMIC, Haiguang Information, and Hanwha Technology [3] Group 4 - The Southern Double Innovation ETF (159780) tracks the CSI Sci-Tech Innovation 50 Index, which selects 50 large-cap emerging industry stocks from the Sci-Tech Innovation Board and ChiNext [3] - The top ten weighted stocks in the Southern Double Innovation ETF include CATL, SMIC, and Mindray Medical [3]

Market Performance - The military sector has shown strong performance for two consecutive days, with stocks like North Navigation, Guorui Technology, and Wanlima experiencing significant gains, including multiple stocks hitting the daily limit up [1][2] - Notable stocks include Changcheng Military Industry with a 9.99% increase, Wanlima with a 20.05% increase, and Hunan Tianyan with a 9.97% increase [3] Events - A major military parade is scheduled for September 3, showcasing domestically produced military equipment, including new-generation traditional weapons and advanced combat capabilities [4] - NATO has announced plans to increase military spending to 5% of GDP by 2035, indicating a significant shift in defense budgets [4] Institutional Insights - The upcoming military parade is seen as a strategic declaration of China's military capabilities and a driver for the military industry, emphasizing "domestication," "new quality," and "systematization" as key trends [4] - The military industry is expected to benefit from global military development changes and internal growth driven by strong planning, amidst increasing geopolitical tensions [4] - Historical trends indicate that significant market movements in the military sector have been driven by asset restructuring and large contracts, with expectations for continued restructuring in 2025 [4] - Global military spending is projected to reach $27.18 billion in 2024, marking a 9.4% increase from 2023, the largest annual growth since the Cold War [4][5]

江苏神通机构投资者路演活动会谈 及电话会议调研会议纪要 会议时间：2025 年 6 月 24 日—6 月 25 日 会议主持：章其强 会议记录：陈鸣迪 出席人数：12 名 答：当前，公司 2024 年二季度启动实施的原募投项目——高端阀门智能制造项 目土建工程已完工，正在施工室外配套和给排水等附属工程，下一步即将进入设 备安装和调试阶段，预计年底前可陆续投入试生产，未来随着高端阀门智能制造 项目的建成投产，预计可新增满足不少于 4 台新建核电机组所需的公司核心阀门 产品的产能。 会议地点：董事会秘书办公室、浦东香格里拉酒店、凯宾斯基酒店 一、会议开始 本次机构投资者电话调研会议由甬兴证券组织，路演活动由天风证券、国金 证券组织，公司副总裁兼董秘章其强先生应约参加交流活动，公司副总裁兼董秘 章其强首先向参加此次电话会议及路演活动的机构投资者表示感谢，向投资者介 绍了公司基本情况、公司发展战略规划及近期主要工作的进展情况，同时强调了 关于遵守承诺函的约定和上市公司信息披露的有关规定。 二、沟通交流 问：请问公司核电行业的阀门订单获取后，收入确认需要多长时间？ 答：核电新建项目所需的阀门设备从接到订单到交付的时间周 ...