Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 7 Jan 2026 环球富盛理财有限公司 贝克微 BaTeLab (2149.HK) 中国领先的工业级模拟 IC 图案晶圆提供商，受益于进口替代 China's leading provider of industrial grade simulation IC pattern wafers & Benefits from import substitution 最新动态 ➢ 外贸环境波动，芯片行业有望加速进口替代。2025H1 全球模拟集成电路（或模拟 IC）行业总体延续复苏的趋势。国 际头部的模拟公司在 2025 年初实现了营收的回升。全球制造业电气化、智能化发展持续推进，同时结合一些新兴应 用的兴起，持续催生高性能模拟芯片的需求，带动电源管理与信号链产品价值量提升，为模拟芯片行业的长期增长提 供不竭动力。2025H1 外部贸易环境的剧烈波动，给全球化程度较深的芯片行业带来了不小的挑战。对于中国大陆模 拟芯片行业来说，贸易冲突增加了业绩波动的风险。但是随着外 ...

Core Viewpoint - The company, Xin Guang Yi, emphasizes its commitment to research and development in various fields, including new energy, optoelectronics, semiconductor packaging, and aerospace materials, while continuing to strengthen its existing PCB flexible circuit board automation processes [1] Group 1 - The main products of the company, strong-resistant special membranes, have a wide range of applications [1] - The company is actively engaged in technological research and market expansion in new energy, optoelectronics, semiconductor packaging, and aerospace sectors [1] - The company adheres to a strategy of independent research and development and import substitution, preparing for future market development through early technological research and product reserves [1] Group 2 - The transition from product research and development to revenue generation typically requires a long time cycle [1] - The company acknowledges the significant volatility in the secondary market and advises investors to be fully aware of risks when making stock investments [1]

（文章来源：证券日报） 证券日报网1月6日讯 ，新益昌在接受调研者提问时表示，公司的主营产品为对速度、精度均有严苛要 求的半导体设备，为积极推进进口替代战略，公司长期高度重视核心零部件的自主研发和生产制造，目 前，公司半导体设备所采用的高精度DDR电机、直线电机、音圈电机、大推力比直线电机、运动控制 卡、高性能一体式控制器及各类驱动器等核心零部件，已全面实现自主研发与自主生产。上述核心零部 件的底层技术，与机器人领域的核心技术高度同源，公司依托这些已掌握的成熟核心技术，快速完成了 机器人的研发工作。现阶段，公司研发团队正持续对机器人进行快速技术迭代与性能优化，旨在推动公 司机器人能在不久的将来实现产业化应用，广泛服务于千行百业，有效替代一些危险、重复性的人工操 作，助力相关行业的智能化升级。 ...

Core Viewpoint - Algeria is accelerating the implementation of an industrial investment strategy focused on "import substitution," with significant investments aimed at developing non-hydrocarbon industries and meeting domestic market demand [1] Investment Overview - The Algerian Investment Promotion Agency (AAPI) reported a total of 19,054 registered investment projects, of which 7,656 are in the import substitution sector, with an investment scale of approximately $27.4 billion, expected to create over 270,000 jobs [1] Key Sectors - In the tire manufacturing sector, Algeria is advancing seven localization projects with a total investment exceeding $1.2 billion, targeting an annual production of over 20 million tires, primarily for commercial and heavy vehicles, to gradually replace the current import demand of about 7.2 million tires valued at approximately $350 million annually [1] - In the automotive parts sector, 158 projects are in the implementation phase with an investment of around $37.3 million, expected to cover a significant portion of domestic market demand and create about 8,000 jobs, seen as a crucial step in localizing the automotive industry chain [1] - In the food industry, Algeria is promoting a beverage aluminum can production project with an investment of approximately $4.46 million, designed to achieve an annual capacity of 800 million cans, aimed at reducing imports and foreign exchange expenditures [1]

Core Viewpoint - Mindray Medical is facing temporary pressure in the domestic market due to multiple factors, but sees a historic opportunity for import substitution in the IVD market, aiming to double its market share in the next three years in the fields of chemiluminescence, biochemistry, and coagulation [1][3][4]. Market and Business Outlook - The domestic market has experienced a decline in capacity over the past two years, but the company believes this impact is temporary. The demand for quality improvement and cost control in medical institutions presents a significant opportunity for high-end breakthroughs and import substitution [3][4]. - The company expects positive growth in domestic business by 2026, with IVD leading the growth of three major product lines and emerging businesses achieving rapid growth [4]. Emerging Business Segments - Mindray's emerging businesses, including minimally invasive surgery, minimally invasive intervention, and animal healthcare, are projected to reach nearly 3.9 billion RMB in 2024, contributing over 10% to total revenue, and exceed 2.6 billion RMB in the first half of 2025, contributing over 15% [2][14]. - The minimally invasive surgery market is expected to grow significantly, with a projected market size of approximately 37.3 billion RMB in China by 2024, and a growth rate of 10.8% from 2024 to 2030 [15]. - The minimally invasive intervention market is also rapidly expanding, with a projected market size of approximately 32.5 billion RMB in China by 2024, driven by factors such as aging population and increasing prevalence of cardiovascular diseases [16]. Technological and Competitive Advantages - Mindray has established significant core advantages in the ultrasound market through nearly 30 years of investment, including a comprehensive product line, deep clinical insights, and a global platform [2][6][7]. - The company is leveraging AI technology and clinical expertise to create intelligent solutions that enhance operational efficiency and improve patient care [7][8]. Integration and Collaboration - The integration with Huatai Medical is progressing as planned, with a focus on enhancing operational efficiency and management standards while respecting the independence of Huatai [10][11]. - Mindray aims to deepen collaboration across various functions to strengthen Huatai's competitiveness in the cardiovascular field [11]. AI and Digital Solutions - Mindray's AI models have been successfully implemented in top hospitals, enhancing digital transformation and supporting precision medicine [12][13]. - The company is committed to integrating AI solutions with hardware and IT systems to maximize the effectiveness of its digital healthcare offerings [13].

Core Insights - Suzhou Xinguangyi Electronic Co., Ltd. officially listed on the Shenzhen Stock Exchange's ChiNext board on December 31, marking a significant milestone for the city in 2025 with a total of 20 new domestic and foreign listed companies, including 12 A-share companies, the highest among major cities in China [2] Group 1 - Xinguangyi, established in 2004, focuses on the research, production, and sales of high-performance specialty functional materials, including anti-overflow adhesive films and high-resistance specialty films [2] - The company adheres to a technology development route of "independent innovation and import substitution," breaking the technological monopoly of foreign companies in its product categories over the past 20 years [2] - In addition to its main products, Xinguangyi also develops and produces materials for electronic components, modified materials, optical adhesive films, new energy lithium battery materials, and photovoltaic adhesive films [2] Group 2 - Xinguangyi issued 36.716 million shares at a price of 21.93 yuan per share, raising 805 million yuan, which will be invested in the research and development of emerging businesses and capacity expansion [2] - With Xinguangyi's successful listing, the number of listed companies in Suzhou's Wuzhong District reached 24, including 6 on the Shanghai Stock Exchange main board, 4 on the Sci-Tech Innovation Board, 2 on the Shenzhen Stock Exchange main board, 9 on the ChiNext board, 2 on the Hong Kong Stock Exchange, and 1 on the Beijing Stock Exchange [2][3] - The Wuzhong District has prioritized enterprise listings as a key strategy for achieving high-quality economic development, establishing a growth nurturing mechanism and financial service ecosystem for companies [3]

深圳迈瑞生物医疗电子股份有限公司 投资者关系活动记录表 证券代码：300760 证券简称：迈瑞医疗 编号：2025-008 深圳迈瑞生物医疗电子股份有限公司 投资者关系活动记录表 | | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 路演活动 | | 活动类别 | 现场参观 | | | 其他 电话会议、券商策略会等 | | 参与单位名 | | | 称及人员姓 | 家机构 名参与人员，详见附件清单。 204 484 | | 名 | | | | 年 月 日、11 月 日、11 月 日、11 月 日、11 月 2025 10 31 4-7 10-14 17-21 | | 时间 | 月 月 月 月 日、 24-28 日、12 1-5 日、12 9-11 日、12 16-19 日、12 22-26 | | | 月 日 12 29-31 | | | 深圳市南山区高新技术产业园区科技南十二路迈瑞大厦 | | 地点 | 投资人办公室、券商策略会会场 | | 上市公司接 | 董事会秘书 李文楣 | | 待人员姓名 | 投资者关系团队 ...

Group 1 - Suzhou Xinguangyi Electronics Co., Ltd. officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 31, marking a significant achievement for Suzhou in 2025 with 20 new listed companies, including 12 domestic A-share companies, ranking first among major cities in China [1] - The company, established in 2004, focuses on the research, production, and sales of high-performance specialty functional materials, including anti-overflow adhesive films and high-resistance specialty films, aiming to break the technological monopoly of foreign companies in these areas [1] - Xinguangyi issued 36.716 million shares at a price of 21.93 yuan per share, raising 805 million yuan to invest in the research and development of emerging businesses and capacity expansion [1] Group 2 - The Wu Zhong District of Suzhou has prioritized enterprise listings as a key strategy for achieving high-quality economic development, establishing a growth nurturing mechanism and financial service ecosystem for companies [2] - Currently, nearly 200 companies are in the pipeline for potential listing, indicating a robust environment for future public offerings in the region [2]

Core Viewpoint - Northern Copper Industry, the largest copper conglomerate in North China, announced an extension of the construction period for its project to produce 50,000 tons of high-performance rolled copper foil and 2 million square meters of copper-clad laminate to December 31, 2026, due to various factors affecting project progress and market conditions [1][10]. Investment Project Update - The decision to extend the project timeline was made to ensure project quality and investment effectiveness, considering the actual progress, market environment changes, and funding usage rhythm [2][11]. - The project has seen a cumulative investment of approximately 181 million yuan, with a planned investment of about 662 million yuan from a total fundraising of approximately 951 million yuan [3][12]. - The investment progress stands at 27.41%, with the company adopting a dynamic control strategy in response to macroeconomic fluctuations and raw material price changes [3][12]. - The project is expected to enhance the company's ability to withstand copper price volatility and extend its industrial chain into high-value downstream segments [3][12]. Market Demand and Competitive Advantage - There is significant import substitution demand for high-end rolled copper foil products in sectors such as integrated circuits and printed circuit boards, with a trade deficit of approximately 576 million USD in copper foil from January to September 2025 [3][12]. - The company possesses raw material supply advantages, with a copper mine capable of producing 43,000 tons of metal and 320,000 tons of cathode copper, which supports stable raw material supply and cost control [4][13]. - The project aligns with national policies encouraging high-end copper-based new materials, potentially receiving support for technological innovation and industrial upgrades [4][13]. Financial Performance - Northern Copper Industry, previously known as Nanfeng Chemical, underwent a major asset restructuring in late 2021, shifting its focus to copper metal mining, smelting, and sales [5][14]. - The company has shown positive financial performance, with revenues of 99.65 billion yuan, 106.77 billion yuan, 93.23 billion yuan, and 241.1 billion yuan from 2021 to 2024, and net profits of 8.37 billion yuan, 5.55 billion yuan, 6.19 billion yuan, and 6.13 billion yuan during the same period [6][16]. - In the first three quarters of 2025, the company reported revenues of 199.73 billion yuan, a year-on-year increase of 9.89%, and a net profit of 6.89 billion yuan, reflecting a growth of 26.10% [8][17].

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Insights - The semiconductor equipment sales continue to grow, driven by AI demand, leading to a recovery in the backend equipment market. The market for semiconductor testing equipment is expected to reach $11.2 billion by 2025, with a year-on-year growth of 48.1% [1]. - The company achieved revenue of 3.779 billion yuan in the first three quarters of 2025, a year-on-year increase of 49.05%, and a net profit of 865 million yuan, up 142.14% year-on-year [2]. - The company is focusing on high-end applications and has made significant progress in domestic product performance, which is expected to drive market share growth through import substitution [3]. Financial Performance - For the first half of 2025, the company reported revenue of 1.250 billion yuan from testing machines and 709 million yuan from sorting machines, representing year-on-year growth of 34.30% and 50.36%, respectively [2]. - The gross margin for the first three quarters of 2025 was 54.48%, a decrease of 1.58 percentage points year-on-year, while the net profit margin increased by 8.05 percentage points to 22.96% [2]. - The company has optimized its expense management, with sales, management, and R&D expense ratios decreasing by 1.16, 0.92, and 7.72 percentage points, respectively [2]. Profit Forecast and Valuation - The company is expected to continue expanding in the high-end market, with revised net profit forecasts for 2025 and 2026 at 1.068 billion yuan and 1.418 billion yuan, respectively, reflecting increases of 46% and 43% [3]. - The report also introduces a new net profit forecast for 2027 at 1.722 billion yuan [3].