Core Viewpoint - United Microelectronics Corporation (UMC) is making significant strides in advanced packaging technology, securing a major contract with Qualcomm and developing its own high-end interposer, which has been validated by Qualcomm, indicating a countdown to mass production [1][2]. Group 1: Advanced Packaging Developments - UMC's collaboration with Qualcomm focuses on advanced packaging for high-performance computing applications, particularly in AI PCs, automotive, and AI server markets, with initial production expected in Q1 2026 [1][2]. - The first batch of interposers with a capacitance of 1500nF/mm² has passed Qualcomm's electrical testing, showcasing UMC's capability in advanced packaging [1][2]. - UMC's advanced packaging technology, including 2.5D and 3D packaging, relies heavily on interposer capacitors, which are crucial for connecting stacked or side-by-side chips [2]. Group 2: Competitive Positioning - UMC's entry into advanced packaging allows it to differentiate itself from competitors in the mature process wafer foundry market, particularly against the backdrop of low-cost competition from the "red supply chain" [2]. - The partnership with Qualcomm not only involves orders but also includes Qualcomm purchasing equipment to be placed in UMC's facilities, indicating a deep and trusting collaboration [2]. Group 3: Process Technology Advancements - UMC is advancing its wafer foundry business by developing high-voltage process technologies, including a 14nm FinFET embedded high-voltage process platform, and is exploring collaboration with Intel to extend its process capabilities from 12nm to 6nm [3][4]. - UMC invested NT$15.6 billion in R&D last year, focusing on process technologies required for 5G communications, AI, IoT, and automotive electronics, with progress in special processes and 3D IC advanced packaging [3]. Group 4: Performance Enhancements - The 12nm FinFET process technology platform offers significant improvements over the 14nm technology, achieving a 10% performance increase and a 20% reduction in power consumption, while also reducing chip area by over 10% [4]. - UMC's advancements in process technology enhance its cost competitiveness and position in the semiconductor market [4].

Group 1: Company Overview - Chuangjiang New Materials focuses on thermal equipment and materials, with a strong emphasis on carbon-based and ceramic-based materials [1] - The company has developed specialized thermal equipment for various processes, including large-scale chemical vapor deposition and vacuum graphitization [2] Group 2: Product Applications - The company’s products are utilized in high-performance materials for aerospace, military electronics, and semiconductor industries, including high-purity carbon powder and metal-based 3D printing materials [2] - Copper-based materials are applied in 5G communications, smart connectivity, data transmission, new energy vehicles, and photovoltaic power generation [5][6] Group 3: Key Products - Key products include special fiber preforms and fabrics, which are essential for aerospace applications, particularly in carbon brake components for aircraft [4] - The company’s precision copper strip products are crucial for applications in 5G communications, including connectors and integrated circuits [5][6] Group 4: Technological Advancements - Significant breakthroughs in semiconductor coating materials and thermal equipment have led to improved corrosion resistance and thermal uniformity in crystal growth applications [2] - The company supports controlled nuclear fusion through the provision of tungsten alloy ultra-high temperature sintering equipment and amorphous alloy solder materials [3]

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [2][5] Core Views - Guocera Materials reported a steady growth in Q1 2025, achieving a revenue of 975 million yuan, a year-on-year increase of 17.94%, and a net profit of 136 million yuan, up 1.80% year-on-year [3] - The company has established a platform model in the ceramic materials industry, with six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and digital printing [5] - The core business segments are showing robust development, with significant growth potential in electronic materials, catalytic materials, and biomedical materials [4][5] Summary by Relevant Sections Financial Performance - In Q1 2025, Guocera Materials achieved a comprehensive gross margin of 39.67%, a decrease of 2.05 percentage points year-on-year, impacting net profit growth [3] - The company forecasts net profits of 744 million, 824 million, and 925 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.75, 0.83, and 0.93 yuan [5][6] Business Segments - **Electronic Materials**: Continued recovery in MLCC dielectric powder, with successful market expansion in various specifications and applications [4] - **Catalytic Materials**: Breakthroughs in ultra-thin wall and low thermal expansion carrier technologies, meeting stringent emission standards [4] - **Biomedical Materials**: Increased R&D investment in new products, with some already applied in client settings [4] - **New Energy Materials**: Strategic positioning with high-purity alumina and other materials, launching core additives for lithium battery cathodes [4] - **Precision Ceramics**: Focus on creating a comprehensive ceramic substrate industry platform, promoting domestic substitution [4] Market Outlook - The report indicates a positive market outlook for the company's key business segments, with expectations for continued sales growth [4][5]

程久龙 实习生 李渡4月23日，汇绿生态（001267.SZ）发布2024年年报，财务数据显示，报告期内，公 司实现营收5.87亿元，同比下滑14.28%；实现归母净利润6530万元，同比增长13.85%。 汇绿生态主营业务为园林工程施工、园林景观设计及苗木种植等，能够完整的提供苗木种植、园林工程 设计、施工及后续绿化养护等全产业链服务。 2024年，汇绿生态园林类业务实现的营业收入5.87亿元，较上年度减少14.28%，园林工程类收入依旧是 公司主要收入来源，其收入占比为80.42%，其他业务收入来源于设计业务和苗木销售业务。 2024年9月，汇绿生态与武汉钧恒及其他股东签订了《武汉钧恒科技有限公司增资协议》，公司以增资 方式对参股武汉钧恒增加投资，本次增资完成后，公司持有武汉钧恒35%的股权。2024年12月，公司董 事会审议通过重大资产重组等议案，公司通过现金增资方式增加对武汉钧恒持股比例到51%，2025年2 月初，公司本次重大资产重组实施完毕。 公开资料显示，武汉钧恒2012年成立，总部位于武汉光谷，专业从事以光模块为主的光通信产品的研 发、制造和销售，是高新技术企业、国家级专精特新企业。武汉钧恒成 ...

Core Viewpoint - Wenzhou Hongfeng (300283.SZ) demonstrated strong operational resilience in a complex market environment, achieving a significant growth of 23.85% in main business revenue despite a decline in net profit due to temporary factors, laying a solid foundation for future high-quality development [1][2]. Financial Performance - In 2024, the company achieved total revenue of 3.135 billion yuan, a year-on-year increase of 8.09%, with main business revenue reaching 2.854 billion yuan, up 23.85% [2]. - The net profit attributable to shareholders turned to a loss of 73.674 million yuan from a profit in the previous year [2]. - The electrical contact and functional composite materials segment performed well, generating 2.377 billion yuan in revenue, a growth of 17.04%, with a net profit of 528.467 million yuan, up 125.88% [2]. - The hard alloy segment also showed strong performance with 319 million yuan in revenue, a growth of 58.24%, although it still reported a net loss of 3.363 million yuan [2]. - The copper foil segment faced challenges due to high costs, resulting in a significant net loss of 115 million yuan [2]. Business Segments and Strategic Layout - The company has established a collaborative development structure across five major industry segments: electrical contact functional composite materials, metal-based functional composite materials, hard alloys, lithium battery copper foils, and semiconductor etching lead frame materials [2][3]. - Wenzhou Hongfeng has become one of the largest domestic enterprises in terms of product variety and production capacity in the electrical contact materials field, leveraging its leading technological innovation capabilities [3][4]. Market Expansion and R&D Investment - The company is actively expanding its international market presence, with operations in countries including China, Germany, France, Mexico, Poland, and Hungary [4]. - In 2024, R&D investment reached 90.5145 million yuan, an increase of 6.84%, reflecting the company's commitment to technological innovation [4]. - The company has established partnerships with renowned universities and research institutions, achieving breakthroughs in various technological fields [4][5]. Emerging Fields and Future Outlook - The company is strategically positioned in emerging sectors such as new energy vehicles, energy storage systems, and semiconductors, with a focus on expanding product applications [6][7]. - The lithium-ion battery market in China is projected to grow significantly, with a forecasted output of 1214.6 GWh in 2024, driven by the rapid development of the new energy vehicle industry [6]. - Wenzhou Hongfeng aims to enhance its market coverage in existing business segments while leading globally in electrical contact composite materials [7]. - The company has completed the construction of its copper foil production base and semiconductor production base, setting the stage for capacity expansion in 2024 [7].

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具有研发投入 大、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 分了解科创板市场的投资风险及公司所披露的风险因素，审慎作出投资决定。 龙迅半导体（合肥）股份有限公司 Lontium Semiconductor Corporation （住所：安徽省合肥市经济技术开发区宿松路 3963 号智能装备科技园 B3 栋） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） （框架稿） 公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序，本招股说明书（注册稿）不 具有据以发行股票的法律效力，仅供预先披露之用，投资者应当以正式公告的招股说明书全文作 为投资决定的依据。 保荐机构（主承销商） （住所：北京市朝阳区建国门外大街1号国贸大厦2座27层及28层） 龙迅半导体（合肥）股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见均不表明其对注册 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 ...