Group 1: Company Insights - Sains Environmental Co., Ltd. specializes in heavy metal pollution prevention, with a positive growth trend in its EPC business and stable gross margin levels [1] - The operational service business is experiencing high growth due to a number of EPC projects transitioning to the operational phase, with a strong upward trend expected to continue this year [1] - Xianheng International's core competitive advantages include a service penetration strategy, multi-channel brand promotion, high R&D investment, and team building [2] Group 2: Financial Performance - Xianheng International's cumulative cash dividend ratio over the past three accounting years is as high as 200%, with a planned dividend of 0.36 yuan per share in 2024, totaling 145 million yuan [2] - The company aims to enhance sales gross margin and control costs by deepening scenario recognition, introducing professional talent, optimizing the supply chain, and expanding into new fields [2] Group 3: Investment Management - Panjing Investment, established in 2016, is recognized as one of China's leading private equity fund managers, focusing on investment opportunities in Chinese listed companies and having a broad layout in overseas markets, especially in Chinese concept stocks [3] - The company emphasizes research-driven investment decisions, building a leading internal research team and maintaining strong relationships with top brokerage research institutions [3]

Core Viewpoint - The new materials industry is experiencing rapid growth, with significant opportunities arising from technological advancements, policy support, and the need for domestic production capabilities in response to international trade tensions [2][9][13]. Group 1: Industry Overview - The global new materials industry reached a value of $2.8 trillion in 2019, with a competitive landscape divided into three tiers: developed countries in the first tier, rapidly developing countries like China in the second tier, and emerging economies in the third tier [8][12]. - China's new materials industry generated a total output value of 6.4 trillion yuan in 2021, with an average annual growth rate of 23.1% from 2010 to 2021, and is projected to reach 7.5 trillion yuan in 2022 [9][10]. Group 2: Semiconductor Sector - The global semiconductor market was valued at $595 billion in 2021, with expectations to grow to $790 billion by 2026, driven by advancements in 5G and automotive electronics [3][16]. - The semiconductor materials market in China reached $11.9 billion in 2021, growing by 22.2% year-on-year, indicating a significant increase in domestic demand [31][32]. Group 3: Display Materials - The global OLED materials market is expected to grow from approximately $900 million in 2019 to about $2.6 billion by 2024, with a compound annual growth rate (CAGR) of 23.6% [4]. - Domestic companies like Wanrun and Ruile New Materials are leading suppliers in the liquid crystal and OLED material sectors, with significant market shares [4][15]. Group 4: New Energy Materials - The new energy sector is rapidly evolving, with key materials such as composite copper foil, conductive carbon black, and sodium battery materials expected to see substantial market growth [5][15]. - The market for photovoltaic materials is projected to reach 20 billion yuan by 2025, driven by increasing demand for solar energy solutions [15]. Group 5: Environmental Materials - Traditional chemical applications are witnessing upgrades, with domestic companies like Zhongchumai and Jianlong Weina capitalizing on opportunities in molecular sieves and lubricating oil additives [6][15]. - Aerogels, known for their exceptional insulation properties, are gaining traction in construction and electric vehicle markets, with companies like Chenguang New Materials entering this space [6][15].

【DT新材料】 获悉，6月19日， 中科科乐 菏 泽生产基地迎来重要时刻— 首车乙烯基聚烯烃弹性体（EPOE）产品正式发运出厂 ，标志着我国高端聚烯烃材料国产化突破从"技术研发"迈向"市场应用"。 不同于传统依赖α-烯烃的合成路线，中科科乐基于 完全原创的镍基催化剂技 术，开创突破性的E-POE工艺，以乙烯作为单一原料，使用国产化助剂、常规的聚合装置及工艺即可实现 POE的制备 。旗下产品涉及聚烯烃弹性体、环烯烃共聚物和超高分子量聚乙烯等。 据悉，2024年11月，中科科乐5000吨/年乙烯基聚烯烃弹性体中试装置圆满中交，标志着 技术从"实验室小试"迈向"规模化量产"。短短半年时间，团队完成装置调试、试生产、客户送样等全流程。 除此之外，公司2025年还有多个在建项目新进展： 3月24日 ， 中科科乐聚烯烃弹性体封装材料总部（二期）项目 获得 合肥高新区经发局批复备案。项目建成后将主要生产满足光伏封装胶膜、聚丙烯增韧和混合塑料回收增容的 聚烯烃弹性体，实现高端聚烯烃的完全国产化。 说明 ： 本文 部分素材来自于能之光及网络公开信息，由作者重新编写，系作者个人观点，本平台发布仅为了传达一种不同观点，不代表对该观 ...

来源：新华社 将全面实现国产化！从中星9C卫星看我国广播电视专用卫星发展 6月20日晚间，我国在西昌卫星发射中心使用长征三号乙运载火箭，成功将中星9C卫星 发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。中星9C卫星定点并进行在轨 测试后将交付中国航天科技集团有限公司所属中国卫通运营管理， 我国在轨广电专用传输 卫星和直播卫星将全面实现国产化。 "无论是在高原的牧区帐篷，还是在海上渔船的驾驶舱，一套卫星天线，就能让许多家 庭跨越时空共享信息。"中国卫通专家说，这背后是我国自主可控的广播电视卫星通信网络 在默默支撑。 中国卫通专家介绍，1984年，东方红二号试验通信卫星成功发射定点，这是我国首颗地 球静止轨道广播通信卫星，成功进行了广播电视节目和通信传输试验。 2017年开始，中国卫通全面启动了基于东方红四号增强型平台的第二代广电传输和直播 卫星升级替代工程：2021年，中星9B卫星成功发射，接替了中星9A卫星；2022年，中星6D 卫星成功发射，接替了中星6A卫星；2023年，中星6E卫星成功发射，接替了引进的中星6B 卫星。本次发射的中星9C卫星将全面接替引进的中星9号卫星。 从自力更生探索试验、实用 ...

[Table_IndNameRptType] 电子 行业周报 电子行业周报：国产存储双雄崛起，存储芯片国产化持续进行 [Table_IndRank] 行业评级：增持 报告日期：2025-06-22 [Table_Chart] 行业指数与沪深 300 走势比较 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com 相关报告 主要观点： ⚫[Table_Summary] 本周行情回顾 从指数表现来看，本周（2025-06-16 至 2025-06-20），上证指数周涨 跌-0.57%，深证成指涨跌幅为-0.46%，创业板指数涨跌幅-0.88%，科 创 50 涨跌幅为-1.47%，申万电子指数涨跌幅-2.17%。板块行业指数 来看，表现最好的是 LED，跌幅为 0.46%，集成电 ...

Core Viewpoint - The successful launch of the Zhongxing 9C satellite marks a significant advancement in China's satellite broadcasting capabilities, leading to the complete domestication of broadcasting and live transmission satellites in the country [2][3]. Group 1: Satellite Launch and Capabilities - On June 20, China successfully launched the Zhongxing 9C satellite using the Long March 3B rocket, which has now entered its designated orbit [2]. - The Zhongxing 9C satellite enhances regional coverage and strengthens the satellite broadcasting business, becoming a crucial part of the public cultural service system in broadcasting and television [2][3]. - The satellite's capabilities allow families in remote areas, such as high-altitude pastures and fishing boats, to access information through a satellite antenna [2]. Group 2: Development and Progress - Since 2017, China Satcom has initiated the second-generation upgrade and replacement project for broadcasting transmission and live satellites, with the Zhongxing 9C satellite replacing the imported Zhongxing 9 satellite [3]. - The development of domestic satellites has progressed from initial experimental communication satellites to fully domesticated broadcasting satellites, showcasing the efforts of researchers [3]. - Key components of the satellites, such as batteries and power distribution units, have been successfully domesticated, breaking monopolies and achieving self-sufficiency [3]. Group 3: Current Operations and Coverage - Currently, China Satcom operates over 200 standard-definition television programs, nearly 100 high-definition programs, 3 ultra-high-definition programs, and around 400 radio programs through its satellites [4]. - The satellite broadcasting transmission tasks have effectively expanded the available scarce satellite orbital frequency resources in China [4].

汽车电子智能化解决方案提供商埃泰克闯关IPO。 6月20日上交所公告，芜湖埃泰克汽车电子股份有限公司（简称"埃泰克"）主板IPO获受理，公司拟募资15亿元。 招股书显示，埃泰克是一家行业领先的汽车电子智能化解决方案提供商，主要从事车身域、智能座舱域、动力域以及智能驾驶域等汽车电子产品的研发、生 产及销售，同时为客户提供汽车电子EMS和技术开发服务。经过多年发展，埃泰克已形成从产品设计、检测验证到量产交付的完整业务体系，并积累了丰 富的汽车电子产品开发和产业化经验。 历经二十余年的发展，凭借丰富的产品开发经验、可靠的产品质量以及及时灵活的响应能力等优势，埃泰克积累了包括自主品牌整车厂商、新势力厂商以及 汽车零部件厂商在内的众多客户群体，其中自主品牌整车厂商主要包括奇瑞汽车、长安汽车、长城汽车、上汽集团、吉利汽车、北汽集团、东风汽车等；新 势力厂商主要包括理想汽车、小鹏汽车以及零跑汽车等；此外公司通过向博世等提供汽车电子EMS，产品最终配套于沃尔沃、奥迪等知名整车厂商。 长期以来，整车五大功能域的关键技术与市场主要由博世、电装、大陆等国际大型汽车电子厂商占据主导地位。随着本土汽车电子企业的整体技术实力不断 提升， ...

值得一提的是，5月30日，证券时报·券商中国记者从华为获悉，华为在MoE模型训练领域再进一步，重 磅推出参数规模高达7180亿的全新模型——盘古Ultra MoE，这是一个全流程在昇腾AI计算平台上训练 的准万亿MoE模型。同时，华为发布盘古Ultra MoE模型架构和训练方法的技术报告，披露众多技术细 节，充分体现了昇腾在超大规模MoE训练性能上的跨越。 据悉，训练超大规模和极高稀疏性的MoE模型极具挑战，训练过程中的稳定性往往难以保障。针对这一 难题，华为盘古团队在模型架构和训练方法上进行了创新性设计，成功地在昇腾平台上实现了准万亿 MoE模型的全流程训练。 "一年以来，盘古大模型深入行业解难题，在30多个行业、500多个场景中落地。"6月20日下午，在华为 开发者大会2025上，华为常务董事、华为云计算CEO张平安分享了盘古大模型在工业、农业、科研等领 域的丰富创新应用和落地实践，并重磅发布盘古大模型5.5，在自然语言处理、多模态等5大基础模型全 面升级，加速重塑千行万业。 会上，华为云还发布了盘古医学、金融、政务、工业、汽车五个具备深度思考能力的行业自然语言大模 型，加速行业智能化，并将在6月底正式上 ...

新恒汇的主营业务以芯片封装材料为核心，形成 "智能卡业务 + 蚀刻引线框架 + 物联网 eSIM 封测" 的三轮驱动格局： 智能卡业务：作为传统核心板块，2024 年贡献超 70% 营收，其核心产品柔性引线框架全球市占率达 32%，排名第二，客户覆盖中电华大、紫光国微、三 星电子等头部厂商，产品应用于金融 IC 卡、通讯 SIM 卡等场景。公司是国内唯一实现柔性引线框架量产的企业，打破了日本 JX 金属、法国 Materis 等外 企的垄断。 蚀刻引线框架：2019 年开拓的新业务，与智能卡封装工艺协同性强，产品已应用于功率半导体、传感器等领域。据 QYResearch 数据，2023 年全球引线 框架市场规模约 279.2 亿元，预计 2023-2029 年复合增长率 3.8%，国内市场因国产化替代需求增速更快，2022 年规模已达 114.8 亿元。 物联网 eSIM 封测：依托智能卡封测技术延伸，为消费级与工业级贴片卡提供封装测试及个性化写入服务，月产能 3500 万颗，客户包括恒宝股份、楚天 龙等，业务覆盖欧盟、东南亚等海外市场。 虞仁荣出席、敲钟 新恒汇上市：芯片首富虞仁荣的第二家企业收盘开 +22 ...

Core Viewpoint - The 2024 Annual General Meeting of Shareholders for Shenzhen Zhongke Feicai Technology Co., Ltd. is set to discuss various proposals, including financial reports, profit distribution, and the appointment of auditors, amidst a challenging financial performance in 2024. Group 1: Meeting Procedures and Regulations - The meeting will ensure the verification of attendees' identities to maintain order and efficiency [1][2] - Only authorized personnel, including shareholders and company representatives, will be allowed to enter the meeting [1][2] - Attendees must sign in 30 minutes prior to the meeting and present necessary identification documents [2][3] Group 2: Meeting Agenda - The agenda includes the review and voting on several proposals, such as the 2024 Board of Directors' work report and the 2024 Supervisory Board's work report [6][8] - The company will present its 2024 annual report and summary, along with a proposal for profit distribution, which indicates no dividends due to a net loss [9][10] - The meeting will also address the financial budget for 2025 and the appointment of the auditing firm for the upcoming year [12][14][15] Group 3: Financial Performance - In 2024, the company reported a net loss attributable to shareholders of RMB -11.5251 million, a decrease of 108.21% compared to the previous year [21][36] - The total revenue for 2024 was RMB 1.3804 billion, reflecting a year-on-year increase of 54.94% [36] - The company’s operating cash flow was negative at RMB -312.701 million, indicating significant operational challenges [36] Group 4: Future Plans and Proposals - The company plans to apply for a credit limit of up to RMB 5 billion from financial institutions to support business operations in 2025 [15] - A proposal to amend the company's registered capital and revise the articles of association will be presented for approval [18][19] - The board aims to enhance governance and operational efficiency in the upcoming year, focusing on risk management and compliance with regulations [31][32]