国内企业积极配套，验证持续顺利推进。 目前台湾企业仍然是高端ABF载板的主要供应商，大陆企业兴森 科技已批量供应20层以下载板，针对更高层数的产品，验证和小批量等持续推进，后续有望实现突破。 风险提示。 贸易摩擦的不确定性；新产品验证进度不及预期的风险。 报告导读： 中国台湾收紧部分高科技产品的出口管控，自主可控加速推进。昇腾全链条 自主可控迫切，ABF载板国产化提速。 中国台湾的国际贸易署将中芯、华为等实体列入清单，报道称台湾企业未经允许禁止向受管制实体进行出 口。 根据中国台湾国际贸易署网站中公告原文："国际贸易署近日召开跨部会实体清单审查会议，于本 （6）月10日发布，新增俄罗斯、巴基斯坦、伊朗、缅甸、中国大陆涉及武扩活动等601个实体，其中亦包 括华为、中芯等中资企业。倘欲出口到实体名单中受管制实体，应事先取得国际贸易署核发的战略性高科 技货品输出许可证，凭证出口。海关将协助执行边境拦查，倘有业者在未经许可拟出口实体名单之对象， 海关将不予放行。" 昇腾全链条自主可控迫切，ABF载板国产化有望提速。 目前ABF载板是昇腾链条中少数尚未完全自主可控 的环节。中国台湾厂商占据ABF市场主要份额；中国大陆厂 ...

每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 【 策略】 中国股市十大投资 主题： 前沿技术篇 十大投资主题展望：主题开路作先锋，看好中国"转型牛"。 在遍历冲击后，投资人对经济形势的认识已然充分，中国股市预期和估值的主要矛盾已经发生转 变，可以看到： 1 ）新技术趋势和商业模式开始涌现； 2 ）投资股票的机会成本降低，无风险利率下降增量入市； 3 ）经济政策更及时、得当与合理，资本 市场改革更重视投资者回报，投资人对风险的认识与保守态度同步转向积极。因此，贴现率下降不仅是中国股市上升的关键动力，也为主题投资创造有利土 壤，产业性主题和交易性主题均将获得机会。本文以聚焦前沿技术、先进制造、格局改善三大方向共计十大主题，讨论 2025H2 投资机会。 主题一： AI 与具身智能。 1 ）人工智能具备产业趋势投资的所有重要特征，投资路径有望遵循"信息基建建设"、"基础软件部署"、"线上应用爆发"、"重塑线 下行业"的规律， AI 智能体成为 AI 应用商业化的关键催化，且有望拉升算力需求曲线。看好具备资本开支与用户入口优势的互联网大厂；受益算力需求曲线 提升的 AIDC 和国产算力产业链。 2 ...

Market Overview - The Hang Seng Index fell by 0.34% amid escalating tensions in the Middle East, particularly between Israel and Iran [1] - Israeli Defense Minister Katz stated that Iranian state media is "about to disappear," followed by an attack on Iranian state television [1] - The Israeli military reported the death of Iranian military commander Ali Shadmani, which has heightened fears among Iranian officials [1] - The U.S. has redeployed military assets in the Middle East in response to the conflict, which could impact oil transportation through the Strait of Hormuz [1] Geopolitical Developments - The U.S. State Department issued a travel warning for Israel and the West Bank, indicating a high-risk level [2] - A joint statement from 21 Arab and Islamic nations condemned Israel and expressed support for Iran, with threats to U.S. interests in the region if the conflict escalates [2] G7 Summit Insights - During the G7 summit, President Trump expressed disagreements with other leaders regarding the Middle East situation and U.S. trade policies [3] - The U.S. and U.K. reached a trade agreement focusing on key sectors such as automotive and pharmaceuticals [3] Stock Market Movements - The stock of brain-computer interface company RGC surged by 283% following FDA approval for its new neural modulation chip [4] - Apple saw a 15% year-over-year increase in iPhone sales in April and May, marking its best performance since the pandemic [4] Macau Gaming Sector - Macau's gaming revenue for the first half of June reached 1 billion MOP, with a weekly increase of 5% driven by high VIP win rates [5] - Sands China and MGM China both saw stock increases of nearly 5% following positive revenue reports [5] Aerospace Industry Developments - The 55th Paris Air Show showcased innovations in military aircraft and green aviation, with China presenting its J-35A fighter jet [6] - The event is expected to lead to potential orders for Chinese aircraft, particularly the J-10CE and J-35A models [6] Semiconductor Industry Initiatives - New policies in Guangzhou aim to support the integrated circuit industry, focusing on breakthroughs in chip design and manufacturing [7] - Companies like Hua Hong Semiconductor and SMIC are positioned to benefit from these initiatives [7] Company-Specific News - Longpan Technology signed a production pricing agreement worth over 5 billion RMB for lithium iron phosphate materials, indicating strong demand in the solid-state battery sector [8] - The company has secured contracts totaling approximately 17 billion RMB this year, reflecting its growing influence in the battery materials market [9]

纵观国内CPU的架构的差异主要体现在技术路线、授权模式、生态兼容性和应用场景四个维度， 形成了X86、ARM、自研架构三足鼎立的格局。 1、X86架构：X86架构由英特尔和AMD主导，是全球PC和服务器市场的主流选择。国内X86阵营 以 兆芯 和 海光信息 为代表，但两者的技术路径不同，兆芯侧重桌面市场的 "双轨生态"（兼容 Windows+国产系统），海光聚焦服务器领域的性能突破；前者依赖威盛授权，后者通过AMD授 权实现技术自主化。 2、ARM 架构：ARM架构以低功耗和高集成度见长，是移动端的主流选择。国内代表厂商为 华 为鲲鹏 和 飞腾 ，但两者均面临架构授权风险。鲲鹏在移动端技术领先但受制裁制约，飞腾在党 政市场更具渗透力；两者均需应对 ARM 授权政策变化带来的风险。 上海兆芯集成电路股份有限公司今日正式向上海证券交易所提交科创板 IPO 申请，拟募集资金 41.69亿元。作为继海光信息、龙芯中科之后第三家冲刺资本市场的国产CPU龙头企业，兆芯此 举标志着国产X86处理器阵营在自主可控与市场化竞争中迈出关键一步。 兆芯是成立于2013年的国资控股公司，总部位于上海。此次IPO保荐人为国泰海通证券股 ...

策略研究 / 2025.06.17 中国股市十大投资主题:先进制造篇 方奕(分析师) 021-38676666 2025年中期投资策略展望十大投资主题系列 登记编与 S0880520120005 本报告导读: 黄维驰(分析师) 贴现率下降不仅是中国股市上升的关键动力,也为主题投资创造有利土壤,产业性 021-38676666 主题和交易性主题均将获得机会。本文以聚焦前沿技术、先进制造、格局改善三大 登记编与 方向共计十大主题,讨论 2025H2 投资机会。 投资要点: 苏徽(分析师) 0 十大投资主题展望:主题开路作先锋,看好中国"转型牛"。在遍历 登记编号 冲击后,投资人对经济形势的认识已然充分,中国股市预期和估值 的主要矛盾已经发生转变,可以看到:1)新技术趋势和商业模式开 始涌现;2)投资股票的机会成本降低,无风险利率下降增量入市; 分研究报 策 制造、格局改善三大方向共计十大主题,讨论 2025H2 投资机会。 o 主题四:低空经济与商业航天。首批载人类民用无人驾驶航空器运 营合格证颁发,我国低空经济正式进入"载人时代"。非管制空域的 划设为低空经济发展打开了物理空间,适航取证加速为低空经济发 展打开 ...

尊敬的各位投资者： 展信佳。 长城恒生科技指数QDII（A类：024148；C类：024149）已于今天顺利结束募集，感谢您的信任与支 持。 往后展望，在"以我为主"的未来图景下，中国科技力量崛起将是长期故事，恒生科技指数有望在这一发 展进程中持续焕发生机。 最后，再次感谢您对长城恒生科技指数QDII的关注。我们将始终秉持专业审慎的投资理念，以深度研 究为基石，紧密跟踪科技产业变革趋势，全力以赴把握港股科技板块的投资机遇，力争为您创造长期稳 健的投资回报！ 政策面上，国内 "科技自立自强" 政策持续加码，从芯片国产替代到软件自主可控，政策支持力度不断 提升。近期工信部等九部门联合发布的《关于加快推进科技服务业高质量发展的实施意见》明确提出， 加快科技成果转化和产业化，有力支撑科技创新和产业创新融合发展。特别在半导体、智能装备等 "卡 脖子" 领域，政策端正通过专项基金、税收优惠等组合拳，加速产业突围。 产业面上，以DeepSeek为代表的国产AI技术和应用正迎来突破性发展，随着AI加速向各行各业渗 透，"AI+"不仅将推动科技企业盈利模式升级，更有望成为中国经济高质量发展的新引擎。港股科技板 块作为相关企业的 ...

中信证券研报表示，2025年二季度以来电子行业整体业绩延续正常需求下的增长趋势，其中预计算力相 关下游强劲，且整体海外算力链强于国产算力链；B端服务器、光储、家电及工控自动化等需求持续强 劲，预计带动相关模拟、功率和成熟制程产业链表现较好，且景气度有望延续；消费电子二季度为传统 淡季，需求保持平稳，预计部分受益份额提升及创新升级的公司业绩较好；自主可控产业链国产化稳步 推进，预计未来先进逻辑订单逐步落地，存储订单保持平稳，且行业并购整合趋势明确。综合来看，预 计二季度业绩表现相对亮眼的细分板块有算力相关PCB龙头、模拟龙头、存储龙头、设备龙头、光学龙 头、部分SoC公司、CIS龙头等。 ...

Core Viewpoint - The recent State Council meeting has focused on optimizing drug and medical consumables procurement policies, with expectations for a marginal easing in the rules for the 11th batch of national procurement [1] Group 1: Policy Implications - The policies are expected to encourage and support the development and use of innovative drugs and medical devices, which will likely benefit and accelerate the growth of the innovative drug and device industry, enhancing its global influence [1] - Strengthened quality supervision across the entire supply chain for drugs and consumables is anticipated to favor high-quality generic and innovative leading companies, potentially leading to a more concentrated market share [1] Group 2: Investment Strategy - The investment strategy for the second half of 2025 suggests that the optimization of procurement will restore market sentiment, and the era of true innovation and internationalization in pharmaceuticals will bring returns [1] - The layout of self-controlled industrial chains under the backdrop of tariffs is expected to see multiple catalysts in the second half of the year, driving steady growth in the sector [1] - It is recommended to focus on three areas for investment in the second half of the year: innovation-driven initiatives, internationalization, and reforms in out-of-hospital marketing models, particularly in the innovative drug sector, which is seen as having the highest beta effect [1]

Core Viewpoint - The modernization of the industrial chain is crucial for enhancing its position and competitiveness in the global value chain, with talent being the primary resource for innovation and optimization of resource allocation [1][4]. Group 1: Key Aspects of Industrial Chain Modernization - Strengthening the industrial chain relies on innovation, which includes enhancing self-control, promoting digital transformation, and advancing towards high-end development [2][3][4]. - Enhancing self-control involves utilizing technology innovation, brand building, and market expansion to improve overall competitiveness while focusing on developing proprietary technologies [2]. - Digital transformation is essential for breaking down information silos and improving collaboration across the industrial chain, leading to the emergence of new forms such as smart supply chains and industrial internet platforms [3]. - Advancing towards high-end development requires overcoming low-value and low-technology limitations, focusing on high-value segments like R&D, design, and brand marketing [3]. Group 2: Role of Talent in Innovation - Innovation is fundamentally driven by talent, which plays a critical role in the innovation ecosystem by integrating resources and facilitating collaboration [5][6]. - The relationship between industrial chain modernization and talent development is mutually reinforcing, where the demand for talent drives innovation and the aggregation of talent enhances modernization [6][7]. Group 3: Integration of Industrial and Talent Chains - Deep integration of the industrial chain and talent chain is necessary for enhancing modernization levels and maximizing talent value [8]. - Establishing a collaborative system across various fields and disciplines is essential for addressing key technological challenges and optimizing resource allocation [8][9]. - A seamless connection between talent demand, training, and utilization is crucial for fostering innovation and ensuring the effective application of new technologies [9][10]. Group 4: Building a Talent Ecosystem - Creating a sustainable talent supply ecosystem around key industrial chains involves attracting high-end talent and nurturing local talent [10]. - The process of extending, supplementing, solidifying, and strengthening the industrial chain requires a diverse talent pool, including strategic scientists and skilled professionals [10].

证券研究报告 | 策略定期报告 2025 年 06 月 16 日 火山引擎原动力大会启动，苹果 WWDC 聚焦生态革新 ——全球产业趋势跟踪周报（0616） 本周产业趋势集中在国内外的科技巨头的产品大会。国内方面，火山引擎原动 力大会于 6 月 11 日-12 日在北京举行，核心聚焦大模型、AI 云原生、Agent 开 发、多模态理解等前沿领域，深入探讨 AI 技术产业化路径。国外方面，苹果 WWDC 全球开发者大会于 6 月 9 日举行，以软件生态为核心，展现了操作系统 家族的全面进化。政策端方面，上周围绕钢铁、汽车行业整治内卷，以及多地发 布促消费政策。多家车企同步发布声明，均承诺对供应商货款支付账期"不超 60 天"，深圳、北京、广西、广州四地发布促消费政策。 电信服务和日常消费表现欠佳。 ❑ 风险提示：经济数据不及预期，政策理解不全面，海外政策超预期收紧。 定期报告 相关报告 1.《火山引擎力推 AI 云原生变 革，苹果 WWDC 开启系统新生 态 ——全球产业趋势跟踪周报 （0609）》 2.《国产创新药企业迎来 Lisence out 新机会、Computex 2025 关注六大亮点和四大方 向， ...