昨天（25日），为期三天的第九届世界无人机大会在广东深圳闭幕。本次大会共吸引825家企业参展，签约成交订单约200亿元。 无人直升机、无人多旋翼飞行器、电动垂直起降航空器……作为一年一度的行业盛会，本次大会吸引了国内外825家企业、携带5000多款无人机产品进行展 示，全面展现了全球无人机领域的前沿技术。 深圳市无人机行业协会会长杨金才：我国消费类无人机占全球74％的市场，工业级无人机占全球55％的市场，掌握大概200多个应用场景。 近年来，伴随5G通信、人工智能发展，无人机在文旅、应急、交通、城市管理等领域的应用场景陆续拓展，不少企业纷纷推出新产品、新方案。 某无人机企业负责人孙立业：它的起飞重量可以达到1.4吨，可以巡航8个小时，它可以化成空中120进行人员的救护、森林的灭火，包括应急物资的运投工 作。 数据显示，深圳目前共有无人机相关企业超过2000家，年产值规模突破1000亿元。 新产品首秀引发关注 无人机竞技轮番上演 作为无人机和低空经济行业的盛会，本届世界无人机大会吸引了来自全球各地的参展商和专业观众。走廊上、展位里、洽谈桌前，处处都是大家询问产品细 节、了解行业咨询的身影。新产品首发首秀，以及多 ...

Core Insights - The global mobile phone shipment volume declined in 2022, directly impacting the supply chain, while the incremental demand from 5G base station construction and the electrification of new energy vehicles has not yet formed substantial support [1][13] - The electromagnetic shielding film market is expected to show weak recovery in 2024, with a slight growth in market size to 3.09 billion yuan [1][13] Electromagnetic Shielding Film Industry Overview - Electromagnetic shielding films reduce electromagnetic interference by reflecting and absorbing incoming waves, ensuring a stable electromagnetic environment for high-frequency and high-density devices [2] - The production process is complex and includes multiple steps such as coating, cutting, and baking, requiring strict storage conditions [2] - The main types of electromagnetic shielding films are metal alloy, conductive adhesive, and micro-needle types, with metal alloy films being the mainstream due to their superior performance [2] Industry Policy Background - China's electromagnetic shielding film industry is supported by a multi-level policy framework focusing on technological innovation, industrial upgrading, and green transformation [5] - National policies emphasize the development of electromagnetic shielding materials, with financial subsidies and tax reductions to promote research and development [5] Industry Chain - The upstream of the electromagnetic shielding film industry includes metal foil materials and functional additives, with domestic companies gradually achieving localization [7] - Downstream applications focus on communication devices, consumer electronics, and new energy vehicles, driven by the demand for 5G and automotive intelligence [7] Current Industry Status - The global electromagnetic shielding materials market is steadily expanding, driven by the deployment of 5G base stations and the complexity of new energy vehicle electronic systems [11] - The market size for electromagnetic shielding materials is projected to reach 9.8 billion USD in 2024, with a year-on-year growth of 5.9% [11] Competitive Landscape - Key players in the electromagnetic shielding film market include companies like TAZ, Fangbang Co., and Toyo Kogyo, with a high market concentration due to significant technical barriers [15] - Fangbang Co. is the second-largest supplier in the global market, with its performance closely linked to the consumer electronics sector, particularly smartphones [17] Development Trends - The electromagnetic shielding film industry is accelerating towards high performance and environmental sustainability, focusing on innovations in nanocomposite technology and flexible shielding [19] - The demand for shielding films is expanding from consumer electronics to new energy vehicles and 5G base stations, supported by policy initiatives and international market expansion [19]

Core Insights - The "2025 China Satellite Navigation and Location Service Industry Development White Paper" indicates that by 2024, the overall output value of China's satellite navigation and location service industry will reach 575.8 billion yuan, representing a year-on-year growth of 7.39% [1] - China continues to lead globally in satellite navigation patent applications, with a cumulative total surpassing 129,000, reflecting a year-on-year increase of 4.8% [4] Industry Growth - The satellite navigation and location service industry in China is experiencing stable growth, driven by the accelerated promotion of Beidou's priority application and domestic product substitution [4] - In 2024, the total sales of satellite navigation positioning terminal products in China exceeded 410 million units, with smart phones accounting for 294 million units [7] Application and Innovation - The Beidou system has achieved significant breakthroughs in various fields, including transportation, electricity, and consumer goods, enhancing high-precision location service capabilities [10] - By the end of 2024, approximately 13.5 million Beidou terminal devices have been promoted in transportation sectors such as road operation vehicles and rail transit [10] International Expansion - The Beidou system has been integrated into the standard systems of 11 international organizations, recognized as a core supplier of global satellite navigation systems by the United Nations [12] - Over 30 African countries, including Nigeria and Tunisia, have established Beidou CORS stations, indicating the system's expanding international presence [12]

Core Viewpoint - The rigid copper-clad laminate industry in China experienced rapid growth from 2019 to 2021 due to the acceleration of 5G base station construction, surging demand for electronic components in new energy vehicles, and increased consumer electronics demand driven by the pandemic. However, starting in 2022, the industry entered an adjustment phase due to global economic recession, weak consumer electronics demand, and semiconductor supply chain disruptions. In 2023, the contraction continued, with sales volume slightly decreasing to 524.9 million square meters and sales revenue shrinking further to 9.334 billion yuan, representing a year-on-year decline of 16.3% [1][11]. Rigid Copper-Clad Laminate Industry Overview - Rigid copper-clad laminates play a crucial role in electronic circuit manufacturing, providing conductivity, insulation, and support, which significantly impact signal transmission speed, energy loss, and characteristic impedance [2]. - The industry can be categorized into single-sided, double-sided, multi-layer, rigid, and flexible copper-clad laminates, with rigid laminates primarily used in communication devices, household appliances, electronic toys, and computer peripherals [2]. Industry Policy Background - China's policy support for the rigid copper-clad laminate industry is characterized by multi-level and multi-dimensional collaborative promotion, focusing on technological upgrades, intelligent equipment transformation, and green transition [4][5]. - Key policy initiatives include supporting the research and development of high-frequency and high-speed copper-clad laminates and high-performance substrates, optimizing production processes, and establishing standardized testing systems to enhance product reliability [4]. Industry Chain - The rigid copper-clad laminate industry chain in China consists of upstream suppliers of key raw materials such as electronic-grade glass fiber cloth, copper foil, resin, and wood pulp paper; midstream production focusing on manufacturing through lamination and coating processes; and downstream applications covering communication devices, household appliances, electronic toys, and computer peripherals [7]. Current Industry Development Status - In 2023, the global rigid copper-clad laminate market faced macroeconomic fluctuations, with total sales revenue declining by 16.3% to 12.734 billion USD and sales volume slightly decreasing by 1.1% to 656.8 million square meters [9]. - The market shows significant differentiation among product categories, with conventional FR-4 maintaining a 33.38% sales revenue share, while special resin-based and dedicated CCL (including high-speed, high-frequency, and IC carrier board materials) increased to 32.88% due to resilient high-end demand driven by AI servers, 5G communication, and advanced packaging technologies [9]. Competitive Landscape - The global rigid copper-clad laminate industry exhibits a pattern of one dominant player and multiple strong competitors, with companies like Kingboard Chemical, Shengyi Technology, and Taiyo Yuden leading the mid-to-high-end market through high-frequency and high-speed substrate research and large-scale manufacturing capabilities [13]. - Chinese leading enterprises are accelerating upgrades to low dielectric loss and high thermal conductivity products, leveraging the demand from 5G base station construction, new energy vehicle systems, and AI computing hardware [13][15]. Industry Development Trends - The rigid copper-clad laminate industry in China is rapidly advancing towards high-frequency, high-speed, high-thermal conductivity, and low-loss products to meet the stringent material performance requirements of emerging fields such as 5G communication, artificial intelligence, new energy vehicles, and data centers [17]. - The industry is also transitioning towards halogen-free and low-VOC emissions products driven by environmental policies, with a focus on green production technologies and circular economy models becoming core development directions [17].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the increasing demand for efficient thermal management solutions driven by the rise in power density of electronic devices across various sectors, including consumer electronics, industrial automation, new energy vehicles, and data centers [9][10] - The research aims to analyze the global and regional market size, growth trends, and technological applications of thermal modules, providing a reference for companies and research institutions in the industry [11][12] - The report emphasizes the importance of thermal modules in enhancing device performance, stability, and lifespan, particularly in the context of emerging technologies such as 5G, AI, and IoT [9][10] Summary by Sections Chapter 1: Research Overview - The background of the research indicates that modern technology's rapid development has led to a growing reliance on efficient thermal management solutions [9] - The purpose of the research is to provide reliable references for thermal module enterprises and research institutions by analyzing market trends and technological applications [11] - The methodology includes data collection from various sources to ensure the reliability and authority of the report [13] Chapter 2: Industry Policies - The management system of the thermal module industry in China is primarily composed of national and local government departments, with the Ministry of Industry and Information Technology (MIIT) being the main regulatory body [20] - Various industry policies and strategic plans have been introduced to support the development of thermal management technologies, particularly in high-performance applications [22][23] Chapter 3: Upstream and Downstream Industry Chain Analysis - The thermal management industry chain encompasses several stages, including heat source management, thermal conduction, and thermal exchange [34] - The upstream industry involves raw material supply, production equipment, and technology research and development, with key materials including aluminum and copper [42] - The downstream applications of thermal modules span across consumer electronics, data centers, new energy vehicles, and industrial equipment [53] Chapter 4: Global Thermal Management Status and Market Capacity - The report outlines the evolution of thermal management technologies from simple air cooling to advanced liquid cooling and phase change materials [55] - The current market trends indicate a significant shift towards more efficient thermal management solutions to meet the demands of high-power and high-density electronic devices [56][57]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the increasing demand for efficient thermal management solutions due to the rising power density of electronic devices across various sectors, including consumer electronics, industrial automation, new energy vehicles, and data centers [9][10] - The research aims to analyze the global and regional market size, growth trends, and technology applications in the thermal module sector, providing a reference for companies and research institutions [11][12] - The report emphasizes the importance of thermal modules in enhancing device performance, stability, and lifespan, driven by technological advancements and environmental policies [9][10] Industry Policy - The thermal module industry in China is primarily managed by the Ministry of Industry and Information Technology (MIIT), which formulates policies and technical standards to promote industry upgrades [20] - Various national policies support the development of high-performance thermal materials and technologies, particularly in data centers, high-end electronic devices, and new energy vehicles [22][23] Industry Chain Analysis - The thermal management industry encompasses several processes, including heat source management, heat conduction, heat exchange, and temperature control [34][35] - Thermal modules play a crucial role in the industry chain, connecting heat source management with the implementation of thermal management systems [39] Market Size and Trends - The report indicates a growing market for thermal management solutions, driven by the increasing complexity and power requirements of modern electronic devices [55] - The evolution of thermal management technologies has progressed from simple air cooling to more advanced methods such as liquid cooling, heat pipe cooling, and phase change materials [56][57] Upstream and Downstream Analysis - The upstream industry includes raw material supply, production equipment, and technology research and development, with key materials being aluminum and copper for thermal modules [42][46] - The downstream applications of thermal modules span various sectors, including consumer electronics, data centers, new energy vehicles, and industrial equipment, highlighting the widespread reliance on effective thermal management solutions [53][54]

路透社等媒体称，中国是拉丁美洲仅次于美国的第二大贸易伙伴，拉丁美洲是中国在亚洲以外最大的对外投资目的地。去年，中拉贸易总额首次 超过5000亿美元。 在12日举办的"中国-巴西商业研讨会"上，巴西总统卢拉与美团创始人、CEO王兴会面，并见证签署投资协议。美团将在未来几个月内，正式将其 旗下外卖服务Keeta引入巴西，并计划5年内在巴西投入10亿美元支持该项目发展。根据投资协议，Keeta进入巴西后，将在当地建设全国性即时配 送网络，同时，也会为当地合作伙伴提供综合服务、营销工具和数字化运营工具，支持当地餐饮商户的业务。 巴西UOL新闻网13日报道称，美团的进入将开启巴西外卖市场的新篇章，外卖行业将在经历疫情造成的衰退和客流量下降后迎来转折点。巴西食 品服务研究所称，2024年外卖用户数量下降了3%，目前行业的增长完全依赖食品价格上涨来维持。美团等巨头的到来被视为一种"颠覆性"因素， 能够重新引发竞争。有了新的理念，iFood、Rappi和99 Food等现有外卖平台将更加注重盈利能力、多样化和差异化。 此外，蜜雪冰城将在巴西投资32亿雷亚尔（约41.1亿元人民币）用于建厂、拓展门店。长城汽车、广汽集团等也计划 ...

Core Insights - The importance of electronic resin as a fundamental material is increasing in the rapidly developing electronic information industry, with applications extending from smartphones to new energy vehicles [1] - Tongyu New Materials (Guangdong) Co., Ltd. has established itself as a significant player in the electronic resin field for copper-clad laminates through nearly a decade of focused investment in technology research and large-scale production [1][2] - The company has diversified its product range, including MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents, providing systematic resin solutions for various needs [1] Industry Analysis - The global PCB (Printed Circuit Board) industry is experiencing steady growth driven by technological iterations in end applications such as 5G communication, consumer electronics, and automotive electronics, leading to a simultaneous increase in market demand for electronic resin [1] - Companies with technological accumulation and stable supply capabilities are better positioned to capitalize on this trend [1] Company Strategy - Tongyu New Materials has gradually transformed its investment in technology research and production processes into market competitiveness by integrating R&D resources and optimizing production workflows [2] - The company aims to continue focusing on technological innovation and service capability enhancement in the electronic resin field, strengthening collaboration with industry chain partners to promote product iteration and upgrade [2]

Core Viewpoint - The communication sector is experiencing a shift in momentum, with AI computing power becoming a new growth engine for the industry, as evidenced by the performance of the 5G communication ETF and the overall revenue growth in the communication equipment sector [3][4]. Group 1: ETF Performance - As of May 13, 2025, the 5G communication ETF has seen a net value increase of 24.14% over the past three years, ranking 272 out of 1753 index equity funds, placing it in the top 15.52% [4]. - The 5G communication ETF has achieved a maximum single-month return of 24.50% since its inception, with the longest consecutive months of increase being four, and the longest increase percentage being 23.37% [4]. - The ETF has a management fee of 0.50% and a custody fee of 0.10%, which are the lowest among comparable funds [4]. Group 2: Market Trends - The 5G communication ETF has seen a scale increase of 1.60 billion yuan over the past week, with a share increase of 2.88 million shares over the last three months, both ranking first among comparable funds [3]. - The overall revenue for the communication equipment sector showed a year-on-year growth of 2.9% in Q4 2024 and 12.9% in Q1 2025, indicating a recovery trend starting from Q4 2023 [3]. - The net profit for the communication equipment sector experienced a decline of 141% in Q4 2024, followed by a 24% growth in Q1 2025, demonstrating a significant recovery [3]. Group 3: Index Composition - The CSI 5G Communication Theme Index includes companies related to 5G infrastructure, terminal devices, and application scenarios, reflecting the overall performance of listed companies in the 5G communication theme [5]. - As of April 30, 2025, the top ten weighted stocks in the CSI 5G Communication Theme Index accounted for 51.99% of the index, with notable companies including Luxshare Precision (10.08% weight) and ZTE Corporation (7.09% weight) [5][7].

| 的生产效率不断提升。感谢您的关注! | | --- | | 2.公司之后的盈利有什么增长点？ | | 答：尊敬的投资者您好，公司深耕消费电子领域数十载，凭借 | | 与三星、OPPO、vivo、Google、夏普等头部品牌的长期合作基础， | | 积累了丰富的经验和技术优势。在 AI 技术推动智能手机向智能化、 | | 高性能化发展的背景下，公司将通过持续的技术创新和产品升级， | | 进一步提升产品附加值和市场竞争力；同时，在深化与现有头部品 | | 牌的合作，拓展新客户资源，积极把握市场机遇，从而在市场复苏 | | 的浪潮中进一步拓展市场份额，提升盈利能力。公司 2024 年收入规 | | 模较 2023 年增长了 11.21%，未来公司也将持续通过优化产品结构、 | | 选择性接单、研发推出新品等方式持续提升产品毛利率；在成本管 | | 控方面，公司采取积极的采购降本措施，通过布局产能整合的方式 | | 优化资源配置，提高产能利用率，公司引进先进的精益管理办法、 | | 智能追踪系统等加强成本管理，不断提升生产效率。 | | 3.根据公司发布的 2024 年年报，公司 2022 年—2024 年业绩 ...