Core Viewpoint - The acceptance of the IPO application from Shanghai Super Silicon Semiconductor Co., Ltd. signals a shift towards greater inclusivity in the capital markets, particularly for unprofitable companies in the tech sector [1] Group 1: Industry Trends - The acceptance marks the third unprofitable company to be accepted for IPO on the Sci-Tech Innovation Board since the introduction of the "Eight Articles" [1] - Global capital markets are innovating their systems to increase inclusivity, as seen in the U.S. JOBS Act, the UK's Edinburgh Reforms, and revisions in listing terms by exchanges in the Asia-Pacific region and Hong Kong [1] - The urgency for domestic self-controlled technology in the context of national competition is driving the need for increased investment and financing in hard tech sectors [1] Group 2: Regulatory Insights - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need for a combination of effective markets and proactive government support, focusing on areas that reflect new productive forces [1] - The implementation of more inclusive issuance and listing systems, such as the "green channel" and provisions for unprofitable companies, aims to provide precise support for high-quality tech enterprises [1]

未盈利企业科创板IPO申请再增一单！ 6月13日，上交所官网显示，被业界称为"半导体'独角兽'"的上海超硅半导体股份有限公司（以下简称"上海超硅"）科创板IPO申请获上交所受理。这是"科创板八 条"发布后，又一家未盈利企业科创板IPO申请获受理。 6年实践检验 创新底色转化为现实生产力 去年6月，证监会发布的《关于深化科创板改革 服务科技创新和新质生产力发展的八条措施》（简称"科创板八条"）明确提出，进一步完善科技型企业精准识别机 制，支持优质未盈利科技型企业在科创板上市。一年来，上交所坚持稳中求进、综合施策，目标导向、问题导向，尊重规律、守正创新的原则，严把"硬科技"入口 关，积极推进优质未盈利企业在科创板发行上市。 未盈利企业科创板IPO申请陆续获受理 上海超硅是国内最早从事集成电路大尺寸硅片的企业之一，是国家级高新技术企业，曾获评专精特新"小巨人"企业、知识产权优势企业，还曾入选2024全球独角兽 榜。 根据招股书申报稿，上海超硅拟融资49.65亿元，拟投向集成电路用300毫米薄层硅外延片扩产项目和高端半导体硅材料研发项目等。 截至2024年底，上海超硅仍处于亏损状态。事实上，"科创板八条"发布以来，已 ...

Core Viewpoint - The acceptance of Shanghai Super Silicon's IPO application on the Sci-Tech Innovation Board marks a significant step in embracing unprofitable technology companies, reflecting the capital market's commitment to supporting hard technology enterprises and new productive forces [1][2]. Group 1: Company Overview - Shanghai Super Silicon is one of the earliest companies in China engaged in large-size silicon wafers for integrated circuits and is recognized as a national high-tech enterprise [2]. - The company plans to raise 4.965 billion yuan for projects related to the production of 300mm thin silicon epitaxial wafers and high-end semiconductor silicon material research and development [2]. - As of the end of 2024, Shanghai Super Silicon is still in a loss-making state [2]. Group 2: Industry Context - Since the introduction of the "Sci-Tech Innovation Board Eight Measures," three unprofitable companies have had their IPO applications accepted by the Shanghai Stock Exchange [2]. - The acceptance of Shanghai Super Silicon's IPO application indicates a broader trend of the capital market welcoming hard technology enterprises, with ten other unprofitable companies currently undergoing IPO reviews [2][8]. - The Sci-Tech Innovation Board has seen a total of 54 companies go public while unprofitable, primarily in the new generation information technology and biopharmaceutical sectors [5][6]. Group 3: Policy Support - The "Sci-Tech Innovation Board Eight Measures" aims to enhance the identification mechanism for technology companies and support high-quality unprofitable tech firms in going public [1][8]. - Recent policies have been implemented to provide a more inclusive environment for unprofitable companies, signaling a commitment to fostering innovation and technological advancement [8][9]. - The China Securities Regulatory Commission emphasizes the need for effective market mechanisms combined with proactive government support to facilitate the listing of quality unprofitable tech companies [9][10].

证券代码：002985 证券简称：北摩高科 2.外部摩擦对于国内航司采购航材的影响 目前，民用航空刹车制动系统市场主要为国外巨头垄 断，主要参与者包括美国的 Goodrich 、 Honeywell 、 ABSC，法国的 Messier Bugatti，英国的 Dunlop Aviation 等企业。今年以来，众多航司航材进口成本陡然提升，同 时地缘政治紧张导致供应链亦存在不确定性。 根据各大航司2024年年报，中国国航、南方航空和东 方航空目前的机队规模分别为930架、917架和804架，刹车 盘作为耗材类产品存在特定的使用寿命和更换周期，民航 刹车制动产品存在较大的国产替代空间。 北京北摩高科摩擦材料股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动类别 | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他（电话交流会） | | 活动参与人员 | 华泰证券朱雨时，兴业证券周登科，兴业证券邓童 | | | 卉，国投证券宋子豪，光大证券汲萌，创金合信李 | ...

Core Insights - The chairman of iFlytek, Liu Qingfeng, emphasized the challenges of developing algorithms based on domestic computing power compared to using overseas solutions, noting a potential delay of three months in algorithm development [1] - iFlytek is committed to a self-controlled path in algorithm development, citing the need for independence to avoid being constrained by external factors [1] - The company has seen significant success in various sectors, including education and legal, with its AI models outperforming competitors in specific applications [3][4] Group 1: Business Development - iFlytek's business is thriving across C-end, B-end, and G-end sectors, with numerous benchmark cases emerging from state-owned enterprises [3] - The company has achieved comprehensive leadership in the financial and state-owned enterprise markets, focusing on solidifying its foundational models and standard products [4] - The star product, the X1 model, has shown impressive performance in medical and legal applications, with accuracy rates significantly surpassing competitors [3][4] Group 2: Consumer Market Performance - iFlytek's consumer products, including learning machines and translation devices, have dominated sales on major platforms, with a 25% year-on-year revenue growth [6] - The total user base for the SaaS product "Tingjian" has reached 90 million, reflecting a 54% year-on-year increase [6] - The overseas market has seen explosive growth, with the number of overseas developers increasing by 31.9% and AI marketing revenue growing 25 times year-on-year [6] Group 3: Future Outlook - Liu Qingfeng believes that a nation's global influence will be measured by the number of sovereign large models it can provide, positioning iFlytek to contribute significantly to this landscape [6] - The year 2025 is anticipated to mark the beginning of widespread AI adoption, with projections indicating that 17.7% of China's population will be users of generative AI by the end of 2024 [6] - iFlytek aims to capture the foundational benefits of the AI era by focusing on self-control, integration of software and hardware, and addressing industry-specific needs [6]

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 美国半导体出口管制再升级，存储器 价格持续回升 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2025 年 06 月 13 日 -15% -4% 7% 18% 28% 39% 50% 61% 2024.06 2024.10 2025.02 2025.06 半导体 沪深300 资料来源：聚源，中原证券研究所 相关报告 《半导体行业月报：半导体行业 25Q1 稳健 增长，端侧 AI 助力 SoC 厂商高速成长》 2025-05-12 《半导体行业月报：美国"对等关税"政策 落地，关注半导体自主可控方向》 2025-04- 08 《半导体行业深度分析：AI 算力芯片——AI 时代的引擎》 2025-04-03 联系人：李智 2025 年 3 月闪迪、美光等存储原厂发布涨价函，表示 4 月起调涨 存储器价格。根据中国闪存市场的数据，2025 年 3 月至 5 月 DRAM、NAND Flash 综合价格指数环比持续回升，DRAM 指数上 涨约 33%，NAND 指数上涨 ...

Core Viewpoint - The strategic cooperation between China FAW Group and New Ziguang Group aims to enhance the domestic chip industry, focusing on automotive-grade chips and addressing key technological challenges in the sector [1][2][4]. Group 1: Strategic Cooperation - China FAW Group and New Ziguang Group signed a strategic cooperation agreement to collaborate on domestic chip applications, supply chain resource construction, joint technological breakthroughs, and the establishment of a chip industry ecosystem [1]. - The partnership is expected to strengthen the self-controllable capabilities of the industrial chain, particularly in automotive-grade chips [1][4]. Group 2: Industry Trends and Goals - China FAW Group is accelerating its "All in" new energy strategy to adapt to the trends of electrification and intelligence in the automotive industry, aiming to build a reliable and advanced new energy supply chain [1]. - In 2024, China FAW Group plans to increase its new energy production capacity in the commercial vehicle sector, with a target of selling 339,000 intelligent connected new energy vehicles, representing a 41% year-on-year growth [1]. Group 3: Technological Advancements - New Ziguang Group is positioned to drive rapid growth in its automotive electronics business, leveraging its comprehensive layout in the automotive chip sector [2]. - The company has launched new high-end products, including the A8880 smart cockpit chip platform, which boasts a threefold increase in CPU performance and an eightfold increase in AI computing power [3]. Group 4: Ecosystem Development - The collaboration aims to create a competitive semiconductor industry chain with a focus on autonomous control and collaborative innovation across all elements [5]. - New Ziguang Group plans to establish a closed-loop ecosystem from chip design to end application, enhancing the local automotive chip industry [6]. Group 5: Supply Chain Integration - The partnership is expected to streamline the traditional supply chain model, allowing for faster communication and decision-making between the two companies [7]. - The direct dialogue between the leadership of both companies is anticipated to facilitate the integration of New Ziguang's various automotive chips into China FAW Group's supply chain [7].

市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3402.66 | 0.01% | 0.34 | | | 深证成指 | 10234.33 | -0.11% | -11.69 | | | 沪深 300 | 3892.20 | -0.06% | -2.43 | | | 创业板 | 2067.15 | 0.26% | 5.29 | | | 科创 50 | 977.97 | -0.30% | -2.96 | | | 北证 50 | 1424.38 | -0.25% | -3.53 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 有色金属 | 1.40% | 家用电器 | -1.77% | 毛发医疗 | 2.02% | 中韩自贸区 | -1.52% | | 传媒 | 1.3 ...

| | 针对新建楼宇没有历史数据的情况，例如新建楼宇的节能 AI 应 | | --- | --- | | | 用，公司通常采用前期通过自动化系统实现基础运行并积累数据， | | | 后期逐步引入 AI 训练和优化，实现从自动化到 AI 智能化运行的平 | | | 滑过渡。 | | | Q3：当前我国多个领域已在自主可控方面取得显著进展，请问 | | | 智慧楼宇领域的发展情况如何？ | | | 智慧楼宇被认为是最后一个尚未完全实现自主可控的专业领域 | | | 之一，智慧楼宇三大核心系统分别为： | | | 1. 网络通讯系统 —— 以华为等企业为代表，已基本实 | | | 现自主可控，具备全面本土化能力； | | | 2. 视频监控系统 —— 以海康威视、大华等企业为代表， | | | 已实现关键技术突破和本土产业链构建； | | | 3. 楼控平台及应用系统 —— 仍处于加快去依赖化的阶 | | | 段，在物联网平台、楼宇自控核心设备等方面，过去长期依赖海外 | | | 厂商。 | | | 达实智能长期聚焦于智慧楼宇的核心环节——楼控平台，自主 | | | 研发的 AIoT 物联网平台具备安全可控、持续演 ...

证券代码：300395 证券简称：菲利华 湖北菲利华石英玻璃股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访√业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 6 月 12 日 (周四) 下午 14:30~16:50 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长商春利 | | 员姓名 | 2、董事会秘书郑巍 | | | 3、财务总监魏学兵 | | | 投资者提出的问题及公司回复情况 1、如何评估技术侵权诉讼索赔额大增，对公司财务及声誉 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 影响？ | | | 尊敬的投资者，您好！公司诉陈宜平、武汉鑫友泰光电科技 | | 投资者关系活动 | 有限公司、肖 ...