Core Viewpoint - Recently, Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") has changed its IPO review status to "inquired" on the Sci-Tech Innovation Board, with CITIC Securities as its sponsor [1] Group 1: Company Overview - Youxun was established in February 2003 and is one of the first companies in China specializing in the design of high-speed transceiver chips for optical communication [3] - The company has become a "national champion" in the optical communication field and has participated in the formulation of numerous national and industry standards [3] Group 2: Financial Performance - Youxun's revenue for 2022, 2023, and 2024 was 339.07 million, 313.13 million, and 410.56 million respectively, with a decline of 7.65% in 2023 [9] - The net profit for the same years was 81.40 million, 72.08 million, and 77.87 million, also showing a decrease of 8.02% in 2023 [9] - The company's R&D investment for 2022, 2023, and 2024 was 71.68 million, 66.05 million, and 78.43 million respectively, with a cumulative investment of 216 million over three years [6][7] Group 3: Market Position and Product Development - Youxun has established a complete core technology system in optical communication chip design, achieving breakthroughs in key areas such as transceiver integration and high-speed modulation [6] - The company has successfully entered the global supply chain and ranks first in China and second in the world for products with speeds below 10Gbps [6] - Youxun is actively developing high-value-added new products, including 50G PON transceiver chips and automotive optical communication chips [6] Group 4: R&D and Profitability - The R&D expense ratio for Youxun was 21.14%, 21.09%, and 19.10% for 2022, 2023, and 2024, significantly lower than the industry average of 31.65% and 31.45% [7][9] - The gross profit margin for the main business decreased from 55.26% in 2022 to 46.75% in 2024, indicating pressure from rising raw material costs and declining sales prices [13][14] Group 5: Supply Chain and Inventory Management - The average purchase price of wafers increased by approximately 40.19% from 6,815.70 yuan per piece in 2022 to 9,555.07 yuan in 2024 [15][16] - The company's inventory value at the end of each reporting period was 130 million, 90.36 million, and 175 million, accounting for 38.48%, 25.45%, and 32.55% of current assets respectively [19] Group 6: Ownership Structure - As of the IPO application, the founder and chairman, Ke Binglan, directly holds 10.92% of the shares, with a total of 15.51% when including indirect holdings [22] - The actual controller's voting rights may be diluted to 20.35% post-issuance, raising concerns about potential control changes [24]

智通财经7月18日电，安哥拉央行维持基准利率于19.5%不变。 ...

特朗普：高利率正在扼杀房市 利率应降至1% 金十数据7月18日讯，美国总统特朗普在社交媒体Truth Social上发帖称，"'太晚先生'和美联储正在用高利率扼杀房 地产市场，让人们尤其是年轻人难以买房。他是我任命过的最糟糕人选之一。'瞌睡虫'乔知道他有多糟糕，还是重 新任命了他——美联储委员会没有采取任何措施阻止这个'蠢货'伤害这么多人。在许多方面，委员会同样难辞其 咎！美国经济正在腾飞，通胀水平极低，我们本应享受1%的利率，每年节省万亿美元利息支出。我无法告诉你'太 晚先生'有多蠢——这对我们的国家太糟糕了。" 订阅特朗普动态 +订阅 ...

特朗普：美联储正在扼杀房地产市场。高利率让年轻人很难买到房子。我们应该享受1%的利率。 ...

美国总统特朗普：高利率使年轻人购房变得困难。 ...

美国总统特朗普：我们应当达到1%的（利率）水平。 ...

Core Viewpoint - President Trump claims that the Federal Reserve is stifling the real estate market and asserts that a 1% interest rate level is appropriate [1] Group 1 - The statement highlights concerns regarding the impact of Federal Reserve policies on the real estate sector [1] - The assertion of a 1% interest rate level suggests a preference for lower borrowing costs to stimulate the housing market [1]

Group 1: Silver Futures Market - The total amount of silver futures in Shanghai Futures Exchange is 1,211,076 kilograms, with a decrease of 6,009 kilograms compared to the previous day [1][3] - The main silver futures opened at 9,110 CNY per kilogram, reached a high of 9,282 CNY per kilogram, and a low of 9,095 CNY per kilogram, closing at 9,273 CNY per kilogram, reflecting a daily increase of 1.36% [1] Group 2: Federal Reserve Policy Debate - A rare policy dispute is occurring within the Federal Reserve, with Governor Cook expressing a hawkish stance, warning that tariffs are pushing up consumer prices and necessitating restrictive policies to curb inflation expectations [2] - In contrast, San Francisco Fed President Daly advocates for two rate cuts by the end of the year, arguing that the actual impact of tariffs is milder than expected and cautioning against over-tightening that could harm the job market [2] - Governor Waller proposed a surprising view that a 25 basis point rate cut should occur in July, citing three compelling reasons: the temporary nature of tariff inflation, economic growth below potential, and hidden risks in the job market [2]

Core Viewpoint - The recent statement by Federal Reserve Governor Waller indicates a shift in the internal perspective on current monetary policy, suggesting a potential move towards interest rate cuts due to reassessments of economic fundamentals, employment, and inflation [1] Group 1: Reasons for Supporting Rate Cuts - Waller's first reason highlights that new import tariffs may temporarily raise prices, but these are one-time changes and should not warrant a high interest rate response, as inflation expectations remain stable [3] - He emphasizes that the current federal funds rate is significantly above the neutral rate, which is estimated to be around 3%, while the current rate exceeds 5%, indicating a tight monetary policy that is not supported by economic data [3] - Economic growth is projected to be weak, with GDP growth in the first half of the year potentially at only 1%, and unemployment nearing long-term levels at 4.1%, suggesting that maintaining high rates is a lagging response to economic conditions [3] Group 2: Employment Market Concerns - Waller warns against being misled by seemingly stable employment data, noting that many labor market indicators may be revised downwards, and private sector job growth is nearly stagnant [4] - He points out that risks in the employment market are accumulating, advocating for preemptive measures rather than reactive ones when unemployment rises significantly [4] - The statement signals that the current high interest rate policy may be disconnected from the actual macroeconomic situation, with inflation near targets and economic growth insufficient, making continued high rates seem inappropriate [4]

路透调查：13位受访经济学家预计，匈牙利央行下周将维持6.5%的基本利率不变。 ...