爱旭股份 20250706 摘要 光伏行业目前处于基本面底部，面临供需压力和亏损现金状况，政策鼓 励技术创新以打破内卷，BC 技术路线因其高效率和美观度受到重视，并 与异质结、Topcon 等技术具有兼容性。 BC 产品在效率和美观度方面具有优势，在国内外招标中溢价明显，国内 分布式场景溢价约 10%，海外工商业场景溢价 10%-20%，户用场景溢 价 30%-40%，市场认可度较高。 爱旭股份持续投入研发，占比收入比例保持在 3.5%以上，2024 年超过 6%，拥有大量专利和技术发明，转化效率处于行业领先水平，满屏产品 逐步退出市场，交付效率可达 25%-25.2%。 爱旭股份已投产 ABC 产能 18GW，珠海和义乌均已满产，济南项目逐 步投产，良率、效率及成本均得到优化，电池片良率约 97%-98%，组 件良率 99%以上，与 Topcon 成本差距缩小至 3-5 分钱，济南基地投产 后有望持平。 爱旭股份 2024 年 BC 产品出货量达 6.3GW，2025 年第一季度超 4.5GW，获下游客户认可，尤其在欧洲、日本、澳大利亚等高价值市场， 双面率提升至 80%±5%，国内集中式项目中标增多。 Q ...

Core Viewpoint - Nanjing Silicon-based Intelligent Technology Group, an AIGC unicorn, has completed a multi-billion D round financing to enhance R&D and accelerate market application of its digital human technology [4][5]. Group 1: Company Overview - Silicon-based Intelligent was established in 2017 and has raised over 1 billion in 10 rounds of financing, with investors including Tencent and Sequoia China [4]. - The company focuses on AIGC digital human technology and has developed four main product lines: DUIX intelligent interaction platform, virtual live streaming platform, video production platform, and intelligent customer service [4][5]. Group 2: Market Potential - The digital human market in China has surpassed 10 billion in 2023 and is expected to reach 30 billion by 2025, with a compound annual growth rate exceeding 50% [5]. - The emergence of numerous AI agents is leading to a decline in technical barriers, potentially resulting in price wars in the market [5]. Group 3: Technological Advancements - The DUIX ONE multimodal large model, set to launch in November 2024, integrates core algorithm capabilities such as speech recognition, speech synthesis, NLP, and computer vision [6][10]. - DUIX ONE enhances interaction realism, addressing previous limitations of digital humans [7]. Group 4: Commercial Applications - Silicon-based Intelligent's digital human business has generated hundreds of millions in revenue, serving over 5,000 brands and significantly reducing costs for businesses [13]. - The company offers customized services for both enterprise clients and individual users, facilitating the creation of personalized digital avatars and enhancing user engagement in live streaming [11][13]. Group 5: Future Directions - The company aims to democratize AIGC technology by open-sourcing its core technologies, enabling rapid integration into various industries [14]. - The integration of AI multimodal capabilities into daily life is expected to redefine emotional communication and create new dimensions for preserving human emotions and memories [14].

Core Viewpoint - The article emphasizes the increasing demand for customized anode materials in lithium batteries and suggests that companies in the industry should focus on three main strategies to achieve breakthroughs in a highly competitive market [1]. Group 1: Technological Innovation - Companies should prioritize technological innovation to forge differentiated competitive advantages, focusing on R&D to develop unique products and maintain generational advantages [1]. - Collaboration with academic institutions and research organizations is essential for accelerating the transformation of technological achievements [1]. - Continuous upgrades in equipment and iterative processes are necessary to reduce production costs and enhance competitiveness [1]. Group 2: Industry Chain Collaboration - Companies should adopt a "vertical integration" supplier management model to create value across the entire supply chain and establish strategic partnerships with upstream suppliers [2]. - Engaging in "business + equity" cooperation models with downstream enterprises can enhance customer loyalty and ensure the absorption of advanced production capacity [2]. - Implementing customized service strategies can help build long-term partnerships with customers, fostering mutual growth [2]. Group 3: Dynamic Capacity Adjustment - Companies need to possess keen market insight and flexibility to dynamically adjust capacity layouts in response to market changes [3]. - A dual strategy of "regional capacity + global market" should be implemented, utilizing energy cost advantages in low electricity price regions for green factory construction and selecting international logistics hubs for overseas operations [3]. - Monitoring policy changes and promoting green and intelligent upgrades of capacity are crucial, along with establishing demand monitoring models for agile adjustments in product structure and capacity deployment [3].

【DT新材料】 获 悉 ， 6 月 25日， 科思创 宣 布 其 台 湾 彰 化 基 地 医 疗 级 热 塑 性 聚 氨 酯 （ TPU ） Desmopan® Rx系列产品正式投产。 彰化基地成为继北美新马丁斯维尔基地后， 科思创全球第二个 获医疗级TPU生产资质的工厂 ，将通过本地化供应，填补亚太市场对高性能医疗材料日益增长的市 场需求。 | 全体大会 高分子产业年会(全体大会) · 政策发展 · 市场分析 · 投融资 · 供应链 · Al赋能 2025"新塑奖"评选颁奖盛典 | 七大论坛 第一届具身机器人创新 第一届AI消费电子 载十居中国国际工程朝对 制造论坛 材料论坛 产业创新大会 · 谐波减速器·轻量化结构件 · ·关键单体 · ·特种工程塑料 ·热管理·桑性显示·外观设计 · 轻量化·Al融合 · 电子皮肤 · 关节齿轮 · 灵巧手腱绳 ·特种聚烯烃 ··特种弹性体 ·光学高分子 ·医用高分子 第一届新能源领域创新 材料论坛 ·新能源高分子·创新助剂 第三届高分子电磁复合 ·光伏胶膜·背板·边框·电池包 材料应用开发大会 ·智能制造 ·聚合物电解质·薄膜电容器 · 高频高速PCB · 5.5G/ ...

Group 1 - The 42nd National Pharmaceutical Industry Information Annual Conference and the 2025 Beijing-Changping Life Science Forum were held in Beijing, showcasing the strength and vitality of pharmaceutical innovation in Beijing [1] - In the first half of 2025, the National Medical Products Administration approved 43 innovative drugs, with 40 developed by Chinese companies, indicating a strong domestic R&D capability [1] - A significant milestone was achieved in January when Beijing's first stem cell drug was approved, and multiple multinational companies announced the establishment of innovation R&D centers in Beijing [1] Group 2 - The National Healthcare Security Administration introduced 16 specific measures to support the high-quality development of innovative drugs, emphasizing the importance of genuine innovation and differentiation [2] - The measures aim to enhance the clinical application and payment capabilities of innovative drugs, while also promoting collaboration between public and commercial insurance [2] - The Beijing Future Pharmaceutical Industry Chain Research Institute was established to support key technology collaboration and promote international development of the pharmaceutical industry [2] Group 3 - The Changping District released support measures to promote the development of the pharmaceutical and health industry, focusing on cross-border R&D cooperation and alignment with international standards [3] - The policy aims to address technological gaps in cutting-edge fields such as brain-machine interfaces, AI drug development, and cell gene therapy [3]

Core Viewpoint - The strategic cooperation agreement between Youchuan Consulting and Yinuo Group aims to leverage each other's strengths in various dimensions of capital market business, enhancing their service offerings and creating a sustainable partnership [3][4]. Group 1: Strategic Cooperation Details - The cooperation will focus on areas where Youchuan Consulting excels, such as financial public relations, and Yinuo Group's expertise in strategic mergers and acquisitions, complex legal tax disputes, and charitable legacy planning [3][4]. - Both companies aim to explore professional collaboration based on their respective advantages, establishing a win-win relationship [3][4]. Group 2: Company Profiles - Yinuo Group is recognized as a world-class partner with a controlling stake in a company valued at over 10 billion, providing high-level services in strategic mergers, equity law, tax, and philanthropy [3]. - Youchuan Consulting specializes in financial public relations, offering comprehensive capital service solutions for companies listed or planning to list on A-shares, Hong Kong stocks, and US stocks, supported by a network of over 300 financial media and more than 1,000 institutional resources [3][4]. Group 3: Future Collaboration Outlook - Both parties expressed a strong commitment to deepening their collaboration in mergers and acquisitions and expanding opportunities across different business areas [4]. - The partnership is expected to create synergistic effects through resource integration and complementary advantages, aiming for a collaborative outcome greater than the sum of its parts [4].

5日，在2025年金砖国家工商论坛期间，中国通用技术集团董事长于旭波表示，金砖国家在推动贸易便 利化、加强监管合作、消除贸易壁垒方面有广泛共识，其中监管协同和标准互认尤为关键。 他建议，应推动金砖国家间的监管合作，通过协调非关税措施、加强监管趋同，促进可持续贸易，契合 国际承诺，助力重振多边贸易体制，减少不必要的贸易壁垒。利用国际标准、技术法规和自愿性可持续 标准作为监管趋同的实用工具，在卫生要求、技术性贸易壁垒、绿色认证框架等非关税措施方面加强合 作与协调。同时，可通过学术交流和定期对话加强金砖国家标准化机构间协作，解决监管分歧，尤其在 检验检疫、数字、绿色及可持续发展相关标准领域，扩大互认协议应用范围，推动监管兼容性，重点关 注能源、健康、农业、服务和数字贸易等关键领域。 他强调，2024年中方贸易与投资工作组提出的《贸易发展与标准合作倡议》已写入《金砖国家工商理事 会2024年度报告》。为落实该倡议，2025年4月发布了《贸易发展与标准合作倡议金砖行动计划（2025- 2026）》，该计划以推动全领域贸易标准化和强化多层次标准技术供给为重点，构建多维共进的协作机 制，深化重点领域标准对接，增强标准化能力 ...

Group 1 - The core viewpoint emphasizes the rapid development of computing power in the Beijing-Tianjin-Hebei region, which now accounts for over one-third of the national total, supported by advanced data centers and collaborative efforts between Hebei and Beijing [1] - The Hebei province is actively enhancing its computing power supply and promoting the integration of computing and electricity, aiming to foster artificial intelligence innovation scenarios and strengthen the computing power industry [1][2] - The establishment of various intelligent computing centers, such as the Shijiazhuang Artificial Intelligence Computing Center and the Xingtai Taihang Intelligent Computing Center, reflects Hebei's commitment to building smart infrastructure for AI [2] Group 2 - The integration of computing power with green electricity is highlighted, with projects like the Zhangjiakou Intelligent Computing Center utilizing renewable energy to reduce operational costs by approximately 20% per kilowatt-hour [3] - The use of green electricity in computing projects in Zhangjiakou is projected to reach 80% in the future, showcasing a commitment to sustainable energy practices [3] - The application of AI in various sectors, such as steel manufacturing and agriculture, demonstrates significant efficiency improvements and cost savings, with examples including a 7000 million yuan annual savings in steel production and a 20% reduction in fertilizer usage in farming [3][4] Group 3 - The traffic management system in Zhangjiakou has implemented AI traffic lights that enhance traffic flow efficiency by 30% during peak hours, indicating the practical benefits of AI in urban infrastructure [4] - The electronic information industry in Hebei reported revenues of 417.78 billion yuan in the previous year, marking a 19.2% year-on-year growth, while the big data industry saw a remarkable 65.7% increase in revenue [4]

Core Insights - Wuhan has achieved a significant breakthrough with the world's first public demonstration of a one-kilometer high-speed magnetic levitation test line, reaching speeds of 650 kilometers per hour, which supports aerospace launches and low-altitude economic development [1] - The city is leveraging its "Five Valleys" innovation framework—Optics Valley, Automotive Valley, Aerospace Valley, Cybersecurity Valley, and Pharmaceutical Valley—to enhance its core competitiveness and drive economic growth [1][2] Group 1: Five Valleys Overview - Optics Valley is projected to grow from a scale of approximately 459.7 billion yuan in 2020 to 756.6 billion yuan by 2024, marking a 64.5% increase over four years [2] - Automotive Valley has transitioned from solely gasoline vehicles to a mix of gasoline and electric vehicles, with the share of new energy vehicles rising from 7% in 2021 to 41% last year [2] - Aerospace Valley has established a national aerospace industry base, completing over 50 satellite assembly and integration tests since its opening in 2021 [2] - Cybersecurity Valley has developed a network security talent pool, training over 3,000 professionals since the establishment of cybersecurity programs at local universities [2] - Pharmaceutical Valley has advanced from no innovative drugs in 2020 to four innovative drugs entering the market process by 2024, with 400 more in development [2] Group 2: Synergistic Development - The "Five Valleys" strategy promotes collaborative development among emerging industries, traditional industries, and future industries, enhancing Wuhan's industrial output and GDP growth potential [3] - The integration of technologies across the valleys, such as the collaboration between Cybersecurity Valley and Automotive Valley for vehicle network security, exemplifies the synergistic effects of the innovation ecosystem [3][4] - The interconnectedness of the valleys is fostering a complete industrial chain that includes research, manufacturing, services, and consumption [4] Group 3: Strategic Importance - Wuhan is positioning itself as a high-energy city with a modern industrial system, leveraging its advantages in digital economy infrastructure, automotive industry standards, aerospace economic positioning, data sovereignty, and life sciences [5] - The city is recognized as a leader in global technology innovation, with its innovation clusters ranking prominently among the world's top 100 [6] - The "Five Valleys" framework is seen as a critical driver for Wuhan's role in national strategic technology initiatives and its contribution to high-quality economic development [5][6]

7月5日，嘉实基金发布高管变更公告，宣布两项人事调整：原财务负责人（财务总监）李明因个人原因 于7月3日离任，公司董事、总经理经雷即日起兼任财务负责人。公告未披露李明后续任职安排，其曾就 职于北京商品交易所和首创证券，2023年起担任嘉实财务总监，任期2年4个月。 数据来源：基金公告 公开资料显示，经雷拥有27年金融从业经验，职业履历横跨国际顶级机构：1998-2008年任职AIG纽约 总部研究投资岗位；2008-2013年执掌友邦保险中国区资管业务，历任副总监、首席投资官及负责人； 2013年加入嘉实基金后，先后担任机构投资与固收首席投资官（2013-2018）、总经理（2018年至今） 及董事（2018年至今）。其专业资质包括特许金融分析师（CFA）和基金从业资格，并持有金融学与财 会学双学士学位。 此次经雷以总经理身份兼任财务负责人，引发市场关注。分析认为，这既体现公司对其跨领域管理能力 的信任，也暗示财务管理体系将深度融入战略决策。经雷兼具国际视野、本土实战经验及综合管理背 景，其直接统管财务可能推动财务职能从运营支持向战略协同转型。 | 新任高级管理人员职务 | 财务负责人(兼) | | --- | ...