以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品升级等进一步做强主业，进军半导体上游原材料领域。 机构简介： 上 ...

根据市场公开信息及8月8日披露的机构调研信息，知名私募颐和久富投资近期对1家上市公司进行了调 研，相关名单如下： 1）冠石科技 （颐和久富投资管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品升级等进一 ...

根据市场公开信息及8月8日披露的机构调研信息，知名私募东方睿石近期对1家上市公司进行了调研， 相关名单如下： 1）冠石科技 （北京东方睿石投资管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品升级等进一 ...

机构简介： 根据市场公开信息及8月8日披露的机构调研信息，知名私募榕果投资近期对1家上市公司进行了调研， 相关名单如下： 1）冠石科技 （东莞市榕果投资管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品 ...

Core Viewpoint - The article emphasizes that frozen dough technology serves as a bridge between the past and future, being crucial for the chain rate in China's baking industry and addressing key issues related to product preservation and softness [1]. Group 1: Frozen Dough Technology - Frozen dough technology is divided into two main components: the cold chain system and the basic formula, which involves yeast and gluten dough crystallization issues [1]. - Currently, the most advanced enzyme and biological modification technologies in this field are predominantly held by companies from Europe, the United States, and Japan, with a significant reliance on imports in China [1]. - The future of the baking industry in China lies in domestic alternatives, with potential collaboration between local biopharmaceutical companies and baking technology [1]. Group 2: Characteristics of Frozen Dough - Frozen dough allows for easy preservation and transportation, enabling standardized production and quality assurance of baked goods [48]. - This technology facilitates the just-in-time baking model, ensuring customers can enjoy freshly baked bread at any time [49]. - The advantages of frozen dough include extended shelf life, reduced labor costs, and improved flavor consistency [50]. Group 3: Factors Affecting Freezing Technology - Key factors influencing freezing technology include initial temperature, freezing rate, and temperature fluctuations [27]. - The maximum ice crystal formation zone for most foods is between -5°C and -1°C, where approximately 80% of the water content freezes [29]. - The freezing temperature should be maintained at -18°C to -30°C for optimal preservation, with -18°C freezing 94% of the water content [31]. Group 4: Types of Frozen and Refrigerated Dough - Refrigerated dough, also known as low-temperature fermentation, maintains temperatures between 4°C and 12°C, allowing for slow fermentation without freezing the water content [51]. - Different types of refrigerated dough include cold intermediate dough, where the dough is allowed to ferment slowly, and dough that is refrigerated after mixing to delay fermentation [54][55]. - Frozen dough methods include direct freezing of mixed dough, freezing after fermentation, and freezing after shaping, each with its own advantages and challenges [80][83]. Group 5: Ingredients for Frozen and Refrigerated Dough - The choice of flour for frozen dough should be lower in protein to avoid excessive toughness in the final product [91]. - Yeast usage is typically increased by 2-3 times compared to standard recipes to compensate for reduced activity in cold environments [92]. - Bread improvers may need to be increased to 2-4% for frozen dough to ensure quality during extended fermentation times [93]. Group 6: Common Issues with Frozen Dough - Ice crystal formation can severely damage the dough structure and yeast cells, influenced by freezing temperature, speed, and storage conditions [108]. - A reduction in bubble count during baking can lead to poor volume and texture, often caused by uneven fermentation or excessive cooling [112]. - The "pear skin" phenomenon, characterized by surface bubbles and rough texture, can occur due to over-fermentation before freezing or inadequate thawing [120].

Group 1 - The establishment of Beijing Jingzhi Sensor New Materials Company by Jinghua New Materials focuses on flexible multi-modal sensors for applications in robotics, medical, and consumer electronics [2] - The demand for high-performance copper-clad laminates is increasing due to the growth of cloud computing and AI technologies, leading to rapid growth in the performance of downstream PCB material customers [2] - Solid-state batteries are becoming the preferred power source for high-end electric vehicles and low-altitude eVTOLs due to their high energy density and safety [2] Group 2 - According to SEMI, global silicon wafer shipments are projected to reach 3.327 billion square inches in Q2 2025, representing a 9.6% increase from 3.035 billion square inches in the same period of 2024 [3] - The global robotics market is expected to exceed $400 billion by 2029, with China accounting for nearly half of the market and leading with a compound annual growth rate of nearly 15% [3] Group 3 - Jingrui Electric Materials decided not to lower the conversion price of "Jingrui Convertible Bonds 2" during its recent board meeting [4] - LeKai Film has completed the construction of its TAC film production line and is currently in the trial production phase [4] - Zhengdan Co. reported a revenue of 1.429 billion yuan for the first half of 2025, a year-on-year increase of 3.37%, with a net profit of 630 million yuan, up 120.35% [4]

Core Viewpoint - The performance of companies listed on the Beijing Stock Exchange (BSE) is showing positive growth, with a focus on high-growth, high-scarcity, and high-dividend investment opportunities as the market returns to an earnings-driven trend [1][7]. Company Performance - Minshida achieved a net profit of 63.03 million yuan in the first half of the year, leading the profitability rankings among BSE companies [1][2]. - Minshida's total operating revenue reached 237 million yuan, a year-on-year increase of 27.91%, while its net profit rose by 42.28% compared to the previous year [2]. - The company reported a net cash inflow from operating activities of 44.35 million yuan, up 86.70% year-on-year [2]. - Huami New Materials, a PEEK materials concept stock, reported a revenue of 203 million yuan, a 6.49% increase, but its net profit decreased by 18.57% [4]. - Parallel Technology, a leading provider of computing power services, saw its revenue rise by 69.27% to 458 million yuan, with a net profit increase of 20.05% [5]. Market Trends - The BSE is entering a concentrated period of half-year report disclosures, which is expected to drive valuation recovery for high-performing companies [7]. - The market is currently influenced by macroeconomic policies and industry upgrades, with a focus on specialized and innovative enterprises [8]. - The stock prices of companies like Minshida have shown significant increases, with a cumulative rise of 124.63% this year [3].

Core Viewpoint - Yunhan Chip City has successfully registered for IPO, showcasing its growth and resilience in the electronic components distribution industry, driven by digital transformation and a robust supply chain ecosystem [1][3]. Group 1: Company Overview - Yunhan Chip City, established in 2008, has evolved from offline distribution to a leading B2B online marketplace, addressing inefficiencies in traditional trading models [2]. - The company’s B2B sales account for over 99% of its business, covering a wide range of products including semiconductors, passive components, and connectors [2]. Group 2: Financial Performance - From 2020 to 2022, the company’s revenue surged from 1.534 billion to 4.333 billion, achieving a compound annual growth rate (CAGR) of 68.08% [3]. - In 2023, the company reported revenue of 2.637 billion, reflecting a decline in line with global semiconductor market trends [3]. - The net profit attributable to the parent company for 2024 is projected to be 84.08 million, a year-on-year increase of 19.77% [3]. Group 3: Market Position and Recognition - Yunhan Chip City has climbed from 23rd to 15th in the ranking of domestic electronic component distributors in China from 2020 to 2022, solidifying its position in the online distribution sector [4]. Group 4: Supply Chain Innovation - The company addresses the "small order dilemma" in the electronic components market by leveraging digital solutions to meet the fragmented demand from small and medium enterprises [5][6]. - By integrating real-time inventory data from over 2,500 suppliers, Yunhan Chip City has created a resource pool with 27.99 million SKUs, enabling rapid order fulfillment [6]. Group 5: Industry Trends and Opportunities - The global electronic components market is projected to exceed one trillion dollars, with significant growth driven by advancements in 5G, AI, and IoT technologies [8]. - The semiconductor market alone is expected to reach 627.6 billion in 2024, with a year-on-year growth of 19.12% [8]. Group 6: Domestic Market Development - Yunhan Chip City has partnered with over 500 domestic component manufacturers, facilitating the localization of production for more than 4,000 manufacturing enterprises [9]. - The company plans to raise 522 million through its IPO to enhance its data center, component trading platform, and collaborative manufacturing services [9][10].

Core Viewpoint - The company is actively responding to national strategies in the military industry by focusing on the research and production of high-purity special gases, achieving domestic substitution for multiple gas categories [1] Group 1: Company Initiatives - The company has achieved self-control over core production processes and is continuously increasing the localization rate of key equipment [1] - The products are widely used in critical fields such as aviation equipment manufacturing [1] - The company has established a comprehensive military-grade quality management system [1]

Core Insights - The dilution refrigerator market is experiencing significant growth, driven by increasing demand in quantum computing applications, with a projected global market size of $354 million by 2024 [7][9][11] - The market is primarily concentrated in Europe, North America, and China, with respective market sizes of approximately $147 million, $115 million, and $58 million in 2024, accounting for 41.4%, 32.4%, and 16.3% of the total market [9][11] - Domestic companies in China are rapidly developing dilution refrigerator technology to replace imports, following export restrictions from the U.S. and allies, leading to significant advancements in local manufacturing capabilities [19][21][23] Market Overview - The dilution refrigerator is a low-temperature device that uses a mixture of helium isotopes to cool objects to millikelvin ranges, essential for fields like condensed matter physics and astronomical detection [1][2] - Since the first prototype was built in 1965, the technology has evolved from theoretical research to commercial applications, with a notable shift towards dry dilution refrigerators since the 1990s [5][7] Market Size and Growth - The global dilution refrigerator market is expected to grow to $354 million in 2024, reflecting a robust demand driven by advancements in quantum computing [7][9] - The market for dilution refrigerators used in quantum computing is projected to account for 53.36% of the total market by 2024, with expectations to exceed 90% by 2035 [11] Application Landscape - Currently, dilution refrigerators are primarily utilized in quantum computing, catering to the low-temperature requirements of superconducting, semiconductor, and ion trap quantum computers [11] - The rapid development of quantum computing technology has created a stable demand for dilution refrigerators, with the Chinese quantum computing industry projected to reach 9.04 billion yuan in 2024, a year-on-year increase of 82.1% [17] Drivers of Development in China - National policies are actively promoting the quantum computing industry, with specific initiatives aimed at developing dilution refrigerators as a core component [14][16] - The U.S. export restrictions on dilution refrigerators and related components have accelerated the domestic development of these technologies in China, providing opportunities for local companies to innovate and fill the supply gap [19][21] Competitive Landscape - The domestic market for dilution refrigerators has seen significant advancements, with companies like Liangxi Technology, Hefei Zhiling, and others achieving breakthroughs in low-temperature technology [23][25] - The competitive landscape is characterized by high barriers to entry, with a few key players dominating the market, each holding over 10% market share [23][25] Future Development Directions - The future of dilution refrigerators is expected to focus on enhancing performance, integration with other quantum computing components, and the development of smart control systems for improved efficiency [27][30] - There is also a push towards energy-efficient and environmentally friendly refrigerants to reduce reliance on traditional helium-3, which is subject to high costs and import dependencies [31]