Group 1 - The core focus of Wujiang is to achieve the "356" goal of new industrialization, emphasizing high-end textiles, new materials, new generation information technology, digital economy, new energy, and green low-carbon initiatives [1] - Wujiang aims to strengthen its four trillion-level industrial advantages and seize new opportunities in third-generation semiconductors, artificial intelligence, and low-altitude manufacturing [1] - The region has established a collaborative innovation ecosystem involving leading enterprises, research institutions, and various innovation entities, resulting in the formation of several task-oriented innovation alliances and benchmark incubators [1] Group 2 - Wujiang has cultivated 12 manufacturing champions and 77 national specialized and innovative "little giant" enterprises, leading the city in these categories [1] - The government plans to enhance the cultivation of technology-leading enterprises, unicorns, gazelles, and high-tech enterprises, aiming to exceed 15 national manufacturing champions and 100 specialized "little giant" enterprises [1] - Investment in research and experimental development is projected to exceed 11 billion yuan, with industrial technological transformation investments surpassing 18 billion yuan [1] Group 3 - To promote the deep integration of "hard manufacturing" and "soft manufacturing," Wujiang will implement a three-year plan to double modern service industries, focusing on R&D design, technology finance, information technology services, and certification [2] - The development of the Suzhou Bay Central Business District is a priority, aiming to transform manufacturing advantages into service industry strengths [2] - Wujiang seeks to create a high-quality development cluster for modern service industries [2]

Group 1 - The report indicates a market differentiation with micro-cap stocks outperforming, while the ChiNext index and cyclical stocks lag behind [3][10] - The valuation of broad market indices shows divergence, with micro-cap stocks, the CSI 2000, and stable stocks performing the best, while the ChiNext index, cyclical stocks, and the CSI 300 performed the weakest [3][10] - The report highlights that the industries with relatively cheap valuations include food and beverage, agriculture, forestry, animal husbandry, and public utilities [39][28] Group 2 - The report notes that the pharmaceutical, environmental protection, and national defense industries had the highest gains last week, while the automotive, electric equipment, and non-ferrous metals sectors performed the weakest [12][35] - Relative valuations show a decline in the ChiNext index compared to the CSI 300 in terms of PE and PB ratios [17][26] - The report states that the overall valuation of major indices is above the 50% historical percentile, with the ChiNext index at a low valuation compared to the past year [26][28] Group 3 - The report identifies that the current valuation of major industries is mixed, with non-bank financials, non-ferrous metals, telecommunications, electronics, agriculture, and home appliances at near one-year lows [35][39] - The report emphasizes that the current valuation levels of materials, equipment manufacturing, industrial services, transportation, consumption, and technology are all below the 50% historical percentile [28][39] - The report highlights that the current valuation of the environmental protection sector is at a high historical percentile, indicating strong performance expectations [39][50] Group 4 - The report mentions that the earnings expectations across various industries are nearly flat, with the largest upward adjustment in the environmental sector and the largest downward adjustment in electric equipment [50][50] - The report indicates that popular concepts such as cultivated diamonds, third-generation semiconductors, 6G, and robotics are at historically high valuation percentiles over the past three years [47][48]

Group 1: Stock Movements and Market Reactions - JunDa Co., Ltd. (02865) fell by 12.69% due to weak fundamentals, expected shareholder sell-off, and cash flow concerns [1] - Rongchang Biopharmaceutical (09995) rose by 4.61% after ASCO announced positive data for RC108 combined with vorinostat, enhancing its commercialization prospects [1] - Datang Gold (08299) increased by 7.27% as it partnered with Wuxi to develop AI mining applications, benefiting from gold's safe-haven demand [1] - Kanglong Chemical (03759) gained 4.35% by investing in a biopharmaceutical fund, strengthening its investment ecosystem [1] - Automotive stocks surged following a significant increase in May's new energy vehicle sales, with Li Auto (2015) rising nearly 6% and Great Wall Motors (2333) up over 3% [1] - Gold stocks led the market as COMEX gold prices returned to $3,400, with Goldman Sachs predicting $4,200, driven by geopolitical tensions [1] Group 2: Company-Specific Developments - Changfei Optical Fiber (06869) rose by 8.34% as its Wuhan base began mass production of 6-inch silicon carbide wafers, achieving a 97% yield rate [2] - China Shipbuilding Defense (00317) increased by 7.58% after securing the highest global new orders from January to April, with Q1 net profit up 1,099% [2] - Hengrui Medicine (00013) rose by 5.09% as SACHI III phase data met expectations, opening up market space for MET amplification lung cancer treatment [2] - Lepu Medical Technology (02157) gained 5.76% following positive ASCO data for its ADC drug MRG003, boosting approval expectations for nasopharyngeal carcinoma [2] - Aidi Kang Holdings (09860) increased by 5.2% after acquiring Suzhou Yuande Youqin to enhance blood disease diagnostics [2] - NetDragon (00777) rose by 5.82% due to its collaboration with Thailand on an AI education platform, attracting investor interest [2] Group 3: Notable Market Trends - China Everbright Holdings (00165) surged over 21% following the enactment of Hong Kong's stablecoin regulations, with Circle's IPO expectations boosting related equity valuations [3] - iFlytek Medical (02506) rose by 6.62% as its medical AI model demonstrated superior accuracy, supported by favorable policies [3] - MicroPort NeuroTech (02172) increased by 9.59% as it initiated clinical research on brain-machine interfaces, benefiting from policy incentives [3] - Longpan Technology (02465) rose by 14.9% after its subsidiary signed a $7.1 billion contract with Yiwei Lithium Energy for lithium iron phosphate [4] - Hansoh Pharmaceutical (03692) gained 3.85% after reaching a global licensing agreement with Regeneron, receiving an $80 million upfront payment [4] Group 4: U.S. Market Highlights - Steel and aluminum stocks surged over 10%-28% as Trump proposed increasing steel tariffs to 50%, benefiting domestic companies [5] - Blueprint Medicines (BPMC.US) rose by 26% following Sanofi's $9.1 billion acquisition, enhancing its rare disease pipeline [5] - BioNTech (BNTX.US) increased by 18% due to a collaboration with Bristol-Myers Squibb, securing a $1.5 billion upfront payment [5] - Applied Digital (APLD.US) surged by 48.46% after signing a $7 billion AI data center lease, validating its business model [5] - Tempus AI (TEM.US) rose by 15% as it launched an AI medical innovation plan, attracting investor interest [7]

Core Viewpoint - Yangjie Technology aims to climb into the mid-to-high-end manufacturing sector, setting ambitious performance targets for 2027, including a revenue goal of no less than 10 billion yuan and a net profit target of no less than 1.5 billion yuan [2][4][6] Group 1: Financial Performance and Goals - In 2024, Yangjie Technology achieved a revenue of 6.033 billion yuan, representing a year-on-year growth of 11.53%, and a net profit of 1.002 billion yuan, up 8.50% year-on-year [7] - The company’s 2027 performance targets are designed to enhance competitiveness and motivate employees, reflecting the company's ongoing market share expansion and industry competitiveness [7][6] Group 2: International Expansion and Market Position - Yangjie Technology is gradually moving towards group and international operations, with overseas sales revenue reaching 1.364 billion yuan in 2024, a year-on-year increase of 12.28%, accounting for 22.61% of total revenue [3][11] - The company has established a localized R&D, manufacturing, and sales network across multiple countries, including 5 R&D centers and 15 wafer and packaging factories [8][10] Group 3: Employee Stock Ownership Plan - The employee stock ownership plan includes up to 500 participants, including key executives and core business personnel, with performance targets tied to the company's 2027 revenue and profit goals [4][6] Group 4: Research and Development Investment - Yangjie Technology has consistently increased its R&D investment, with expenditures of 293 million yuan, 356 million yuan, and 423 million yuan from 2022 to 2024, reflecting year-on-year growth rates of 21.03%, 21.57%, and 19% respectively [12] - The company holds a total of 655 intellectual property rights, including 114 invention patents, indicating a strong focus on innovation [12]

21世纪经济报道记者骆轶琪广州报道 让电动车充电更快、跑得更远的秘密，居然就藏在这个黄色的"圆盘"里？ 前不久，小米创始人雷军发布了旗下首款SUV车型YU7，全系搭载800V碳化硅高压平台。上汽通用五 菱也展示了采用碳化硅功率模块的电控。 以及，同等性能下的碳化硅器件，尺寸大概只有硅器件的1/10，那么可以让电驱动系统的重量和体积进 一步被释放出来。 那么综合以上，让重量减轻、损耗减少，即便在恶劣环境中也能维持比较好的续航水平，这让碳化硅逐 渐成为新能源车的好伙伴。 从最开始只有特斯拉愿意用，到今天越来越多国产车型，甚至连造出多款"国民神车"的五菱都在采用碳 化硅制作出来的产品。为什么这几年碳化硅经历了这样的大起大落？碳化硅对新能源车来说到底意味着 什么？ 碳化硅也被称为第三代半导体，这种材料有耐高温、耐高压的特性。在同样一种功率器件中，采用碳化 硅材料会比采用硅材料体积更小、实现更高的运行效率。 我们来举几个具体的例子。 目前碳化硅最多是被用在新能源车的主驱逆变器上，它怎么来发挥作用呢？ 动力电池储存的是直流电，但电机需要的是交流电，所以在电池包和电机中间，需要一个把直流电变成 交流电的逆变器。这个转换过程 ...

Core Viewpoint - The development of China's SiC (Silicon Carbide) power semiconductor industry reflects a common path for Chinese semiconductor companies, focusing on IDM (Integrated Device Manufacturer) models to break through barriers, leveraging cost advantages to capture market share, and using capital endurance to gain technological time windows. Despite short-term pains such as losses and price wars, the long-term value is evident as the penetration of SiC in the renewable energy sector continues to rise, positioning leading Chinese SiC companies to dominate the global industry chain restructuring [1][24]. Group 1: Industry Milestones - The strategic adaptation of the Hong Kong Stock Exchange's Chapter 18C rules facilitates the listing of specialized technology companies, easing profitability requirements and emphasizing technological barriers and commercialization potential. Chinese SiC companies have achieved full-scale production across the entire SiC IDM value chain [6]. - Revenue for Chinese SiC power semiconductor companies is projected to grow significantly, with a CAGR of 59.9% from 2022 to 2024, while R&D investment exceeds 30% of revenue, indicating a focus on capacity expansion despite initial losses [8]. - The gross margin for Chinese SiC companies is improving, with the loss rate narrowing from -48.6% in 2022 to -9.7% in 2024, reflecting initial scale effects and cost optimization in automotive-grade modules [8]. Group 2: Capacity and Market Penetration - The capacity utilization rates for Chinese SiC packaging plants are low, with only 52.6% in Wuxi and 45.2% in Shenzhen, yet companies plan to invest 620 million yuan to expand facilities, highlighting a competitive logic of "capacity first" to seize automotive orders [9]. - Chinese SiC companies hold 163 patents and 122 applications, with core products certified for automotive standards, achieving reliability benchmarks comparable to international standards [17]. - The IDM model adopted by Chinese SiC companies integrates design, manufacturing, and testing, reducing supply chain risks and accelerating product iteration, with significant design wins across multiple automotive models [18]. Group 3: Downstream Drivers and Domestic Substitution - The global demand for SiC is heavily driven by the electric vehicle sector, which accounts for 70% of the market, with Chinese companies leveraging cost advantages to capture market share from foreign competitors [19]. - The share of Chinese SiC power modules is expected to increase significantly, especially in the context of market restructuring following the bankruptcy of Wolfspeed, allowing local manufacturers to fill mid-range market gaps [19]. Group 4: Future Trends - The capital-driven technological iteration is evident in the ongoing R&D and expansion of 8-inch wafer production, reflecting market expectations for a technological turning point [21]. - Leading Chinese SiC companies are evolving from single-device offerings to integrated solutions that include modules, driver ICs, and simulation services, thereby lowering design barriers for customers [22]. - To address tariff barriers, Chinese companies are establishing localized supply chains through acquisitions in Europe and setting up manufacturing centers in Southeast Asia, creating a "localized + globalized" supply chain strategy [23].

1.【英国飞行出租车完成首飞】据英国《每日电讯报》网站5月27日报道，英国近日进行了有史以来 首次空中出租车飞行。这架VX4原型电动飞机能像直升机一样垂直起降，能够搭载1名飞行员和4名乘 客，航程可达160公里，时速可达240公里。英国政府设定的目标是在2028年前让飞行出租车成为现 实。（科创板日报） 2.【郑州航空港区启动首次常态化低空物流试飞】5月30日上午10点整，郑州航空港经济综合实验区 首次常态化低空物流试飞活动正式启动，标志着航空港区在探索低空经济领域迈出重要一步。此次试 飞活动由顺丰速运河南分公司和江西丰羽顺途科技有限公司合作完成，采用丰翼方舟20无人机执飞。 本次试飞活动开设了两条航线，分别为郑州国际陆港顺丰仓至比亚迪（百汇新天地起降点）和郑州国 际陆港顺丰仓至岗李乡镇区（顺丰速运网点起降点），旨在满足比亚迪周边及岗李乡镇区群众的寄递 需求。按照规划航线，无人机避开人口密集区域、交通要道及可能的禁飞区域，以最高15m/s的速度 平稳飞行。满载包裹的无人机仅需10分钟即可直达乡镇，相较于传统陆运时效提升了4倍，实现了物 流与低空配送的无缝衔接。（大河财立方） 更多智能制造产业资讯 …… 扫码订 ...

Group 1 - Samsung SDI and LGES will establish lithium iron phosphate (LFP) battery production lines in the U.S. for electric vehicles, with a joint factory in Indiana set to introduce LFP production by 2027, previously focused on high-nickel ternary lithium batteries [1] - Foxconn's Zhengzhou factory has implemented significant automation upgrades for iPhone production, achieving over 100% efficiency improvement through modular design and real-time monitoring systems [2] - The Tianwen-2 mission successfully launched to explore and sample asteroid 2016HO3, marking a significant step in China's planetary exploration efforts [3] - The largest silicon carbide wafer factory in Wuhan has commenced production, expected to contribute 30% of China's silicon carbide wafer capacity, addressing the semiconductor shortage in the new energy sector [4] - DJI has acquired land in Shenzhen for 2.287 billion yuan to develop a global headquarters for smart aviation systems, with a construction timeline of 2.5 years to start and 6 years to complete [5]

Core Viewpoint - The semiconductor industry is shifting towards third-generation semiconductors, particularly silicon carbide (SiC), which is being widely adopted in high-voltage and high-current applications such as electric vehicles and renewable energy systems [1][2]. Group 1: Industry Trends - The market for third-generation semiconductor materials is experiencing significant growth, driven by the superior properties of SiC, including high breakdown electric field strength, high thermal conductivity, and wide bandgap [1]. - The global market for SiC discrete devices is expected to grow at a compound annual growth rate (CAGR) of 32.2% from 2020 to 2024, with sales revenue projected to increase from 1.6 billion to 5 billion [6]. - The Chinese market for SiC discrete devices is anticipated to grow at a CAGR of 65.4% from 2020 to 2024, with sales revenue expected to rise from 0.3 billion to 1.9 billion, contributing 38.4% to the global market by 2024 [6]. Group 2: Company Overview - Shenzhen Basic Semiconductor Co., Ltd., a leading Chinese company in the SiC chip sector, has submitted its listing application to the Hong Kong Stock Exchange, backed by major securities firms [2][3]. - Established in 2016 by a team of PhDs from Tsinghua University and the University of Cambridge, the company focuses on the research, development, manufacturing, and sales of SiC power devices [2]. - Basic Semiconductor is the only domestic company that integrates SiC chip design, wafer manufacturing, module packaging, and gate driver design and testing capabilities, achieving mass production across all segments [2]. Group 3: Financial Performance - Basic Semiconductor reported revenues of approximately 0.117 billion, 0.221 billion, and 0.299 billion from 2022 to 2024, showing significant year-on-year growth [5]. - The company incurred losses of approximately 0.242 billion, 0.342 billion, and 0.237 billion during the same period, totaling a cumulative loss of 0.821 billion [5]. - Research and development expenses increased from 0.059 billion in 2022 to 0.091 billion in 2024, reflecting the company's commitment to innovation despite ongoing losses [5]. Group 4: Market Position and Challenges - Basic Semiconductor ranks seventh globally and sixth in China in the SiC power module market by revenue as of 2024, positioning itself as a significant player in the domestic third-generation semiconductor sector [4]. - The company faces challenges due to the capital-intensive nature of the semiconductor industry, with rising financing costs and long return cycles impacting cash flow [11]. - Despite the high volatility and long cycles associated with the industry, Basic Semiconductor's potential for long-term growth remains strong, particularly if it successfully capitalizes on technological advancements [11].

Group 1: Company Overview and Market Position - The company operates in the smart card industry, which has a market capacity that is stabilizing but facing saturation in traditional applications. However, new applications in IIoT, AIoT, and eSIM are driving growth [1] - The gross margin for the smart card business is approximately 20%, positioning the company at a medium level within the industry [1] - The company is transitioning towards the super SIM card sector to enhance value and market space [2] Group 2: Competitive Advantages - The company is the first in the industry to offer a one-stop service, integrating the entire supply chain from chip application development to end-user delivery, which enhances product consistency and customer loyalty [2] - Over 60% of the company's product sales are international, with established partnerships with global leaders like THALES and IDEMIA, showcasing strong global operational capabilities [2] - The company has a robust project delivery and local service capability, having secured contracts with major Chinese telecom operators [2] Group 3: Semiconductor Business Development - The company entered the power semiconductor packaging materials sector in 2019, leveraging its existing technology to tap into a high-potential market [3] - Future plans include accelerating production of thermal management products and expanding customer bases in the power module sector [3] Group 4: Research and Development Investment - The company maintains a consistent investment in R&D, focusing on core technologies and optimizing resource allocation based on market feedback and financial status [4] - R&D personnel compensation is a significant portion of the R&D budget, with ongoing employee stock ownership plans to incentivize innovation [4] Group 5: Overseas Market and Production Capacity - Overseas operations account for over 60% of revenue, with production facilities in India and Indonesia achieving utilization rates of 70%-80% and 80%-90%, respectively [5] - The company emphasizes local production to enhance responsiveness to customer needs [5] Group 6: Customer Stability and Risk Management - The smart card business remains the primary revenue source, with a high customer concentration. Long-term agreements with major clients mitigate dependency risks [6] - The revenue share from the top five customers decreased from 87.92% in 2023 to 77.75% in 2024, indicating diversification efforts [7] Group 7: Liquid Cooling Business - The company has developed liquid cooling products with integrated designs that enhance efficiency and reliability, targeting high-performance computing needs [7] - The products are in the final stages of preparation for mass production, with a focus on meeting the rising demand in AI and data center markets [7] Group 8: Smart Security Business - The company is leveraging its expertise in digital information security to develop smart security solutions, particularly in transportation safety [8] - Current efforts are focused on market promotion, with ongoing exploration of business models [8] Group 9: Challenges and Opportunities - Key challenges include rapid technological changes and market entry risks for new businesses, which could impact production efficiency and competitiveness [9] - Opportunities exist in the growing demand for efficient cooling and packaging materials in AI and high-performance computing sectors, with potential for rapid growth [9] Group 10: Chip Production and Partnerships - The company primarily sources smart card chips externally, with some proprietary chips for internal use and external sales [10] - The company has not yet established a partnership with Huawei in the liquid cooling sector but remains open to future collaborations [10] Group 11: Acquisition Strategy - The company is cautious about pursuing acquisitions, focusing on long-term stability and evaluating potential targets within the industry [10] Group 12: Risk Disclosure - The company acknowledges risks associated with new product development, including technological, market, and validation risks, and commits to timely information disclosure [12]