在科技创新的浪潮中，"硬科技"企业作为我国科技自立自强的重要力量，正面临前所未有的发展机遇 与挑战。 在走访科技型企业的过程中证券时报记者注意到，从初创期的普惠贷款，到成长期的信用贷款，再到成熟期企 业出海拓展业务的跨境金融服务，金融机构的精准服务贯穿了企业发展的每一个关键节点。 近年来，金融系统积极落实国家关于金融支持科技创新的战略部署，通过全生命周期金融服务，为"硬科技"企 业提供了坚实的资金支持和多元化的金融保障，助力企业在风雨中稳健前行。随着金融科技创新不断"开花结 果"、多层次资本市场机制完善，多元化、多层次、多渠道的科技投入格局正在形成，助力"硬科技"企业继续 长跑。 面对尚未盈利的初创期科技企业，金融机构如何做到"敢贷""愿贷"？"简单来说，就是通过调整审计偏好、完 善尽职免责设计等，提升支持科技创新的积极性。"中国银行深圳高新区支行副行长陈铭泽对记者说，得益于 机制的完善，现在银行为未盈利的科创企业授信基本没有后顾之忧。 为做好科技金融大文章，近年来，金融部门出台多项措施，引导金融机构持续强化对科技创新的金融支持。中 国人民银行通过推出科技创新再贷款等货币政策工具，引导金融机构加大对科技企业的 ...

5月26日，中科曙光高管在2025年第一季度业绩说明会上表示，美国的制裁确实为公司经营带来一定外 部挑战，公司会积极采取各项措施，持续增加研发开支并强化自研能力，在国产化等领域加大研发投 入，丰富产品类型，加大高附加值的服务收入比例，构建从底层到应用系统化的信息技术基础设施，完 善产业生态。另外，公司会基于整体战略规划、资源配置及市场调研评估，稳步推进海外市场的布局与 业务拓展，以实现可持续发展。(人民财讯) ...

Group 1 - Zhongke Shuguang (603019) and Haiguang Information (688041) announced a major asset restructuring plan to strengthen their core businesses and seize opportunities in the information technology industry [1] - The restructuring involves Haiguang Information planning to merge with Zhongke Shuguang through a share exchange, which will enhance their market position in the semiconductor industry [1] - The combined entity is expected to capture 53.6% of the domestic server chip market and 30% of the system integration market, creating a significant competitive advantage over rivals like Huawei and Cambrian [1] Group 2 - The semiconductor industry is currently in a recovery phase, benefiting from a rebound in the consumer electronics market and the initiation of a new growth cycle [2] - The integration of AI and semiconductor technologies is anticipated to create new growth points for the industry, with a focus on investment opportunities in the AI + semiconductor sector [2] - The domestic semiconductor sector is expected to see a positive feedback loop of valuation enhancement, confidence improvement, and increased capital inflow, contributing to the stability of the capital market and economic operations [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the National Semiconductor Chip Index (980017) include companies like Cambrian, Zhongxin International, and Haiguang Information, collectively accounting for 67.82% of the index [3]

Group 1 - The core viewpoint of the news is the strategic merger between Zhongke Shuguang and Haiguang Information, which aims to enhance the development of the information industry and significantly impact the industry landscape [1][2] - The merger will involve Haiguang Information issuing A-shares to absorb and merge Zhongke Shuguang, along with raising supporting funds through the issuance of A-shares [1] - Both companies will suspend trading of their stocks starting May 26, with the suspension expected to last no more than 10 trading days [1] Group 2 - Zhongke Shuguang holds a 27.96% stake in Haiguang Information, and the merger will optimize the industrial layout from chips to software and systems, enhancing the supply chain [1] - The merger aligns with the global trend of extending industrial chains and aims to promote the large-scale application of domestic chips in key sectors such as government, finance, communication, and energy [1][2] - The combined entity will enhance its technical strength and market competitiveness, leveraging scale effects to increase profits and improve the quality and efficiency of the listed companies [2]

人形机器人"卖铲人"：丝杠磨床的国产化之路 20250525 丝杠内螺纹加工面临多重挑战。首先，内螺纹需要绕工件轴线进行圆周运动， 同时砂轮也需绕自身轴线运动并沿着工件轴线方向进给，这对精度控制要求极 高。其次，砂轮需要具备高精度设计，并在磨削过程中不断发生磨损，尤其是 顶角部分更容易失效。此外，砂轮外径尺寸不能大于螺母内螺纹最小直径，以 确保能够伸入进行加工。 摘要 人形机器人丝杠制造的核心难点在于保证加工精度和效率，各厂商虽在 研发专用设备，但尚无公认最佳工艺路线，高精密磨床仍不可替代。 行星滚柱丝杠相比传统滚珠丝杠，在承载能力、安装空间、噪音、加速 度和传动精度等方面具有显著优势，更适用于人形机器人。 丝杠内螺纹加工面临精度控制挑战，砂轮需高精度设计且易磨损，外径 尺寸受限，需持续优化设计参数和磨削工艺。 磨床在行星滚柱丝杠生产中通过高速旋转砂轮产生磨削力，影响因素包 括砂轮硬度、力度及形状，需优化设计以减少震动变形。 国内磨床市场存在贸易逆差，高端磨床依赖进口。2024 年磨床进口额 为 8.5 亿美元，出口额为 5.2 亿美元，贸易逆差约为 3.3 亿美元，反映 高端需求提升。 进口磨床均价远高于出 ...

中科院放大招！ 中科曙光也发布了内容相似的公告。 今晚，两只科技大白马突然传来吸收合并的消息，让人始料不及。中科曙光公告，海光信息技术股份有限公司 筹划通过换股方式吸收合并中科曙光，并发行A股股票募集配套资金。海光信息亦发布了类似的公告。两只股 票皆停牌不超过10个交易日。 这两家公司都与人工智能方向的算力和芯片密切相关，且其有股东层面的从属关系（曙光控股海光），而背后 的实际控制人都是中国科学院计算技术研究所。两家公司合并或可优化资源配置，增强海光信息在芯片设计和 中科曙光在服务器、云计算领域的协同效应，符合国家战略方向。 值得注意的是，过去一年发生的吸收合并不在少数。国泰君安与海通证券、中国船舶与中国重工、湘财证券与 大智慧等。而随着新修订的《上市公司重大资产重组管理办法》的发布，《国有企业改革深化提升行动方案 （2023—2025年）》最后一年的到来，类似的重磅并购还可能再度发生。 突发重大合并 周日晚间，A股市场迎来了一件让人意外的事件：中科曙光与海光信息合并。 海光信息发布公告称，为抢抓信息技术产业发展新机遇，做大做强主业，海光信息技术股份有限公司（以下简 称"公司"或"海光信息"）与曙光信息产业股 ...

Core Insights - The industrial mother machine, also known as machine tools, is essential for modern manufacturing and is experiencing significant advancements in China, particularly in the Shaanxi and Gansu provinces [1][2]. Group 1: Industry Overview - The Shaanxi-Baoji-Hanzhong-Tianshui industrial mother machine cluster has over 600 enterprises, with 272 above-scale companies, achieving an output value exceeding 31.5 billion yuan in 2023 [1]. - The cluster was recognized as a national advanced manufacturing industry cluster in December 2024, indicating its strategic importance in China's industrial landscape [1]. Group 2: Technological Advancements - Qin Chuan Machine Tool Group has adapted its products to meet the increasing demands of the electric vehicle industry, achieving a 70% domestic market share for its high-efficiency gear grinding machines [2]. - The company has received the National Science and Technology Progress Award six times, highlighting its commitment to long-term technological innovation [2][4]. Group 3: Market Position and Collaboration - The Gansu Xinghuo Intelligent CNC Machine Tool Company is leading in the domestic market for large and heavy machine tools, focusing on the localization of high-end CNC machine manufacturing [5]. - Collaborative efforts among companies like Qin Chuan, Xinghuo, and Baoji Machine Tool are fostering innovation and addressing key technological challenges through the establishment of innovation alliances [9]. Group 4: Product Development and Market Expansion - The production of various types of grinding machines, including external cylindrical grinding machines and specialized grinding machines, has expanded significantly, with over 150 specifications developed [6]. - New entrants like Baoji Yamazaki Precision Equipment are also making strides in niche markets, contributing to the overall growth of the industrial mother machine sector [8].

作 者丨凌晨 编 辑丨朱益民 据央视报道，近日巴基斯坦空军在近期边境冲突中运用中国外销型号歼- 1 0CE战斗机，一举击 落印方多架战机，并成功取得对法国制"阵风"战机作战优势。 军事专家张学峰指出，上世纪8 0年代歼- 1 0战斗机研制前后，中国空军的主力是处于第二三代 战斗机水平的歼- 6、歼- 7、歼- 8系列。歼- 1 0战斗机研制成功，极大缩小了中国和航空强国在 战斗机领域的差距，正在打破西方国家对先进战斗机技术的垄断， 标志着中国成为世界上少 数能够研发第四代战斗机的国家 。 2 0 2 2年，我国完成首批6架次歼1 0CE交付。这是我国首次出口主力战机，折射出我国航空主 战装备出口已从单一产品输出转向配套保障体系输出。 点燃市场情绪的是，战斗机产业链涉及上千家上下游配套企业，涵盖航空设备、新材料、精密 加工等数十个行业领域。其中不乏中航成飞、洪都航空、中航重机、航天彩虹、广东宏大、内 蒙一机等A股龙头。 随着实战数据的持续积累，装备外销对产业链的技术牵引效应有望加速释放。 歼- 1 0 C E背后的"技术突围" 在多位专家解读中，歼- 1 0CE的战斗力优势主要来自三大体系。 第 一 ， 歼 - ...

Core Viewpoint - The article discusses the rapid growth of China's demand for high-end photomasks and the challenges faced in technology development, production capacity, and industry integration, highlighting the market opportunities and future prospects for the photomask and photoresist industries in China [3]. Group 1: Industry Overview - The global semiconductor photomask market grew from $4.04 billion in 2018 to $4.9 billion in 2022, with a compound annual growth rate (CAGR) of 4.9%. It is expected to reach approximately $5.5 billion by 2025 [3]. - By 2025, it is anticipated that the third-party photomask market in China will account for about 70% of the total market, with projections indicating that the Chinese photomask market could reach 12 billion yuan by 2030 [3]. Group 2: Domestic Market Dynamics - Major global players in the photomask market include Photronics, Toppan, and DNP, which collectively hold over 80% market share. In China, local companies such as Luvi Optoelectronics, Qingyi Optoelectronics, and Guanshi Technology are enhancing their competitiveness and making progress in domestic substitution [3]. - The market size for semiconductor photoresists in China is projected to be 3.96 billion yuan in 2023, with domestic sales revenue at 1.01 billion yuan. It is expected to grow to 1.31 billion yuan in 2024 [3]. Group 3: Technological Advancements - Domestic manufacturers are accelerating research and development in the ArF photoresist sector, achieving significant breakthroughs. Leading companies in this field include Shanghai Xinyang, Nanda Optoelectronics, and Rongda Photosensitive [3][6].

Core Insights - The recent use of the Chinese J-10CE fighter jets by the Pakistan Air Force in border conflicts has demonstrated their combat effectiveness, successfully downing multiple Indian aircraft and gaining an advantage over French Rafale jets [1] - The development of the J-10 fighter jet has significantly narrowed the gap between China and leading aviation powers, marking China's emergence as one of the few countries capable of developing fourth-generation fighter jets [1] - The export of the J-10CE represents a shift in China's military equipment export strategy from single product output to a comprehensive support system [1] Industry Overview - The fighter jet industry involves thousands of upstream and downstream enterprises across various sectors, including aviation equipment, new materials, and precision processing, with leading A-share companies such as AVIC Chengfei (302132), Hongdu Aviation (600316), AVIC Heavy Machinery (600765), and others benefiting from this growth [1] - The J-10CE's combat capabilities are attributed to three main systems: its aerodynamic design, advanced avionics, and enhanced weapon load capacity, which collectively improve its operational effectiveness [2][3][5] - The J-10CE features a duck-billed aerodynamic layout and is powered by the domestically produced WS-10B "Taihang" engine, achieving a maximum thrust of over 14 tons and a top speed of 1.8 Mach, showcasing significant advancements over previous models [3] - The integration of an active electronically scanned array (AESA) radar allows the J-10CE to track multiple aerial targets simultaneously, enhancing its combat capabilities in medium-range air combat [4] Market Dynamics - The military trade sector is transitioning from single equipment exports to comprehensive combat system exports, with a significant order backlog exceeding 10 billion yuan, indicating an acceleration in military export performance [7] - Companies like Hongdu Aviation have reported a 547.8% year-on-year increase in export sales, validating their strategic focus on diversified platforms [7] - The A-share military sector has shown strong performance, with defense stocks leading the market, driven by improved quarterly results and expectations of a clearer performance inflection point in the second quarter [8] - The aircraft industry chain is relatively stable, while the missile industry is experiencing significant revenue growth, indicating a potential new high prosperity cycle for the industry [8]