电子行业点评 HBM 需求强劲，国产替代势在必行 2025 年 06 月 30 日 ➢ 事件：1）根据 CFM 数据，2024 年全球 SSD 主控市场共出货约 3.855 亿 颗，同比增长 8%，大陆厂商联芸科技、得一微在第三方厂商中出货占比约为 25%、 10%。2）美光发布 2025 财年第三季度财报，实现营收 93 亿美元，同比增长 36.6%，环比增长 15.5%；毛利率为 39%，同比增长 1.1pcts，环比增长 11pcts。 ➢ 受益 AI 快速发展，HBM 需求强劲。受益于数据中心需求强劲且其他行业 恢复增长，美光在第三财季实现了创记录的营收，其中 DRAM 营收创历史新高， HBM 营收环比增长近 50%。高端 AI 服务器和 GPU 搭载 HBM 芯片已经成为主 流趋势，还可以应用于高性能计算、人工智能等领域。根据 Trendforce 数据，预 计 2025 年 NVIDIA、CSP 和 ASIC 的需求有望保持强劲需求，全球 AI 服务器市 场增长率有望超过 28%。同时，全球 HBM 市场规模也在快速提升，预计 HBM 市场规模在 DRAM 中的占比有望从 2023 年的 8%提 ...

投资者关系活动记录表 大族激光科技产业集团股份有限公司 投资者关系活动记录表 编号：2025006 | | 特定对象调研 分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系 | | | 活动类别 | □新闻发布会 路演活动 | | | 现场参观 | | | 其他（电话会议） | | | 摩根大通（6 月 日） 4 M&G Investment Management(UK)（6 月 20 日） | | | 国寿安保基金（6 月 5 日） 高盛证券（6 月 25 日） | | 参与单位名称 | 长江证券策略会（6 月 日） 中信建投（6 月 日） 6 25 | | 及人员姓名 | 甬兴证券（6 月 10 日） 天风证券策略会（6 月 26 日） | | | Jefferies（6 月 日） 申万宏源（6 月 日） 18 26 | | | 易方达基金（6 月 19 日） | | 时间 | 年 月 年 月 日 2025 6 4 日~2025 6 30 | | | 公司会议室 | | 地点 | 成都群光君悦酒店 | | | 上海浦东香格里拉大酒店 | | 上市公司 | 管理与 ...

LEO 抗辐射 IC （ Low-Earth Orbit Radiation Resistant Integrated Circuits ）是专为低地球轨道（ LEO ）航天器设计的集成电路，能够在太空辐射环 境中保持稳定性能。这类芯片通过特殊设计和工艺，抵抗高能粒子（如质子、中子）引发的总电离剂量（ TID ）效应和单粒子效应（ SEE ），确 保航天器在恶劣的太空环境中长期可靠运行。 LEO 抗辐射 IC （低地球轨道抗辐射集成电路）行业是近年来随着商业航天和卫星星座的快速发展而崛起的细分领域。该行业主要服务于低轨道 卫星（ LEO ）的电子系统需求，要求芯片在太空辐射环境中保持稳定运行，同时兼顾成本效益。 全球LEO抗辐射IC市场总体规模分析 较低的发射成本刺激了卫星星座的部署。这些卫星星座主要用于改善互联网接入和地球观测任务。低轨卫星（ LEO ）最具发展优势，由于低轨卫 星距离地面较近，相较于高轨卫星（ HEO ）与中轨卫星（ MEO ），更具备"低延迟、低辐射、低成本"等特性，信号覆盖不受山区、海上、沙漠 等地形限制，可与移动通讯 5G 作互补，形成空天一体网络覆盖。低轨卫星上需要用到包括电源管理 ...

证券研究报告 | 投资策略研究*深度报告 2025 年 06 月 30 日 投资策略研究 β隐匿下的"平衡木"策略——基于景气度线索以及行业趋势 从 2025Q1 数据看，全 A 营收增速延续回暖趋势，非金融石油石化板块同 比增速为 0.65%，较 2024Q4环比改善 1.3pct；分板块看，创业板以 2025Q1 同比 7.89%的营收增速领跑，北证营收增速环比跳升 8.08pct 至 5.81%，而 科创板受光伏行业拖累，2025Q1 营收同比下滑 7.24%，为 2022 年有数据以 来首次负增。盈利端改善更为明显，全 A 归母净利润同比增速由 2024Q4 的 -0.89%转正至 2025Q1 的 1.49%，其中创业板净利润同比激增 18.02%（较 2024Q4 环比改善 30.9pct），但科创板净利润同比跌幅扩大至-28.6%，反映 科技领域高研发投入与短期业绩的阶段性矛盾；主板则通过降本增效，销售 净利率从 2024Q4的 9.3%提升至 2025Q1的 9.38%，凸显传统行业经营韧性。 金融地产板块内部分化加剧：券商受益于资本市场改革深化，营收与净利润 分别同比增长 22.08%和 8 ...

Core Viewpoint - The article highlights significant developments in the scientific instrument industry, including policy changes, product innovations, and collaborations aimed at enhancing research capabilities and industry standards [2][4][11]. Policy and Industry Standards - Sichuan Province has implemented a new policy for sharing major scientific research infrastructure and large scientific instruments, mandating that instruments valued at 500,000 yuan or more be included in a provincial sharing platform, effective July 18, 2025 [2]. Manufacturer Dynamics and New Product Releases - Suzhou Bozhong Instrument Technology Co., Ltd. launched China's first commercial 200 kV field emission transmission electron microscope (TEM) with a point resolution of 0.25 nanometers, targeting semiconductor wafer defect detection and lithium battery analysis [4]. - Shanghai Yidian Scientific Instruments participated in CPHI China 2025, showcasing GMP-compliant titrators, moisture analyzers, and spectroscopic chromatography instruments, along with providing 3Q certification services [5][6]. - Zhuomao Technology released the AXI9000, a high-speed CT X-ray automatic detection device, addressing the limitations of traditional 2D detection for 3D defect inspection in the electronics manufacturing sector [7]. - Leibertai Technology reported that its mass spectrometer series has competitive core performance indicators, with plans to accelerate import substitution through mergers and acquisitions [8]. - Huizhou Huagao Instruments introduced the DM&S SMS-1000 flash point tester, utilizing multi-point non-destructive testing technology, achieving over a 50% reduction in error rates compared to traditional methods [9]. Laboratory and Research Collaborations - Anhui Yi Technology and Hefei Comprehensive National Science Center signed an agreement to establish a joint laboratory for the development of key vacuum measurement equipment for nuclear fusion [11]. - The Hunan Provincial Drug Inspection Institute successfully passed the CNAS address change review, enhancing its testing capabilities for pharmaceuticals and medical devices [12]. - The Chenzhou Laboratory aims to optimize research models through industry-academia collaboration, focusing on key technologies to meet enterprise needs [13]. - A partnership between Heilongjiang Province's environmental monitoring center and Heilongjiang University aims to cultivate 200 interdisciplinary technical talents over three years to support ecological monitoring [14]. Patents and Technological Breakthroughs - Hunan Shuikoushan Nonferrous Metals Group obtained a patent for a method to determine silver, platinum, and palladium in high-silver gray powder, achieving a detection error of less than 0.3% and reducing chemical reagent consumption by 90% [17]. - Jiangsu Luben Instruments applied for a patent for an ion source structure and processing equipment, enhancing production capacity while reducing equipment size and process costs [17]. - Various companies, including Suzhou Fushida and Tianjin Jianzhijian Testing, have obtained patents for innovative testing devices, improving measurement accuracy and efficiency in their respective fields [19][20]. Standards and Testing Technologies - The first domestic standard for fluoroquinolone drug sensitivity testing was published, providing a technical basis for treating multi-drug resistant bacterial infections [24]. - Ningxia has approved seven group standards aimed at improving detection efficiency and accuracy in food testing and microbiological technology [25]. - An international standard for testing the microwave reheating suitability of ceramic tableware was released, ensuring safety in food packaging applications [26]. Industry Events and Activities - The "Rong Craftsman Cup" skill competition for the seasoning industry was launched to accelerate technological upgrades and talent cultivation in Sichuan Province [28]. - DXOMARK released a new benchmark for smartphone imaging tests, enhancing evaluation standards for HDR, zoom, and video shooting [29]. - The Laser World of Photonics 2025 event in Munich showcased advanced optical instruments and solutions, attracting professionals from various countries [30]. - The China International Optical Instruments Exhibition is set to take place, featuring a high-profile forum on optical technology and applications [31].

南方财经记者郑康喜 云浮报道 在人工智能加速崛起、关键核心元件和技术加速国产替代的当下，一家藏在广东云浮山区里的MLCC中 国独角兽企业，正向这个行业的全球前三展开冲锋。 "我们就是要打破高端MLCC被日韩几家企业垄断的局面，在完成国产替代的同时冲刺全球前三，成为 中国的'村田'。"6月29日，"活力中国调研行"广东主题采访团走进广东微容科技有限公司，面对南方财 经记者的提问，微容科技总裁陈伟荣如是说。 仲夏的雨后，云浮的山峦被云雾环绕，好似一幅清雅悠然的山水画。8年前，陈伟荣带领团队来这里扎 根，成立微容电子，一开始便明确规划了高容、车规、超微型等产品布局。 8年后的今天，南方财经记者见到陈伟荣时，他虽已头发花白，但话语间仍中气十足。采访环节，他拿 着话筒自豪地分享着微容科技在高端MLCC赛道的成就。 "从2017年开始，微容科技在山清水秀的云浮专注自主研发生产，今年已经第8年。以前国内想都不敢想 的车规类、消费电子类高端MLCC，都被我们逐一实现，我们成为国内头部新能源汽车和昇腾服务器供 应商。"陈伟荣说。 （图为微容科技产线。受访者供图） 将时间的指针拨回2017年。彼时，已经58岁的陈伟荣决定回到家乡 ...

A股今日半年度收官，从上半年市场表现来看，主要股指全线上涨。其中沪指上半年涨2.76%， 北证50指数大涨39.45%一度创出历史新高。 今天板块上看，军工、游戏、脑机接口、光刻机、光伏板块涨幅居前；银行、证券、汽车整车、 乳业板块表现落后。 此外，港股新消费板块也持续火热，老铺黄金大涨近16%，刷新历史新高。一起来看今天热点。 01 军工板块燃爆六月！ 六月中旬以来，军工板块持续火热。恒宇信通、晨曦航空20%涨停，长城军工、利君股份、光电 股份、中航沈飞等纷纷上扬，板块整体走势强劲。 | ▲ | 年工表面 | | ... () A | | --- | --- | --- | --- | | | 2616.04 (+133.07 +5.36%) | | | | 讨论 板块分析 | 成分股 | 相关ETF | 资讯 | | | 全部(79) 连板 关注度 主力资金 北向净流 | | | | 名称 | 最新价 ◆ | 涨跌幅 ◆ | 市盈率 ◆ | | 恒宇信通 | 65.80 | +20.01% | 157.14 | | SZ300965 | | | | | 晨曦航空 | | 20.47 +19.99% | - ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 26.5 CNY per share [1][8]. Core Views - The company is focused on the pet leash market and aims to develop its own brands, which are expected to grow significantly in the future. The company has established strong customer relationships with international retailers such as Petco and Walmart, and has recently launched several domestic brands [6][7]. - The financial outlook is positive, with projected revenue growth and a return to profitability after a period of adjustment due to inventory issues. The company is expected to benefit from both domestic and international markets, with a strong emphasis on brand development [6][32]. Summary by Sections Company Overview - The company, Yuanfei Pet, was established in 2004 and has focused on the research, production, and sales of pet products and snacks. It has built a solid customer base, including major international retailers [13]. - The company has undergone three development phases, with a recent focus on domestic brand expansion and product innovation [14]. Financial Analysis - Projected total revenue for 2024 is 1.31 billion CNY, with a year-on-year growth of 32.2%. The net profit attributable to shareholders is expected to be 164 million CNY, reflecting a growth of 30.2% [2]. - The company’s revenue is expected to continue growing, with estimates of 1.61 billion CNY in 2025 and 1.82 billion CNY in 2026, alongside a steady increase in net profit [8]. Market Analysis - The overseas market for pet leashes is robust, with increasing demand driven by the perception of pets as family members. The domestic pet food market remains the largest segment, with a strong trend towards health-oriented and functional products [6][56]. - The global pet market is experiencing growth, particularly in the U.S. and Western Europe, where the demand for pet products continues to rise [56]. Competitive Positioning - The company has established a strong foundation in overseas markets, with key partnerships with major retailers. It is also enhancing its production capabilities through new factories in Bangladesh and domestic locations [9][32]. - The company is focusing on developing its own brands, which are expected to gain traction in the market, supported by a strong marketing strategy and product differentiation [9][19]. Profitability Forecast - The company anticipates a gradual recovery in profitability, with net profits projected to reach 242 million CNY by 2027. The earnings per share (EPS) are expected to increase from 0.86 CNY in 2024 to 1.27 CNY in 2027 [2][8]. - The report highlights the importance of monitoring the performance of new brands and the impact of marketing expenditures on profitability [47].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Viewpoints - The report is optimistic about the domestic breakthroughs in COC materials, packaging materials, and semiconductor materials, emphasizing the importance of "domestic substitution" in achieving supply chain security and reducing production costs for end products [1][22] Summary by Sections Semiconductor Materials - The global semiconductor sales are projected to reach approximately $630.5 billion in 2024, representing a year-on-year growth of about 19.7%, with the Asia-Pacific region expected to see a growth of 17.5% [4][38] - The steady growth in the semiconductor market is anticipated to drive an increase in demand for semiconductor materials, including photoresists and electronic specialty gases [4][43] COC/COP Materials - COC/COP, a high-end optical material, has shown significant potential, with Akolai's thousand-ton production line entering trial production in Q3 2024 [2][29] - COC/COP materials are characterized by high thermal deformation temperature, high transparency, low birefringence, and low dielectric loss, making them ideal for optical components [25][28] - The domestic production of COC/COP is gaining momentum, with several companies, including Akolai, making strides in industrialization [28][29] PSPI Materials - PSPI combines the functions of photoresist and dielectric insulation layer, showing promise in integrated circuits and OLED applications [3][35] - Domestic companies like Aolide and Dinglong have achieved breakthroughs in the localization of PSPI, indicating a potential increase in domestic supply [3][36] Investment Recommendations - The report suggests focusing on high-value new materials, particularly semiconductor materials, OLED supply chains, and wind power materials [5] - It also highlights the importance of monitoring the development of new capacities in the semiconductor materials sector [43]

Group 1 - The pharmaceutical and biotechnology sector has experienced a strong rebound in 2023 after undergoing significant adjustments in previous years, driven by structural market trends [1] - Short-term impacts from ongoing medical anti-corruption efforts are stabilizing, with companies adapting well and maintaining steady operational performance [1] - By 2025, commercial insurance is expected to reach a new level, benefiting the innovative drug and device industries [1] Group 2 - Key investment focuses include: 1) Innovative drugs with true clinical value and potential for First-in-Class (FIC) and Best-in-Class (BIC) recognition, particularly from biotech companies acknowledged by multinational corporations [2] - AI in healthcare is anticipated to see strong market demand growth as the cost of deploying AI models decreases, allowing for more efficient and economical implementations [2] - The innovative drug supply chain, including CXO and life sciences services, is expected to experience a recovery in order growth as global investment and financing amounts increase [2] - Medical devices and equipment are set to benefit from a recovery in bidding data and ongoing fiscal support, with a focus on domestic alternatives and high-end manufacturing for international markets [2]