Core Viewpoint - 中金企信国际咨询 is a professional consulting firm dedicated to providing industry market share certification, product certification, domestic production rate certification, credit investigation reports, and feasibility studies for strategic decision-making [1][2]. Group 1: Company Overview - 中金企信国际咨询 has completed over 150,000 consulting projects, including more than 25,000 customized/special investigation projects, 42,000 feasibility studies and business plans, and 83,000 industry research reports [1]. - The firm provides third-party certification services to over 23,000 enterprises across various fields, enhancing their market competitiveness and brand image [1][2]. Group 2: Services Offered - The company specializes in preparing feasibility reports and business plans that comply with the requirements set by the National Development and Reform Commission, supporting project initiation, investment decisions, and risk assessments [2]. - Customized services are provided through a self-built database and a professional research team, leveraging official and third-party data resources to offer tailored solutions for clients [2]. Group 3: Importance of Certifications - The domestic production rate certification is crucial for reflecting a company's overall strength and product technology level, significantly impacting brand value, market trust, and investment attraction [2]. - These certifications are applicable in various scenarios, including bidding, project applications, and business collaborations, enhancing the reliability and safety assessment of products [2].

Group 1: Business Overview - The industrial membrane currently accounts for approximately 70% of the company's membrane business revenue [1] - The company's membrane products are exported to over 130 countries and regions, projected to account for about 30% of total revenue in 2024 [2] Group 2: Product Applications - Household reverse osmosis membrane products are widely used in home health water applications, focusing on high-quality needs for sensitive users such as infants and the elderly [1] - The company is actively collaborating with application enterprises to accelerate the domestic substitution process of ultra-pure water key materials [2] Group 3: Financial Performance - In the first quarter, the company reported an operating income of 363 million yuan, an increase of 8.43% year-on-year [2] - The net profit attributable to the parent company was 44.45 million yuan, reflecting a year-on-year growth of 30.35% [2] - The average gross margin in the first quarter increased by 1.66% compared to previous periods, driven by the growth in membrane material sales [2] Group 4: Impact of Tariffs - The revenue from products directly exported to the United States is minimal, thus changes in China-U.S. tariff policies have a limited impact on the company's operations [1]

5月15日，第十三届中国指挥控制大会暨第十届中国（北京）军事智能技术装备博览会在北京国家会议 中心开幕。 开幕当天一早，这场科技与军事交汇的展会就吸引了大批的观众参观、咨询。南都记者在逛展中注意 到，本次博览会有上千家企业参展，他们拿出各家的明星产品，希望一举斩获订单。同时，无人化、智 能化、国产化、低空经济成为了参展产品的亮点。 面对不确定的国际形势，企业更需加快自主研发 近年来，无人机在军事领域的应用愈加深入，扮演着越来越重要的角色，此次博览会上就有多款无人机 亮相。 在北京卓翼智能科技有限公司（以下简称"卓翼智能"），一款系留无人机吸引了多位观众咨询。这款型 号为TS-A8系留无人机，以军工技术为基础，采用航空级材质，最大载荷能力为10kg，其大载重能力和 双天线定向技术提供了卓越的飞行稳定性和抗电磁干扰性能，广泛应用于电子对抗、通信中继、视频监 控、信号侦察等多种场景。 和普通民用无人机不同，这款系留无人机不用担心电池续航的问题，其通过光电复合线缆供电进行运 作，当然，受限于线缆长度，其最高飞行高度为200米，但这足以完成信号侦察等军事场景的需求。 "我们不单单做装备，也不单单做系统，而是从仿真验证到 ...

Core Viewpoint - The children's smart watch market has rapidly grown into a significant segment of the smart wearable industry, with notable sales figures and market share, particularly dominated by the brand "小天才" (Xiaotianzi) [2][3][11]. Group 1: Market Performance - In 2024, children's smart watches accounted for 31.5% of sales on traditional e-commerce platforms, nearly matching adult smart watches and smart bands, both at 34.4% [2]. - Xiaotianzi captured nearly half of the global children's smart watch market share in Q2 2024, positioning itself among the top five wearable device manufacturers globally [2]. - The online sales of children's smart watches reached 863.7 million units in 2024, generating a revenue of 38.4 billion yuan, with an average price of 444 yuan [13]. Group 2: Market Growth and Trends - The demand for children's smart watches has been on a steady rise, with a compound annual growth rate (CAGR) exceeding 30% from 2015 to 2020, and projections indicating the market size will surpass 200 billion yuan by 2026 [8]. - In 2018, the shipment of children's smart watches in China reached 21.67 million units, three times that of adult smart watches, with a market size exceeding 8.6 billion yuan [7][8]. - The market has evolved from low-cost, low-functionality products to high-end devices with advanced features, indicating a shift towards premiumization and brand differentiation [11][12]. Group 3: Competitive Landscape - Xiaotianzi holds a market share of 26.6% in the children's smart watch segment, with a year-on-year sales increase of 178.9%, significantly outperforming competitors like Xiaomi and Huawei [14]. - The competitive focus has shifted from basic functionality to enhanced user experience, with brands investing in performance, quality, and service [13]. - The children's smart watch market is characterized by a strong brand loyalty and ecosystem, with Xiaotianzi leveraging its marketing strategies and product segmentation to maintain a competitive edge [14]. Group 4: Supply Chain and Components - The children's smart watch industry consists of three main segments: upstream component suppliers, midstream manufacturers, and downstream consumers [16]. - The cost structure indicates that around 60% of a 600 yuan children's smart watch is attributed to components like modules, straps, and screens, while the most profitable segment is the midstream brand manufacturers [18]. - Key components include various chips and sensors, with a notable trend towards the adoption of domestic chips, indicating a shift in the supply chain dynamics [28]. Group 5: Technological Advancements - The integration of advanced chips and modules has significantly improved the functionality of children's smart watches, enhancing features like positioning accuracy, video clarity, and battery life [19]. - Major chip manufacturers for children's smart watches include Qualcomm and Unisoc, with a growing trend of domestic chips replacing imported ones [22][28]. - The evolution of technology in children's smart watches is expected to continue driving demand for core components, benefiting domestic chip manufacturers [30].

热点板块：5 月可重新关注科技成长。低估值、高股息方向在 4 月跑出超额收益属于历史规律，进 入 5 月后市场风格有可能重新切换回科技成长。除了业绩落地之外，5 月科技方向可以期待的催化剂包 括 AI 大模型版本的更新，以及机器人格斗大赛等，预计科技成长将迎来反弹。关注：1）英伟达 GTC 大会确认 AI 发展从模型训练进入推理阶段，关注衍生的 AI 新方向，如云计算、AI+办公、AI+医药 等。5 月关注 AI 大模型的版本更新。2）机器人国产化和走进老百姓生活依然是 2025 年比较确定的趋 势，机器人产品将从人形机器人向四足机器人、功能型机器人扩展。以此带来的传感器、控制器、灵巧 手等板块的阶段性机会将会反复出现。5-6 月关注机器人格斗大赛的进展。3）半导体国产化仍是大势 所趋，关注其中的半导体设备、晶圆制造、半导体材料、IC 设计等。4）低空经济自 24 年 11 月宣布六 大试点城市后，建设加速的预期逐步发酵，加之春季行情启动后表现相对落后，存在较强的补涨预期。 关注地面起降场建设、低空飞行器整机等。 盘面回顾：全天逐级走低，交易清淡，但收盘仍然位于 5 日均线之上。周四 A 股呈现逐级走低的 走 ...

在鄂尔多斯发出中国矿山动力强音 在全球地缘政治局势日趋复杂、贸易保护主义抬头的当下，脱钩断链、技术封锁等风险犹如达摩克利斯 之剑，高悬在中国重型装备制造业的头顶。尤其是在大型矿用设备核心动力系统领域，关键核心技术 被"卡脖子"、高端装备依赖进口等问题，严重制约着中国重型工程机械制造业迈向高端化、自主化的步 伐。 令人欣慰的是，作为中国领先、在全球具有重要影响力的工业装备跨国集团，山东重工旗下潍柴集团始 终坚持高水平科技自立自强，强化自主创新能力建设，在数十年如一日的科技创新"马拉松"中奋勇突 围。2025年5月9日，潍柴在内蒙古鄂尔多斯面向全球展示自主研发的第二代矿山动力系列新品，这不仅 是一场技术成果的盛宴，更是中国重型装备制造业直面挑战、向世界一流发起冲锋的宣言。 鄂尔多斯，这里坐拥中国最大的多纪煤田，探明的煤炭储量约占全国六分之一，遍布各地的320多座大 小煤矿，每年能为国家生产近10亿吨优质煤炭。 这里是中国煤炭的开采中心之一，也是全球重型装备角逐的竞技场。然而，一个令人无比遗憾的事实 是，每年数以十亿吨计的煤炭开采过程中，大部分大型矿用设备的核心动力系统来自国外品牌。遗憾的 不只是鄂尔多斯，数据显示 ...

近日，一批国产激光刻蚀防伪柔性特种标签交付并应用在小鹏汇天汽车上。这是我国企业在技术和工艺 上首次突破防伪特种标签的产品，并达到国外相同水准，标志着我国攻克工业零部件"身份证"技术，打 破了国外技术垄断。 取得这一技术突破的企业，是徐州高新区企业中科宝溢视觉科技(江苏)有限公司(以下简称"中科宝 溢")。中科宝溢董事长兼首席科学家张保平接受本报采访时表示，攻克工业零部件"身份证"技术，将助 力国内企业采购成本下降约50%，同时在产品供应上不再受国外垄断限制。 防伪标签市场应用广泛 中科宝溢是一家集高端影像显示材料研发、生产、销售于一体的高科技企业，是江苏省专精特新中小企 业。其团队于2020年荣获中国创新创业大赛深圳赛区新材料组一等奖。2021年，徐州高新区以招商引资 方式，将其从深圳市招引落地该高新区孵化。 "嘶嘶嘶……"随着中科宝溢技术人员操作仪器，一束直径不足头发丝百分之一的激光，以每秒数万次的 频率在特制薄膜材料上雕刻，一组肉眼不可见的微结构逐渐成型。这层薄膜贴在汽车配件上，用特定波 长光照射就会显现出专属的防伪标识，如同给工业零件装上了"数字指纹"。 2024年2月，中科宝溢材料事业部团队在市场调研 ...

Group 1 - The core viewpoint of the article highlights the rise of Mindray Medical as a symbol of the Shenzhen medical device industry's transformation from non-existence to a global leader in medical devices and solutions [1] - Mindray Medical has significantly impacted the supply chain by promoting the localization of core components, with over 80% of its first-tier suppliers being domestic, and collaborating with more than 1,500 suppliers across various sectors [1] - During the surge in demand for ventilators in 2020, Mindray Medical increased its procurement of domestic components and worked closely with suppliers to enhance production capacity and establish quality control standards [1] Group 2 - Mindray Medical is driving the high-end standardization of domestic medical devices, with a reputation for rigorous quality testing, which has elevated the quality control standards across the industry [2] - The company's products are now available in over 190 countries, with a market share in the top three for key products like monitors, anesthesia machines, and ventilators, and international revenue contributing approximately 45% of total income [2] - Mindray Medical's internationalization strategy includes utilizing local talent, with nearly 80% of overseas key employees required to regularly visit the Shenzhen headquarters for knowledge exchange [3] Group 3 - The company has established a robust overseas talent management system, integrating local knowledge with its corporate culture to enhance cohesion and operational effectiveness [3] - Over 90% of Mindray Medical's 3,000 overseas employees are local hires, demonstrating the company's commitment to local integration in global markets [3]

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 证券研究报告 华安研究 · 拓展投资价值 | CONTENTS | 01 | 显示技术不断迭代,OLED引领产业升级 | | | --- | --- | --- | --- | | 02 | | OLED产业链全局国产化正当时,上游国产替代空间广阔 | | | 03 | | OLED面板加速渗透,长期需求向好 | | | 04 | | 中国企业逐步赶超,发展重点各异 | | | 敬请参阅末页重要声明及评级说明 | | ● 公 / 全安证券研究所 | | | 年度15分 | | 证券研究报告 | 5 | | | | 华安研究 · 拓展投资价值 | | | 显示技术不断迭代，OLED引领产业升级 | | 01 | | 敬请参阅末页重要声明及评级说明 4 华安研究 · 拓展投资价值 ■ 1.1 显示技术选代升级,OLED引领行业发展 OLED优势显著,有望引领显示产业进行新的变革。显示技术经历了从传统CRT技术主导到LCD技术主导再到OLED等新 A 型显示技术主导的三代演进。相比于以往的显示技术,OL ...

Summary of Conference Call Records Industry or Company Involved - Convertible Bond Market - Semiconductor Industry - AI and Robotics Sector - Consumer Goods Sector (including cosmetics and food) - Pet Food Industry - Low-Temperature Dairy Products Industry Core Points and Arguments Convertible Bond Market - The average price of convertible bonds has risen to 119.39 yuan, with an average rating close to 90 and a conversion premium of 41.29%, indicating a high price range but not overly expensive in valuation terms [1][3] - Structural opportunities exist in the market, particularly for high-quality issuers or those with significant stock elasticity, as concerns over credit rating adjustments have been alleviated in low-price ranges [1][4] Impact of Tariff Easing - The easing of tariffs has not significantly improved market sentiment, as 91% of tariffs were canceled and 24% suspended, leading to a quick absorption of short-term benefits [2] - Export-oriented companies may experience profit impacts due to high tariff costs, while domestic demand sectors and technology growth areas like AI and robotics are less affected [7] Performance of Various Sectors - In Q1 2025, the consumer and growth sectors showed leading net profit growth, with agriculture, forestry, and fishery sectors experiencing a staggering 789% year-on-year growth [8] - The TMT (Technology, Media, and Telecommunications) sector also achieved double-digit growth, while midstream manufacturing industries turned from negative to positive growth [8] Recommendations for Investment - Focus on companies benefiting from technological growth and domestic demand expansion, such as those in AI, semiconductors, and consumer goods [5] - Specific convertible bond recommendations include companies like Dinglong, Anji Technology, and Keda Li, which are positioned well in the semiconductor and AI sectors [9][11] Company-Specific Highlights - **Haopeng Company**: Benefiting from domestic battery replacement, with a 23% increase in revenue and a 900% increase in net profit in Q1 2025 [3][13] - **Kedali Company**: Engaged in humanoid robotics, with a 20% revenue increase and a 25% net profit increase in Q1 2025 [14] - **Polaire**: A leading domestic cosmetics brand, with an 8% revenue increase and a 28% net profit increase in Q1 2025, showcasing strong brand building capabilities [15][16] - **China CRRC**: In the pet food sector, showing strong domestic sales growth despite tariff impacts, with a 30% increase in sales through online channels [17] - **New Dairy Industry**: Leading in low-temperature dairy products, with a 48% increase in net profit in Q1 2025, driven by product optimization and cost control [18] Other Important but Possibly Overlooked Content - The overall market reaction to tariff benefits has been muted, as current tariff levels remain higher than at the end of the previous year, indicating ongoing uncertainty in trade relations [6] - The long-term trend towards self-sufficiency in technology, particularly in semiconductor and AI sectors, is emphasized as a key market direction [7]