Group 1: Investor Relations Activity Overview - The investor relations activity was conducted online on June 27, 2025, with participation from various securities and investment firms [3][4]. - Key attendees included the company's Chairman and General Manager, Xu Aiming, and the Board Secretary and Financial Officer, Zhang Wenjin [4]. Group 2: Company Performance and Future Outlook - The company reported stable overall operations in the first half of 2025, with a positive development trend expected to accelerate in the second half due to new projects and production lines coming online [4]. - The first production line of the newly established subsidiary, Mark Surface Treatment Technology (Nantong) Co., Ltd., is expected to commence operations by the end of August 2025, with a second line following by the end of October 2025 [5]. Group 3: Acquisition and Technological Advancements - The acquisition of Tong Yi He Precision Engineering Co., Ltd. is anticipated to enhance the company's technical capabilities and profitability, with no significant overlap in customer bases, thus promising substantial synergy [6]. - The company is collaborating with precision component manufacturers to develop key components for harmonic reducers and planetary gear reducers, aiming to accelerate the domestic replacement process for these critical parts [7][8]. Group 4: International Expansion - The establishment of a joint venture in Slovenia is a strategic move to meet customer demands and expand the company's overseas presence, targeting existing clients like Bosch and Continental Automotive, while also seeking new customers in the European market [9]. - The Slovenian facility will focus on automotive parts, catering to both traditional fuel vehicles and new energy vehicles, utilizing advanced manufacturing techniques [9].

证券研究报告｜基金配置周报 2025 年 06 月 30 日 抗战胜利 80 周年纪念活动将举行，军工板块或可布局 【20250623-20250629】 | ◼ | 市场回顾：上周权益市场主要指数集体反弹，北证 50 涨幅最 | | | --- | --- | --- | | | 大，上涨 6.84%；债券市场长短端利率走势不一，一年期国债 | 大同证券研究中心 | | | 下行 1BP，期限利差进一步走阔，长短端 AAA 信用利差均有所 | 分析师：杨素婷 | | | 走阔；基金市场中偏股基金指数和二级债基指数均周度收涨， | 执业证书编号： | | | 中长期纯债周度收跌，短期纯债基金指数周度飘红；申万 31 个 | S0770524020002 | | | 行业涨多跌少，TMT 板块集体反弹。 | 邮箱：yangst@dtsbc.com.cn | | ◼ | 权益类产品配置策略： | | | ➢ | 事件驱动策略：（1）抗战胜利 80 周年纪念活动将在 9 月 3 | | | | | 地址：山西太原长治路 111 号山 | | | 日举行，可关注：华安制造先锋 A(006154)、博时军工主题 | 西 ...

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 yuanhang@swsresearch.com 李天奇 A0230522080001 litq@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 研究支持 陈俊兆 A0230124100001 chenjz@swsresearch.com 联系人 李天奇 (8621)23297818× litq@swsresearch.com 2025 年 06 月 30 日 2Q25 业绩持续增长，重点关注涨 价逻辑及国产替代 看好 —— 电子行业 2025 年中报业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共5页 简单金融 成就梦想 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 电子 - ⚫ 先进制程制造：重塑全球半导体版图，自主可控背景下有望实现追赶。先进制程方面中 ...

Core Viewpoint - The article emphasizes the importance of domestic substitution in the chemical industry, particularly focusing on the localization of "choke point" materials to enhance supply chain security and reduce production costs in rapidly expanding sectors like semiconductors, OLED, AR/VR, and humanoid robots [2]. Group 1: Domestic Substitution and Material Localization - The concept of "domestic substitution" has gained attention as China's chemical industry improves its production technology, breaking through overseas technical barriers [2]. - Achieving breakthroughs in "choke point" materials and the localization of equipment and processes is essential for "safe development" [2]. - Enhancing the self-supply capability of upstream materials in industries like semiconductors can improve overall supply chain security [2]. Group 2: COC/COP Materials - COC/COP, a high-end optical material, is recognized for its excellent properties such as high thermal deformation temperature, high transparency, low birefringence, and low dielectric constant [3]. - Currently, the production capacity of COC/COP is mainly held by Japanese manufacturers, but domestic companies are beginning to establish a foundation for industrialization [3]. - Akolai's COC production line has entered trial production in Q3 2024, with plans for a 30,000-ton optical materials project in Hubei [3]. Group 3: PSPI Development - PSPI serves dual functions as both a photoresist and dielectric insulation layer, with applications in integrated circuits, MEMS, and OLEDs [4]. - Domestic companies like Aolide and Dinglong have made breakthroughs in the localization of PSPI, indicating a promising increase in domestic supply [4]. Group 4: Semiconductor Market Outlook - The global semiconductor sales are projected to reach approximately $630.5 billion in 2024, reflecting a year-on-year growth of about 19.7% [5]. - The Asia-Pacific region's semiconductor sales are expected to be around $340.79 billion, with a growth rate of 17.5% [5]. - The steady growth of the semiconductor market is anticipated to drive an increase in demand for semiconductor materials, including photoresists and electronic specialty gases [6].

Group 1 - The core viewpoint of the news is that Hunan Chuyuan New Materials Co., Ltd. has officially submitted its IPO application to the Shenzhen Stock Exchange, focusing on the research and industrialization of electronic information new materials, particularly photosensitive dry film [1] - The company has achieved a leading market share among domestic enterprises and ranks third globally in the production of photosensitive dry film, which is crucial for PCB manufacturing [1] - The company's revenue and net profit for the years 2022 to 2024 are projected to be 910 million yuan, 890 million yuan, and 1.057 billion yuan, with corresponding net profits of 160 million yuan, 155 million yuan, and 170 million yuan [1] Group 2 - The company plans to raise 1.22 billion yuan through the IPO to invest in high-end photosensitive dry film projects and a research and operation center, as well as to supplement working capital [1] - Future development plans indicate that the PCB industry will continue to evolve towards high precision, high integration, and high frequency, driven by factors such as the new AI innovation cycle and the rapid development of electric and intelligent vehicles [2] - The company aims to maintain its market leadership in photosensitive dry film for PCB applications while actively exploring opportunities in the integrated circuit packaging sector, capitalizing on domestic substitution trends [2]

Investment Rating - The industry rating is maintained at "Outperform" [6] Core Insights - The report emphasizes a strong outlook for the semiconductor storage sector, driven by sustained price increases, AI catalysis, and accelerated domestic production [2][12] - Micron's performance exceeded expectations, with DRAM revenue reaching a historical high and a significant increase in HBM revenue [3][12] - The report forecasts a continued upward trend in storage prices for Q3 and Q4, with DDR4 contract prices expected to rise by 30-40% [2][20] Summary by Sections 1. Micron's Performance - Micron's revenue reached a historical high in FY2025 Q3, with DRAM revenue at $7.071 billion, accounting for 76% of total revenue, and a 15.5% quarter-over-quarter increase [3][12] - HBM revenue grew nearly 50% quarter-over-quarter, and data center revenue more than doubled year-over-year [3][12] - The forecast for Q4 revenue is between $10.4 billion and $11 billion, with gross margins expected to improve to 41-43% [18][20] 2. Market Trends - The report highlights a structural adjustment in the supply of LPDDR4X, leading to price increases in the spot market [24] - The demand for high-capacity storage products is rising, driven by AI applications and the need for higher performance in servers, PCs, and mobile devices [2][12] - The domestic storage market is expected to grow further due to increased localization of high-difficulty products like HBM and eSSD [2][20] 3. Price Dynamics - The report notes significant price increases for DDR4 RDIMM, with 32GB prices rising over 30% from early April to mid-June, and 64GB reaching $220 [22][23] - The price of DDR4 is expected to continue rising, with predictions of an 18-23% increase for PC DDR4 in Q3 [23][20] - NAND Flash contract prices are also expected to rise by 5-10% in Q3, with enterprise SSD orders significantly increasing [20][23] 4. Investment Recommendations - The report suggests focusing on leading companies in the semiconductor storage sector, including Jiangbo Long, Zhaoyi Innovation, and others [5][12] - It also highlights opportunities in IDM foundry and testing companies, as well as SoC and ASIC solution providers [5]

Investment Rating - The report assigns an "Accumulate" rating for the company [4]. Core Views - The company has achieved a turnaround in net profit for Q1 2025, with a significant increase in high-end market revenue share [1][2]. - The semiconductor market in China is experiencing accelerated domestic substitution, reducing reliance on imports and creating growth opportunities for local companies [3]. - The company is focusing on high-value applications, with a notable increase in sales of digital energy devices and significant orders in specialized power supply sectors [8][9]. Financial Summary - For 2024, the company is projected to achieve revenue of 354 million yuan, a year-on-year increase of 10.76%, while net profit is expected to decline by 18.77% to 25 million yuan [1]. - The company's revenue is expected to grow steadily from 320 million yuan in 2023 to 537 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 12.3% [1]. - The gross margin for 2024 is projected at 29.45%, an increase of 6.26 percentage points year-on-year, indicating improved profitability [2]. Market Position and Competitive Advantage - The company ranks among the top domestic players in the high-power semiconductor device sector, with strong production capacity and quality advantages [3]. - The company maintains long-term stable partnerships with leading enterprises in various electrical systems and industrial control equipment sectors, enhancing its market presence [3][8]. - The focus on high-end clients and applications has led to a significant increase in revenue from high-value power semiconductor devices [8].

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 ...