Core Insights - Shanghai Jier New Materials Technology Co., Ltd. is positioned as a leader in the modified engineering plastics sector, focusing on innovation to break international technology monopolies and reshape the automotive parts industry [1][2] - The company has achieved significant advancements in modified nylon 66 materials, enhancing performance in extreme temperatures and high humidity, thus improving production efficiency and reliability [2][3] - Jier New Materials emphasizes a complete closed-loop system in R&D, production, certification, and standard formulation, achieving international quality standards and gradually replacing imported materials [3] Company Overview - Established in 2010, Jier New Materials specializes in high-performance structural safety materials for the automotive industry, targeting the mid-to-high-end market with core products including modified PA6, PA66, PP, and PPO [2] - The company has gained recognition from major automotive manufacturers such as Mercedes-Benz, Volvo, Volkswagen, and BYD, establishing a strong market reputation [2] Innovation and Development - The company has developed high-temperature, corrosion-resistant, and high-toughness materials for new applications in electric vehicles, 5G communication modules, and autonomous driving components [3] - Jier New Materials has set a new industry benchmark with a 98% qualification rate in early projects, gaining the trust of major automotive players [3] Social Responsibility and Future Plans - The company integrates social responsibility into its development strategy, collaborating with universities for joint R&D and establishing a clean production system [4] - Looking ahead, Jier New Materials aims to focus on the new energy industry chain, including battery materials and 5G base station components, contributing to the evolution of China's manufacturing from import substitution to standard definition [4]

Core Insights - The development of dexterous hands is crucial for humanoid robots, serving as the "last centimeter" in their transition from rigid execution to intelligent interaction [1] - Tesla's Optimus humanoid robot, equipped with a 22-degree-of-freedom dexterous hand, is entering trial production, aiming for mass production of thousands by 2025, marking a significant milestone in the commercialization of this technology [1][3] Industry Overview - The global market for dexterous hands is projected to exceed $1.7 billion in 2024 and approach $2 billion in 2025, driven by the demand for humanoid robots [3] - The cost of dexterous hands currently accounts for approximately 17% of the total cost of humanoid robots, highlighting its role as a critical bottleneck for performance breakthroughs [3] Technological Advancements - The transition from simple two-finger grippers to humanoid multi-finger structures is being driven by increasing industrial demands for precision [3] - Innovations in drive solutions, such as the use of brushless gear motors and hybrid designs, are being explored to balance cost and torque requirements [7] - The integration of multi-modal sensors, including six-dimensional force sensors and flexible electronic skin, is enhancing the sensory capabilities of dexterous hands, allowing for near-human-level performance in tasks like assembly and adaptive grasping [8] Material Innovations - The use of ultra-high molecular weight polyethylene (UHMWPE) fibers is becoming mainstream for tendon systems, offering significant strength and durability advantages [10] - Chinese companies are rapidly advancing in the development of tendon systems, with innovations in anti-creep technology and self-lubricating coatings [11] Competitive Landscape - The supply chain for dexterous hands is evolving, with companies like Nanshan Zhishang and Tongyizhong entering the market with competitive products [11][14] - The upcoming mass production of Tesla's Optimus will serve as a critical test for the durability and reliability of these technologies in real-world applications [12]

Core Viewpoint - The MOSFET industry in China is experiencing significant growth driven by the demand from sectors such as consumer electronics, communication, industrial control, and automotive electronics, with a projected market size of 42.944 billion yuan in 2024, reflecting a year-on-year growth of 7.67% [1][11]. Industry Overview - MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) is a semiconductor device that controls current using electric fields, consisting of a metal gate, an insulating oxide layer, and a semiconductor substrate [2]. - The industry has evolved through four main stages, from initial development before 2010 to the current phase of domestic substitution, where local manufacturers are increasingly producing high-end products [4][5]. Industry Development History - The industry has transitioned from a pioneering phase before 2010 to a period of local alliances from 2011 to 2013, followed by structural reforms from 2014 to 2016, and now to a phase of domestic substitution since 2017 [4][5]. Industry Supply Chain - The upstream of the MOSFET industry includes raw materials and production equipment, while the midstream focuses on manufacturing, and the downstream applications span automotive electronics, consumer electronics, industrial control, and communication devices [7]. Market Size - The demand for MOSFETs is rising due to the proliferation of 5G technology, the boom in the electric vehicle market, and increasing industrial automation [11]. - The performance of silicon-based MOSFETs is improving, and third-generation semiconductor devices like SiC MOSFETs are being commercialized, enhancing charging efficiency and range for electric vehicles [11]. Key Companies' Performance - The competitive landscape of the MOSFET industry is characterized by dominance from overseas giants like Infineon and ON Semiconductor, while domestic firms such as Huazhu Microelectronics, Silan Microelectronics, and New Clean Energy are emerging as leaders [13]. - Huazhu Microelectronics reported a revenue of 2.355 billion yuan in Q1 2025, a year-on-year increase of 11.29%, with a net profit of 83 million yuan, up 150.68% [14]. - Silan Microelectronics achieved a revenue of 11.221 billion yuan in 2024, reflecting a growth of 20.14%, with R&D investment reaching 1.084 billion yuan, up 22.93% [16]. Industry Development Trends - The market size of the MOSFET industry is expected to continue expanding, particularly in the electric vehicle sector, where demand for high-performance MOSFETs is increasing [18]. - Technological innovation is accelerating, with third-generation semiconductor materials like SiC and GaN gaining traction, promising higher efficiency and performance [19][20]. - The trend of domestic substitution is strengthening, with local companies improving their competitiveness and reducing reliance on foreign products, while also integrating the supply chain [21].

昨夜晚间，国产GPU公司摩尔线程和沐曦在证监会网站披露了其上市招股说明书。如沐曦在招 股说明书中所说，作为现代信息技术发展的物理基石和底层基础设施，GPU 具有高价值量、高 复杂度、高技术门槛和快速演进的特征，对企业自主研发、稳定供应和持续创新能力提出了较 高要求。 长期以来，我国算力基础设施被境外厂商所主导，国产替代潜力巨大。近年来，面对不断升级的地 缘政治摩擦和新一代人工智能革命，以发行人为代表的国内 GPU 厂商凭借创新的产品与技术参与 市场竞争，逐渐打破国外厂商垄断，实现了市场份额的不断提升，助力我国人工智能产业链从底层 技术上摆脱对国外算力资产的依赖，为推进新质生产力发展提供动力引擎。 在本文中，我们将摘取说明书中的内容，对该公司的一些关键数据进行对比。以下为文章正文： 公众号记得加星标⭐️，第一时间看推送不会错过。 公司介绍 摩尔线程 公司主要从事 GPU 及相关产品的研发、设计和销售。自 2020 年成立以来，公司以自主研发的全功 能 GPU 为核心，致力于为 AI、数字孪生、科学计算等高性能计算领域提供计算加速平台。公司已 成功推出四代 GPU 架构，并形成了覆盖 AI 智算、高性能计算、图形 ...

中国宏观经济展望 - 2025 年中金公司中期投资策略会 20250630 摘要 中国经济正经历新旧模式交替，房地产拖累减小，技术进步加速，但物 价仍低迷，反映出经济转型初期不同领域表现不一，需综合分析宏观形 势。 中国劳动市场调整缓慢，劳动密度下降，收入增速放缓，影响消费和物 价，总需求偏弱，预计 2025 年下半年延续"准均衡"状态。 预计 2025 年下半年货币政策将侧重结构性工具，财政支出增加，出口 保持韧性，全年经济增长率预计在 5%左右，核心 CPI 逐步上升。 房地产与整体经济相关性减弱，家电销售不再完全依赖房地产，更多受 置换需求驱动，表明中国经济进入新模式。 中国经济结构变化显著，新经济、绿色经济、医药经济、生物医药和高 端制造比重上升，房地产比重下降，新兴行业 IPO 占比提高。 技术进步提升中国经济复杂度，接近全球最高端水平，出口结构与欧元 区、日本互补，国产化加速，减少进口需求。 2025 年一季度进口下降但对 GDP 有正贡献，反映需求走弱、经济结构 转型和国产替代效应，进口减少成为积极信号。 Q&A 当前中国宏观经济形势如何？ 当前中国宏观经济形势呈现出一些积极和谨慎的特点。房地产 ...

Summary of Conference Call Records Industry Overview - The innovative drug industry chain is gradually stabilizing and recovering, with CXO orders rebounding since last year, leading to strong mid-year performance in key segments [1][2][3] - The overall trend for the pharmaceutical sector in Q2 2025 is positive, particularly in innovative drugs and their supply chains, despite recent market fluctuations [2][3] Key Companies and Performance - **Hengrui, Huadong, and China Biopharmaceutical** are expected to achieve double-digit growth in Q2 and for the entire year [1][6] - **WuXi AppTec** aims for a revenue target of 43 billion, with an expected growth of over 15% and faster net profit growth; **WuXi AppTec's** revenue growth is projected at over 35% for the year [1][11] - **Kelaiying** anticipates a revenue growth of over 15% for the year, while **Kanglong Huacheng** expects around 10% growth in revenue and profit for Q2 [1][11][13] - **BaiPuSi and Haoyuan Pharmaceutical** are performing well, with most companies expecting revenue growth of over 20% [1][15] Market Catalysts - Recent adjustments in medical insurance policies and industry conferences (WCLC, ESMO, Ash) are seen as potential catalysts for growth in the innovative drug sector [1][7][9] - The upcoming medical insurance negotiations and directory adjustments are expected to be significant driving forces in the second half of the year [9][10] Investment Opportunities - Despite a recent decline in market sentiment, large-cap companies like **BaiJi, Hengrui, XinDa, Kangfang, and Shiyao** are recommended for investment, along with smaller companies like **Dizhe and Yifangzejin** [10] - The CXO and upstream sectors are highlighted as key investment areas, with strong performance expected due to improved orders and geopolitical factors [19][20] Sector Performance - The medical device sector is still in a clearing inventory phase, with some companies showing good growth, particularly in overseas markets [17][18] - The OTC and traditional Chinese medicine sectors have not shown significant improvement but may see recovery in the second half of the year [5][18] Future Outlook - The overall outlook for the second half of 2025 remains optimistic, with expectations of continued growth in the innovative drug sector and supportive external factors [9][24] - The domestic financing environment is expected to improve, with a notable increase in activity anticipated in the latter half of the year [26][38] Conclusion - The innovative drug industry chain, particularly the CXO segment, is positioned for strong growth, supported by favorable market conditions and strategic company performances. Investors are encouraged to focus on key players within this sector for potential opportunities.

Core Viewpoint - Jiangsu Zhuosheng Microelectronics Co., Ltd. plans to issue up to 160,457,680 A-shares to raise no more than 3,475 million yuan for expanding RF chip manufacturing capacity and supplementing working capital [1][10]. Group 1: Background and Purpose of the Issuance - The integrated circuit industry is a strategic and foundational sector crucial for national economic and social development, with a focus on enhancing capital strength and profitability [1][2]. - The issuance aims to support the development of the integrated circuit industry, which is expected to benefit from significant opportunities amid global technological changes and domestic policy support [2][3]. Group 2: Market Trends and Opportunities - The global integrated circuit industry is entering a period of disruptive technological change, with China's integrated circuit sector poised for major growth [2][3]. - The RF front-end industry is a vital component of the integrated circuit sector, driven by the increasing demand for RF front-end chip solutions due to advancements in communication technology [3][4]. - The global RF front-end module market is projected to reach approximately 26.54 billion USD by 2024, with significant growth driven by the smartphone market and emerging technologies [3][4]. Group 3: Domestic Industry Landscape - China's integrated circuit industry has rapidly developed, with the industry scale expected to grow from 653.2 billion yuan in 2018 to 1,045.8 billion yuan by 2024, reflecting a compound annual growth rate of 9.5% [3]. - The domestic RF front-end industry still has a low self-sufficiency rate, with major international players holding about 80% of the global market share [5][6]. - The increasing demand for high-performance domestic RF front-end products presents opportunities for local manufacturers amid geopolitical uncertainties [5][6]. Group 4: Company Strategy and Development - The company has transitioned from a Fabless model to a Fab-Lite model, establishing a complete industrial ecosystem from R&D to sales [7][8]. - The planned issuance will enhance the company's manufacturing capabilities for RF front-end chips, enabling it to meet the growing demand for high-end customized products [8][10]. - The company has developed a strong technical foundation and a stable management team, which will support the successful implementation of the fundraising projects [25][26]. Group 5: Financial Considerations and Impact - The total amount raised from the issuance will be used for expanding RF chip manufacturing capacity and supplementing working capital, which is essential for the company's operational efficiency [10][17]. - The issuance is expected to improve the company's capital structure and reduce financial risks, enhancing its ability to withstand macroeconomic fluctuations [10][11]. - The company aims to maintain a stable profit distribution policy while ensuring that the interests of all shareholders, especially minority investors, are protected [28][29].

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].

Market Overview - The equity market saw a collective rebound last week, with the North Certificate 50 index rising the most by 6.84%, followed by the ChiNext index at 5.69% and the Wande All A index at 3.56% [5][6] - The TMT sector experienced a collective rebound, with notable increases in the computer sector (7.70%), defense and military industry (6.90%), and non-bank financials (6.66%) [5][6] Equity Product Allocation Strategy - Event-driven strategies include focusing on the upcoming 80th anniversary of the victory in the War of Resistance against Japan on September 3, with recommended funds such as Huashan Manufacturing Pioneer A (006154) and Boshi Military Industry Theme A (004698) [16] - The recent joint issuance of guidelines by six departments to support consumption can lead to investment opportunities in funds like ICBC Consumer Service A (481013) and Jiashi New Consumption A (001044) [17] - The National Medical Insurance Administration's issuance of guidelines for the 2025 basic medical insurance directory may benefit funds like ICBC Medical Health A (006002) and Penghua Medical Technology A (001230) [18] Asset Allocation Strategy - The overall allocation strategy suggests a balanced core plus a barbell strategy, focusing on dividend and technology sectors [19] - High dividend assets are highlighted as having significant allocation value due to the low interest rate environment and government support for dividend-paying companies [20] - The technology growth direction is emphasized due to national policy support, high industry prosperity, and the need for domestic companies to enhance competitiveness [21] Stable Product Allocation Strategy - The central bank's recent net injection of 12,672 billion yuan indicates a continued loose monetary policy, which is expected to support technology innovation and consumption [24] - The profit data from industrial enterprises shows a decline, suggesting potential for more proactive policies to stimulate domestic demand [25] - Convertible bonds are noted for their dual characteristics of debt and equity, maintaining value but with caution advised regarding volatility risks [26] Key Focus Products - Recommended funds include Nord Short Bond A (005350) and Anxin New Value A (003026), which are positioned to benefit from current market conditions [29]

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 ...