Core Viewpoint - The ChiNext Index fell over 1%, while the Shanghai Composite Index decreased by 0.2% and the Shenzhen Component Index dropped by 0.59%, indicating a downward trend in the market with over 2900 stocks declining across the Shanghai, Shenzhen, and Beijing exchanges [1] Market Performance - The ChiNext Index experienced a decline of more than 1% [1] - The Shanghai Composite Index saw a decrease of 0.2% [1] - The Shenzhen Component Index fell by 0.59% [1] - More than 2900 stocks in the Shanghai, Shenzhen, and Beijing markets reported declines [1] Sector Performance - Sectors such as CPO, copper cables, high-speed connections, robotics, and consumer electronics were among the hardest hit, showing significant declines [1]

Core Viewpoint - The recent announcement of Luxshare Precision's H-share listing has stirred the capital market, highlighting the company's ambitious growth plans and the leadership of Wang Laichun, who has transitioned from a factory worker to a billionaire entrepreneur [5][13]. Company Overview - Luxshare Precision has reported a revenue of 268.79 billion yuan for 2024, marking a 15.91% increase from 2023 [10]. - The net profit attributable to shareholders reached 13.37 billion yuan, a 22.03% increase compared to the previous year [10]. - The company aims to diversify its business, with 15% of its revenue coming from new sectors such as automotive connectivity and communication components [7][11]. Leadership and Strategy - Wang Laichun, the founder, emphasizes a long-term vision for the company, focusing on technological depth and capital integration rather than short-term gains [8][11]. - The company has adopted a strategy of "technical mergers and vertical integration," which has allowed it to penetrate the Apple supply chain and expand into new markets [7][11]. Financial Performance - The gross profit margin for 2024 is projected to be 10.41%, down 1.17 percentage points from 2023, indicating challenges in the manufacturing sector [10]. - The company has seen a decline in its dividend payout from 2.15 billion yuan in 2023 to 1.45 billion yuan in 2024, reflecting a focus on long-term growth over immediate returns [8]. Market Position and Future Plans - Luxshare's move to list in Hong Kong is seen as a strategic response to the evolving global manufacturing landscape, allowing for more flexible financing options and better talent acquisition tools [9][12]. - The company plans to allocate over 10 billion USD for financing, which will be directed towards expanding its production capabilities, particularly for AirPods in India [9][12]. Industry Context - The competitive landscape includes major players like Lens Technology and GoerTek, with Luxshare's listing seen as part of a broader trend of Chinese tech manufacturers seeking international capital [8][12]. - The company is also addressing supply chain risks by diversifying its production bases to countries like Mexico and India, aiming to reduce reliance on a single market [11][12].

Core Insights - Xiaomi's YU7 has achieved remarkable order numbers, surpassing previous records set by both Xiaomi's SU7 and Tesla's Model 3, indicating strong market demand and consumer interest [1][4] - The overwhelming response to YU7 has prompted competitors to target its potential customers, reflecting a competitive and reactive market environment [2][5] - Concerns regarding long delivery times for YU7 have emerged, with consumers expressing anxiety over potential tax implications and order fulfillment issues [5][9] Group 1: Order Performance - YU7 secured over 240,000 orders within 18 hours of launch, breaking previous records [1] - In the first three minutes, YU7 received 200,000 orders, and by one hour, this number rose to 289,000 [4] - The order volume indicates a significant shift in consumer purchasing behavior and market dynamics [9] Group 2: Market Reactions - Competitors have begun to implement targeted sales strategies against YU7, with some offering to cover deposit losses for customers who switch to other models [2][5] - The phenomenon of order reselling has emerged, with transfer fees ranging from 3,000 to 20,000 yuan based on delivery timelines [2] - The competitive landscape is intensifying as brands adapt their marketing tactics in response to YU7's success [2][5] Group 3: Consumer Concerns - Delivery timelines for YU7 are projected to be lengthy, with standard versions taking 57-60 weeks and Pro versions 50-53 weeks [5] - Consumers have raised complaints regarding the lack of clarity on delivery timelines and issues encountered during the ordering process [5][9] - The potential increase in purchase tax starting January 1, 2026, adds to consumer anxiety regarding timely delivery [5] Group 4: Industry Implications - The unprecedented order volume raises questions about production capacity, with initial estimates of 150,000 units per year potentially being exceeded [9] - The marketing strategies employed by Xiaomi reflect a shift in how automotive brands engage with consumers, blending internet thinking with traditional automotive practices [9][12] - The phenomenon of "fan culture" in automotive marketing is emerging, drawing parallels to trends seen in the smartphone industry [13]

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自经济日报 。 联电跨足先进封装大跃进，夺下高通大单，自行开发的高阶中介层（Interposer）也获得高通验证， 迈入量产出货倒数计时阶段。法人看好，联电透过跨国合作，携手国际大厂抢食AI等高速运算大商 机，后市看俏，并可藉由差异化优势，降低红色供应链在成熟制程晶圆代工市场激烈竞争的干扰。 联电不评论特定客户，强调先进封装是该公司积极发展的重点，将携手智原、矽统等转投资事业，以 及华邦等记忆体伙伴，携手打造先进封装生态系。 联电去年底携手高通展开高速运算先进封装合作，锁定AI PC、车用，以及当红的AI伺服器市场，陆 续传出捷报。 供应链透露，联电第一批中介层1500电容已通过高通的电性测试，目前开始试产，预计2026年首季 有机会量产出货，高通并购置炉管机台放在联电厂房，凸显双方合作紧密。业界分析，此次联电通过 高通认证的产品采用1500nF/mm^2电容，主要搭配高通的IC和记忆体所需要的电容值。 业界人士指出，联电布局先进封装，先前在制程端仅供应中介层，应用在RFSOI制程，对营收贡献有 限。随着高通采用联电先进封装制程打造高速运算芯片，近期 ...

电子烟：Glo Hilo 烟弹各环节利润试拆解 20250706 思摩尔新款 Hilo 电子烟在日本试销反馈良好，在肌喉感、烟雾浓度和抽 吸时间上均有改进，并计划 9 月 1 日全境推广，有望提升市场占有率。 产品风味针对日本市场进行了调整，包含烟草、薄荷和果味等多种选择。 思摩尔与英美烟草在雾化领域的合作中，初期思摩尔毛利率较高，但受 美国 FDA 政策影响，非法电子烟市场份额提升，导致思摩尔毛利率下降， 而英美烟草毛利率稳步上升，反映了产业链话语权的变化。 日本政府对 HNB 电子烟税收政策复杂，采用从量税和从价税复合计征， 税收占终端售价约 57%，对品牌端利润产生显著影响。 黑豆烟弹在日本市场零售价 580 日元，政府税收占比最高（57%），其 次是英美烟草毛利率（16%），零售端（日本便利店）占 10%，思摩 尔毛利率占比 7%-8%。 预测 2026 年英美烟草在日本市场销售 100 亿支黑豆烟弹，思摩尔可实 现 10 亿元毛利润，对应 300 亿元估值。若推广至其他市场，HNB 业务 整体估值可能达到 500-600 亿元，公司未来估值有望持续提升。 亿纬锂能因境外资金需求增加集中竞价减持口径， ...

Group 1 - According to Counterpoint Research, China's smartphone sales are expected to see a slight year-on-year increase in Q2 2025, with Huawei projected to grow by 12% and Apple by 8% [1] - The Guangdong provincial government has issued a plan to promote economic growth, which includes accelerating the replacement of old electronics, including smartphones [1] - The "618" shopping festival, supported by national subsidies, has significantly boosted sales of smartphones and other consumer electronics, with Su Ning reporting sales increases of 62.35% for smartphones [2] Group 2 - Huawei and Xiaomi were the biggest beneficiaries of the national subsidy policy, with their shipment volumes increasing by 18% and 40% respectively in Q1 [2] - The overall smartphone market in China is expected to grow by approximately 3% in 2025, with a projected shipment volume of about 290 million units [2] - China Galaxy Securities forecasts that the penetration rate of AI smartphones will reach 34% by 2025, while AI PCs are expected to rise from 0.5% in 2024 to 79.7% by 2028 [3] Group 3 - AAC Technologies (瑞声科技) anticipates a significant increase in the shipment of its WLG products, which will be widely used in smartphones and other sectors [4] - Sunny Optical Technology (舜宇光学科技) expects a 26% year-on-year increase in global demand for automotive lenses, driven by the development of smart driving in China [4] - Q Technology (丘钛科技) reported a decrease in camera module sales but a 45% year-on-year increase in fingerprint recognition module sales [5] Group 4 - Xiaomi Group achieved over 30% year-on-year growth during the "618" shopping festival, with total payments reaching 35.5 billion RMB [5] - Xiaomi's online store revenue grew by 18%, while smartphone shipments increased by 17% during the same period [5] - The company's offline store revenue surged by 51%, with smartphone shipments growing by 31% and AIoT revenue increasing by 63% [5]

Group 1 - The 19th Hubei-Wuhan Taiwan Week opened on July 4, focusing on cross-strait integration in industries such as artificial intelligence, new energy, smart connected vehicles, electronic information, and rural revitalization [1][2] - A total of 39 economic cooperation projects were signed on-site, with a total investment amount of 13.975 billion yuan, including 4 projects exceeding 1 billion yuan and 6 projects over 500 million yuan [2] - The event aims to deepen cross-strait integration and promote the emotional connection between compatriots, with a focus on technology innovation to enhance industrial development [2][3] Group 2 - The event includes various activities across multiple cities, with 14 activities planned in total, focusing on economic cooperation and youth exchanges [4] - In Yichang, 18 projects with a total investment of 6.257 billion yuan were signed during the electronic chemical products industry cooperation meeting [4] - In Xiangyang, a cooperation exchange meeting on next-generation optical chip screen technology was held, aiming to explore high-quality regional economic development paths [4] Group 3 - Huangshi is set to hold a cooperation meeting focused on the electronic information industry, with statistics indicating a significant growth in Taiwanese enterprises in the region, with an industrial output value exceeding 11.5 billion yuan and a year-on-year growth of 25.6% [5]

Market Performance - The main board led the gains with notable increases in stocks such as Xinyada (+10.03%), Desheng Technology (+10.02%), and Jingbeifang (+10.01%) [1] - The ChiNext board saw significant growth, particularly with Longyang Electronics (+20.00%) and Nanling Technology (+19.98%) [1] - The Sci-Tech Innovation board was led by TuoJing Technology (+5.78%) and JinChengZi (+5.51%) [1] - Active sub-industries included SW Games III (+2.80%) and SW Printed Circuit Boards (+2.03%) [1] Domestic News - Xiamen Silan Microelectronics has commenced the first equipment installation for its 8-inch silicon carbide power device chip manufacturing line, with a total investment of 12 billion yuan and an annual production capacity of 720,000 chips [1] - The foundation for the high-precision photomask project by Lu Wei Optoelectronics has been laid, with a planned investment of 2 billion yuan, focusing on high-end photomasks for AMOLED and LTPO/LTPS [1] - China Mobile Zhejiang announced the procurement results for its 2025 FTTR products, with Huawei and ZTE winning all bids for a total of 99,750 units [1] - Nanya Technology reported a strong revenue growth in June, reaching 4.074 billion New Taiwan dollars, marking a 22.2% month-on-month increase and a 21.1% year-on-year increase, the highest monthly revenue in three years [1] Company Announcements - Mulin Sen plans to acquire an 18.7722% stake in Puri Optoelectronics for approximately 256 million yuan, which will not significantly impact the company's financials [3] - China Software reported a change in equity, with China Electronics increasing its stake to 13.00% following a stock issuance [3] - New Yichang announced a cash dividend of 2.00 yuan per 10 shares for the 2024 fiscal year [3] - Shenzhou Taiyue declared a cash dividend of 1 yuan per 10 shares based on a total share capital of 1,962,564,954 shares [3] Overseas News - Hanmi Semiconductor has begun production of its latest chip packaging equipment, TC Bonder 4, designed for the sixth-generation high bandwidth memory (HBM4) [4] - Codasip, a European RISC-V processor IP supplier, has initiated a sales acceleration program for its core processor design tools [4] - Counterpoint Research reported a 2% year-on-year decline in global smartwatch shipments for Q1 2025, marking the fifth consecutive quarter of decline [4] - BMW announced that its automatic charging robot has passed the trial period and will be deployed based on future market conditions [4]

2025 年上半年锡市呈现"供需双弱"特征。LME 锡价先扬后抑（38,000→32,000 美元/吨），沪锡主力在 24-28 万元/吨震荡...... 矿端干扰以及新能源边际下滑令锡供需两弱 新能源&有色组行业锡半年报 本期分析研究员 华泰期货研究院新能源&有色金属研究 2025 年 07 月 06 日 陈思捷 从业资格号 F3080232 投资咨询号 Z0016047 期货研究报告 | 新能源&有色 行业研究报告 师橙 从业资格号 F3046665 投资咨询号 Z0014806 封帆 从业资格号 F03139777 投资咨询号 Z0021579 王育武 从业资格号 F03114162 投资咨询号 Z0022466 新能源&有色组 | 锡半年度报告 2025-07-06 研究院 新能源&有色组 研究员 陈思捷 021-60827968 chensijie@htfc.com 从业资格号：F3080232 投资咨询号：Z0016047 师橙 021-60828513 shicheng@htfc.com 从业资格号：F3046665 投资咨询号：Z0014806 封帆 电话：021-60827969 邮箱：fe ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自芯系清华 。 余 志 平 ， 1 9 6 8 年 本 科 毕 业 于 清 华 大 学 无 线 电 电 子 系 ， 1 9 7 9 年 1 0 月 以 研 究 生 身 份 由 清 华 大 学 公 派 前 往 美 国 斯 坦 福 大 学 电 机 系 深 造 ， 并 分 别 于 1 9 8 0 和 1 9 8 5 年 获 得 美 国 斯 坦 福 大 学 电 机 工 程 系 硕 士 、 博 士 学 位 。 1 9 9 7 年 至 2 0 0 7 年 期 间 ， 他 担 任 清 华 大 学 微 电 子 学 研 究 所 副 所 长 。 余 志 平 教 授 全 程 参 与 了 中 国 第 一 个 完 全 自 主 的 集 成 电 路 计 算 机 辅 助 设 计 系 统 — — " 熊 猫 集 成 电 路 C A D 系 统 " 的 研 发 工 作 ， 于 1 9 9 3 年 获 国 家 科 技 进 步 一 等 奖 ， 为 中 国 E D A （ 电 子 设 计 自 动 化 ） 领 域 的 人 才 培 养 和 技 术 发 展 做 出 了 杰 出 贡 献 。 从 清 ...