● 上海剑桥科技股份有限公司（以下简称"公司"或"剑桥科技"）合并报表范围内的扬中幸福家园创业投 资合伙企业（有限合伙）（以下简称"扬中基金"）拟与其参股公司南京镭芯光电有限公司（以下简 称"镭芯光电"）签订《可转换借款协议》（以下简称"协议"），扬中基金将向镭芯光电提供可转换借款 人民币8,000万元，期限自协议生效之日起至2027年2月1日，年固定利率3%。根据协议约定，若镭芯光 电在2026年任意季度满足债转股条件，则当期债转股额度内的借款本金及对应利息予以豁免，并按照协 议约定转换为扬中基金对镭芯光电的股权投资。对于未能转换为股权投资的任何借款本金及相应利息， 镭芯光电最晚应于2027年2月1日一次性向扬中基金清偿。 证券代码：603083 证券简称：剑桥科技 公告编号：临2026-007 上海剑桥科技股份有限公司关于向参股公司提供财务资助的公告 特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次财务资助事项已经公司第五届董事会第二十六次会议审议通过，无需提交公司股东会审议，不构 成关联 ...

Core Viewpoint - The State Administration for Market Regulation will fully promote the domestic verification and evaluation of inspection and testing instruments and equipment by 2026, accelerating the "import substitution" process [1] Group 1: Domestic Verification and Evaluation System - The verification and evaluation system will focus on three main areas: establishing an authoritative standard system, tackling core key technologies, and cultivating internationally competitive brands [1][2] - By the end of 2024, 11.36% of inspection and testing institutions will be recognized as high-tech enterprises, significantly higher than the national average of 14.95 times [1] Group 2: Standard System and Technology Development - The system will develop series of verification and evaluation standards for domestic instruments, particularly in the automotive and food sectors, to help users build confidence and break foreign product monopolies [1] - A collaborative effort among industry, academia, and research will focus on high-end general equipment such as mass spectrometers and chromatographs to overcome bottlenecks in core components and software [1] Group 3: Brand Development and Innovation - Support will be provided for leading domestic testing instrument companies to innovate technologically, enhancing the verification and evaluation standard system and promoting application scenarios to gradually increase the domestic rate [2] - The initiative will also advance the "Artificial Intelligence + Inspection and Testing" action, promoting the iterative upgrade of domestic intelligent testing equipment to transition from "catching up" to "leading" [2]

Summary of Nanwei Technology Conference Call Company Overview - **Company Name**: Nanwei Technology - **Industry Focus**: Chromatography fillers and chromatography media, primarily used in the purification of drugs such as antibodies, nucleic acids, and recombinant proteins, which account for over 65% of the consumable costs in drug production [2][8] Key Financial Projections - **2025 Revenue Growth**: Expected overall revenue growth of 18% [2][6] - **Chromatography Fillers and Media**: Approximately 60% of total revenue, with a growth rate of about 20% [2][6] - **Analytical Instruments**: Approximately 20% of total revenue, with a growth rate of about 10% [2][6] - **Chromatography Columns**: Slightly over 10% of total revenue, with a growth rate of 30-40% [2][6] Market Analysis - **Domestic Market Size**: The domestic chromatography fillers and media market is approximately 6 billion RMB, with domestic brands holding nearly 30% market share [2][9] - **Leading Domestic Brands**: Nanwei Technology, Boge Long, and Saifen are in the first tier, while foreign brands dominate with over 70% market share [9][10] - **Overseas Market Size**: Estimated at 30 billion RMB, five times larger than the domestic market, with significant growth potential for domestic leaders like Nanwei Technology [2][11] - **Chromatography Column Market**: The domestic market is about 1.5 billion RMB, with Nanwei Technology being the largest domestic brand, but with substantial room for growth compared to the 13 billion RMB overseas market [2][13] Business Performance - **Revenue Breakdown**: - Domestic revenue accounts for 90% with a year-on-year growth of 15.5% [3][7] - International revenue accounts for 10% with a year-on-year growth of 123.1%, primarily from core chromatography fillers and media [3][7] - **Acquisition of Fuli Instruments**: Nanwei Technology acquired Fuli Instruments, which produces gas and liquid chromatography instruments, with plans for future growth in this segment [2][14] Product Development and Innovation - **Product Evolution**: - Founded in 2007, initially focused on optoelectronic devices, shifted to pharmaceuticals in 2012, and has since developed various chromatography products [4] - Recent product launches include polymer affinity fillers in 2019 and agarose affinity fillers in 2023 [4] - **Future Product Potential**: The new L75 liquid chromatography instrument from Fuli Instruments is expected to gain traction in the market [14] Competitive Landscape - **Domestic Competition**: The domestic chromatography media market is characterized by significant competition from both domestic and foreign brands, with a trend towards increased market share for domestic brands due to cost advantages [10] - **International Expansion**: Despite the large overseas market, domestic companies like Nanwei Technology are still in the early stages of development abroad, indicating substantial growth opportunities [11] Subsidiary Performance - **Nanpu Analysis**: Revenue of 47.1 million RMB with a net profit of 9.8 million RMB [15] - **Saipu Instruments**: Focused on large molecule separation and purification equipment, with revenue of 25.8 million RMB but a net loss of 220,000 RMB [15] - **Overall Assessment**: Various business segments are in phases of rapid growth or adjustment, with some new products requiring time to mature for higher sales [15]

Group 1 - The core viewpoint of the report highlights significant price increases in domestic gasoline and natural gas, while products like sulfur and hydrochloric acid have seen substantial declines [1][2][4] - Major products with notable price increases this week include domestic gasoline (Shanghai Sinopec 93, +11.38%), natural gas (NYMEX futures, +8.68%), TDI (East China, +7.03%), and xylene (East China, +6.61%) [1][4] - Conversely, products with significant price declines include urea (Yunnan Yunwei, -9.95%), sulfuric acid (Zhejiang Heding 98%, -10.00%), and hydrochloric acid (East China hydrochloric acid (31%), -13.79%) [2][4] Group 2 - The report suggests that the chemical industry is currently in a weak overall performance phase, with mixed results across different sub-sectors due to past capacity expansions and weak demand [4] - It recommends focusing on investment opportunities in glyphosate, fertilizers, and high-dividend assets, particularly highlighting the potential recovery in the glyphosate sector as inventory decreases and prices begin to rise [4] - The report emphasizes the importance of selecting stocks with strong competitive positions and growth potential, such as Ruifeng New Materials in the lubricant additive sector and Baofeng Energy in the coal-to-olefins industry [4]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [10]. Core Insights - Domestic gasoline and natural gas prices have seen significant increases, while products like hydrochloric acid and liquid chlorine have experienced substantial declines. The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities [6][19]. - The international oil prices are expected to stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties. Companies with high dividend characteristics, such as Sinopec, are expected to benefit from declining raw material costs [6][19]. - The chemical industry is currently in a weak state, with mixed performance across sub-sectors. However, certain sectors like lubricants are performing better than expected, indicating potential investment opportunities [22]. Summary by Sections Chemical Industry Investment Recommendations - The report highlights significant price increases for domestic gasoline (11.38%) and natural gas (8.68%), while products like liquid chlorine (-18.02%) and hydrochloric acid (-13.79%) have seen notable declines [19][20]. - It emphasizes the importance of focusing on sectors that may enter a recovery phase, such as glyphosate, and suggests specific companies for investment [22]. Market Performance - The report notes that the chemical industry is currently facing a weak overall performance, with varying results across different sub-sectors due to past capacity expansions and weak demand [22]. - It recommends monitoring companies with strong competitive positions and growth potential, particularly in the lubricant additives and coal-to-olefins sectors [22]. Price Trends - The report provides insights into the price trends of various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][22]. - It also discusses the impact of geopolitical factors on oil prices, which in turn affect the chemical industry [23][24]. Key Companies and Earnings Forecast - The report lists several companies with strong earnings forecasts, including Sinopec, Jiangshan Co., and others, all rated as "Buy" [10][11].

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, Juhua, Yangnong Chemical, CNOOC, Tongkun, and Daotong Technology [10]. Core Insights - Domestic gasoline and natural gas prices have seen significant increases, while products like liquid chlorine and hydrochloric acid have experienced substantial declines. The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities [6][19]. - The international oil prices are expected to stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties and expectations of price declines. Companies with high dividend characteristics, such as Sinopec, are viewed positively due to their benefits from lower raw material costs [6][19]. - The chemical industry is currently in a weak state, with mixed performance across sub-sectors. However, certain sectors like lubricants are performing better than expected. The report highlights investment opportunities in glyphosate, fertilizers, and companies with strong domestic demand [22]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of focusing on sectors that are likely to enter a recovery phase, such as glyphosate, which is currently facing operational difficulties but shows signs of improvement [22]. - It recommends selecting stocks with strong competitive positions and growth potential, particularly in the lubricant additives sector and the coal-to-olefins industry [22]. - The report also highlights the resilience of domestic chemical fertilizer sectors, which are expected to maintain stable demand due to self-sufficiency [22]. Market Performance - The report notes significant price increases for domestic gasoline (11.38%), natural gas (8.68%), and TDI (7.03%), while products like liquid chlorine (-18.02%) and hydrochloric acid (-13.79%) have seen notable declines [19][20]. - The overall performance of the chemical industry remains weak, influenced by past capacity expansions and weak demand, although some sectors are outperforming expectations [22]. Price Trends - The report provides insights into the price trends of various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][22]. - It highlights the fluctuations in international oil prices, which are expected to impact the chemical sector significantly [23][24].

Core Viewpoint - Xiamen Stitec Intelligent Technology Co., Ltd. plans to invest a total of RMB 17 million in Xiamen Newlite Electronics Technology Co., Ltd. alongside its actual controller and chairman, Chen Zhizhong [1][2]. Group 1: Investment Details - Stitec will invest RMB 9 million, acquiring a 2.6201% stake in Newlite, while Chen Zhizhong will invest RMB 8 million for a 2.3290% stake [2]. - The investment is not yet formalized through a signed agreement and will not result in changes to the consolidated financial statements, as Newlite will be classified as an associate company [2]. Group 2: Company Background - Newlite, established in 2021, focuses on the research, production, sales, and after-sales technical services of high-power ultrafast lasers, holding core technology in ultraviolet femtosecond lasers [3]. - Stitec, founded in 2010 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2023, is a national high-tech enterprise specializing in the R&D, production, and sales of machine vision inspection equipment [4]. Group 3: Financial Performance - For the first three quarters of 2025, Stitec reported total revenue of RMB 311 million, a year-on-year increase of 44.13%, and a net profit of RMB 77.81 million, up 48.55% year-on-year [5]. Group 4: Strategic Rationale - The investment aligns with the company's future development strategy and optimism regarding the high-power ultrafast laser industry, which has high technical barriers and is essential in precision processing fields such as semiconductor advanced processes and flexible OLED material cutting [7]. - This investment will allow the company to integrate quality industrial resources, promote industrial synergy, and enhance overall competitiveness [8].

（记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，信达证券1月16日发布研报称，给予山外山（688410.SH）"买入"评级。评级理由主要包 括：1）我国血透器械市场2030年规模有望超500亿元，医共体建设等政策驱动潜在需求增长，利好山外 山国产血透机龙头进口替代加速；2）山外山在血液净化领域"设备-耗材"全产品线布局，深耕技术奠定 产品力优势；3）远期发展：深化"研发创新+全球布局"，加速迈向国际血净龙头。风险提示：新产品研 发进展不及预期的风险；国内与国际市场拓展进程不及预期风险；政策周期波动风险。 每经头条（nbdtoutiao）——白银50天涨逾80%，疯狂程度远超黄金，历史上爆炒白银往往预示贵金属 牛市已到高潮，这次有何不同？ ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company, Shanwaishan, is a leading domestic player in blood purification devices, achieving a revenue CAGR of 48.40% from 2019 to 2023, with a return to growth in 2025, showing a 39.79% year-on-year revenue increase in the first three quarters [5][6] - The blood purification device market in China is expected to exceed 50 billion yuan by 2030, driven by policy support and the growing demand for dialysis services, positioning Shanwaishan as a key player in the import substitution trend [6][18] - The company has established a comprehensive product line in blood purification, including devices and consumables, with significant technological advantages and cost optimization through in-house production [7][19] Summary by Sections 1. Company Overview - Shanwaishan, established in 2001, focuses on the research, production, and sales of blood purification devices and consumables, providing comprehensive solutions for kidney disease and critical care patients [21] - The company is privately held, with the largest shareholder holding approximately 25% of the shares [24] 2. Market Growth and Demand - The number of end-stage renal disease (ESRD) patients in China is rapidly increasing, with 4.12 million patients in 2023, and the treatment rate is only 29.6%, indicating significant growth potential for blood purification services [6][51] - The blood purification market is projected to reach 51.5 billion yuan by 2030, with policies promoting domestic medical equipment driving demand [6][18] 3. Product and Technology Development - Shanwaishan has developed a full product matrix covering all scenarios in blood purification, with competitive pricing and performance comparable to international brands [7][19] - The company has a strong R&D capability, with 19.28% of its workforce in R&D and a stable R&D expense ratio exceeding 9.5% [8][20] 4. Financial Performance and Forecast - The company’s revenue is expected to reach 787 million yuan in 2025, with a year-on-year growth rate of 38.7%, and net profit is projected to be 131 million yuan, reflecting an 84.3% increase [8][10] - The gross margin is expected to improve, driven by increased market share and operational efficiency [31][40] 5. International Expansion - Shanwaishan has made significant strides in international markets, with overseas revenue growing at a CAGR of 45.89% over the past five years, accounting for 24.30% of total revenue in the first half of 2025 [8][20]

Core Viewpoint - The company, Nuwei CNC, is maintaining normal production and operational conditions, with future growth plans in place despite current economic pressures in China [2] Company Summary - Nuwei CNC has developed a five-year strategic plan, with Phase IV expected to be operational by May 2025 and Phase V anticipated to commence production by July 2027 [2] - The company has a sufficient backlog of orders, indicating strong demand for its products [2] Industry Summary - The CNC machining rate in China's machine tool industry has increased from 30% in 2015 to an expected 51% by 2024, highlighting significant growth potential compared to developed countries with rates of 70%-80% [2] - From January to November this year, China's metal cutting machine imports totaled $4.31 billion, a slight decrease of 0.5% year-on-year, while exports reached $5.66 billion, reflecting a year-on-year growth of 12.3% [2] - The national "14th Five-Year Plan" emphasizes the need for breakthroughs in key core technologies in critical fields such as integrated circuits and high-end machinery, supporting the long-term growth of the machine tool market in China [2]