Group 1 - The Shenzhen office market is showing significant structural opportunities despite a challenging macro environment and increased supply, leading to a rise in average vacancy rates [2] - In the first half of 2025, the net absorption of Grade A office space in Shenzhen was approximately 180,000 square meters, with a total of 645,000 square meters of new supply from seven projects [2] - The average vacancy rate for Grade A offices in Shenzhen increased by 1.3 percentage points to 26.5% by the end of the second quarter due to concentrated new supply [2] Group 2 - The technology and internet sectors remain key sources of demand, contributing nearly 20% of the leasing transaction area in the first half of the year, with strong performance in hard technology sectors like consumer electronics and semiconductors [3] - Shenzhen's robust industrial foundation continues to foster new growth engines, particularly in artificial intelligence and smart manufacturing, which are expected to drive structural growth in the office market [3] - Major technology companies are expanding their operations and R&D, which is likely to create significant new office demand in Shenzhen, enhancing its appeal for leading tech firms [3]

Core Viewpoint - Beijing Yitang Semiconductor Technology Co., Ltd. is a semiconductor equipment company that focuses on the research, production, and sales of integrated circuit manufacturing equipment, aiming to leverage its technological advantages and industry experience to become a trusted leader in the global semiconductor equipment field [6][8]. Company Overview - The company is headquartered in China and operates globally, providing high-performance and efficient integrated circuit equipment, including dry stripping equipment, rapid thermal processing equipment, and dry etching equipment [6][7]. - The market share of the company's dry stripping and rapid thermal processing equipment ranks among the top two globally, with its dry etching equipment being used by several well-known international integrated circuit manufacturers [6][8]. Business Performance - The company has shown continuous business growth and excellent performance, achieving a compound annual growth rate of 18.90% in net profit over the reporting period [21]. - The production capacity of the Beijing manufacturing base is projected to grow from 120 units in 2022 to 234 units in 2024 [13]. R&D and Innovation - The company has maintained a high level of R&D investment, with expenses amounting to approximately 529.85 million yuan, 608.16 million yuan, and 716.89 million yuan over the reporting period, representing 11.13%, 15.47%, and 15.47% of revenue respectively [20]. - The company has developed several new products, including the Hydrilis high-capacity vacuum wafer transfer equipment platform and advanced etching equipment, which have received high recognition from customers [24][25]. Market Position and Strategy - The company serves a wide range of clients, including the top ten global chip manufacturers and leading domestic manufacturers, covering all chip manufacturing fields [14]. - The company plans to expand its customer base and enhance market share by focusing on customer capital expenditures and product validation processes [26]. Industry Context - The semiconductor and integrated circuit industry is classified as a strategic emerging industry supported by national policies, providing a favorable environment for the company's growth [31]. - The global semiconductor market is expected to reach $1 trillion by 2030, with the integrated circuit equipment market projected to grow alongside the semiconductor industry [33]. IPO Objectives - The primary objectives of the IPO include enhancing independent innovation capabilities, consolidating market position, and improving corporate governance to share high-quality development results with investors [35][37].

◎记者 王彦琳 券商科创债发行热潮可追溯至今年5月。5月7日，央行、中国证监会联合发布的《关于支持发行科技创 新债券有关事宜的公告》提到，金融机构、科技型企业、私募股权投资机构和创业投资机构等三类机构 可发行科技创新债券。随后，券商等市场参与主体迅速响应。据记者结合Wind数据统计，5月7日以 来，已有超30家券商总计发行36只科创债，发行规模合计超过300亿元。 与此前不同的是，此次获批的5家券商发行科创债范围为银行间市场。"券商在银行间市场发行科创债标 志着我国科创债发行渠道进一步扩容，由于银行间市场规模比交易所市场更大，券商获批在银行间市场 发行科创债，可降低相关融资成本，并提升其融资规模。"上海国家会计学院国有资本运营研究中心主 任周赟对记者表示。 引导金融资源精准滴灌科技创新 中央金融工作会议明确提出"做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文章"， 并将"科技金融"置于首位。 随着科创债发行落地，券商"输血"科技创新的枢纽作用将进一步凸显。多家券商对于发行用途均表示， 此次发行科创债募集的资金中不少于70%的部分将通过股权、债券、基金投资等形式，专项用于支持科 技创新领域业务。 ...

企查查APP显示，近日，海擎智能科技(泰州)有限公司成立，法定代表人为叶迎九，注册资本为500万 元，经营范围包含：建筑智能化系统设计；电气安装服务；人工智能应用软件开发；数字技术服务；云 计算装备技术服务；集成电路设计；集成电路制造等。企查查股权穿透显示，该公司由扬子江药业集团 有限公司全资持股。(人民财讯) ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 [Table_Report] 相关报告 甬矽转债定价：首日转股溢价率 23%~28% ---东北固收转债分析 报告摘要： [Table_Summary] 6 月 24 日，甬矽电子发布公告，拟于 2025 年 6 月 26 日通过网上发行可 转债，公司本次计划发行可转换公司债券募集资金总额不超过 11.65 亿 元。其中 9 亿元拟用于投资"多维异构先进封装技术研发及产业化项目"， 总投资 14.64 亿元；2.65 亿元拟用于补充流动资金。 甬矽转债发行方式为优先配售，网上发行，债项和主体评级 A+。发行规 模为 11.65 亿元，初始转股价格为 28.39 元，参考 6 月 25 日正股收盘价 格 29.46 元，转债平价 103.77 元，参考同期限同评级中债企业债到期收 益率（6 月 24 日）为 5.97%，到期赎回价 113 元，计算纯债价值为 83.7 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券 ...

Core Viewpoint - The strategic investment by the National Integrated Circuit Industry Investment Fund II into Youyan Yijin, a subsidiary of Youyan New Materials, aims to accelerate the company's goals in the integrated circuit target material sector, enhancing its industry position and sustainable development capabilities [1][4]. Group 1: Investment Details - Youyan Yijin plans to introduce a strategic investor, with the National Integrated Circuit Industry Investment Fund II investing 300 million yuan for a 5.67% stake [1][2]. - The pre-investment valuation of Youyan Yijin is set at 4.994 billion yuan, reflecting a 187.80% increase compared to the audited equity value of the parent company [4]. - Following this investment, Youyan New Materials' ownership in Youyan Yijin will decrease from 100% to 94.33%, maintaining Youyan Yijin as a controlled subsidiary [2]. Group 2: Financial Performance - In Q1 2025, Youyan Yijin reported revenues of 1.371 billion yuan and a net profit of 79.18 million yuan, marking a significant increase in profitability [1][3]. - For the first three months of 2024, Youyan Yijin achieved revenues of 6.323 billion yuan and a net profit of 235 million yuan, indicating strong financial performance [3]. - Youyan New Materials reported a revenue of 1.84 billion yuan and a net profit of 67.38 million yuan in Q1 2025, with year-on-year growth of 14,698.12% in net profit [6]. Group 3: Strategic Focus - Youyan New Materials is focusing on high-potential sectors such as high-purity metal targets, advanced rare earth materials, and biomedical materials [5]. - The company is divesting its lithium sulfide business, with a minimum transfer price of 11 million yuan, to enhance its focus on core business areas and increase investment in technology [6][7]. - The divestment is part of a strategy to maximize company interests, as the lithium sulfide production involves complex management and long development cycles [7].

央视网消息：近几天，全国各地的高考成绩可以陆续查询，志愿填报也要开始了，今年考生们有哪些选择呢？记者梳理发 现，今年以来，教育部公示的新设本科学校有57所。这些本科学校有什么特点？一起来了解。 截至今年6月23日，教育部已公示4批新设本科高校名单。其中包括36所新设置的本科层次的职业学校和3所新型研究型大 学。 在近年的高招录取中，许多职业本科院校表现亮眼，投档分数线不同程度超过普通本科线。这也从侧面体现出区域产业发展 和人才培养的密切联系。 浙江省金华职业技术大学、广东轻工职业技术大学、重庆电子科技职业技术大学在2024年升格为职业本科。当年招生，金华 职业技术大学在浙江一段最低分为530分，超一段线38分；广东轻工职业技术大学在广东省普通物理类的最低投档分为520分，超 本科线78分；重庆电子科技职业技术大学录取最低分483分，超本科线56分。 今年我国职业本科院校计划招生规模将达到55万人，自2019年全国首批"职业本科大学"诞生起，短短几年间，职业本科教育 从无到有，迅速发展。目前，我国职业本科大学累计已达87所，打破了过去职业教育止步于专科的"天花板"。 在今年教育部批复成立的新大学中，还有一些区别 ...

Core Viewpoint - Recent reports indicate that Nanjing Chip Origin Semiconductor has halted salary payments since March, engaged in violent layoffs without compensation, and failed to distribute year-end bonuses, leading to employee dissatisfaction and public outcry [1][2][5]. Group 1: Salary and Compensation Issues - The company has stopped salary payments since March [5]. - Employees report violent layoffs with zero compensation [5]. - There are claims of unpaid year-end bonuses, with some employees stating they have not received bonuses for three years despite contractual agreements [5][6]. Group 2: Employee Treatment and Management Practices - There are allegations of differential treatment among employees, where some current employees received March salaries while those who left in March did not [3][5]. - The company has implemented unusual retention strategies, such as promising salary increases for employees who resign before the end of 2024, while maintaining current salaries for those who do not resign [3]. - Reports suggest that HR has made dismissive comments regarding the lack of compensation, indicating a confrontational stance towards employees [6]. Group 3: Company Background - Chip Origin was established in 2015 in Huzhou, Zhejiang, and is recognized as a leading high-tech company in the integrated circuit field, specializing in EDA tools, USB IP, DPU, and TCAM chips [6]. - The company boasts a global team of top-tier high-tech talent and an international management team with over 20 years of industry experience [6]. - Chip Origin focuses on sectors such as network communication, 5G, cloud data centers, and artificial intelligence, aiming to provide optimal chip and IP solutions [6].

Core Viewpoint - The company plans to raise funds through a private placement of shares to enhance its core competitiveness and support the development of semiconductor equipment, with a total fundraising target of up to 313,203.05 million RMB [1][2]. Fundraising Plan - The company intends to issue no more than 188,648,115 shares, raising funds primarily for a "semiconductor equipment R&D project" and to supplement working capital [1][2]. - The total investment for the semiconductor equipment R&D project is estimated at 383,958.72 million RMB, with 219,243.05 million RMB expected to come from the raised funds [12]. Background and Purpose of Fundraising - The integrated circuit industry is a strategic and foundational sector for national security and economic development, with significant growth potential driven by domestic and international market demands [2][3]. - National policies strongly support the development of the integrated circuit industry, recognizing it as a key area for enhancing national strategic technological capabilities [3][4]. Market Trends and Opportunities - The semiconductor equipment market is expected to grow significantly, with global semiconductor sales projected to reach 626 billion USD in 2024, a year-on-year increase of 18% [4][11]. - The demand for semiconductor equipment is driven by advancements in AI, automotive electronics, and 5G technologies, which are expanding the market for chips and related equipment [4][11]. Company’s Competitive Position - The company has established a strong technical foundation in integrated circuit testing equipment, with over 50% of its workforce dedicated to R&D [9]. - The company has developed core technologies in testing machines and AOI equipment, positioning itself to meet the growing demand for domestic semiconductor equipment [9][10]. Investment Project Details - The semiconductor equipment R&D project aims to develop testing machines and AOI equipment, enhancing the company's product line and meeting diverse market needs [8][10]. - The project is supported by favorable national policies and the company's existing technical capabilities, ensuring its feasibility and alignment with industry trends [9][10]. Financial Impact - The fundraising will improve the company's financial structure, reduce debt risk, and support ongoing business expansion and R&D efforts [12][13]. - While there may be short-term dilution of earnings per share due to increased share capital, the long-term benefits from the investment projects are expected to enhance overall profitability [14].

(活力中国调研行)广东超常规推进集成电路人才扩容 本硕博在校生破万人 中新网广州6月23日电(记者 郭军 程景伟)2025年"活力中国调研行"广东主题采访情况介绍会23日在广州 举行。广东省教育厅二级巡视员吴艳玲介绍称，"十四五"以来，广东超常规推进集成电路人才扩容，指 导中山大学等8所高校率先筹建省集成电路产教融合协同创新平台，集成电路本科专业点增至23个(2022 年同期为7个)，本硕博在校生破万人，较2022年翻两番，有力支撑广东打造全国集成电路"第三极"。 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 情况介绍会现场。中新网记者 郭军 摄 据悉，近年来，广东积极优化高等教育布局，提升科技创新人才供给。广东高起点新建香港科技大学 (广州)、深圳理工大学、香港城市大学(东莞)、大湾区大学等高水平研究型大学，推动设置深圳职业技 术大学、广东轻工职业技术大学等本科层次职业学校，全省高校数量 ...