【导读】中兴通讯选举方榕为第十届董事会的董事长 中国基金报记者邱德坤 A股再迎一位女掌门！ 3月31日午间，中兴通讯发布公告称，公司在当日召开的第十届董事会第一次会议上审议通过议案，选举方榕为公司董事长。 记者注意到，中兴通讯官网已经更新信息显示，方榕为公司董事长。 同日，中兴通讯第十届董事会完成了对新一任高管的聘任，包括续聘徐子阳为总裁，续聘王喜瑜、李莹、谢峻石为执行副总裁，续聘丁建中为董事会秘 书。 中兴通讯迎来61岁女掌门 公告显示，方榕除了被选举为中兴通讯第十届董事会的董事长，还被选举为中兴通讯第十届董事会的非执行董事、提名委员会委员、出口合规委员会委 员。 据悉，方榕在信中致敬了中兴通讯前任董事长李自学的贡献，提到其把握住中国5G建设的关键机会，明确了面向AI时代的战略，为中兴通讯的稳健发展 奠定了坚实基础。 当前，全球正在快速迈入5G向6G演进、算力基础设施加速升级，以及AI大模型快速发展的关键时期。 方榕表示："全球已进入AI驱动的产业革命时代，机遇与挑战并存。中兴通讯从全连接向'连接+算力'的拓展转型愈发紧迫。" 方榕表示，中兴通讯将继续携手全球合作伙伴，加速AI基础设施的部署与升级，推动数智 ...

Investment Rating - The report maintains an "Overweight" rating for the organic silicon industry [3] Core Viewpoints - The rapid expansion phase of production capacity in the organic silicon industry is nearing its end, and the supply-demand balance is expected to improve [3] - The demand for organic silicon materials is anticipated to maintain a growth rate of over 10% due to emerging sectors such as new energy vehicles, photovoltaics, and electronics [60] - The industry is characterized by high concentration, with the top three companies holding a market share of 45.93% and the top six companies holding approximately 69.19% [34] Summary by Sections 1. Wide Application of Organic Silicon Products - Organic silicon is widely used in various fields including aerospace, electronics, construction, transportation, chemicals, textiles, food, light industry, and medical applications [14] - The market share of organic silicon deep-processing products in China includes RTV (37.0%), HTV (29.4%), silicone oil (28.3%), LSR (3.6%), and silicone resin (1.8%) [18] 2. Supply Side: End of Rapid Capacity Expansion - As of 2024, China's organic silicon intermediate capacity is 3.44 million tons, with a compound annual growth rate of 17.82% from 2019 to 2024 [25] - The industry is currently experiencing losses due to previous overcapacity, and new capacity additions are expected to be limited, with only 100,000 tons planned for 2025 [34] 3. Demand Side: Strong Growth in Emerging Applications - The apparent consumption of organic silicon intermediates in China is projected to grow from 1.0615 million tons in 2019 to 1.8164 million tons in 2024, with a compound annual growth rate of 11.34% [39] - The demand for organic silicon in the new energy vehicle sector is expected to grow at a compound annual growth rate of 16.40% from 2024 to 2030 [45] 4. Key Companies - Hoshine Silicon Industry (合盛硅业) focuses on the research, production, and sales of silicon-based new materials, with an organic silicon monomer production capacity of 1.73 million tons as of June 2024 [63]

Core Viewpoint - Cadence Design Systems (CDNS) has experienced a challenging start to 2025, with a 10.4% decline in share price year to date, underperforming compared to the Computer Software industry, broader technology sector, and S&P 500 composite [1] Price Performance - The stock is currently trading at $269.11, which is 18.2% lower than its 52-week high of $328.99, and is below its 50-day moving average, indicating bearish sentiment among investors [3] Growth Concerns - CDNS provided soft guidance for 2025, projecting revenue growth of 11-12% and non-GAAP EPS growth of 12%, following a 13.5% revenue and 15.9% EPS growth in 2024 [4] - Global macroeconomic conditions and significant exposure to the semiconductor sector raise concerns, as any reduction in R&D spending in this sector could negatively impact CDNS's topline performance [5] Competitive Landscape - Increased operating costs and competition in the EDA/AI space from companies like Keysight Technologies, Synopsys, and ANSYS are additional challenges, with Synopsys's pending acquisition of ANSYS likely intensifying competition [6] Analyst Sentiment - Analysts have shown bearish sentiment, with a 5.1% downward revision in earnings estimates for the current quarter to $1.49 over the past 60 days [8] Valuation Metrics - CDNS's stock is trading at a forward 12-month Price/Earnings ratio of 38.87X, compared to the industry average of 28.5X, reflecting high expectations for future growth despite uncertain near-term prospects [9] Business Fundamentals - The company benefits from broad-based demand for its solutions amid robust design activity, particularly in advanced technologies like AI, 5G, and autonomous vehicles [10] - CDNS is collaborating with major tech companies such as Qualcomm and NVIDIA on next-generation AI designs and is exploring new markets like Life Sciences through its OpenEye drug discovery software [11] Product Development - The verification business is gaining traction due to increasing complexity in system verification, with the launch of advanced systems like Palladium Z3 Emulation and Protium X3 FPGA Prototyping aimed at addressing these challenges [12] Customer Engagement - In 2024, CDNS added over 30 new customers and nearly 200 repeat customers, particularly among AI and hyperscale clients [14] Future Outlook - While CDNS is positioned to benefit from high-growth areas like AI and machine learning, potential risks include macroeconomic uncertainties, competitive pressures, and significant exposure to the semiconductor sector [15] - Concerns about margin compression due to high investments in AI and R&D are present, with estimated non-GAAP operating margins for Q1 2025 between 40% and 41%, down from 46% in Q4 2024 [16]

DuPont de Nemours, Inc. (DD) has unveiled a comprehensive portfolio of cutting-edge circuit materials and solutions at the 2025 International Electronic Circuits Exhibition in Shanghai, designed to push the boundaries of fine-line technology, signal integrity and thermal management.As artificial intelligence (AI), machine learning and 5G technologies progress, the growing need for high-performance devices is driving innovations in packaging substrates and advanced PCBs. DuPont is applying its decades of exp ...

ESR(01821.HK)精简战略重心，聚焦物流、数据中 心及基础设施，以实现可持续增长 亚太区领先的新经济不动产管理公司ESR集团在其转型战略方面取得重大进展，精简并进一步聚焦 物流房地产、数据中心和基础设施平台在内的核心业务。 集团新经济资产【1】的物业组合出租率达87%，这得益于多个市场的大型资产在过去一年企稳。 在日本和中国内地市场，近200万平方米的新增稳定资产在2024财年投入运营。随着时间的推移，这些 资产正朝着实现其目标入住率的目标迈进。 基于这一战略，集团在2024年推动落实多项关键举措，以优化其资产负债表，精简和简化业务，并 通过"一个ESR"(One ESR)为投资者和客户交付业务，这进一步加强了集团的整体业务韧性。上述积极 进展已在ESR截至2024年12月31日（"2024财政年度"）的年度最新财务报告中披露。 截至2024年底，ESR与管理费收入相关总资产管理规模达到714亿美元，其中约60%来自新经济业 务。在融资方面，ESR于2024年筹得54亿美元的资金，凸显了投资者在艰难融资环境下对ESR的信心。 ESR的核心业务贡献了超过75%的融资总额。同时，ESR还成功拓宽了投资者基 ...

SHANGHAI, March 24, 2025 /PRNewswire/ -- DuPont will showcase how we are shaping the next generation of electronics at the International Electronic Circuits (Shanghai) Exhibition 2025. With a diverse portfolio of advanced circuit materials and solutions designed to push the limits of fine-line technology, signal integrity, and thermal management, DuPont will be exhibiting in Booth #8A31 at National Exhibition and Convention Center (NECC) from March 24-26. "As artificial intelligence (AI), machine learning, ...

分产业看，2月第二产业用电量最多，达到4624亿千瓦时，同比增长12.4%，增幅最快； 城乡居民生活用电量下降，同比降幅为4.2%。就1~2月整体用电量数据看，第二产业用电量 最多，达到9636亿千瓦时，第一产业用电量增幅最快，同比增长8.2%。 中国电力企业联合会分析，受暖冬因素影响，1~2月全国城乡居民生活用电量同比增幅 最低，仅0.1%，湖南、安徽、湖北等地城乡居民生活用电量日均同比降幅超过7%。不过， 在"两重""两新"等政策拉动下，部分行业电力消费仍保持较快增长。 统计显示，1~2月，全国信息传输、软件和信息技术服务业用电量日均同比增长13.5%， 在各行业中增幅最快。其中，在AI、大数据、云计算、5G等快速发展带动下，全国互联网 和相关服务用电量日均同比增长25.2%。 1~2月全国充换电服务业用电量增长较快 3月18日，国家能源局发布2月全社会用电量数据，总计消费7434亿千瓦时，同比增长 8.6%；1~2月，全社会用电量累计15564亿千瓦时，同比增长1.3%，其中规模以上工业发电 量14921亿千瓦时。 在汽车制造业用电量规模相对较大的地区中，1~2月，安徽、陕西、湖南用电量日均同 比增幅均 ...

Core Viewpoint - Innovation is a relentless pursuit for Honeywell, deeply embedded in the company's DNA, and is essential for driving industrial upgrades and sustainable development in China and globally [1] Group 1: Innovation and R&D - Honeywell's Chinese R&D team plays a crucial role in the global innovation network, providing targeted research and development to meet local market demands [2] - The company has adopted an agile development model to overcome challenges in resource allocation and lengthy processes, enabling faster innovation [2] - Honeywell encourages a culture of innovation among employees, organizing events like the China Innovation Competition, which received 370 innovative proposals in 2024 [3] Group 2: Digital Transformation in Manufacturing - Honeywell is committed to enhancing manufacturing quality and efficiency through advanced technologies in industrial automation, energy transition, and aviation [4] - The company has engaged in comprehensive collaboration with Shenghong Petrochemical since 2021, providing smart factory solutions that integrate dynamic sensing and data management [4] - The year 2024 is anticipated to mark AI's transition from experimental to mainstream commercial applications, with significant impacts expected in industrial efficiency and operations [4][5] Group 3: Sustainable Development and Environmental Responsibility - As China pursues its "dual carbon" goals, energy transition is a key trend for sustainable development across industries, with high-tech companies like Honeywell playing a vital role [7] - Honeywell is focused on developing innovative technologies to reduce energy consumption and environmental pollution, including carbon capture and sustainable aviation fuel [7] - The company has established seven national or provincial-level green factories in China, with over 75% of products produced in these facilities, reflecting its commitment to sustainability [7]

Financial Data and Key Metrics Changes - Operating revenue increased to JPY 386.89 billion, representing a 4.6% growth year-on-year [5] - Profitability reached JPY 20.6 billion, a 10.1% increase compared to the same period last year [5] - Return on equity rose by 5.8% [5] - Total mobile and broadband subscribers reached 470 million, with IoT connections exceeding 620 million [5] Business Line Data and Key Metrics Changes - Uni Unicom cloud revenue grew by 17.1% to JPY 68.6 billion [6] - Data center revenue increased by 7.4% to JPY 25.9 billion [6] - Net contract value of Intelligent Computing business exceeded JPY 1 billion [6] Market Data and Key Metrics Changes - International business revenue reached JPY 500 million, a 15.2% increase over the previous year [22] - The company established 40 global branches in countries like Saudi Arabia, Peru, UAE, and Uzbekistan [22] Company Strategy and Development Direction - Focus on connectivity communications, computing, and digital smart appliances, emphasizing innovation and breakthroughs [4] - Investment strategy aimed at building new infrastructure with a focus on intelligent operations [7] - Anticipated CapEx for 2025 is around JPY 55 billion, with a 28% year-on-year increase in computing power [25] - Commitment to enhancing innovation momentum and optimizing business structure [26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory and commitment to enhancing quality, efficiency, and revenue [25] - The company aims to create more value for society and investors while fulfilling corporate ESG responsibilities [23][26] Other Important Information - The company was included in the FTSE China A50 index, effective soon [24] - Dividend payout ratio increased by 5% points, with a 20.1% increase in dividend payout [24][25] Q&A Session Summary Question: What are the expectations for future growth? - Management indicated that they anticipate continued growth in both domestic and international markets, with a focus on innovation and infrastructure development [25] Question: How is the company addressing ESG responsibilities? - The company highlighted its efforts in energy efficiency, clean energy use, and serving rural areas through digital platforms [23] Question: What are the key areas of investment for the upcoming year? - Key areas of investment include computing power, AI projects, and infrastructure development, with a special budget allocated for these initiatives [25]

Core Insights - Compal Electronics will showcase its latest AI-HPC GPU server solutions at NVIDIA GTC 2025, scheduled for March 18, 2025, in San Jose, California [1][2] Group 1: Product Innovations - Compal will unveil several high-performance GPU servers aimed at optimizing AI training and accelerating data center operations, including servers based on the NVIDIA MGX architecture [3] - The company has begun shipping servers equipped with the NVIDIA GH200 Grace Hopper™ Superchip, anticipating larger shipment volumes due to strong market demand [3] Group 2: Partnerships and Collaborations - Compal is collaborating with industry leaders such as AcBel Polytech Inc., Chenbro, Infinitix, Samsung Electronics, and ZutaCore® to present innovative solutions and insights at GTC 2025 [4] Group 3: AI and 5G Integration - Compal launched the AI server SX220-1N, integrating NVIDIA Aerial with 5G base stations to enhance network intelligence and efficiency, ultimately reducing operational costs [5] Group 4: Future Events - In addition to GTC 2025, Compal will also showcase its advanced GPU servers at CloudFest in Europe, providing an alternative platform for audiences to explore its AI and HPC technologies [7] Group 5: Company Background - Founded in 1984, Compal is a leading manufacturer in the notebook and smart device industry, recognized as one of Taiwan's top manufacturers and consistently ranked among the Forbes Global 2000 and Fortune Global 500 companies [8]