南智芯材致力于开发和生产高品质铌（钽）酸锂晶体，满足高速光电芯片、AR显示和5G/6G/卫星滤波器等高科技产业迫切需求，从源头衬底材料实现供 应链自主可控。 目前产品已进入多家行业头部企业，实现数万片晶圆量产交付，品质稳定，性能达到国际先进水平。近日其12英寸光学铌酸锂晶体开发成功，并交付重要 客户。 苏州南智芯材科技有限公司（下文简称"南智芯材"）近日完成数千万元Pre-A轮融资，由毅达资本投资。 本轮融资将助力南智芯材扩大6/8/12英寸高品质铌（钽）酸锂晶体产能，加速新品开发，满足下游AI光电芯片、先进显示和无线通信等产业快速增长的需 求。 铌（钽）酸锂晶体有优秀的光电、非线性和压电等性能，光折射率和透过率高，是光电芯片理想的衬底材料，被称为"光学硅"。 南智芯材为南京大学院士团队产学研孵化的创新型企业。早在上世纪七十年代，南京大学就开始深入研究铌酸锂超晶格晶体，为铌（钽）酸锂晶体在光电 集成及量子信息等方面的应用奠定坚实基础。 2006年，这项集南京大学多位科学家之力、基于铌（钽）酸锂晶体材料的研究成果——"介电体超晶格材料的设计、制备、性能和应用"，获得国家自然科 学一等奖，这是自1999年国家奖励 ...

Group 1 - The Shanghai Stock Exchange (SSE) hosted an online roadshow event focusing on the sixth anniversary of the Sci-Tech Innovation Board (STAR Market), with nearly 50 institutions from major markets including the US, Europe, and Asia-Pacific participating [1][2] - The event aimed to promote the "1+6" policy reforms of the STAR Market and enhance international investors' understanding of the market and representative listed companies [1][2] - Over the past six years, the STAR Market has implemented a series of institutional innovations, becoming the preferred listing venue for domestic "hard technology" companies, with over 80% of listed companies in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [1][2] Group 2 - The SSE highlighted the achievements of the STAR Market in serving technological innovation and guiding capital towards "hard technology" enterprises, as well as the significant results of the "STAR Market Eight Measures" in index investment development [2] - The STAR Market index and ETF categories have been continuously enriched, playing an important role in attracting incremental capital and supporting key core technology innovations [2] - The SSE plans to accelerate the implementation of various reform measures under the guidance of the China Securities Regulatory Commission (CSRC), aiming to create a more attractive and competitive product system and enhance international investor services [2]

Group 1 - The Shanghai Stock Exchange (SSE) hosted an online roadshow to promote the "1+6" policy for the Sci-Tech Innovation Board (STAR Market), enhancing international investors' understanding of the market and representative listed companies [1][2] - The event featured discussions on the latest developments, reform policies, and index investment in the STAR Market, with participation from nearly 50 institutions across major markets in North America, Europe, and Asia-Pacific [1][2] - Over 80% of the companies listed on the STAR Market are from emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing, positioning it as the preferred venue for "hard tech" enterprises in China [1][2] Group 2 - The SSE highlighted the achievements of the STAR Market in supporting technological innovation and guiding capital towards "hard tech" enterprises over the past six years, as well as the significant outcomes of the "Eight Measures" implemented in the past year [2] - The STAR Market has seen a diversification of index and ETF products, playing a crucial role in attracting new capital and supporting key technological innovations [2] - The SSE plans to accelerate the implementation of various reform measures under the guidance of the China Securities Regulatory Commission (CSRC), aiming to create a more attractive and competitive product system while enhancing services for international investors [2]

Core Viewpoint - The company emphasizes its commitment to high-quality development and innovation, particularly in the context of artificial intelligence and digital transformation, while also focusing on shareholder returns through dividend distribution. Financial Performance - In the first half of 2025, the company's operating revenue reached RMB 269.4 billion, a year-on-year increase of 1.3%, with service revenue at RMB 249.1 billion, up 1.2% [4][24] - The net profit attributable to shareholders was RMB 23.02 billion, reflecting a growth of 5.5%, with basic earnings per share at RMB 0.25 [4][24] - Capital expenditure amounted to RMB 34.2 billion [4] Business Segments - Mobile communication service revenue was RMB 106.6 billion, up 1.3%, while fixed-line and smart home service revenue reached RMB 64.1 billion, a slight increase of 0.2% [5] - The company reported a mobile user base of 433 million and broadband users of 199 million, with mobile ARPU at RMB 46.0 and broadband ARPU at RMB 48.3 [5] - Revenue from industrial digitalization reached RMB 74.9 billion, with AIDC revenue growing by 7.4% [5] Shareholder Returns - The board approved a profit distribution plan, proposing a cash dividend of RMB 0.1812 per share (including tax), totaling RMB 16.58 billion, which is 72% of the net profit for the first half of 2025 [2][6][44] Strategic Initiatives - The company is advancing its "AI+" initiative, integrating artificial intelligence across various sectors to enhance operational efficiency and customer service [7][9] - It has established a comprehensive intelligent cloud system, providing integrated services across IaaS, PaaS, DaaS, and SaaS layers [7][8] - The company is focusing on green development, achieving a significant reduction in carbon emissions and promoting energy-efficient technologies [15] Innovation and Technology - The company has made significant strides in quantum technology, with over 6 million users of quantum communication services and multiple applications in various sectors [11][12] - It continues to enhance its AI capabilities, developing over 160 AI applications across 21 key areas, which have improved operational efficiency [10][12] Governance and Corporate Responsibility - The company has been recognized for its corporate governance and social responsibility, receiving multiple awards for its investor relations and sustainability efforts [21][20] - It is committed to modernizing its governance structure and enhancing its operational capabilities to support high-quality development [19][24]

Group 1 - The core idea is that Hefei has developed a "Quantum Street" that has nurtured numerous quantum technology enterprises, establishing itself as a leading hub for quantum technology both nationally and globally [1] - Hefei is currently focusing on building dual high grounds in "quantum science" and "quantum industry," providing a driving force for enterprise development [3] - The city is also fostering new momentum for "future industries" in the context of macro cosmic exploration [5] Group 2 - Hefei is aligning with national strategies to cultivate future industries, strategically planning in seven key areas: quantum information, low-altitude economy, commercial aerospace, fusion energy, artificial intelligence, intelligent robotics, and biomanufacturing [8] - The next steps for Hefei include leveraging its R&D advantages in cutting-edge technology, facilitating the transformation of scientific achievements, and accelerating the release of innovative momentum to create a comprehensive industrial blueprint for the future [8]

1. Report Industry Investment Rating - The investment rating for the industry is "Oscillation" [1] 2. Core Viewpoints of the Report - After the popularity of major financial concepts such as stablecoins ebbed, the market mainly engaged in thematic speculation around "anti - involution" and the Yaxia Hydropower Station in July. There were signs of increasing divergence in funds regarding the cyclical style at the end of the month, and the market was in a relatively strong oscillatory state [3] - In August, there are limited expected macro - level positives. Domestically, after the tone - setting of the Political Bureau meeting, there are no obvious over - expected clues in the short term, and the policy is mainly about implementation. Overseas, Sino - US trade negotiations are ongoing, and issues like the change of the Fed Chairman will indirectly affect foreign investors' willingness to participate in the A - share market [3] - Investors are advised to prepare for defense in August. In the first half of the month, there may be a phased pull - back in stock indices due to strengthened technical pressure. In a six - month perspective, the four major indices are expected to approach the 2023 highs, with small - cap indices like CSI 500 and CSI 1000 performing better in a liquidity - easing cycle [3] 3. Summary by Relevant Catalogs 3.1 Macro Stock Market Information - The central bank, the financial regulatory administration, and the CSRC plan to further clarify the specific requirements for risk - based customer due diligence of financial institutions. For remittances of over RMB 5,000 or foreign currency equivalent to $1,000, the identity of the remitter should be verified [5] - Beijing has introduced 16 measures to promote the development of future industries, focusing on areas such as urban transportation and medical health, and exploring the opening of application demonstration scenarios [5] 3.2 Stock Index盘面回顾 (Stock Index Market Review) - In the previous trading day, the A - share market opened lower and closed higher. Among the four major indices, the Shanghai 50 rose 0.55%, the CSI 300 rose 0.39%, the CSI 500 rose 0.78%, and the CSI 1000 rose 1.04%. The precious metals (+3.84%) and aerospace and military industries (+3.59%) led the gains, while the education (-0.72%) and automobile (-0.66%) sectors lagged. There were more than 3,800 rising stocks and 70 daily limit stocks, indicating a good profit - making effect [5] - The daily and weekly lines maintained an upward trend, indicating short - term market strength, while the monthly line remained in an oscillatory state [5] - The trading volume of the A - share market dropped to around 1.5 trillion yuan, and the trading enthusiasm declined marginally [5] 3.3 Core Logic Summary - After the decline of major financial concepts, the market had new themes in July, and there were signs of divergence in the cyclical style. In August, with limited macro - level positives, investors should be defensive, especially in the first half of the month. In the medium - term, small - cap indices are expected to perform better [3] 3.4 Operation Suggestions - In futures operations, it is recommended to switch to a defensive state temporarily, choose to wait and see or conduct short - term long positions intraday. Buying on dips is a good opportunity, and IH - IM can be pre - arranged on the left side [4] - In options operations, the implied volatility of stock index options has decreased. During the narrow - range oscillation period, the cost - effectiveness of participating in options is not high, and it is recommended to wait for a second wave of rising volatility [4]

Research Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The overall market shows a complex situation with different trends in various sectors. In the agricultural products sector, most products are in a state of weak supply - demand balance or facing certain pressure. In the energy - chemical sector, prices are affected by factors such as production, demand, and international market conditions. The industrial metal sector is influenced by supply - demand relationships, macro - economic data, and policy factors. The financial market is affected by macro - economic data, policy expectations, and international market trends [6][9][14]. 3. Summary by Category 3.1 Chemicals - **Price Changes**: On August 5, 2025, compared with August 4, most chemical products' prices decreased. For example, the price of coking coal dropped from 1,141.00 to 1,126.00, a decrease of 15.0 with a decline rate of 1.315%. The price of asphalt decreased from 3,573.00 to 3,549.00, a decrease of 24.0 with a decline rate of 0.672%. Only natural rubber and 20 - number rubber prices increased slightly [6]. 3.2 Agricultural Products - **Price Changes**: Some agricultural products' prices increased, such as yellow soybean No.1, which rose from 4,117.00 to 4,133.00, an increase of 16.0 with an increase rate of 0.389%. However, some products' prices decreased, like white sugar, which dropped from 5,718.00 to 5,709.00, a decrease of 9.0 with a decline rate of 0.157% [6]. - **Market Analysis** - **Peanuts**: The peanut market price is basically stable, with a pattern of weak supply and demand. It is expected to have a strong - side shock but still maintain a downward trend [14]. - **Oils and Fats**: The total trading volume of oils and fats decreased by 57% compared with the previous trading day. The market lacks driving forces and is expected to have a weak - side shock [14]. - **Sugar**: The sugar futures showed a downward - shock trend. The Brazilian sugar production is about to enter the supply peak, and the domestic market needs to be vigilant against the pressure of processed sugar arrival in August [14]. - **Corn**: The corn futures weakened. The wheat substitution effect is prominent, and the import supply pressure increases. It is expected to have a weak - side shock [14]. - **Pigs**: The supply pressure of pigs still exists, and the demand improvement is not obvious. The market is expected to maintain an interval shock [15]. - **Eggs**: The egg spot market has differences between the north and the south. After the correction, the spot is expected to have limited further decline. The 08 - contract futures should avoid long positions and try short positions [15]. - **Cotton**: The ICE cotton continued to decline, and the Zhengzhou cotton rebounded slightly. The domestic cotton spot market has a weak foundation, and short - term long positions should be cautious [17]. 3.3 Macro - economic News - **Policy and Regulation**: The central bank, financial regulatory authorities, and the CSRC plan to further clarify the specific requirements for customer due diligence of financial institutions. Beijing has introduced 16 measures to promote the development of future industries, and Hainan has proposed 20 measures to develop future industries [9][10]. - **Economic Data**: In the first half of the year, China's service import and export volume was 38872.6 billion yuan, a year - on - year increase of 8%. It is expected that the new social financing in July will increase year - on - year. The preliminary estimate of the wholesale sales volume of new energy passenger vehicles in July is 118 million, a year - on - year increase of 25% [9][10]. - **International News**: Trump said he would significantly increase tariffs on India. The EU will suspend the implementation of tariff counter - measures against the US for six months. The probability of a US interest rate cut in September is high [10][11][24]. 3.4 Industrial Metals - **Copper and Aluminum**: The copper price continued to be under pressure, and the aluminum price is expected to continue the high - level adjustment due to factors such as supply increase and consumption off - season [21]. - **Alumina**: The alumina market is in an oversupply pattern, and the futures price is in a high - level adjustment, being vigilant against the impact of macro - emotions [21]. - **Steel Products**: The spot market of steel products has limited demand in the off - season. The prices of rebar and hot - rolled coils are affected by macro - emotions and raw material prices, and they are in a weak - side shock to find the bottom [21]. - **Ferroalloys**: The supply of ferrosilicon and ferromanganese continues to increase, and the demand is weak. The market is affected by macro - policy expectations, and it is recommended to adopt a range - shock strategy [22]. - **Lithium Carbonate**: The lithium carbonate market is under high - supply pressure. It is recommended to wait and see. If it effectively stands above 70,000 yuan, a small - position long position can be tried [23]. 3.5 Options and Finance - **Stock Index Futures and Options**: On August 4, the A - share market showed different trends. The trend investors can pay attention to the strength - weakness arbitrage opportunities among varieties, and the volatility investors can sell wide - straddle options to short volatility. The short - term adjustment of the stock index does not need to be worried, and the medium - term upward trend remains unchanged [23][24].

Group 1 - Beijing will leverage its advantages in education, technology, and talent resources to establish a mechanism for coordinated input, integration, and reasonable growth, enhancing overall productivity and promoting the development of future industries from R&D innovation to large-scale development [1] - The measures encourage investment from municipal and district government funds, state-owned enterprise funds, and long-term capital such as social security and insurance funds into future industries, as well as utilizing policy bank loans for strategic sectors [1] - The city aims to utilize its large urban market as an incubator, focusing on sectors like urban transportation, healthcare, green energy, and public services, while exploring the establishment of influential application demonstration scenarios [1] Group 2 - The measures propose improving the engineering transformation system, encouraging collaboration between universities, research institutions, and enterprises for technology validation and process optimization, and establishing a gradient development mechanism covering prototype design to pilot samples [2] - Support is provided for large enterprises to engage in "new investments" and "new mergers and acquisitions," promoting entrepreneurial activities along the industrial chain and enhancing supply chain strength [2] - The measures also support enterprises in expanding overseas markets and gathering high-quality international resources [2]

Core Viewpoint - The evolution of the five-year plan reflects a flexible and diverse set of goals focusing on innovation, livelihood, and safety, with an emphasis on optimizing industries and transitioning to green production capabilities [1][5]. Group 1: Planning Framework - The five-year plan follows a fixed cycle that includes seven steps: preliminary research, investigation and compilation, suggestions and implementation, drafting, review and approval, mid-term evaluation, and summary evaluation [2]. - The structure of the five-year plan can be divided into three main parts: overall goals, sector-specific discussions, and implementation mechanisms [3][4]. Group 2: Key Features of Recent Five-Year Plans - The main objectives of the five-year plans have become more flexible, with GDP growth targets shifting from fixed values to range targets. The proportion of targets reflecting economic growth has decreased from 33% in the "Tenth Five-Year Plan" to 20% in the "Fourteenth Five-Year Plan," while social comprehensive goals have increased from 67% to 80% [5]. - Industry policy focuses on dynamic adjustments between manufacturing and service sectors, with an emphasis on enhancing manufacturing competitiveness and the rapid development of service industries driven by consumer demand and supportive policies [6]. - Major engineering projects are increasingly concentrated in the areas of livelihood, ecology, and infrastructure, with a notable shift in regional focus towards western provinces such as Sichuan, Tibet, and Xinjiang [7].

Group 1 - The core viewpoint of the article emphasizes the importance of implementing the "Artificial Intelligence +" initiative to accelerate the commercialization and application of AI across various sectors, leveraging China's comprehensive industrial system and large market scale [1][2] - The transition from "Internet +" to "Artificial Intelligence +" signifies a fundamental shift from digitalization to intelligence, necessitating systematic policy guidance to meet the demands of the intelligent economy era [2][3] - The "Artificial Intelligence +" initiative aims to provide a top-level framework for integrating AI into various fields, fostering horizontal collaboration among industries through unified data, computing power, and algorithm standards [3] Group 2 - The meeting highlighted the need to optimize the AI innovation ecosystem by enhancing the supply of computing power, algorithms, and data, while also strengthening policy support and talent development [4] - The establishment of an open-source ecosystem is crucial for supporting industrial growth, particularly in traditional manufacturing and emerging strategic industries, facilitating the transition to flexible intelligent manufacturing and accelerating technological breakthroughs [5] - The meeting also discussed the implementation of interest subsidy policies for personal consumption loans and service industry loans to lower financing costs and stimulate market activity [6]