来源：综合整理 与您一路同行，做您最忠实的拥护者--PCB行业融合新媒体-2025年最有价值的电路板产业服务平台！欢迎您的关注与点赞！祝您事业有成！平安喜乐！ 欣兴加码资本支出逾60亿新台币，联电大股东低价参与增资 为应对大型云端服务提供商（CSP）客户订单持续增长，台湾载板大厂欣兴（3037.TW）于12月16日宣布调整资本支出规划。公司董事会决议将2026年度 资本预算由原先194亿新台币，追加60亿新台币，提升至约254亿新台币（约合56.7亿人民币），增幅达30.93％，规模已高于今年水准。同时，董事会核准 2027年长交期设备预下订单金额约25亿新台币（约合5.6亿人民币）。 图片来源：企业官网 欣兴表示，此次资本支出调整主要为配合营运需求，新建厂房并提升制程能力，资金来源包括自有资金及银行融资。未来资本预算及长交期设备采购执行 进度，将视客户需求及市场状况弹性调整，实际支付金额则依执行进度与付款条件而定。 在产能布局方面，欣兴目前已成为全球四大CSP的载板主要供应商，并已完成AI ASIC与GPU两大客户线的产能布局与认证卡位。现阶段产能几乎被客户 全数锁定，今年第四季度稼动率已升至高档。公司预期 ...

● 本次交易未构成重大资产重组 ● 交易的审批程序：本次交易在公司总经理办公会审批权限内，无需提交公司董事会或股东会审议。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605258 证券简称：协和电子 公告编号：2025-042 江苏协和电子股份有限公司关于与私募基金合作投资暨认购基金合伙份额的公告 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： ● 基本情况：江苏协和电子股份有限公司（以下简称"公司"）作为有限合伙人以自有资金500万元认购 无锡星奇昱正创业投资合伙企业（有限合伙）（以下简称"星奇昱正"或"标的基金"）的合伙份额，星奇 昱正认缴出资总额为21,800万元，公司约占2.2936%的合伙份额。 ● 本次交易不构成关联交易 ● 风险提示：公司本次参与认购的标的基金尚未进行工商变更，尚待当地市场监督管理局变更登记核 准，在审批方面具有一定的不确定性。另外，私募股权投资基金具有投资周期长、流动性低等特点，公 司本次对外投资可能面临较长的投资回收期，且投资过程可能面临宏观经济、行业周期、市 ...

Economic Overview - The city's economy has shown stable recovery and continuous improvement from January to August, with a more pronounced upward trend [1] - Industrial production remains steady, with the industrial added value of large-scale enterprises increasing by 7.7% year-on-year [1] Industrial Performance - The manufacturing sector leads the growth, with an added value increase of 8.5%, contributing 6.7 percentage points to the overall industrial growth [1] - Among 37 industrial categories, 27 reported year-on-year growth, resulting in a growth coverage of 73.0% [1] - Key sectors such as equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing saw added value increases of 9.3%, 8.9%, and 8.8% respectively [1] Investment Trends - Fixed asset investment in the city grew by 3.7% year-on-year, with significant growth in the secondary industry at 22.9% [2] - Industrial investment increased by 22.8%, with manufacturing investment rising by 20.0% [2] - New momentum investments, including "Four New" investments and high-tech industry investments, grew by 11.0% and 24.2% respectively [2] Consumer Market - The retail market accelerated recovery, with retail sales of above-limit units reaching 36.91 billion yuan, a year-on-year increase of 14.5% [2] - Categories such as home appliances and audio-visual equipment, grain and oil products, and petroleum products saw significant retail sales growth of 48.7%, 18.3%, and 16.6% respectively [2] Service Sector - The revenue of large-scale service enterprises increased by 11.6% year-on-year, with 19 out of 29 industry categories showing growth [3] - Key sectors like scientific research, information technology services, and cultural and entertainment services experienced double-digit growth [3] Financial Indicators - The city's general public budget revenue reached 18.53 billion yuan, a year-on-year increase of 3.8% [3] - By the end of August, the balance of deposits in financial institutions was 738.65 billion yuan, up 11.0% year-on-year [3] Energy Consumption - Total electricity consumption reached 20.65 billion kilowatt-hours, a year-on-year increase of 5.0%, with industrial and tertiary sector electricity consumption growing by 3.0% and 8.8% respectively [3] Price Trends - The Consumer Price Index (CPI) was 99.6, reflecting a year-on-year decrease of 0.4%, with five categories of goods and services experiencing price increases [3]

Core Viewpoint - The announcement of the Wenzhou Science and Technology Innovation and Entrepreneurship Investment Fund's 2025 second batch of proposed subsidiary fund application guidelines aims to attract social capital to invest in strategic emerging industries and high-tech sectors in Wenzhou, facilitating the rapid growth of seed-stage, startup, and growth-stage technology enterprises [2]. Application Conditions - The subsidiary fund management institution must have a paid-in capital of no less than 10 million RMB and must be registered with the Asset Management Association of China [3]. - The management team should consist of at least three senior management personnel with over three years of experience in equity investment or fund management, with no adverse records from regulatory or judicial authorities [3]. - The management institution must have a total scale of venture capital and private equity funds registered with the association of no less than 200 million RMB, with at least three successful investment cases [3]. - Successful investment cases must meet specific criteria, such as achieving a total return rate of no less than 20% for fully exited projects or an average annual return rate of no less than 20% for partially exited projects [3]. - A comprehensive risk control process, including industry research and investment decision-making mechanisms, is required [4]. - The institution should have a certain reserve of project resources in Wenzhou [5]. Cooperation Requirements - The subsidiary fund should ideally be registered in Wenzhou [6]. - The scale of the subsidiary fund should not exceed 500 million RMB [7]. - The Wenzhou Science and Technology Innovation Fund's investment in a single subsidiary fund should not exceed 30% of the total subscribed capital of the fund [8]. - The duration of the subsidiary fund, including investment and exit periods, should not exceed 15 years from the date of registration [9]. - The fund should primarily invest in Wenzhou's strategic emerging industries and future industries [10]. - Funds invested in enterprises registered in Wenzhou should be no less than 1.2 times the subscribed capital of the Wenzhou Science and Technology Innovation Fund [11]. - The fund is encouraged to focus on early-stage, small-scale, long-term, and hard technology investments, with at least 60% of the subscribed capital allocated to seed-stage and startup technology enterprises in Wenzhou [12]. Application Materials - Institutions applying for cooperation must submit various materials, including the application form, institution background, business license, and internal control systems [13]. - Evidence of investment performance and successful investment cases must be provided [14]. - Financial reports for the past three years must be included [14].

Core Insights - Shandong's economy has shown overall stability in the first five months of the year, with coordinated efforts leading to improved supply and demand dynamics [2] Economic Performance - Industrial production remains stable, with a 7.8% year-on-year increase in the added value of industrial enterprises above a designated size, with 85.4% of 41 industries reporting positive growth [2] - The added value of equipment manufacturing increased by 13.6%, contributing 3.3 percentage points to overall industrial growth [2] - The service sector also experienced steady growth, with a 6.2% increase in revenue from large-scale service enterprises from January to April, achieving positive growth across all ten major industry categories [2] Market Demand - Fixed asset investment in Shandong rose by 1.3% year-on-year in the first five months, with significant growth in the primary (6.5%) and secondary (16.4%) industries [3] - Manufacturing investment increased by 11.7%, outpacing overall investment growth by 10.4 percentage points [3] - Social retail sales totaled 1,654.13 billion yuan, marking a 5.8% increase, with retail sales above a designated size growing by 7.4% [3] - The province's total import and export volume reached 1,424.11 billion yuan, a 7.7% increase, with exports and imports growing by 7.2% and 8.3%, respectively [3] Emerging Industries - The added value of high-tech manufacturing increased by 11.1%, exceeding the overall industrial growth rate by 3.3 percentage points [3] - Investment in new industries is accelerating, with "four new" investments growing by 2.1% and high-tech industry investments increasing by 7.8% [3] - Retail through public networks reached 88.48 billion yuan, growing by 17.5%, significantly higher than the overall retail growth rate [3] Financial and Fiscal Health - Public budget revenue reached 355.82 billion yuan, a 1.7% year-on-year increase, while expenditures grew by 5.6% to 506.76 billion yuan [4] - Financial institutions' loans increased by 9.4%, with corporate loans rising by 12.9% [4] - The private economy remains active, with the added value of private industrial enterprises growing by 10.3% [4] Employment and Consumer Prices - Urban employment increased by 519,000 in the first five months, while consumer prices saw a slight decline of 0.1% [4] - Investment in the service and healthcare sectors grew significantly, with the former increasing by 22.4% [4]

Core Insights - The article highlights the rapid growth of high-tech industry investment in the Gongshu District of Hangzhou, with a year-on-year increase of 49% from January to May, leading the city in this sector [3][4]. Group 1: Investment and Projects - The East China Pharmaceutical Biomedicine Innovation Manufacturing Center project has a total investment plan of 2 billion yuan, with phase one investment completion at 140 million yuan and a cumulative investment of 320 million yuan so far [4]. - The project aims to establish facilities for the commercialization of antibody-drug conjugates (ADCs) and related quality control and research laboratories, addressing the industrialization needs in the biopharmaceutical field [4][5]. - The Gongshu District is actively promoting the construction of a biopharmaceutical innovation ecosystem, targeting the establishment of a globally influential biopharmaceutical industry transformation hub by 2035 [5]. Group 2: Government Initiatives and Ecosystem Development - The district government plans to implement 558 investment projects this year, aiming for over 7.57 billion yuan in investment, while also stimulating private investment through new cooperation mechanisms [6]. - A high-energy innovation platform matrix is being constructed, represented by several research institutes, to support technological innovation and talent development [6][7]. - The establishment of a "three-circle linkage" innovation ecosystem around universities is designed to enhance innovation capabilities and connect various innovation spaces, incubators, and technology parks [7].

Economic Overview - The economy of Tai'an City is showing a stable and improving trend, with continuous efforts to implement various policies aimed at production, consumption, and growth [5] Industrial Production - The industrial production has slightly rebounded, with the added value of industrial enterprises above designated size increasing by 8.3% year-on-year from January to April, an increase of 0.3 percentage points compared to the first quarter [1] - The manufacturing sector leads with an added value growth of 10.8%, contributing 98.5% to the growth of industrial enterprises [1] - Among 37 major industrial categories, 25 achieved year-on-year growth, resulting in a growth coverage of 67.6% [1] - Out of 154 major industrial products, 79 saw an increase in production, with a growth coverage of 51.3% [1] Investment Trends - Fixed asset investment in Tai'an City grew by 5.8% year-on-year from January to April, with the primary industry increasing by 3.5%, the secondary industry by 26.7%, and the tertiary industry decreasing by 6.8% [1] - Industrial investment accelerated with a year-on-year increase of 26.6%, and manufacturing investment grew by 19.6% [2] - New momentum investments, particularly in high-tech industries, saw significant growth, with "Four New" investments increasing by 17.1% and high-tech industry investments rising by 47.6% [2] Consumer Market - The retail market showed positive growth, with retail sales of units above designated size reaching 16.92 billion yuan, a year-on-year increase of 13.2% [2] - Categories such as household appliances, food, and clothing saw substantial retail sales growth, contributing significantly to the overall retail sales increase [2] - The "old-for-new" policy has effectively boosted sales in sectors like automobiles and household appliances, with respective year-on-year growth rates of 8.9% and 45.2% [2] - Online retail sales also accelerated, achieving a year-on-year growth of 25.2%, contributing 13.7% to the overall retail growth [2] Service Sector - The service sector showed stable growth, with revenue from large-scale service enterprises reaching 8.99 billion yuan, a year-on-year increase of 7.0% [3] - Among 615 large-scale service enterprises, 379 reported positive revenue growth, resulting in a growth coverage of 61.6% [3] - The top 30 enterprises contributed significantly to the overall revenue growth of the service sector, accounting for 55.1% of total revenue [3] Fiscal and Financial Indicators - The general public budget revenue reached 10.63 billion yuan from January to April, a year-on-year increase of 5.5% [3] - Financial institutions reported a total deposit balance of 723.8 billion yuan, growing by 10.5%, and a loan balance of 519.53 billion yuan, increasing by 9.9% [3] - Total electricity consumption reached 95.0 billion kilowatt-hours, a year-on-year increase of 2.8%, with industrial and tertiary sector electricity consumption growing by 3.7% and 7.1%, respectively [3] Consumer Price Index - The Consumer Price Index (CPI) remained stable at 99.7, with a year-on-year decrease of 0.3% [4] - Among eight major categories, five saw price increases while three experienced declines [4]