证券研究报告 | 朝闻国盛 gszqdatemark 2025 08 26 年 月 日 朝闻国盛 近年 9 月交易线索及其相对 8 月变化 今日概览 重磅研报 【策略】近年 9 月交易线索及其相对 8 月变化——20250825 【固定收益】耗煤量季节性上行——基本面高频数据跟踪——20250825 【化工】道氏技术（300409.SZ）-AI for Science 破局研发，固态电池材 料矩阵成型——20250825 研究视点 【社会服务】九华旅游（603199.SH）-业绩持续增长，定增+收购助力 公司长期稳健发展——20250825 【海外】零跑汽车（09863.HK）-半年度扭亏，明年将继续高速成长—— 20250825 【纺织服饰】新澳股份（603889.SH）-业绩表现稳健，期待后续订单修 复——20250825 【有色金属】洛阳钼业（603993.SH）-上半年产量超预期，金矿多元化 布局发力——20250825 【有色金属】中矿资源（002738.SZ）-铜冶炼厂拖累公司业绩，铯铷业 务构筑业绩支撑——20250825 【轻工制造】布鲁可（00325.HK）-扩充客群及性价比产品，加速海外扩 ...

Summary of Dow Technology Conference Call Company and Industry Overview - **Company**: Dow Technology - **Industry**: Single-Walled Carbon Nanotubes (SWCNT) and Solid-State Battery Materials Key Points and Arguments 1. **Performance Metrics**: Dow Technology's SWCNTs have a substrate ratio exceeding 100 and a specific surface area of 1,000 to 1,300, outperforming domestic competitors and some imported products, showcasing material performance advantages [2][5] 2. **Production Capacity**: The company aims to achieve an annual production capacity of 50 tons by the end of 2025 and 120 tons by mid-2026, driven by technological breakthroughs that lower manufacturing costs and enhance product competitiveness [2][6] 3. **Market Applications**: Over 80% of SWCNT applications are in digital and consumer electronics, particularly in conjunction with silicon-carbon anodes. The demand for high-rate and long-range applications in semi-solid and all-solid-state batteries is expected to grow significantly [2][9][10] 4. **Solid-State Battery Development**: Dow Technology has established a solid-state battery research institute focusing on solid electrolytes, lithium metal anodes, and AI for Science, aiming to create a comprehensive solution for solid-state battery materials [2][16] 5. **Collaboration with Universities**: The company collaborates with the University of Electronic Science and Technology to develop ultra-thin lithium metal anodes using a high-temperature melting method, which is expected to reduce costs and accelerate industrialization [2][30] 6. **Market Demand for Silicon-Carbon Anodes**: The demand for silicon-carbon anodes in the consumer electronics sector is projected to be between 1,000 to 2,000 tons in 2025, with a significant increase in the additive ratio expected [23][24] 7. **Customer Feedback and Market Position**: Feedback from customers indicates that Dow Technology's products are competitive with imported alternatives, which currently dominate the market with less than 20% share for domestic products [14][15] 8. **Production and Cost Control**: The company has developed a porous carbon structure for silicon-carbon anodes, which enhances performance and allows for cost control from the source [26][29] 9. **Future of Solid-State Batteries**: The development of solid-state batteries is progressing, with a focus on semi-solid technology due to its compatibility with existing lithium battery production lines. Dow Technology is also planning to develop inorganic electrolyte materials for both semi-solid and solid-state battery systems [18][20] Additional Important Information 1. **Sales and Pricing**: The current price for acidic powder exceeds 10 million yuan per ton, while slurry prices are around 100,000 yuan per ton. Dow Technology primarily sells slurry products and may consider exporting some powder orders in the future [7] 2. **Production Capacity for Silicon-Carbon Anodes**: Dow Technology's current production capacity is 50 tons, with plans to reach 100 tons by the end of this year and 200 to 300 tons by mid-2026 [25][28] 3. **Performance Indicators of Silicon-Carbon Anodes**: The first efficiency can reach 87%, with excellent rate performance, maintaining 93% to 90% efficiency under fast charging conditions [29] 4. **Market Trends**: The demand in the mobile digital sector is expected to double in 2025 compared to 2024, driven by increased penetration of smartphones and televisions [22] This summary encapsulates the critical insights from the conference call, highlighting Dow Technology's strategic initiatives, market positioning, and future outlook in the SWCNT and solid-state battery materials industry.

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has secured significant orders, indicating the initial formation of its business model, which is set to disrupt traditional research paradigms and open up market opportunities [7] - The collaboration with DoveTree LLC, which involves a total package amounting to $5.89 billion, exceeds market expectations and highlights the value of the company's AI and robotics technology in drug discovery [7] - The endorsement from Harvard professor Gregory Verdine adds credibility to the company's growth potential, as he has a strong track record in the biotech industry [7] - The company is identified as a rare player in the AI for Science sector, with its business model beginning to take shape, paving the way for future commercial orders and rapid revenue growth [7] Financial Projections - Revenue projections for the company are as follows: 2025 - 5.52 billion RMB, 2026 - 9.24 billion RMB, and 2027 - 15.03 billion RMB, reflecting significant growth compared to previous estimates [7] - The forecasted net profit for 2025 is -194.54 million RMB, improving to -158.00 million RMB in 2026, and turning positive at 62.87 million RMB in 2027 [7] - The current stock price corresponds to a P/S ratio of 63.00 for 2025, 37.65 for 2026, and 23.15 for 2027, indicating a potential for valuation expansion as the company moves towards profitability [7]

Group 1 - The core viewpoint of the news is that Zhite New Materials has successfully developed a new type of "thin phase change high-temperature thermal insulation and flame retardant material" that can withstand extreme temperatures, marking a significant breakthrough in high-temperature protection technology [1][2][3] - The new material can maintain a suitable temperature environment for nearly one hour in flames ranging from 800 to 3000℃, significantly enhancing protective performance and promising substantial industrial transformation in the high-temperature protection field [1][2] - The material's heat absorption density has surpassed 3600 J/g, achieving 3 to 12 times the efficiency of traditional materials, addressing the long-standing conflict between material thickness and protection duration [1][2] Group 2 - Zhite New Materials is a leading company in the domestic aluminum formwork industry, and the introduction of the new material is expected to replace traditional insulation solutions such as thermal insulation coatings and aerogels [2] - In the construction sector, the new material's theoretical performance significantly exceeds national standards, with a 2.5 cm layer maintaining a back temperature below 80℃ in a simulated 900℃ fire scenario, while the national standard allows a maximum of 140℃ [2] - The material has demonstrated excellent performance in three key areas: battery thermal runaway protection, extreme high-temperature insulation, and basic physical properties, indicating a strong foundation for industry validation and commercialization [3]

Summary of the Conference Call for Dao's Technology Company and Industry Overview - **Company**: Dao's Technology - **Industry**: Semiconductor and High-Performance Computing (HPC) Key Points and Arguments 1. Dao's Technology has entered the chip research, production, and sales sector through its 80% stake in the computing power center, aiming to expand market influence and support R&D for research institutions and enterprises, marking a significant step in industrialization [2][3] 2. The company focuses on the design of APU (Atomic Processing Unit) chips using a fabless model, outsourcing production to foundries like TSMC and SMIC. The APU is primarily used for atomic-level scientific computing, with a projected market size in China reaching hundreds of billions of RMB annually, and currently no direct competitors [2][6] 3. The APU chip features a storage-computing integrated brain-like architecture, significantly improving computation speed and reducing energy consumption by two to three orders of magnitude compared to traditional GPUs and CPUs, particularly excelling in atomic-level scientific calculations [2][9] 4. The He Xi Atomic Computing Center, co-established by Dao's Technology, plans to invest approximately 200 He Xi architecture servers, with completion expected in 2025 and further expansion in 2026 [2][10] 5. The supercomputing service market is valued at hundreds of billions of RMB, with atomic-level scientific computing accounting for 50%-75% of this market, indicating a potentially underestimated market space [2][11] 6. The APU chip has significant growth potential, akin to the transformative impact of GPUs on AI, with the ability to unlock a trillion-level market in material research [2][12] Additional Important Insights 1. Dao's Technology has established a partnership with Professor Liu Jie’s team to develop the Guangdong Xin Pei Sen platform, where Dao's holds a 20% stake, focusing on chip R&D, production, and sales [3] 2. The APU chip has already been applied in fields such as new energy material design, outperforming Nvidia's banned GPU by an order of magnitude and being three times faster than imported CPUs [4][14] 3. The company’s business model includes time leasing, hardware sales, and technical services, with a focus on providing tailored solutions based on customer needs [4][16] 4. The APU chip is positioned as a high-precision, high-performance solution for atomic-level scientific calculations, providing distinct advantages over general-purpose GPUs [7][43] 5. The company has received positive feedback from major clients in the materials sector, including Ningde Times and Zhuhai Guangyu, confirming the performance advantages of their computing services [31] 6. Dao's Technology emphasizes its core barriers, including the integration of complex atomic-level scientific computing algorithms into the APU chip and the proprietary software ecosystem that supports its hardware [32] Market and Competitive Landscape 1. The APU chip's market is currently dominated by Dao's Technology, with no direct competitors in the atomic-level scientific computing niche [6][13] 2. The company plans to maintain its focus on scientific computing rather than entering the general computing market, which is already saturated with established solutions [47] 3. The company is also exploring the integration of large model technologies to meet domestic computing demands [45] Future Developments 1. Dao's Technology is in the process of developing ASIC chips, with the first MPW tape-out completed in 2023 and plans for further product iterations in 2026 [48][49] 2. The company aims to expand its computing power center and establish additional training centers in collaboration with local governments and partners [10][52]

消息面上，晶泰控股近日发盈喜，预期截至2025年中期期间的集团综合收益将不少于人民币5亿元，同 比增加至少约387%；纯利不少于人民币5000万元；经调整纯利不少于人民币1.2亿元。这是集团首次实 现半年盈利。财务预期改善主要由于集团与DoveTree Medicines LLC及其联属公司合作，集团基于端到 端人工智能药物发现平台及综合"AI+机器人"技术，向DoveTree提供药物发现解决方案及服务，该合作 带动重大收益增长。集团收到首付款5100万美元，首付款已确认为集团于2025年中期期间的收益，并为 集团于报告期间的收益作出重大贡献。 东吴证券近期指出，公司为全球AI for Science稀缺标的，此次合作对于公司是里程碑事件，首付款金额 高于预期，证明了晶泰控股的人工智能+机器人技术在药物发现领域的价值，同时其商业模式已初具雏 形，为未来商业化订单落地打下坚实基础，未来中短期收入有望迎来快速增长；同时公司合作客户涵盖 新材料、能源、化工等领域公司，进一步打开公司成长天花板，建议重点关注。 晶泰控股(02228)涨超10%，截至发稿，涨10.34%，报8.22港元，成交额21.12亿港元。 ...

Core Insights - The article discusses the challenges and opportunities in the AI investment landscape, particularly focusing on the contrasting positions of China and the US in AI financing and technology development [3][4]. Group 1: Global AI Landscape - Despite the near parity in generative AI applications between Chinese and American companies, China's share of global AI financing is shrinking, with top Chinese firms valued at only 2% of their US counterparts [3]. - The US export controls pose significant challenges for China's AI industry, particularly in terms of computational power [3]. Group 2: DeepSeek's Breakthrough - DeepSeek, an AI company incubated by a quantitative fund, has utilized a full-stack open-source strategy to achieve significant results, training with approximately $6 million and 2,000 H800 GPUs, costing only 6% of GPT-4's training expenses [4]. - Within 20 days of launch, DeepSeek surpassed 20 million daily active users, setting a new record for user acquisition in the internet sector [4]. Group 3: Ecosystem Reconstruction - The integration of DeepSeek's R1 inference engine with WeChat's 1.1 billion daily active users transforms user search behavior into "conversational demand expression," rendering traditional SEO ineffective [6]. - The introduction of GEO intelligent advertising services aims to help businesses seize the "answer discourse power" in the AI era [6]. Group 4: Investment Opportunities - A systematic analysis of over 300 AI companies has identified promising investment tracks for 2025, including Agentic AI, embodied intelligence and humanoid robots, small AI hardware revolution, and AI for Science [8]. Group 5: Future Directions - Generative AI currently accounts for less than 20% of the global AI market, indicating a need for deeper collaboration between production and research over the next decade [11]. - The company aims to serve as a strategic partner for enterprise AI upgrades, providing comprehensive services from trend forecasting to risk assessment [10][12].

Core Viewpoint - The strategic partnership between Biocytogen and Megvii Technology aims to enhance the digital and intelligent upgrade of fully human antibody research and production, leveraging their respective strengths in technology and automation to drive high-quality development in the biopharmaceutical industry [1][4][5]. Company Overview - Biocytogen is an international biotechnology company focused on innovative technology-driven drug development, with a comprehensive R&D platform covering target discovery, fully human antibody sequence development, preclinical evaluation, and collaborative transformation [3][10]. - The company has established a large-scale development system for antibodies through its "Thousand Mice, Ten Thousand Antibodies" program, which encompasses over a thousand potential drug targets and a library of over one million fully human antibody sequences [3][10]. - Megvii Technology is a leading provider of autonomous agents in the field of robotics, dedicated to offering comprehensive solutions for smart laboratories and intelligent manufacturing scenarios [10][11]. Strategic Cooperation Details - The collaboration focuses on integrating Biocytogen's technical expertise in antibody development with Megvii's innovative automation capabilities to create an intelligent upgrade system for antibody discovery, preparation, and screening [4][5]. - The partnership aims to optimize research labor input through a multi-agent solution, achieving automation at a scale exceeding one million, thereby enhancing the efficiency and precision of antibody preparation [4][5]. - The LabillionTM data intelligence system will facilitate the efficient integration, real-time analysis, and deep correlation of sequence and functional data generated from high-throughput screening [4][5]. Future Implications - The collaboration is expected to accelerate the innovation process of antibody drugs and explore new models driven by AI and automation, contributing to higher quality development in the biopharmaceutical industry [5][7]. - The integration of Megvii's autonomous intelligent agents with Biocytogen's advanced platforms is anticipated to address core challenges in large-scale antibody discovery and screening, setting a benchmark for the application of AI in the biopharmaceutical sector [7][9].

Group 1 - AI for Science (AI4S) has become a new paradigm in scientific research, entering an accelerated development phase, utilizing deep learning to solve core challenges in life sciences, materials science, and chemical reactions [7][8][21] - The development of AI4S has led to new collaborative states, with companies either using AI algorithms for contract research or building internal AI platforms for innovation [14][16] - Domestic AI development is increasingly focused on AI+ applications, with large enterprises beginning to consider early-stage layouts [21][25] Group 2 - AI4S applications are addressing three major industry pain points, including efficient information extraction, primary artificial replacement, and deep model predictions for initial assessments [32][33] - Innovation is the main theme of AI applications in the chemical industry, with a focus on six sub-sectors, including strain selection and process optimization in the fermentation industry [37][38] - AI4S applications are characterized by long R&D cycles and high costs, data-driven approaches, and high-dimensional design spaces, which traditional experiments cannot validate individually [36][33] Group 3 - The investment landscape includes companies like JingTai Technology, ZhongKong Technology, and ZhiTe New Materials, which are positioned to benefit from AI4S advancements [4][18] - The AI industry chain has seen significant growth, with upstream and midstream sectors developing rapidly under strong policy support, leading to increased capacity and innovation in hardware and software [25][26][27] - The government is actively promoting AI research cooperation, with initiatives aimed at integrating AI into solving major issues like climate and health [18][20]

Core Viewpoint - Insulation materials play a crucial role in achieving energy efficiency and reducing carbon emissions, aligning with the "dual carbon" goals of the country [2][11]. Group 1: Types of Insulation Materials - Insulation materials can be categorized into four main types: organic insulation materials, inorganic insulation materials, new materials, and composite materials [18][25]. - Organic insulation materials are characterized by their porous structure and low density, making them widely applicable in construction and industrial fields [18][22]. - Inorganic insulation materials feature high porosity and nano-scale pore structures, effectively reducing heat conduction [22]. - New materials focus on optimizing performance through thermal conduction path regulation, radiation suppression, and structural stability [25]. - Composite materials combine two or more materials to enhance overall performance [26]. Group 2: Market Opportunities - The market for insulation materials is projected to exceed hundreds of billions, with new insulation materials rapidly penetrating various sectors [4][32]. - In the power battery sector, the demand for thermal management and flame-retardant insulation materials is expected to surpass 90 million square meters by 2025, corresponding to a market size of approximately 6.3 billion yuan [4][49]. - The building energy-saving market is anticipated to reach 248.5 billion yuan by 2025, with a year-on-year growth of 13.8% [63]. - The oil and gas pipeline insulation materials market is projected to reach 10.96 billion yuan by 2025 [4]. Group 3: Innovations in Insulation Materials - The emergence of super insulation materials, such as aerogels, presents significant industrialization prospects [5]. - Super insulation materials have a thermal conductivity coefficient lower than that of "still air," with room temperature thermal conductivity typically below 0.04 W·m⁻¹·K⁻¹ [5]. - Companies like Zhite New Materials are leveraging AI for material research and development, significantly enhancing performance while reducing costs [5]. Group 4: Specific Applications - In the power battery sector, the use of aerogel insulation materials is expected to grow due to the increasing sales of new energy vehicles and the rising proportion of high-nickel batteries [4][50]. - In the construction sector, insulation materials are crucial for reducing heat loss, with external wall insulation being a primary focus [55][58]. - The oil and gas industry utilizes insulation materials to effectively protect against heat loss during transportation [4][32].