01 金属专场 | 国信期货2026年年度策略报告会 14:00-17:00 核心看点： 商品市场在理性供需下面临新平衡，成本韧性构筑安全边际。有色金属板块中，铜铝凭借战略价值 成为明确的引领性机遇，增长动能依然强劲。 嘉宾： 李文婧丨国信期货研究所主管 邵荟憧丨国信期货黑色金属分析师 马钰丨国信期货黑色金属分析师 张嘉艺丨国信期货有色金属分析师 扫码预约 嘉宾： 王开丨国信证券策略首席分析师 扫码预约 03 开源陈曦：2026年债市展望：债券收益率的上行空间 16:00-17:00 02 国信策略王开：2026年大类资产配置展望 15:00-16:00 核心看点： 资产配置范式革新，全球宏观新常态下，传统安全资产的根基正在动摇。当作为安全垫的全球债券 本身面临信用风险和波动加剧时，风险对冲功能大打折扣，黄金和海外股市成为破圈所在。全球视 野、本土智慧一起探寻2026资产配置脉搏。 核心看点： Tims中国（THCH.CO）将重点解读三季度营收增速、利润率及成本控制表现，并详细介绍近期可 转债发行与债务结构优化对资本灵活性及财务费用的影响。市场关注公司如何通过本轮调整强化现 金流，支撑门店扩张与数字化战略，同 ...

Group 1: Investment in AI and Technology - A significant majority (71%) of global CEOs are prioritizing artificial intelligence as a key investment area for 2026, with 69% planning to allocate 10% to 20% of their budgets to this field in the coming year [1] - In China, 26% of CEOs are focusing on digital and interconnected transformation as their top strategic initiative for the next three years, surpassing the global average of 18% [2] - The expectation for a return on investment from AI within three years is held by 67% of global CEOs, while this figure has dramatically increased to 86% among Chinese CEOs, with 20% believing they will see returns in less than a year [2] Group 2: Challenges and Concerns - CEOs express concerns regarding the ethical implications (59%), data readiness (52%), and regulatory gaps (50%) associated with AI, indicating a need for a robust governance framework for sustainable AI development [2] - Despite fears of mass unemployment due to AI, 61% of CEOs are actively recruiting talent with AI and technical skills, while 70% are worried about competition for AI talent [3] - 79% of Chinese companies are concerned about the high costs associated with the necessary technology infrastructure for AI deployment, which is higher than the global average [3] Group 3: Commitment to ESG Goals - 88% of Chinese CEOs express confidence in the future development of the Chinese economy, marking a 17 percentage point increase from the previous year [4] - A majority of CEOs remain committed to achieving sustainability goals, with 55% prioritizing compliance and reporting standards to meet investor and regulatory expectations, compared to 51% globally [4] - The survey indicates that CEOs are seeking opportunities through bold investments in technology, innovation, and talent while balancing innovation with ethical and regulatory concerns [4]

Group 1 - IFRS 19 is a simplified disclosure standard within the IFRS family aimed at reducing reporting costs for eligible subsidiaries by allowing them to adopt less complex disclosure requirements while maintaining the same recognition and measurement rules [1][2][20]. - The standard is voluntary, meaning eligible companies can choose whether or not to adopt it [2]. Group 2 - Eligible subsidiaries must meet two criteria: they do not have public accountability (i.e., their stocks or bonds are not publicly traded) and their parent company prepares consolidated financial statements in accordance with full IFRS [3]. - The adoption of IFRS 19 can help eliminate the complexity of dual reporting, where subsidiaries maintain two sets of accounts to meet different reporting requirements [4][5][7]. Group 3 - IFRS 19 can significantly reduce the disclosure burden for subsidiaries currently using full IFRS, as it allows them to reduce the amount of information they need to disclose by over 70%, according to IASB assessments [12][21]. - This reduction in disclosure requirements can lead to substantial savings in time and auditing costs for subsidiaries [13][21]. Group 4 - The benefits of adopting IFRS 19 depend on several factors, including the current accounting policies used by the company, the internal financial reporting systems, the number of subsidiaries opting for IFRS 19, and the scale and complexity of the subsidiary's operations [14][16][18]. - Companies may incur one-time transition costs when adopting the new standard, such as adjusting financial reporting systems and identifying new disclosure requirements [18][19]. Group 5 - IFRS 19 serves as a "disclosure relief package" for non-public companies within a group that reports under IFRS, simplifying their reporting process and potentially leading to significant cost savings [20][21].

Group 1: Yuanfei Pet - Yuanfei Pet achieved a revenue of 792 million yuan in the first half of 2025, representing a year-on-year growth of 45.52%, with all product lines showing growth, particularly in pet snacks and domestic revenue [1] - The net profit attributable to the parent company slightly increased by 0.37%, while the gross margin decreased by 0.93%, and sales expenses surged by 97.13% [1] - The company’s two factories in Cambodia are operating at near full capacity, with new production capacity expected to be launched next year [1] Group 2: Haier Biomedical - In terms of overseas revenue, Europe accounts for 40%, Africa 30%, Asia 20%, and the Americas 10%, with low-temperature storage market share below 10% [2] - Smart medication and blood technology each contribute 11% to revenue, while laboratory solutions account for 17%, with the former two being more profitable [2] - The company aims for a 15%-30% revenue growth through stock incentive plans and has seen a 38% increase in domestic large project funnels [2] Group 3: Proya - Proya's cash dividend plan for the first half of 2025 will account for nearly 40% of the net profit attributable to the parent company, with a commitment to sustainable dividends [3] - The company is planning a Hong Kong stock listing to support global development and enhance brand image and shareholder returns [3] - The gross margin increased to 73.38% in the first half of 2025, with sales expense ratio rising due to increased brand investment [3] Group 4: Nengke Technology - Nengke Technology reported growth in AI products and services revenue, supported by external environment and internal strategies, with a clear trend towards smart manufacturing upgrades [4] - The gross margin improved due to adjustments in business and product structure, focusing on high-margin sectors while reducing inefficient operations [4] - The company is in the early stages of vertical application fields, with significant R&D investments and a long development cycle, aiming to enhance market share through continuous innovation [4]

Financial Performance - Revenue from recurrent businesses in Hong Kong increased by 1.9% to HK$17,163 million[40] - Revenue from recurrent businesses outside Hong Kong decreased by 18.1% to HK$10,183 million[40] - Property development profit (post-tax) increased by 221.1% to HK$5,530 million in Hong Kong and decreased by 33.3% to HK$12 million outside Hong Kong[40] - Underlying business profit increased by 55.0% to HK$8,933 million[40] - Reported net profit attributable to shareholders of the company increased by 27.5% to HK$7,709 million[40] Railway Projects and Investment - The company is allocating HK$140 billion in new railway projects[18] - HK$65 billion is allocated for maintenance and upgrades of railway assets between 2023 and 2027[18, 24] - Capital expenditure & investments: Hong Kong New Railway Projects account for 44% (HK$39.8 billion), Hong Kong Railway Maintenance CAPEX accounts for 39% (HK$36.0 billion), Mainland China & Overseas Investments account for 14% (HK$12.4 billion), and Hong Kong Property accounts for 3% (HK$2.6 billion) of the total HK$90.8 billion estimated spend from 2025-2027[52] Operational Highlights - On-time passenger journeys on the heavy rail network maintained at >99.9%[24] - Patronage reached >960 million[24] - MTR's market share of Hong Kong franchised public transport was 50.0% from Jan-May 2024 and 50.1% from Jan-May 2025[64] - Net Debt / Equity ratio decreased from 31.6% as at 31 Dec 2024 to 18.8% as at 30 Jun 2025[48]

Core Viewpoint - The 2025 TrendBank (Fifth) Lithography Industry Conference held on July 9 in Hefei focused on advanced lithography technologies and the current state of domestic lithography materials, discussing the need for technological innovation and industrial upgrades to enhance self-sufficiency and quality in the domestic market [1][15]. Group 1: Conference Highlights - The conference covered cutting-edge lithography technologies such as EUV, electron beam lithography, and nanoimprint lithography, along with the analysis of domestic lithography materials like photoresists and wet electronic chemicals [1][2]. - Key discussions included the challenges and solutions in the localization of lithography equipment, focusing on equipment R&D, manufacturing processes, performance improvements, and market conditions [2]. Group 2: Expert Insights - Wang Chengqian emphasized the importance of developing next-generation AI as a strategic resource for gaining a competitive edge in global technology [19]. - Luo Feng highlighted the advantages of physical deposition dry photoresists in HNA-EUV technology, including lower dose requirements and better uniformity [21]. - Zhang Wali discussed the benefits of hybrid bonding technology, which allows for smaller pitch and higher I/O density [23]. - Li Zili introduced directed self-assembly (DSA) techniques for contact hole miniaturization, meeting sub-10nm process node requirements [25]. - Sun Fengxia pointed out the challenges in domestic photoresist localization, including technology monopolies and high entry costs [31]. - 应颖 noted the growth in the display and semiconductor photoresist market, driven by government policies and industry chain development [33]. Group 3: Specialized Forums - The forum on photoresists and wet electronic chemicals featured discussions on trends in packaging technology and the need for environmentally friendly solutions [36]. - SAM SUN explained the challenges in the CAR theory related to photoresist performance and defect management [38]. - Du Mengcheng discussed the technical difficulties in developing PSPI for chip interconnections [40]. - Huang Xinyi emphasized the need to enhance photoresist performance and supply chain resilience to meet ESG goals [48]. - The roundtable featured discussions on various topics related to micro-nano platform processes and industry challenges [50].

Core Insights - The article highlights the innovative development path of Shenzhen Jiyang Intelligent Technology Co., Ltd. in the battery manufacturing sector, emphasizing its role in the transformation of the new energy industry driven by the "dual carbon" goals [1][2] Industry Overview - The new energy industry in China is undergoing a profound transformation from scale expansion to quality improvement, with power batteries being a core component that directly affects industry competitiveness [1] - The Chinese new energy industry is the largest globally, yet it faces significant challenges in battery manufacturing, particularly in logistics, information flow, and energy flow, leading to inefficiencies and safety risks [1] Company Innovations - Jiyang Intelligent has over 800 patents, including 38 international patents, and has established a digital workshop standard system for lithium-ion battery manufacturing [2] - The company has developed advanced equipment such as high-speed laser ear forming machines and intelligent continuous winding machines, breaking foreign monopolies and achieving international advanced technical standards [2] - Jiyang Intelligent has implemented a three-tier safety system ("passive-active-intrinsic") to reduce the probability of thermal runaway in batteries to below 0.01% through AI visual inspection and the application of thermal insulation materials [2] Strategic Directions - The company is focusing on three strategic areas: developing self-learning flexible manufacturing systems, utilizing blockchain technology for carbon emission traceability throughout the battery lifecycle, and creating integrated continuous battery manufacturing equipment for the European market [3] - Jiyang Intelligent has transformed from a technology follower to a rule-maker in the industry within 15 years, actively participating in the formulation of over 70 power battery manufacturing standards [2][3] Future Vision - The ultimate goal of Jiyang Intelligent is to lead in creating a better life through machine innovation, contributing significantly to the global energy transition and high-quality development of China's manufacturing industry [3]

Core Viewpoint - The 2025 TrendBank Lithography Industry Conference aims to address the challenges and advancements in lithography technology, materials, and equipment, focusing on enhancing domestic capabilities in the semiconductor industry [19][20]. Group 1: Conference Overview - The conference will take place on July 9-10, 2025, at the Sheraton Hotel in Hefei, Anhui, with an expected attendance of 300 participants [14]. - The event will feature over 20 guest speakers discussing various topics related to the lithography industry, including advanced lithography technologies and the development of photolithography materials [12][11]. Group 2: Key Topics and Discussions - Discussions will cover the latest research and application prospects of cutting-edge lithography technologies such as EUV, electron beam lithography, and nanoimprint [11]. - The conference will analyze the current state and technological bottlenecks of domestic photolithography materials, including photoresists and wet electronic chemicals, and explore solutions for improving self-sufficiency and quality [11][20]. Group 3: Featured Speakers and Presentations - Dr. Sam Sun, a leading scientist in the field of photoresists and founder of Weifang Xingtai Microelectronics Materials Co., will present on the historical and future perspectives of CAR photoresists [4][2]. - Other notable speakers include industry experts from various institutions discussing topics such as high-performance heterogeneous integration technology and the development of advanced packaging materials [7][8]. Group 4: Industry Challenges - The domestic photolithography industry faces significant challenges, including low self-sufficiency rates in high-end photoresists and reliance on imports for certain high-purity chemical products [19][20]. - The conference aims to foster collaboration among research institutions, universities, and enterprises to accelerate technological innovation and enhance the overall competitiveness of the lithography industry [20].

Core Viewpoint - The 2025 TrendBank Lithography Industry Conference aims to address the challenges and opportunities in the lithography technology sector, particularly in the context of AI advancements and the need for domestic self-sufficiency in semiconductor manufacturing [11][19]. Group 1: Conference Overview - The conference will take place on July 9-10, 2025, at the Sheraton Hotel in Hefei, Anhui, with an expected attendance of 300 participants [11][20]. - The agenda includes discussions on cutting-edge lithography technologies such as EUV, electron beam lithography, and nanoimprint, as well as the current state and technological bottlenecks of lithography materials like photoresists and wet electronic chemicals [11][12]. Group 2: Keynote Speakers and Topics - Wang Chengqian, Director of the Micro System Integration Process Center at Zhongke Xinxin Integrated Circuit Co., will present on "High-Performance Chip Heterogeneous Integration Technology: Opportunities and Challenges" [4][8]. - Other notable speakers include experts from BOE Technology Group and Nankai University, discussing various aspects of lithography technology and materials [8][9]. Group 3: Industry Challenges - The domestic production rate of high-end photoresists is low, and there is a significant gap in R&D and production technology compared to international standards, affecting the quality required for advanced chip manufacturing [18][19]. - The lithography equipment market is dominated by foreign companies, with high-end lithography machines like EUV being particularly difficult to obtain, posing a significant challenge to the domestic semiconductor industry [18][19]. Group 4: Conference Goals - The conference aims to foster collaboration among experts, industry representatives, and academic institutions to enhance the integration of research and application in lithography technology [19]. - It seeks to build a comprehensive ecosystem for the lithography industry, promoting resource integration and competitive advantages [19].