Group 1: Overview of Private Economy in Guangzhou - The implementation of the "Guangzhou Support for Private Economy Development Regulations" has led to significant growth in the private sector, with private economic value added accounting for 43.5% of GDP in Q1, a five-year high [1] - The number of private economic entities in Guangzhou has surpassed 3.5 million, with new registrations leading among major cities, establishing the private sector as a key driver of economic growth [1][9] Group 2: Innovations and Achievements of Private Enterprises - Deqing Optical Technology Co., Ltd. has developed a laser welding online defect detection system, marking a breakthrough in domestic technology and achieving a detection process completion within 50 milliseconds [2] - Guangdong Niuentai New Energy Technology Co., Ltd. has created an AI-driven research system that has improved product efficiency by 27% and introduced a globally unique "photovoltaic + air energy" integrated energy storage system [5] - New Life New Materials Co., Ltd. has filled domestic gaps with innovative magnetic display materials, achieving over 30 iterations in product development and maintaining a high R&D investment ratio of 10% [5] - Weidu Microelectronics Technology Co., Ltd. focuses on domestic substitution in display driver chips, with a projected tripling of output in 2024, achieving over 100 million yuan in industrial output [6][8] Group 3: Government Support and Policy Framework - The Guangzhou government has established a comprehensive support system for private enterprises, focusing on land, finance, talent, and technology to promote high-quality development [15] - The government has implemented policies to reduce industrial land costs by 40% and has facilitated access to funding, with Weidu Microelectronics' credit increasing from 10 million to 80 million yuan [16] - The "Xin Yi Loan" platform has served over 920,000 enterprises, disbursing loans exceeding 270 billion yuan, addressing financing challenges for small and medium-sized enterprises [16] Group 4: Future Prospects and Growth - In 2024, Guangzhou has nurtured 106 national-level specialized and innovative "little giant" enterprises, with six private companies listed domestically and internationally [17] - The city plans to deepen the implementation of the regulations, focusing on early and small investments, and enhancing services throughout the lifecycle of private enterprises [17]

作为国产激光医疗设备领域的代表企业，奇致激光近年来的发展轨迹折射出行业转型的阵痛。尽管背靠 新氧控股的资本加持，且长期以"光子嫩肤第一股"占据细分市场，但2024年以来的财报数据与战略调整 暴露出多重经营风险——从北交所上市计划的突然撤回、核心高管集体离职，到医美标签弱化与市场竞 争加剧，这家曾经的行业标杆企业正面临技术路径、资本叙事与市场定位的多重拷问。 2024年，奇致激光营业总收入为2.7亿元，较去年同期增长0.30%，净利润为3319.04万，较去年同期下 滑38.81%， 战略转型困局：资本叙事断裂与医美依赖症 奇致激光的困境始于其战略转型的摇摆不定。公司曾试图通过北交所上市剥离"医美"标签，转向皮肤 科、泌尿外科等严肃医疗领域，但这一转型并未获得资本市场认可。撤回IPO的背后，不仅是监管对医 美行业的审慎态度，更暴露了其业务逻辑的深层矛盾：虽然刻意弱化医美收入占比，但终端客户中仍存 在大量医美机构，且核心产品仍高度依赖光子嫩肤等消费医疗场景。这种"去医美化"的尝试反而让公司 陷入身份认知混乱，既未完全摆脱政策风险，又错失了在医美领域深耕技术壁垒的机会。 更严峻的是，资本叙事断裂加剧了内部动荡。新氧 ...

大族数控构建了覆盖多层板、HDI板、封装基板、FPC及刚挠结合板等不同细分PCB市场，以及钻孔、 曝光、压合、成型及检测等几乎所有PCB主要生产工序的立体化产品矩阵，这使大族数控拥有全球PCB 专用设备行业最广泛的产品组合。 经过多年发展，大族数控已建立稳定的客户群，涵盖诸多全球领先企业及上千家中小型PCB制造商。 大族数控已稳居行业之巅，自2009年以来，按收入计，公司已连续16年位列CPCA专用设备和仪器榜单 第一名。 继2022年登陆A股后，大族数控（301200.SZ）近日正式向港交所递交招股书，计划实现A+H;双重上 市。 大族数控是国产激光设备龙头企业大族激光（002008.SZ）的控股子公司，大族激光持有其83.63%的股 权。 对于港股上市募资所得款用途，大族激光计划用于在新加坡设立新工厂、搭建新加坡海外研究及运营中 心，以及用于招聘在AI服务器及新能源汽车领域PCB生产设备的研发人员等。 脚踏AI、电动车;两大风口 成立于2002年的大族数控，是一家专注于PCB（印刷电路板）专用生产设备解决方案的服务商，其产品 是众多下游行业的核心基础设施。 PCB作为现代电子产品的基础，对AI相关行业（如 ...

Group 1: Fund Market Dynamics - The public fund issuance market has seen a significant increase, with over 4.2 billion new fund shares issued this year, and equity funds accounting for over 46% of this total [1] - In May, the number of newly established public funds reached 115, marking the third consecutive month of exceeding 100 new funds, with an average subscription period of 20.97 days [1] - The private equity stock strategy products have achieved an average return of 7.46% in the first five months of the year, with quantitative long strategies performing particularly well [1][2] Group 2: Private Equity and Securities - The number of private securities products registered has surged by 45.03% year-on-year, with a total of 4,361 products registered in the first five months of the year [2] - Leading quantitative private equity firms have dominated the market, attracting significant capital inflows [2] Group 3: Bond Market Developments - The issuance of technology innovation bonds (科创债) has surpassed 200 billion yuan, with 202 bonds issued and a total issuance scale exceeding 388.3 billion yuan [2] - Banks have been the primary issuers of these bonds, accounting for over half of the total issuance [2] Group 4: Hong Kong Market Trends - The Hong Kong stock market is experiencing a revival, with a surge in IPOs from Chinese companies, indicating a shift in the valuation dynamics between A-shares and H-shares [3] - The trend of A-share companies listing in Hong Kong is expected to inject new vitality into the Hong Kong market, enhancing its long-term investment appeal [3] Group 5: Industry-Specific Insights - The price of the third-generation refrigerant R32 has increased by 42% year-on-year, with the current average price exceeding 50,000 yuan per ton [4] - Analysts are optimistic about the profitability of leading companies in the refrigerant industry due to favorable supply-demand dynamics [4]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-06-06 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250603：复盘 200 年，贸易战何去何从？ 通过复盘自 1800 年至今 200 余年的全球贸易历史，以及结合近期东部沿 海省份"造船厂-船东-船公司-货代及外贸公司-实体制造业"外贸产业链 调研反馈，我们的研究表明： 首先，复盘全球贸易历史看，汇率、非关 税壁垒可能取代关税成为更加关键的"贸易交锋"工具。 其次，国内多 数外贸企业认为由于在根本矛盾上的冲突，中美贸易谈判过程未来或将 "一波三折"，企业可能需要持续控制对美出口风险敞口。 再次，如果加 征关税无法实现美方贸易竞争的主要目的，那么参考过去 200 年全球贸 易历史特别是 1970s-1990s 美日德贸易竞争阶段的美方举措，未来美国政 府可能在非关税壁垒、汇率等方面发起更多挑战。 最后，在控制对美出 口风险敞口的过程中，拓展非美出口、"出口转内销"、"出海"等关键手 段仍待企业端摸索落地方式，年内外贸前景仍面临高度不确定性。 宏观深度报告 20250602：人民币汇率：会否升 ...

勇闯科研"无人区"无止境。张亮此后还参与中国首颗量子微纳卫星的研制工作，负责研制量子光传输载 荷，以实现实时的星地量子密钥分发。同时，张亮团队以空间量子技术为基础，在激光通信领域取得突 破性进展，推动跨域通信系统的实用化进程。他们成功研制了深海远距离光子计数通信样机，实现深海 水下数百米级距离的高速数据传输；主导研发卫星激光通信终端，实现星间数千公里级的跨网通信。 2006年，张亮加入中国科学院上海技术物理研究所。当时，空间光传输是困扰科学家的一大难题。张亮 形容其难度"如同从万米高空飞行的飞机上，连续将硬币投入地面旋转的储蓄罐"。在导师指导下，他攻 克算法、设计、器件等关键技术，完成精确跟踪控制子系统研制。 来源：中国新闻网 面对没有先例可循的科研难题，张亮与团队成员三赴青海湖开展实验，实地验证系统的可行性。他们克 服青海湖地区夜晚零下10℃的恶劣环境，只为寻找最佳测试点；在距离地面几十米的热气球实验中，上 演生死时速；面对设备意外摔落，彻夜奋战20天，创造抢修奇迹，用冻僵的手指记录下星地链路贯通的 历史性数据……最终，张亮团队成功完成了热气球量子密钥分配实验。 中新网上海6月5日电(范宇斌)"对于工程项目 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][33] Core Insights - The company achieved a revenue of 525 million yuan in Q1 2025, representing a year-on-year growth of 46.3% [7][4] - The gross margin improved to 41.7%, with a year-on-year increase of 3.0 percentage points, driven by effective cost control and scale optimization in the ADAS and robotics sectors [3][11] - The company launched new laser radar products, including the AT1440, ETX, and FTX, enhancing its product offerings for L2 to L4 autonomous driving applications [21][22] - The company has established partnerships with over 23 domestic and international automotive manufacturers, securing production agreements for more than 120 vehicle models [26][28] Financial Performance - In Q1 2025, product revenue was 510 million yuan, up 44.7% year-on-year, primarily due to strong demand for ADAS laser radar products in China [7][4] - Service revenue reached 14.6 million yuan, a significant increase of 139.3% year-on-year, attributed to non-recurring engineering service income [7][4] - The company forecasts revenues of 3.138 billion yuan, 4.347 billion yuan, and 6.037 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 221 million yuan, 498 million yuan, and 868 million yuan [5][33] Market Position and Strategy - The company is a leading supplier of laser radar for Robotaxi services, collaborating with major players like Baidu Apollo Go and Didi Autonomous Driving [28][32] - The company signed a strategic cooperation agreement to supply 300,000 JT series laser radars to a high-end smart garden brand, indicating its expanding presence in the robotics market [32][4] - The company is actively pursuing international partnerships, including a new verification development project with a top-tier automotive supplier in Japan, enhancing its global footprint [25][4]

中新网深圳6月4日电 (记者 索有为)2025华南国际工业博览会(下称"华南工博会")4日在深圳国际会 展中心(宝安新馆)开幕。本届华南工博会展览面积突破10万平方米，覆盖5大展馆，汇聚全球1200余家 优秀企业，预计吸引超10万专业观众。 展会由汉诺威米兰展览(上海)有限公司与东浩兰生会展集团联合主办。在为期三天的展会中，参展 企业将集中展示工业自动化、机器视觉、激光技术、数控机床与金属加工、机器人、新一代信息技术与 应用、测试测量、电子制造、新材料等领域的创新技术和产品，构建了贯通产业链上下游的"智造生态 圈"。 工业自动化展区内，欧姆龙集团围绕"超越人的自动化""数字工程革新"制造业大方向，携多项创新 解决方案首次亮相，该公司将聚焦AI、数字化、智能化技术，针对华南地区的3C电子、半导体、新能 源等重点行业，精准锁定客户需求，提供解决方案。 本届展会同期将举办的近30场高峰论坛、技术培训、采购对接会等活动，也进一步为行业搭建起技 术交流与产业合作的高效平台。 由中国光学光电子行业协会、广东省科学院、广东省激光行业协会联合主办的第六届世界激光制造 大会作为激光展区的重要同期活动之一，以"赋能智造·光耀未来 ...

近半年该股累计上榜龙虎榜6次，上榜次日股价平均跌1.67%，上榜后5日平均跌8.26%。（数据宝） 莱赛激光6月4日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 国信证券股份有限公司深圳红岭中路证券营业部 | 1230.70 | 63.09 | | 买二 | 东方财富证券股份有限公司拉萨团结路第二证券营业 | 737.67 | 330.18 | | | 部 | | | | 买三 | 国信证券股份有限公司北京分公司 | 676.29 | 61.86 | | 买四 | 国金证券股份有限公司深圳分公司 | 672.62 | 315.48 | | 买五 | 中信建投证券股份有限公司北京东城分公司 | 621.07 | 80.24 | | 卖一 | 光大证券股份有限公司东莞南城鸿福路营业部 | 0.00 | 1079.18 | | 卖二 | 东亚前海证券有限责任公司苏州分公司 | 350.28 | 881.16 | | 卖三 | 东莞证券股份有限公司揭阳分公司 | 17.13 | 752.98 | | 卖 ...

【狙击龙虎榜】风险释放叠加新周期启动 节后市场有望迎 来修复 狙击龙虎榜 小林财联社 2025.06.02 20:43 星期一 【重点公司跟踪】 御银股份：御银股份是稳定币板块的身位股，其强度由板块强度决定，因为上周五板块分歧明显，所以明天大概率开板。而稳定 币有成为新周期主线的预期，所以开板后的御银股份就具备了博弈的价值。另外值得注意的是，以往身位股在板块爆发当天是借 势上板,而上周四御银股份的上板时机非常靠前,主动性很强,所以高度更加可期。 霍普股份：目前稳定币炒作有两个分支，一个是区块链技术，一个是RWA。因为炒新不炒老，RWA大概率更能受资金关注。RW A和资金证券化在本质上是一样的,只不过是用区块链技术把现实中的资产变成可交易的"数字碎片",所以真正受益的环节应该 还是发行、销售和交易，核心标的应该是像蚂蚁数科、京东金融这样的平台，考虑到A股没有相关标的，所以关注蚂蚁数科、京 东金融合作方，霍普股份凭借盘子小以及筹码优势卡位了朗新集团，有望延续强势。 联创光电：无论是此前的印巴冲突还是近两日乌克兰无人机袭击多州机场，无人机已稳步走向战场中央成为不可忽视的作战力 量。另外6月"九天"察打一体无人机即将 ...