Core Insights - Corning's Springboard plan, initiated in 2024, has successfully created real value for shareholders, indicating a strong potential for continued success and benefits for investors [1] Company Performance - Corning's stock has significantly outperformed the S&P 500, showcasing its strong market position and growth potential [1] Investment Philosophy - The analysis emphasizes the importance of deep research and understanding business model trends to identify long-term growth investment opportunities while avoiding risky financial instruments [1]

Core Viewpoint - Recent financing activities in the display technology sector highlight the growth potential of Micro LED technology and new display materials, with companies like Digital Light Chip and Wenshin Technology making significant advancements in their respective fields [1][5]. Group 1: Digital Light Chip - Digital Light Chip has completed a multi-million RMB A+ round financing led by Guangdong Hengqin Shenhe Industrial Investment, with participation from several other investment firms. The funds will be used for ongoing chip R&D, team expansion, and internal restructuring [2]. - The company, established in 2019, specializes in silicon-based micro-display driver chip design, with applications in large screen projection, near-eye projection, automotive projection, and AI projection [2]. - Digital Light Chip has launched a 0.12-inch 480P Micro LED driver solution for AR glasses, which has been adopted by clients across the Micro LED packaging industry, with some achieving mass production in 2024 [2]. - In automotive lighting, the company has developed a digital headlight chip and is working on additional products such as dynamic welcome lights and HUDs [3]. - The company has also made a technological breakthrough with the global launch of a 4K Micro LED projection chip and the world's first 4K Micro LED projector prototype [4]. Group 2: Wenshin Technology - Wenshin Technology has announced the completion of nearly 100 million RMB in B+ round financing, with investors including KIP Capital and Yunjiu Capital [5]. - Founded in October 2019, Wenshin Technology focuses on the R&D of photosensitive organic materials, which are primarily used in new displays and advanced semiconductor packaging [8]. - The company has established production bases in Shanghai and Quzhou, with an annual production capacity of 8,000 tons expected after the completion of its Shanghai Phase II factory [8]. - The recent financing will be utilized to enhance R&D investment, improve product competitiveness, and expand market share, solidifying the company's leading position in the photosensitive organic materials sector [8].

Investment Overview - The company intends to use its own funds of RMB 29,900,000 to subscribe for 923,409 shares of Ningbo Huizhi Star New Materials Technology Co., Ltd. (Huizhi Star) at a price of RMB 32.38 per share, resulting in a 1.83% ownership stake in Huizhi Star after the investment is completed [4][5] - The investment has been approved by the company's general manager's office and does not require further approval from the board of directors or shareholders [2][5] Company Background - Huizhi Star specializes in the research, production, and sales of optical hardening films and other functional film materials, which are essential components in electronic products such as smartphones, computers, and televisions [7] - The company aims to achieve domestic substitution of high-end optical film materials and utilizes advanced coating and manufacturing technologies to enhance the physical and optical properties of its film materials [7] Market Context - The consumer electronics industry is characterized by rapid product updates and strong innovation requirements, necessitating increased research and development investments from upstream suppliers like Huizhi Star to meet market demands [2][11] - Huizhi Star's revenue concentration is high, with 88.95% of its revenue coming from its top five customers in 2024, indicating potential risks if customer relationships or market demands change [12] Financial Metrics - As of 2024, Huizhi Star reported total assets of RMB 426.54 million, total liabilities of RMB 341.40 million, and operating income of RMB 330.53 million, with a net profit of RMB 21.45 million [6] Investment Rationale - The investment aligns with national industrial policies and industry development trends, presenting a favorable market outlook [12] - The collaboration is expected to leverage technological and resource synergies to advance the research and application of CPI and PET functional film materials in the electronics sector [10]

Group 1 - Mianyang is focusing on attracting young talent to enhance its urban public services and create youth-friendly parks, with a significant increase in the number of skilled professionals moving to the city [6][7][8] - Over the past three years, Mianyang has attracted 86,000 talents, including over 15,000 master's and doctoral graduates, contributing to a projected increase of 11,000 permanent residents in 2024 [7][8] - The city aims to leverage its strengths in technology and industry to facilitate the transformation of new technologies into new industries, addressing the historical disconnect between research and industrial application [7][8] Group 2 - Mianyang has established a robust platform for innovation, with 28 signed projects in the nuclear medical health industry, totaling over 22.3 billion yuan in investment [7] - The magnetic materials industry in Mianyang is also developing, with companies like Juxing Permanent Magnet producing high-temperature resistant magnetic steel, expected to achieve a revenue of 2 billion yuan this year [7] - The Mianyang Technology City has launched a pilot service platform for rapid prototyping, which has attracted significant investment and interest from venture capital funds, indicating a growing ecosystem for startups [7][8] Group 3 - The city is implementing policies such as "bringing soil transplant" to encourage teams to carry their research achievements into entrepreneurship, retaining their original staffing for four years [7] - Mianyang's urban development has integrated youthful elements, transforming areas into vibrant cultural and recreational spaces, which has enhanced the city's appeal to young professionals [8] - The region's GDP growth has consistently ranked among the top three in the province over the past three years, reflecting the positive impact of innovation and talent influx [8]

Group 1 - Samsung supplier Solus Advanced Materials is considering selling its OLED materials division to focus on its core business of battery foil production [1] - JD.com is reportedly planning to enter the autonomous taxi market, as its subsidiary has applied for multiple "Joyrobotaxi" trademarks [1] - Geely Auto announced that the new model Geely Boyue L will officially launch on May 13, with a price range of 105,900 to 132,900 yuan [1]

Investment Rating - The report maintains a positive outlook on the market with a base case index target for MXCN at 67 by the end of 2025, with a preference for sectors such as Energy, IT, and Utilities [36][38]. Core Insights - The report indicates a recovery in the MXCN index, driven by sectors like IT and Healthcare, with expectations of a market reversal by late January 2025 [9][11]. - The report highlights a cautious approach towards Consumer Discretionary and Staples, recommending a rotation into quality laggards and large caps over small and mid-caps [36][38]. - The anticipated GDP growth for China in 2025 is projected at 4.1%, slightly below the consensus of 4.2% [10]. Market & Sector Performance - MXCN sectors performance shows Consumer Discretionary up by 3.2% week-on-week, while Information Technology leads with an 8.3% increase [6]. - The MSCI China index has shown a year-to-date increase of 9.0%, with a notable recovery in sectors impacted by US tariffs [7][12]. Catalyst Calendar - The report outlines key upcoming macroeconomic indicators and sector-specific data releases, including PMIs and housing transactions, which could influence market movements [14]. Consensus Macro Forecasts - The consensus forecasts for China's GDP growth in 2025 are 5.1% for Q1, declining to 3.9% by Q4, indicating a gradual slowdown [16]. Index Targets - The MSCI-China index target for 2025 is set at 71, with a bull case of 80 and a bear case of 70, reflecting a potential upside of 13% from current levels [18]. - The CSI-300 index target for 2025 is projected at 3,787, with a bull case of 4,150, indicating a 10% upside potential [19]. Investment Recommendations - The report recommends overweight positions in Energy, IT, and Utilities, while advising underweight positions in Consumer Discretionary, Materials, and Staples [39]. - A barbell strategy is suggested, focusing on high-yielders and selected thematic plays in Internet and AI sectors [36][38]. Trading Statistics - Recent trading statistics indicate a net outflow of US$796 million from China equities, primarily driven by passive fund outflows, although there has been a positive development with resumed offshore ETF inflows [79][80].

| 【即演】 材令员元 Al助力新材料研发破局与应用赋能专题沙龙 2025 Saturday 05—10 ·周六 上海 · 北化新材料校友会虹桥校友之家 活动组织 AO 主办方: 北京化工大学新材料校友会 南京大学新材料行业校友会 复旦科技园发展研究院 宿迁高新区管委会 张家港宿豫工业园区管委会 协办方: 北京戴纳实验科技股份有限公司 埃米三江新材料产业创新中心 上海臻禧实业有限公司 活动日程AGENDA 15:55-16:15 茶歇&拍照合影 12:30-13:00 签到 嘉宾签到 13:00-13:05 开场致辞 主办方致辞 13:00-13:15 宿迁高新区推介 13:15-13:40 主题:深度学习在材料分子结构和催化性质预测中的应用 马晶 南京大学 13:40-14:05 主题:Al+黑灯实验室如何赋能新材料研发 迟海鹏 北京戴纳实验科技股份有限公司 14:05-14:30 主题：机器学习加速的复杂体系微观机制研究 杨满意 南京大学 14:30-14:55 主题：Al 对化工行业的影响 陈屹 国金证券 14:55-15:20 主题：Al 与大数据平台在能源材料设计中的探索与应用 汪莹 复旦大学 15 ...

此外，开封市还构建覆盖企业全生命周期的基金体系，设立2亿元政府科创引导基金，重点扶持初创期 科技企业；联合社会资本成立首期规模1亿元的酸辣粉产业投资基金，重点培育淀粉加工、薯类休闲食 品等现代食品产业集群。 创新裂变：科技基因重塑产业版图 来源：科技日报 科技日报记者 孙越 通讯员 邬建飞 "就在几周前，我们的首批特种硅氧烷材料正式下线。"4月29日，开封夸克新材料有限公司生产车间 内，企业负责人告诉记者，这家科技型企业在获得开封市1000万元科技贷款支持后，成功突破分子结构 定向调控技术，将产品良率提升至95%，填补河南省特种高分子材料领域技术空白。他透露，该材料已 通过新能源电池头部企业认证，预计形成年1.5亿元产能规模。 近年来，在数字经济与实体经济深度融合的浪潮中，河南省开封市以科技金融为支点，撬动传统产业转 型升级，培育新兴产业动能，走出了一条颇具特色的高质量发展之路。通过创新金融工具、深化产融结 合、强化科技赋能，这座千年古城正焕发出强劲的创新活力，为中原经济区转型升级提供鲜活样本。 构建全链条科技金融生态 开封市率先打破传统融资壁垒，构建"政策扶持+金融创新"两位一体服务生态。该市设立2000万 ...

Core Viewpoint - The successful issuance of a total of 107 million yuan in stock repurchase special loans by Industrial Bank's Nanjing branch to two well-known listed companies demonstrates the bank's commitment to supporting capital market stability and enhancing corporate value [1][2]. Group 1: Stock Repurchase Loans - Industrial Bank's Nanjing branch provided 107 million yuan in stock repurchase loans to Jiangsu Huahai Chengke New Materials Co., Ltd. and Nanjing Pharmaceutical Co., Ltd. [1] - The stock repurchase loan for Jiangsu Huahai Chengke was the first of its kind in Lianyungang, while the loan for Nanjing Pharmaceutical was the first state-owned enterprise stock repurchase loan in the Nanjing market [1]. - The bank has established a "green channel" for the review and approval process to facilitate the issuance of these loans [1][2]. Group 2: Market Impact and Strategy - As of April 15, the Nanjing branch has partnered with three listed companies for stock repurchase loans, leading in loan limits and number of transactions among joint-stock commercial banks in Jiangsu Province [2]. - The innovative "pre-approval and opportunistic withdrawal" model allows companies to access low-cost funds and effectively seize market opportunities [2]. - This approach not only provides efficient financing support but also injects liquidity into the capital market, enhancing investor confidence [2]. Group 3: Future Plans - The Nanjing branch plans to further optimize the stock repurchase loan process and ensure that funds are used specifically for their intended purpose [3]. - The bank aims to provide more precise and efficient financial services to listed companies and major shareholders while continuing to support the stable development of the real economy and capital markets [3].

Core Insights - DuPont de Nemours, Inc. has introduced a new portfolio of advanced circuit materials and solutions aimed at enhancing fine-line technology, signal integrity, and thermal management at the 2025 International Electronic Circuits Exhibition in Shanghai [1] - The demand for high-performance devices driven by advancements in AI, machine learning, and 5G technologies is propelling innovations in packaging substrates and advanced PCBs, with DuPont leveraging its material science expertise to cater to this growing market [2] Product Offerings - DuPont's IC substrate solutions encompass a wide range of products including dielectrics, metallization chemistries for electroless copper seed layers, redistribution layers, copper pillars, solder bumps, and dry film imaging photoresists, addressing challenges in performance, miniaturization, reliability, and cost efficiency [3] - The company's PCB market solutions feature products such as DuPont Circuposit SAP8000 electroless copper, DuPont Microfill SFP-II-M acid plating copper, and various dry film photoresists [4] Financial Outlook - For the full year 2025, DuPont anticipates net sales between $12,800 million and $12,900 million, with operating EBITDA projected at $3,325 million to $3,375 million and adjusted earnings expected to be between $4.30 and $4.40 per share [7] - In the first quarter of 2025, net sales are forecasted to be around $3,025 million, with operating EBITDA of approximately $760 million and adjusted earnings of about 95 cents per share [7] Market Performance - DuPont's shares have experienced a slight decline of 0.1% over the past year, contrasting with a more significant 15.7% decline in the industry [6]