"2025中国科创领袖峰会暨科创板开市六周年论坛"将于7月25日在上海举行 《科创板日报》16日讯，由上海报业集团、上海市松江区人民政府指导，智通财经、《科创板日报》、 上海长三角G60科创集团联合主办的"2025中国科创领袖峰会暨科创板开市六周年论坛"，将于7月25日 在上海松江举行。本次峰会以"策源创新、产业引领"为主题，设置主题演讲，高峰对话等环节，将就并 购、出海等热门领域展开圆桌对话。同时，将举行两场平行会议——集成电路产业发展闭门会、上市公 司产融对接会（服务一级市场科创企业）。届时，政府、相关监管方、科创板等科创领军企业董事长等 行业各界人士齐聚一堂，围绕政策、科技创新、产业发展等方面展开前瞻性对话，为推动我国科技创新 与资本市场深度融合，助力新质生产力发展贡献智慧与力量。（记者 曾乐） ...

Economic Overview - In the first half of 2025, Sichuan's economy showed stable growth in production demand, with overall economic operation remaining steady and improving [4] - The average urban unemployment rate was 5.3%, unchanged from the same period last year [4] Income and Consumption - The per capita disposable income reached 18,779 yuan, a nominal increase of 5.6%, with a real growth of 5.8% after adjusting for price factors [4] - Per capita consumption expenditure was 12,208 yuan, with a nominal growth of 6.2%, outpacing the growth of disposable income by 0.6% [11] - The growth in consumption was driven by policies promoting the replacement of old consumer goods and strong holiday economic activities [11] Agricultural Production - The summer grain planting area was 17.032 million mu, an increase of 0.6% year-on-year, with a yield of 279.6 kg/mu, up by 1.8% [4] - Total grain production reached 4.762 million tons, a year-on-year increase of 2.4% [4] Livestock and Meat Production - The number of pigs slaughtered was 30.804 million, a year-on-year increase of 1.0%, with pork production at 2.438 million tons, up by 3.1% [6] - Pork prices have been declining, attributed to increased supply and seasonal demand fluctuations [6] Price Trends - The Consumer Price Index (CPI) in Sichuan decreased by 0.2% year-on-year, consistent with national trends [7] - The core CPI, excluding food and energy prices, increased by 0.3%, indicating a better performance than the overall CPI [9] - Service prices rose by 0.3% due to increased consumer spending in services, while food prices fell by 0.7% [8] Industrial Price Index - The Producer Price Index (PPI) decreased by 2.8% year-on-year, with a more significant decline compared to the previous year [9] - However, some sectors, particularly high-tech industries, showed price increases, with electronic components rising by 2.7% and integrated circuits by 4.4% [10]

活动现场打破传统的"排排坐模式"，布置多张小型洽谈圆桌，杭州启飞智能科技有限公司、浙江兆奕科 技有限公司、杭州矢崎配件有限公司等钱塘企业作为采购商与参展商同桌交流。"我们想在生产过程中 引进海外较为先进的工厂数字管理技术，来参加路演活动就是想寻找合适的供应商。"这是来自采购商 的声音；"路演是一个提前挖掘客户、提前接新单的机会。"这是来自参展商的声音。通过路演，双方打 破距离边界，建立直接联系，为"提前接单、提前采购"奠定了基础。中国国际进口博览局有关负责人在 与钱塘企业接洽后表示，钱塘区内"车药芯化航"五大主导产业初具规模，国家高新技术企业、专精特新 企业和上市企业林立，还拥有智能汽车及智能装备、生物医药、新材料、集成电路等千亿级和500亿级 产业集群，产业基础雄厚，营商环境优越，希望以进博会为平台，通过路演活动主动对接高端参展商和 客商资源，为实现进博会"越办越好"打造样板。 会上，中国国际进口博览局与浙江省国际贸易集团供应链有限公司、浙江省粮油食品进出口股份有限公 司、银泰商业集团、杭州启耀新材料有限公司、龙焱能源科技（杭州）股份有限公司分别签署了重要采 购商合作备忘录。 据悉，第八届进博会企业商业展已 ...

Core Viewpoint - Guomin Technology has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company operates in the integrated circuit and lithium battery materials sectors, with both business segments expected to contribute approximately 47% of revenue in 2024 [2][3]. Group 1: Business Overview - Guomin Technology is a platform-based integrated circuit design company that provides high-security, high-reliability, and high-integration control chips and system solutions for various smart terminals. The company also develops lithium battery anode materials, creating a synergistic dual business model of "integrated circuits + new energy materials" [3][7]. - In the integrated circuit sector, the company focuses on four product lines: general-purpose MCUs, specialized market chips, RF chips, and BMS. It ranks among the top five Chinese companies in the global platform MCU market and is the leading company in the Chinese MCU market with built-in commercial encryption algorithm modules [7]. - The lithium battery anode materials business includes independent research, production, and sales of products such as artificial graphite and graphitization processing services, widely used in electric vehicles, energy storage systems, and portable devices [7]. Group 2: Financial Performance - Guomin Technology has experienced steady revenue growth in recent years but has faced continuous losses. In 2024, the company achieved revenue of 1.17 billion yuan, a year-on-year increase of 12.6%, while incurring a loss of 256 million yuan, although the loss narrowed compared to the previous year [12]. - The company reported a revenue of 304 million yuan in the first quarter of 2025, representing a year-on-year growth of 31.87%, with a net loss of approximately 21.38 million yuan [12]. - The company's gross profit margin has been unstable, with figures of 35.6%, 1.7%, and 15.6% from 2022 to 2024. The significant drop in 2023 was attributed to oversupply in the market leading to price declines and inventory write-downs [12]. - Research and administrative expenses are substantial, accounting for 16% and 13.9% of revenue in 2024, respectively. The company has reported a net cash outflow from operating activities for three consecutive years, with a cash and cash equivalents balance of 362 million yuan and short-term borrowings of 837 million yuan at the end of the period [12]. Group 3: Shareholding Structure - The prospectus indicates that Guomin Technology does not have a controlling shareholder or actual controller. Prior to the Hong Kong listing, the largest single shareholder is Sun Yingtong, holding 2.65% of the shares [13][16].

Export Performance - In June, China's exports increased by 5.8% year-on-year in USD terms, exceeding Bloomberg's consensus estimate of 5% and the previous month's 4.8%[1] - The import growth rate was 1.1% year-on-year in June, slightly below the expected 1.3% and a recovery from -3.4% in May[1] Tariff Impact on Export Prices - There is no substantial evidence that tariffs have led to a significant decline in China's export prices, with the export price index showing a marginal recovery since early 2024, although it remains in negative territory at -2.5% in May 2025[3] - The divergence between export-oriented PPI and non-export-oriented PPI has reached 3.6% in June, the highest since January 2007, indicating a potential for export price recovery[6] Future Export Outlook - For July, high-frequency indicators suggest that export growth may remain resilient but could slow marginally, particularly due to a potential increase in drag from the U.S.[8] - The ongoing uncertainty regarding tariff policies, with a deadline of August 12, may lead to increased export risks in the latter half of the year[9] Regional Export Dynamics - Exports to the U.S. continue to show low growth, contributing a negative 2.4 percentage points to June's overall export growth, while exports to ASEAN countries remain robust, contributing 2.8 percentage points[39] - The overall export growth in June was supported by strong performances in regions like ASEAN, Hong Kong, Africa, and the EU, which collectively added 7 percentage points to the growth[39]

Core Viewpoint - The Jinan New Materials Industrial Park is a key area for industrial development in Jinan, focusing on new energy equipment, high-end CNC machine tools and robotics, advanced materials, integrated circuits, and new building materials, with significant growth in industrial output and investment planned for 2024 [3][4]. Group 1: Industrial Development - The Jinan New Materials Industrial Park covers an area of 14.85 square kilometers and is recognized as a national torch characteristic industrial base for new functional materials [3]. - The park currently hosts 308 enterprises above designated size, with 242 high-tech enterprises, and aims to achieve an industrial output value of 14.7 billion yuan in 2024, reflecting a year-on-year increase of 4.7% in industrial added value and a 49.7% increase in industrial investment [3][4]. Group 2: Industrial Structure and Collaboration - The park emphasizes the construction of industrial chains, focusing on leading enterprises such as Jianbang Colloid and Yinfeng Nano, to promote upstream and downstream collaboration [3]. - It aims to enhance project traction through investment attraction, expansion, and incubation, while fostering a collaborative development mechanism with 12 specialized industrial parks [3][4]. Group 3: Urban Integration and Infrastructure - The park is developing a demonstration area for industrial-urban integration, optimizing industrial layout with a focus on creating a hundred-billion-level industrial cluster and a headquarters economy [4]. - It has completed the demolition and transformation of six urban villages, releasing 1,700 acres of land for investment opportunities [4]. Group 4: Innovation and Talent Development - The park is building innovation service platforms in collaboration with local universities, establishing national engineering technology centers and provincial academician workstations to enhance innovation capabilities [5]. - It has successfully attracted specialized talent, including 9 provincial and municipal-level talents and 90 master's and doctoral graduates, fostering a talent-industry integration model [5].

Core Viewpoint - China's exports showed resilience in June, with a year-on-year increase of 5.8% in USD terms, surpassing Citigroup's forecast of 3.3% and market consensus of 5% [1][2]. Export Growth Factors - The growth in exports is attributed to the easing of US-China trade tensions and strong demand from non-US markets, with expectations for continued resilience in the second half of the year [2]. - Exports to ASEAN increased by 16.8%, with Thailand and Vietnam exceeding 20%, contributing nearly half of the overall growth [5]. - Exports to Africa maintained a high growth rate of 34.8%, serving as a key driver [5]. Product Performance - Automotive exports surged by 23.1%, while integrated circuit exports slowed to 24.2%, still holding the largest contribution share [7]. - Mechanical and electrical products grew by 8.2%, and labor-intensive products rebounded to 0.4% [7]. - The performance is supported by re-export trade to the US, supply chain extensions to ASEAN, new demand from Belt and Road countries, and Africa, alongside China's export competitiveness [7]. Import Recovery - Imports increased by 1.1% year-on-year in June, marking the first positive growth this year, indicating a steady recovery in domestic demand [11]. - Major commodities like oil and coal dragged down imports, while integrated circuits and computers provided support, with integrated circuit imports accelerating to 11.5% [11]. - Imports from Japan surged by 10.8%, while imports from ASEAN saw a slight increase of 0.1%, with Indonesia and Thailand growing by 23.5% and 20.0%, respectively [13].

Group 1: Global Economic Overview - The global economy is facing complex challenges, including the aftermath of the pandemic, geopolitical conflicts, energy structure adjustments, and technological revolutions, leading to uncertain market conditions [1] - Inflation remains a significant issue for major economies, with the U.S. core PCE above the 2% target and the Eurozone struggling with energy price volatility and weak manufacturing [3] - The International Bank for Settlements highlights interconnected challenges such as weak potential output growth, increasing fiscal vulnerabilities, and rising credit and liquidity risks in the non-bank financial sector [3] Group 2: China's Economic Performance - In 2024, China's GDP reached 134.9 trillion yuan, growing at a rate of 5%, with primary, secondary, and tertiary industries growing at 3.5%, 5.3%, and 5% respectively [4] - The consumer market is recovering, with significant growth in tourism and sales of upgraded consumer goods like electric vehicles and smart home products, indicating the release of domestic market potential [4] - High-tech manufacturing and equipment manufacturing saw value-added growth of 8.9% and 7.7%, respectively, outpacing overall industrial value-added growth [4] Group 3: Challenges in China's Economy - The real estate market is still adjusting, with some companies facing unresolved debt risks and local government fiscal sustainability under pressure [5] - Despite global demand slowdown affecting foreign trade, exports of "new three items" (electric vehicles, lithium batteries, solar batteries) increased by 28.7%, showcasing the competitiveness of Chinese manufacturing [5] Group 4: Investment Strategies - Investors are advised to diversify asset allocation, with a noticeable structural trend in the stock market where consumer recovery and tech growth sectors alternate in leading performance [6] - The bond market remains stable under expectations of monetary policy easing, with government bonds and high-grade credit bonds still holding certain allocation value [6] - Commodity markets are experiencing volatility due to geopolitical factors and supply chain restructuring, with gold gaining appeal as a safe-haven asset [6] Group 5: Future Economic Outlook - The future of the global economy is uncertain, influenced by the Federal Reserve's interest rate decisions, the effectiveness of China's growth policies, and the resolution of the European energy crisis [7] - China aims to deepen its domestic demand strategy and promote technological innovation, contributing to high-quality development amid a complex international environment [7] - The country advocates for inclusive economic globalization and strengthens cooperation through initiatives like the Belt and Road, aiming to enhance the global economic governance system [7]

Core Viewpoint - The company expects to achieve a turnaround in net profit for the first half of 2025, projecting a net profit attributable to shareholders of between 235 million to 275 million yuan, compared to a loss in the same period last year [1]. Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [1]. - The estimated net profit attributable to shareholders is projected to be between 235 million to 275 million yuan, indicating a turnaround from a loss in the previous year [1]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 240 million to 280 million yuan, representing an increase of 113.81 million to 153.81 million yuan, or a year-on-year increase of 90.18% to 121.88% [1]. Previous Year Performance - In the same period last year, the net profit attributable to shareholders was -24.92 million yuan, and the net profit after deducting non-recurring gains and losses was 126.20 million yuan [1]. Reasons for Performance Change - The company has implemented an "integration" strategy, launching competitive products and expanding into high-barrier markets such as large home appliances, automotive, new energy, industrial, communications, and computing, leading to rapid revenue growth [3]. - The production lines of subsidiaries, including 5 and 6-inch chip production lines and 8-inch chip production lines, have maintained full production capacity, improving profitability [3].

Core Viewpoint - Yongxi Electronics is issuing convertible bonds to raise a total of 1.165 billion yuan, primarily for the research and industrialization of advanced packaging technology, which is crucial for enhancing its competitiveness in the semiconductor packaging industry [1][2]. Group 1: Fundraising and Investment - The total amount raised from the convertible bonds is 1.165 billion yuan, with 900 million yuan allocated for the development and industrialization of multi-dimensional heterogeneous advanced packaging technology [1]. - The remaining funds will be used to supplement working capital and repay bank loans [1]. Group 2: Technology and Market Position - Yongxi Electronics focuses on high-end advanced packaging technology, with products used in various fields including RF front-end chips, application processor SoC chips, and AIoT chips [1]. - The company has a total investment of 1.464 billion yuan for the multi-dimensional heterogeneous advanced packaging technology project, which will enhance its production capacity to 90,000 units per year once fully operational [1]. - The company has consistently increased its R&D expenditures, with amounts of 122 million yuan, 145 million yuan, and 217 million yuan planned for the years 2022 to 2024, respectively [2]. Group 3: Competitive Advantage - The focus on multi-dimensional heterogeneous packaging technology is seen as a key competitive advantage in the high-performance chip sector, which is critical for future competition among advanced packaging companies [1][2]. - The company aims to narrow the gap with international leaders in the high-end packaging market, which has been dominated by major global players [2].