证券代码：688720 证券简称：艾森股份 公告编号：2025-034 江苏艾森半导体材料股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （一）审议通过了《关于豁免监事会会议通知期限的议案》 鉴于本次会议召开时间紧迫，且各位监事已充分知悉公司本次会议的召开时 间和审议事项，同意豁免召开本次会议的通知期限，于 2025 年 5 月 14 日召开公 司第三届监事会第十二次会议。 表决结果：3 名监事同意，0 名监事反对，0 名监事弃权。 （二）审议通过了《关于终止发行股份及支付现金购买资产并募集配套资 金事项的议案》 公司拟通过发行股份及支付现金方式向 11 名交易对方购买其合计持有的棓 诺（苏州）新材料有限公司 70.00%股权，同时募集配套资金（以下简称"本次 交易"）。本次交易预计不构成重大资产重组或重组上市，不构成关联交易，不 会导致上市公司实际控制人发生变更。 江苏艾森半导体材料股份有限公司（以下简称"公司"）第三届监事会第十 二次会议于 2025 年 5 月 13 日以邮件和微信的方式 ...

Core Viewpoint - The recent merger and acquisition activities in the Shenzhen Stock Exchange (SZSE) are being driven by policy support, capital empowerment, and industrial upgrades, leading to a significant increase in the number of disclosed projects and total transaction value since the introduction of the "Six Guidelines" by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Merger and Acquisition Trends - The SZSE has seen a total of 767 disclosed merger and acquisition projects since the "Six Guidelines" were released, with a combined value of 2,940 billion yuan, including 89 major asset restructurings valued at 1,149 billion yuan [1]. - Companies are increasingly focusing on synergistic effects through mergers and acquisitions, enhancing industrial integration and improving supply chain layouts [2]. - Notable examples include State Power Investment Corporation's acquisition of 100% of China National Nuclear Power Co., which aims to consolidate nuclear power assets, and Beijing Huada Jiutian's acquisition of a leading EDA company to strengthen its position in the integrated circuit industry [2]. Group 2: Transformation and Upgrading - Many companies are pursuing cross-industry acquisitions to accelerate structural adjustments and technological innovations, such as Shandong Yanggu Huatai's acquisition of a company specializing in polyimide materials for semiconductor applications [3]. - Companies are also focusing on strengthening weak links in their supply chains by acquiring quality but unprofitable assets, as seen in Jingrui Electronic Materials' acquisition of a majority stake in a microelectronics materials company [3]. - Mergers and acquisitions are becoming a vital channel for companies planning to go public to achieve asset securitization, exemplified by China Nuclear Suval's acquisition of a nuclear instrument company that previously withdrew its IPO application [3]. Group 3: Regulatory Support and Efficiency - The CSRC is actively reforming the merger and acquisition environment to enhance efficiency, including simplifying review processes and allowing flexible payment methods for transactions [6][7]. - Since the implementation of the "Six Guidelines," two companies in the SZSE have utilized targeted convertible bonds to improve the flexibility and efficiency of their mergers and acquisitions [6]. - Future regulatory measures are expected to further support mergers and acquisitions for technology-driven companies, enhancing review efficiency and payment flexibility [7].

证券代码：688720 证券简称：艾森股份 公告编号：2025-030 江苏艾森半导体材料股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 江苏艾森半导体材料股份有限公司（以下简称"公司"）拟于 2025 年 5 月 合 的 表 决 方 式 ， 详 见 公 司 于 2025 年 4 月 26 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的公司《关于召开 2024 年年度股东大会的通知》（公 告编号：2025-026）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参 会、及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"） 提供的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日 的股东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀 请、议案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络 投 票 一 键 通 服 务 用 户 使 用 手 册 》 （ 下 载 链 接 ： https://vote.sse ...

证券代码：300236 证券简称：上海新阳 公告编号：2025-039 出席本次年度网上业绩说明会的人员有：董事长王福祥先生、董事会秘书杨 靖女士。 为充分尊重投资者，提升交流的针对性，现就公司本次业绩说明会提前向投 资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 05 月 12 日 （星期一） 至 05 月 14 日 （星期三）16:00 前登录上证路演中心网站首页， 点击"提问预征集"栏目（https://roadshow.sseinfo.com/preCallQa），根据活动时 间，选中本次活动向公司提问，公司将在说明会上对投资者普遍关注的问题进行 回答。 投资者可于 2025 年 05 月 15 日 （星期四） 15:00-16:30，通过互联网登录 上证路演中心（https://roadshow.sseinfo.com/），在线参与本次业绩说明会，公司 将及时回答投资者的提问。 欢迎广大投资者积极参与。 上海新阳半导体材料股份有限公司 关于参加2025年上海辖区上市公司年报集体 业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性 ...

Overview - The semiconductor industry is experiencing a structural recovery driven by multiple factors including AI technology penetration, deepening domestic substitution, and cyclical inventory replenishment, leading to growth across various segments [23][24]. Semiconductor Equipment - The global semiconductor equipment market is expected to reach $121 billion by 2025, with China leading in capacity expansion, projected to grow to 10.1 million wafers per month [2][28]. - Domestic high-end equipment still relies on imports, but local manufacturers are accelerating their catch-up in high-end equipment sectors due to favorable policies and external sanctions [2][28]. - In Q1 2025, selected domestic equipment companies reported a total revenue of 16.97 billion yuan, a year-on-year increase of 35.7%, and a net profit of 2.49 billion yuan, up 34.8% [2][28]. Semiconductor Materials - The global sales of wafer manufacturing materials and packaging materials are projected to be $42.9 billion and $24.6 billion in 2024, respectively, benefiting from advanced process developments [3][29]. - The semiconductor materials market is expected to exceed $84 billion by 2028, driven by AI development [3][29]. - From 2019 to 2024, the compound annual growth rate (CAGR) for selected semiconductor materials companies is projected to be 18.58% [3][29]. Semiconductor Components - The revenue and profit growth in the semiconductor components industry have significantly accelerated since 2020, with a CAGR of 27% from 6.77 billion yuan in 2019 to 22.34 billion yuan in 2024 [4][30]. - The net profit for the same period increased from 670 million yuan to 2.69 billion yuan, with a CAGR of 32% [4][30]. Packaging and Testing - The packaging and testing sector has seen continuous revenue growth for six consecutive quarters, with Q1 2025 revenue reaching 21.8 billion yuan, a year-on-year increase of 24% [5][31]. - The sector's gross margin in Q1 2025 was 13.3%, with a net profit of 420 million yuan, up 8% year-on-year [5][31]. Storage - The storage sector is expected to see an upward trend in average selling prices (ASP), driven by AI demand [7][27]. - In Q1 2025, the revenue of certain module manufacturers increased by 54% year-on-year, indicating a recovery in the sector [7][27]. Consumer Electronics - The global smartphone shipment is projected to reach 1.22 billion units in 2024, a 7% year-on-year increase, marking a rebound after two years of decline [12][32]. - The consumer electronics sector is experiencing a recovery trend, with Q1 2025 revenue reaching 400.85 billion yuan, a 22% year-on-year increase [12][32]. PCB - The PCB sector is expected to see comprehensive growth in 2024, driven by high-end demand from AI applications [13][34]. - In Q1 2025, PCB companies reported significant revenue growth, with some companies like Shenghong Technology achieving an 80.3% year-on-year increase [13][34]. Passive Components - The revenue of key listed companies in the passive components sector reached 9.383 billion yuan in Q1 2025, a year-on-year increase of 16.76% [14][35]. - The average gross margin for the sector was 27.93%, indicating stable performance despite seasonal fluctuations [14][35].

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Group 1: Financial Performance - The net profit of Hubei Jingrui from January to October 2024 was -15.49 million CNY, but the annual report forecasts a year-on-year growth of 540% in net profit attributable to shareholders [3] - R&D expenses for 2024 are projected to reach 99.24 million CNY, reflecting a year-on-year increase of 39.74% [4] Group 2: Production Capacity and New Projects - The new production line for high-purity hydrogen peroxide is expected to be completed by the end of June 2025, with construction progress on track [3] - The company aims to enhance the shipment levels and market share of high-purity hydrogen peroxide post the new production line launch [4] Group 3: Market Strategy and Competition - The company plans to improve gross profit margins through various strategies, including increasing self-supply levels of raw materials and enhancing product sales [3] - The penetration rate of high-purity chemicals in advanced processes (14nm and below) is gradually increasing [3] Group 4: R&D Focus and Product Development - The company is intensifying R&D investments in high-end photoresists and high-purity chemicals, with a nearly 40% increase in R&D spending [3] - The company has no current plans to expand into the new energy materials sector [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of Zhonghe Technology's business operations, development strategies, and responds to investors' questions. The company has achieved certain results in 2024 and has clear development plans for 2025, aiming to become a leading domestic provider in the space information industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhonghe Technology, belonging to the transportation equipment industry. The reception time was on May 7, 2025. The listed company's reception personnel included Vice - President and Board Secretary He Junli, Vice - President Yang Yanjie, and Financial Controller Wang Meijiao [17]. 3.2. Detailed Research Institutions - The reception objects include online investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company Introduction and 2024 Business Performance - **Overall Business**: In 2024, the company achieved an operating income of 2.024 billion yuan and a net profit of 24.36 million yuan. It completed a cash dividend of 100.4252266 million yuan in the middle of 2024, and a share repurchase of 12.165 million shares, with 3.6054 million shares cancelled, equivalent to a dividend of 199.851666 million yuan. It also successfully completed a private placement of about 684 million yuan and initially laid out the three - dimensional transportation strategy [24]. - **Business Segments**: - **Aerospace and Three - Dimensional Transportation Scenarios**: - **Intelligent Rail Transit**: The intelligent rail transit business achieved an operating income of 1.53 billion yuan, with new order amounts of about 3.15 billion yuan, setting a new record. The signal system business had a market share of 23.46%, ranking second [24]. - **Low - altitude**: The company launched three core products in 2024, covering the flight control system of low - altitude unmanned aerial vehicles and low - altitude infrastructure [24]. - **Semiconductor Materials**: The company's subsidiary, Haina Co., Ltd., achieved an operating income of 403 million yuan, a year - on - year increase of 21.06%, and a net profit attributable to the parent company of 17.7458 million yuan. The revenue proportion of high - value - added polished wafers remained above 60%, and the revenue proportion of medium - and large - sized products exceeded 40% [24][25]. 3.4.2. Future Development Plan for 2025 - **Strategic Goals**: The company aims to become a leading domestic provider of core domestic software and overall solutions in the space information industry, and adopts the "super subcontractor" model for business layout [25]. - **Technical Base and Innovation**: Upgrade the "platform generalization + scenario customization" technology and product architecture [25]. - **Industrial Layout**: Strengthen capital support for the cornerstone industry, accelerate the implementation of the space information strategy, expand overseas markets, and restructure the resource allocation system [25]. - **Team Building**: Actively recruit and reserve talent [25]. - **Disclosure and Internal Control**: Improve information disclosure and internal control to promote high - quality development of the listed company [25]. 3.4.3. Answers to Investor Questions - **Low - altitude Business**: The company's low - altitude business mainly focuses on the flight control system of unmanned aerial vehicles and low - altitude infrastructure, with three core products [26]. - **Reasons and Advantages for Entering Low - altitude and Low - orbit Fields**: The three fields of rail transit, low - altitude, and low - orbit are important components of three - dimensional transportation, with broad market prospects. They have similarities in management, technology, safety, and application scenarios. The company has technical bases in rail transit and can extend its capabilities to these fields [26][27]. - **Low - orbit Satellite Layout**: The company will focus on high - end equipment digital overall solutions for the satellite Internet industry and has strategically controlled Chenji Digital Satellite Technology (Zhejiang) Co., Ltd. in early 2025 [27][28]. - **Cooperation in Low - altitude Field**: The company's flight control safety computer products are in offline discussions with some unmanned aerial vehicle and eVTOL manufacturers, with no public information available [28]. - **Semiconductor Business**: Haina Co., Ltd. mainly produces 3 - 8 - inch single - crystal silicon ingots, ground wafers, and polished wafers, which are used in semiconductor discrete devices and integrated circuits [29]. - **Semiconductor Planning**: The company will accelerate the production capacity release of the Shanxi single - crystal silicon ingot base and the Jinhua polished wafer base, expand the market, and optimize the capital structure [29]. - **2025 Q1 Profit**: The net profit attributable to shareholders of the listed company in the first quarter of 2025 was - 49.9707184 million yuan, mainly due to reduced project delivery in intelligent transportation, increased management, finance, and R & D expenses [30]. - **ST Risk**: The company's financial situation is stable and does not meet the conditions for special treatment (ST) [30]. - **Interest - related Issues**: Hangzhou Xinyihui Technology Partnership is the company's founding partner's shareholding platform, which does not involve interest transfer or damage to shareholders' interests [30][31]. - **Circulating Shares**: As of December 31, 2024, the company's circulating shares accounted for 80.36% of the total shares, and the proportion does not directly reflect market sentiment [31]. - **Computing Power Project**: The pre - calculated total computing power scale of the company's computing power project is 2000P, to be deployed in batches according to market conditions, and it has not been put into operation yet. A 502 - million - yuan investment fund has been established [31]. - **Healthcare Business**: The company's healthcare business is in the incubation period but has generated revenue [31]. - **Overseas Business**: The company has no business in Pakistan. Its overseas business follows the "Belt and Road" strategy, focusing on Central Asia, Southeast Asia, and the Middle East. In April 2025, it won a 175 - million - yuan contract in Kazakhstan [32][33]. - **Project Payment Cycle**: The company's intelligent transportation business realizes revenue mainly within 1 - 2 years after winning a bid, and the payment cycle varies according to different projects [33]. - **Market Value Management**: The company will actively carry out market value management to enhance company value and return to investors [33]. - **Stock Price Fluctuation**: The company believes that stock price fluctuations are affected by macro - economic and market sentiment factors [33]. - **Shareholding of Hangzhou State - owned Assets Supervision and Administration Commission**: As of now, the Hangzhou State - owned Assets Supervision and Administration Commission and its concerted actors hold 32.381 million shares, accounting for 4.77%, and there is no notice of further share acquisition [33][34].

2025 年 5 月 9 日 【宏观】美联储短期强硬，下半年或更为主动——2025 年 5 月 FOMC 会议点评 当前关税仅冲击软性指标，尚未损伤硬性数据，美联储势必要对货币政策保持鹰派口 径，捍卫美联储独立性，方能稳定通胀预期。年内来看，预计美联储依然存在 2-3 次 的降息空间，重要的触发因素包括消费和就业数据快速恶化、美国企业债券出现尾部 风险、债务上限通过后财政部开启集中发行美债，阶段性放大美债供给压力，或均需 要美联储做出行动予以配合。 【金工】4 月仅主板和创业板有新股上市，首日平均涨幅仍较高——打新市场跟踪月 报 20250508 2025 年 4 月，共 10 只新股上市，其中主板 6 只、创业板 4 只，募集金额共计 82.69 亿元。其中参与网下发行新股 9 只，募集金额合计 77.09 亿元。新股上市首日涨幅仍 处较高水平，主板新股首日平均上涨 240.69%，创业板新股首日平均涨 219.73%， 无个股破发。主板新股平均报价入围率为 93.38%，创业板为 97.63%。 【债券】 二 级 市 场 行 情 震 荡 ， 交 易 热 情 提 振 显 著 — — REITs 月 报 （2 ...

Group 1 - The overall performance growth has turned positive, with technology and certain cyclical sectors showing strong results, particularly in emerging technologies and the "two new" sectors driving growth in automotive, home appliances, and engineering machinery [1][2] - In Q1 2025, the net profit growth of the entire A-share non-financial sector improved to +4.7% year-on-year, driven by a significant reduction in expense ratios and stabilization of gross margins [2][4] - The technology sector, particularly AI hardware, continues to show strong growth, while cyclical industries like non-ferrous metals and chemicals also reported high growth rates [3][4] Group 2 - The real estate sector has seen some financial indicators improve, with a notable increase in dividend yields, indicating potential investment value [6][7] - In 2024, the revenue growth of key property companies was +4.2%, while profits continued to decline by -28.3%, highlighting a divergence in performance among different companies [7][8] - The average dividend yield for key property companies reached 5.04%, with three companies exceeding 10% [7][9] Group 3 - The food and beverage sector experienced a slowdown, with overall revenue growth of +2% and net profit growth of +4% in 2024, while Q1 2025 showed minimal growth [10][11] - The liquor segment remains stable, with high-end brands showing strong performance, while the consumer goods segment is seeing structural growth opportunities, particularly in snacks and beverages [11][12] - The dairy segment faced challenges, with a significant decline in revenue and profit in 2024, but showed signs of recovery in Q1 2025 [12][13] Group 4 - The beauty and personal care sector reported a revenue increase of 13% and a slight net profit increase of 0.2% in 2024, with individual segments like personal care showing significant growth [14][15] - The medical aesthetics segment is led by collagen products, while the cosmetics segment showed mixed performance, particularly in the Hong Kong market [15][16] - The sector is expected to benefit from product innovation and the rise of domestic brands, with a focus on long-term growth potential [14][16] Group 5 - The apparel and luxury goods sectors are facing mixed performance, with overseas sports brands showing strong revenue growth while luxury brands are under pressure [18][19] - The U.S. apparel retail market grew by 2.6% in 2024, with outdoor and high-end sports segments performing well [18][19] - The luxury goods sector is cautious about 2025, with many brands indicating limited price increases due to rising costs rather than for revenue generation [21][22] Group 6 - The semiconductor equipment and materials sectors are expected to benefit from increased capital expenditures in advanced processes, with significant growth projected for 2025 [30][31] - The semiconductor equipment sector reported a revenue increase of 27.01% in 2024, while the materials sector also showed robust growth [31][32] - The valuation of the semiconductor sector remains reasonable, with a focus on growth potential and the performance of leading companies [33] Group 7 - The optical industry is experiencing varied performance, with strong growth in the Apple supply chain while Android-related products face challenges [35][36] - Companies like Crystal Optoelectronics and Lantech Optical reported significant revenue growth in Q1 2025, driven by increased demand for specific products [35][36] - The automotive optical segment showed stable performance, with some companies reporting growth despite seasonal challenges [36] Group 8 - The computer industry is showing signs of recovery, with an increase in the number of companies reporting positive revenue and profit growth in Q1 2025 [38][39] - The overall revenue for the computer sector in 2024 was 12,693.99 billion, with a notable recovery in Q1 2025 [39][40] - Large-cap companies are performing more steadily compared to mid and small-cap companies, with AI and energy IT sectors showing significant recovery [40][41]