Core Points - The document outlines the external investment management system of Asia Optical (Group) Co., Ltd, aiming to regulate investment behavior, control risks, and enhance investment efficiency [1][2] - The investment management principles emphasize compliance with national policies, resource allocation, risk prevention, and maximizing shareholder value [1][3] Group 1: Investment Approval Process - The company implements a hierarchical approval system for external investments, requiring decisions from the shareholders' meeting, board of directors, and chairman [3][8] - Specific investment transactions exceeding certain thresholds must be approved by the board and, in some cases, the shareholders' meeting [4][5] - The thresholds for board approval include transactions exceeding 10% of audited annual revenue or net profit, with absolute amounts specified [5][6] Group 2: Organizational Management - The shareholders' meeting, board of directors, and chairman are the decision-making bodies for external investments, with no other departments or individuals authorized to make such decisions [8][9] - The president is responsible for coordinating investment projects and may establish an investment review team for project oversight [9][10] Group 3: Financial Management and Auditing - The finance department is tasked with comprehensive financial management of external investments, ensuring proper accounting practices are followed [28][29] - Annual checks and audits of investment projects are mandated to maintain oversight of financial health and compliance [30][31] Group 4: Investment Transfer and Recovery - The company can recover investments under specific circumstances, such as project completion or financial insolvency [33][34] - Investment transfers must be decided by the board or chairman, with a requirement for fair pricing and potential third-party evaluations [36][38] Group 5: Monitoring and Supervision - The investment department is responsible for tracking investment performance and reporting any issues to the president or board [39] - The auditing department conducts oversight of investment activities, focusing on compliance with approval processes and financial integrity [40][41]

（央视财经《经济信息联播》）今天下午，世界经济论坛第十六届新领军者年会，也就是2025夏季达沃斯论坛闭幕。在今天的日 程中，与中国相关的议题备受关注。 在另一场主题为"解读中国AI发展路径"的分论坛上，多名与会嘉宾表示，中国最新发布的算法大模型展现出在人工智能方面与国 际先进水平竞争的巨大潜力。由科技创新驱动的增长模式，将进一步激发中国经济增长活力。 参会嘉宾：关于中国经济活力，我认为这是眼下最重要的事。 参会嘉宾：特别是能源趋势，或者经济向可持续发展转型和循环经济方面。 总台央视记者 贺嘉婧：从会场外的充满期待到会场内的热烈讨论，这场名为"解读中国经济"的分论坛成为今天议程中受关注度最 高的活动之一。麦肯锡中国区主席倪以理在发言中表示，很多领域的供应链大部分集中在中国，在中国以外的其他地方开展业 务，企业很难达到产品性价比高、成本效率高的目标。 霍尼韦尔中国区首席执行官 余峰：怎么能够更多地发挥中国工程师的红利和发挥中国强大的工业配套、工业制造能力来生产东西 好的、价格合理的、有竞争力的产品，来满足中国市场甚至全球其他国家和地区市场的需求。对我们创新型的企业来讲，也给了 我们更多的发展机遇。 泸州老窖集团（ ...

2024 年，公司海外业务增长较快，境外收入较 2023 年 增长了 32.03%，境外收入占比为 19.10%。其中，欧美地区 收入保持稳定增长，东南亚、拉美等地区收入增速较快。2025 年，公司将继续加大海外市场发展力度，增加国际市场的工 作人员，积极参加海外展会等推广活动，海外经销体系进一 步拓宽和下沉，进一步提升公司在全球范围内的影响力。 | | ☑特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 (请文字说明其他活动内容) | | | 参与单位名称 | 平安资管顾皓卿、张旭欣、龚彦恺、童飞、王晶 | | | 及人员姓名 | 广发证券王钰翔、王娅婕、孟祥杰 | | | 时间 | 年 月 日 2025 6 26 | | | 地点 | 公司会议室 | | | 上市公司 | 财务总监、董事会秘书：张争 | | | 接待人员姓名 | | | | | 本次投资者关系活动以现场调研的方式进行，以会谈的 | | | | 形式进行了充分的沟通和 ...

Core Viewpoint - The company is strategically focusing on innovative display products, particularly in the AI and new display sectors, which are expected to drive significant growth and enhance brand value [1][2][3] Group 1: Company Performance - The KTC brand performed exceptionally well during the 618 shopping festival, ranking among the top five display brands on JD.com, indicating strong market recognition [1] - KTC's products, such as the H27T22S-3 and M27T6S, achieved the highest sales and revenue in the 2K/2K Mini LED gaming monitor category, surpassing competitors by 47% and 60% respectively [1] - The company’s innovative display business generated revenue of 1.519 billion yuan in 2024, marking a 58% year-on-year increase, with shipment volume growing by 111% [2] Group 2: Product Innovation - The company launched AI interactive glasses at the ByteDance Volcano Engine Spring Conference, featuring advanced capabilities such as "always-on chat" and "AI memory" [3] - The introduction of innovative products like mobile smart screens and smart beauty mirrors is expected to enhance product value through AI integration [2][3] - The KTC brand's strategic push into overseas markets is anticipated to be a major growth driver, particularly in high-margin segments [2] Group 3: Financial Projections - The company forecasts net profits of 1.06 billion yuan, 1.24 billion yuan, and 1.47 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 27%, 17%, and 19% [3] - The expected price-to-earnings ratios for the same years are projected at 15x, 12x, and 10x, indicating a favorable valuation outlook [3]

证券研究报告|公司深度研究报告 [Table_Date] 2025 年 06 月 26 日 [Table_Title] 智能电视及交互显示业务稳健，创新类显示业务打造新增长极 [Table_Title2] 康冠科技(001308) ► 智能电视：定位新兴市场，柔性供应链优势突出，有 望充分享受增长空间 智能电视业务稳健增长，构成公司营收基本盘，2024 年康冠电视 出货量排名全球前三；全流程软硬件定制化研发设计，小批量、 多型号柔性化制造优势突出，快速响应小批量客户的差异化定制 需求，获得稳定增长；采用差异化策略，智能电视业务主要服务 于国际知名品牌中小区域市场及各区域市场本地龙头品牌客户， 毛利率相对稳定。 ► 智能交互显示：核心客户稳定，政策驱动下增长可期 公司智能交互平板产品主要销往欧洲、北美等主流市场及新兴市 场国家，以服务全球前十大品牌客户为主，主要客户包括智能交 互显示产品全球首创企业 SMART、全球前三大教育显示品牌企业 普罗米休斯等；据公司招股书，SMART、普罗米休斯占公司 2021 年收入比重分别为 10.16%与 3.92%。据群智咨询，2022 年，普罗 米休斯与 Smart 以 1 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2]. Core Views - The company has shown strong performance during the 618 shopping festival, with its KTC brand ranking among the top five in the display category on JD.com, indicating significant market recognition [1][5]. - The strategic focus on innovative display products and AI integration positions the company as a typical case of "technology + consumption" convergence, resonating with new consumer experiences [1]. - The launch of AI glasses is expected to catalyze valuation growth, as the company aims to capture market share in this emerging segment [1][5]. Financial Data Summary - The total revenue for 2025 is projected to be 17.457 billion yuan, with a year-on-year growth of 12% [6]. - The net profit attributable to the parent company for 2025 is estimated at 1.059 billion yuan, reflecting a 27% increase compared to the previous year [6][11]. - The company’s return on equity (ROE) is expected to improve from 11.4% in 2024 to 14.8% by 2027 [10]. Product Performance - KTC's products, including the H27T22S-3 and M27T6S, achieved top sales in their respective categories during the 618 festival, with the former surpassing its closest competitor by 47% in sales volume [5]. - The company’s innovative products, such as the mobile smart screen and AI beauty mirror, have been recognized in various industry rankings, showcasing the effectiveness of its R&D investments [1][5]. Market Positioning - The company is strategically enhancing its overseas market presence, which is expected to be a significant growth driver due to higher profit margins [1]. - The report emphasizes the importance of the company's product structure optimization and the increasing share of overseas business in driving overall profitability [1].

Economic Overview - Guangzhou's economy showed overall stability from January to May, with continuous policy effects and gradual activation of domestic demand potential [1] - New emerging economic drivers are demonstrating strong growth [1] Industrial Performance - The "Two New" policy effects are continuously being released, with the electrical machinery and equipment manufacturing industry increasing its value added by 10.3%, and the specialized equipment manufacturing industry by 6.7% [1] - Home appliance production, including refrigerators, fans, and water heaters, maintained double-digit growth [1] - The new generation information technology industry is rapidly growing, with display manufacturing and integrated circuit manufacturing value added increasing by 16.7% and 37.5% respectively [1] - Production of liquid crystal display modules, analog chips, and industrial robots increased by 150%, 29.2%, and 9.0% respectively [1] - The low-altitude economy is steadily advancing, with aerospace equipment manufacturing and repair industries increasing their value added by 11.4% and 16.2% respectively [1] - Civil drone production accelerated with a growth rate of 26.8% [1] Service Sector Dynamics - The profit-making service industry achieved a revenue growth of 7.7% year-on-year from January to April [2] - Digital and information technology services are accelerating transformation, with the internet, software, and information technology service sectors growing by 7.7%, including internet platforms (14.6%), information system integration and IoT technology services (22.1%), and digital content services (22.2%) all achieving double-digit growth [2] - The sports industry saw a revenue increase of 12.5% due to the pre-event hype of the 15th Sports Games [2] - Service consumption potential is being released, with skill training and educational support activities growing by 10.8%, and cinema and express delivery services increasing by 8.9% and 39.0% respectively [2] Consumer Market Trends - The consumer market in Guangzhou is showing continuous improvement, with total retail sales of consumer goods reaching 469.994 billion yuan, a year-on-year increase of 5.1%, which is an increase of 1.1 percentage points compared to January to April [2] - Retail sales in categories covered by purchase replacement subsidies, such as communication equipment, home appliances, and audio-visual equipment, saw significant growth, with increases of 11.7%, 23.0%, and 350% respectively [2] - Sports and entertainment products (36.2%), cultural and office supplies (57.6%), and electronic publications and audio-visual products (100% increase) all experienced retail sales growth of over 30% [2]

Group 1 - The article discusses the revitalization of the Tianjin International Entrepreneurship Center, which has transformed into the China Tianjin Overseas Students Entrepreneurship Park, focusing on enhancing the entrepreneurial environment for returnees [3][4]. - The park has successfully attracted over 300 high-level talents and aims to provide better services for entrepreneurship in the region [3][4]. - The park has experienced a resurgence after a period of stagnation due to reforms and management adjustments [3]. Group 2 - Nika Optics, founded in July 2022, specializes in AR optical display technology and has received an investment of 8 million yuan from Xiaomi [5]. - The company has achieved mass production of its core device, the near-eye optical display module, with a 30° field of view [5][7]. - Nika's technology advantage lies in its self-developed photopolymer, which has led to 100% localization of materials used in its products [7]. Group 3 - The Tianjin Binhai High-tech Zone has implemented various support measures for startups, including financial backing from banks and investment institutions, resulting in 430 million yuan in equity financing and 210 million yuan in debt financing in 2024 [8]. - The park hosts 64 resident companies, primarily in the medical device sector, and offers shared facilities to support these businesses [8][9]. - The park is exploring intellectual property financing services to help startups overcome funding challenges [9]. Group 4 - The article highlights the success of Zhang Jun, a postdoctoral researcher who won a gold medal at the National Postdoctoral Innovation and Entrepreneurship Competition for his project on sodium-ion battery materials [10]. - Zhang's company, Na Kun Carbon Source, focuses on developing high-performance carbon anode materials for sodium-ion batteries, which are seen as a sustainable alternative to lithium-ion batteries [10][11]. - The Tianjin Overseas Students Entrepreneurship Park has facilitated funding and support for Zhang's team, helping them to overcome initial challenges and accelerate their industrialization process [11].

Core Viewpoint - Hubei province is positioning itself as a national hub for technological innovation, emphasizing self-reliance in technology and contributing significantly to the construction of a strong technological nation [1][2]. Group 1: Technological Innovation and Strategic Positioning - Hubei is recognized as a critical area for intellectual resources, high-level talent, and high-quality technological achievements, aiming to enhance its national-level innovation capabilities [1]. - During the 14th Five-Year Plan, Hubei has made significant breakthroughs in key core technologies, establishing itself as a leader in several strategic fields and becoming the largest base for optoelectronic chip research and production, as well as a major hub for commercial aerospace and new energy vehicles [1][2]. Group 2: Innovation Governance and Policy Framework - The province is innovating its governance models and organizational methods for technology, implementing systems like "ranking and competition" for major research tasks, and establishing a trust-based management system for projects and funding [2]. - Hubei has created a policy framework that promotes innovation vitality and fair competition, focusing on quality, performance, and contribution as core evaluation criteria [2]. Group 3: Integration of Technology and Industry - Hubei is focusing on integrating the innovation chain with the industrial chain to foster new industries, with over 50% of its special steel products and over 40% of fine chemical products being produced in the region [3]. - The province aims to enhance high-quality technological output and improve industrial efficiency by strengthening the role of enterprises as innovation leaders and facilitating the transformation of technological achievements into marketable products [3].

全球与中国Micro LED透明屏市场机遇调研及发展前景研判报告2025-2031年 【全新修订】：2025年6月 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 报告目录 1 Micro LED透明屏市场概述 1.1 产品定义及统计范围 1.2 按照不同产品类型，Micro LED透明屏主要可以分为如下几个类别 1.2.1 全球不同产品类型Micro LED透明屏销售额增长趋势2020 VS 2024 VS 2031 1.2.2 透过率55%-65% 1.2.3 透过率65%-72% 1.3 从不同应用，Micro LED透明屏主要包括如下几个方面 1.3.1 全球不同应用Micro LED透明屏销售额增长趋势2020 VS 2024 VS 2031 1.3.2 商业显示/户外广告 1.3.3 智慧医疗 1.3.4 智能家居 1.3.5 可穿戴设备 1.3.6 车载显示 1.4 Micro LED透明屏行业背景、发展历史、现状及趋势 1.4.1 Micro LED透明屏行业目前现状分析 1.4.2 Micr ...