Core Viewpoint - The company plans to acquire 95.4559% of the shares of Xian Dao Electric Science through a share issuance, with an estimated valuation of the target company's 100% equity not exceeding 12 billion [1][2] Group 1: Transaction Details - The transaction involves the acquisition of shares from Xian Dao Rare Materials, CICC Xian Dao, and Shanghai Semiconductor [1] - The audit and evaluation of the target assets are not yet completed, and the transaction price is still to be determined [1] - The company's stock will resume trading on August 13, 2025 [1] Group 2: Target Company Overview - The target company specializes in the R&D, production, and sales of advanced PVD sputtering targets and evaporation materials [1] - It also engages in the recycling, purification, preparation, and sales of high-purity rare metals and compounds [1] - The target company's products serve downstream markets including display panels, advanced photovoltaics, semiconductors, and new solid fuel cells, with applications in renewable energy, computing, consumer electronics, precision optics, and data storage [1] Group 3: Strategic Implications - The target company has strong profitability and broad future development prospects, aligning with the listed company's investment and transformation direction in technological innovation [2] - As a leading domestic enterprise in high-end sputtering targets and evaporation materials, the target company covers core products across emerging strategic industries [2] - The restructuring will enhance the listed company's business chain, expand its main business scope, and provide a development platform in advanced new materials, promoting a shift towards hard technology manufacturing [2] - Post-restructuring, the company will form a driving pattern of "high-tech investment empowerment + real estate asset management," enhancing its sustainable development resilience [2]

Core Viewpoint - The company plans to acquire 95.4559% of the shares of Xian Dao Electric Science through a share issuance and raise up to 3 billion yuan in supporting funds for the transaction [1][2][3] Group 1: Fundraising and Share Issuance - The company intends to issue shares to no more than 35 qualified investors through an inquiry method to raise supporting funds, with a total amount not exceeding 3 billion yuan [1][2] - The total amount of raised funds will not exceed 100% of the transaction price for the asset acquisition, and the number of shares issued will not exceed 30% of the company's total share capital after the acquisition [1][2] Group 2: Use of Proceeds - The net proceeds from the fundraising, after deducting issuance costs, will be used to supplement the company's and/or the target company's working capital, repay debts, fund project construction, and cover transaction-related taxes and intermediary fees [2] - If the total amount raised is insufficient, the company will address the shortfall through its own funds or other financing methods [2] Group 3: Target Company Overview - The target company specializes in the R&D, production, and sales of advanced PVD sputtering targets and evaporation materials, as well as the recovery and purification of high-purity rare metals and compounds [2] - Its products primarily serve downstream markets including display panels, advanced photovoltaics, semiconductors, and new solid fuel cells, with applications in renewable energy, computing, consumer electronics, precision optics, and data storage [2] Group 4: Strategic Implications - The acquisition will significantly enhance the company's business chain, expand its main business scope, and provide a development platform in the advanced new materials sector [3] - The restructuring will further drive the company's transformation towards hard technology manufacturing, forming a "high-tech investment empowerment + real estate asset management" model to enhance sustainable development resilience [3] - The company's stock will resume trading on August 13, 2025, following the planned share issuance and asset acquisition [3]

Core Viewpoint - The company plans to acquire 95.4559% of the shares of Xian Dao Electric Science through a share issuance and raise up to 3 billion yuan in supporting funds for the transaction [1][2][3] Group 1: Fundraising and Share Issuance - The company intends to issue shares to no more than 35 qualified investors through an inquiry method to raise supporting funds, with a total amount not exceeding 3 billion yuan [1][2] - The total amount of the raised funds will not exceed 100% of the transaction price for the asset acquisition, and the number of shares issued will not exceed 30% of the company's total share capital after the acquisition [1][2] Group 2: Use of Proceeds - The net proceeds from the fundraising, after deducting issuance costs, are intended to supplement the company's and/or the target company's working capital, repay debts, fund project construction, and cover transaction-related taxes and intermediary fees [2] - If the total amount raised is insufficient, the company will address the shortfall through its own funds or other financing methods [2] Group 3: Target Company Overview - The target company specializes in the research, production, and sales of advanced PVD sputtering targets and evaporation materials, as well as the recovery and purification of high-purity rare metals and compounds [2] - The target company's products primarily serve downstream markets including display panels, advanced photovoltaics, semiconductors, and new solid fuel cells, with applications in renewable energy, computing, consumer electronics, precision optics, and data storage [2] Group 4: Strategic Implications - The acquisition will significantly enhance the company's business chain, expand its main business scope, and provide a development platform in the advanced new materials sector [3] - The restructuring will further drive the company's transformation towards hard technology manufacturing, forming a "high-tech investment empowerment + real estate asset management" model to enhance sustainable development resilience [3]

Group 1 - The Ministry of Commerce and the Ministry of Science and Technology have adjusted the "Catalog of Technologies Prohibited and Restricted from Exporting," implementing export controls on battery cathode material preparation technology, indicating a significant shift in China's approach to technology trade towards self-innovation and global leadership [1] - China's R&D expenditure for 2024 is projected to reach 36,130 billion yuan, maintaining the second position globally, while the Global Innovation Index ranks China 11th, marking it as one of the fastest-growing economies in innovation over the past decade [1] - China has transitioned from a technology follower to a rule-maker in various fields, necessitating a reevaluation of technology output strategies due to its enhanced technological capabilities [1] Group 2 - Key technologies such as semiconductor manufacturing, quantum computing, and advanced materials are crucial for economic security and must be protected from improper outflow, which could undermine China's economic advantages [2] - A scientific classification and management system for core technologies is needed, with differentiated strategies for technology cooperation based on the partner's profile [2] - The establishment of a dynamic technology evaluation mechanism and a negative list for technology output is essential to prevent the improper outflow of core technologies [3] Group 3 - Enterprises play a vital role in technology innovation and should establish dedicated compliance departments for technology exports, enhancing internal review processes [3] - Government departments are encouraged to provide policy guidance and establish a whitelist system to simplify the approval process for compliant enterprises [3] - Strengthening legal frameworks for technology security and improving early warning mechanisms for technology trends are necessary for effective technology output management [3]

1 # and In 大量素材料大學杭州研究 TERRET in The 实 验 金 湖 湘 XIANGHU PANI BILA © | AHT 浙江省北大信息技术高等研究院 高能级科创平台牵引下的"科创引领，数实融合"一直是萧山打破路径依赖、实现转型跃升的核心引 擎。7年时间，萧山先后打造了六大高能级科创平台，实现R&D经费投入总量从46.28亿元增长至87.05 亿元（R&D经费占GDP比重从2.57%增长至3.9%），杭州市A-E类高层次人才从437人扩大至14828人， 高新技术产业增加值占比从42.43%提高至69.07%。 案例就是路径。问及"诀窍"，萧山区科技局相关负责人表示，主要得益于处理好了"高校与政 府""高校与平台""平台与企业""平台与产业""平台与人才"的"五对关系"，同时通过"教科人一体化"改革 重塑区域创新生态，为科创新质生产力的发展营造优沃土壤。 从"补短板"到"强磁场"的七年深耕 六大高能级科创平台，是北大信息技术高等研究院、浙大杭州国际科创中心、西电杭州研究院、浙 大计算机创新技术研究院、巴顿焊接技术研究院和湘湖实验室，分别瞄准人工智能、集成电路、生物制 造、先进材料等未来 ...

Core Viewpoint - The People's Bank of China and six other departments have jointly issued the "Guiding Opinions on Financial Support for New-Type Industrialization," which aims to enhance financial support for key industries and promote technological innovation and industrial upgrading [1][12]. Group 1: Financial Support for Key Industries - Financial institutions are encouraged to provide medium- and long-term financing for key manufacturing sectors such as integrated circuits, industrial mother machines, medical equipment, servers, and advanced materials [5][14]. - The policy aims to enhance the financing accessibility for small and micro enterprises in the manufacturing sector [6][20]. Group 2: Support for Emerging Industries - The guidance supports financing for emerging industries like new-generation information technology, smart vehicles, renewable energy, and biomedicine in multi-tiered capital markets [7][18]. - It emphasizes the importance of long-term capital and patient investment to accelerate the transformation of technological achievements into commercial applications [15][18]. Group 3: Enhancing Financial Services for Traditional Manufacturing - Financial institutions are directed to optimize credit policies to support the high-end, intelligent, and green development of traditional manufacturing [17][24]. - The guidance encourages the use of diverse financial tools, including loans, bonds, and insurance, to support the digital transformation of manufacturing enterprises [17][24]. Group 4: Green Finance and Sustainable Development - The policy promotes the establishment of a financial standard system to support the green and low-carbon transformation of high-carbon industries [19][26]. - It encourages the development of green financial products and the application of green credit and bonds in manufacturing [19][26]. Group 5: Strengthening Digital Financial Services - Financial institutions are urged to leverage technologies like big data and blockchain to enhance service efficiency for manufacturing, especially for small and medium-sized enterprises [20][21]. - The guidance supports the construction of digital financial service platforms to facilitate financing and cash management for the manufacturing sector [20][21]. Group 6: Policy Coordination and Risk Management - The document emphasizes the need for coordination between financial and industrial policies to create a supportive environment for new-type industrialization [26][27]. - It calls for the establishment of a joint risk assessment mechanism to monitor and manage financial risks associated with industrial projects [27][28].

Core Viewpoint - The article discusses the joint issuance of the "Guiding Opinions on Financial Support for New-Type Industrialization" by seven departments, including the People's Bank of China, aimed at accelerating the construction of a financial system that supports new-type industrialization and enhances the resilience of industrial chains [3][12]. Group 1: Financial Support for Key Industries - Financial institutions are encouraged to provide medium- and long-term financing for key manufacturing industries such as integrated circuits, industrial mother machines, medical equipment, servers, and advanced materials [4][14]. - The policy aims to enhance the financing accessibility for small and micro enterprises in the manufacturing sector [5][20]. Group 2: Support for Emerging Industries - The article highlights support for emerging industries like new-generation information technology, smart (connected) vehicles, and biomedicine to access multi-tiered capital markets for financing [6][18]. - It emphasizes the need for long-term capital and patient investment to accelerate the transformation of technological achievements into practical applications [15][18]. Group 3: Enhancing Financial Services for Traditional Manufacturing - Financial institutions are urged to optimize credit policies to support the high-end, intelligent, and green development of traditional manufacturing [17][19]. - The article suggests that banks should enhance their support for digital transformation in manufacturing, particularly for small and medium-sized enterprises [17][20]. Group 4: Promoting Green and Digital Finance - The article discusses the importance of green finance in supporting the low-carbon transformation of high-carbon industries, advocating for the development of green financial products [19][28]. - It also emphasizes the role of digital finance in improving the efficiency of financial services for the manufacturing sector, particularly through the use of big data and AI [20][28]. Group 5: Strengthening Policy Coordination - The article calls for enhanced coordination between financial policies and industrial policies to ensure effective implementation of the financial support measures [27][28]. - It highlights the need for a collaborative approach among various government departments to create a conducive environment for financing new-type industrialization [27][28].

Core Viewpoint - The People's Bank of China and seven other departments issued guidelines to enhance financial support for new industrialization, focusing on optimizing financial policy tools to support key technologies and products in manufacturing [1] Financial Policy Tools - The guidelines emphasize the use of structural monetary policy tools to incentivize banks to provide medium to long-term financing for critical industries such as integrated circuits, industrial mother machines, medical equipment, servers, instruments, basic software, industrial software, and advanced materials [1] Support for Technological Breakthroughs - Financial institutions are encouraged to utilize appropriate financial products and tools to support the reconstruction of industrial foundations and major technological equipment projects [1] - Companies that achieve breakthroughs in key core technologies will benefit from expedited access to financing channels for public listings, mergers and acquisitions, and bond issuance [1] Promotion of New Products - Increased support will be provided for the promotion and application of first sets of major technological equipment, first batches of new materials, first versions of software, specialized and innovative small and medium-sized enterprises, high-tech enterprises, unicorn companies, and key supply chain enterprises [1]

Core Viewpoint - The A-share market shows signs of increased investor interest, with significant inflows of new capital and a notable rise in military and technology sectors, particularly in the context of upcoming military events and advancements in commercial aerospace [4][6][7]. Market Overview - The A-share market continued to experience low trading volume with a total turnover of 1.5 trillion yuan, a decrease of 99.8 billion yuan compared to the previous trading day [1]. - Over 3,800 stocks rose, with military stocks seeing a significant surge, including over 20 stocks hitting the daily limit [2]. Capital Inflows - In July, new A-share accounts reached 1.96 million, a year-on-year increase of 71%, indicating enhanced attractiveness of the A-share market to external capital [4]. - There has been a notable increase in capital entering the market through ETFs, with net subscriptions exceeding 60 billion yuan and 50 billion yuan in the last two weeks [5]. - New fund issuance was robust, with 135 new funds raising a total of 1,048.68 million yuan in July, marking the second-highest monthly fundraising this year [5]. - The average equity fund position rose to approximately 85.99%, an increase of 2.05 percentage points from the previous week [5]. Military Sector Insights - The military sector has seen a significant uptick, with over 20 stocks hitting their daily limit, driven by expectations surrounding military parades and increased defense spending [7]. - The military electronics sector is highlighted as a key growth area, with net profits expected to grow over 120% in the first half of 2025 [11]. - Specific companies such as Zhimin Da and Hangtian Nanhu are identified as core beneficiaries within the military electronics segment, with projected profit increases of over 20 times and 150% respectively [12][13]. Commercial Aerospace Developments - The commercial aerospace sector is poised for growth, with significant advancements in satellite internet and rocket launch capabilities [24]. - Companies like China Satellite and Aerospace Electronics are positioned to benefit from this growth, with projected profit increases of 45% and significant order volumes [25][26]. Advanced Materials and Defense Exports - The advanced materials sector is critical for military applications, with companies like Xibu Superconductor and Guangqi Technology expected to see substantial profit growth due to increased demand for high-performance materials [31][32]. - The defense export market is expanding, with a projected export value of 29 billion USD in 2024, driven by geopolitical tensions and demand for military equipment [36]. Strategic Focus - Investment strategies should prioritize high-growth segments such as military electronics, unmanned systems, and commercial aerospace, which are supported by clear policies and visible order flows [43].

促进科技成果转化应用，畅通融合的途径。江苏搭建科技成果转化平台，连续两年举办江苏产学研合作 对接大会，组织园区和企业走进大院大所大学大实验室捕捉和转化成果；去年现场发布2000多项创新成 果和2300多项技术需求，24个重大合作项目集中签约；今年还将在9月11日如期举办这一品牌活动。去 年我省获批建设全国首个高校区域技术转移转化中心，省政府深化与中国科学院、中国工程院、中国电 科集团等战略合作，与中国科学院合作项目营收连续18年位居全国首位。同时，布局25家省级概念验证 中心，强化前端赋能和价值发现。累计选聘近1.2万名科技人才到企业兼任"科技副总"，去年全省技术 合同成交额近5300亿元。 "未来"号深远海绿色智能技术试验船近日顺利完成命名交付，牵头单位正是位于江苏无锡的太湖实验 室；"1650"产业体系建设取得明显成效，14个集群入选国家先进制造业集群，占全国总数近1/5……8月 1日，江苏省政府在宁举办"坚决扛好经济大省挑大梁责任"系列主题新闻发布活动第一场——"在推动科 技创新和产业创新融合上打头阵"主题新闻发布会，展现江苏推动科技创新和产业创新融合发展的亮眼 成绩。 江苏省科技厅厅长徐光辉从四个维度 ...