Group 1 - The Shanghai International Carbon Neutral Technology, Products and Achievements Expo was held from June 5 to 7, 2025, showcasing the growth of technology and product innovation in various sectors in China, including automotive, new materials, new energy, semiconductors, and pharmaceuticals [1] - SGS, a globally recognized testing, inspection, and certification organization, highlighted the importance of third-party testing and certification services for Chinese manufacturers to gain market access and customer recognition [1] - There is a discrepancy between domestic and international standards in China, which affects the export of Chinese products and the entry of foreign products into the Chinese market [1] Group 2 - SGS aims to become a promoter and practitioner of sustainable development in China, focusing on carbon reduction, energy management, and green supply chains [1] - The company plans to develop more customized testing and certification service solutions tailored to the characteristics and needs of the Chinese market [2] - SGS will increase its R&D investment in China, advance digital transformation, and deepen collaboration with local enterprises and research institutions to attract and cultivate talent [2]

Core Points - The National Anti-Monopoly Bureau released the "2024 Annual Report on Anti-Monopoly Law Enforcement in China," highlighting the enforcement actions taken against monopolistic practices and market dominance abuse [1][2] Summary by Categories Anti-Monopoly Enforcement - In 2024, 11 cases of monopoly agreements and abuse of market dominance were concluded, with a total penalty of 119 million yuan [2] - The report emphasized ongoing investigations into monopolistic agreements, particularly in the motor vehicle inspection sector, with significant penalties imposed on multiple companies [3] Digital Economy Regulation - The report noted the ongoing normalization of anti-monopoly regulation in the digital economy, with specific focus on Alibaba and Meituan's compliance with rectification measures [4] Operator Concentration Oversight - The average review time for operator concentration cases was reduced to 24.7 days, down by one day from the previous year, with 643 cases processed in total [5][6] - The manufacturing sector accounted for the highest number of concentration cases, with 213 cases, representing 34% of the total [5] Administrative Monopoly - A total of 72 cases of abuse of administrative power to exclude or restrict competition were filed, with 57 cases concluded [8] - The report highlighted efforts to combat local protectionism and market segmentation, with a significant increase in the number of cases filed and concluded compared to the previous year [8] Industry Focus Areas - The anti-monopoly enforcement agency is paying close attention to the cultural entertainment ticketing market, patent database market, and the new energy vehicle charging and swapping industry [9] - The report suggested enhancing market regulation in the new energy vehicle charging sector and addressing issues related to pricing and service standards [10]

Group 1: Overview of Private Economy in Guangzhou - The implementation of the "Guangzhou Support for Private Economy Development Regulations" has led to significant growth in the private sector, with private economic value added accounting for 43.5% of GDP in Q1, a five-year high [1] - The number of private economic entities in Guangzhou has surpassed 3.5 million, with new registrations leading among major cities, establishing the private sector as a key driver of economic growth [1][9] Group 2: Innovations and Achievements of Private Enterprises - Deqing Optical Technology Co., Ltd. has developed a laser welding online defect detection system, marking a breakthrough in domestic technology and achieving a detection process completion within 50 milliseconds [2] - Guangdong Niuentai New Energy Technology Co., Ltd. has created an AI-driven research system that has improved product efficiency by 27% and introduced a globally unique "photovoltaic + air energy" integrated energy storage system [5] - New Life New Materials Co., Ltd. has filled domestic gaps with innovative magnetic display materials, achieving over 30 iterations in product development and maintaining a high R&D investment ratio of 10% [5] - Weidu Microelectronics Technology Co., Ltd. focuses on domestic substitution in display driver chips, with a projected tripling of output in 2024, achieving over 100 million yuan in industrial output [6][8] Group 3: Government Support and Policy Framework - The Guangzhou government has established a comprehensive support system for private enterprises, focusing on land, finance, talent, and technology to promote high-quality development [15] - The government has implemented policies to reduce industrial land costs by 40% and has facilitated access to funding, with Weidu Microelectronics' credit increasing from 10 million to 80 million yuan [16] - The "Xin Yi Loan" platform has served over 920,000 enterprises, disbursing loans exceeding 270 billion yuan, addressing financing challenges for small and medium-sized enterprises [16] Group 4: Future Prospects and Growth - In 2024, Guangzhou has nurtured 106 national-level specialized and innovative "little giant" enterprises, with six private companies listed domestically and internationally [17] - The city plans to deepen the implementation of the regulations, focusing on early and small investments, and enhancing services throughout the lifecycle of private enterprises [17]

投资建议：我们预计公司25/26/27 年归母净利分别为2.76/3.26/3.86 亿元，对应PE19/16/14 倍，首次覆 盖，给予"推荐"评级。 风险提示:需求不及预期风险；行业竞争加剧风险；新领域推进速度不及预期。 拓展新能源领域业务，加速布局海外市场。公司成立新能源实验中心和储能检测室，在新能源领域的检 测能力达到国内领先水平，2024 研发投入8479 万元，同比增长20.98%。公司实现绿色供应链成功案例 零突破，成功获得 CNAS 认可资质。公司海外业务拓展取得重大突破，通过沙特电力公司（SEC）技术 评审，取得阿联酋迪拜水电局（DEWA）对高压 GIS 试验报告直接认可，全年完成俄罗斯、印尼、巴 西、阿联酋等国家的海外订单。2024 年公司海外业务营业收入867 万元，同比增长153.80%。 特高压检测领域潜在龙头，市场空间与增长潜力显著。公司具备的高压电气设备检测技术含量高、资本 投入较大，国内仅少数机构具备检测能力，公司在特高压领域的检测业务发展将保持较高的增速。国家 电网在2021-2030 年重点任务中提出要加快特高压电网建设，"十四五"期间特高压线路的建设提速，下 游电气设备供 ...

导读： 钢研纳克接受机构调研，介绍全国检测基地布局及服务覆盖能力，分享仪器业务优势及未来发展方向，强调检测与仪器业务的 增长动力及股东回报政策。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 钢研纳克5月29日发布投资者关系活动记录表，公司于2025年5月29日接受2家机构调研，机构类型为基金公司、证 券 公 司 。 钢 研 纳 克 获 2 家 机 构 调 研 ： 公 司 根 据 客 户 分 布 特 点 进 行 了 全 国 检 测 基 地 布 局 工 作 ， 目 前 各 大 检 测 基 地 （ 北 京、昆山、成都、沈阳、青岛、西安、涿州、株洲）的服务覆盖能力可以较好地满足客户需求。 一、公司介绍 公司是专业从事金属材料检测技术的研究、开发和应用的创新型企业。 目前公司提供的主要服务或产品包括检测服务、检测分析仪器、标准物质/标准样品、能力验证服务、腐蚀防护工程与 产品，以及其他检测延伸服务。公司的服务和产品主要应用于钢铁、冶金、有色、机械、航空航天、高铁、核电、汽 车、新材料、环境、食品、石化等领域。 公司在国内金属材料检测领域具有较高的 ...

6月6日，市场监管总局(国家反垄断局)发布《中国反垄断执法年度报告(2024)》(下称：报告)。 报告指出，2024年，市场监管总局(国家反垄断局)全年办结垄断协议、滥用市场支配地位案件11件，对 1件拒绝、阻碍调查案件作出行政处罚，审结经营者集中案件643件；大力整治地方保护、市场分割突出 问题，立案查处滥用行政权力排除、限制竞争案件72件。从严从快查处机动车检测领域系列垄断协议 案，对46家检测机构依法作出处理，有效降低群众生活成本和经营主体负担。依法对奔驰等5家品牌汽 车供应商、Avanci等开展提醒敦促，公开发布专项行动典型案例，及时防范化解垄断风险。 报告指出，2024年，逐步完善数字经济领域反垄断常态化监管。严格督导阿里巴巴集团高质量完成三年 整改并向社会公开整改情况，充分发挥重大典型案件示范效应。深入评估美团整改进展，要求限期整改 到位。督导知网完成首年整改，推动其解除独家合作、降低学术文献数据库收费标准。查处金融数据领 域第一案宁波森浦滥用市场支配地位案，规范数据市场竞争秩序。 报告指出，2024年，市场监管总局(国家反垄断局)对4起重大交易提出竞争关注，附条件批准日本JX金 属收购拓自达案， ...

Core Viewpoint - Nanhua Instrument has shown continuous improvement in its operational status, focusing on its main business, enhancing innovation, and pursuing external development opportunities in a complex market environment [1] Financial Performance - In 2024, the company reported revenue of 124 million yuan, a year-on-year increase of 10.79%, and a net profit attributable to shareholders of 14.77 million yuan, marking a return to profitability [1] - In Q1 2025, revenue increased by 44.18% year-on-year, while the net profit attributable to shareholders decreased by 16.54% [1] Industry Context - The motor vehicle testing industry in China is evolving, with a vehicle ownership of 453 million units in 2024, including over 31.4 million new energy vehicles [1] - The industry is upgrading towards intelligent and multi-scenario testing, creating opportunities driven by policy and market resonance [1] Product and Market Development - Sales of motor vehicle testing equipment and systems increased by 41.34% year-on-year in 2024, with production volume rising by 46.88% [1] - The company has strategically positioned itself in the new energy testing equipment sector, with sales in this area expected to rise following the implementation of new regulations in March 2025 [1] - The company has seen a significant increase in overseas sales, which rose by 334.52% year-on-year, now accounting for 3.27% of total sales [1] Operational Strategy - The company is focusing on cost reduction and efficiency improvement, optimizing procurement, sales, and assessment mechanisms, with initial positive effects on cost control [1] - As of Q1 2025, the company reported a debt-to-asset ratio of 10.7%, a current ratio of nearly 6.75 times, and cash reserves exceeding 115.93 million yuan, with outstanding orders around 80 million yuan [1] - The company has set a strategic plan for 2025 centered on strengthening its main business, expanding markets, promoting innovation, and controlling risks [1]

与此同时，新能源汽车运行安全检测成为新的增长点。《新能源汽车运行安全性能检验规程》于2025年 3月1日正式实施，南华仪器前瞻性布局新能源检测设备，提前推出产品并获得市场积极响应，2024年相 关销售额占主营业务比例稳步上升，为新业务线奠定基础。随着政策的驱动，公司订单或将进一步释 放。 市场人士分析，政策整顿带来了市场结构优化，并倒逼检测站更新设备，为相关企业带来业务机会。 内生增长持续释放 产品、市场与创新协同发力 在主业回暖与新能源业务推动下，南华仪器进一步强化内生增长动能。一方面，公司持续优化产品结 构，拓展城乡数字化解决方案与机动车联网软件等新业务。公司通过并购广州金谷智测与南昌市微轲联 两家高新技术企业，提升软件与物联网研发能力，为智能车检、智慧清洁与数据集成服务提供支撑。此 外，公司拟通过收购广东嘉得力清洁科技股份有限公司控股权，布局"核心硬件+物联网+智慧服务"的 新型清洁设备赛道，探索第二增长曲线。 另一方面，公司海外市场开拓成效显著，报告期内境外销售同比大增334.52%，占比升至3.27%。公司 成功进入东南亚与欧洲部分国家市场，拓展全球销售版图。 近日，南华仪器（300417）披露了对 ...

金属材料检测服务是通过一系列技术手段对金属材料的性能、成分及结构进行科学评估的过程，以确保其符合行业标准和安全要求。具体包括： 机械性能测试（如拉伸强度、硬度、冲击韧性）；化学成分分析（如元素含量、杂质检测）；金相分析（微观组织结构观察）；无损检测（ NDT ）（如超声波、 X 射线探伤）；环境可靠性测试（耐腐蚀、高温老化等）。 01 行业发展现状及市场前景分析 相比西方发达国家，我国检测行业的发展历史比较短，从萌芽到现在大约经历了半个世纪。20 世纪 80 年代，我国为了适应改革开放和市场经济 建设的需要，同时，为了推动国内产业，我国政府在技术法规、标准、合格评定程序等方面，开始着手在各行业推动成立了标准化组织、检验检 测机构、认证机构等。进入 21 世纪，尤其在我国加入世界贸易组织以后，在外资检测机构的冲击以及我国经济迅速发展带来的强大检测市场需 求的双重因素作用下，我国检测市场进入了快速发展阶段。随着供给侧改革的深化实施，我国传统产业正在转型升级，新兴行业保持高速发展， 新材料、新结构和新工艺不断涌现，渗透在国民经济各行业中的检测行业则会持续面临新需求。 在当前复杂且充满变革的宏观环境下，检验检测行业的 ...

此外，本届上交会还设置技术交易服务和技术交易促进活动2个功能区域，总展出面积为3.5万平方米， 汇聚了来自全球近20个国家和地区及国内近20个省区市的创新成果。英国格拉斯哥市担任境外主宾城， 深圳市担任境内主宾城。展会期间将举办1场开幕式、3场主题日活动和近60场配套活动。 自2013年首次举办以来，上交会在推动技术进口来源多元化、支持成熟的产业化技术出口、拓展国际技 术合作网络等方面发挥了重要作用。数据显示，上交会累计吸引来自30多个国家和地区超9500家企业参 展，近两届意向成交项目数均超500项。 上海市商务委主任朱民表示，本届上交会技术特色更突出，将展示一批长三角共性技术研发和关键领域 核心技术突破的成果。粤港澳大湾区将展示交互型机器人、基因检测设备等领域的创新成果。首次设立 的智能海洋工程与装备展区，彰显上海优势产业特色与领先性。本届上交会首次设立消费与商业科技展 区。另外，展会还将推出一批生产性互联网服务平台、绿色航贸数链等领域工作成果。 据统计，本届上交会共有高新技术企业、专精特新企业、瞪羚企业180家。朱民表示，战略性新兴产业 方面，本届上交会将全面展示"AI+"跨行业解决方案，如人工智能多模 ...