Group 1 - The electronic sector has shown a significant upward trend in returns since 2024, driven by improvements in performance due to demand recovery in computing power, autonomy, mobile, consumer, and industrial sectors, alongside AI narratives providing a basis for valuation expansion [1][2] - The maturity of models is expected to accelerate edge AI innovation, leading to substantial upgrades in processors, memory, cooling, hardware-software integration, and batteries to meet the computing power demands of devices like smartphones and PCs [1][3] - The introduction of new products, such as Apple's foldable devices, is anticipated to create opportunities in 3D printing and UTG glass, with the 3D printing market potentially exceeding 100 billion in the 3C sector due to advantages in weight reduction, thinness, and heat dissipation [1][2] Group 2 - Domestic computing power construction is in its early stages, with significant growth expected in the domestic computing power supply chain, including demand surges for domestic GPUs, ASICs, advanced processes, storage, servers, and PCBs [2][3] - The ongoing US-China technology competition emphasizes the importance of self-sufficiency, with domestic wafer fabs expected to see capital expenditures increase for both advanced and mature processes by 2025 [3] - The semiconductor industry is focusing on domestic replacements in wafer manufacturing, equipment, materials, and components, driven by the need for advanced process capacity amid US export controls [3][4] Group 3 - Investment recommendations include focusing on edge AI innovations in mobile/PC sectors, particularly in 3D printing, UTG glass, and customized storage, with specific companies highlighted for potential growth [4] - The report suggests monitoring companies involved in the domestic computing power explosion, including those in GPU and semiconductor manufacturing, as well as related technologies [4] - Emphasis is placed on the potential for increased domestic production rates in semiconductor equipment, materials, and passive components, with several companies identified as key players in this space [4]

Core Viewpoint - LACROIX has announced its strategic decision to exit the North American electronics market by the end of 2025, aiming to eliminate losses and refocus on its core activities in Electronics EMEA and Environment [1][5][6] Group 1: Financial Performance - In Q1 2025, LACROIX's consolidated revenue was €151.1 million, a decline of 16.4% compared to €180.9 million in Q1 2024 [6][7] - The Electronics activity generated revenue of €116.4 million, down 15.9% year-on-year, while the Environment activity grew by 14.5% to €34.7 million [7][11] - The North American subsidiary employed 1,251 people and generated annual revenue of €141 million, which decreased by 15% [3] Group 2: Strategic Decisions - The decision to exit North America follows a deterioration in business outlook due to lost customer contracts and geopolitical tensions affecting demand [2][4] - The disengagement plan will be implemented immediately, with discussions with clients and suppliers to determine the best exit strategy, including potential sale or liquidation [4][5] - The exit is expected to reduce exposure to the automotive sector, which accounted for less than one-third of Group revenue in 2025, down from 44% in 2024 [5] Group 3: Future Outlook - LACROIX maintains its financial targets for 2025, expecting revenue around €600 million and a current EBITDA margin above 4% [13] - A presentation of the 2027 strategic roadmap is scheduled for September 30, 2025 [14]

当前，新一轮科技革命和产业变革深入推进，不断催生颠覆性的新科技、新产品、新模式、新业态。过 去一年来，东莞上市企业通过加大研发投入，提升技术产品"含新量"，夯实行业竞争"护城河"。与此同 时，部分企业积极布局开拓人工智能、人形机器人等新赛道。 近日，A股上市公司2024年年报披露收官，东莞63家A股上市公司也交出了年度成绩单。 2024年，63家东莞A股上市公司总营业收入1273.66亿元，同比增长2.57%；净利润60.36亿元。其中，生 益科技、生益电子、宇瞳光学、奥海科技等一批来自战略性新兴产业的企业整体发展势态良好，成为A 股业绩新增长极。 从2024年年报看到，来自战略性新兴产业的企业整体发展势态良好，战略性新兴产业正成为驱动转型的 核心力量，成为东莞上市企业业绩的新增长极，在新一代电子信息行业中表现尤为突出。 南方财经全媒体记者梳理东莞2024年年报发现，机器人正成为东莞上市企业加力储备的"第二增长曲 线"。不少上市公司正加速构建人形机器人核心零部件产能。据不完全统计，2024年以来，已有拓斯 达、祥鑫科技、创世纪和奥普特等多家机器人企业、汽车零部件企业通过战略合作项目投资等方式切入 关节模组、电 ...

Core Insights - The Trademark filing trends 2025 report by Clarivate highlights the leading trademark filing jurisdictions and the largest trademark portfolios globally [1][2][3] Group 1: Trademark Filing Trends - Mainland China leads global trademark filings with 6.76 million applications in 2024, despite a three-year decline in activity [2][5] - The U.S. ranks second with 566,938 applications, while India is close behind with over 537,000 applications and a 10% average yearly growth over the last decade [2][5] - France, Mainland China, and Japan have experienced a consistent decline in trademark filing activity for three consecutive years, ending 2024 with the lowest filing volumes since 2017 [5] Group 2: Major Portfolio Owners - Seven brands consistently appear in the top 20 largest trademark portfolio lists, including Procter & Gamble, Nestlé, Apple, L'Oréal, Novartis, LG Electronics, and Unilever, each being among the largest portfolio owners in at least seven of the ten analyzed registers [1][5] - Australia has recovered to its 2021 trademark filing volume, primarily due to a 24% increase in applications by foreign-based brand owners in 2024 [5] Group 3: Strategic Insights - Gordon Samson from Clarivate emphasizes the importance for trademark attorneys to understand macro-trends and the economic interplay between jurisdictions to better manage intellectual property [3] - Integrating insights from the report into trademark and business strategies can help brands mitigate risks and capitalize on emerging opportunities [3]

据了解，全省119所技工院校已与2700多家知名企业（华为、京东、科大讯飞等）建立合作关系， 组建23个特色产业联盟（集团），开设2152个订单班、冠名班和企业新型学徒班，近年来毕业生就业率 维持在98%以上。 记者观察发现，随着数字化和人工智能加速进入生产生活领域，新增专业的行业界限越来越模糊。 如徐州机电技师学院的"数字化设计与制造"高级工专业、徐州工程机械技师学院的"智能装备运行与维 护"技师专业属于机械大类，而常州技师学院的"人工智能技术应用"分布在信息大类，苏州市吴中技师 学院今年新增的"工业机器人应用与维护"又属于电子电工大类。专家认为，这反映了数字化和人工智能 技术的普及正在打破传统行业界限，高端化、复合型技能人才正成为新需求。 省人社厅5月14日发布消息，根据《江苏省技工院校教学管理规范》，经专家审核、综合评议，江 苏拟在南京技师学院等65所技工院校增设"数字媒体技术应用"等138个专业，其中有6个专业是江苏技工 院校根据地方产业发展需求，在国内首次开设。 今年新增专业，大多是应校企合作企业用工需求而设立。"此次增设的138个专业中，41个专业与数 字技能相关、33个专业与先进制造业相关、22 ...

Core Viewpoint - DuPont has announced the branding of Qnity, a planned independent public company focused on electronics materials, which will emerge from the spin-off of its Electronics business, aiming to be a leading provider in the semiconductor and electronics industries [1][2]. Company Overview - Qnity will operate as a pure-play electronics materials company, providing solutions for advanced computing, smart technologies, and connectivity [1]. - The company will be supported by over 10,000 employees and will serve advanced electronics customers in more than 80 countries [2]. Branding and Identity - The name Qnity is derived from 'Q', representing electrical charge, and 'unity', symbolizing collaboration [1]. - The logo is designed to reflect innovation and partnership, resembling a power icon and a flexible network radiating from a central chip-like core [2]. Strategic Intent - DuPont's Electronics business has a history of over 50 years of collaboration with industry leaders to drive advancements in electronics [2]. - The new identity of Qnity is positioned to deliver next-generation solutions for evolving technology needs [2]. Spin-off Details - The intended separation of the Electronics business is targeted for completion on November 1, 2025, and will not require a shareholder vote [6].

西南证券股份有限公司王谋,徐一丹近期对三环集团（300408）进行研究并发布了研究报告《2025年一季报点评： 业绩稳健增长，高容MLCC有望持续放量》，上调三环集团目标价至42.9元，给予买入评级。 三环集团 投资要点 事件：公司发布2025年一季报，实现营业收入18.3亿元，同比增长17.2%；实现归母净利润5.3亿元，同比增长 23.0%。。 盈利预测与投资建议：预计2025-2027年公司归母净利润为27.3/32.4/38.6亿元。考虑到公司快速成长的MLCC业务 是被动元件领域具有较高成长性的赛道、国产替代尚有广阔空间可拓展；公司作为平台型电子陶瓷企业在产业链 布局、成本和价格方面竞争优势明显；公司高容产品放量进展优于预期、占比有望持续提升，我们给予公司2025 年30倍PE，对应目标价格42.9元，首次覆盖，给予"买入"评级。 风险提示：下游需求不达预期、高容产品放量不及预期、行业竞争加剧等风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券武芃睿研究员团队对该股研究较为深入，近三年预 测准确度均值为77.31%，其预测2025年度归属净利润为盈利26.56亿，根据现价换算的预测PE为 ...

Core Viewpoint - Sony Group Corporation announced a significant share buyback and reported operating income that exceeded analyst expectations, despite a year-over-year decline in profits [1][2]. Financial Performance - Operating income for the last three months of the financial year was 203.6 billion yen ($1.4 billion), surpassing analyst estimates of 192.2 billion yen, although it represented an 11% decrease from the same period last year [2]. - The company forecasted a slight increase in operating profit of 0.3% to 1.28 trillion yen for the current financial year, despite anticipating a 100 billion yen impact from U.S. trade policies [3][4]. Shareholder Actions - Sony announced a share buyback program worth 250 billion yen ($1.7 billion), which contributed to a 2% rise in its stock price during volatile trading [1][2]. Strategic Moves - The company is planning a partial spinoff of its financial unit, intending to distribute over 80% of the shares to its shareholders through dividends [3]. - The financial unit will be classified as a discontinued operation in Sony's accounting starting from the current quarter, with plans for a public listing this year [3].

Core Viewpoint - The acquisition of TDK's micro motor assets by the controlling shareholder is expected to enhance the company's product line in high-end micro drive motors, positioning it as a leading global supplier across all product ranges [2][3]. Group 1: Acquisition Details - The controlling shareholder, Qiutai Investment Co., Ltd., signed a framework agreement with Japan's TDK to acquire its micro motor assets, which includes over 2,000 patents, more than 2,000 employees, a skilled R&D team, specialized production equipment, and facilities in the Philippines [2]. - The final completion of the acquisition is anticipated in early 2026, with TDK remaining responsible for business operations until the deal is finalized [2]. Group 2: Product Line and Market Position - Micro drive motors are critical components for camera modules, influencing autofocus, optical zoom, and module size. The controlling shareholder previously invested in two companies focusing on mid-to-low-end products, while high-end suppliers remain dominated by overseas firms like TDK and Alps [3]. - This acquisition is expected to allow the controlling shareholder to cover the entire product line from high to low-end, enhancing its competitive position in the market [3]. Group 3: Vertical Integration and Profitability - The company and its controlling shareholder have emphasized vertical integration across the entire camera module supply chain, from upstream optical components to downstream modules and complete devices [4]. - The integration of key components internally or through affiliated suppliers is projected to improve cost structures and leverage technological synergies, thereby enhancing long-term profitability [4]. Group 4: Market Performance and Trends - From January to April, the shipment volume of camera modules decreased by 16.5% year-on-year, but the proportion of shipments for 32MP and above camera modules increased by 9.1 percentage points to 56.5%, indicating a significant optimization in product structure [5]. - The penetration rate of high-end OIS (Optical Image Stabilization) modules is increasing, and the share of high-end products in shipments is expected to rise, which may drive continuous improvement in profitability [6]. - The shipment volume of fingerprint recognition modules surged by 83.1% year-on-year, benefiting from improved supply-demand dynamics and product structure optimization, suggesting ongoing enhancements in profitability [6].

Core Viewpoint - Newland is exploring the application of AI in the payment sector through a partnership with Alibaba Cloud, aiming to integrate AI models with public cloud projects and establish standards for AI and payment integration [1][6]. Group 1: Financial Performance - In Q1 2023, Newland achieved a revenue of 1.896 billion yuan, a year-on-year increase of 8.92%, and a net profit attributable to shareholders of 311 million yuan, up 25.16% [2][3]. - The company's net profit for both 2023 and 2024 is projected to exceed 1 billion yuan, with Q1 2023 net profit reaching a historical high for the same period [1][2]. - The comprehensive gross margin and net margin for Q1 were 38.95% and 19.59%, respectively, showing slight increases from the previous year [3]. Group 2: R&D and Innovation - Newland has committed over 600 million yuan annually to R&D from 2019 to 2024, with 2024's investment projected at 664 million yuan, representing 8.58% of revenue [6]. - The company employs 3,804 R&D personnel, accounting for 56.75% of its total workforce, indicating a strong focus on innovation [6]. Group 3: Market Position and Strategy - Newland operates in over 120 countries and regions, positioning itself as a digital service provider with capabilities in smart terminals, big data processing, and data scenario operations [1]. - The company has established itself as a leader in the payment industry, with a total payment service transaction volume exceeding 520 billion yuan in Q1 2023, and a significant increase in the number of QR code payment transactions [2][3]. - Newland aims to be a pioneer in digital construction, focusing on digital payment, intelligent recognition, and the development of new products and services based on AI models [5][6]. Group 4: Shareholder Returns - Newland has a strong track record of returning value to shareholders, with cash dividends of 507 million yuan and 556 million yuan planned for 2023 and 2024, respectively, resulting in dividend payout ratios of 50.47% and 55.08% [3][4].