Core Insights - The article discusses the emergence of a "new era" in China's venture capital market, emphasizing the need for adaptability and trend alignment to seize opportunities amid uncertainty [1] Group 1: Event Overview - The WAVES New Wave 2025 conference took place on June 11-12 at the Hangzhou Liangzhu Cultural Art Center, focusing on themes such as AI innovation, globalization, and value reassessment [1] - The event gathered top investors, emerging entrepreneurs, and experts in technology and innovation to explore future business ideals and the evolving landscape of venture capital in China [1] Group 2: Xiamen Torch High-tech Zone - Xiamen Torch High-tech Zone is a key driver of high-tech industry development in Xiamen and Fujian, ranking 14th nationally in the latest assessment [4][5] - The zone contributes to 40% of Xiamen's industrial output and 70% of its software and information industry, despite occupying less than 3% of the city's land area [5] - It is responsible for the construction of six trillion-yuan industrial chains, including software and information services, flat panel displays, and semiconductors [5] Group 3: Xiamen Innovation and Entrepreneurship Park - The Xiamen Innovation and Entrepreneurship Park, established to incubate high-tech SMEs and facilitate technology transfer from universities, has evolved from its original focus on overseas scholars [7] - The park currently supports over 3,500 enterprises, with more than 1,000 graduated companies, including 9 listed firms and 430 national high-tech enterprises [8] - It has built a comprehensive service platform offering technical, financial, and human resource support to startups [8][9] Group 4: Collaboration with Xiamen University - Xiamen University has initiated the "Xiamen University Torch Growth Camp" to enhance collaboration between academia and industry, focusing on technology transfer and innovation [11] - The program has expanded its reach to 43 cities and 123 universities nationwide, aiming to identify high-quality projects for incubation [11] - The university leverages its research capabilities to support local industries, particularly in hard technology fields [12][13] Group 5: Investment Initiatives - The Xiamen Torch Entrepreneurship Camp has established a 1 billion yuan technology transfer fund to promote the commercialization of university research [17] - The fund targets projects emerging from university research teams, focusing on sectors such as biomedicine, semiconductors, and new materials [17] - The camp emphasizes practical training and resource connectivity, offering free programs and scholarships to participants [15][16]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the context of continued tariff conditions and global geopolitical tensions, the equity market may continue to experience index fluctuations, waiting for the progress of the technology industry to drive a new round of upward technology market. The convertible bond market showed strong resilience last week, with a slight increase in valuation. After the successive announcements of early redemptions of Hangyin and Nanyin convertible bonds, the problem of bottom - position allocation in the convertible bond market has become more urgent. Attention can be paid to underlying stocks with better fundamentals among the convertible bonds with positive YTM. If large - balance convertible bonds have their ratings downgraded, it may be a good opportunity to increase positions in convertible bonds. When selecting bonds, one can take advantage of the inconsistent driving factors of the dividend and technology sectors to reduce portfolio volatility and look for targets driven by performance and/or valuation, starting from three aspects: performance - driven, event - catalyzed, and dividend and defensive [3][19]. Summary by Relevant Catalogs Market Focus from June 9th to June 13th Stock Market - The equity market showed an overall fluctuating pattern last week. Against the backdrop of intensified global geopolitical conflicts, the prices of gold and crude oil rose significantly, and the introduction of export control measures related to rare earth permanent magnets drove the non - ferrous metals and petroleum and petrochemical sectors to perform well. Affected by the suspension of trade - in subsidy activities in some regions, consumer sectors such as food and beverage and household appliances adjusted significantly. Most Shenwan primary industries closed down last week, with non - ferrous metals (+3.79%), petroleum and petrochemical (+3.50%), agriculture, forestry, animal husbandry and fishery (+1.62%), media (+1.55%), and pharmaceutical and biological (+1.40%) leading the gains; food and beverage (-4.37%), household appliances (-3.26%), building materials (-2.77%), and computer (-2.52%) performing poorly [1][9][10]. Bond Market - The bond market strengthened overall last week. The inflation in May remained low, the year - on - year export declined to 4.8%, the capital cost continued to decline, the overnight capital interest rate reached a new low this year, and the intensified geopolitical conflicts and the decline in market risk appetite all benefited the bond market. The yield of the 10 - year treasury bond closed at 1.64% on Friday, down 1.07bp from the previous week [1][10]. Convertible Bond Market - Most convertible bond issues closed down last week. The CSI Convertible Bond Index decreased by 0.02% for the whole week, the median price decreased by 0.63%, the arithmetic average parity calculated decreased by 0.95% for the whole week, and the overall market conversion premium rate increased by 0.61% compared with the previous week. In terms of individual bonds, Jinling (football concept), Jinji (reactive dyes), Haibo (steel structure engineering), Liande (display module equipment), and Zhite (aluminum formwork for construction) convertible bonds led the gains; Zhengyu (automobile shock absorbers and components & early redemption announced), Huati (intelligent transportation system), Haomei (aluminum profiles), and Tianyang (financial IT) convertible bonds led the losses. Most industries in the convertible bond market closed down last week, with communication (-4.42%), media (-3.67%), automobile (-1.63%), and computer (-1.58%) experiencing relatively large declines, while social services (+8.88%), non - bank finance (+1.37%), agriculture, forestry, animal husbandry and fishery (+0.79%), and banks (+0.78%) performing well. The total trading volume of the convertible bond market last week was 346.489 billion yuan, with an average daily trading volume of 69.298 billion yuan, showing an increase compared with the previous week [2][10][13][14][18]. Views and Strategies from June 16th to June 20th - The equity market may continue to fluctuate, waiting for the technology industry to drive a new round of upward market. The convertible bond market showed strong resilience last week, with a slight increase in valuation. After the early redemptions of Hangyin and Nanyin convertible bonds, attention can be paid to underlying stocks with better fundamentals among the convertible bonds with positive YTM. If large - balance convertible bonds have their ratings downgraded, it may be a good opportunity to increase positions. When selecting bonds, one can take advantage of the inconsistent driving factors of the dividend and technology sectors to reduce portfolio volatility and look for targets from three aspects: performance - driven, event - catalyzed, and dividend and defensive [3][19][20]. Valuation Overview - As of June 13th, 2025, for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 39.18%, 27.52%, 18.77%, 13.77%, 8.02%, and 4.3% respectively, at the 79%/57%, 72%/46%, 65%/36%, 69%/46%, 58%/30%, and 64%/28% percentile values since 2010/2021. For debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was 0.43%, at the 12%/3% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 30.27%, at the 51%/27% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was - 17.65%, at the 12%/18% percentile values since 2010/2021 [21]. Primary Market Tracking Newly Announced Issuances Last Week (June 9th - June 13th) - Luwei Convertible Bond (118056.SH): The underlying stock is Luwei Optoelectronics (688401.SH), belonging to the electronics industry. The convertible bond issuance scale is 615 million yuan, with a credit rating of AA -. The funds after deducting issuance fees will be used for semiconductor and high - precision flat - panel display mask expansion projects, acquisition of minority shareholders' equity in Chengdu Luwei, and supplementing working capital and repaying bank loans. - Dianhua Convertible Bond (127109.SZ): The underlying stock is Xiangtan Dianhua (002125.SZ), belonging to the power equipment industry. The convertible bond issuance scale is 487 million yuan, with a credit rating of AA. The funds after deducting issuance fees will be used for a project to produce 30,000 tons of spinel - type lithium manganate battery materials and supplementing working capital. - Anke Convertible Bond (123257.SZ): The underlying stock is Anke Innovation (300866.SZ), belonging to the electronics industry. The convertible bond issuance scale is 1.105 billion yuan, with a credit rating of AA+. The funds after deducting issuance fees will be used for R & D and industrialization projects of portable and household energy storage products, new - generation intelligent hardware products, warehousing intelligent upgrading, full - link digital operation center, and supplementing working capital [30][31][32]. Upcoming Listings - Hengshuai Convertible Bond (123256.SZ) is expected to be listed on June 17th. The underlying stock is Hengshuai Co., Ltd. (300969.SZ), belonging to the automobile industry. The convertible bond issuance scale is 328 million yuan, with a credit rating of A+. The funds after deducting issuance fees will be used for a project to build a new automobile parts production base in Thailand, an expansion project of an annual production of 19.54 million automobile micro - motors and cleaning and cooling system components and R & D center expansion, and R & D center expansion [33][34]. Issuance Progress - Last week, the exchange approved the registration of 1 company (Libote), and the general meetings of shareholders passed the proposals of 2 companies (Xianghe Industry and Lianrui New Materials). As of now, there are 82 convertible bonds to be issued, with a total scale of 129.19 billion yuan, including 8 that have been approved for registration with a total scale of 14.43 billion yuan and 4 that have passed the listing committee review with a total scale of 2.93 billion yuan [35].

Group 1: Definition and Classification of Photomasks - Photomasks, also known as photomask or lithographic mask, are essential tools in microelectronics manufacturing for transferring patterns onto substrates [2][4] - Photomasks can be classified into quartz masks, soda masks, and others, with quartz masks being preferred for high-precision applications due to their superior optical properties [6][16] Group 2: Manufacturing Process of Photomasks - The manufacturing process of photomasks is complex, involving multiple steps such as CAM file processing, photoresist coating, laser lithography, developing, etching, and inspection [6][9] - Key parameters such as critical dimension (CD) and overlay accuracy are crucial for ensuring the quality and yield of photomasks [9][10] Group 3: Photomask Industry Chain - The photomask industry chain consists of upstream raw material suppliers, midstream manufacturers, and downstream users including IC manufacturers and flat panel display (FPD) producers [14][16] - Major players in the midstream photomask manufacturing include companies like HOYA, DNP, and LG-IT, while downstream users include TSMC and Intel [14] Group 4: Market Characteristics of Semiconductor Photomasks - The semiconductor photomask market is projected to reach USD 5.4 billion, with mature processes accounting for 87% of the market share [34] - The market has shown steady growth, with a compound annual growth rate (CAGR) of nearly 7% from 2020 to 2023 [34][39] Group 5: Market Characteristics of Flat Panel Display Photomasks - The flat panel display photomask market is primarily driven by demand in China, which accounted for 57% of global demand in 2022 [57] - The market is expected to grow, with a projected increase in demand for larger and higher precision displays [60][62] Group 6: Competitive Landscape of Photomasks - The global semiconductor photomask market is highly concentrated, with major players like Photronics, Toppan, and DNP controlling over 80% of the market [69] - Domestic manufacturers in China are rapidly catching up, with companies like SMIC and Longtu Photomask making significant advancements [69][74] Group 7: Future Trends in Photomasks - The development of advanced logic processes and specialty processes represents two major directions in semiconductor manufacturing [82] - The trend towards smaller feature sizes and increased integration in semiconductor devices will drive demand for high-precision photomasks [84]

Group 1 - The global flat panel display market is expected to grow by 11% year-on-year in 2024, driven by various product categories, with televisions and tablets contributing the most to the growth [1] - Television panel revenue is projected to increase by 19% in 2024, primarily due to rising demand in the large-size segment, which also improves the overall average selling price [1] - The smartphone remains the largest application area for flat panel displays in 2024, but its growth is expected to be flat, aligning with downstream shipment trends [1] Group 2 - The display and PC panel revenue is anticipated to achieve double-digit growth in 2024 after hitting a low at the end of 2023, with future growth expected to maintain mid-single-digit levels [4] - The AR/VR panel revenue is declining due to a drop in device shipments, but growth is expected to resume in the next couple of years, particularly with the integration of AI technologies [4] - The automotive sector is becoming a significant growth driver for panel revenue, with increasing demand for larger and more precise displays in cockpit infotainment systems [4]

Core Insights - The global flat panel display market is expected to grow by 11% year-on-year in 2024, driven by strong performance across various product categories, particularly televisions and tablets [2][3] - The automotive sector is anticipated to become a significant growth driver in the future, with high single-digit to low double-digit revenue growth rates expected [3][7] Market Performance - In 2024, television panel revenue is projected to increase by 19%, primarily due to rising demand in the large-size segment, which also improves the overall average selling price [2] - Smartphone panel revenue is expected to remain flat, aligning with downstream shipment trends, and is projected to decline in the long term [2][3] Product Insights - The iPad 13 Pro series utilizing OLED panels is contributing to a recovery in tablet revenue, returning to pre-pandemic levels [2] - The flat panel display market is entering a product-driven growth phase, with expectations for a new cycle around 2027 when foldable devices from Apple are anticipated to enter the market [2] Sector Analysis - Monitor and PC panel revenues are expected to achieve double-digit growth in 2024 after hitting a low at the end of 2023, with future growth projected to stabilize at mid-single-digit levels [5] - The AR/VR panel market is facing a downturn due to declining device shipments, but growth is expected to resume in the next couple of years, particularly with the integration of AI technologies [7] Automotive Sector - The automotive display market is highlighted as a key growth area, with increasing demand for larger and more sophisticated displays driving revenue growth [7][9] - The evolution of in-cabin infotainment systems is becoming a competitive battleground for automakers, especially among Chinese manufacturers [9]

Core Viewpoint - The article emphasizes the importance of metrology as a driving force for technological and industrial innovation in Jiangsu Province, highlighting the need for advancements in measurement technology to overcome existing technical bottlenecks and support various industries [1][2]. Group 1: Metrology Innovation and Industry Integration - Jiangsu aims to establish itself as a leader in integrating technological and industrial innovation, with metrology being a key component in this process [1]. - The province has set up seven national industrial metrology testing centers and 13 provincial centers in various fields, including new energy vehicles and biomedicine, to drive innovation [2]. - Over 20 measurement technologies have been developed, filling domestic gaps and promoting industrial upgrades through precise metrology [2]. Group 2: Comprehensive Metrology Service System - A comprehensive metrology service system is being constructed to support industrial innovation, focusing on sectors like new energy and intelligent robotics [3]. - The establishment of provincial metrology technical committees aims to align metrology services with industry needs, enhancing communication between government and enterprises [3]. - Future plans include optimizing the metrology service platform to provide tailored support across the entire product lifecycle, from design to after-sales [3]. Group 3: Market-Oriented Metrology Technology Transformation - The transformation of metrology innovations into marketable solutions is crucial for enhancing industrial productivity [4][5]. - A recent challenge event facilitated technology transactions worth nearly 12 million yuan, demonstrating the effectiveness of metrology technology in driving product development [5]. - The province plans to establish a market-oriented mechanism for the transfer of metrology innovations, fostering collaboration across various sectors [5]. Group 4: Talent Development in Metrology - The development of a skilled workforce in metrology is essential for supporting innovation and industrial growth [6]. - Collaborative training programs with universities and the establishment of a national metrology talent training base are underway to enhance talent acquisition [6]. - The province aims to attract high-level talent and create a diverse metrology workforce to drive innovation and meet industry demands [6].

Core Viewpoint - The event "Financial Empowerment Layout Global" held in Shenzhen emphasizes the collaboration between government, banks, and enterprises to promote high-quality development of private enterprises and support their international expansion [1][8]. Group 1: Financial Support for Private Enterprises - The China Bank Shenzhen Branch has provided significant financial services to private enterprises, with a loan balance exceeding 390 billion yuan, accounting for over 65% of private sector lending [1]. - The bank has served over 50,000 cross-border clients, facilitating the global reach of products representing "Chinese creation" [4]. Group 2: Success Stories of Private Enterprises - Kangguan Technology achieved over 15.5 billion yuan in sales last year, with over 80% from overseas markets, supported by China Bank's facilitation of foreign exchange settlement [3]. - Xinwanda has optimized costs and upgraded its supply chain by establishing production capacities in Vietnam and India, with financial backing from China Bank for its overseas projects [3]. Group 3: Strategic Initiatives and Future Plans - China Bank Shenzhen Branch leads in international trade settlement and cross-border RMB settlement in the Shenzhen market, enhancing its role as a financial supporter for private enterprises going global [6]. - The bank plans to implement policies to support credit for "going out" enterprises, facilitate trade and investment, and manage exchange rate risks, aligning with the "stabilizing foreign trade" initiatives [6].

深圳被称为"民营经济第一城"和"中国外贸第一城"，民营经济与外贸的"线条"交汇，编织成"出海风帆"。中行深圳市分行以有速度、有力度、有深度的金融服务， 为民营企业"出海"保驾护航，民营经济贷款余额突破3900亿元，民营投放占比超65%。 4月29日，由深圳市工商联和中国银行深圳市分行主办的"金融赋能布局全球"——开拓民营企业发展新格局主题活动在深圳举办，政银企携手擘画民营企业高质量发 展新蓝图，进一步彰显了服务民营企业出海、助力更多"深圳品牌"走向世界的决心。 开拓民营企业发展新格局主题活动现场 以更具实效服务 为民营企业出海架起"金融桥梁" "去年我们实现了超155亿的销售额，其中有80%以上都来自海外市场，客户覆盖了全球100多个国家和地区。做外销收的外汇，都是中国银行帮我们做的便利化结售 汇。"康冠科技供应链总经理、投资总经理吴远在活动分享时表示。据了解，成立于1995年的康冠科技凭借皓丽、KTC、FPD三大品牌矩阵，已经将产品出口到北 美、欧洲、亚洲及澳洲等多个国家和地区，向全世界输出"中国智造解决方案"。 从2007年起，中行深圳市分行就与康冠科技开展了授信合作，此后从跨境结算、汇率风险管理、资金配 ...

Group 1 - In the first quarter, Yichun's total import and export reached 5.15 billion yuan, a year-on-year increase of 26.1% [1] - Exports amounted to 4.46 billion yuan, growing by 30.3%, while imports were 690 million yuan, increasing by 4.3% [1] - Production-oriented enterprises dominated the foreign trade, accounting for 81.7% of the total foreign trade value [1] Group 2 - Private enterprises played a significant role as a "stabilizer" in foreign trade, with imports and exports reaching 3.36 billion yuan, a growth of 36.9% [1] - Foreign-invested enterprises had imports and exports of 1.7 billion yuan, growing by 9%, while state-owned enterprises accounted for 97.37 million yuan, increasing by 27.2% [1] Group 3 - Trade with major partners showed overall growth, with ASEAN, EU, Japan, and the US seeing respective trade values of 1.27 billion yuan, 810 million yuan, 700 million yuan, and 630 million yuan [2] - Trade with Belt and Road countries reached 2.62 billion yuan, growing by 38.7%, while trade with other RCEP members was 2.2 billion yuan, increasing by 47.1% [2] Group 4 - Processing trade continued to rise, with imports and exports totaling 1.25 billion yuan, a growth of 89.8%, accounting for 24.3% of the total [2] - Mechanical and electrical products maintained a rapid growth rate, with exports of 2.01 billion yuan, increasing by 67.7% [2] Group 5 - The demand for intermediate goods remained stable, with imports totaling 620 million yuan, a growth of 5.2%, making up 90.7% of total imports [3] - Integrated circuits and inorganic chemicals saw imports of 220 million yuan and 100 million yuan, growing by 5.7% and 34.7% respectively [3]