Core Insights - The flat panel display technology is experiencing a surge in market demand, driven by the growth of the global technology industry [1] - Fujian Province's export of flat panel display modules reached 12.872 billion yuan in the first seven months of this year, marking a year-on-year increase of 15.72% [1] - The Belt and Road Initiative countries have provided significant opportunities for Fujian's flat panel display module exports, with a total export value of 7.942 billion yuan, up 16.56% year-on-year, accounting for 61.7% of the province's total exports in this category [1] Industry Support - Xiamen Customs is actively supporting the development of the flat panel display industry by innovating regulatory services to align with enterprise export plans and customs needs [1] - The customs authority has facilitated the approval of cross-cycle import and export applications for six companies and 43 batches of goods, saving enterprises over 8 million yuan in taxes during the first seven months of the year [1]

Core Viewpoint - Shenzhen Textile A has seen a significant increase in stock price, reflecting positive market sentiment and the company's successful transformation into a high-tech industry focused on LCD polarizers [1] Company Overview - Shenzhen Textile (Group) Co., Ltd. is located in the Qianhai Shenzhen-Hong Kong Cooperation Zone and was established in 1984, originally focusing on textile and garment processing [1] - The company has successfully transitioned to specialize in LCD polarizers, becoming a key player in the flat panel display industry [1] - The polarizer project has been recognized as a "major project in Shenzhen," indicating its importance to the local economy [1] Market Performance - As of August 12, the stock price of Shenzhen Textile A rose by 6.35%, reaching 12.23 yuan per share, with a trading volume of 318 million yuan and a turnover rate of 5.9% [1] - The total market capitalization of the company is 6.195 billion yuan [1] Financial Performance - For the period from January to March 2025, Shenzhen Textile A reported a revenue of 778 million yuan, representing a year-on-year growth of 2.18% [1] - The net profit attributable to shareholders was 20.8643 million yuan, showing a slight increase of 0.42% year-on-year [1] - As of March 31, the number of shareholders was 35,100, with an average of 14,400 circulating shares per shareholder [1]

Group 1 - The company Aishi Chuang (SZ 300706) announced that it will hold an investor research meeting on July 28-29, 2025, with participation from Vice General Manager and Board Secretary Sun Hao [2] - The revenue composition for Aishi Chuang in 2024 is as follows: Engineering new materials account for 33.25%, Flat panel display for 30.01%, Other industries for 17.45%, Optics for 17.28%, and Trade for 2.0% [2]

Group 1 - The convertible bond of Zhengfan Technology has increased by 3.44% to 138.18 CNY per share, with a trading volume of 61.9493 million CNY and a conversion premium rate of 47.66% [1] - Zhengfan Technology's convertible bond has a credit rating of "AA" and a maturity of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [1] - The conversion price for the bond is set at 38.54 CNY, with the conversion period starting on September 24, 2025 [1] Group 2 - Zhengfan Technology, founded in 2009, provides key process system solutions to various high-tech industries in China, including integrated circuits and biopharmaceuticals [2] - For the first quarter of 2025, Zhengfan Technology reported a revenue of 676.7 million CNY, a year-on-year increase of 14.94%, and a net profit of 34.423 million CNY, up 38.23% year-on-year [2] - The company has a highly concentrated shareholder structure, with the top ten shareholders holding 38.07% of the shares, and an average holding amount of 1.02 million CNY per shareholder [2]

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].