Core Viewpoint - Shenzhen Ruifeng Optoelectronics Co., Ltd. has completed the cancellation of a total of 1.7464 million stock options as part of its 2024 stock option and restricted stock incentive plan due to various reasons including employee departures and performance assessments [1][2]. Group 1: Stock Option Cancellation - The company held a board meeting on April 23, 2025, where it approved the cancellation of stock options for employees who no longer qualify as incentive targets due to resignation or other reasons [1]. - A total of 1.715 million stock options will be canceled due to 36 employees leaving the company for personal reasons, which disqualifies them from exercising their options [1]. - Additionally, 3.14 thousand stock options will be canceled for 4 employees whose performance assessments did not meet the required standards, with two achieving a "B" rating (80% exercisable) and two a "C" rating (60% exercisable) [2]. Group 2: Legal and Administrative Procedures - The company has obtained a legal opinion regarding the cancellation of stock options and has submitted the necessary application to the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, for the cancellation process [2]. - The cancellation of the stock options was confirmed and completed on May 22, 2025, and will not affect the company's share capital as these options had not been exercised [2].

Core Insights - The company is making significant progress in its overseas automotive designated business, with the AG company's laser radar line light emission module project entering the final verification stage before mass production, with an expected lifecycle volume of approximately 500,000 units [3] - In the optical communication sector, the company maintains stable cooperation with existing international clients and has received the "2025 Best Award" from Coherent for its business continuity and expansion plans [3] - The company is advancing its global manufacturing layout, focusing on laser radar emission module production in Xi'an, while evaluating capacity expansion plans in Southeast Asia to enhance global responsiveness [4] Business Development - The data communication business, which accelerated after the 2024 acquisition, is pushing some clients into sample verification and small batch stages, with expectations for mass supply in 2025, contributing approximately 5% to revenue in 2024 [3] - In the consumer electronics sector, the company is collaborating with North American clients on AR/VR and 3D perception projects, while the automotive lighting business has secured a new project with AG company for vehicle-mounted projection lighting micro-lens arrays, with a lifecycle demand exceeding 3.3 million units [4] - The company is addressing the anticipated decline in gross margin for laser optical components in 2024 by optimizing costs and expanding into high-margin application areas [4] Profitability Enhancement - The company is optimizing costs by relocating automotive business production lines to Shaoguan, which is expected to improve the performance of products with negative gross margins [4] - The semiconductor processing business is experiencing rapid growth in applications such as wafer annealing and display repair, with the Hefei semiconductor base expected to complete its main structure by November 2024 [4] - The company emphasizes continuous optimization of its business structure, accelerating the ramp-up of new businesses, and improving operational quality through sales strategy optimization, cost control, and cash flow management, with clear profitability improvement goals set for 2025 [4]

本报讯 （记者吴奕萱）5月21日，宁波永新光学股份有限公司（以下简称"永新光学"）在证券日报网举办2024年年度网上 业绩说明会，公司管理层向投资者介绍了主营业务、行业趋势及年度工作等。 据悉，在车载激光雷达领域，永新光学已深耕近10年，经过技术迭代和市场验证，公司已成为禾赛、图达通、法雷奥等全 球头部企业的重要合作伙伴。2024年，公司激光雷达光学元组件业务正式进入规模化量产阶段，收入突破"亿元"大关。 在医疗光学领域，永新光学对标国外中高端产品，以国产替代为目标，致力于突破内窥镜、手术显微镜、高端病理诊断设 备等国产化难题。2024年，内窥镜核心光学元部件业务保持快速增长，产品已覆盖国内70%以上重要内窥镜系统厂家，并实现 复杂模组产品出货。应用于手术显微镜的关键核心光学部组件产品取得技术突破，并开发多款应用于病理诊断的高端医疗设 备。 截至目前，永新光学自主研发的高端显微镜在国内的渗透率已达5%，带动了公司显微镜业务毛利上升。 （编辑 张明富） 2024年，永新光学实现营业收入8.92亿元，同比增长4.41%；归属于上市公司股东的扣除非经常性损益的净利润1.85亿元， 同比增长14.25%。2025年， ...

Market Performance - A-shares continued to rise with major indices showing positive performance, including a 0.12% increase in the Shanghai Composite Index, which stabilized above 3380 points, and a 0.83% increase in the ChiNext Index [2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.2 trillion, indicating active market participation [2] Sector Performance - The precious metals sector surged due to increased risk aversion stemming from global economic instability, leading to significant inflows into gold and other precious metals [2] - The battery sector also performed well, driven by the booming demand for electric vehicles and breakthroughs in solid-state battery technology [2] - The innovative drug concept saw a rebound, bolstered by recent significant collaborations that enhanced market confidence [3] Underperforming Sectors - The light industry and chemical fiber sectors faced declines, impacted by a sluggish real estate market affecting demand for household light industry products and raw material price pressures [3] - The semiconductor sector experienced a net outflow of 3.5 billion, attributed to instability caused by U.S. restrictions on advanced chip technologies [3] External Events and Impacts - The U.S. chip ban poses challenges for the semiconductor industry but may accelerate domestic companies' R&D capabilities [4] - The completion of the China-ASEAN Free Trade Area 3.0 negotiations is expected to create significant market opportunities for related sectors such as ports and logistics [4] - The promotion of IPv6 development has led to increased investment in seven related concept stocks, indicating market optimism [4]

文 | 银行螺丝钉 （转载请注明出处） 基金2025年的1季报更新 完毕， 螺丝钉也梳理了一下投顾组合基金经理池中，主动基金经理的 1 季报 。 包括基金经理的观点，以及基金的一些数据信息。 基金经理观点怎么看 基金经理在季报中会有两个主要的内容。 • 一个是回顾过去一段时间的投资； • 另一个是对未来市场的观点。 后者会更重要一些。 不同基金经理，对待这一部分的态度也不同。 • 有的基金经理会很详细的写很多 ，例如景顺长城的杨锐文，就以报告观点详细著称。 • 有的基金经理写的不多（可能投资做的不错，但在报告里不怎么解释）。 并且，基金经理因为投资风格不同，每个人的偏好自然会有区别。 例如： • 价值风格的基金经理，偏向于低估值的品种一些。 • 成长风格的基金经理会更看重品种的增长速度。 所以，对基金经理的观点，也要辩证看待～ 我们把基金经理分成了几组。 • 2016-2017年表现不错； • 2019-2020年跑输市场； • 2021 -2024年跑赢市场。 报告期内,本基金持仓基本不变,基 金业绩基本跑平市场,考虑到当前持 仓公司的基本面，我们对未来的信心 还是比较强的。 展望以后，我们认为影响市场的因 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 电池汽车行业领涨 A 股小幅上扬 ——市场分析 相关报告 《市场分析：汽车消费行业领涨 A 股震荡上 行》 2025-05-20 《市场分析：航天地产行业领涨 A 股小幅波 动》 2025-05-19 联系人： 李智 周三（05 月 21 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指平 开后震荡上行，盘中沪指在 3394 点附近遭遇阻力，午后股指维持震 荡，盘中汽车、电池、航运港口以及化学制药等行业表现较好；电 机、光学光电子、通用设备以及消费电子等行业表现较弱，沪指全 天基本呈现小幅震荡上行的运行特征。创业板市场周三震荡上行， 创业板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周三 A 股市场冲高遇阻、小幅震荡上行，早盘股指平开后震荡上 行，盘中沪指在 3394 点附近遭遇阻力，午后股指维持震荡，盘中汽 车、电池、航运港口以及化学制药等行业表现较好；电机、光学光 电子、通用设备以及消费电子等行业表现较弱，沪指全天基本呈现 小幅震荡上行的运行特征。当前上证综指与创业板指数的平均 ...

Core Viewpoint - The company, United Optics, announced a plan to acquire 100% of Dongguan Changyi Optoelectronics Co., Ltd. through a share issuance and fundraising, with the transaction details expected to be disclosed within 10 trading days. Despite its involvement in multiple hot sectors, the company has struggled to achieve a net profit target of 100 million yuan since its listing in 2017 [2][4]. Group 1: Acquisition Details - The acquisition is still in the planning stage, and the market remains cautious regarding the rationale behind the merger due to undisclosed details such as share issuance price and asset valuation [3]. - United Optics specializes in optical lens manufacturing and has diversified into high-end security video monitoring, intelligent driving, new displays, and artificial intelligence [3][4]. - Changyi Optoelectronics, established in 2009, has a registered capital of 80 million yuan and specializes in optical instrument manufacturing and sales, which could complement United Optics' existing capabilities [3]. Group 2: Business Synergy - There is a significant synergy between United Optics and Changyi Optoelectronics, particularly in R&D and manufacturing, with Changyi holding 67 patents and recognized as a high-tech enterprise [3]. - Changyi's established relationships with well-known companies in consumer electronics and security could help United Optics expand its market reach [3]. Group 3: Financial Performance - Despite a promising business outlook, United Optics has experienced fluctuating performance, with a 40.02% decline in net profit in 2024, and a 3.54% drop in revenue in Q1 2024 [5]. - The company has not yet achieved its net profit goal of 100 million yuan, with net profit margins decreasing from 8.78% in 2017 to 1.75% in 2024 [5]. Group 4: Regulatory Issues - United Optics faced regulatory scrutiny due to misleading disclosures regarding its robotics business, which led to a significant drop in stock price [6][7]. - The company has been criticized for its diversification strategy, which has not yielded substantial benefits and has raised concerns about "hitching a ride" on market trends [6][7]. Group 5: Future Strategy - The company plans to focus on solidifying its position in the video monitoring lens market while increasing investments in intelligent display technologies and expanding its production scale in vehicle-mounted lenses [8]. - However, the timeline for its new display and smart wearable product projects has been delayed due to external macroeconomic factors and regulatory policies [8].

Group 1: Semiconductor Business Progress - In 2024, the company's revenue from semiconductor and related fields reached 51 million, an increase of 82% compared to the previous year [1] - Revenue from semiconductor business, including lithography and testing, was approximately 17.7 million, with products used in mature processes and advanced lithography equipment [1] - The company has deepened cooperation with existing semiconductor clients and increased both product categories and client numbers in 2024 [2] Group 2: Growth Points for 2025 - The company continues to implement the "Optics+" strategy, with projected revenue of approximately 33 million from PCB and display fields in 2024 [2] - The PCB laser micro-processing lens has significantly increased orders, indicating a shift towards domestic alternatives [2] - Revenue from consumer-grade optical products, particularly AR/VR, was about 5.5 million in 2024, with expectations for substantial growth in 2025 due to improved market demand [2] - The infrared imaging optical business underperformed in 2024 but is expected to recover in 2025 as market conditions stabilize [2] Group 3: Equipment and Manufacturing Capabilities - The company possesses over 20 years of precision optical processing experience and advanced manufacturing capabilities, including high-precision polishing and coating equipment [4] - Current equipment, primarily domestic with some imports, meets the demands of the semiconductor business, with processing precision reaching ultra-precision levels [4] - The company has established advanced manufacturing process centers and cleanroom environments to ensure high-quality production standards [4] Group 4: Risk and Disclosure - The company emphasizes that information disclosed during investor relations activities should be verified against official announcements on designated platforms [5] - No significant undisclosed information was involved in this investor relations activity [6]

中原证券认为，周二A股市场高开高走、小幅震荡上行，盘中汽车、食品饮料、光学光电子以及文化传 媒等行业表现较好；航运港口、航天航空、煤炭以及房地产等行业表现较弱，沪指全天基本呈现小幅震 荡上行的运行特征。一季度GDP同比增长5.4%，经济复苏动能强劲，企业盈利增速拐点显现，现金流 改善为市场提供基本面支撑。人民币汇率企稳回升，外资流入预期增强，流动性环境整体宽松。预计短 期市场以稳步震荡上行为主，市场有望延续结构性行情，政策支持与流动性宽松为市场提供底部支撑。 仍需密切关注政策面、资金面以及外盘的变化情况。 东莞证券认为，周二，大盘高开后红盘震荡，北证50、微盘股指数均创历史新高。海外市场方面，美联 储副主席杰斐逊表示，在制定货币政策时，将把穆迪下调美国信用评级视为普通的经济数据；纽约联储 主席威廉姆斯表示，在贸易动荡的背景下，对外国投资者撤离美国资产的担忧确实存在，但他认为，美 国"避风港"地位目前并未面临紧迫风险。国内市场方面，4月经济数据顶住压力稳定增长。往后看，外 部环境不确定性仍存在，但当前A股市场具备较高的战略定力和更强的韧性，大盘在此位置也有进一步 上行的动力。短期市场或维持震荡走势，长期看市场有 ...

斯迪克：光学显示板块进口替代进程有加速的预期 金十数据5月20日讯， 斯迪克近日在接受机构调研时表示，光学显示板块是公司研发投入最大、产品附 加值最高的业务板块，该领域的市场很大，长期以来美国和日本的供应商占领了绝大多数的市场份额。 近年来，斯迪克在折叠屏和VR眼镜领域，已经积累了一定的经验，光学显示板块的销售收入呈现快速 增长的态势。全球关税风暴之后，该领域进口替代的进程有加速的预期。 ...