Investment Rating - The industry is rated as "Outperform" compared to the market, indicating a potential increase of over 10% relative to the market index in the next six months [4][50]. Core Insights - In 2024, the SW electronics industry is expected to achieve a revenue of CNY 3,329.907 billion, representing a year-on-year growth of 16.90%. The gross margin is projected to be 15.47%, a slight decline of 0.31 percentage points, primarily due to raw material cost pressures. The net profit attributable to shareholders is forecasted to be CNY 129.296 billion, a significant increase of 43.07% year-on-year, indicating improved profitability [1][13]. - In Q1 2025, the industry is anticipated to generate revenue of CNY 823.831 billion, with a year-on-year growth of 17.98%, and a net profit of CNY 34.263 billion, reflecting a 29.58% increase year-on-year, marking the highest growth in nearly three years for Q1 [1][19]. Summary by Sections 1. Industry Performance - The SW electronics industry is experiencing a recovery in performance, with 2024 showing a significant improvement in revenue and net profit. The overall expense ratio has decreased, indicating better cost control [1][13]. - Q1 2025 has set new records for revenue and net profit, both achieving double-digit year-on-year growth [1][19]. 2. Subsector Analysis - **Semiconductors**: The sector is expected to recover in 2024, with Q1 2025 continuing this upward trend. Key subsectors like integrated circuit manufacturing and analog chip design have returned to profitability, driven by demand from terminal recovery and AI computing [2][20]. - **Consumer Electronics**: Performance is mixed, with revenue growth outpacing profit growth due to raw material cost pressures. New product launches and promotional events are expected to boost demand [2][24]. - **Optoelectronics**: The panel sector has returned to profitability, aided by improved supply dynamics and production strategies. All subsectors showed revenue growth in Q1 2025, reflecting overall recovery [2][29]. - **Components**: The sector benefits from the high demand in the AI computing supply chain, with significant revenue and profit growth in Q1 2025 [3][34]. - **Electronic Chemicals**: This sector has shown steady revenue growth, with improved profitability in Q1 2025 due to the overall recovery in the semiconductor industry [3][40]. - **Other Electronics**: This sector's performance has improved, but profit growth has lagged behind revenue growth due to cost pressures [3][46]. 3. Investment Recommendations - The SW electronics industry is expected to see overall growth in 2024 and Q1 2025, with varying performance across subsectors. Key areas to watch include digital chip design, advanced packaging, and PCB sectors, which are showing signs of improved profitability [3][46].

Group 1 - China has been Germany's largest trading partner for eight consecutive years since 2016, indicating strong bilateral trade relations [1][7] - The new German government, led by Merz, signifies a return to traditional policies, emphasizing the importance of maintaining economic ties with China [1][5] - A joint proposal from 36 German companies in China urges the new government to increase investments in China rather than reduce them, highlighting the need for a balanced approach to risk management [1][4] Group 2 - The complementary nature of the industrial structures between China and Germany remains strong, with certain sectors like aerospace and medical technology still competitive for Germany [2] - German companies view the Chinese market as crucial for their global competitiveness, with 92% of surveyed companies expressing a desire to remain in China [6] - The anticipated investment from German companies in China is projected to reach €5.7 billion in 2024, reflecting a 25% increase from the previous year [6] Group 3 - The new German government's coalition agreement emphasizes the necessity of cooperation with China while addressing the concept of "de-risking" [5] - There is a strong demand from the German business community for reduced bureaucratic barriers in bilateral investments, as previous restrictions on Chinese investments have been rolled back [4][5] - Germany's industrial policy is shifting focus towards future-oriented technologies, including AI and quantum computing, while still recognizing the importance of the Chinese market [8]

Group 1 - The core index, the China Securities Hong Kong and US Listed Global Smart Car Theme Index, reported a value of 5461.69 points, with a recent one-month increase of 8.39%, a three-month decrease of 10.04%, and a year-to-date decline of 9.83% [1] - The index comprises 50 listed companies involved in smart automotive sectors such as perception positioning, decision planning, control execution, smart cockpit, and vehicle networking, reflecting the overall performance of these companies in the Hong Kong and US markets [1] - The index is based on a starting point of 1000.0 points as of December 30, 2016 [1] Group 2 - The top ten holdings of the index include Li Auto-W (9.52%), NVIDIA Corp (9.44%), Xpeng Motors-W (8.84%), Tesla Motors Inc (8.59%), Marvell Technology Group Ltd (6.26%), Rivian Automotive Inc. (5.6%), Lucid Group Inc (3.64%), Aurora Innovation Inc. (3.61%), Baidu Group-SW (3.27%), and Analog Devices Inc (3.19%) [2] - The index's holdings are primarily listed on the Nasdaq Global Select Market (60.44%), followed by the Hong Kong Stock Exchange (29.66%), Nasdaq Capital Market (5.02%), and New York Stock Exchange (4.88%) [2] - In terms of industry distribution, passenger vehicles account for 23.02%, digital media for 3.27%, optical optoelectronics for 3.05%, and automotive parts and tires for 0.32% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [3] - Weight factors are adjusted in accordance with the sample changes, and generally remain fixed until the next scheduled adjustment [3] - Special circumstances may lead to temporary adjustments, including the removal of samples that are delisted or undergo mergers, acquisitions, or splits [3]

Group 1 - The Hang Seng Technology Index increased by over 5%, while the Hang Seng Index rose by more than 3% [1] - Sunny Optical Technology surged approximately 17%, and AAC Technologies experienced a rise of around 16% [1]

证券研究报告 | 策略研究 gszqdatemark 2025 05 12 年 月 日 投资策略 财报过后，供给出清、出口链与高股息再梳理 一、策略专题：供给出清、出口链与高股息再梳理 4 月 30 日，A 股 2024 年报与 2025 一季报披露完毕，我们结合最新数据 对供给出清、出口链与高股息行业进行再梳理。 从供需格局的角度，有两类行业值得关注，第一类是左侧思路的"供给出 清"行业，即库存与产能均处于较为明显的出清状态，在需求能够保持稳 定甚至高速增长的背景下，上述行业有望凸显盈利弹性，25Q1 具备上述 特征的行业主要包括塑料、通用设备、游戏、种植业、小金属、光学光电 子、通信服务。 即国内需求存在压力的情况下，海外收入占比较高的出口链有望取得独立 景气，我们结合 2024 年上市公司主营构成与海关总署披露的出口数据对 各行业海外收入占比进行测算，当前全球出口链重点行业包括其他家电、 消费电子、航运港口、小家电、工程机械等。 第二类行业是右侧思路的"强势扩产"行业，即营收高速增长反映需求旺 盛，同时产能扩张处于较高水平，未来有望通过提高产量推动利润扩张， 25Q1 具备上述特征的行业主要包括其他电子 ...

证券研究报告 | 策略研究 gszqdatemark 2025 05 12 年 月 日 投资策略 财报过后，供给出清、出口链与高股息再梳理 一、策略专题：供给出清、出口链与高股息再梳理 4 月 30 日，A 股 2024 年报与 2025 一季报披露完毕，我们结合最新数据 对供给出清、出口链与高股息行业进行再梳理。 1.3 高股息：交运与消费部分行业股息率有明显抬升 我们结合各行业 2025 年现金分红情况与最新的 PE（ TTM）对预期股息率 进行测算，高股息重点行业包括煤炭开采、油气开采、炼化与贸易、航运 港口、白色家电等。值得提示的是，今年交运与消费部分行业股息率相对 上年有明显抬升，包括航运港口、物流、白色家电、装修建材等。 二、策略观点：变盘仍未结束，静待方向明确 大势研判：本周 A 股市场继续凸显韧性，ETF 保持净流出态势反映护盘资 金入场力度减少，而 A 股仍然稳中有升，同时成交量能保持在万亿以上。 此前我们指出，受海内外因素影响，市场处于变盘点，需要密切关注风格 是否出现切换：特朗普对华态度出现缓和、4 月政治局会议落地、A 股 2024 年报与 2025 一季报将完整披露。而目前来看，我们 ...

Group 1: Xi Di Wei - Xi Di Wei achieved total revenue of 545.51 million yuan in 2024, a year-on-year increase of 38.58%, with a gross profit of 169.67 million yuan, up 17.59% [1] - In Q1 2025, the company reported total revenue of 177.68 million yuan, a year-on-year increase of 44.56%, but a net loss of 27.26 million yuan, indicating a narrowing of losses [1] - The company's smart visual perception business, particularly the voice coil motor driver chips, is a major growth driver, with expected shipment value reaching 541.92 million yuan in 2024 [1] Group 2: Bo Si Software - Bo Si Software is actively embracing AI, developing a vertical scene strategy with diverse AI products, including medical collaboration tools and digital procurement solutions [2] - The company achieved total revenue of 2.14 billion yuan in 2024, a year-on-year increase of 4.79%, while net profit decreased by 7.44% [2] - Bo Si Software has made progress in electronic voucher business in medical and administrative sectors, promoting in over 20 regions [2] Group 3: Jia Man Apparel - Jia Man Apparel plans to adopt a cooperative model for adult shoes after the expiration of the Hush Puppies authorization, focusing on classic casual styles for men's and women's clothing [3] - The design and sales teams consist of company veterans and external hires, with positive feedback from franchisees regarding the 2025 autumn/winter product designs [3] - The company maintains a relatively stable dividend ratio and does not rule out increasing the dividend ratio in the future [3] Group 4: Hong Jing Optoelectronics - Hong Jing Optoelectronics reported high growth in panoramic/sports camera business and new ventures in Q1 2025, although gross margins declined due to high costs of new camera module chips [4] - The smart automotive business serves major clients like Desay SV and Baolong Technology, with end customers including Chery, Geely, and Xpeng [4] - The company aims to implement a "3+N" product strategy to expand into AI hardware and machine vision fields [4]

Core Viewpoint - The company reported a significant decline in 2024 revenue due to delays in defense product deliveries, but showed a recovery in Q1 2025 with a notable increase in revenue and profitability [1][4]. Financial Performance - In 2024, the company achieved revenue of 1.3 billion yuan, a year-on-year decrease of 41%, primarily due to delays in defense product deliveries. However, revenue from civilian products reached 760 million yuan, a year-on-year increase of 29% [1]. - The net profit attributable to shareholders for 2024 was -210 million yuan, a shift from profit to loss, mainly due to delayed defense product deliveries and increased R&D investments [1]. - For Q1 2025, the company reported revenue of 310 million yuan, a year-on-year increase of 33% and a quarter-on-quarter increase of 21%. The net profit attributable to shareholders was 960,000 yuan, marking a return to profitability [1]. Profitability Analysis - In 2024, the company's gross margin was 9.8%, a decrease of 6.9 percentage points year-on-year, while the net margin was -15.9%, a decline of 19 percentage points year-on-year, primarily due to delays in defense product deliveries [1]. - In Q1 2025, the gross margin improved to 19.2%, an increase of 6.6 percentage points year-on-year, and the net margin was 0.4%, an increase of 4.5 percentage points year-on-year, indicating a rapid recovery in profitability [1]. Expense Analysis - The expense ratio for 2024 was 26.2%, an increase of 11.7 percentage points year-on-year. The breakdown includes a sales expense ratio of 0.7%, a management expense ratio of 12.9%, a R&D expense ratio of 13.1%, and a financial expense ratio of -0.52% [2]. Industry Insights - The defense sector is experiencing rapid advancements in information technology and increasing demand for precision-guided munitions. The company is a leader in this niche market with high product barriers [2]. - The company possesses strong core technology in laser-guided munitions and is actively expanding into infrared, television, radar, and composite guidance technologies, anticipating a continuous release of demand as the penetration of precision-guided weapons increases [2]. - The optical materials and components industry is seeing a shift towards China, with the company’s subsidiary covering the entire industry chain from materials to infrared lenses, holding a global market share of approximately 15% and a Chinese market share of about 30% [3]. Investment Outlook - The company is expected to achieve revenues of 2.3 billion yuan, 3 billion yuan, and 3.8 billion yuan from 2025 to 2027, with a compound annual growth rate (CAGR) of 28%. The net profit attributable to shareholders is projected to be 80 million yuan, 110 million yuan, and 140 million yuan during the same period, with a CAGR of 31% [4].

来源：中国新闻网 中新网长春5月10日电 (记者 郭佳)记者10日从中国科学院长春光学精密机械与物理研究所(下称"长春光 机所")获悉，该所科研人员开发出一种紫外光电突触器件和一种光电突触晶体管，这两项成果分别为先 进人工视觉系统和神经形态计算视觉的发展提供了新的技术路径。 紫外光电突触器件由长春光机所特种发光科学与技术全国重点实验室黎大兵、孙晓娟研究员领导的研究 团队成功开发。他们通过巧妙的器件设计，利用AlScN的铁电极化特性和GaN的优异光电性能，基于异 质结处空穴的俘获与解俘获机制成功构建了一种新型的紫外光电突触器件。 该器件不仅具备出色的非易失性存储特性，还能够模拟生物视觉系统中的突触功能，进行多阻态调节， 如长时程增强(LTP)、对脉冲增强(PPF)以及学习-遗忘-再学习过程。 光电突触晶体管由该所李绍娟、黎大兵领导的研究团队完成，通过气体吸附辅助的持久光电导策略，实 现从紫外到近红外的宽谱高光电转换效率和长时数据保留能力。 该器件在紫外到近红外波段展现出优异的光电探测性能；通过气体吸附辅助的持久光电导策略，器件在 375nm-1310nm宽谱范围内展现出长时数据保留能力，双脉冲易化(PPF)指数 ...

"在如皋高新区牵线下，我们与金鹰集团完美对接，现在综合优势非常明显。"5月9日，以"融链成势赢在高新"为主题的如皋高新区首届产业对接会举行， 刚参加完签约仪式的江苏森美生活科技发展有限公司董事长曹宝强直言，得益于金鹰集团落户如皋，该公司拥有了就近的上游原材料供应商，现在每年至 少节省4000万元成本。 森美生活是一家如皋本土企业，主要从事可降解食品包装生产。2023年，金鹰集团食品级高档白卡纸项目落户如皋后，森美生活迎来了一波"泼天富贵"， 原材料运输成本每吨至少节省150元，仓储周转周期也节省一半，又省下一大笔成本。如今，借助此次对接会，森美生活又有望握住新机遇，"金鹰集团是 大型企业，我们是小型企业，有如皋高新区作'靠山'，增加了我们的诚信度，我们正在与金鹰集团携手开拓海外市场。"曹宝强说。 据了解，本次对接会聚焦高新区内的工业、服务业及新落户项目共150余家重点企业，还邀请了国家、省相关行业协会，全市部分金融机构、职业学校， 通过线上线下（300959）相结合的方式，构建跨行业、跨领域的企业合作网络，促进技术攻关、场景应用等深度合作，推动更多大中小企业实现产业对 接、协同创新、资源共享。 根据意向签约， ...