华泰证券认为，三季度港股或从此前趋势上行转为阶段震荡，但增配逻辑仍然不改，因此逢低买入并持 有仍然是可行操作。配置上，短期建议投资者沿景气与资金寻找具备亮点的行业：1）部分基本面稳健 的红利资产仍可作为底仓配置。2）沿景气趋势轮动布局港股消费、医药与科技板块；3）沿本地经济环 境改善布局本地金融、公用事业等服务型板块。 6月17日，港股三大指数高开低走，恒生科技指数午后小幅下跌。恒生科技指数ETF（513180）跟随指 数震荡下行，持仓股中，地平线机器人、中芯国际、同程旅行等领跌，舜宇光学科技、阿里巴巴、金蝶 国际等领涨。 近期资金低位布局港股科技板块。截至6月16日，恒生科技指数ETF（513180）近2个交易日获资金净流 入高达8.45亿元。当前恒生科技指数ETF（513180）标的指数的最新估值（PETTM）仅20.18倍，处于 指数2020年7月27日发布以来约8.42%的估值分位点，即当前估值低于指数发布以来91%以上的时间。 公开信息显示，恒生科技指数ETF（513180）在A股上市的同赛道ETF中规模和流动性双双领先，支持 T+0交易。其标的指数软硬科技兼备，文有AI，武有机器人，囊括相较于A股 ...

Group 1 - The optical packaging (CPO) sector has seen a rise, with Tai Chen Guang (300570) increasing by over 10% [1] - Other companies such as Zhi Shang Technology (301486), Yong Ding Co., Ltd. (600105), Yuan Jie Technology, Zhong Ji Xu Chuang (300308), and Xin Yi Sheng (300502) also experienced gains [1]

Core Points - The company has announced its 2024 annual equity distribution plan, which was approved at the 2024 annual shareholders' meeting held on May 20, 2025 [2][3] - The distribution plan involves a cash dividend of 1 yuan (including tax) for every 10 shares held, based on a total share capital of 371,005,481 shares after excluding repurchased shares [1][5] - The record date for the equity distribution is set for June 19, 2025, with the ex-dividend date on June 20, 2025 [5][6] Summary of the Equity Distribution Plan - The total cash dividend to be distributed amounts to 37,100,548.10 yuan (including tax) [1][5] - The cash dividend will be directly credited to shareholders' accounts through their custodial securities companies on the ex-dividend date [6] - The adjusted ex-dividend price will be calculated as the closing price on the record date minus 0.0991677 yuan per share [1][6] Taxation Details - Different tax rates apply for various categories of shareholders, with specific provisions for Hong Kong investors and domestic investors holding different types of shares [5] - The company will not withhold individual income tax at the time of distribution; instead, it will be calculated based on the holding period when shares are sold [5]

证券代码：300790 证券简称：宇瞳光学 公告编号：2025-045 东莞市宇瞳光学科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 等相关规定，上市公司回购专用证券账户中的股份不享有利润分配等权利。因此，公司 本次权益分派以股权登记日总股本 374,118,981 股剔除已回购股份 3,113,500 股后的 红利 37,100,548.10 元（含税）。 本公司 2024 年年度权益分派方案为：以公司现有总股本剔除已回购股份 3,113,500 股后的 371,005,481 股为基数，向全体股东每 10 股派 1 元人民币现金（含税；扣税后， 通过深股通持有股份的香港市场投资者、境外机构（含 QFII、RQFII）以及持有首发前 限售股的个人和证券投资基金 10 股派 0.9 元；持有首发后限售股、股权激励限售股及 无限售流通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税，待 个人转让股票时，根据其持股期限计算应纳税额【注】；持有首发后限售股、股权激励 限售股及无限售流通股的证券投资基金所涉红利税，对香港投资 ...

Core Viewpoint - The company plans to acquire 100% of Dongguan Changyi Optoelectronics Co., Ltd. through a share issuance, aiming to enhance its product matrix in the high-end zoom and mid-to-low-end fixed-focus lens sectors [1] Group 1: Acquisition Details - The acquisition involves issuing shares to specific investors to raise matching funds, with the transaction price yet to be finalized due to incomplete auditing and evaluation [1] - Upon completion, Changyi Optoelectronics will become a wholly-owned subsidiary of the company, contributing to a diversified product offering [1] Group 2: Financial Performance - The company's projected revenue for 2024 is 1.88 billion yuan, a 14% increase year-on-year, but net profit is expected to decline by 40% to 38.56 million yuan [1] - The operating cash flow has significantly decreased from 193 million yuan in 2023 to 15.67 million yuan in 2024, marking a 91.87% drop [1] - In Q1 2025, the company continues to face losses of 23.98 million yuan, indicating ongoing cash flow pressures [1] Group 3: Target Company Performance - Changyi Optoelectronics reported a revenue of 244 million yuan in 2023, with a net loss of 50.93 million yuan, but is projected to achieve a revenue of 560 million yuan in 2024 with a net profit of 6.09 million yuan, reflecting a net profit margin of only 1.09% [1] - The target company is heavily reliant on a single major customer, Sunny Optical, which accounts for over 50% of its revenue, posing a significant risk [1] Group 4: Financing and Strategic Considerations - The company has exhibited a pattern of "high-frequency, low-efficiency" financing, with a previous fundraising of 467 million yuan for a smart wearable project that has faced delays [2] - The success of the acquisition is critical not only for the company's strategic positioning but also for its risk management and resource integration capabilities [2] - Key performance indicators to monitor include the quarterly net profit of Changyi Optoelectronics, monthly shipment stability of AR/VR products, and the gross margin improvement of automotive lenses [2]

Economic Growth in Northeast China - The Northeast region is experiencing a significant investment growth, with a reported increase of 7.6% in fixed asset investment in the first four months of the year, compared to a national average of 4.0% [1] - Dalian is projected to become the first city in Northeast China with a GDP exceeding 1 trillion yuan by 2025, indicating a positive economic trajectory for the region [1] Strategic Importance - Northeast China plays a crucial role in China's new development pattern, which emphasizes domestic circulation and the mutual promotion of domestic and international circulation [1] - The region's economic revitalization is essential for maintaining the overall stability of China's economic development [1] Regional Cooperation and Trade - The Northeast serves as a key gateway for China's northern opening, enhancing cooperation with Northeast Asia and facilitating domestic and international trade [2] - The region benefits from increased economic ties with Russia, particularly as Russia pivots towards China amid Western sanctions, leading to a boost in local economic activity [2] Talent and Investment Attraction - The revitalization efforts in Northeast China are beginning to attract talent and capital back to the region, reversing previous trends of outmigration [2] - The historical development of cities and infrastructure in Northeast China, such as its advanced railway system, contributes to its renewed attractiveness for investment and talent [2] Cultural and Tourism Development - The cultural and tourism sectors in Northeast China are witnessing a surge, driven by increased consumer demand for unique experiences and cultural offerings [3] - Events like the Harbin Ice and Snow Festival are drawing significant tourist interest, showcasing the region's potential for cultural tourism [3] Innovation and Research - Northeast China has a strong foundation in research and development, with notable achievements in various industries such as military-civilian integration, optics, and robotics [4] - The region's universities and research institutions have historically contributed to significant innovations, which are now being better integrated into local economic development efforts [4]

Recent Key Events - The U.S. International Trade Court ruled that Trump's tariff policy was illegal, leading to a significant reduction in tariffs between China and the U.S. [1][8] - Tesla plans to launch its fully autonomous taxi service, Robotaxi, in Austin, Texas, on June 12, 2025, with an initial fleet of about 10 vehicles [2][9] - The 2025 Lujiazui Forum will be held from June 18 to 19, focusing on financial cooperation and high-quality development amid global economic changes [2][9] Market Situation - The Hang Seng Index rose from 22,119 points at the end of April to 23,290 points at the end of May, marking a 5.3% increase [11] - The Hang Seng Technology Index increased from 5,087 points to 5,170 points, a rise of 1.6% [11] - In May, net inflows from southbound funds amounted to 45.6 billion HKD, with a decrease in net inflows over the past 30 trading days [12] Current Investment Recommendations - **Pop Mart (9992.HK)**: Achieved a 165%-170% year-on-year revenue growth in Q1 2025, with overseas revenue increasing by 475%-480% [22][24] - **China Qinfa (0866.HK)**: Improved balance sheet with a net profit increase of 150.5% year-on-year in 2024, primarily due to loan restructuring [27][30] - **Jingtai Holdings (2228.HK)**: Positioned as a leader in AI for Science, with significant growth potential in the trillion-dollar market [33][34] - **Xiaomi Group-W (1810.HK)**: Reported a 47.4% year-on-year revenue growth in Q1 2025, reaching a record high of 111.3 billion CNY [37][39] - **Li Auto-W (2015.HK)**: Anticipates the launch of its first pure electric SUV, i8, in July 2025, with a projected delivery of 12.3-12.8 million vehicles in Q2 [41][42] - **Leap Motor (9863.HK)**: Achieved a 187.1% year-on-year revenue growth in Q1 2025, with a focus on expanding its product lineup and international presence [46][48]

Core Insights - The report highlights the strong performance of China's innovative pharmaceuticals, particularly in international markets, with the MSCI China Healthcare Index rising 27.6% year-to-date, outperforming the MSCI China Index by 14.5% [2] - Significant overseas licensing deals for innovative drugs are being realized, showcasing the international competitiveness of Chinese pharmaceutical companies [6][7] - The report recommends several companies in the pharmaceutical sector, including BeiGene, Innovent Biologics, and others, as potential investment opportunities due to favorable market conditions [7] Industry Analysis - The innovative drug sector is benefiting from overseas licensing transactions, optimization of domestic procurement policies, and the implementation of new medical insurance directories, which are expected to drive valuation recovery in the pharmaceutical industry by 2025 [7] - The report notes that the recent updates from companies like Innovent Biologics and 3SBio at the ASCO conference demonstrate their clinical advancements and potential market impact [2][5] - The report anticipates continued growth in the domestic insurance market, with a projected 12.7% year-on-year increase in total premiums for the first four months of the year, indicating strong growth potential for internet insurance companies [10] Company Insights - 3SBio's licensing agreement with Pfizer for its PD-1/VEGF drug is expected to yield $1.25 billion in upfront payments and up to $4.8 billion in milestone payments, reflecting the drug's best-in-class potential [6] - The report highlights the positive outlook for ZhongAn Online due to its involvement in the stablecoin regulatory framework in Hong Kong, which is expected to enhance its valuation [8][9] - The report projects that ZhongAn's insurance premium growth will be driven by health and automotive sectors, with an expected combined ratio improvement due to better underwriting practices [10]

Core Viewpoint - The company has completed the main renovation of its micro-nano optical laboratory and has introduced some experimental equipment, focusing on the development of sub-wavelength structured optical components [1] Group 1: Company Developments - The company is engaged in the research and development of sub-wavelength structured optical components, including superlenses and metasurface devices [1] - The application scenarios for these developments include semiconductor optics, photovoltaics and new energy, AR/VR, and infrared fields [1]

Group 1: Semiconductor Optical Business - The company's semiconductor optical business revenue for 2024 is approximately 17.7 million yuan, with ongoing efforts to expand customer cooperation and enhance technical exchanges [1][2] - The semiconductor optical business includes applications in lithography, packaging testing, and measurement, focusing on both mature and advanced processes [2] Group 2: Precision Processing Equipment - The company has invested in advanced processing equipment such as ion beam and magnetorheological polishing to meet high precision requirements in semiconductor and aerospace applications [3] - The advanced manufacturing process center has been established to enhance precision processing capabilities, although current utilization rates of these advanced machines are low due to product size differences [3] Group 3: Talent Development - As of the end of 2024, the company has over 700 employees, with 151 technical personnel, accounting for 21.09% of the total workforce [4] - The company plans to continue building a talent pipeline to enhance personnel quality and develop a high-caliber talent team [4] Group 4: Micro-Nano Optical Laboratory - The micro-nano optical laboratory has completed its main construction and is focusing on developing sub-wavelength optical components for various applications, including semiconductor optics and AR/VR [5] - The laboratory aims to collaborate with external universities and research institutions to enhance its R&D capabilities [5] Group 5: International Business and Trade Impact - In 2024, the company's overseas business generated revenue of 12,750.37 million yuan, accounting for 30.66% of total revenue, primarily from its wholly-owned subsidiary in Singapore [6] - The company is monitoring international trade environments and tariff policy changes to mitigate potential impacts on its business [6] Group 6: Profit Margin Outlook - The company's gross margin has declined due to lower margins on infrared optical products influenced by raw material supply issues [7][8] - The company continues to focus on high-value-added products in the industrial sector to maintain relative stability in gross margins [8]