Core Viewpoint - Galaxy Microelectronics (688689) is set to pay the third-year interest on its convertible bonds, with a coupon rate of 1.20%, starting from July 4, 2025, reflecting the company's ongoing financial commitments and performance [6]. Group 1: Trading Information - As of June 27, 2025, Galaxy Microelectronics closed at 22.78 yuan, up 2.11%, with a turnover rate of 1.56% and a trading volume of 20,100 shares, amounting to a transaction value of 45.69 million yuan [1]. - On the same day, the fund flow for Galaxy Microelectronics showed a net inflow of 3.33 million yuan from main funds, accounting for 7.28% of the total transaction value, while retail investors experienced a net outflow of 2.04 million yuan, representing 4.46% of the total [2][5]. Group 2: Company Announcements - The company will begin paying interest on its "Yinwei Convertible Bonds" on July 4, 2025, with the interest period covering from July 4, 2024, to July 3, 2025, at a rate of 1.20% [6]. - The bondholders' registration date is set for July 3, 2025, and the interest payment will be executed on July 4, 2025 [6]. - The total amount raised from the convertible bond issuance is 500 million yuan, with a maturity of six years and an increasing coupon rate, starting from 0.40% in the first year to 3.00% in the sixth year [6]. - For the fiscal year 2024, the company reported a revenue of approximately 909 million yuan, reflecting a year-on-year growth of 30.75%, and a net profit of approximately 71.87 million yuan, up 12.21% year-on-year [6].

Core Viewpoint - The article discusses the transformation of industries and the necessity for policy innovation in response to economic changes since 2022, highlighting the divergence in economic indicators and the impact of external factors on domestic industries [1][6]. Group 1: Industry Transformation and New Challenges - Since 2022, the economic transformation has entered a "new stage," characterized by a downward trend in the contribution of traditional sectors like real estate, with growth rates for real estate-related industries dropping below 2% [7][24]. - The pressure in this new stage is increasingly focused on terminal demand, leading to a decline in PPI while CPI remains weak, indicating a shift of excess capacity to downstream sectors [13][24]. - The transformation has resulted in a significant decline in the growth rate of traditional industries, similar to trends observed from 2011 to 2015, which ultimately stabilized the economy [7][13]. Group 2: Policy Innovation - The effectiveness of traditional policy frameworks has diminished, necessitating comprehensive policy innovation to address the new economic landscape [1][35]. - By the end of 2024, a comprehensive optimization of the policy framework was initiated, focusing on supply-side structural reforms and enhancing the targeting of structural policies [35][42]. - The new policy framework emphasizes high-quality development, high-level openness, and sustainable growth, with a shift from investment-driven to people-centered approaches [3][121]. Group 3: External Shocks as Accelerators - External shocks, particularly during the tariff phases, have accelerated domestic industrial upgrades, with significant shifts in trade structures observed [64][65]. - The first phase of tariffs led to a notable increase in high-value-added industries, while the second phase primarily impacted low-value-added consumer goods, which were already experiencing significant internal competition [64][101]. - The export structure has improved, with a decrease in the proportion of exports to the U.S. and an increase in exports to non-U.S. economies, particularly in the context of the Belt and Road Initiative [83][90]. Group 4: Focus on "Anti-Internal Competition" and Service Sector - The new policy framework is expected to focus on "anti-internal competition" and the service sector, which can absorb structural employment pressures during the transformation process [4][121]. - The service sector has become the largest employment absorption area, yet it faces significant supply shortages, indicating a need for increased support and demand stimulation [4][121]. - By the second half of 2025, the main macroeconomic indicators may experience a "strong-weak conversion," with potential downward pressure on manufacturing and positive improvements in service sector investments and consumption [4][121].

Group 1 - The economic transformation has entered a "new stage" since 2022, characterized by a downward trend in the contribution of traditional sectors like real estate to the economy, leading to a divergence in economic indicators and a "two extremes" situation in industries [2][8][25] - The pressure in this new stage is increasingly focused on terminal demand, resulting in a weaker CPI while PPI remains under pressure, with overcapacity shifting towards downstream sectors [2][14] - The traditional policy framework's effectiveness is declining, necessitating a comprehensive "policy innovation" to adapt to the new economic landscape, which began in late September 2024 [2][36] Group 2 - The external shocks, particularly during the tariff phases, have accelerated domestic industrial upgrades, with significant shifts observed in industries like automotive and electronics [3][66] - During the Tariff 1.0 phase, industries transitioned from "import assembly" to self-sufficiency in core components, leading to a decrease in low-value-added exports and an increase in high-value-added exports [3][66][77] - Tariff 2.0 has primarily impacted low-value-added consumer goods, while high-value-added sectors have shown resilience, indicating that the tariff impacts align with the direction of industrial transformation [3][99][107] Group 3 - The new policy framework emphasizes high-quality development, focusing on high-level openness, "dual circulation," and sustainable growth, with a shift from investment-driven to people-centered approaches [4][122] - The "anti-involution" initiative is seen as a structural reform on the supply side, gaining increasing attention from both government and industry since late 2024 [4][36] - The service sector is identified as a critical area for absorbing structural employment pressures during the transformation process, with significant support needed to address supply shortages [5][54]

Group 1 - The article highlights a significant increase in a specific financial metric, showing a growth rate of 34.72% [1] - Another key financial figure is reported at 1.12, indicating a positive trend in performance [1] - The article also mentions a percentage change of 21.55%, reflecting improvements in operational efficiency or profitability [1]