Core Viewpoint - Puyuan Precision Electric, a leading domestic supplier of electronic measurement instruments, is preparing to expand into the Hong Kong market, aiming for further global growth and brand recognition [1][14]. Financial Performance - The company has shown consistent revenue growth, with projected revenues of 631 million RMB, 671 million RMB, and 776 million RMB from 2022 to 2024, respectively, and 355 million RMB in the first half of 2025, reflecting a year-on-year increase from 307 million RMB [2]. - The gross profit figures for the company from 2022 to the first half of 2025 are 321 million RMB, 358 million RMB, 426 million RMB, and 184 million RMB, with corresponding gross profit margins of 50.9%, 53.4%, 54.9%, and 51.9% [5]. Product and Solution Breakdown - The majority of revenue comes from digital oscilloscopes, which accounted for 84.93% of sales in the last year, up 8.9 percentage points from the previous year, although the revenue share has shown a slight decline from 52.7% in 2022 to 44.5% in the first half of 2025 [3][5]. - Other significant revenue sources include microwave RF instruments and precision DC instruments, contributing 13% and 23% of revenue, respectively, in the first half of 2025 [3]. - The solutions business has also seen growth, with revenue increasing from 57.93 million RMB in 2022 to 130.21 million RMB in 2024, representing a rise in revenue share from 9.2% to 16.8% [4]. Market Position and Industry Trends - The global electronic measurement instrument market is projected to reach 57.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 5% from 2025 to 2029, driven by strong demand for digital oscilloscopes, which are expected to grow at a CAGR of over 6% [6]. - Despite the dominance of foreign companies in the market, Puyuan Precision Electric's market share is gradually increasing, projected to reach approximately 1.1% by 2024, ranking eighth globally [8]. - The domestic market for high-end electronic measurement instruments has significant room for growth, with current domestic production rates below 10% [9]. Strategic Initiatives - The company is focusing on high-end product development and global expansion through its "G-THSA" strategy, which emphasizes building a customer-centric global sales and service network [14]. - Puyuan Precision Electric has invested heavily in self-developed core chipsets, enhancing its technological independence and competitive edge in the high-end market [14].

Core Viewpoint - The article highlights the breakthrough of China's 90GHz oscilloscope, marking a significant advancement in high-end electronic measurement instruments and addressing the long-standing "bottleneck" in chip technology due to Western restrictions on exports [4][5][6]. Group 1: Product Launch and Significance - On October 15, 2025, Shenzhen Wanliyan Technology Co., Ltd. launched its flagship product, a 90GHz bandwidth ultra-high-speed real-time oscilloscope, achieving the highest level in China and the second globally [5]. - This oscilloscope features four channels, each independently supporting 90GHz bandwidth and a sampling rate of 200G, representing a new benchmark for domestic real-time oscilloscopes [5]. - The launch is seen as a critical breakthrough in high-end electronic measurement instruments, providing essential support for the development of next-generation communication, artificial intelligence, and aerospace technologies in China [6]. Group 2: Market Challenges - The oscilloscope market in China faces three main challenges: 1. Supply challenge: High-speed interface testing for chips below 7nm requires oscilloscopes with bandwidths above 60GHz to 90GHz, while Western products reach up to 110GHz, leaving a significant gap [9]. 2. Efficiency challenge: The exponential increase in testing complexity due to higher interface speeds is severely slowing down the R&D process [10]. 3. Experience challenge: Traditional button-based interactions are inadequate for modern engineers' needs for complex testing scenarios [11]. Group 3: Technological Innovation and User Experience - The success of the 90GHz oscilloscope is attributed to deep technological accumulation and extensive industry collaboration, involving key technologies such as processes, materials, chips, and software algorithms [13]. - The oscilloscope features a fully touch-screen design and gesture recognition capabilities, enhancing user experience and operational efficiency, akin to modern smartphones and electric vehicles [13][14]. - Feedback from users, including top institutions like Shanghai Jiao Tong University, indicates significant improvements in usability and efficiency, with some stating it "liberates testing productivity" [14]. Group 4: Industry Positioning and Market Strategy - The company emphasizes that the launch of the 90GHz product is not intended to undermine domestic competitors but to collectively enhance China's instrument and meter industry reputation [15]. - The oscilloscope provides a crucial alternative in the domestic market, especially as the Wassenaar Arrangement's restrictions on high-speed real-time oscilloscopes are set to change, while U.S. regulations remain at 60GHz [15]. - The company aims to create a long-lasting brand that can be trusted for quality and performance, similar to the evolution seen in the electric vehicle sector [15].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Domestic financial data shows overall stability in volume, but the structure needs optimization [3]. - There is still significant uncertainty in trade frictions. However, news of technological breakthroughs in domestic technology sub - sectors drove the market to rebound, but under the background of reduced overall trading volume, the CSI 500 and CSI 1000 indices may continue the pattern of oscillating digestion in the short term [3]. 3. Summary by Related Catalogs Market Analysis - **Financial Aggregate Data**: Domestically, at the end of September, M2 increased by 8.4% year - on - year, and M1 increased by 7.2% year - on - year. The M1 - M2 spread hit a new low for the year. In the first three quarters, RMB loans increased by 14.75 trillion yuan, and the cumulative increase in social financing scale was 30.09 trillion yuan, an increase of 4.42 trillion yuan year - on - year. Regarding Sino - US relations, the US stated that whether to impose a 100% tariff on China depends on China's actions, and China urged the US to correct its wrong practices. China also opposed the EU's attempt to force Chinese enterprises to transfer technology [1]. - **Index Rebound**: In the spot market, the three major A - share indices rebounded. The Shanghai Composite Index rose 1.22% to close at 3912.21 points, and the ChiNext Index rose 2.36%. Most sector indices rose, with the power equipment, automotive, electronics, and pharmaceutical and biological industries leading the gains, while only the steel and petroleum and petrochemical industries closed down. The trading volume of the Shanghai and Shenzhen stock markets dropped to 2 trillion yuan. Overseas, the three major US stock indices closed mixed, with the Nasdaq rising 0.66% to 22670.08 points [1]. - **Technological Breakthroughs**: At the 2025 Bay Area Semiconductor Industry Ecology Expo, China's self - developed 90GHz real - time oscilloscope was officially released, and two domestic electronic engineering EDA design software with independent intellectual property rights were launched for the first time [1]. - **Futures Market**: In the futures market, on the day of the delivery of the current - month contract this Friday, the basis of IC and IM rebounded. The trading volume and open interest of stock index futures declined simultaneously [2]. Strategy - Based on domestic financial data, the overall volume remains stable, but the structure needs optimization. Given the uncertainty of trade frictions and the reduced trading volume, the CSI 500 and CSI 1000 indices may continue to oscillate in the short term [3]. Charts - **Macro - economic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][9][11]. - **Spot Market Tracking Charts**: Table 1 shows the daily performance of major domestic stock indices on October 15, 2025. The Shanghai Composite Index rose 1.22%, the Shenzhen Component Index rose 1.73%, the ChiNext Index rose 2.36%, etc. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [13][14]. - **Stock Index Futures Tracking Charts**: - Table 2 shows the trading volume and open interest of stock index futures. The trading volume and open interest of IF, IH, IC, and IM all decreased [15]. - Table 3 shows the basis of stock index futures. The basis of IC and IM increased on the day [39]. - Table 4 shows the inter - delivery spread of stock index futures, with various changes in spreads [43][45]. - There are also multiple charts showing the open interest, open interest ratio, and basis trends of different stock index futures contracts [6][16][19]

Group 1: New Product Launches and Innovations - New Kai Lai's subsidiary, Shenzhen Wanliyan Technology Co., Ltd., launched a self-developed 90GHz ultra-high-speed real-time oscilloscope, marking a significant breakthrough in high-end electronic measurement instruments in China [1] - Tsinghua University's team developed the world's first sub-angstrom snapshot spectral imaging chip "Yuheng," which significantly enhances spectral resolution and imaging throughput, opening new avenues for high-resolution spectral imaging [3] - iFLYTEK upgraded its AI simultaneous interpretation technology and launched new AI translation earphones, achieving high performance in translation speed and accuracy [7] Group 2: Market Position and Competitive Landscape - Vivo secured the top position in the Chinese smartphone market with a 17.3% market share in Q3 2025, followed by Apple, Huawei, and Xiaomi [4] - AliExpress reported that over ten brands with annual sales exceeding one million USD have seen their global sales surpass those on Amazon since the launch of its "Super Brand Going Global" initiative [6] Group 3: Corporate Developments and Partnerships - Yike Cloud and Haiguang Information established a significant ecological partnership, optimizing Haiguang's deep computing processors for AI training and inference, enhancing compatibility and performance [5] - Meta Platforms Inc. is investing over $1.5 billion in a new 1 GW data center in Texas to support its AI initiatives, with total capital expenditures for the year projected to reach $72 billion [9] Group 4: Talent Movements - Ke Yang, the AI research lead at Apple responsible for ChatGPT-like projects, is leaving to join Meta, indicating ongoing talent shifts within the AI sector [8]

Group 1: New Product Launches - New Kai's subsidiary, Shenzhen Wanlian Technology Co., Ltd., launched a self-developed 90GHz ultra-high-speed real-time oscilloscope, marking a significant breakthrough in high-end electronic measurement instruments in China [1] - Tsinghua University's team developed the world's first sub-angstrom snapshot spectral imaging chip "Yuheng," achieving a new height in high-precision imaging measurement technology [4] Group 2: Market Position and Performance - IDC reported that Vivo holds the top position in the Chinese smartphone market with a 17.3% market share in Q3 2025, followed by Apple and Huawei [5][6] - AliExpress has seen over ten brands with annual sales exceeding one million dollars surpassing Amazon in global sales since the launch of its "Super Brand Going Global Plan" [8] Group 3: Strategic Partnerships and Collaborations - UCloud and Haiguang Information have officially established an important ecological partnership, optimizing compatibility with Haiguang's deep computing processors for AI training and inference [7] Group 4: Corporate Developments - Ke Yang, head of AI-driven web search at Apple, is leaving to join Meta, indicating a continuing trend of departures from Apple's AI department [10] - Meta is investing over $1.5 billion in a new 1 GW data center in Texas to support its AI initiatives, with total capital expenditures for the year projected to reach $72 billion [11]

Core Insights - The launch of the 90GHz ultra-high-speed real-time oscilloscope by Shenzhen Wanlian Technology Co., Ltd. marks a significant breakthrough in China's high-end electronic measurement instruments, breaking the long-standing technological blockade from foreign countries [1][4] - This oscilloscope is commercially viable and has been in use by Huawei for several years, indicating its readiness for the market [1][4] Group 1: Product Significance - The oscilloscope is described as the "crown jewel" of the electronic industry, essential for semiconductor research and development across the entire chain, including IP development, chip design, and packaging testing [4] - High-end oscilloscopes are crucial for technological innovation and industrial research, especially in the fields of AI and communication, where bandwidth requirements are increasing [4][5] Group 2: Market Context - Historically, China's high-end measurement instruments have lagged behind international competitors, with domestic oscilloscopes only reaching bandwidths of 8GHz-18GHz compared to the international standard of 60GHz and above [5] - The high-end oscilloscope market in China has been constrained by Western export controls, which have prohibited the entry of oscilloscopes with bandwidths exceeding 60GHz [5] Group 3: Strategic Importance - The CEO of Wanlian emphasized the company's mission to address the "bottleneck" issue in high-end electronic measurement instruments, which is critical for the advancement of China's electronic industry and academic research [5] - The company aims to support the development of China's industry and research sectors by overcoming these technological barriers [5]

10月15日下午，在2025湾区半导体产业生态博览会（下称：湾芯展）上，新凯来旗下子公司深圳市万里 眼技术有限公司（下称：万里眼）抛出重磅产品——自研90GHz超高速实时示波器。 当晚的新闻联播称，这一成果标志着我国在高端电子测量仪器领域实现关键突破，打破了国外长期技术 封锁，仪器将为我国下一代通信、人工智能以及航空航天等科技的研发提供关键保障。 "万里眼的示波器已在华为商用几年了，今天发布的产品也是真正可商用的产品，不是样机。这是一款 我们2019年以后有钱也买不到的示波器。"华为集群计算总经理朱照生说道。 示波器是干什么用的？为什么西方要对高端示波器实施封锁？中国又是如何突破封锁的，对市场有何影 响？在会后，万里眼CEO刘桑等高管与观察者网等媒体做了深度交流。 （文/观察者网 吕栋 编辑/张广凯） 万里眼90GHz超高速实时示波器 "皇冠上的明珠"、"中国电子产业关键卡点" 高速实时示波器属于精密电子测量仪器，刘桑将其称为电子产业"皇冠上的明珠"。它的应用范围覆盖半 导体研发全链路，包括IP开发、芯片设计、封装器件测试等等，可以将肉眼看不到的电信号变换成看得 见的图像，是工程师和科学家的"眼睛""标尺"。 ...

Core Viewpoints - The A-share market experienced a volume contraction rebound, with the Shanghai Composite Index rising by 1.22% to 3912.21 points, and the Shenzhen Component Index increasing by 1.73% [2][8] - The wind power sector showed a recovery in performance in Q2 2025, with the overall revenue of the wind power industry chain reaching 1794.02 billion, a year-on-year increase of 29.35% [10][16] Market Performance - The A-share market saw a total trading volume of 2.07 trillion, with leading sectors including electric power equipment, automobiles, and electronics, while steel, oil and petrochemicals, and agriculture faced declines [2][8] - The Hong Kong Hang Seng Index closed up 1.84% at 25910.6 points, ending a seven-day losing streak [2][8] Important News - China's self-developed 90GHz real-time oscilloscope was officially released, marking a significant breakthrough in high-end electronic measurement instruments [9] - As of the end of September, China's M2 balance grew by 8.4% year-on-year, while M1 increased by 7.2%, indicating a low "scissors difference" for the year [3][9] Wind Power Sector Analysis - In H1 2025, the wind power industry chain's net profit reached 98.24 billion, a year-on-year increase of 16.19% [10][16] - The turbine segment saw revenue of 678.32 billion in H1 2025, with a year-on-year growth of 43.94% [11] - The tower segment's revenue increased by 59.13% year-on-year to 108.17 billion in H1 2025, with net profit growing by 43.60% [13] - The submarine cable segment maintained revenue growth at 646.70 billion, but net profit faced a decline of 3.74% [14] Investment Recommendations - The wind power industry chain is expected to continue its upward trend, driven by increased demand for offshore wind projects and overall industry recovery [16] - Key areas to watch include the turbine, tower, and submarine cable segments, which are likely to benefit from the accelerating installation pace [16]

Core Insights - The domestic high-end oscilloscope sector has achieved a significant breakthrough with the launch of a 90GHz ultra-high-speed real-time oscilloscope by Shenzhen Wanlian Technology Co., Ltd, marking a key advancement in China's high-end electronic measurement instruments and breaking the long-standing Western blockade [1][2] Group 1: Product Features - The newly released oscilloscope enhances key performance metrics of domestic oscilloscopes by 500%, featuring intelligent optimization and server-level computing capabilities [2] - It has a sampling rate of 200 billion samples per second, enabling precise capture of picosecond-level transient signals, and a storage depth of 4 billion samples, which is double that of comparable products [2] - The oscilloscope is the first in the industry to feature a full-screen design with an 18.5-inch large display, allowing for multi-touch interaction for a "terminal-level" user experience [2] Group 2: Market Context - Historically, the Chinese market has been restricted by Western export controls, preventing the entry of real-time oscilloscopes with bandwidths exceeding 60GHz, and some entities were unable to access devices above 20GHz [1] - The oscilloscope has already been tested and applied in several enterprises and research institutions, including Huawei and Shanghai Jiao Tong University, indicating its immediate relevance and potential impact in the industry [2] Group 3: Future Development - The company plans to continue its focus on developing high-end products across various fields, including materials, processes, chips, systems, algorithms, protocols, and software [2]

Core Viewpoint - The launch of the new generation ultra-high-speed real-time oscilloscope by Wanliyan represents a significant advancement in China's semiconductor industry, achieving a bandwidth breakthrough of 90GHz, which enhances domestic oscilloscope performance by 500% and marks a historic leap as "the only one in the country and the second globally" [1][2][3] Group 1: Product Significance - The oscilloscope is essential in technology-intensive industries such as electronic information and semiconductor integrated circuits, serving as a critical tool for engineers to visualize electrical signals [2][3] - The previous U.S. export controls on high-bandwidth oscilloscopes limited domestic access to devices with bandwidths over 60GHz, hindering advancements in high-end chips, 6G communication, optical communication, and intelligent driving [2][3] - The introduction of the 90GHz oscilloscope not only signifies a leap in hardware performance but also reflects China's capability for independent technological innovation [3] Group 2: Market Context - The high-end oscilloscope market in China has been dominated by Western companies such as Keysight, Tektronix, and Teledyne LeCroy, which have pushed bandwidths above 60GHz, with the highest reaching 110GHz [3][5] - Oscilloscopes with bandwidths below 4GHz account for only 10% of the overall market, while those above 13GHz represent 70% of the market share [3] Group 3: Company Strategy and Team - Wanliyan was established on September 4, 2023, and is controlled by Xinkailai, with a young team averaging 28-29 years old, comprising about 80% in R&D [3][4] - The CEO emphasized the need to address "bottleneck" issues and to continue pursuing innovation opportunities in collaboration with industry partners [2][4] Group 4: Challenges and Opportunities - The company faces the challenge of overcoming the dual dependency on Western oscilloscopes, which includes both path dependency and psychological reliance among domestic enterprises and research institutions [5] - Wanliyan aims to serve over 1,500 companies restricted from purchasing Western products and is expanding its regional presence to enhance communication and service [5]