Report Industry Investment Rating No information provided in the report. Core Viewpoints - The development of science and technology innovation bonds (Sci - tech bonds) in the US, Japan, and Europe is mainly driven by relevant industrial policies, economic fundamentals, and the improvement of the bond market. In contrast, China has established a separate Sci - tech bond sector in the bond market and clearly regulates the Sci - tech attributes of issuers and projects. - Although China's Sci - tech bond market is still in its early stage of development globally, with continuous policy support, it is expected to expand rapidly in terms of market volume and align with mature overseas markets in terms of market structure [3]. Summary by Directory 1. US Sci - tech Bond Development History - 1950s - 1960s: The US Small Business Administration (SBA) established the Small Business Investment Company (SBIC) program in 1958 to support small innovative enterprises [1][10]. - 1970s - 1980s: There was a boom in high - yield bond issuance. Start - ups in emerging industries mainly issued high - yield bonds for leveraged buyouts, with most Sci - tech enterprises in the high - yield bond market being electronic communication, computer hardware, and software start - ups [1][12]. - 1990s: The US information technology developed rapidly. The 144A rule issued by the SEC in 1990 improved the liquidity and pricing efficiency of Sci - tech bonds. The development of risk - management derivatives such as CDS promoted the large - scale and mature development of the high - yield bond market, and start - ups in Sci - tech industries such as new energy vehicles, computers, and communications rose [1][15]. - Early 2000s: After the burst of the Internet bubble, the issuance of Sci - tech bonds in the communication and semiconductor industries declined, but the biomedical field became a new growth point for Sci - tech bond issuance from 2000 - 2005 [1]. - 2008 - 2015: After the financial crisis, in a low - interest - rate environment, technology companies at various stages issued long - term low - interest bonds, and the issuance of Sci - tech bonds continued to rise [1]. - Since 2015: With the strengthening of bond market supervision in the US, the supporting systems for Sci - tech bonds have gradually improved, promoting Sci - tech enterprise bonds to become an important part of the US credit bond market [1]. 2. Japanese Sci - tech Bond Development History - Late 1970s - early 1980s: Japan's economic growth slowed down, and the government increased support for the information and electronics industries. After a series of financial liberalization measures, the Sci - tech bond market became active [1][20]. - Late 1980s: To mitigate the impact of exchange - rate fluctuations, Japan increased support for export industries such as electronics. Emerging industries turned to bond issuance for financing, but the number of issuances did not increase significantly due to the under - development of the capital market [21]. - Early 1990s: After the economic bubble burst, the Japanese government protected high - tech industries. In 1996, the corporate bond issuance market was fully liberalized, but the real - estate crisis led to a preference for high - rated bonds among investors, and the Sci - tech bond market was sluggish [22]. - Since the 21st century: In a low - interest - rate environment, Japanese technology companies prefer bank loans or issuing bonds in the international market, and the Sci - tech bond market has remained sluggish [22]. 3. European Sci - tech Bond Development History - Before the 21st century: Due to differences in fiscal policies and industrial structures among EU member states, the bond market was fragmented, and the issuance of Sci - tech bonds was limited [25]. - After the 21st century: With the acceleration of the EU bond market integration process and the implementation of the Lisbon Strategy in 2000, the bond market showed more interest in high - tech and high - growth enterprises, and the issuance of Sci - tech bonds became more active [25]. - Since 2010: The establishment of the European Private Placement Platform (ECPP) in 2015 provided a simple financing channel for start - up high - tech enterprises. The European Central Bank's Pandemic Emergency Purchase Programme (PEPP) in 2020 increased the issuance of Sci - tech bonds [2][26]. 4. Comparison of Policy Trends between Overseas and Domestic Sci - tech Bonds - In the US, Japan, and Europe, there is no separate "Sci - tech bond" sector in the bond market guided by policies. The development of Sci - tech bonds is mainly driven by industrial policies, economic cycles, and bond - market improvement. In China, a separate Sci - tech bond sector has been established, with clear regulations on the Sci - tech attributes of issuers and projects [3]. - The US Sci - tech bond market has a relatively long history of development and is now an important part of the credit bond market. In Japan and Europe, the development of Sci - tech bonds started later. In recent years, the issuance of European Sci - tech bonds has been increasing, while the Japanese market has been sluggish. China's Sci - tech bond market is in the stage of continuous innovation and market upgrading [29][30][31].

Core Viewpoint - The company,沃尔核材, reported strong growth in Q1 2025, with revenue and net profit increasing significantly year-on-year, and outlined plans for future capacity expansion and strategic focus on electronic communication and new energy sectors [2][6]. Financial Performance - In Q1 2025, the company achieved revenue of 1.759 billion yuan, a year-on-year increase of 26.6% [6]. - The net profit attributable to shareholders was 250.39 million yuan, up 35.86% year-on-year [6]. - The company's gross profit margin stood at 32.53% [6]. Business Growth and Strategy - The company is actively expanding its production capacity, with ongoing projects in Malaysia and Huizhou to meet business development needs [2][3]. - The focus will remain on the "electronic communication + new energy power" sectors, with a commitment to cost leadership and enhanced automation and digital management [2][3]. R&D and Innovation - The company has increased its R&D investment to drive innovation in high-end products, particularly in the electronic communication and new energy sectors [3][4]. - Recent innovations include the stable mass production of the single-channel 224G high-speed communication line, which has met customer demand [4][5]. Market Outlook - The company anticipates continued growth in its high-speed communication cable business, driven by increasing demand for computing power [4][5]. - The overall market for electronic communication and new energy power is expected to expand, aligning with national development strategies [5]. Institutional Ratings - In the last 90 days, four institutions have issued buy ratings for the stock, indicating positive sentiment among analysts [7]. Profit Forecasts - Various institutions have provided profit forecasts for 2025, with estimates ranging from 1.149 billion yuan to 1.241 billion yuan, reflecting confidence in the company's growth trajectory [9].

在当今数字化的时代，通信技术的演进犹如一场永不停歇的创新革命，不仅改变了个人生活，还促进 了产业的升级和转型，推动了数字经济的蓬勃发展，进而对整个经济社会产生了深远影响。 记者了解到，经过多年发展，深市电子通信相关上市公司积极落实创新驱动发展战略，成长起来了一批聚 焦主业、坚守创新、业绩优良的优质科技企业，它们通过自身的持续创新，在推动产业变迁、经济转型发 展中起到重要的推动作用。 近日，由深交所组织邀请广合科技、飞荣达、广和通、珂玛科技等公司召开2024年电子通信行业集体业绩 说明会活动，该次活动主题为"信通智联·引领新浪潮"。 成立以来，珂玛科技始终将科技创新作为发展源动力，并不断加大投入力度。2024年，公司研发投入 6631.61万元，同比增长42.52%；今年一季度研发费用超过2000万元，同比增长15.53%，这种对技术创新 的持续投入，正是珂玛科技能够始终领先半导体设备关键零部件领域的"密钥"所在。 飞荣达业务主要涵盖消费电子、通信设备、数据中心、服务器、新能源汽车及光伏储能等多个关键行业。 随着5G通信、新能源汽车、AI、算力、智能机器人、低空经济等行业的快速发展，飞荣达紧跟市场趋 势，不断优 ...

在当今数字化的时代，通信技术的演进犹如一场永不停歇的创新革命，不仅改变了个人生活，还促进了 产业的升级和转型，推动了数字经济的蓬勃发展，进而对整个经济社会产生了深远影响。 记者了解到，经过多年发展，深市电子通信相关上市公司积极落实创新驱动发展战略，成长起来了一批 聚焦主业、坚守创新、业绩优良的优质科技企业，它们通过自身的持续创新，在推动产业变迁、经济转 型发展中起到重要的推动作用。 近日，由深交所组织邀请广合科技（001389）、飞荣达（300602）、广和通（300638）、珂玛科技 （301611）等公司召开2024年电子通信行业集体业绩说明会活动，该次活动主题为"信通智联.引领新浪 潮"。 会上，国内半导体设备用先进陶瓷材料零部件头部企业珂玛科技介绍，公司2024年营业收入为8.57亿 元，同比增长78.45%；归母净利润为3.11亿元，同比增长279.88%，整体业绩表现尤为亮眼。亮丽的业 绩背后，深市电子通信相关公司持续打造硬核竞争力，扮演好产业前行的关键力量。 成立以来，珂玛科技始终将科技创新作为发展源动力，并不断加大投入力度。2024年，公司研发投入 6631.61万元，同比增长42.52%；今 ...

Industry Overview - The evolution of communication technology is driving innovation and transformation in industries, significantly impacting the digital economy and society as a whole [1] - The electronic information manufacturing industry in China is experiencing rapid production growth, with a notable increase in fixed asset investment by 12% year-on-year [2] - In 2024, the total revenue of 334 electronic and communication companies in the Shenzhen market reached 22,717.10 billion yuan, a year-on-year increase of 12.15%, while net profit attributable to shareholders grew by 53.52% to 930.97 billion yuan [2] Company Performance - Kema Technology reported a revenue of 857 million yuan in 2024, marking a 78.45% increase, with a net profit of 311 million yuan, up 279.88% [2][3] - Feirongda achieved total revenue of 5.031 billion yuan, a 15.76% increase, and a net profit of 189 million yuan, up 83.01% [3] - Guanghe Technology's main business revenue reached 3.479 billion yuan, with a 45.59% increase in server PCB business revenue [3] - Guangtong reported revenue of 8.189 billion yuan, a 6.13% increase, with a net profit of 668 million yuan, reflecting an 18.53% increase [3] Innovation and R&D - Kema Technology emphasizes technological innovation, with R&D investment of 66.3161 million yuan in 2024, a 42.52% increase [4] - Feirongda focuses on multiple key industries, optimizing product structure and actively entering emerging business areas, enhancing its competitive edge [5] - Guanghe Technology has established a national enterprise technology center and has applied for 418 patents, with 210 granted, showcasing its strong technical capabilities [6] - Guangtong has invested 719 million yuan in R&D in 2024, accumulating 337 invention patents, indicating a solid foundation for expanding into IoT applications [6] Strategic Initiatives - Guangtong established an AI research institute in 2024 to explore the integration of communication and AI technologies, launching new products in the AI and robotics sectors [7]

新京报贝壳财经讯（记者黄鑫宇）近日，新三板挂牌公司2024年年报披露工作基本结束。 全国股转公司（即新三板运营主体）官网显示，截至5月8日，新三板共有挂牌企业6065家，其中创新层 企业2183家、基础层企业3882家。 据全国股转公司介绍，2024年，新三板挂牌公司研发投入合计610.16亿元，连续三年保持增长，平均研 发强度3.57%，三成以上公司研发投入超1000万元，近两成公司研发强度超10%。 值得关注的是，新三板当前专精特新特点鲜明。 全国股转公司的数据显示，专精特新企业持续向新三板聚集，共有国家级专精特新"小巨人"企业1119 家，同比增加202家，占全国"小巨人"总数的7.65%。"小巨人"挂牌公司持续深耕产业链关键环节，制造 业占比近七成，广泛分布于电气设备、化工材料、电子通信等领域，聚焦核心零部件、基础元器件、基 础材料等细分产业，助力加快建设制造强国。 近五年来，新三板挂牌企业中的先进制造和现代服务等战略性新兴产业挂牌公司数量持续增加，高端装 备制造产业由88家增至141家，新材料产业由67家增至184家，新一代信息技术产业由132家增至210家， 新能源汽车产业由20家增至70家，生物 ...

据知情人士透露，特朗普将缓解其汽车关税带来的冲击，避免对外国制造的汽车征收的关税在其已实施 的其他关税基础上"叠加"，同时放宽对用于美国汽车制造的外国零部件征收的部分关税。知情人士表 示，这项决定意味着，支付汽车关税的汽车制造商将不会再被征收其他关税，例如对钢铁和铝的关税。 此举将具有追溯效力，也就是说，汽车制造商可获得已缴纳相关关税的退还。对外国制造完成整车征收 的25%关税已于本月初生效。 点评：据一位了解该计划的人士透露，此举旨在为汽车制造商争取时间，将零部件供应链逐步转回美 国，同时也可能在短期内为汽车制造商带来显著提振。制造商需要向政府申请退税，但目前尚不清楚相 关资金将来自何处。 特朗普在汽车行业关税上"回撤"，华尔街投资者期待调整其他关税政策 第二批保险资金长期投资改革试点又传新进展。4月29日晚，新华保险公告称，拟出资不超过100亿元认 购由国丰兴华（北京）私募基金管理有限公司发起设立的私募基金的份额，基金名称为国丰兴华鸿鹄志 远二期私募证券投资基金。鸿鹄二期基金成立规模200亿元，新华保险与中国人寿拟各出资100亿元认购 基金份额。 点评：今年，第二批长期投资试点启动。险资获批试点规模从50 ...

Group 1: Industry Overview - The A-share electronic and communication industry is experiencing a new growth cycle driven by the adoption of artificial intelligence (AI), with overall performance showing positive trends for 2024 and Q1 2025 [1][2] - Global smartphone shipments are projected to reach 1.24 billion units in 2024, marking a year-on-year increase of approximately 6.4%, indicating a recovery in the smartphone market [1] - The shipment of generative AI smartphones is expected to approach 420 million units in 2025, representing a significant year-on-year growth of 82.7% and capturing one-third of the smartphone market share [1] Group 2: Company Performance - Leading company Luxshare Precision (立讯精密) is forecasted to achieve a revenue of 268.795 billion yuan in 2024, a year-on-year increase of 15.91%, with a net profit of 13.366 billion yuan, up 22.03% [1] - In Q1 2025, Luxshare's revenue continued to grow, reaching 61.788 billion yuan, a 17.9% increase year-on-year, and a net profit of 3.044 billion yuan, up 23.17% [1] - Lens Technology (蓝思科技) also reported revenue and net profit growth for 2024 and Q1 2025, emphasizing that the rapid development of AI is significantly transforming smart terminals and enhancing the value of the industry chain [2] Group 3: AI Impact on Companies - The application of AI in consumer electronics is reshaping user experiences and initiating a new wave of innovation, which is expected to lead to explosive growth in the industry as AI technology matures [2] - Companies such as Industrial Fulian (工业富联), Fei Rongda (飞荣达), and Crystal Optoelectronics (水晶光电) have also reported revenue and net profit growth driven by AI and other factors [2] - ZTE Corporation (中兴通讯) achieved a revenue of 32.97 billion yuan in Q1 2024, a year-on-year increase of 7.8%, with over 35% of revenue coming from its second curve business focused on computing and terminals [3] Group 4: Future Outlook - The communication industry is actively embracing the AI wave, seeking new development opportunities as traditional operator business faces pressure from declining capital expenditures [2][3] - ZTE's enterprise business revenue grew by 36.7% year-on-year in 2024, while Huawei's revenue exceeded 860 billion yuan, growing over 22%, with its enterprise business in China growing by over 25% [3] - The demand for optical module products, which offer high-speed, high-capacity, and low-latency data transmission, is increasing, leading to significant performance growth for companies like Shijia Photon (仕佳光子), which reported a revenue increase of 42.4% for 2024 [3]

Group 1: Industry Insights - The coal industry is experiencing a continued decline in prosperity, while the cement and steel industries are expected to see positive profit growth year-on-year. Conversely, the coal and glass industries are projected to have negative profit growth [1] - The automotive electronics sector is poised for a turning point, with the rise of intelligent driving and the expansion of affordable smart technology, particularly with companies like BYD leading the charge [2] - The petrochemical industry is highlighted for its strategic importance in energy and food security, with state-owned enterprises expected to play a crucial role in ensuring supply amidst geopolitical tensions [4] Group 2: Company-Specific Analysis - Yuexiu Property is projected to achieve a revenue of 86.4 billion yuan in 2024, reflecting a year-on-year growth of 7.7%, despite a significant decline in net profit due to reduced gross margins [8] - Zhongxin Fluorine Materials is facing pressure on its performance due to declining prices of its pharmaceutical and agricultural intermediate products, alongside high depreciation costs from new capacity [9] - China Petroleum's major shareholder plans to increase its stake in the company, with expected net profits of 173 billion yuan, 178.4 billion yuan, and 182.9 billion yuan for the years 2025 to 2027 [10]

AI Industry Developments - DeepSeek V3 model has completed a minor version upgrade, showing improvements across various capabilities [1] - Tencent has officially launched its self-developed deep thinking model, MixT1, with enhanced reasoning abilities [1] - Google's new model, Gemini 2.5 Pro, has achieved state-of-the-art (SOTA) levels in multiple benchmark tests and topped the Arena leaderboard [1] Semiconductor Sector Updates - OpenAI has released GPT-4o with native multimodal image generation capabilities, allowing for more realistic image creation [2] - Xizhi Technology has globally launched a new generation of optoelectronic hybrid computing card, "Xizhi Tian Shu," which integrates optical and electronic chip advantages and employs advanced 3D packaging technology, showing significant performance improvements over previous models [2] - New products from New Kai Lai were showcased at SemiconChina 2025, covering approximately 30 types of equipment across four categories: diffusion, etching, thin film, and measurement [2] - The U.S. Department of Commerce has added 54 Chinese entities to its export control list, with 12 listings effective from March 25, 2025, and the remaining 42 expected to take effect on March 28, 2025 [2] Robotics Industry Trends - VIVO announced the establishment of "vivo Robot Lab" to enter the home robotics sector during the Boao Asia Forum 2025 [3] - Yijiahe has strategically upgraded, leading to the establishment of Lindo Technology [3] - Zhiyuan held its first supplier conference, collaborating with over a hundred partners to expand in the robotics market [3] - Wolong Electric Drive has invested in Zhiyuan Robotics to advance embodied robotics development [3] - Figure Robotics released a new video showcasing its progress from "stumbling" to "steady" walking capabilities [3] Investment Recommendations - The emergence of DeepSeek is expected to catalyze the accelerated iteration of global large models, with AI application scenarios such as edge computing, intelligent driving, and robotics likely to experience higher growth rates [3] - Continued optimism for investment opportunities in the technology sector, particularly in domestic computing infrastructure [3] - Recommendations for the electronic communication sector include focusing on domestic AI computing companies such as Cambrian, Haiguang Information, and others [3] - In the computer industry, attention is drawn to companies like Kingsoft Office and Foxit Software due to the increasing value of high-frequency interaction entry points [4] - The robotics industry suggests monitoring various segments, including connectors, main bodies, PCB, equipment, dexterous hands, 3D vision, motors, scene robots, operating systems, and sensors [4]