Core Viewpoint - The recent discussions on "anti-involution" are driven by policy guidance and market expectations, with a focus on promoting product quality and orderly competition while addressing low-price chaos in various industries [2] Group 1: Impacted Industries - The industries most affected by the current "anti-involution" include upstream raw materials related to real estate and infrastructure (such as coal, steel, and cement), equipment manufacturing overlapping with new productive forces (including automotive, electrical machinery, and electronic device manufacturing), and certain downstream consumer goods sectors (such as pharmaceuticals and food manufacturing) [3] - Emerging industries may experience a greater impact from "anti-involution," as recent government reports emphasize the need to cultivate new and future industries while addressing homogeneous competition in sectors like new energy vehicles and photovoltaics [4] Group 2: Policy Implementation and Observations - The consensus is that the approach to "anti-involution" will be moderate, considering the significant presence of private enterprises in affected industries, with many sectors having a high proportion of private companies [6] - Employment concerns are also crucial, as the new industries most affected by "involution" employ a substantial number of workers, making abrupt capacity reductions potentially harmful to job stability [6] - The market is currently in a wait-and-see mode regarding the form and intensity of "anti-involution" policies, with future market movements dependent on clearer policy signals [7] Group 3: Need for Comprehensive Policy Support - High-intensity capacity reduction may require comprehensive policy support, balancing social stability and the specifics of capacity overhang, including timelines for exit and risk mitigation strategies [8] - Observations should not only focus on supply-side changes but also on demand-side updates, as changes in supply structure are necessary but not sufficient for industry recovery [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 35.60, up from the previous RMB 30.00 [4][6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of RMB 119.58 to 121.58 billion for the first half of 2025, representing a year-on-year growth of 36.84% to 39.12%. The second quarter of 2025 is projected to see a net profit of RMB 67.27 to 69.27 billion, with a year-on-year increase of 47.72% to 52.11% [1][4]. - The growth is primarily driven by the accelerated shipment of the GB200 server and the ramp-up of 800G switches, indicating a strong performance in the second half of 2025 [1][2]. Summary by Sections Cloud Computing Business - In Q2 2025, the company's cloud computing revenue grew significantly, increasing by over 50% year-on-year. AI server revenue surged by more than 60%, while revenue from cloud service provider servers more than doubled [2]. - The growth is attributed to the large-scale shipment of the GB200 series AI chips/servers and increasing demand for AI cabinet products from cloud service providers [2]. Communication and Network Equipment Business - The communication and mobile network equipment segment saw steady growth, particularly in the smartphone metal frame business due to strong sales of high-end and budget AI models [3]. - The revenue from 800G switches reached three times the total revenue for 2024, driven by rising AI demand and an improving product mix [3]. Financial Projections - The report projects the company's net profit attributable to shareholders for 2025 to be RMB 303 billion, with expected growth rates of 30.3%, 24.1%, and 20.1% for 2025, 2026, and 2027 respectively [4][10]. - The earnings per share (EPS) are forecasted to be RMB 1.52, RMB 1.89, and RMB 2.27 for 2025, 2026, and 2027 respectively [10].

Summary of Key Points Core Viewpoint - The company, Kunshan Kosen Technology Co., Ltd., has provided a guarantee of 50 million yuan for its wholly-owned subsidiary, Jiangsu Jinkosen Electronic Technology Co., Ltd., to support its credit business with Nanjing Bank, which is within the previously approved guarantee limit [1][2][6]. Group 1: Guarantee Details - The guarantee amount is 50 million yuan, and the total guarantee balance provided by the company is also 50 million yuan [1]. - The company has not provided any counter-guarantee for this guarantee [1]. - As of the announcement date, the total external guarantees by the company and its subsidiaries amount to 569 million yuan, which represents 25.24% of the company's latest audited net assets [1][6]. Group 2: Subsidiary Information - Jiangsu Jinkosen Electronic Technology Co., Ltd. is a wholly-owned subsidiary of the company, established on January 11, 2019, with a registered capital of 200 million yuan [2][3]. - The subsidiary's business includes research and development of electronic products, precision metal structures, and various machinery and equipment [3]. Group 3: Financial Overview - The total assets of Jiangsu Jinkosen as of the first quarter of 2025 are 1.117 billion yuan, with total liabilities of 1.072 billion yuan, resulting in a net asset value of 45.57 million yuan [4]. - The subsidiary's revenue for the year 2024 was approximately 1.059 billion yuan, with a net profit of 12.17 million yuan [4]. Group 4: Board Decision and Rationale - The board of directors approved the guarantee during meetings held on June 17, 2025, and July 3, 2025, emphasizing that the guarantee is necessary for the subsidiary's operational needs and does not pose a risk to the company's ongoing viability [5][6]. - The board believes that the guarantee aligns with the company's overall interests and supports the sustainable development of the subsidiary [6].

分析师:李济生 登记编码: S0730522100002 liis@ccnew.com 分析师:郑婷 登记编码:S0730524110001 zhengting@ccnew.com 证券研究报告 相关报告 《河南资本市场月报(2025年第5期)》 2025-6-16 《河南资本市场月报(2025年第4期)》 2025-5-15 《河南资本市场月报(2025年第3期)》 2025-4-18 联系人:李智 投资要点: 河南省政府在培育未来产业、全方位扩大投资等方面出台了系列政 策。中部六省其他省份也发布有关稳就业、促发展的系列政策措施。 | ● 投资建议:6月份,全球市场环境有所改善,美联储降息预期升温, | | --- | | 我国多部门集中推出积极政策措施,其中证监会出台政策设置科创 | | 板科创成长层,扩大第五套标准适用范围,支持人工智能、商业航 | | 天、低空经济等更多前沿科技领域企业适用科创板第五套上市标 | | 准,突出了对科技创新企业的支持力度和范围进一步加大。因此, | | 建议持续关注河南省科技创新相关上市企业的投资机会。 | 风险提示:海外贸易政策带来的不确定性风险;经济增长和业绩不及预 ...

Core Viewpoint - The company, Lens Technology, is proceeding with the issuance of H shares for overseas listing on the Hong Kong Stock Exchange, with a final offering price set at HKD 18.18 per share [1][2]. Group 1: H Share Issuance Details - The H share issuance is limited to qualified overseas investors and certain domestic institutional investors as per relevant Chinese laws and regulations [1]. - The final price for the H shares has been determined at HKD 18.18 per share, excluding various transaction fees [2]. - The H shares are expected to be listed and commence trading on July 9, 2025, on the main board of the Hong Kong Stock Exchange [2].

Core Viewpoint - The recent trade agreement between the US and Vietnam has relieved major players in the supply chain, particularly benefiting companies like Luxshare Precision, which had previously faced high tariffs on goods produced in Vietnam [1][3]. Trade Agreement Impact - The US has announced a new trade agreement with Vietnam, reducing tariffs on goods produced directly in Vietnam from 46% to 20%, while maintaining a 40% tariff on goods exported from Vietnam [1]. - This reduction is seen as a strategic move to encourage concessions from Vietnam while allowing US companies operating in Vietnam to maintain profit margins [1]. Company Performance - Following the announcement of the trade agreement, Luxshare Precision's stock price increased by 5.45%, closing at 35.77 yuan per share [2]. - Luxshare's revenue from overseas sales is significant, with projections of 206.76 billion yuan and 235.47 billion yuan for 2023 and 2024, respectively, accounting for 89.16% and 87.6% of total revenue [1][2]. Business Expansion and Strategy - Luxshare Precision is planning to issue shares and list on the Hong Kong Stock Exchange, indicating a move towards global expansion and enhanced financing capabilities [3][7]. - The company is focusing on new business areas, particularly in automotive and AI communication sectors, including AI glasses, which are expected to be a significant product line [8][15]. Market Potential - The AI glasses market is projected to grow significantly, with estimates suggesting that by 2035, global sales could reach 1.4 billion units, comparable to smartphone sales [15]. - Luxshare aims to replicate its success in the Apple supply chain within the AI glasses market, leveraging its existing technological and manufacturing capabilities [15][21]. Competitive Landscape - Luxshare is not alone in the AI glasses market; competitors like GoerTek and Lens Technology are also making strides in this area, with each company focusing on different aspects of the product [19][20]. - The competition is expected to be fierce, with each company leveraging its strengths in technology and market relationships to capture market share [21].

Group 1 - Honor launched its new AI flagship product line, including the foldable smartphone Magic V5 and the AI tablet MagicPad3, with a long-term system upgrade plan for both devices [2] - Honor's CFO revealed that the company's IPO process has progressed to the second stage, the counseling period, which is expected to last at least three months and is currently going smoothly [2] Group 2 - BYD's passenger car factory in Camasari, Bahia, Brazil, recently held its first vehicle off the production line, with a total investment of 5.5 billion reais (approximately 7.1 billion yuan) [3] - The factory is part of a larger production base that includes three factories, designed to produce pure electric and plug-in hybrid vehicles with an annual capacity of 150,000 units [3] Group 3 - Hozon Auto's affiliated company, Hozon New Energy Vehicle Co., Ltd., has had its equity frozen, involving 2 billion yuan worth of shares for three years, as per the Nanjing Intermediate People's Court [4] - This is the second instance of equity freezing for the same amount, with the first occurring in January of this year [4] Group 4 - Taobao Flash Sale announced a 50 billion yuan subsidy plan for consumers and merchants over the next 12 months, aimed at boosting transaction growth within the ecosystem [5] - The plan includes store subsidies, product discounts, delivery fee reductions, and commission incentives for merchants, as well as red envelopes and official subsidies for consumers [5] Group 5 - Xiaomi's chairman Lei Jun clarified that the company has no plans to manufacture bicycles or motorcycles, addressing rumors sparked by a circulated image of a "Xiaomi road bike" [6] - The company emphasized that personal hobbies of executives do not influence business plans, and there are currently no related product lines in development [6] Group 6 - The Civil Aviation Administration of China issued a notice prohibiting the carrying of unqualified power banks on flights, leading to tightened policies by express delivery companies [7] - Companies like JD Express and SF Express have added power banks with safety hazards to their prohibited shipping list, while some airports have set up pre-inspection stations for travelers [7]

Core Viewpoint - The Civil Aviation Administration of China (CAAC) has issued an emergency notice prohibiting passengers from carrying non-compliant power banks on domestic flights due to safety risks associated with lithium battery products [1][2]. Group 1: Regulatory Actions - Starting June 28, passengers are banned from bringing power banks without 3C certification, unclear 3C labels, or recalled models on domestic flights [1]. - The CAAC has decided to implement stricter control measures based on international guidelines for the safe transport of dangerous goods [1][2]. - Airlines and related entities are required to enhance awareness and communication regarding the safety risks of power banks [2]. Group 2: Safety Incidents - There have been multiple incidents of power banks overheating and causing smoke in-flight, leading to emergency interventions by flight crews [4]. - Notable incidents include a power bank smoking on a flight from Zhoushan to Jieyang on June 13, and another incident involving a camera battery and power bank on a flight from Hangzhou to Shenzhen on May 31 [4]. - The French aviation accident investigation agency linked a fire incident on a flight from Hangzhou to Hong Kong to a power bank overheating, specifically identifying a Romoss brand device [4]. Group 3: Manufacturer Responses - Major brands like Anker Innovations and Romoss have issued recalls due to safety concerns with their power banks, with Anker recalling 710,000 units in China and 1.158 million in the U.S., while Romoss recalled 490,000 units domestically [4].

证券代码：002981 证券简称：朝阳科技 公告编号：2025-036 广东朝阳电子科技股份有限公司 关于 2025 年度日常关联交易预计的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 广东朝阳电子科技股份有限公司（以下简称"公司"）因日常经营需要，由 全资子公司星联技术（广东）有限公司（以下简称"星联技术"）向关联方苏州 优瑞信电子科技有限公司（以下简称"优瑞信"）采购商品，预计 2025 年度子 公司星联技术与优瑞信发生日常关联交易金额不超过 4,000 万元。2024 年度星 联技术与优瑞信实际发生的日常关联交易金额为 111.7354 万元。 公司于 2025 年 6 月 25 日召开第四届董事会第四次会议和第四届监事会第 四次会议，审议通过了《关于 2025 年度日常关联交易预计的议案》，关联董事 徐林浙先生对本议案回避表决。该议案已经独立董事专门会议审议，并获得独立 董事一致同意。 根据《深圳证券交易所股票上市规则》及《公司章程》的相关规定，本次关 联交易事项在董事会审批权限内，无需提交股东 ...

Core Viewpoint - The article discusses the recent regulatory changes by the China Securities Regulatory Commission regarding bankruptcy reorganization, emphasizing the increased complexity and requirements for companies seeking to revive through this process. Group 1: Key Practical Points of Bankruptcy Reorganization - If a bankrupt entity has lost financial independence due to the unified management of funds, it can undergo consolidated reorganization, followed by a hearing to gather opinions before a ruling [1] - Reorganization and restructuring can proceed simultaneously; if there are many small creditors with low repayment rates, a small creditor group can be established to improve their repayment ratio [1] - The liquidation team should hire intermediaries and experts to ensure asset preservation and value increase, introducing suitable strategic investors to implement the reorganization plan [1] - In cases of multiple related companies in bankruptcy, a competitive method can be used to appoint a joint administrator; for large entities with complete capacity and technical support, industry transformation and investment attraction can be employed [1][2] Group 2: Conditions and Strategies for Reorganization - The conditions for consolidated reorganization include a high degree of confusion among related enterprises' personalities and assets, making it difficult to distinguish between them without harming creditor interests [2] - For projects unsuitable for consolidated reorganization, a "bottom-up" reorganization order can be established, allowing subsidiaries to complete reorganization first, ensuring that lower-tier companies can repay internal loans to upper-tier companies [2] Group 3: Improving Reorganization Success Rates - The pre-reorganization model can enhance the success rate and efficiency of reorganization by incorporating assets and increasing shares to repay debts, thereby improving debt repayment rates and acceptance of the reorganization plan [3] Group 4: Challenges Faced by Companies - The average proportion of current liabilities for private listed companies reached 67% in 2023, significantly higher than the 48% for state-owned enterprises, indicating a reliance on short-term debt financing [7] - Among private enterprises entering reorganization from 2022 to 2024, 62% faced "short-term loans for long-term investments" issues, and 38% involved major shareholder fund occupation, with a secondary reorganization rate of 29% [8] Group 5: State-Owned Enterprises and Reorganization - The proportion of state-owned enterprise reorganization cases increased from 9% in 2022 to 15% in 2024, reflecting significant structural changes in ownership [9] - Supply-side reforms have led to successful transformations, such as a provincial steel group replacing outdated capacity with special steel production lines, improving profit margins [9]