Group 1 - The core viewpoint of the article is that Sichuan Tengdun Technology Co., Ltd. is preparing for an IPO, marking it as another drone company from Sichuan aiming to enter the A-share market after successful listings of other companies [1] - Tengdun Technology has developed the world's first dual-engine, triple-engine, and quad-engine large fixed-wing drones, as well as China's first amphibious drone, indicating its leading position in domestic drone technology [1][3] - The company's valuation has exceeded 12.2 billion yuan, but key financial data such as revenue, net profit, and R&D investment remain undisclosed due to the absence of a prospectus [1][9] Group 2 - Founded in September 2016, Tengdun Technology is recognized as a national-level specialized and innovative "little giant" enterprise, with over 900 employees and multiple subsidiaries focusing on drone systems and applications [3] - The founder, Nie Haitao, has a strong background in aircraft design and has received multiple national and provincial awards for technological advancements, contributing to the company's rapid development in high-end drone technology [5] - The company has received significant investment interest, with 99 shareholders reported as of May 2024, including state-owned investment firms and well-known venture capital institutions [7][9] Group 3 - Tengdun Technology's headquarters project in Chengdu is expected to be completed by the end of 2027, covering approximately 99.08 acres with a total investment of around 3 billion yuan [9] - The company has production bases in various locations, including Sichuan and Anhui, and recently launched a production line for a large quad-engine commercial drone [11] - The development of Tengdun Technology aligns with Chengdu's strategy to become a hub for low-altitude economy, supported by government policies aimed at enhancing low-altitude flight capabilities and fostering new economic growth [12]

Core Viewpoint - Top analysts on Wall Street recommend three dividend stocks for investors seeking stable returns amid uncertainties from tariffs and macroeconomic challenges: ConocoPhillips (COP.US), U.S. Bancorp (USB.US), and HP Inc. (HPQ.US) [1] ConocoPhillips - ConocoPhillips plans to distribute $2.5 billion to shareholders in Q1 2025, including $1.5 billion in stock buybacks and $1 billion in cash dividends [2] - The quarterly dividend is $0.78 per share, with an annualized dividend of $3.12 and a dividend yield of 3.3% [2] - Analyst Scott Hanold from RBC Capital Markets maintains a "Buy" rating with a target price of $115, expecting ConocoPhillips to outperform other large exploration and production companies [2][3] - Hanold highlights ConocoPhillips' focus on shareholder returns, strong balance sheet, and industry-leading dividend levels, along with its ability to generate competitive free cash flow across commodity price cycles [3] - The company has a low breakeven point, capable of covering production maintenance and dividends even when WTI crude oil prices are below $40 per barrel [3] U.S. Bancorp - U.S. Bancorp offers a diversified range of financial services, with a quarterly dividend of $0.50 per share, annualized at $2, and a dividend yield of 4.2% [5] - Analyst Gerard Cassidy from RBC Capital Markets reiterates a "Buy" rating with a target price of $50, citing the bank's new leadership and operational leverage goals [5][6] - U.S. Bancorp has been one of the best-performing banks in the U.S., with a compound annual growth rate (CAGR) of shareholder returns over the past 20 years, largely due to its focus on tangible book value and dividends [5] - Cassidy notes that U.S. Bancorp has returned up to 80% of its earnings through stock buybacks and dividends annually [5] HP Inc. - HP announced a quarterly dividend of $0.2894 per share, marking the fourth dividend for fiscal year 2025, with an annualized dividend of $1.1576 and a yield of 4.5% [7] - Analyst Amit Daryanani from Evercore maintains a "Buy" rating with a target price of $29, emphasizing HP's successful business diversification and production strategies [7][8] - HP aims for 90% of its products targeted at the U.S. market to be produced outside of China, with production remaining in Asia and some planned in Mexico [8] - The company is focused on achieving $2 billion in annual savings through cost-saving initiatives, including internal AI tools to enhance productivity and efficiency [8]

Core Viewpoint - The company, Feirongda, anticipates a significant increase in net profit for the first half of 2025, driven by capacity release, market share growth, and effective cost management, with projected net profit ranging from 155 million to 170 million yuan, representing a year-on-year growth of 103.95% to 123.69% [3]. Group 1: Financial Performance - The expected net profit attributable to shareholders for the first half of 2025 is between 155 million and 170 million yuan, compared to 75.99 million yuan in the same period last year [3]. - The projected net profit after deducting non-recurring gains and losses is estimated to be between 125 million and 140 million yuan, up from 68.55 million yuan year-on-year, indicating a growth of 82.34% to 104.22% [3]. Group 2: Business Development - The company has strengthened its R&D capabilities and increased investment in research, leading to a richer product structure and expansion into emerging markets, which has significantly boosted revenue in the first half of 2025 [3]. - The recovery of the consumer electronics market and increased demand have provided broader market opportunities for electromagnetic shielding and thermal management, contributing to steady market share growth [4]. - The company is actively collaborating with key clients to develop new products that meet diverse thermal management and electromagnetic shielding needs, enhancing market share and profitability [4]. Group 3: Sector Performance - The communication sector has seen smooth business operations, with overall sales revenue and profitability increasing, particularly in AI server cooling-related businesses [4]. - The company's new energy vehicle business is gradually increasing sales revenue, although gross margins remain relatively low due to fluctuations in raw material prices and new project introductions [4]. - The company is working on improving gross margins in the new energy sector by adjusting product structure and enhancing production efficiency [4]. Group 4: Non-Recurring Gains - The impact of non-recurring gains and losses on net profit attributable to shareholders is expected to be approximately 30 million yuan, primarily from government subsidies and the consolidation of Jiangsu Zhongyu [5].

| 辅导对象 | 紫光展锐(上海)科技股份有限公司 | | | --- | --- | --- | | 成立日期 | 2013年8月26日 | | | 注册资本 | 553,191.72 万元 法定代表人 | 马道杰 | | 注册地址 | 中国(上海)自由贸易试验区祖冲之路 2288 弄 3 号 429 室 | | | 控股股东及 | 北京紫光展讯投资管理有限公司直接持有公司 32.22%的股权, | | | 持股比例 | 系公司的控股股东 | | | 行业分类 | 在其他交易场 C39 计算机、通信和其他 所(申请)挂牌 | 无 | | | 电子设备制造业 或上市的情况 | | | 注 | 近3年内,公司不存在提交首次公开发行股票/存托凭证并上市 | | | 答 | 申请被终止审查、不予核准、不予注册的情形 | | 瑞财经 刘治颖 近日，紫光展锐（上海）科技股份有限公司（以下简称：紫光展锐）在上海证监局进行 IPO辅导备案，辅导机构为国泰海通、中信建投。 官网显示，紫光展锐是全球少数全面掌握2G/3G/4G/5G、Wi-Fi、RedCap、蓝牙、电视调频、卫星通信 等全场景通信技术的企业之一。在核心的5G领 ...

Core Viewpoint - Hongze (Jiangsu) Technology Co., Ltd. has initiated the IPO counseling record with the Jiangsu Securities Regulatory Bureau, aiming to list on the Beijing Stock Exchange, with Dongwu Securities as the counseling institution [2] Company Overview - Hongze Technology was established on August 7, 2003, with a registered capital of 75.68 million yuan [3] - The company is primarily engaged in the research, production, sales, and technical services of electrolytic equipment and its key components, with main products including electrolytic cells and electrodes [3] - The controlling shareholder is Jiangyin Shengli Investment Co., Ltd., holding a 65.14% stake [3][7] Financial Performance - In 2024, the company's operating income reached 590.40 million yuan, representing a year-on-year increase of 14.54% [4] - The net profit attributable to shareholders was 68.86 million yuan, showing a decline of 22.87% compared to the previous year [4] - The gross profit margin decreased from 29.41% to 26.94% [4] Shareholding Structure - The actual controllers of the company are Liu Yuesheng, Lu Huihong, and Liu Zequn, collectively controlling 83.16% of the voting rights [7] - Liu Yuesheng serves as the chairman and general manager, while Liu Zequn is the vice president [7]

Important Market News - The Ministry of Finance issued a notice on July 11 to guide insurance funds towards long-term stable investments, establishing a long-cycle assessment mechanism for state-owned commercial insurance companies starting from the 2025 performance evaluation. This is expected to bring trillions of yuan in incremental funds to the A-share market, enhancing market resilience and promoting a value investment atmosphere [1][1]. - On July 13, the Shanghai Stock Exchange released self-regulatory guidelines for the Sci-Tech Innovation Board, officially including 32 unprofitable companies into the Sci-Tech Growth Layer. This aims to support technology companies with significant breakthroughs and broad commercial prospects, despite currently being unprofitable [1][1]. Industry Insights - The Ministry of Industry and Information Technology released the 2025 work points for the integration of information technology and industrialization, emphasizing the development of key integration technologies and supporting the high-quality development of basic and industrial software. The focus is on AI-enabled new industrialization and the promotion of industrial intelligence [2][2]. - The price of DDR4 DRAM has doubled in the past six months, with recent price increases of about 20% by SK Hynix. This price surge is driven by recovering market demand and supply-side adjustments, with significant price increases expected for various applications in the third quarter [3][3]. - The fifth RISC-V China Summit will be held from July 16 to 19, 2025, in Shanghai, attracting around 2,000 professionals. RISC-V architecture is rapidly gaining traction due to its open-source nature and flexibility, with a projected compound annual growth rate of over 40% in product shipments by 2030 [4][4]. Stock Movements - Qilu Bank announced a plan for a major shareholder to reduce its stake by up to 1.1% through block trading [5][5]. - Saikexide and Zhongci Electronics also announced plans for their shareholders to reduce stakes by up to 1% through various trading methods [5][5]. - Defu Technology's shareholders plan to reduce their holdings by up to 3.4% within three months following the announcement [6][6].

证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 14 日 浙商早知道 2025 年 07 月 14 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 重要推荐 【浙商国防 邱世梁/王华君/孙旭鹏】华辰装备（300809）公司深度：国内轧辊磨床龙头，布局人形机器人磨床打 开蓝海市场——20250712 重要观点 重要点评 【浙商大制造中观策略 邱世梁/王华君/王家艺】巨星科技（002444）公司点评：盈利正增长，云开见星途 —— 20250710 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 1、国防-华辰装备（300809） 2、推荐逻辑：国内轧辊磨床龙头，布局人形机器人磨床打开蓝海市场 1）超预期点 公司丝杠导轨磨床主要基于亚μ平台开发，通过与国际头部产品对比，其精度已达国际领先水平，同时公 司与贝斯特、福立旺等头部人形机器人厂商已签订磨床订单或交付产品，进一步验证了公司的产品性能。 2）驱动因素 ①钢铁行业有望筑底回升。当前公司业绩主要来自数控轧辊磨床， ...

据韩国媒体，LG电子为HBM芯片开发混合型BONDER。 ...

Group 1: Shanda Electric Power (山大电力) - Shanda Electric Power is an indirect holding enterprise of Shandong University, focusing on the research, manufacturing, sales, and service of smart grid monitoring and new energy products [1][3] - The company has a market capitalization of 17.91 billion yuan and an issuance price of 14.66 yuan per share, with an issuance P/E ratio of 19.57 [2] - The revenue structure is stable, with the smart grid monitoring sector contributing 87.94% of the total revenue in 2024, while the new energy sector accounts for 12.06% [4] - The company has established long-term partnerships with major clients such as State Grid and Southern Power Grid, enhancing its competitive edge in the smart grid monitoring and new energy sectors [3][4] - The company plans to invest 1.35 billion yuan in smart grid fault analysis and distribution network intelligence projects, and 1.80 billion yuan in R&D center projects [2][3] Group 2: Jiyuan Group (技源集团) - Jiyuan Group specializes in the research and industrialization of dietary nutritional supplements, with a focus on products like HMB and glucosamine [5][10] - The company has a market capitalization of 38.08 billion yuan and an issuance price of 11.09 yuan per share, with an institutional offering price of 10.88 yuan [6] - Jiyuan Group is the largest global supplier of HMB raw materials and has established partnerships with major companies such as Abbott and Nestlé [10][11] - The revenue from nutritional raw materials is projected to be 5.71 billion yuan in 2022, increasing to 6.47 billion yuan by 2024, maintaining a revenue share of over 60% [10][11] - The company plans to invest 2.06 billion yuan in the construction of a nutritional health raw material production base and 1.47 billion yuan in the expansion of its production line [9][10]

Core Viewpoint - The company, Suzhou Spring Autumn Electronics Technology Co., Ltd., anticipates a significant increase in net profit for the first half of 2025, projecting a growth of over 50% compared to the same period last year [1][3]. Group 1: Performance Forecast - The company expects a net profit attributable to the parent company for the first half of 2025 to be between 90 million and 110 million yuan, representing an increase of 63.22 million to 83.22 million yuan, or a year-on-year growth of 236.05% to 310.72% [3][5]. - The projected net profit, excluding non-recurring gains and losses, is expected to be between 65 million and 85 million yuan, which is an increase of 49.25 million to 69.25 million yuan, translating to a year-on-year increase of 312.65% to 439.62% [3][5]. Group 2: Previous Year’s Performance - In the same period last year, the total profit was 20.27 million yuan, with a net profit attributable to the parent company of 26.78 million yuan, and a net profit excluding non-recurring gains and losses of 15.75 million yuan [5]. Group 3: Reasons for Performance Increase - The increase in performance is attributed to the rapid penetration of AIPC in the notebook computer structural components business and the growth of magnesium alloy applications in the new energy vehicle sector, supported by the overall development of the new energy vehicle industry [7]. - The company has maintained strategic focus by optimizing resource allocation and enhancing internal management, which has improved operational efficiency and market competitiveness, thereby supporting and driving the company's performance [7].