Group 1 - China's export scale exceeded 13 trillion yuan in the first half of the year, achieving a year-on-year growth of 7.2%, marking a historical high for the same period [1] - In June, the total import and export scale reached 3.85 trillion yuan, with exports at 2.34 trillion yuan, growing by 7.2%, indicating a recovery in growth rates [1] - The complete industrial chain and continuous technological upgrades provide a strong foundation for China's export resilience amid challenging external environments [1][2] Group 2 - China's manufacturing value added has consistently exceeded 30 trillion yuan annually since the 14th Five-Year Plan, maintaining its position as the world's largest manufacturing country for 15 consecutive years [2] - High-tech product exports grew by 9.2% in the first half of the year, with significant increases in exports of high-end machine tools, ships, and marine engineering equipment [2] - China's trade partnerships expanded, with over 190 countries and regions experiencing growth in imports and exports, and the number of trading partners with a trade scale exceeding 50 billion yuan increased by 5 compared to the previous year [2] Group 3 - Exports to emerging markets contributed significantly to growth, with imports and exports to Africa increasing by 14.4% and to Central Asia by 13.8% in the first half of the year [3] - Despite a decline in export growth to the U.S., China's export resilience is supported by strong product competitiveness and market diversification [3] - Various international organizations have downgraded global trade growth forecasts for 2025, but China has maintained its own pace and rhythm in trade [3]

Performance Forecast - The company expects to turn a profit with a net profit attributable to shareholders ranging from 130 million to 165 million yuan, compared to a loss of 7.71 million yuan in the previous period [1] - The basic earnings per share are projected to be between 0.91 yuan and 1.15 yuan, contrasting with a loss of 0.06 yuan per share previously [1] Reasons for Performance Change - The significant increase in net profit is primarily due to the completion of a major asset sale in May 2025, where the company sold its entire instrument and meter asset group, leading to a substantial increase in investment income [1] Risk Warning - The company is under delisting risk warning due to the potential for negative values in audited profit totals, net profit, and revenue falling below 300 million yuan, as per the Shenzhen Stock Exchange regulations [1][2]

Core Viewpoint - Haineng Technology plans to invest 200 million yuan in the construction of a smart manufacturing base for scientific instruments in Songjiang, Shanghai, focusing on independent research and development of various scientific instruments, leveraging local talent and industrial advantages to create a model factory for smart manufacturing [2][3]. Investment Project Overview - The project will be located on the east side of Miaosan Road in Xinqiao Town, covering an area of 22.1 acres, designated as M1 industrial land. The base will focus on the independent research and production of organic element analysis, sample pretreatment, chromatography, spectroscopy, and general instruments [5]. - The choice of Songjiang is attributed to its rich talent resources, with the area benefiting from a concentration of specialized professionals due to its proximity to a university town. This environment is seen as ideal for attracting international high-end talent [5]. Technological Development and Goals - The company aims to accelerate the gathering of international top talent in the scientific instrument field and explore the establishment of a digital twin R&D platform to achieve full-process digital mapping of product design, process simulation, and virtual testing [6]. - Plans include the introduction of digital, intelligent, and green manufacturing equipment and processes, the establishment of an industrial internet platform, and the deployment of smart industrial models to enhance lean manufacturing capabilities [7]. Strategic Importance - The construction of this project reflects Haineng Technology's confidence in the national push to develop the scientific instrument industry and marks a significant step towards entering the world-class market, enhancing the company's strategic layout [7]. - The company has a long-standing focus on food nutrition and safety testing, drug and metabolite analysis, agricultural product quality and safety testing, and environmental monitoring, providing scientific instruments and supporting analytical methods across various industries [7]. Industry Context - Scientific instruments play an irreplaceable role in fundamental research, key core technology breakthroughs, and the development of strategic emerging industries. Songjiang is accelerating the construction of a "2+7" modern industrial system, with scientific instruments being one of the seven key industries prioritized for development [8]. - The instrument and meter industry chain in Songjiang has become increasingly complete, encompassing key areas such as complete equipment, sensors, system integration, and measurement and testing, with nearly 400 related enterprises in the region [8].

Core Viewpoint - Hainan University has awarded contracts for the research instrument equipment update and replacement project for the Marine Science and Technology Innovation Platform (Phase II), with a total bid amount of 49.77 million yuan [1]. Procurement Results - The procurement results include multiple packages with various suppliers winning contracts: - Package 1: Guangdong Shengjie Instrument Co., Ltd. won with a bid of 3,191,000 yuan and a score of 99.06 [2]. - Package 2: Guangzhou Zhonglai Technology Co., Ltd. won with a bid of 6,207,900 yuan and a score of 99.57 [2]. - Package 4: Guangdong Shengjie Instrument Co., Ltd. won again with a bid of 3,880,500 yuan and a perfect score of 100 [3]. - Package 5: Guangdong Hanshuowei Instrument Equipment Co., Ltd. won with a bid of 4,996,800 yuan and a perfect score of 100 [4]. - Package 6: Guangdong Zhongke Import and Export Co., Ltd. won with a bid of 31,498,000 yuan and a perfect score of 100 [5]. Major Bid Information - The major bids include various scientific instruments: - Package 1 includes teaching instruments for the Marine Science and Engineering College, with a total bid of 3,191,000 yuan [7]. - Package 2 includes teaching instruments for the Marine Science and Engineering College, with a total bid of 6,207,900 yuan [7]. - Package 4 includes teaching instruments for the Chemical Engineering College, with a total bid of 3,880,500 yuan [7]. - Package 5 includes teaching instruments for the Chemical Engineering College, with a total bid of 4,996,800 yuan [7]. - Package 6 includes advanced mass spectrometry equipment from brands like Bruker and Thermo Scientific, with a total bid of 31,498,000 yuan [7]. Supplier Information - The suppliers involved in the project include: - Guangdong Shengjie Instrument Co., Ltd. [2][3] - Guangzhou Zhonglai Technology Co., Ltd. [2] - Guangdong Hanshuowei Instrument Equipment Co., Ltd. [4] - Guangdong Zhongke Import and Export Co., Ltd. [5] Contact Information - The procurement unit is Hainan University, located at 58 Renmin Avenue, Haikou, Hainan Province [8]. - The procurement agency is Zhongke Gaosheng Consulting Group Co., Ltd., located at 88 Binhai Road, Meilan District, Haikou, Hainan Province [9].

Core Insights - The Chinese Fourier Transform Infrared Spectrometer (FTIR) industry has made significant technological advancements, with domestic companies overcoming key technical barriers and achieving international standards in some products [1][12][22] - The market size for FTIR in China is projected to reach 1.824 billion yuan in 2024, reflecting a year-on-year growth of 9.75% [1][12] - The application scenarios for FTIR are expected to expand due to stricter environmental regulations, increased investment in biomedicine research, and a surge in demand for new energy materials [1][12] Industry Overview - FTIR is an instrument that utilizes Fourier transform principles to obtain infrared spectra of substances, providing crucial data for chemical analysis and material identification [3] - The industry can be categorized into specialized and multifunctional FTIR spectrometers, with applications ranging from environmental monitoring to chemical analysis [3] Industry Development History - The FTIR industry in China has evolved through four main stages: exploration (1987-2000), independent research and development (2000-2008), industrialization (2009-2014), and intelligent development (2015-present) [4][5][6] - Key milestones include the introduction of the first domestic FTIR model in 1993 and the development of portable FTIR devices that surpassed international counterparts in performance by 2011 [4][5] Industry Value Chain - The upstream of the FTIR industry includes optical materials, electronic components, and mechanical parts, while the midstream focuses on manufacturing FTIR devices [8] - Downstream applications span various fields, including biomedicine, environmental monitoring, materials science, and food safety [8] Current Industry Status - The FTIR industry in China has seen remarkable progress in technology, with domestic firms breaking through barriers in critical components like interferometers and detectors [12] - The market is expected to continue growing, driven by regulatory changes and increased research funding [12] Key Companies' Performance - The competitive landscape is shifting, with domestic companies like Yanzhao Optical and Beijing Rayleigh gradually breaking the international monopoly in the high-end FTIR market [14][22] - International giants such as Thermo Fisher and Bruker maintain a stronghold in the high-end market, but domestic firms are gaining traction through innovation and improved performance [14] Industry Development Trends - The integration of AI and IoT technologies is transforming FTIR from a simple detection tool to an intelligent analysis platform, enhancing measurement efficiency and data accuracy [19][20] - Domestic companies are actively expanding their market presence both domestically and internationally, particularly in Southeast Asia and Africa, driven by the Belt and Road Initiative [21] - The trend of domestic substitution is gaining momentum, with local firms increasingly penetrating the high-end market and offering customized solutions [22]

Group 1 - Guangdong will host over 200 night-themed consumption activities from July to September 2025, aimed at boosting summer consumer enthusiasm and economic growth [1][2] - The new quantum entanglement light source developed by Sun Yat-sen University has a fidelity of 99.4%, providing crucial support for next-generation quantum precision measurement technology and functional optical quantum information processing chips [3][4] - The strong performance of Hong Kong's financial market has attracted significant interest from the South Korean financial sector, particularly in digital asset development and upcoming stablecoin regulations [5][6] Group 2 - Shenzhen's urban rail transit network recorded over 10 million passenger trips for three consecutive days from July 7 to 9, indicating strong growth in ridership and urban vitality [7][8] - The Shenzhen Composite Index closed at 10,696.10 points, up 0.61% on July 11, reflecting positive market sentiment [9] - Notable stock performances include San Chuan Wisdom with a price of 5.50 yuan, up 20.09%, and Gu Ao Technology at 12.22 yuan, up 20.04% [10]

作为消费电子产品的AI眼镜"百镜大战"，行业爆发临界点迫近，主营测量仪器仪表制造的华盛昌 （002980）也迈出了AI眼镜第一步，不过其布局策略与众不同。 近日，华盛昌发布公告，全资子公司深度感测将与华眸企业、华境企业共同投资设立深圳市深境智能技 术有限公司，战略布局人工智能眼镜方向。 AI眼镜一小步，背后是华盛昌人工智能生态圈布局的一大步。公司将以AI眼镜为入口之一，构建下一 代智能测量生态蓝图。这不仅是对自身技术护城河的延展，公司试图定义专业仪器仪表在AI时代的进 化方向。 合资设企进军AI眼镜 拆解华盛昌进军AI眼镜的公司主体，华眸企业、华境企业均为公司骨干员工刚成立的合伙企业。这意 味着，在AI眼镜领域，华盛昌正在谋求发挥上市公司平台作用，做足创新业务的员工激励。 "（这种架构设计）一方面有利于吸引外部优秀团队来到子公司平台，另一方面也有利于给公司内部相 关人员做到充分激励。"华盛昌相关负责人接受证券时报记者专访时表示，通过建立核心团队与企业发 展成果深度绑定的长效激励机制，充分激发骨干员工积极性，实现风险共担、利益共享，从而全面提升 新设子公司的运营效能与市场竞争力。 这次合资设企，华盛昌旨在加速推 ...

Core Insights - Jiangsu Province's Suzhou Industrial Park has successfully passed the provincial-level instrument and meter industry park creation assessment with the highest score of 96 points, indicating strong support and development in the sector [1] Group 1: Industry Development - The instrument and meter industry in the Suzhou Industrial Park is well-established, with an expected industry scale exceeding 45 billion yuan in 2024, accounting for 39% of the city's total [2] - The park hosts over 700 instrument and meter-related enterprises, including 8 listed companies and 21 specialized "little giant" enterprises [2] - Leading products such as BMS chip testing equipment and mechanical testing equipment hold the highest domestic market share [2] Group 2: Research and Collaboration - Many enterprises in the park have established laboratories and R&D centers in collaboration with prestigious universities such as Tsinghua University and Peking University [2] - The park has developed a comprehensive public service and technology R&D system, including 6 public service platforms and 27 technology R&D platforms [2] Group 3: Innovation and Recognition - In the past three years, the park has added 460 valid invention patents in the instrument and meter category, representing 27.43% of the city's total in this field [2] - 14 instrument and meter enterprises have led or participated in the formulation of 103 various standards, showcasing their influence in the industry [2] - Several companies have received provincial and national scientific and technological awards, highlighting their innovation and contributions to the field [2]

仪器仪表产业服务中心成立 一是提升平台服务功能。引入AI智能系统，持续优化平台对接匹配功能，拓展平台资源。引导企业上 平台用平台，截至6月底，平台注册企业增加至7.6万家，企业发布需求11万余项，发布产品7.3万余 款。"链万企"小程序开发上线，涵盖产业链需求、资源库、对接活动等模块，企业一键发布需求、查找 资源并参与高效对接。 大众网记者 李文静 青岛报道 为帮助企业链接资源，持续提升产业链供应链稳定性，今年上半年，青岛市工业和信息化局务实推 进"链万企"平台服务能力提升，持续开展供需对接活动。 智能网联新能源汽车产业链供需对接会 二是开展供需对接活动。上半年，依托平台组织开展"链万企"供需对接活动17场次，参与企业1013家、 服务机构91家，达成产业配套、技术合作、市场开拓等合作意向52个。其中，青岛某企业与海湾化学达 成PS供需合作，实现销售2300吨、销售额2140万元。针对青岛某轮胎企业提出传统检测手段效率低、 精度差、难以满足大规模生产的需求，通过平台资源匹配和线下专场对接，促成轮胎企业与青岛某科技 公司达成合作意向，计划3-6个月推出新型检测设备。 三是深度赋能重点产业。为推进企业开放需求场景 ...

公司研究 证 券 研 究 报 告 Q2 经营韧性持续，国际化扩张打开成长空间 事项： 公司发布 2025 年半年度业绩预告：2025H1 公司实现归母净利润 4.63-4.71 亿 元，同比+6.06-7.80%，实现扣非归母净利润 4.36-4.43 亿元，同比+8.13%- 10.01%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,084 | 6,710 | 7,396 | 8,158 | | 同比增速(%) | 8.6% | 10.3% | 10.2% | 10.3% | | 归母净利润(百万) | 921 | 1,036 | 1,149 | 1,274 | | 同比增速(%) | 1.2% | 12.5% | 10.9% | 10.9% | | 每股盈利(元) | 0.55 | 0.62 | 0.68 | 0.76 | | 市盈率(倍) | 22 | 20 | 18 | 16 | | 市净率(倍) | 2.9 ...