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].

焊接误差控制在0.02毫米、获得国家专利101项、6到8分钟完成一台集装箱生产、"圈粉"全国一线大牌 企业,建设5G工厂……作为一家从事焊接设备、切割设备的制造企业,山东水泊智能装备股份有限公司 (以下简称水泊智能)在焊割行业已深耕20余年。20多年里,水泊智能变革了传统焊接方式,推动着相关传 统制造行业由"制造"向"智造"迈进。 截至6月底,企业今年已完成营业收入1.2亿元,全年营收预计将达到3亿元,相比去年提升近1.5倍。 文/片 记者 陈丹 济宁报道 为机器人装上"眼睛" 其实,不只储能箱生产,水泊智能作为一家从事焊接设备、切割设备的制造企业,长期专注于成套自动化焊 装生产线及相关智能装备的研发、设计、生产、装配和销售,业务涵盖专用车、工程机械、船舶制造等 多个领域。其生产的设备在中集集团、中联重科、上海易普集等全国900余家企业广泛采用,并远销德 国、加拿大、俄罗斯、美国、巴西等60多个国家和地区。 这家位于鲁西南的县城企业,为何有如此魅力,吸引一众大牌客户,成为其忠实粉丝?水泊智能副总经理、 董事申伟表示,这源于企业在焊割领域的多年深耕。 自动识别并焊接相关点位 走进水泊智能生产车间,繁忙的景象映入 ...

这72家拟IPO企业为何"撤单" 业绩成长性不足 技术创新性欠佳 募资必要性存疑 ◎记者 胡嘉树 今年以来，沪深北三大交易所合计新受理177家企业上市申请，与此同时，不少拟上市公司在审核问询 或注册环节遇到各种问题而主动"撤单"，上市之路就此终止。 据上海证券报记者初步统计，截至7月11日，三大交易所合计有72家公司主动"撤单"导致IPO终止，撤单 数同比下降超过70%。从申报板块及所属行业分布看，拟申报北交所、创业板的撤单公司数量最多，集 中分布在专用设备制造业、软件和信息技术服务业及汽车制造业等。其中，20家公司为过会后"撤单"。 业绩成长性与可持续性、募资必要性与合理性、技术先进性与创新性、实控人相关风险等，成为掣肘 IPO的关键问题。 对于企业"撤单"后的去向，有资深投行人士分析称，此类企业或有三种出路：一是导致"撤单"的因素消 除后，企业可重新申报上市；二是在监管政策鼓励支持并购重组背景下，部分企业或选择被上市公司并 购；三是评估板块定位及上市条件，转道港交所或北交所再尝试上市。 今年以来72家拟上市公司"撤单" 具体来看72家"撤单"企业申报板块分布情况：北交所27家，创业板20家，上交所主板13 ...

Group 1 - The core viewpoint of the news is that Zhuoyue Technology (002369) has shown a slight increase in stock price and a mixed performance in capital flow, with a notable growth in net profit and revenue in the latest quarterly report [1][3] - As of July 11, 2025, Zhuoyue Technology's stock closed at 8.89 yuan, up 0.11%, with a turnover rate of 4.08% and a trading volume of 230,800 hands, amounting to 204 million yuan [1] - The latest quarterly report indicates total operating revenue of 426 million yuan, a year-on-year increase of 1.17%, and a net profit attributable to shareholders of 32.15 million yuan, reflecting a year-on-year growth of 30.21% [1] Group 2 - The company has a current liquidity ratio of 0.807, a quick ratio of 0.699, and a debt-to-asset ratio of 82.66% [1] - Zhuoyue Technology has made investments in 13 companies and participated in 35 bidding projects, showcasing its active engagement in the market [2] - The company holds 104 trademark registrations and 371 patents, indicating a strong focus on intellectual property [2]

深圳市实益达科技股份有限公司 章程修订对照表 为进一步提高公司治理水平,规范公司运作,根据《中华人民共和国公司法》 《上市公司章程指引》 《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号一主板上市公司规范运作》等法律 法规及规范性文 件的相关规定，公司结合实际情况，拟将《公司章程》中增加职工董事相应条款，将《公司章程》中涉 及"股东大会" 表述统一规范为"股东会"，公司《监事会议事规则》等监事会相关制度相应废止，监事会的职权由审计 委员会行使， 《公司章程》中相关条款涉及监事会、监事的表述相应修改为审计委员会、审计委员会成员或者删除。 本次修订前后 对照情况如下: 原文 修订后的内容 第 8 条 董事长为公司的法定代表人。 第 8 条 董事长为公司的法定代表人。董事长辞 任，视为同时辞 去法定代表人。法定代表人辞任的，公司将在法定代表人辞任之日 起三十日内确定新的法定代表人。 新增 第 9 条 法定代表人以公司名义从事的民事活动，其法律后果由 公司承受。 为、公司与股东、股东与股东之间权利义务关系的具有法律约束力 公司与股东、股东与股东之间权利 义务关系的具有法律约束力的文 的文 ...

Group 1: Concert Market Overview - The concert market has significantly warmed up this year, with increased number of performances, audience attendance, and ticket sales, particularly in East and South China regions [1] - Concerts are expected to further stimulate consumption during the summer peak season, benefiting various sectors [1] Group 2: Economic Impact of Concerts - For every 1 yuan spent on concert tickets, it can drive an additional 4.8 yuan in consumption across various sectors including shopping centers, hotels, transportation, and tourism [2] - Shopping centers are leveraging fan support activities to attract large crowds, resulting in substantial sales increases for merchants [1] Group 3: Industry Opportunities - The booming concert market is creating direct market opportunities for industries such as performance equipment manufacturing, venue operations, and ticketing platforms [3] - Companies like Guangzhou Haoyang Electronics Co., Ltd. are enhancing their domestic marketing channels and developing innovative products to meet market demands [3] - Guangzhou Zhujiang Development Group Co., Ltd. is expanding its managed venue projects to achieve record growth in asset management [3] Group 4: Upcoming Concerts and Market Demand - The concert schedule for the second half of the year is densely packed, with many well-known artists set to perform, indicating sustained market demand and audience enthusiasm [4]