中央纪委国家监委网站 薛鹏 图为近日，在第九届丝绸之路国际博览会暨中国东西部合作与投资贸易洽谈会丝路优品展上，参观者了 解塔吉克斯坦商品。新华社记者 李一博 摄 "中国过去是、现在是、将来也必然是外商理想、安全、有为的投资目的地，相信中国就是相信明天， 投资中国就是投资未来。"近日，习近平总书记复信中国丹麦商会负责人，再次释放了中国坚定不移扩 大高水平对外开放，欢迎跨国企业深耕中国市场的明确信号。 40多年来，中国坚定不移推进改革开放，一直是外资企业理想、安全、有为的投资目的地。近年来，在 全球跨境投资不确定性显著上升的背景下，中国坚定不移推进高水平对外开放，开放的大门越开越大， 以更大力度吸引和利用外资，继续为跨国公司在华投资发展创造良好条件，与世界共享发展机遇。 多个国际展会密集举行，开放的中国吸引外商投资兴业 近期，多个国际展会密集举行，开放的中国"磁吸力"持续彰显—— 5月17日至21日，第三十四届哈尔滨国际经济贸易洽谈会暨2025黑龙江贸易投资合作大会举行，吸引38 个国家和地区及23个省、区、市的1500余家企业参展；5月21日，第九届丝绸之路国际博览会暨中国东 西部合作与投资贸易洽谈会在陕西西安 ...

Core Insights - Yongxin Optical achieved operating revenue of 892 million yuan in 2024, representing a year-on-year growth of 4.41%. The net profit attributable to shareholders, excluding non-recurring gains and losses, was 185 million yuan, up 14.25% year-on-year [1] - The company plans to focus on its strategic development goals for 2025, emphasizing its competitive advantages in niche markets and deepening its "2+2" business layout, which includes expanding into lidar and medical optics while building on its existing optical microscope and barcode machine vision businesses [1] Business Development - In the lidar sector, Yongxin Optical has been engaged for nearly 10 years, becoming a key partner for leading global companies such as Hesai, TuDatong, and Valeo. The company's lidar optical component business entered large-scale production in 2024, with revenue surpassing 100 million yuan [1] - In the medical optics field, Yongxin Optical aims to replace foreign mid-to-high-end products, focusing on domestic production challenges for endoscopes, surgical microscopes, and high-end pathological diagnostic equipment. The core optical components for endoscopes have seen rapid growth, covering over 70% of major domestic endoscope system manufacturers [2] - The penetration rate of Yongxin Optical's self-developed high-end microscopes in the domestic market has reached 5%, contributing to an increase in the gross margin of its microscope business [2]

Core Viewpoint - Hamamatsu Photonics has successfully established a deep localization strategy in China, focusing on technological innovation and customer trust to contribute to the development of the Chinese medical industry [2][4][19]. Group 1: Company Background and Market Entry - Hamamatsu's journey in China began in the 1980s, with the establishment of Beijing Hamamatsu Photon Technology Co., Ltd. in 1988, marking its first step into the Chinese market [4][6]. - The establishment of Hamamatsu Photonics Trading (China) Co., Ltd. in 2011 represented a new phase in the company's strategy in China [4]. Group 2: Localization Strategy - The company has adopted a "In China, For China" localization strategy, which includes establishing branches in major cities and setting up laboratories to meet local demands [6]. - Hamamatsu employs a localized management model, with Chinese nationals in leadership roles, allowing for better understanding and responsiveness to local market needs [6][19]. Group 3: Product Development and Quality Management - The company has developed a production line capable of producing 400,000 photomultiplier tubes annually, with sales growing from 180 million yuan to approaching 2 billion yuan [6]. - Hamamatsu emphasizes quality management through a comprehensive ISO quality management system and a culture that prioritizes product quality as a life-critical aspect [13][15]. Group 4: Key Collaborations and Innovations - A significant milestone was the collaboration with Neusoft in 1997 to develop the first domestically produced CT scanner, the CT-C2000, ending China's reliance on imported CT technology [7][10]. - The company has continuously innovated, such as using new ceramic scintillator technology to meet advanced performance requirements while addressing environmental concerns [10]. Group 5: Future Outlook - The company sees significant growth potential in the medical diagnostics market, driven by increasing health awareness among the Chinese population [16]. - Hamamatsu is also exploring opportunities in intelligent transportation, particularly in the fields of autonomous driving and electric vehicles, leveraging its sensor technology [17][18].

高光谱相机技术是基于非常多窄波段的影像数据技术，它将成像技术与光谱技术相结合，探测目标的二维几何空间及一维光谱信息，获 取高光谱分辨率的连续、窄波段的图像数据。高光谱相机技术发展迅速，常见的包括光栅分光、声光可调谐滤波分光、棱镜分光、芯片 镀膜等。可以应用在食品安全、医学诊断、航天领域等领域。 中国高光谱相机发展现状及未来趋势 2023 年，中国高光谱相机市场规模达到了 30.59 百万美元，预计 203 1 年将达到 103.77 百万美元，年复合增长率（ CAGR ）为 18.29% 。过去，高端高光谱相机市场主要被国外品牌占据，但近年来国内企业加大了研发投入，技术水平不断提高，国产高光谱相机在性能上 已逐渐接近国际先进水平。同时，国产产品具有价格优势和本地化服务优势，能够更好地满足国内客户的需求，在国内市场的份额有望 逐步提高，实现进口产品的替代。 中国市场核心厂商包括彩谱科技、双利合谱、中达瑞和、 Specim 、 Headwall Photonics 、杭州高谱成像技术有限公司、奥谱天成（厦 门）光电有限公司、 Cubert 、 IMEC 等，按收入计， 2024 年中国市场前三大厂商占有大约 60 ...

导读： 5月9日，由上海复享光学股份有限公司、上海微纳制程智能检测工程技术研究中心主办，Light Publishing Group联合主办的"新时代·新需求·新架构 —— 深度光谱联合创新论坛"启幕。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 新一轮产业革命之际，我国以发展新质生产力为核心战略方向，通过科技创新重构全球产业格局。光感知技术是物理世界深度信息化的基石， 与人工智能深度融合的智能光感知技术将加速赋能新质生产力发展，为半导体、新材料、生物制造等关键领域技术突破提供无限可能。 为深入探讨智能光感知技术发展路径，推动产学研协同创新，本次论坛汇聚顶尖专家学者、产业领袖及技术专家，共同探索智能光感知技术的 应用前景与前沿趋势。 2 0 2 5年5月9日，由上海复享光学股份有限公司（复享光学）、上海微纳制程智能检测工程技术研究中心主办，Li g h t Pu b lis h i n g Gr o u p联合主 办的"新时代·新需求·新架构 —— 深度光谱联合创新论坛"在上海浦东金科园会议中心盛大启幕。 复 享 光 学 新总 部 本次 ...

Core Insights - The research team at Changchun Institute of Optics, Fine Mechanics and Physics has developed a novel ultraviolet optoelectronic synaptic device and an optoelectronic synaptic transistor, providing new technological pathways for advanced artificial vision systems and neuromorphic computing vision [1][2] Group 1: Ultraviolet Optoelectronic Synaptic Device - The ultraviolet optoelectronic synaptic device utilizes the ferroelectric polarization characteristics of AlScN and the excellent optoelectronic properties of GaN, successfully constructed based on the trapping and detrapping mechanism of holes at the heterojunction [1] - This device exhibits outstanding non-volatile storage characteristics and can simulate synaptic functions in biological visual systems, enabling multi-state modulation such as long-term potentiation (LTP), paired-pulse facilitation (PPF), and learning-forgetting-relearning processes [1][2] Group 2: Optoelectronic Synaptic Transistor - The optoelectronic synaptic transistor achieves wide-spectrum high optoelectronic conversion efficiency and long data retention capability from ultraviolet to near-infrared through a gas adsorption-assisted persistent photoconductivity strategy [1][2] - It demonstrates excellent photodetection performance across a broad spectrum from 375nm to 1310nm, with a paired-pulse facilitation index reaching 158%, significantly enhancing the precision and efficiency of neural networks in processing visual information [2] Group 3: Implications for Computing and Vision Systems - The development of these devices provides efficient and biomimetic solutions for hardware implementation of multispectral neuromorphic vision systems, simulating the perception and recognition functions of human retinal cells for multispectral signals [2] - Neuromorphic vision systems, which mimic the structure of neurons and synapses in the human brain, can process multiple streams of information simultaneously, significantly reducing power consumption and improving data processing speed compared to traditional serial processing visual systems [2]

Group 1: Financial Performance - In Q1 2025, the company's revenue increased by 5.91% year-on-year, while net profit grew by 9.70% and non-recurring net profit rose by 23.26% [2] - R&D investment for 2024 reached 74.4481 million, marking a 21.07% increase compared to the previous year [8] Group 2: Business Expansion Strategies - The company plans to expand its digital healthcare services, focusing on "remote pathology diagnosis + AI assistance" [2] - The smart optics division aims to enhance its capabilities in precision detection and expand into industrial applications [12] - The intelligent electrical segment will deepen its applications in new energy and rail transportation, reinforcing its industry leadership [3] Group 3: Cost Control Measures - The company will strengthen comprehensive budget management and enhance production efficiency through smart manufacturing upgrades [5] - Supply chain management and lean production practices will be optimized to reduce costs [5] Group 4: Market Position and Competitive Advantages - The company is among the few global manufacturers with full voltage level capabilities in the intelligent electrical sector, maintaining a strong position alongside international leaders [7] - The smart optics division is a leading player in the domestic microscope market, with products distributed across 109 countries [7] - The digital healthcare platform covers over 3,000 hospitals, having completed over one million diagnoses [7] Group 5: Challenges and Future Outlook - External factors affecting growth include geopolitical conflicts, accelerated technological iterations, and trade barriers [10] - The company is actively researching strategies to mitigate the impact of currency fluctuations on profits, particularly in emerging markets [11] - Plans for potential adjustments in dividend policies or share buybacks will be based on specific circumstances [12]

Group 1 - In 2024, Shanghai's actual foreign investment is expected to exceed $17.6 billion, with over 1,000 regional headquarters of multinational companies and 30 new foreign R&D centers established [1] - Multinational companies are shifting from merely "manufacturing in China" to embedding "Chinese solutions" into global innovation chains, positioning Shanghai as a global innovation hub [1] - Bayer's Nivea has established a significant R&D center in Shanghai, designed for seamless transitions between theoretical work and experimental validation, emphasizing local market innovation [2][3] Group 2 - Toyota is increasing its investment in China by establishing a comprehensive electric vehicle company in Shanghai, marking a significant step for its Lexus electric vehicle project [2][3] - Toyota is restructuring its R&D operations in China to enhance local decision-making and innovation, integrating various R&D centers into a unified system [3][4] - The company aims to develop products that meet Chinese consumer needs by employing local talent and methodologies [4] Group 3 - Shanghai has recently certified 30 regional headquarters and 10 foreign R&D centers, with a focus on key industries such as electronic information, biomedicine, and new energy [5] - BD Medical has launched a distribution and R&D center in Shanghai, expected to achieve an annual import-export total of 2 billion yuan [5] - BASF is investing 500 million yuan to expand its Cellasto factory in Shanghai, which will enhance its production capacity by nearly 70% by 2027 [5] Group 4 - Carl Zeiss is establishing a new headquarters in Shanghai's free trade zone, integrating R&D, manufacturing, and exhibition functions, with an investment exceeding 600 million yuan [5] - Covestro is expanding its presence in China, collaborating with GAC Group to develop high-performance materials for flying cars, with a significant investment planned [6] - Shanghai aims to attract international companies to enhance R&D innovation and meet local market demands while optimizing their overseas business strategies [6]

Group 1: Nuclear Power Industry - The State Council approved the construction of 10 nuclear power units, indicating a positive long-term growth outlook for the nuclear power sector in China [2][4][6] - From 2022 to 2025, China has consistently approved at least 10 nuclear power units annually, with a total of 44 units under construction as of April 2025, representing a significant increase in installed capacity [3][4] - Nuclear power is recognized as a clean and stable baseload energy source, with high utilization hours and relatively stable electricity prices, which are expected to drive revenue and profit growth for related companies [4][5][6] Group 2: ASEAN Economic Cooperation - The visit of President Xi Jinping to ASEAN countries marks a significant moment for deepening cooperation in trade, investment, and industry, contributing positively to regional and global economic development [8][9] - China and ASEAN are focusing on high-end manufacturing, mineral resource development, infrastructure cooperation, and agricultural consumption, aiming for mutual benefits and deeper integration of industrial chains [10][9] - The cooperation framework includes enhancing policy coordination, leveraging complementary advantages in technology and market, and improving trade and investment facilitation to stimulate regional growth [10][9] Group 3: Precious Metals Market - Recent signals from the U.S. government regarding easing trade tensions with China have led to a temporary decline in gold prices, but medium-term prospects for gold prices remain bullish due to ongoing geopolitical risks and potential economic downturns in the U.S. [13][15] - Global gold ETF holdings and central bank purchases, particularly from emerging markets, indicate significant room for further accumulation of gold, supporting price increases [15][13] - The copper and aluminum sectors are expected to rebound due to favorable macroeconomic policies and a shift in market sentiment following the easing of trade tensions [15][16] Group 4: Agricultural Sector - He Feng Co. - He Feng Co. reported a significant turnaround in profitability for 2024, with a net profit of 3.42 billion yuan, compared to a loss in the previous year, driven by cost reduction and efficiency improvements [18][19] - The company’s feed business faced challenges with a decline in sales volume and price, but the meat and poultry segments showed resilience and growth potential [19][20] - The company plans to achieve over 10% growth in feed sales in 2025, focusing on strategic transformations across product, channel, and management aspects [19][22] Group 5: Medical Devices - Yuyue Medical - Yuyue Medical's revenue for 2024 decreased by 5.09%, but the company is focusing on strategic investments to accelerate international expansion, particularly in the blood glucose management sector [24][25] - The Continuous Glucose Monitoring (CGM) technology is identified as a key growth driver, with new products expected to significantly increase market penetration [27][29] - The company has made a strategic investment in Inogen to enhance its presence in the U.S. and European markets, indicating a commitment to long-term growth and shareholder returns [28][29]

Core Viewpoint - The company reported a revenue of 892 million yuan for 2024, a year-on-year increase of 4.4%, with optical components and microscope revenues at 513 million and 356 million yuan respectively, showing a year-on-year increase of 23% and a decrease of 14% [1] Group 1: Financial Performance - The net profit attributable to shareholders for 2024 was 209 million yuan, a year-on-year decrease of 11.4%, primarily due to the absence of one-time gains from land acquisition and increased R&D expenses; however, the non-recurring net profit attributable to shareholders grew by 14.3% to 185 million yuan [1] - In Q4 2024, revenue was 241 million yuan, with a year-on-year and quarter-on-quarter change of -0.9% and +8.5% respectively; net profit attributable to shareholders was 68 million yuan, with a year-on-year and quarter-on-quarter change of +10.9% and +68.0% respectively, meeting market expectations [1] - For Q1 2025, revenue was 220 million yuan, with a year-on-year and quarter-on-quarter change of +1.8% and -8.9% respectively; net profit attributable to shareholders was 56 million yuan, with a year-on-year and quarter-on-quarter change of +22.2% and -18.5% respectively, also meeting market expectations [1] Group 2: Industry Trends - The demand for microscopes is showing signs of recovery from a low point, with a strategic opportunity for domestic substitution; despite a 14% year-on-year decline in microscope revenue to 356 million yuan in 2024, sales increased by 8.5% quarter-on-quarter in Q4 2024, indicating a potential recovery in 2025 [2] - The company is making significant investments in high-end microscopes and has achieved technological breakthroughs, such as leading a national major instrument project for "multi-modal nano-resolution microscopy," indicating a broad space for domestic substitution in the long term [2] Group 3: Optical Components and Growth Areas - The company is diversifying its optical components business, with significant growth in barcode scanning due to customer inventory adjustments and recovering overseas demand; collaborations with clients like Zebra and Honeywell are expected to contribute substantial incremental revenue [3] - In the field of LiDAR, the company has established close partnerships with leading clients such as Hesai and Valeo, with revenue surpassing 100 million yuan in 2024; the penetration rate of LiDAR is expected to increase rapidly, driving continued high revenue growth for the company [3] - In the medical optics sector, the company has seen rapid growth in endoscope optical components and achieved technological breakthroughs in surgical microscope optical components, indicating a positive outlook for new growth engines [3] Group 4: Profit Forecast and Valuation - The company maintains a forecast of 332 million yuan for net profit attributable to shareholders in 2025 and introduces a revenue forecast of 1.459 billion yuan and net profit of 428 million yuan for 2026; the current stock price corresponds to P/E ratios of 29x and 22x for 2025 and 2026 respectively [4] - The target price has been raised by 19% to 104.66 yuan, corresponding to P/E ratios of 35x and 27x for 2025 and 2026, indicating an upside potential of 22% [4]