点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 光大研究一周热榜，精选"光溯" 小程序本周阅读量前十研报。 No.1 龄听光的声音/洞悉光的观察/了解光的态度 望向新高－－2025年中期策略 张宇生,王国兴,张卓然,郭磊 策略月报 整体来看，去年9月以来的市场行情已从政策驱动逐步转向基本 面与流动性驱动，未来市场行情演绎的节奏或可参照2019年。 展望下半年，市场仍存在一些预期差，如短期基本面改善的持 续性、资金持续流入及新兴产业发展带来的机遇等。因此我们 认为，下半年市场将开启下一阶段上涨行情，并有望突破2024 年下半年的阶段性高点。 长按识别小程序码进入 光大证券小程序 阅读全文 洞悉光的观察 / 聆听光的声音 / 了解光的态度 725W. No.2 龄正光的皇景烟落米的碰蓉 ...

Group 1 - Jiangdong Technology Co., Ltd., Zhongtian Technology Fiber Co., Ltd., and Jiangsu Zhongtian Technology Co., Ltd. have obtained a patent for a "fiber optic positioning device" with the authorization announcement number CN223087755U, applied on September 2024 [1] - The patent addresses issues in fiber optic production, specifically the damage caused to the fiber coating layer by dual twisting devices and the risk of fiber breakage due to shear forces in single twisting devices [1] - The new device includes a positioning wheel and a main traction device, which allows for fiber positioning and twisting while reducing additional stress on the fiber, thus minimizing polarization mode dispersion [1] Group 2 - Jiangdong Technology Co., Ltd. was established in 2015, located in Nantong, with a registered capital of 450 million RMB, and has participated in 350 bidding projects and holds 173 patents [2] - Zhongtian Technology Fiber Co., Ltd. was founded in 2002, also in Nantong, with a registered capital of 412.32 million RMB, having participated in 1,836 bidding projects and holding 337 patents [2] - Jiangsu Zhongtian Technology Co., Ltd. was established in 1996, located in Nantong, with a registered capital of approximately 3.41 billion RMB, having invested in 58 companies, participated in 5,000 bidding projects, and holds 1,830 patents [2]

专利摘要显示，一种显示基板和显示装置，显示基板包括移位寄存器，移位寄存器包括：移位子电路和 输出子电路，移位子电路被配置为在信号输入端(IN)、第一时钟信号端(CK)和第二时钟信号端(CB)的信 号的控制下，向级联信号输出端(OUTC)提供第一电源端(VH1)或第二电源端(VL1)的信号；输出子电路 被配置为在锁存信号端(MS)、控制信号端(G)、和级联信号输出端(OUTC)的信号的控制下，向驱动信号 输出端(OUT)提供第三电源端(VH)和第四电源端(VL2)的信号；控制信号端(G)与本级移位寄存器的上一 级移位寄存器的第一节点连接，驱动信号输出端(OUT)与像素驱动电路连接。 成都京东方光电科技有限公司，成立于2007年，位于成都市，是一家以从事仪器仪表制造业为主的企 业。企业注册资本2500000万人民币。通过天眼查大数据分析，成都京东方光电科技有限公司参与招投 标项目876次，专利信息5000条，此外企业还拥有行政许可495个。 金融界2025年7月12日消息，国家知识产权局信息显示，京东方科技集团股份有限公司;成都京东方光电 科技有限公司申请一项名为"显示基板和显示装置"的专利，公开号CN12030 ...

随着我市小微企业生产日趋活跃，对资金的需求不断增长。近期，不少市民通过12345热线平台求助， 希望通过金融监管部门和金融机构了解关于小微企业融资需求方面的举措。 世锦电力有限公司是一家位于宿迁经开区的电力设备制造企业。目前，该企业发展态势良好，其负责人 正在积极筹划扩大生产规模。然而，在这一过程中，企业遇到了资金短缺的难题。 世锦电力有限公司财务负责人 我们想了解一下，目前适配于我们公司这种经营体系的，有没有更优惠的贷款利率，像贷款政策，还有 贷款产品。 在融资渠道单一且缺乏有效抵押物的困境下，银行信贷额度发放较为保守，使得像世锦电力这样的小微 企业难以获得足够的资金支持，他们希望能够通过各种途径，解决融资难题，助力企业实现更大的发 展。 我们公司于2010年成立，公司运营过程中，因为企业规模扩大急需贷款资金，但是我们公司缺少相应的 抵押物，一时间难以获得贷款支持。 世锦电力有限公司财务负责人 目前小微企业可以获得主要信用贷款品种有哪些？小微企业如何借助小微企业融资协调机制获得支持？ 哪些类型企业可以获得无还本续贷政策支持，是否有限制条件？针对这些问题，在本周五《12345民声 在线》节目现场，宿迁金融监管 ...

Group 1 - Zhuhai Shangren Technology Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Zhuhai Wenqi Construction Engineering Labor Service Co., Ltd. [1] - The legal representative of the company is Huang Qirong, and the business scope includes intelligent agricultural management, smart vehicle equipment manufacturing, and artificial intelligence hardware sales among others [1] - The company is classified under the manufacturing industry, specifically in the electronic device manufacturing sector [1] Group 2 - The company is located at No. 55, Jinli South Road, Qianshan, Xiangzhou District, Zhuhai City [1] - The business license allows for a variety of activities, including software development, information technology consulting, and sales of construction materials [1] - The company is registered with the Zhuhai Xiangzhou District Market Supervision Administration and has an indefinite business term starting from July 11, 2025 [1]

Group 1 - Liu Ning emphasized the importance of transforming resource-based economies and urged companies to play a leading role in high-end, intelligent, and green development [3][6] - The Tian Sheng Electric Company in Jiajian County exports transformer products to over 80 countries and regions, highlighting the potential for further international market expansion [3] - The Tiefulai Equipment Manufacturing Group in Baofeng County is a leader in coal mine anti-explosion drilling equipment, with a focus on innovation and market demand [3][5] Group 2 - Liu Ning called for strengthening rural grassroots party organization construction to promote the development of characteristic industries for rural revitalization [5] - The integration of culture and tourism is being promoted in Pingdingshan City, with an emphasis on protecting and utilizing cultural heritage [5][6] - The local government is encouraged to enhance public services and social security systems while ensuring effective implementation of central regulations [6]

Group 1 - The event "New Knowledge Lecture" organized by CEIBS focused on the theme of "The Path of Corporate Capital Markets in the Era of New Quality Productivity," attracting nearly 500 entrepreneurs and industry elites from South China [1] - CEIBS Financial Professor Huang Sheng emphasized the role of new quality productivity in reshaping China's economic landscape and highlighted that a developed capital market is essential for the development of new quality productivity [3] - Huang identified three types of companies that will be favored in the future: "innovators," "integrators," and "upgraders," with their development paths centered around "domestic substitution," "expansion," and "efficiency improvement" [3] Group 2 - TCL's Executive Director and Senior Vice President Liao Qian shared the company's ten-year strategic transformation journey, highlighting three key phases: from a diversified "Double+" strategy facing challenges, to a "subtraction" focus on core business, and finally to "Addition 2.0" for opening a second growth curve [3] - Ying Lingpeng, CEO of Guanghetong Wireless, discussed the growth pressures and challenges faced by enterprises in the new quality productivity era, providing insights into building new organizational structures [4] - Midea Group's CFO Zhong Zheng reviewed the company's development history, emphasizing that past capitalization measures were means to match strategic development rather than ends in themselves, and outlined Midea's current transformation strategies focusing on technology leadership, direct user engagement, digital intelligence, and global breakthroughs [4]

Core Insights - The Shanghai State-owned Assets Supervision and Administration Commission (SASAC) is actively engaging in learning about cryptocurrencies and stablecoins, indicating a significant shift in attitude towards digital currencies [1][2] - The global stablecoin market has surpassed 2 trillion, with USD stablecoins accounting for 12% of cross-border payments, highlighting the growing importance of stablecoins in the financial ecosystem [2] - The focus on stablecoins rather than volatile cryptocurrencies like Bitcoin suggests a strategic approach to integrating digital currencies into state-owned enterprises and the broader economy [3][5] Group 1: Learning and Adaptation - SASAC's recent study session on cryptocurrencies and stablecoins reflects a proactive approach to understanding emerging technologies and their implications for state-owned enterprises [1][2] - The involvement of industry experts, such as the chief economist from Guotai Junan Securities, underscores the seriousness of this initiative and the need for informed decision-making in the digital currency space [2] - The shift from skepticism to active learning about digital currencies indicates a recognition of their potential impact on global finance and domestic operations [4] Group 2: Strategic Implications - The emphasis on stablecoins is seen as a way to facilitate cross-border trade and reduce transaction costs, with examples like Baosteel's iron ore trade illustrating the practical benefits of blockchain and stablecoin integration [2][3] - SASAC's focus on "production and data integration" suggests a broader strategy to leverage blockchain technology in various sectors, including logistics and supply chain finance [5] - The potential for a state-backed stablecoin could position China favorably in the global digital currency landscape, allowing for more efficient international transactions and reduced reliance on traditional banking systems [3][5] Group 3: Future Opportunities - The exploration of blockchain applications in cross-border trade, supply chain finance, and asset digitization presents significant opportunities for state-owned enterprises to innovate and improve operational efficiency [5] - The potential for digitizing physical assets into digital tokens could democratize investment opportunities, allowing ordinary citizens to participate in real estate and other asset classes [5] - The strategic learning undertaken by SASAC is part of a larger national agenda to establish China as a leader in the digital economy, emphasizing the importance of being prepared for future developments in digital currencies [8]

当地缘政治、贸易壁垒、金融波动、技术变革等多方面挑战正在重塑全球经贸格局时，如何开展本地化策略、如何推进供应链的智能化建设、如何制定出海 战略等，成为追求全球化发展的中国企业尤为关注的话题。 7月10日，中欧国际工商学院在北京举办的第五届"智荟中欧·北京论坛"聚焦"全球经贸格局重构下的企业策略"展开讨论。 中金公司原总裁兼首席执行官朱云来，神州信息服务集团联席董事长、原中国银行副行长王永利，中欧国际工商学院特聘教授、欧洲理事会前主席、比利时 前首相夏尔•米歇尔（Michel Charles）以及多位企业界代表出席该论坛。 聚焦关键变量 面对全球供应链重组的压力，中金公司原总裁兼首席执行官、清华大学管理实践访问教授朱云来在主旨演讲中表示，中国强大的生产能力、物流能力、人力 资源使我们依然可以占据优势，但要注意以互利模式，更精准地对接海外市场需求。在"双循环"格局下，把"国际牌"打好，提升与世界谈判的技巧，中国企 业仍有大量系统性向外发展的机会。 对于国际投资和货币体系，朱云来表示，从美国到全球都面临投资回报率的系统性下降，这背后需要深究的是，长期过度依赖促进增长的政策是否导致了规 模的过度膨胀与效率的相对下降。 ...

Group 1 - Leek Electric Co., Ltd. and its subsidiaries have applied for a patent for a "blower motor" with publication number CN120301090A, filed on January 2024 [1] - The patent aims to address waterproof sealing issues at the lead points, ensuring the installation cavity of the circuit board is sealed from the external environment [1] Group 2 - Leek Electric Co., Ltd. was established in 2001 in Suzhou, focusing on electrical machinery and equipment manufacturing, with a registered capital of 573.481734 million RMB [2] - The company has invested in 24 enterprises, participated in 27 bidding projects, and holds 2,969 patents and 341 trademark registrations [2] - Jiangsu Leek Intelligent Electric Co., Ltd., founded in 2007, specializes in retail with a registered capital of 82.77468 million RMB, having 713 patents and 24 administrative licenses [2] - Leek Electric Green Energy Technology (Suzhou) Co., Ltd., established in 2010, focuses on general equipment manufacturing with a registered capital of 48 million RMB, holding 1,457 patents and 157 administrative licenses [2] - Suzhou Jinleke Precision Machinery Co., Ltd., founded in 2005, operates in the automotive manufacturing sector with a registered capital of 140.36988 million RMB, possessing 985 patents and 27 administrative licenses [3]