相关研究报告 【平安证券】量化行业比较系列报告之一：基于 资本开支周期的 PB-ROE 模型在行业比较运用 *20241105 证券分析师 | 郭子睿 | 投资咨询资格编号 | | --- | --- | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 任书康 | 投资咨询资格编号 | | | S1060525050001 | | | RENSHUKANG722@pingan.com.cn | | 陈瑶 | 投资咨询资格编号 | | | S1060524120003 | | | CHENYAO370@pingan.com.cn | 研究助理 胡心怡 一般证券从业资格编号 S1060124030069 HUXINYI184@pingan.com.cn 高越 一般证券从业资格编号 S1060124070014 GAOYUE384@pingan.com.cn 基金 2025 年 6 月 11 日 量化行业比较系列报告之二： 基于资本开支周期的行业比较与轮动策略 金 报 告 资本开支周期：供给侧视角下的行业比较。资本开支周期是中国行业周期的 主导驱动力，资 ...

凤凰光学（600071）公告，公司拟以自有资金在越南设立全资子公司凤凰光学(越南)有限公司，并投资 建设越南生产基地，主要从事光电产品的制造和组装。投资款总额为850万美元，主要用于厂房装修、 设备采购、铺底流动资金等相关投资。公司已于2025年6月11日召开董事会审议通过该议案，并授权经 营管理层办理相关事宜。该投资尚需履行境内对境外投资的审批或备案手续，以及越南当地投资许可和 企业登记等审批或登记程序。 ...

品实现营业收入 2,944.78 万元，同比增长 104.19%。3、OCA 光 学胶在客户端口碑良好，出货量和市场份额都有了较大提升，报 告期内，OCA 光学胶实现营业收入 1.58 亿元，同比增长 21.3%。 Q2、去年调光导电膜收入增长显著，今年对 IT0 导电膜和调光 导电膜的收入增长有何预期? 答：内嵌式 in-cell 技术通过将触控功能集成至显示面板内部， 相较外挂薄膜式方案在厚度减少 0.3mm、透光率提升 15%的同时， 良品率已从三年前的 65%攀升至 2024 年的 88%，驱动其在 LCD 手机渗透率突破 75%。受技术迭代的影响以手机为主要应用场景 的外挂薄膜式 ITO 导电膜发展还是比较受限。调光导电膜目前公 司建立了 PDLC（聚合物分散液晶）、SPD（悬浮粒子）、EC（电 致变色）及 LC（染料液晶）四大技术平台。目前在售的产品以 汽车天幕、侧窗、后视镜为主要应用场景。同时，公司也积极配 合客户在智能穿戴、建筑等其他应用场景提供调光导电膜的技术 支持，目前已完成了前期样品认证。公司也会尽快完成该类产品 的效益转换。 江苏日久光电股份有限公司投资者关系活动记录表 编号：2025 ...

A 股每股现金红利0.85元 证券代码：603297 证券简称：永新光学 公告编号：2025-024 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/13 | － | 2025/6/16 | 2025/6/16 | | ? 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经宁波永新光学股份有限公司（以下简称"公司"）2025 年 5 月 20 日 的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，扣除拟回购注销的限制性股票 213,800 股 后，在中国证券登记结算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体股东。 根据公司 2024 年年度股东大会审议通过的《2024 年度利润分配 ...

Group 1 - Kaichun Co., Ltd. adjusted the share repurchase price limit from 26.625 yuan/share to 40 yuan/share, effective from June 10, 2025 [1] - Yipin Pharmaceutical's subsidiary received a drug registration certificate for Dexmedetomidine Hydrochloride Injection, a Class 3 chemical drug used for sedation during anesthesia [1] - Bohui Innovation obtained a medical device registration certificate for HPV Genotyping Test Kit, used for qualitative detection of HPV DNA [1][2] Group 2 - Lingyi Zhi Zao's application for issuing convertible bonds and cash payment to acquire 66.46% of Jiangsu Kedasiteng Automotive Technology Co., Ltd. has been accepted by the Shenzhen Stock Exchange [3] - Kemin Food reported a 23.06% year-on-year increase in pig sales in May, with a total of 48,300 pigs sold [4][5] - Meian Sen decided to terminate the issuance of shares to specific objects due to market conditions and strategic considerations [6][7] Group 3 - Zhengbang Technology reported a 146.6% year-on-year increase in pig sales revenue in May, totaling 731 million yuan [9] - Yuanda Holdings plans to reduce the registered capital of its subsidiary from 73 million to 24.3 million USD to optimize asset structure [10] - East China Pharmaceutical's subsidiary received FDA approval for clinical trials of HDM1010 tablets for type 2 diabetes [12] Group 4 - Liangxin Co., Ltd. received a government subsidy of 14.1 million yuan, accounting for 4.52% of its audited net profit for 2024 [13] - Erkang Pharmaceutical's Vitamin B6 Injection passed the consistency evaluation for generic drugs [14] - New Industry received a patent certificate for an antibody related to anti-PIC detection, enhancing detection efficiency [16][15] Group 5 - Dongxing Medical signed a 6 million yuan technology development contract with Shanghai Jiao Tong University for collagen preparation processes [16] - Suchang Chai A's subsidiary will absorb and merge another subsidiary, adjusting internal equity structure [17] - Yibin Technology received a project designation notice from a domestic new energy vehicle company, with an estimated total sales of 256 million yuan over five years [18] Group 6 - Mingchen Health received a cash dividend of 20 million yuan from its subsidiary [19] - Hendi Pharmaceutical obtained a drug registration certificate for Ibuprofen Suspension, a common medication for children [19] - Huaren Pharmaceutical's subsidiary received a drug registration certificate for Dexmedetomidine Hydrochloride Injection, classified as a Category B drug under national medical insurance [20] Group 7 - Enwei Pharmaceutical obtained a renewed drug production license for six key products [21] - Xiaoming Co., Ltd. reported a 45.59% year-on-year increase in chicken product sales in May, totaling 23.25 million birds [23][24] - Shan Natural Gas successfully issued a 350 million yuan short-term financing bond with a 1.78% interest rate [25] Group 8 - Xidamen announced plans for board members to reduce their holdings by up to 581,000 shares [26] - Shentong Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [27] - Saintno Bio plans to distribute a cash dividend of 0.14 yuan per share and a capital increase of 0.4 shares per share [28] Group 9 - *ST King Kong's subsidiary received a debt transfer notice from its controlling shareholder, totaling 364 million yuan [29] - Foxit Software's executives plan to reduce their holdings by a total of 55,800 shares [30] - Youyou Green Energy plans to apply for a bank credit line of up to 1.5 billion yuan [31] Group 10 - Guoxing Optoelectronics plans to distribute a cash dividend of 0.5 yuan per 10 shares [32] - Guangxun Technology plans to distribute a cash dividend of 2.6 yuan per 10 shares [33] - Hanrui Cobalt plans to distribute a cash dividend of 1.5 yuan per 10 shares [35] Group 11 - Tigermed plans to distribute a cash dividend of 3 yuan per 10 shares [37] - Shenliang Holdings plans to distribute a cash dividend of 1.5 yuan per 10 shares [38] - Yishitong plans to distribute a cash dividend of 1 yuan per 10 shares [39]

Group 1 - The public fund industry continues to focus on high-intensity research, particularly in hard technology and pharmaceuticals, with 123 public fund institutions conducting 662 research sessions on 112 A-shares in the first week of June [1] - The optical and optoelectronic industry, represented by Hongjing Optoelectronics (301479), received the most attention, with over 20% of public fund institutions participating in 36 research sessions [1] - A total of 22 secondary industries received at least 10 research sessions, indicating a concentrated interest in specific sectors [1] Group 2 - The optical and optoelectronic industry had the highest research activity, with 7 stocks collectively receiving 72 sessions, followed by the chemical pharmaceutical industry with 59 sessions across 6 stocks [2] - The jewelry industry saw a notable increase in attention, with companies like Cuihua Jewelry and Mankalon receiving a total of 46 research sessions [2] - Public fund institutions are increasingly focusing on technology, pharmaceuticals, and consumer upgrades, reflecting current market conditions [2] Group 3 - Yifan Pharmaceutical (002019) discussed its innovative drug development during institutional research, emphasizing the importance of cautious and rational approaches to R&D, particularly for First-in-Class (FIC) drugs [3] - The company is prioritizing the development of its drug F-652 for alcohol-related liver disease in collaboration with U.S. research institutions, while also evaluating risks and opportunities [3] - Yifan Pharmaceutical is also advancing early-stage products like IL-15 fusion protein, which are still in the early research phase [3]

2025 年 06 月 08 日 北证专精特新（899601）：小而精， 特色更鲜明的优质投资标的 ——北交所发布北证专精特新指数点评 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 (8621)23297818× lvjh@swsresearch.com 策 略 研 究 证 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 A 股 策 资料来源：Wind，申万宏源研究；截至 2025/6/6 资料来源：Wind，申万宏源研究；截至 2025/6/6 略 券 研 究 报 告 ⚫ 事件：2025 年 6 月 6 日，北交所公告将于 2025 年 6 月 30 日正式发布北证专精特新指 数，经流动性筛选后，北证专精特新指数将从符合条件的北交所专精特新"小巨人"上市 公司中选取市值最大的 50 只作为指数样本，为市场提供多维度投资标的和业绩基准。 ⚫ 北证专精特新聚焦小巨人、特色更鲜明，编制规则采用半年度调仓、调整数量不超 ...

公司如何看待 LCD行业供需情况？行业面板厂商坚持"按需生产"的经营策略，需求端库存实现加速去化，产业库存趋近健康标准，行业需求归正 常节奏。中国大陆将成为确定性市场，能够以较高的确定性对冲国际贸易环境变化的不确定性。 公司如何看待 LCD产品价格趋势？根据咨询机构数据及分析，得益于良好的终端需求，LCD TV主流尺寸面板价格自2025年1月起全面上涨并延续 至3月；进入二季度，LCD TV 面板采购需求预计逐步降温，5月LCD TV 产品价格维持稳定。LCD IT方面，MNT 面板价格保持温和上涨态势， NB面板价格整体维持稳定。 柔性 AMOLED业务进展？公司在柔性 MOLED 领域多年布局，已经构建起产能规模和技术优势，并积累了较好的客户资源，在柔性MOLED领域 全面覆盖手机主要 Top品牌客户，同时积极布局车载、IT等中尺寸创新应用，匹配下游客户需求。未来，公司将持续强化自身的产品和技术能 力，稳步提升柔性 MOLED业务整体竞争力。 公司投建的第 6代 AMOLED生产线项目进度？5月20日，公司成都第8.6代MOLED生产线项目提前4个月开始工艺设备搬入，标志着该产线由建设 阶段开始向产线运营 ...

□业绩说明会 □媒体采访 □现场参观 证券代码：873001 证券简称：纬达光电 公告编号：2025-045 佛山纬达光电材料股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 6 月 5 日 活动地点：公司会议室 参会单位及人员：银河证券、深圳纽富斯投资管理有限公司、深圳德毅资产 管理公司、深圳狄道投资、广东圆澄私募证券投资基金、奕廷私募基金、广东大 兴华旗资产管理公司、广州三合泰私募股权投资基金及其他个人投资者，共计 22 人 上市公司接待人员：公司董事长刘燕婷，公司董事、总经理李铭全，公司副 总经理、财务总监、董事会秘书赵刚涛 三、 投资者关系活动主要内容 2025 年 6 月 5 日，广新集团 2025 年"走进上市公司"系列活动——北交所 上市公司投资者调研活动顺利在公司现场举行，活动中公司针对投资者提出的问 题进行沟通交流 ...

Core Insights - The stock of 8Yuan Shikong (688181) shows a strong overall score of 52.96, indicating a robust performance in the market [1] - The stock price has recently breached its short-term support level, suggesting a cautious approach for short-term investors while waiting for the main funds to choose a direction [2][4] Price and Cost Analysis - Current main force costs are reported as follows: 29.53 CNY for the day, 29.71 CNY for 5 days, 29.69 CNY for 20 days, and 28.44 CNY for 60 days [1] - The stock has experienced one limit-up and one limit-down in the past year [1] Technical Analysis - Short-term pressure level is at 30.84 CNY, while short-term support is at 30.95 CNY [2] - The mid-term pressure level is 28.74 CNY, and the mid-term support level is not clearly defined [2] Fund Flow Data - On June 6, 2025, the net outflow of main funds was 716.05 thousand CNY, accounting for 18% of the total transaction volume [2] - There was no net inflow from large orders, while retail investors contributed a net inflow of 12.55 thousand CNY [2] Financial Data - Earnings per share (EPS) is reported at 0.18 CNY, with an operating profit of 30 million CNY [3] - The net profit stands at approximately 23.04 million CNY, and the sales gross margin is 42.626% [3]