Core Points - The establishment of the first commercial secret financial service alliance in Wuhan marks a significant step in implementing the "commercial secret protection system" reform and represents a milestone in the collaboration between government, banks, and enterprises to support innovative development [1][2] - Wuhan is one of the first pilot regions in the country for commercial secret protection, actively exploring new financing models centered around corporate commercial secrets [1][2] Financing Model Reconstruction - The alliance will introduce specialized products such as "R&D Secret Loan" to quantify the value of technical secrets for credit [1] - Innovative risk mitigation tools like "Infringement Loss Insurance" will be developed to reduce the cost of rights protection for enterprises [1] - Services like "Asset Bundling Financing" will be offered to provide integrated support for protection and funding [1] Service Mechanism Upgrade - The alliance aims to accelerate pledge registration and open a green channel for administrative services [1] - A risk-sharing coverage system will be established to create a closed-loop insurance guarantee system [1] - The goal is to transform secrets into capital and provide "active water" for innovation [1] Ecosystem Development - The alliance is expected to create a new ecosystem for the circulation of technical assets by integrating commercial secret services across the entire chain [2] - The collaboration will promote the dual flow of high-quality commercial secret technology assets and financial resources, fostering the integration of technological and industrial innovation in Wuhan [2] - Emphasis is placed on the continuous protection of commercial secrets, highlighting the importance of proactive measures in addition to post-violation rights protection [2]

Core Insights - The exhibition industry is experiencing a resurgence with increasing market activity and favorable policies across the country, leading to a robust supply-demand dynamic in various exhibitions [1] Group 1: Upcoming Major Exhibitions - The HNC Health Nutrition Exhibition 2025 will take place from June 24 to 26 at the National Exhibition and Convention Center (Shanghai), featuring over 2,500 exhibitors and attracting more than 120,000 professional visitors [1] - The 32nd China International Musical Instruments Exhibition will be held from June 24 to 29 at the China International Exhibition Center (Chaoyang), showcasing a wide range of musical instruments and related organizations [2] - The 5th China (Xiamen) International Cross-Border E-Commerce Exhibition will occur from June 26 to 28 at the Xiamen International Convention and Exhibition Center, covering over 50,000 square meters with more than 1,500 international standard booths [3] - The 2025 Beijing International Low-Altitude Economy and Drone System Industry Exhibition will be held from June 26 to 28 at the Beijing Shougang Exhibition Center, focusing on technological innovation and industry collaboration [4] - The 30th Shanghai International Processing and Packaging Exhibition will take place from June 24 to 26 at the National Exhibition and Convention Center (Shanghai), covering 220,000 square meters and providing solutions for various industries [4] - The 2025 Shenzhen International Consumer Electronics Exhibition will be held from June 25 to 27 at the Shenzhen International Convention and Exhibition Center, featuring an exhibition area of 200,000 square meters [5] - The 16th Optoelectronic Industry Expo will take place from June 25 to 27 at the National Conference Center, showcasing various optoelectronic technologies and applications [6] - The 2025 Hangzhou International Intelligent Connected New Energy Vehicle Exhibition will be held from June 20 to 22 at the Hangzhou International Convention and Exhibition Center, focusing on smart connected vehicles and related technologies [7][8]

证券研究报告 | 策略定期报告 2025 年 06 月 22 日 5 月经济数据与行业景气变化对 A 股的影响 ——A 股投资策略周报（0622） 六月中旬开始进入重要业绩预告的时间窗口，经济数据以及业绩基本面对于市场的 影响权重不断增大。总量上看 5 月经济数据有所放缓，需要更加注重结构上有边际 变化的行业，建议关注：1）处于主动补充或者库存去化较为充分的领域，二季度 业绩有望率先改善；2）合同负债增速上行的领域，业绩增长具有可持续性；3）工 业企业盈利、行业景气度上行的行业。 风险提示：经济数据不及预期，政策理解不全面，海外政策超预期收紧 定期报告 相关报告 《中东军事冲突和中报业绩预告 预期对 A 股的影响——A 股投资 策略周报（0614）》 《今年以来的行情特征，获得超 额收益的思路如何———A 股投 资策略周报（0607）》 《从 300 质量成长走强看 A 股核 心资产崛起——A 股投资策略周 报（0525）》 《首批浮动费率基金申报，4 月金 融数据有何影响——A 股投资策 略周报（0517）》 《〈推动公募基金高质量发展行 动方案〉对 A 股可能的影响——A 股投资策略周报（0510）》 交 ...

Core Viewpoint - The company has adjusted its total profit distribution amount for the year 2024 while maintaining the cash dividend per share at 0.05 yuan (including tax) due to changes in the total share capital resulting from stock options and share buybacks [1][2][3] Summary by Sections Adjustment Details - The cash dividend per share remains unchanged at 0.05 yuan (including tax), but the total cash dividend amount has been adjusted due to changes in the number of shares eligible for distribution [1] - The adjustment is necessary because the company's total share capital has changed since the initial profit distribution plan was disclosed, specifically due to the exercise of stock options and share buybacks [1][2] Pre-Adjustment Profit Distribution Plan - The company had previously approved a profit distribution plan on April 24, 2025, proposing a cash dividend of 0.5 yuan per 10 shares (including tax) based on a total share capital of 223,477,233 shares as of April 23, 2025 [1] - The total undistributed profit of the company as of December 31, 2024, was reported at 152,876,045.97 yuan [1] Post-Adjustment Profit Distribution Plan - Following the adjustments, the actual number of shares eligible for profit distribution has changed from 222,297,333 shares to 221,632,233 shares [3] - The total cash dividend to be distributed is now adjusted to 11,081,611.65 yuan (including tax), while maintaining the per-share distribution ratio [3]

Core Viewpoint - The legal opinion issued by Guohao Law Firm confirms that the convening and conducting of Jiangxi Woge Optoelectronics Group Co., Ltd.'s 2025 first extraordinary general meeting of shareholders complies with relevant laws, regulations, and the company's articles of association [1][2][6]. Summary by Sections Meeting Procedures - The board of directors notified shareholders of the meeting on May 31, 2025, detailing the time, location, and agenda, ensuring shareholders' rights to attend and appoint proxies [2]. - The meeting will be held on June 16, 2025, at 14:00 in the company's conference room, with the time and location conforming to the notice [2][3]. Voting Process - The meeting will utilize a combination of on-site and online voting, with specific time slots for voting through the Shanghai Stock Exchange and internet platforms [3]. - The voting times for the Shanghai Stock Exchange system are set for the trading hours of the meeting day, while internet voting is available from 9:15 to 15:00 [3]. Validity of Participants - A total of 186 shareholders attended or appointed proxies, representing 78,757,045 shares, which is 35.4808% of the total voting rights [3][4]. - The qualifications of attendees, including shareholders, proxies, directors, supervisors, and legal counsel, were verified as legitimate [3][4]. Voting Results - The meeting conducted voting on the agenda items through a registered voting method, and the procedures followed the company's articles of association [6]. - The voting results were deemed valid and in compliance with legal and regulatory requirements [6]. Conclusion - The legal opinion concludes that the meeting's convening, participant qualifications, and voting procedures are all valid and comply with applicable laws and the company's articles of association [6].

Group 1 - The Hang Seng Index rose by 1.15%, gaining 266 points to close at 23,504 points, while the Hang Seng Tech Index increased by 0.71% [1] - The trading volume in Hong Kong's stock market reached HKD 92.9 billion in the morning session [1] - The LPR remained unchanged in June, with state-owned banks recommending Hong Kong stocks for their dividend value [1] Group 2 - Minsheng Bank increased by 3.62%, Industrial and Commercial Bank of China rose by 3.15%, and China Construction Bank gained 2.94% [1] - Hua Hong Semiconductor rose by 2.8%, with a new price increase cycle expected to enhance profitability [1] - Sunny Optical Technology surged by 3.91%, aiming to become one of the top three automotive lens module suppliers globally in the next 3 to 5 years [1] Group 3 - Eagle Vision Technology-B increased by over 10% after developing a new AI algorithm tool for skin disease diagnosis in collaboration with an international research team [1] - WuXi AppTec-B rose by 6% following the approval of its CAR-T product for sale in Macau, which is expected to boost revenue [1] - Sipai Health increased by 1.7% after forming a strategic partnership with Anruijia, focusing on commercial health insurance [1] Group 4 - Basilea Pharmaceutica-B rose by over 2% as long-term survival data for Sugliquide was published in The Lancet Oncology [1] - JD Logistics increased by 3.47% after launching a new self-operated B2C express brand "JoyExpress" in Saudi Arabia [1] Group 5 - Shangmei Co., Ltd. rose by 3%, with Han Shu's May GMV on Douyin achieving high year-on-year growth, and channel optimization expected to improve single-brand profitability [2] - Nanjing Panda Electronics fell by over 7% as it plans to sell ENC equity through public bidding [2] - Beisen Holdings dropped by over 12% post-earnings, despite a more than 10% year-on-year revenue increase and a 95% reduction in losses [2]

Core Viewpoint - Wuhan city is implementing a series of initiatives to accelerate the development of a nationally influential technology innovation center, focusing on capital cultivation and establishing a fault-tolerant mechanism for investments [1][2]. Group 1: Investment Initiatives - The city has established two government industry funds, Wuhan Fund and Jiangcheng Fund, targeting five key industries including optoelectronic information, new energy, and intelligent connected vehicles, as well as emerging industries like commercial aerospace and artificial intelligence [1]. - The goal is to create a fund cluster worth 300 billion to 500 billion yuan by attracting social capital [1]. Group 2: Investment Risk Management - The government investment funds will allow for a maximum loss of 100% for individual projects under seed and angel investments, with tolerances set at 80% and 60% for seed and angel funds respectively [2]. - A mechanism is in place to exempt government investment funds from liability if investments do not meet expectations due to force majeure [2]. Group 3: Fund Structure and Duration - The participation ratio of government investment funds in seed and angel funds has been increased to over 50%, with a maximum fund duration of 15 years [1]. - The total amount of government investment funds for establishing seed and angel funds or directly investing in technology innovation projects should not be less than 20% of the newly added investment amount for the year [1].

Fundraising Overview - The company has raised a total of RMB 615 million through the issuance of convertible bonds, with a net amount of RMB 607,155,585.94 after expenses [1][2] - The funds were verified and reported by a professional firm on June 17, 2025 [1] Special Account Setup - The company has established special accounts for the management of the raised funds, authorized by the shareholders' meeting [1][2] - Three separate regulatory agreements have been signed with banks and the sponsor to ensure proper management and protection of investor rights [1][3] Regulatory Agreements - The first agreement involves a special account at CITIC Bank for the semiconductor and high-precision flat panel display mask expansion project, with a maximum deposit of RMB 319,037,600 [3][4] - The second agreement is with China Merchants Bank for the acquisition of minority shareholder equity, with a stored amount of RMB 217,962,400 [2][7] - The third agreement is with Industrial Bank for supplementary working capital and repayment of bank loans [10][11] Monitoring and Compliance - The sponsor, Guosen Securities, is responsible for ongoing supervision of the fund usage, including on-site inspections and inquiries [4][8] - Monthly account statements will be provided by the banks to ensure transparency and compliance with the agreements [5][9] - Any withdrawal exceeding RMB 50 million or 20% of the net raised funds must be reported to the sponsor [5][9] Agreement Validity - The agreements will remain effective until all funds are fully utilized and the accounts are closed [14]

奥来德（688378） 证券研究报告 材料实现单季度扭亏，中标京东方 8.6 代线设备订单 公司报告 | 年报点评报告 事件：奥来德发布2024 年年报，2024 年实现营业收入5.33 亿元，同比+3.0%， 实现归母净利润 0.90 亿元，同比-26.0%，全年毛利率 51.22%，净利率 16.97%；其中第四季度实现营业收入 0.69 亿元，同比-32.8%，环比-43.3%， 实现归母净利润-0.11 亿元，第四季度毛利率 51.24%。公司发布 2025 年一 季报，一季度实现营业收入 1.53 亿元，同比-40.7%，环比+121.8%，实现 归母净利润0.25 亿元，同比-73.2%，环比实现扭亏，第一季度毛利率47.16%， 净利率 16.61%。 材料业务实现扭亏，多客户多产品多点开花 公司 2024 年度，材料业务实现营业收入 3.63 亿元，同比增长 14.31%。 尤为值得关注的是，自公司上市以来，材料业务已连续五年保持营收稳健 增长的良好态势。此外，公司新产品封装材料、PSPI 材料、钙钛矿材料领 域的研发及市场推广工作正稳步推进，公司预计在 2025 年，新产品将逐 步实现市场放 ...

关键词：湖北省鄂州市、新质生产力、"3+2+6"现代化产业体系、光电子信息、新材料、生命健康、临 空经济、现代服务业、低空经济、人工智能、新型材料、绿色能源、数字制造、生物育种 一、新质生产力行业概述 新质生产力（New Quality Productive Forces），是2023年9月习近平总书记在黑龙江考察调研期间首次 提到的新的词汇。习近平总书记指出：概括地说，新质生产力是创新起主导作用，摆脱传统经济增长方 式、生产力发展路径，具有高科技、高效能、高质量特征，符合新发展理念的先进生产力质态。 总的来说，新质生产力是指以科技创新为核心驱动力，以数字化、网络化、智能化、绿色化为特征，以 高端化、智能化、绿色化为方向，以新产业、新业态、新模式为载体的先进生产力。它是推动经济高质 量发展的重要引擎，是构建现代化产业体系的关键支撑。 内容概要：湖北省鄂州市立足"武鄂同城化"战略机遇和花湖机场国际物流枢纽优势，正在加快构建特色 鲜明的"3+2+6"现代化产业体系。该体系以三大支柱产业为支撑：深度对接武汉"光芯屏端网"产业集群 的光电子信息产业、依托机场优势发展的高端装备制造产业、以及聚焦生物医药和医疗器械的生命 ...