Group 1 - Lenovo showcased three major super intelligent systems: Tianxi Personal Super Intelligent System, Lexiang Enterprise Super Intelligent System, and City Super Intelligent System at WAIC2025, highlighting its full-stack AI technology achievements and practical applications in both personal and enterprise intelligence [1] - The Tianxi Personal Super Intelligent System serves as a new generation human-computer interaction interface, featuring five functions: AI control, AI search, AI translation, AI notes, and AI services, while ensuring data security and personal privacy protection [1] - The Lexiang Enterprise Super Intelligent System acts as a new official interface for employees, customers, partners, and the public, forming Lenovo's first "silicon-based team" alongside intelligent systems in marketing, sales, and service [1] Group 2 - The City Super Intelligent System, supported by the "1+N Intelligent System" architecture, demonstrated Smart City 4.0 applications, with strategic partnerships established in cities like Wuyishan, Yichang, Hongkou, and Hohhot, focusing on cultural tourism, energy management, smart transportation, and industrial intelligence [2] - Lenovo's intelligent system matrix also includes Baijing Intelligent System and Xiangbangbang Intelligent System, showcasing immersive AI scenarios in education and healthcare, with the latest version of Baijing Intelligent System and the launch of Baichuang Lab for IT operations, AI office, and AI marketing services [2] - A strategic cooperation signing ceremony between Lenovo and China Telecom was held, aiming to explore collaboration in areas such as basic communication, comprehensive information services, AI computing, international business, and joint expansion in government and enterprise clients [2]

近年来，广东省内海关积极推动保税维修业务发展，强化跨部门监管协作，联合地方商务、生态环境等 部门加强政策宣传，支持产业龙头企业以保税维修发挥产业链融通带动作用。主动指导、帮助企业建立 规范作业流 程、提升管理水平，以企业信用为抓手实施分类分级管理，最大限度降低对企业正常生产经营的干扰， 切实解决企业各类疑难问题。 在此基础上，广东省内海关为企业定制"一企一策"通关便利措施，将智慧海关"保税+ERP"建设成果应 用于保税维修，成功实现关企协同共治，最大程度支持保税维修新业态发展。 海关总署广东分署近日发布消息，今年上半年，广东省保税维修进出口值达261.72亿元，同比增长 8.56%。 据了解，保税维修也被称为"全球修"，是指企业利用海关保税政策优势，通过保税方式将存在部件损 坏、功能失效、质量缺陷等问题的货物从境外运入境内进行检测、维修后，再全部复运出境的业务模 式。保税维修能够为企业合理配置生产资源，有效促进循环经济发展，助力企业更好经营国内国际两个 市场。作为外贸新业态，保税维修是推动保税加贸转型升级和外贸高质量发展的重要方式，近年来业务 增长迅速。 维沃(VIVO)移动通信有限公司是专注智能手机研发制造 ...

证券代码：002546 证券简称：新联电子 公告编号：2025－021 南京新联电子股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 南京新联电子股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召 开的第六届董事会第十一次会议及 2025 年 4 月 29 日召开的 2024 年度股东大会 审议通过了《关于修订 <公司章程> 的议案》，同意在公司经营范围中增加"许可 项目：发电业务、输电业务、供（配）电业务"，具体内容详见 2025 年 3 月 29 日刊登在《证券时报》以及巨潮资讯网的《第六届董事会第十一次会议决议公告》 （公告编号：2025-005）。根据上述决议，公司向南京市市场监督管理局申请办 理工商变更登记手续，现已取得了南京市市场监督管理局换发的《营业执照》。 《营业执照》的相关信息如下： 成立日期：2003年09月25日 营业期限：2003年09月25日至无固期限 经营范围：三遥系统（国家有专项规定的办理许可证后经营）、用电信息采 集系统及设备、配电自动化系统及设备、仪器仪表、电子产品、电子元器件、家 用电器、电子设 ...

7月25日，盈方微发布公告，其控股子公司接受关联方无偿担保构成关联交易。 公司于2025年7月25日召开第十二届董事会第二十六次会议审议通过相关议案，关联董事回避表决，独 立董事也同意该议案。此次关联方提供抵押担保不收取担保费用，亦不需要公司及控股子公司提供反担 保。公司已向深圳证券交易所申请豁免提交股东大会审议，该关联交易不构成重大资产重组等情况。这 一担保有利于支持公司及控股子公司的经营与发展，不存在损害公司及股东利益的情况。2025年初至本 公告披露日，除此次担保等事项外，公司及控股子公司与正邦汽车模具、普众景观园林累计已发生的各 类关联交易总金额为0.14万元。 为确保盈方微电子股份有限公司控股子公司深圳市华信科科技有限公司与深圳市汇顶科技股份有限公司 签订的《经销框架协议》等相关协议的履行，公司第一大股东浙江舜元企业管理有限公司控制的浙江正 邦汽车模具有限公司、舜元企管的子公司关键管理人员控制的绍兴市上虞区普众景观园林工程有限公 司，分别与汇顶科技签署《不动产抵押合同》。同时，为确保华信科与HUIKE（SINGAPORE） HOLDINGPTE.LTD签订的《经销框架协议》等相关协议的履行，正邦汽车 ...

Economic Performance - Shanghai achieved a GDP growth of 5.1% year-on-year in the first half of the year, maintaining the same growth rate as the first quarter [1] - The city's economy demonstrates strong resilience despite increasing instability and uncertainty in international trade [1] Industrial Development - The industrial added value in Shanghai grew by 5.0% year-on-year, with the total industrial output value increasing by 5.6% [2] - Key sectors such as computer, communication, and electronic equipment manufacturing saw a significant increase in output, with growth rates of 21.7% and 18.1% for transportation equipment manufacturing [2] - High-tech manufacturing output rose by 16.0%, outpacing overall industrial growth [2] New Energy and Innovation - The new energy industry experienced a 12.5% increase in output, with lithium batteries and carbon fiber production skyrocketing by 37.6 times and 3.5 times, respectively [3] - The number of valid invention patents in Shanghai reached 293,700, marking a 12.2% increase year-on-year [3] Tertiary Sector Growth - The tertiary sector's added value grew by 5.4%, with information transmission and software services increasing by 14.6% [4] - The financial sector also showed robust growth, with an 8.8% increase in added value [4] Consumer Market Recovery - Shanghai's retail sales of consumer goods increased by 1.7% year-on-year in the first half of the year, marking a recovery in consumer spending [5] - Categories such as furniture and home appliances saw significant growth, with retail sales increasing by 18.8% and 18.7%, respectively [5] Investment Trends - Fixed asset investment in Shanghai rose by 6.2%, with industrial investment surging by 19.8% [6] - Investment in electronic information products manufacturing grew by 43.0% [6] Foreign Trade and Investment - Shanghai's total import and export volume increased by 2.4%, with exports growing by 11.1% [6] - The city saw a notable increase in foreign investment, with 30 new multinational company headquarters and 19 foreign R&D centers established in the first half of the year [7] Transportation and Tourism - Key transportation metrics showed growth, with cargo transport volume increasing by 7.5% and international container throughput rising by 6.1% [7] - International tourist arrivals exceeded 4.1 million, reflecting a 37.6% year-on-year increase [7]

Core Viewpoint - The company reported strong financial results for FY25Q3, with revenue and EPS exceeding market expectations, driven by robust growth in industrial solutions and AI applications [1][7][4]. Group 1: Financial Performance - FY25Q3 revenue reached $4.53 billion, up 13.9% year-over-year and 9.4% quarter-over-quarter, marking a record high [1][7]. - Adjusted EPS for the quarter was $2.27, reflecting a 19% increase year-over-year and an 8% increase quarter-over-quarter [1][7]. - The adjusted operating profit margin improved to 19.9%, up 0.6 percentage points year-over-year and 0.5 percentage points quarter-over-quarter [1][7]. Group 2: Business Segments - Industrial Solutions segment revenue was $2.116 billion, up 30% year-over-year, driven by AI-related digital data network business growth and energy acquisitions [2][8]. - The Digital Data Network (DDN) business saw an organic growth of 82%, benefiting from ongoing AI projects and an expanding customer base [2][8]. - Transportation Solutions segment revenue was $2.41 billion, up 3% year-over-year, with automotive business growth of 2% offset by declines in Western markets [3][8]. Group 3: Orders and Cash Flow - Total orders for the quarter amounted to $4.47 billion, up 8% year-over-year and 5% quarter-over-quarter, with strong demand in industrial sectors [9]. - Free cash flow reached a record $962 million for the quarter, with a year-to-date total of $2.1 billion [10][1]. Group 4: Future Outlook - The company expects FY25Q4 revenue to reach $4.55 billion, a 12% year-over-year increase, with adjusted EPS projected at $2.27, a 16% increase [4][13]. - AI-related revenue is anticipated to exceed $800 million in FY25 and $1 billion in FY26, becoming a core growth driver [4][15]. Group 5: Mergers and Acquisitions - The company invested $2.6 billion in acquisitions for the industrial sector, including the completion of the acquisition of Richards [11][27].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On July 24, the funding situation tightened further, with major repo rates rising significantly. Affected by the increasing expectation of industrial product price hikes, the stock market rally, and the tightened funding situation, the bond market weakened further. The convertible bond market followed the equity market higher, with most convertible bond issues rising. Yields on U.S. Treasuries across all maturities generally increased, and yields on 10 - year government bonds in major European economies mostly rose significantly [1]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping met with European Council President Costa and European Commission President von der Leyen, emphasizing the importance of China - EU relations and the principles for future development [3]. - The central bank and the Ministry of Agriculture and Rural Affairs jointly issued an opinion to increase financial resource input in key areas of rural revitalization and improve rural basic financial services [4]. - The draft amendment to the Price Law was open for public consultation, covering aspects such as improving government pricing, clarifying the criteria for identifying improper price behaviors, and strengthening legal responsibilities for price violations [6]. - As of July 24, 735 billion yuan of central budget - internal investment in 2025 had been basically allocated, focusing on multiple fields such as modern industrial systems and infrastructure [7]. - The central bank announced a 400 - billion - yuan MLF operation on July 25, with a net injection of 100 billion yuan, marking the fifth consecutive month of increased roll - overs [8]. 3.1.2 International News - The European Central Bank maintained interest rates unchanged, waiting for the clarity of U.S. tariff policies. Since June 2024, it has cut interest rates eight times [9]. - In July, the U.S. Markit manufacturing PMI fell into contraction again, but the recovery of the service sector offset the decline. The composite PMI index rose, but concerns about the business environment persisted [10]. 3.1.3 Commodities - On July 24, international crude oil futures prices turned up, and international natural gas prices rose slightly. COMEX gold futures fell [11]. 3.2 Funding Situation 3.2.1 Open Market Operations - On July 24, the central bank conducted 331 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 119.5 billion yuan due to 450.5 billion yuan of reverse repurchase maturities [13]. 3.2.2 Funding Rates - On July 24, due to continuous net withdrawals by the central bank, the funding situation tightened further, and major repo rates rose significantly. For example, DR001 rose 28.05bp to 1.652%, and DR007 rose 9.33bp to 1.576% [14]. 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - **Spot Bond Yield Trends**: On July 24, affected by multiple factors, the bond market weakened further. Yields on the 10 - year Treasury bond active issue 250011 and the 10 - year China Development Bank bond active issue 250210 increased [17]. - **Bond Tendering Situation**: Various bonds were tendered on July 24, with details on issuance scale, winning yields, and subscription multiples provided [18]. 3.3.2 Credit Bonds - **Secondary - market Transaction Anomalies**: On July 24, the trading price of one industrial bond, "H0 Zhongnan 02", deviated by more than 10%, falling by over 28% [19]. - **Credit Bond Events**: Multiple events occurred, including some companies being included in the list of dishonest被执行人, delayed rating report disclosures, rating withdrawals, forced interest - payment events, ineffective bondholder meetings, and companies being investigated by the CSRC [20]. 3.3.3 Equity and Convertible Bonds - **Equity and Convertible Bond Indexes**: On July 24, the three major A - share stock indexes had mixed performances, with the Shanghai Composite Index closing above 3600 points. The convertible bond market followed the equity market higher, with most convertible bond issues rising [21]. - **Convertible Bond Tracking**: On July 25, Guanghe Convertible Bond was listed. On July 24, some convertible bonds announced proposals to lower conversion prices or were expected to trigger conditions for lower conversion prices, and some were about to meet early redemption conditions [24]. 3.3.4 Overseas Bond Markets - **U.S. Bond Market**: On July 24, yields on U.S. Treasuries across all maturities generally increased, and the yield spread between 2 - year and 10 - year U.S. Treasuries remained unchanged, while the spread between 5 - year and 30 - year U.S. Treasuries narrowed [25][26]. - **European Bond Market**: On July 24, the yield on the 10 - year British government bond declined, while yields on 10 - year government bonds in other major European economies generally rose significantly [28]. - **Daily Price Changes of Chinese - funded U.S. Dollar Bonds**: As of the close on July 24, price changes of various Chinese - funded U.S. dollar bonds were provided, including those of companies like Sunac China and Lenovo Group [30].

Core Insights - Apple has confirmed that it will allocate a portion of the OLED panel orders for the iPhone 17 Pro to China's BOE, which will supply screens for iPhone models sold in China [1] - The initial supply volume is limited, so the short-term impact on LG Display and Samsung Display will not be significant, but BOE is rapidly closing the technology gap [1] - The allocation of orders to BOE is seen as a strategy by Apple to reduce costs following the 25% tariff imposed on non-American iPhone imports during the Trump administration [1] Group 1 - BOE has reached Apple's minimum standards for OLED panels, and if it achieves technology parity with Samsung Display or LG Display, it may secure more orders [2] - BOE operates a production line capable of producing 100 million iPhone OLED panels annually, with a monthly capacity of approximately 8 million iPhone modules [2] - In the first half of 2025, BOE's iPhone panel shipments are expected to reach 21 million units, a 13% increase from 18.6 million units in the same period last year [2] Group 2 - Samsung Display is expected to supply 70 million OLED panels, while LG Display is projected to supply 43 million panels for the iPhone [3] - In Q2, LG Display held a 21.3% share of iPhone panel shipments, falling behind BOE's 22.7%, while Samsung Display maintained a leading position with 56% [3] - LG Display's performance is anticipated to rebound with the launch of the iPhone 17 series, with its market share expected to rise to 30.3% in Q3 [6]

Corporate Governance Changes - The company held its 21st meeting of the third board of directors on July 22, 2025, where it approved the proposal to change the chairman and elect a co-chairman [1] - Yao Hao was elected as the chairman of the board, while Bai Rujing was elected as the co-chairman, with their terms lasting until the end of the current board's term [1] Personnel Appointments - The company announced the appointment of Yin Haibo as the vice general manager, effective from the date of the board meeting [3] - Yao Hao, born in November 1975, has extensive experience in the finance and investment sectors, having held various positions in companies such as Ping An Life Insurance and CITIC Securities [3] - Bai Rujing, born in 1974, has a background in the 3C connector manufacturing and management field, previously working at Luxshare Precision Industry [3] Financial Performance - The company reported a revenue of 1.687 billion yuan for 2024, representing a year-on-year decrease of 2.72% [5] - The net profit attributable to shareholders was -353 million yuan, a significant decline of 972.54% year-on-year [5] - The basic earnings per share were reported at -2.10 yuan [5] Company Overview - Shenzhen Xinhau Optoelectronics Co., Ltd. was established on November 26, 2013, and went public on August 27, 2021 [6] - The company's main business involves the research, production, and sales of glass protective screens [6]

Group 1 - The core viewpoint is that Cathay Securities has initiated a "Buy" rating for Q Technology (01478.HK) with a target price of HKD 14.26, driven by expected growth in demand for camera and fingerprint recognition modules in Android smartphones and emerging optical applications in IoT [1] - The company is projected to achieve net profits attributable to shareholders of RMB 700 million, RMB 887 million, and RMB 1.114 billion for the years 2025, 2026, and 2027 respectively [1] - The target market capitalization for Q Technology is estimated at HKD 16.923 billion [1]