现场活动照片 以下是对话实录，经36氪编辑—— WAVES新浪潮2025邀你一起走向中国创投的「新纪元」。 这是属于中国创投的新纪元。当下的中国创投市场，既是周期筑底的转折点，也是结构性转型的深化期。在政策主导、国资与资本高度集中的新 生态下，唯有顺应趋势、灵活调整，方能在不确定性中捕捉确定性机遇。 6月11-12日，杭州良渚文化艺术中心，36氪WAVES新浪潮2025大会以「新纪元」为主题，汇聚创投领域顶级投资人、新锐企业创始人，以及深 耕科技、创新、商业的科学家、创作者与学者，共同探讨AI技术革新、全球化浪潮与价值重估等前沿议题，拆解他们眼中的商业理想和未来世 界，一起讨论、寻找、走向中国创投「新纪元」。 6月11日下午，36氪CEO与2025厦门大学火炬创业成长营展开了一场对话。 冯大刚：在座的主要是老师们，所以看到老师们有点紧张，大家知道我们接下来可能很快就会发布一个我们双方的合作，我们会有一个启动仪式，在启动仪 式之前，我们做一个简单的介绍，让大家也了解厦大，了解厦门的火炬高新区，了解我们的创业成长营。 首先问一下郭局长，火炬高新区一直都是厦门乃至整个福建创业创新的高科技产业发展的核心的引擎，请您来 ...

证券研究报告 | 2025年06月15日 转债市场周报 转债呈现较强韧性，关注低价个券信用挖掘 核心观点 固定收益周报 上周市场焦点（6 月 9 日-6 月 13 日） 股市方面，上周权益市场整体呈现震荡格局，全球地缘冲突加剧的背景 下黄金、原油价格大幅上涨，稀土永磁相关出口管制措施推出等，带动 有色和石油石化板块表现居前，或受部分地区以旧换新补贴活动暂停等 消息影响，食饮、家电等消费板块调整幅度较大。 债市方面，上周债市总体走强，5 月通胀依然低迷、出口同比回落至 4.8%， 资金成本继续下行、隔夜资金利率创今年以来新低，以及地缘政治冲突 加剧、市场风险偏好有所回落等均对债市形成利好；周五 10 年期国债 利率收于 1.64%，较前周下行 1.07bp。 转债市场方面，上周转债个券多数收跌，中证转债指数全周-0.02%，价 格中位数-0.63%，我们计算的算术平均平价全周-0.95%，全市场转股溢 价率与上周相比+0.61%。个券层面，金陵（足球概念）、锦鸡（活性染 料）、海波（钢结构工程）、联得（显示模组设备）、志特（建筑铝膜） 转债涨幅靠前；正裕（汽车减震器与零部件&已公告强赎）、华体（智 能交通系统） ...

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 目录 以晶圆制造为例，其制造过程需要经过多次曝光工艺，利用掩膜版的曝光掩蔽作用，在半导体晶圆表面形成栅极、源漏极、掺杂窗口、电极接触孔等。相 比较而言， 半导体掩膜版在最小线宽、 CD 精度、位置精度等重要参数方面 ，均显著高于平板显示、 PCB 等领域掩膜版产品。 掩膜版是光刻过程中的重要部件，其性能的好坏对光刻有着重要影响。根据基板材质的不同， 掩膜版主要可分为石英掩膜版、苏打掩膜版和其他 （包含凸版、菲林等） 。 一、什么是掩膜版： 定义、分类 二、掩膜版制造加工工艺： 关键参数量测及检测 三、掩膜版产业链： 产业链、结构与成本 四、掩膜版技术演变： OPC 和 PSM 五、半导体掩膜版： 市场及行业特征 六、平板显示掩膜版： 市场及行业特征 七、掩膜版竞争格局 八、掩膜版未来趋势 九、掩膜版重点企业介绍 一、什么是掩膜版 掩膜版（ Photomask ）又称光罩、光掩膜、光刻掩膜版等 ，是微电子制造过程中的图形转移工具或母版，是图形设计和工艺技术等知识产权信息的载 体。在光刻过程中，掩膜版 ...

Group 1 - The global flat panel display market is expected to grow by 11% year-on-year in 2024, driven by various product categories, with televisions and tablets contributing the most to the growth [1] - Television panel revenue is projected to increase by 19% in 2024, primarily due to rising demand in the large-size segment, which also improves the overall average selling price [1] - The smartphone remains the largest application area for flat panel displays in 2024, but its growth is expected to be flat, aligning with downstream shipment trends [1] Group 2 - The display and PC panel revenue is anticipated to achieve double-digit growth in 2024 after hitting a low at the end of 2023, with future growth expected to maintain mid-single-digit levels [4] - The AR/VR panel revenue is declining due to a drop in device shipments, but growth is expected to resume in the next couple of years, particularly with the integration of AI technologies [4] - The automotive sector is becoming a significant growth driver for panel revenue, with increasing demand for larger and more precise displays in cockpit infotainment systems [4]

分析师观点 根据 Counterpoint Research最新《平板显示（FPD）追踪与预测报告》 ，2024年全球平板显示市场 收入同比增长11%，增长动力来自广泛的产品类别。其中电视和平板电脑贡献最大增量。展望未 来，汽车领域将成为重要增长驱动力。 智能手机仍是2024年平板显示最大应用领域，但增长相对持平（与下游出货增长态势一致）。我们 预计智能手机面板收入将长期呈下降趋势。 2024年电视面板收入同比增长19%，主要由大尺寸细分市场需求提升驱动，该趋势同时改善了整体 平均售价。 分析师观点 Counterpoint 研究总监Bob O'Brien 表示："去年增长幅度较大但难以持续，这种反弹属于市 场修正。未来我们预计电视面板出货量，尤其是显示面积，将稳步上升。但日益激烈的价格竞争可 能导致2025年后面板总收入下行。" 平板电脑方面，iPad 13 Pro系列采用OLED面板推动该品类收 入回升至疫情时期水平。 O'Brien 指出："平板增长现已进入产品驱动阶段，下一周期将出现在 2027年——我们预计 届时 苹果可折叠设备将进入市场。" 平板显示市场收入及按应用领域划分的份额对比 2023年 ...

Core Viewpoint - The article emphasizes the importance of metrology as a driving force for technological and industrial innovation in Jiangsu Province, highlighting the need for advancements in measurement technology to overcome existing technical bottlenecks and support various industries [1][2]. Group 1: Metrology Innovation and Industry Integration - Jiangsu aims to establish itself as a leader in integrating technological and industrial innovation, with metrology being a key component in this process [1]. - The province has set up seven national industrial metrology testing centers and 13 provincial centers in various fields, including new energy vehicles and biomedicine, to drive innovation [2]. - Over 20 measurement technologies have been developed, filling domestic gaps and promoting industrial upgrades through precise metrology [2]. Group 2: Comprehensive Metrology Service System - A comprehensive metrology service system is being constructed to support industrial innovation, focusing on sectors like new energy and intelligent robotics [3]. - The establishment of provincial metrology technical committees aims to align metrology services with industry needs, enhancing communication between government and enterprises [3]. - Future plans include optimizing the metrology service platform to provide tailored support across the entire product lifecycle, from design to after-sales [3]. Group 3: Market-Oriented Metrology Technology Transformation - The transformation of metrology innovations into marketable solutions is crucial for enhancing industrial productivity [4][5]. - A recent challenge event facilitated technology transactions worth nearly 12 million yuan, demonstrating the effectiveness of metrology technology in driving product development [5]. - The province plans to establish a market-oriented mechanism for the transfer of metrology innovations, fostering collaboration across various sectors [5]. Group 4: Talent Development in Metrology - The development of a skilled workforce in metrology is essential for supporting innovation and industrial growth [6]. - Collaborative training programs with universities and the establishment of a national metrology talent training base are underway to enhance talent acquisition [6]. - The province aims to attract high-level talent and create a diverse metrology workforce to drive innovation and meet industry demands [6].

Core Viewpoint - Rainbow Co., Ltd. (彩虹股份) has maintained a "0 dividend" policy for 20 consecutive years despite achieving over 10 billion yuan in revenue for two consecutive years, with a focus on its growth in the substrate glass business and the cyclical nature of its earnings [1][8]. Financial Performance - In Q1 2025, the company reported total revenue of 2.966 billion yuan, a year-on-year increase of 1.77%, and a net profit attributable to shareholders of 322 million yuan, up 16.09% year-on-year [1]. - The company has shown a recovery in profitability since returning to profit in 2023, with revenues of 11.465 billion yuan and 11.664 billion yuan in the previous two years, and net profits of 661 million yuan and 1.24 billion yuan respectively [1]. - The revenue from liquid crystal panels and substrate glass accounts for over 80% of total revenue, with liquid crystal panel revenue at 10.291 billion yuan (up 0.33%) and substrate glass revenue at 1.511 billion yuan (up 21.87%) in 2024 [2]. Business Segments - The substrate glass business has become the fastest-growing segment, with production of 7.4972 million pieces and sales of 6.9413 million pieces in 2024, showing significant growth of 92.6% and 93.2% respectively for G8.5+ substrate glass [3][4]. - The company has successfully launched three G8.5+ high-generation substrate glass production lines at its Xianyang base, contributing to the increase in production capacity [4][5]. Industry Dynamics - The company operates in a highly cyclical industry, experiencing fluctuations in revenue and profit, with Q4 revenues showing a significant decline [6]. - Prior to 2023, the company faced criticism for its lack of business development, with cumulative losses exceeding 8 billion yuan in net profit from its main business over the past decade [7]. Funding and Subsidies - The company has received substantial government subsidies, totaling over 3 billion yuan in 2017 and 6.89 billion yuan in 2018, along with additional support in subsequent years [9]. - Other income decreased by 23.13% in 2024, attributed to reduced government subsidies, while the company has raised over 23 billion yuan through multiple fundraising efforts [10]. Strategic Moves - The company has made significant investments in its subsidiary Hongyang Display, totaling over 1.6 billion yuan, to support the G8.5+ substrate glass production line project [10]. - The company plans to publicly transfer 30% of its stake in its subsidiary Rainbow Optoelectronics, which operates the LCD 8.6 generation line, to align with its strategic focus on substrate glass business development [10]. Financial Health - As of the end of 2024, the company reported an accumulated undistributed profit of approximately -2.742 billion yuan, with short-term and long-term borrowings increasing by 34.98% and 16.4% respectively by Q1 2025 [11].

深圳被称为"民营经济第一城"和"中国外贸第一城"，民营经济与外贸的"线条"交汇，编织成"出海风帆"。中行深圳市分行以有速度、有力度、有深度的金融服务， 为民营企业"出海"保驾护航，民营经济贷款余额突破3900亿元，民营投放占比超65%。 4月29日，由深圳市工商联和中国银行深圳市分行主办的"金融赋能布局全球"——开拓民营企业发展新格局主题活动在深圳举办，政银企携手擘画民营企业高质量发 展新蓝图，进一步彰显了服务民营企业出海、助力更多"深圳品牌"走向世界的决心。 开拓民营企业发展新格局主题活动现场 以更具实效服务 为民营企业出海架起"金融桥梁" "去年我们实现了超155亿的销售额，其中有80%以上都来自海外市场，客户覆盖了全球100多个国家和地区。做外销收的外汇，都是中国银行帮我们做的便利化结售 汇。"康冠科技供应链总经理、投资总经理吴远在活动分享时表示。据了解，成立于1995年的康冠科技凭借皓丽、KTC、FPD三大品牌矩阵，已经将产品出口到北 美、欧洲、亚洲及澳洲等多个国家和地区，向全世界输出"中国智造解决方案"。 从2007年起，中行深圳市分行就与康冠科技开展了授信合作，此后从跨境结算、汇率风险管理、资金配 ...

证券代码：300812 证券简称：易天股份 编号：2025-001 深圳市易天自动化设备股份有限公司 公司《2024 年年度报告》及其摘要、2025 年第一季度报告已于 2025 年 4 月 26 日在巨潮资讯网（www.cninfo.com.cn）披露。为便于广大投资 者更进一步了解公司经营业绩、发展战略等情况，公司于 2025 年 4 月 28 日（星期一）下午 15:30-16:30 与长城证券机构投资者进行了电话会议交 流，于 2025 年 4 月 29 日（星期二）下午 15:00-16:30 在深圳证券交易所 "互动易"平台（http://irm.cninfo.com.cn）"云访谈"栏目采用网络 远程方式举办了 2024 年度网上业绩说明会，与投资者进行沟通和交流，广 泛听取投资者的意见和建议。活动主要情况如下： 一、电话会议与机构投资者交流公司经营业绩情况 二、网络远程方式举行公司业绩说明会 交流互动环节主要涉及的问题及回复如下： 1、您好，请问贵公司一季度收入和业绩增长的原因？ 答:尊敬的投资者朋友，您好！感谢您对易天股份的关注！2025 年第一 季度，公司实现营业总收入 14,015.49 ...

Core Viewpoint - The company, Suzhou Nanwei Technology Co., Ltd., focuses on the research, production, and sales of high-performance nano-microsphere materials, aiming to become a leading brand in the microsphere industry and break the long-standing foreign monopoly in this field [7][28]. Company Overview - The company specializes in high-performance nano-microsphere materials for applications in biomedicine, flat panel displays, analytical testing, and in vitro diagnostics [7][9]. - It has developed proprietary technologies for precise control over microsphere size, morphology, and surface properties, enabling customized production [8][28]. Business Model - The company operates a complete procurement, production, sales, and R&D system, adapting its business model based on market conditions and customer needs [10][11]. - It employs a direct sales model, engaging with clients from the early stages of product development to provide tailored purification solutions [14][31]. Industry Situation - The biopharmaceutical separation and purification industry is critical, with chromatography technology being the primary method for achieving high purity and yield in biopharmaceutical production [17][20]. - The global biopharmaceutical market is projected to grow significantly, with a compound annual growth rate (CAGR) of 12.20% from 2020 to 2025, driven by advancements in monoclonal antibody products [18][19]. Market Dynamics - The Chinese biopharmaceutical market is expected to reach RMB 811.6 billion by 2025, with a CAGR of 18.6% from 2020 to 2025, indicating strong growth potential [19]. - The demand for domestic high-performance separation and purification materials is increasing due to rising production costs and the need for stable supply chains amid international uncertainties [30][32]. Technological Development - The company has established a comprehensive technology development and industrialization system for microsphere precision preparation, making it one of the few capable of large-scale production of both inorganic and organic high-performance nano-microspheres [28]. - Recent acquisitions, such as that of Fuli Instruments, enhance the company's capabilities in providing integrated analytical solutions [29]. Financial Overview - The company plans to distribute a cash dividend of RMB 0.63 per share, with total cash dividends and share repurchase amounting to RMB 86.24 million, representing 104.10% of the net profit attributable to shareholders for 2024 [4][5].