受益于光通信等业务强劲增长，美股材料巨头康宁四季度和全年核心业绩均创历史新高，并宣布上调中长期"Springboard"增长计划，对2026年开局保持乐观 指引。 当地时间1月28日，康宁公布2025年四季度及全年业绩：公司在核心口径下实现营收、利润双位数增长，并称四季度与全年均创纪录。 核心口径与GAAP口径"剪刀差"：汇率与对冲科目放大表观增速 康宁本次财报依旧强调"核心口径"（非GAAP）：剔除外币债务折算、外汇对冲（translated earnings contracts）公允价值波动，以及并购相关、重组、诉讼、 养老金精算等非经常或非经营性项目，并对主要分部采用"恒定汇率（constant currency）"展示经营趋势。 盈利端亦类似：四季度GAAP EPS为0.62美元、核心EPS为0.72美元；全年GAAP EPS 1.83美元、核心EPS 2.52美元。核心口径的意义在于把外汇对冲与折算 等"波动项"从经营趋势中剥离出来，便于观察利润率与分部景气的真实变化。 光通信业务一骑绝尘，显示与生命科学偏平，Hemlock增收不增利 2025年的增长结构高度清晰：光通信成为最强引擎，并在收入结构中 ...

当地时间1月28日，康宁公布2025年四季度及全年业绩：公司在核心口径下实现营收、利润双位数增长，并称四季度与全年均创纪录。 四季度核心销售额44.12亿美元，同比增14%；核心每股收益0.72美元，同比增26%。四季度GAAP营收42.15亿美元，同比增20；GAAP EPS 0.62美元，同比增72%。 全年看，康宁核心销售额164.08亿美元，同比增13%；核心EPS 2.52美元，同比增29%。全年GAAP营收156.29亿美元，同比增19%，GAAP EPS 1.83美元，同比增216%。 盈利能力继续抬升。四季度核心经营利润率升至20.2%，全年核心经营利润率19.3%（2024年为17.5%），显示在收入扩张之外，费用率与 经营杠杆对利润端的支撑仍在。 现金流同样强劲：2025年经营现金流27.0亿美元，调整后自由现金流17.17亿美元（2024年为12.53亿美元）。 公司上调Springboard增长目标，并给出2026年一季度指引：预计核心销售额42亿-43亿美元、同比约增15%，核心EPS 0.66-0.70美元。 受益于光通信等业务强劲增长，美股材料巨头康宁四季度和全年核心业绩均创历史 ...

天眼查App显示，近日，厦门华方显示科技有限公司成立，法定代表人为周原桂，注册资本2000万人民 币，经营范围为一般项目：新材料技术研发；新材料技术推广服务；显示器件制造；工程和技术研究和 试验发展；显示器件销售；集成电路芯片设计及服务；集成电路芯片及产品制造；集成电路销售；照明 器具制造；半导体照明器件制造；照明器具销售；灯具销售；半导体照明器件销售；合成材料销售；电 子专用材料销售；电池销售；电子元器件制造；集成电路芯片及产品销售；半导体器件专用设备制造； 其他电子器件制造；集成电路设计；集成电路制造；计算机软硬件及辅助设备批发；技术服务、技术开 发、技术咨询、技术交流、技术转让、技术推广。（除依法须经批准的项目外，凭营业执照依法自主开 展经营活动）。 ...

Core Viewpoint - The issuance of the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" marks a significant step towards accelerating the mergers and acquisitions market in Shenzhen, aiming to enhance its position as a global innovation capital formation center [1][4]. Policy Implementation - The "Action Plan" aligns with national policies supporting mergers and acquisitions, such as the "New National Nine Articles" and "Mergers and Acquisitions Six Articles," providing a solid policy foundation for market reform [4]. - Shenzhen aims to achieve a total market capitalization of over 20 trillion yuan for listed companies by the end of 2027, cultivate 20 companies with a market value of over 100 billion yuan, and complete over 200 merger projects with a total transaction value exceeding 100 billion yuan [4]. Industry Focus - The plan emphasizes the "20+8" industrial clusters, which include strategic emerging industries like integrated circuits, artificial intelligence, new energy, and biomedicine, as well as future industries such as synthetic biology and quantum information [5]. - It supports leading companies in these sectors to engage in upstream and downstream mergers and acquisitions to enhance their technological capabilities and market position [5]. Financial Support - The plan introduces various financial innovations to support mergers and acquisitions, encouraging the use of cash, shares, and convertible bonds for financing [6]. - It promotes bank loans and private equity funds to provide stable funding for mergers and acquisitions, creating a "patient capital" system to support long-term corporate growth [6][7]. Cross-Border Integration - The plan leverages Shenzhen's geographical advantage to connect with Hong Kong's capital market, facilitating cross-border mergers and acquisitions [8]. - It encourages leading enterprises to list or refinance in Hong Kong, enhancing the efficiency of cross-regional mergers and acquisitions [8][9]. Initial Success - The first merger following the new policy was announced by Shahe Co., which plans to acquire 70% of Shenzhen Jinghua Electronics, marking a significant shift from real estate to technology [10][12]. Future Outlook - The new policy is expected to foster the development of globally competitive enterprises and enhance the resilience of industrial chains, driving the transformation towards high-end, intelligent, and green industries [13]. - Shenzhen aims to become a key hub for mergers and acquisitions globally, attracting more domestic and international capital and high-quality enterprises [13][14].

Key Insights - The article highlights the emerging investment trends in various sectors, particularly in hard technology, health, and internet applications [4][26][38] - Significant funding rounds have been completed in the hard technology sector, indicating a growing interest in aerospace and robotics [4][11][19] - The health sector is seeing increased investment in synthetic biology and AI-driven medical solutions, reflecting a shift towards innovative healthcare technologies [26][30][31] - The internet sector is focusing on AI applications, particularly in emotional interaction and enterprise services, showcasing the demand for advanced AI solutions [38][39][40] Hard Technology - Beijing Chuanxue Space Technology Co., Ltd. completed an oversubscribed angel + round financing, indicating strong investor interest in aerospace technology [4][12] - Dream Sky Technology secured over 100 million yuan in two financing rounds, highlighting the growth potential in aerospace technology [22] - Chip manufacturer ChipQing Technology announced a financing round exceeding 1 billion yuan, showcasing the robust investment landscape in semiconductor technology [11] Health Sector - Synthetic biology company Weiyuan Biotechnology completed nearly 100 million yuan in Pre-A round financing, reflecting the sector's attractiveness to investors [31] - Suzhou Yixi Biotechnology raised nearly 200 million yuan in Series A financing, indicating strong investor confidence in innovative health solutions [34] - Medical AI company Huimei Technology secured nearly 200 million yuan in new financing, emphasizing the trend towards AI in healthcare [30] Internet Sector - Emotional voice interaction startup Yusheng Yueban completed a new financing round, demonstrating the growing interest in AI applications [39] - ChatExcel team raised nearly 10 million yuan in angel round financing, indicating a strong demand for AI-driven tools [40] - Red Bear AI announced Pre-A round financing, with a post-investment valuation of 500 million yuan, showcasing the potential of AI in enterprise services [41]

Group 1 - The core viewpoint emphasizes the need for urban renewal and industrial transformation in Qinhuai District, aligning with the directives from the central government and the important speech by General Secretary Xi Jinping [1] - The district is recognized for its unique cultural heritage, developed commerce and finance, and rich educational resources, which provide a comparative advantage for urban expansion and transformation [1] - The focus is on creating a vibrant central area through innovation-led development, enhancing consumption diversity, and establishing a comprehensive consumption scene to convert "traffic" into "retention" and growth increments [2] Group 2 - The strategy includes high-quality construction of the Qinhuai River industrial integration development belt, aiming to attract resources, improve functionality, and promote projects [2] - Emphasis is placed on deepening reforms to address development challenges, optimizing institutional mechanisms, and enhancing urban governance to improve livability and resilience [2] - The district aims to achieve new branding in cultural and tourism integration, new heights in urban renewal, and new initiatives in urban industrial development [2]

Core Insights - Corning has participated in the China International Supply Chain Promotion Expo for the third consecutive year, emphasizing its commitment to the Chinese market with the theme "Rooted in China, Flourishing" [2] - The company views China as its most important market and plans to continue investing significantly in the region [2][3] Investment and Operations - Corning has invested over $9 billion in China, operating 21 factories and employing over 6,000 people, with a comprehensive operational network covering R&D, finance, production technology, and logistics [2] - The localization rate of raw materials has increased from 75% in 2015 to 92% in 2023, with 99% of human resources and logistics services sourced from local suppliers [2] Market Opportunities - The rapid development of China's automotive industry has led Corning to invest in projects related to emissions control and automotive glass solutions, with plans to expand investments in automotive interior glass [3] - The demand for large-sized televisions is rising, prompting Corning to continue its investments in display technology [3] - The growth in artificial intelligence and data centers in China is expected to drive a surge in the high-density fiber optic market, leading Corning to enhance its R&D in optical communication technologies [3] Future Outlook - Corning maintains a very optimistic outlook on China's economic prospects and plans to continue investing in the Chinese market [3] - The company has established three factories in Hefei with total investments exceeding $3 billion, reflecting its growth alongside the development of the industry chain in China [3] - Corning aims to focus on customer-centric strategies and invest in key areas such as digitalization, green manufacturing, and advanced materials in alignment with China's new productive forces [3]