携"圈"同行与跨"圈"前行 2025年的日历快要撕完，辞旧迎新，既是迈步新一年，也是迈向下一个5年。大家都在盘点，也在思 考，要以什么样的姿态向前？ 此刻，成都都市圈正走进长三角，一系列投资推介活动拉开帷幕。 转自：成都日报锦观 这一幕有点眼熟。今年年初，成都就先后走进大湾区和长三角，开展投资促进系列活动。 但相较之前，这次活动又有了升级—— 对成都都市圈来说，是携"圈"同行，组团共赢；从建设全国统一大市场的角度来看，是跨"圈"前行，协 同发展。 区域协调发展"主引擎" 高质量发展"新窗口" 以"成都都市圈"之名开展的区域合作不在少数。 6月召开的2025"投资成都"全球招商大会上，首个成都都市圈投资指南发布，整体分享成德眉资投资环 境与合作机遇。 11月，成都都市圈又走进京津冀，促成多个工业项目签约，意向签约金额总计10亿元。 此后，成都都市圈再赴长株潭衡城市群，5大集群进行产业集群合作发展签约，共同组建跨区域产业集 群协同联盟。 省同城化办相关负责人曾这样描述成都都市圈："对内，它是区域协调发展的'主引擎'；对外，它是高 质量发展的'新窗口'。" 这其中，有正在建强的三个"圈"，也有区域协调发展的三层逻辑 ...

Core Viewpoint - Guangfeng Technology's stock rose by 5.28% to 18.74 CNY per share, with a trading volume of 130 million CNY and a turnover rate of 1.57%, resulting in a total market capitalization of 8.613 billion CNY [1] Company Overview - Guangfeng Technology, established on October 24, 2006, and listed on July 22, 2019, is located in Shenzhen, Guangdong Province. The company specializes in the research, production, sales, and leasing of core components and complete products for laser display [1] - The revenue composition of Guangfeng Technology includes: 48.23% from laser optical engines, 44.37% from laser projection machines, 6.98% from other sources, and 0.42% from supplementary sources [1] Fund Holdings - Huashan Fund has a significant holding in Guangfeng Technology, with the Huashan CSI 1000 Index Enhanced A Fund (015148) holding 10,900 shares, accounting for 0.4% of the fund's net value, making it the eighth largest holding. The estimated floating profit today is approximately 10,300 CNY [2] - The Huashan CSI 1000 Index Enhanced A Fund was established on July 12, 2022, with a latest scale of 45.938 million CNY. Year-to-date returns are 23.13%, ranking 1953 out of 4206 in its category, while the one-year return is 22.42%, ranking 2043 out of 3986 [2]

Core Points - Company announced the establishment of a joint laboratory with Shenzhen Technology University to enhance innovation and development in the upstream device sector [2] - The collaboration aims to leverage both parties' strengths in the frontier field of semiconductor lasers, fostering a long-term partnership between academia and industry [2] - The cooperation agreement is set to last for six years, with the company planning to provide funding of up to 6 million RMB to the joint laboratory [2]

Core Points - On October 16, Guangfeng Technology experienced a decline of 5.16%, with a stock price of 18.19 yuan per share, a trading volume of 178 million yuan, a turnover rate of 2.09%, and a total market capitalization of 8.355 billion yuan [1] Company Overview - Guangfeng Technology, established on October 24, 2006, and listed on July 22, 2019, is located in Nanshan District, Shenzhen, Guangdong Province. The company specializes in the research, production, sales, and leasing of core components and complete products for laser display [1] - The revenue composition of Guangfeng Technology includes: 48.23% from laser optical engines, 44.37% from laser projection machines, 6.98% from other sources, and 0.42% from supplementary sources [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Wanjia Fund has a significant position in Guangfeng Technology. The Wanjia Technology Quantitative Stock Mixed Initiation A (020975) held 29,300 shares in the second quarter, accounting for 1.96% of the fund's net value, ranking as the ninth largest holding [2] - The Wanjia Technology Quantitative Stock Mixed Initiation A (020975) was established on September 24, 2024, with a latest scale of 19.3044 million yuan. Year-to-date returns are 37.98%, ranking 1885 out of 8161 in its category; the one-year return is 43.12%, ranking 1683 out of 8021; and since inception, the return is 43.02% [2] Fund Manager Information - The fund manager of Wanjia Technology Quantitative Stock Mixed Initiation A (020975) is Yin Hang. As of the report date, Yin Hang has a cumulative tenure of 5 years and 89 days, with total fund assets of 468 million yuan. The best fund return during his tenure is 59.26%, while the worst return is -12.98% [3]

Core Viewpoint - The stock of Guangfeng Technology experienced a decline of 5.1%, trading at 19.18 yuan per share, with a total market capitalization of 8.81 billion yuan as of October 14 [1] Company Overview - Guangfeng Technology, established on October 24, 2006, and listed on July 22, 2019, is located in Shenzhen, Guangdong Province. The company specializes in the research, production, sales, and leasing of core components and complete products for laser display [1] - The revenue composition of Guangfeng Technology includes: 48.23% from laser optical engines, 44.37% from laser projection machines, 6.98% from other sources, and 0.42% from supplementary sources [1] Fund Holdings - According to data, one fund under Wanjia Fund holds Guangfeng Technology as a significant investment. The Wanjia Technology Quantitative Stock Mixed Fund A (020975) held 29,300 shares in the second quarter, accounting for 1.96% of the fund's net value, ranking it as the ninth largest holding [2] - The Wanjia Technology Quantitative Stock Mixed Fund A was established on September 24, 2024, with a latest scale of 19.30 million yuan. The fund has achieved a return of 40.83% year-to-date, ranking 1771 out of 8162 in its category, and a return of 46.07% over the past year, ranking 1551 out of 8015 [2] Fund Manager Information - The fund manager of Wanjia Technology Quantitative Stock Mixed Fund A is Yin Hang, who has been in the position for 5 years and 87 days. The total asset size of the fund is 468 million yuan, with the best return during his tenure being 65.95% and the worst being -8.96% [3]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][11] Core Views - The company has launched several new products based on laser core technology, including AR display engines for AR glasses and underwater blue laser radars, which open up new market opportunities [3][4] - The company's products are characterized by high performance and low cost, with differentiated technology that creates high barriers in the AR glasses and underwater navigation markets [3][4] - The company is expected to experience new growth points by leveraging its technological accumulation in the AR glasses and underwater laser radar sectors, despite some short-term profit impacts from arbitration matters and inventory impairment losses [4][11] Summary by Relevant Sections Product Launches - The company introduced laser + LCOS AR display engines for AR glasses and two underwater laser radar products at the Shenzhen Light Expo [3] - The AR display engines include the Dragan G1 (dual-eye) and Rainbow C1 (single-eye), while the underwater products are the consumer-grade D10 and professional-grade T1 [3] Market Positioning - The LCOS + laser AR display engine offers advantages over the current Micro LED technology, including lower power consumption and higher resolution [5] - The underwater laser radar addresses the precision navigation challenges faced by underwater devices, such as pool robots, with a detection range exceeding 10 meters [9] Financial Projections - The company adjusted its profit forecast for 2025-2027, expecting net profits of 0.2 billion, 2.5 billion, and 3.6 billion respectively, with year-on-year changes of -31%, +1192%, and +47% [4][21] - The corresponding price-to-earnings ratios are projected to be 501, 39, and 26 times for the respective years [4][21] Business Segments - The B-end business is expected to grow steadily, with revenue projections of 18.7 billion, 22.3 billion, and 26.6 billion for 2025-2027, reflecting growth rates of 6.6%, 19.4%, and 19.6% [15] - The C-end business is projected to decline initially but stabilize, with revenues expected to be 3.7 billion, 3.4 billion, and 3.4 billion for the same period [16] Overall Financial Performance - The company's total revenue is forecasted to reach 24.2 billion in 2025, with a slight increase to 27.5 billion in 2026 and 31.9 billion in 2027, reflecting a compound annual growth rate [18][22] - The overall gross margin is expected to improve from 30.2% in 2025 to 33.4% by 2027 [18][22]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][11] Core Views - The company has launched several new products based on laser core technology, including AR display engines for AR glasses and underwater blue laser radar, which opens new market opportunities [3][4] - The company's products are characterized by high performance and low cost, with differentiated technology that creates high barriers in the AR glasses and underwater navigation markets [3][4] - The company is expected to experience new growth points by leveraging its technological accumulation in the AR glasses and underwater laser radar sectors [4][11] Summary by Relevant Sections Product Launches - The company introduced laser + LCOS AR display engines for AR glasses, including the Dragan G1 and Rainbow C1, and two underwater laser radar products: the consumer-grade D10 and professional-grade T1 [3][4] - The LCOS + laser AR display engine has significantly lower power consumption compared to the mainstream Micro LED route, with a full-color power consumption only 1/4 of Micro LED, and has already been validated by leading manufacturers like Meta [5][6] - The underwater laser radar products address the precision navigation challenges faced by underwater devices, such as pool robots, at a lower cost [3][9] Financial Projections - The company expects net profits for 2025-2027 to be 0.2 billion, 2.5 billion, and 3.6 billion respectively, with year-on-year changes of -31%, +1192%, and +47% [4][21] - The corresponding price-to-earnings (PE) ratios are projected to be 501, 39, and 26 times for the same periods [4][21] - The company anticipates B-end business revenue growth of 6.6%, 19.4%, and 19.6% from 2025 to 2027, driven by new product launches [15][18] Market Position and Strategy - The company is positioned as a global leader in laser display technology and aims to penetrate new markets such as AR glasses and underwater laser radar, which are expected to contribute significantly to revenue growth [4][11] - The company has already received a purchase order for 10,000 units of its AR glasses solution on the day of the technology announcement, indicating strong market interest [6][11]

Company Overview - Guangfeng Technology Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on October 24, 2006. The company went public on July 22, 2019. Its main business involves the research, production, sales, and leasing of core components and complete products for laser display [1]. Financial Performance - As of September 23, Guangfeng Technology's stock price fell by 5.09% to 20.53 CNY per share, with a trading volume of 164 million CNY and a turnover rate of 1.68%. The total market capitalization is 9.43 billion CNY. The stock has experienced a cumulative decline of 9.54% over the past three days [1]. Revenue Composition - The revenue composition of Guangfeng Technology is as follows: 48.23% from laser optical engines, 44.37% from laser projection machines, 6.98% from other sources, and 0.42% from supplementary sources [1]. Fund Holdings - According to data from the top ten holdings of funds, one fund under Wanjia Fund holds Guangfeng Technology as a significant investment. The Wanjia Technology Quantitative Selection Mixed Fund A (020975) held 29,300 shares in the second quarter, accounting for 1.96% of the fund's net value, ranking as the ninth largest holding. The estimated floating loss today is approximately 32,200 CNY, with a total floating loss of 66,800 CNY during the three-day decline [2]. Fund Manager Performance - The fund manager of Wanjia Technology Quantitative Selection Mixed Fund A is Yin Hang, who has been in the position for 5 years and 66 days. The total asset size of the fund is 468 million CNY, with the best fund return during his tenure being 61.25% and the worst being -9.05% [3].

Core Insights - The "2025 Laser Display Technology and Industry Development Conference" was held with the theme "Boundless," where Hisense announced the gradual opening of over 1,300 core patents related to three-color laser technology to the industry, aiming to promote the popularization of three-color laser display products [1][3] - Hisense unveiled three groundbreaking laser display products: the world's first 150-inch screen sound laser TV, the 100-inch rollable laser cinema, and the highly anticipated Vidda C5 projector, all based on three-color laser display technology [1][2] Product Highlights - The 150-inch Hisense Exploration X1 Ultra is the largest laser TV globally, featuring IMAX cinema technology, dual custom laser engines, and achieving 110% BT.2020 color gamut coverage with ΔE < 0.6, providing an immersive viewing experience comparable to professional theaters [1] - The 100-inch Hisense Rollable Laser Cinema Jiangshan Scroll R1 features an innovative "Cloud Rolling Screen System," achieving a flatness of over 99% after 10,000 rolls, and is designed for both extreme picture quality and top-notch sound [2] - The Vidda C5 projector is positioned as the most powerful 4K three-color laser projector to date, with significant advancements in brightness, shift, and heat dissipation [2] Industry Impact - Hisense's announcement of opening over 1,300 patents signifies a shift from being a technology pioneer to an industry enabler, aiming to eliminate technological monopolies and promote collaborative development across the entire industry chain [3] - The company has accumulated over 1,300 authorized patents in laser display technology and has participated in the formulation of over 60 national and industry standards, showcasing its innovation capabilities [3] - Hisense's efforts are positioned to transform China from an industry follower to a standard setter in the emerging trillion-dollar laser display market, redefining the boundaries of the display world [3]

Group 1 - The core viewpoint of the news is that Guangfeng Technology's stock has experienced a decline of 5.02%, with a current price of 22.71 yuan per share and a total market capitalization of 10.431 billion yuan [1] - Guangfeng Technology, established on October 24, 2006, specializes in the research, production, sales, and leasing of laser display core components and complete machine products [1] - The company's main business revenue composition includes: 48.23% from laser optical engines, 44.37% from laser projection complete machines, and 6.98% from other sources [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Wanjia Fund holds Guangfeng Technology, specifically the Wanjia Technology Quantitative Stock Mixed Initiation A (020975), which held 29,300 shares in the second quarter, accounting for 1.96% of the fund's net value [2] - The fund has a current scale of 19.3044 million, with a year-to-date return of 37.67%, ranking 1982 out of 8172 in its category [2] Group 3 - The fund manager of Wanjia Technology Quantitative Stock Mixed Initiation A is Yin Hang, who has been in the position for 5 years and 61 days, with a total asset scale of 468 million [3] - During his tenure, the best fund return was 61.87%, while the worst return was -8.78% [3]