Core Viewpoint - The rise of public fund mini-programs in China is expected to lead to a stratified development pattern, enhancing user service and reducing reliance on traditional distribution channels [2] Group 1: Mini-Program Features and Trends - The popularity of fund mini-programs is increasing, with companies like E Fund launching features that support comprehensive operations for index products, linking various sales channels [4] - The current trend in the industry shows a focus on more segmented positioning and enhanced trading functionalities to simplify the investment process for users [4][5] - Numerous fund companies have launched mini-programs to meet the diverse financial needs within the WeChat ecosystem, with services ranging from investment advice to real-time market updates [5] Group 2: Pilot Programs for Fund Sales - Several fund companies have received pilot qualifications to conduct fund sales through mini-programs, marking a significant step in the practical implementation of "selling funds via mini-programs" [7] - This development is seen as a way to reduce dependence on distribution channels and lower transaction costs for investors, as they can now purchase funds directly through mini-programs without incurring distribution fees [8] Group 3: Complementarity of Mini-Programs and Apps - The operational costs of developing and maintaining mini-programs are significantly lower than those of traditional apps, making them a more attractive option for fund companies [10] - For most fund companies, especially smaller ones, mini-programs represent a cost-effective solution, while larger firms may adopt a dual approach, using both mini-programs for light engagement and apps for deeper service [10][11] - Mini-programs are viewed as complementary to existing apps, providing quick access and transaction capabilities, while apps offer more comprehensive features and services [11]

（原标题：易方达重磅出手！又一热潮来了？） 【导读】公募小程序热度再起，未来发展或呈现分层格局 中国基金报记者 方丽 张燕北 触达更多投资者、轻量运维、提供多元化场景服务……微信小程序正成为基金公司服务用户的重要阵 地。 与此同时，部分基金公司获得试点资格，可通过小程序开展基金买卖业务。业内认为，此举既能降低基 金公司对代销渠道的依赖、减少投资者交易成本，也可为行业探索新销售路径提供实践样本。未来，小 程序将与App形成互补，实现分层化布局。 两大特征凸显 多元类型覆盖 根据证监会近期发布的《公开募集证券投资基金销售费用管理规定（征求意见稿）》，基金管理人销售 其管理的基金，不得收取认（申）购费、销售服务费。相关规定开始执行后，投资者通过小程序直销， 申购费率为零。 博时基金表示，基金公司积极开拓小程序，是希望在不同场景下探索用户服务路径，形成提升用户体验 的产品化表达。 试点小程序销售基金 在基金公司小程序功能"多点开花"的当下，行业迎来一项重要突破——多家基金公司获得试点资格，可 通过小程序开展基金买卖业务，这标志着"小程序卖基金"从规划走向实质落地。 事实上，基金公司此前已对小程序交易功能有所规划，但受 ...

Core Insights - The traditional traffic management methods are facing significant challenges due to the rapid growth of urbanization and vehicle ownership, leading to the widespread adoption of intelligent and automated intersection signal control devices [1][9] - The market size of China's intersection automatic signal device industry is projected to grow from 11 billion yuan in 2019 to 14.9 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.26% [1][9] - Future developments in the industry will focus on smarter and more networked solutions, driven by technological innovations and the deepening of new urbanization [1][9] Industry Overview - Intersection automatic signal devices are designed to control traffic lights based on real-time traffic flow and road conditions, enhancing traffic efficiency and safety [3] - The devices can be categorized into timed signal machines, semi-sensing signal machines, and fully sensing signal machines [3] Industry Development History - The industry has evolved from manual traffic control by police to mechanical signal lights, and then to electronic signal lights, which are now being replaced by intelligent systems that optimize signal management [3][4] Industry Chain - The upstream of the industry includes raw materials and core components such as sensors and controllers, while the downstream applications are primarily in traffic management and smart city systems [5][6] Sensor Market Growth - The sensor market, crucial for real-time traffic monitoring, is expected to grow from 169.08 billion yuan in 2017 to 406.12 billion yuan in 2024, with a CAGR of 13.34% [7][8] Smart Traffic System - The smart traffic system, a key application area for intersection automatic signal devices, is projected to grow from 151.3 billion yuan in 2019 to 262.82 billion yuan in 2024, with a CAGR of 11.68% [8][9] Competitive Landscape - The industry exhibits a layered competitive structure, with leading companies dominating the high-end market while many small and medium enterprises focus on regional services and price competition [10] - Key players include Hikvision, Sainojie Technology, and several others, each leveraging technology and innovation to gain market share [10][11] Future Trends - The industry is moving towards intelligent upgrades, networked collaboration, and integrated design, enhancing the capabilities of intersection automatic signal devices [12][13][14]

Dividend Plan - The profit distribution plan for 2024 proposes a cash dividend of RMB 0.15 per 10 shares, totaling approximately RMB 10,619,152.59 (before tax) based on a total share capital of 707,943,506 shares, pending approval at the annual shareholders' meeting on May 20, 2025 [1] R&D Investment - R&D expenses for 2024 increased by 4.53% year-on-year, focusing on high-power, miniaturized, and multi-chip integrated products, particularly in high-end sectors such as LED high-power products and automotive lighting [2] Main Products - The company operates in two main segments: LED semiconductor packaging and automotive lighting. Key products include Mini/Micro LED, white light LED, automotive-grade LED, UV LED, and various automotive lighting solutions [3] Market Acceptance of New Products - New high-pressure series products (PCT three-in-one, four-in-one, five-in-one) have gained recognition in the market, particularly in mid-to-high-end sectors, achieving a significant market share [4] Profit Decline Reasons - The decline in net profit for 2024 was attributed to intensified market competition, falling product prices, and rising costs of precious metals, leading to a decrease in gross margin. The company aims to enhance operational efficiency and promote high-margin products to improve profitability [5][6] Future Development Strategy - The company plans to strengthen its "one body, two wings" strategy, focusing on semiconductor packaging as a foundation while leveraging automotive lighting and Mini/Micro LED as growth engines. It aims to enhance market share and industry influence through technological breakthroughs and global expansion [6]