近年来，随着国家政策支持力度加大，LED行业迎来新发展机遇期。小间距LED、光电子器件、智能电 子终端等细分领域展现出巨大市场潜力。国星光电通过此次定增，旨在优化产品结构，将资源向高增长 领域倾斜，以提升整体盈利能力。在LED行业快速迭代的背景下，公司特别重视前瞻性技术布局，以应 对市场竞争和技术变革。 7月11日，国星光电发布2025年度定向增发预案，拟募资不超过9.81亿元加码Mini/Micro LED等新兴领 域。本次发行对象包括控股股东佛山电器照明在内的不超过35名特定投资者，募集资金将重点投向超高 清显示、光电传感、智慧家居、智能车载、研发实验室等五大核心领域。 市场分析指出，随着超高清视频产业推进、智能家居普及和汽车智能化加速，Mini/Micro LED等新兴技 术的应用场景持续拓展。国星光电此次定增项目紧扣行业发展趋势，实施后将显著增强公司在关键领域 的技术实力和市场竞争力。公司表示将严格按照监管要求推进发行工作，确保募集资金合理使用，为投 资者创造更大价值。 在超高清显示领域，公司将重点建设Mini/Micro LED及显示模组产品生产线，把握下一代显示技术发展 机遇。光电传感方面，将推进 ...

Core Viewpoint - The central government has prioritized the development of the central region of China, which consists of six provinces, emphasizing its strategic importance in national economic growth and modernization efforts [1][2]. Group 1: Economic Growth and Development - Since the implementation of the strategy to promote the rise of the central region in 2004, the economies of the six provinces (Shanxi, Anhui, Jiangxi, Henan, Hubei, Hunan) have experienced sustained rapid growth, solidifying their roles as key contributors to national economic development [2][3]. - The GDP of the central six provinces is projected to grow from less than 15 trillion yuan in 2015 to approximately 28 trillion yuan by 2024, with a compound annual growth rate of 7.5%, outpacing the Beijing-Tianjin-Hebei region and the Guangdong-Hong Kong-Macau Greater Bay Area [6]. Group 2: Industrial Structure and Modernization - The central region is focusing on building a modern industrial system, with an emphasis on advanced manufacturing and high-tech industries, while also optimizing its industrial structure [3][8]. - The region has established several advanced manufacturing clusters, including rail transit equipment in Zhuzhou, engineering machinery in Changsha, and optoelectronic information in Wuhan, showcasing its competitive edge in various sectors [8][9]. Group 3: Innovation and Technology - The central region aims to enhance its R&D investment to reach the national average by 2025, targeting a ratio of R&D expenditure to GDP of approximately 2.5% [4]. - Cities like Hefei and Wuhan are leveraging their educational and research institutions to foster innovation, particularly in emerging industries such as quantum computing and laser technology [9]. Group 4: Urbanization and Population Dynamics - The urbanization rate in the central six provinces is increasing at a pace faster than the national average, with projections indicating that by 2024, the urbanization rate in Henan will be 59.2% and the other five provinces will exceed 60% [6][7]. - The demographic structure is favorable, with a lower proportion of the population aged 65 and above compared to the national average, indicating a robust labor supply and long-term consumption potential [7]. Group 5: Agricultural and Energy Security - The central region plays a crucial role in ensuring national food security, contributing 28.92% of the total grain production in China in 2024, with a total output of 204.318 million tons [10]. - Shanxi, as a major coal-producing province, is also pivotal in energy security, with a coal output of 1.269 billion tons in 2024, accounting for 26.7% of the national total [10]. Group 6: Policy Support and Future Directions - The implementation of policies aimed at promoting the rise of the central region is expected to provide strong support for future development, with a focus on high-quality growth and sustainable development [7][12]. - The central provinces are encouraged to enhance their advanced manufacturing capabilities, innovate in production processes, and support the transformation of traditional industries through new technologies and business models [11][12].

1-4月，湖南规模以上服务业企业营业收入同比增长4.4%。行业增长面扩大。34个行业中有29个行业营 业收入保持增长，行业增长面为85.3%，较去年同期扩大5.9个百分点。科技服务业增速较高。规模以上 研究和试验发展营业收入增长14.6%、科技推广和应用服务业增长12.4%、专业技术服务业增长12.1%。 经营效益明显改善，规上服务业企业利润总额增长21.1%、比去年同期高27.1个百分点，营业收入利润 率5.8%、比去年同期高0.1个百分点，行业盈利面达91.2%。 近日，湖南省统计局发布数据，1-5月，湖南全省规模工业增加值同比增长8.1%、比去年同期快1.2个百 分点。 1-5月，湖南固定资产投资同比增长3.8%、比1-4月快0.6个百分点。产业投资快速增长，增长10.3%、比 1-4月快1.4个百分点，其中工业投资增长14.2%、比1-4月快1.9个百分点。创新投资持续向好，高技术产 业投资增长9.5%，其中高技术制造业投资增长10.3%。设备更新改造投资力度较大，设备工器具购置投 资增长28.2%、比上年同期快20.3个百分点，工业技改投资增长7.9%、比上年同期快12.8个百分点。(湘 讯) 具体 ...

Group 1 - The industrial production and investment in Guangxi have maintained rapid growth in 2023, with the industrial economy showing stable improvement and acceleration [1] - From January to May, the industrial added value of large-scale enterprises in Guangxi increased by 8.1% year-on-year, while the total industrial output value rose by 7.6% [1] - Industrial tax revenue grew by 5.9%, which is 5.5 percentage points higher than the overall tax revenue growth rate in the region, indicating the industrial sector's significant contribution to the local economy [1] Group 2 - The "new three items" in Guangxi, including lithium-ion batteries for vehicles, new energy vehicles, and ultra-white glass for solar industry, have shown substantial growth, with battery production increasing by 69% and new energy vehicles by 47% from January to May [2] - The implementation of the "Artificial Intelligence + Manufacturing" initiative has led to rapid growth in AI products and applications, with service robot production up by 31.5% and intelligent connected vehicles by 29.6% [2] - The industrial economic operation index for Guangxi in May was reported at 101.4, indicating a positive market expectation and stable production operations among industrial enterprises [2]

Group 1 - The company, Changzhou Galaxy Century Microelectronics Co., Ltd., issued convertible bonds totaling RMB 500 million, with a face value of RMB 100 per bond, approved by the board and shareholders in 2021 [3][6][17] - The bonds are listed on the Shanghai Stock Exchange under the name "Yinwei Convertible Bonds" with the code "118011" [3][6] - The bonds have a six-year term from July 4, 2022, to July 3, 2028, with an annual interest rate that increases over the years, starting at 0.40% in the first year and reaching 3.00% in the sixth year [6][10] Group 2 - The company reported a revenue of approximately RMB 909 million in 2024, a 30.75% increase from 2023, and a net profit of approximately RMB 71.87 million, up 12.21% year-on-year [16] - The company’s total assets increased by 10.83% to approximately RMB 2.21 billion by the end of 2024, while net assets rose by 0.70% [16] - The company focuses on semiconductor discrete devices, with products widely used in various sectors including computers, home appliances, and automotive electronics [16] Group 3 - The funds raised from the convertible bonds are allocated to projects including the industrialization of automotive-grade semiconductor devices and to supplement working capital, with a total planned investment of RMB 55.36 million [13][17] - The company has not provided any guarantees for the bonds issued [13][18] - The credit rating for the company and the bonds has consistently been rated A+ with a stable outlook by Dongfang Jincheng International Credit Rating Co., Ltd. [14][18]

7 月行业配置关注：哪些领域中报业绩有望高增或边际改善？ 20250625 摘要 当前 A 股市场处于何种周期阶段，未来指数走势将如何演变？ 当前 A 股市场处于一个为期两年至三年左右的上行周期中。自去年 9 月 24 日 至 10 月 8 日经历一波较大上行后，指数陷入震荡。预计从当前至第三季度， 市场将完成突破式上涨，以上证指数为例，其已站上 3,450 点，后续应会进一 2025 年第二季度企业盈利前瞻性判断主要基于工业企业盈利情况、第 一季度报告中的存货和合同负债指标，以及重点跟踪的中观行业指标。 预计企业盈利增幅相比 2025 年 1-4 月可能会出现阶段性收窄。 综合库存和合同负债角度，国防军工、基础化工、计算机和电子等板块 的合同负债增速中枢相对较高，且库存处于有利位置，其业绩有望延续 或迎来触底回升的拐点。2025 年 7 月份重点推荐的行业包括计算机、 电子、机械、医药生物、国防军工和有色金属。 2025 年年初至今的市场涨幅与行业基本面呈现明显的正相关关系。涨 幅相对较高的行业，如：有色金属、传媒、汽车、农林牧渔和机械设备， 其基本面表现均与涨幅相匹配。相反，跌幅相对较大的行业，如：煤炭、 ...

作为全国举足轻重的科教大省，湖北以高度的战略自觉，肩负起推动科技自立自强、建设科技强国的战 略责任，为把科技的命脉牢牢掌握在自己手中贡献更多力量。 围绕产业链部署创新链，确保重要产业链供应链自主安全可控。面向产业发展需求开展科技创新，聚焦 现代化产业体系建设重点领域和薄弱环节，加大技术创新，攻克关键核心技术，全面拓展应用，推动优 势产业发展壮大。 融合的目标是增加高质量科技产出和提升产业质效，关键是强化企业的创新主体地位，途径是科技成果 的转化。深度融合，双向奔赴，产出高水平科技成果、培育新的经营主体，产出高质量新产品、培育新 的市场需求，从而塑造高质量发展的更多新动能、新优势。 要想成为具有全国影响力的科技创新高地，就必须具备国家级的科技创新能力、战略地位和突出贡献。 湖北是全国重要的智力密集区、高层次人才集聚区和高质量科技成果产出大省。"十四五"期间，湖北强 化"卡脖子"关键核心技术攻关，在一批战略必争领域屡有重大突破，一系列前沿科技成果领跑全球，一 大批"国之重器"挺起大国脊梁，一系列行业领航产品不断涌现。湖北成为全国最大的光电子芯片研发生 产基地、最大的中小尺寸显示面板制造基地，全国重要的商业航天基地 ...

Core Viewpoint - The recent name change of China Changan Automobile Group Co., Ltd. to Chanzhi Automotive Technology Group Co., Ltd. has sparked controversy, but it does not affect the brand name of Changan Automobile or its operational structure [1][5]. Group 1: Company Name Change - Changan Automobile announced that the name change of its parent company does not alter the shareholding structure or the operational activities of Changan Automobile [3][5]. - The new name, Chanzhi Automotive Technology Group, reflects the company's focus on automotive parts and related sectors, holding a 17.99% stake in Changan Automobile [1][3]. Group 2: Corporate Structure and Governance - The name change is part of a broader restructuring within the China Weapon Equipment Group, which oversees Changan Automobile, and does not impact the control or governance of Changan Automobile [3][6]. - The restructuring involves the separation of the automotive business into an independent central enterprise, with the State-owned Assets Supervision and Administration Commission (SASAC) overseeing the new entity [3]. Group 3: Business Performance and Future Plans - Changan Automobile has a rich history of 162 years and operates 14 manufacturing bases globally, with a sales forecast of approximately 2.15 million units domestically and 536,200 units internationally for 2024 [6]. - The company plans to launch multiple new and updated products, including seven new energy vehicles, as part of its strategy to transition into a smart low-carbon mobility technology company by 2025 [6].

"十四五"时期是北京国际科技创新中心建设的关键阶段。在此期间，北京市加强统筹谋划，激发创新活 力，提升创新效能，推动国际科技创新中心建设迈上新台阶。 在顶层设计上，北京着力提升科技协同创新能力。在北京市科委与中关村管委会实现合署办公的基础 上，建立"三城一区"联动发展协调会议机制，完善"基础设施—基础研究—应用研究—成果转化—产业 发展"的创新联动体系。通过制定《北京国际科技创新中心建设条例》，固化改革经验，完善法制保 障。同时，实施基础研究领先行动和关键核心技术攻坚行动,瞄准世界科技前沿布局建设新型研发机 构，聚焦人工智能、集成电路等重点领域，创新"揭榜挂帅"攻关模式。 （作者系北京市社会科学院经济所研究员） （文章来源：经济日报） 为打通科技创新"最后一公里"，北京不断提升科技创新服务保障水平。通过健全科技成果转化工作服务 体系，建设转化平台，培育转化人才；通过建设中关村科创金融改革试验区，完善融资服务体系。聚焦 原始创新和高精尖产业，加大政府投资基金支持力度；建设全国股转系统，在全国四板市场首批设 立"专精特新"专板。 建设国际科创中心，需要与之匹配的基础设施。按照"在用一批、在建一批、谋划一批"的思路 ...

Mergers and Acquisitions, Capital Increases - Jianlong Micro-Nano plans to acquire at least 51% equity in Shanghai Hanxing Energy Technology Co., Ltd [1] - BOE Technology Group intends to acquire 30% equity in Rainbow Optoelectronics for a transaction price of 4.849 billion yuan [1] - Changchuan Technology plans to issue shares to specific investors to raise 3.132 billion yuan for semiconductor equipment R&D [1] Share Buybacks - Shengxin Lithium Energy plans to repurchase shares worth 400 million to 500 million yuan, with a repurchase price not exceeding 17.75 yuan per share [2] External Investments and Daily Operations - Robotec's subsidiary ficonTEC signed a contract for over 100 million yuan for optoelectronic packaging and testing equipment with a leading U.S. company as of June 20 [3] - Zhongtai Chemical's subsidiary has fully commenced production of its methanol project [3] - Yuyuan New Materials' wholly-owned subsidiary Yuyuan Yijin plans to introduce strategic investors, with a total investment of 300 million yuan from the second phase of the big fund [4] - Huatai Securities has been approved to issue technology innovation bonds not exceeding 10 billion yuan [5] - Daikin Heavy Industries plans to issue H-shares and list on the Hong Kong Stock Exchange [5] - Youngor has sold financial assets including CITIC shares and CITIC Bank, with a total transaction amount of 4.175 billion yuan [6] - Shunhao Co., Ltd. invested 100 million yuan in the current round of financing for Trajectory Chuangguang, holding a 19.30% stake [7] - Lide New Energy plans to invest 2.9 billion yuan in the construction of a storage project [8] - Noli Co., Ltd.'s subsidiary plans to transfer 100% equity of Wuxi Senhe Da for 28.2 million yuan [9] Performance Changes - Guangda Special Materials expects a net profit of around 200 million yuan for the first half of the year, an increase of approximately 367.51% year-on-year, driven by strong demand in downstream industries [10] - Tailin Micro expects a net profit of 99 million yuan for the first half of the year, a year-on-year increase of 267%, attributed to increased customer demand, new customer expansion, new product mass shipments, and a higher proportion of high-margin product sales [10]