截至2025年8月25日收盘，蓝盾光电股价报27.44元，较前一交易日下跌0.90%。当日成交量为134739 手，成交金额达3.68亿元，换手率为8.90%。 蓝盾光电主营业务为仪器仪表制造，涉及气溶胶检测等领域。公司参股上海星思半导体有限责任公司， 后者主要从事基带芯片设计业务。 公司8月25日在互动平台表示，目前业务暂未应用于智能手机领域。参股公司上海星思半导体的相关芯 片可应用于5G CPE、卫星智能手机原型机、低轨卫星通信终端等产品。 风险提示：股市有风险，投资需谨慎。 ...

Group 1 - The company Blue Shield Optoelectronics stated on August 20 that its current business does not involve commercial aerospace construction [1] - The company's affiliated entity, Shanghai Star Semiconductor Co., Ltd., is a baseband chip design company [1] - The relevant chips designed by the affiliated company can be applied in products such as 5G CPE, satellite smartphone prototypes, low-orbit satellite communication terminals, satellite IoT terminals, and satellite joint measurement terminals [1]

Macro Strategy - The economic resilience in May is highlighted by a year-on-year industrial added value growth of 5.8% and a service production index growth of 6.2%, indicating a slight weakening in industrial supply and a slight strengthening in the service sector [1][18] - Retail sales increased by 6.4% year-on-year, surpassing the previous month's growth by 1.3 percentage points, while fixed asset investment showed a cumulative year-on-year growth of 3.7%, down 0.3 percentage points from the previous month [1][18] - The report identifies three distinct economic narratives: (1) sectors supported by policy, such as infrastructure and durable goods consumption, (2) new productive forces with strong endogenous momentum, and (3) real estate and non-subsidized consumption, which are relatively weaker [1][18] Industry Insights - The solid-state battery industry is accelerating its 0-1 industrialization, with significant policy support and application advancements, including the establishment of a standard system for solid-state batteries by the Ministry of Industry and Information Technology [9][10] - Equipment manufacturers are expected to benefit from the ongoing optimization and iteration of solid-state battery production equipment, with companies like Xianlead Intelligent and Winbond Technology actively advancing their equipment layouts [10] - The report emphasizes the importance of self-research in baseband chips for major manufacturers, as it is crucial for brand influence and achieving competitive technological levels [12][13] Financial Products - The Guangfa CSI Hong Kong Stock Connect Non-Bank ETF (513750.SH) is noted for its strong liquidity and active trading, with a net subscription of 4.74 million units in Q1 2025, reflecting increasing market interest [11] - The ETF has demonstrated excellent performance with a cumulative return of 22.1% and an annualized return of 49.2%, positioning it favorably among non-bank financial products [11] Recommendations - The report recommends companies in the oil service equipment and gas turbine sectors to benefit from high oil prices, highlighting firms like Jereh and Neway as key players [14] - In the real estate sector, it suggests focusing on companies like China Resources Land and Poly Developments, which are expected to stabilize and recover in the current market environment [14] - The report also identifies opportunities in the gas industry, particularly for companies with strong long-term contracts and cost advantages, such as New Hope Energy and China Gas [15]