1）公司深耕元器件电子浆料领域，通过对银粉粒径、形貌、纯度的深入探究，提高了电容银浆的电容 量和稳定性，降低损耗因子，同时结合无机氧化物及有机添加剂的配比优化，提高了热敏银浆的热敏电 阻特性、温度敏感度及精度。此外，公司通过优化配方实现了银浆在连续作业中粘度与性能的恒定，确 保了客户端生产线的稳定高效运行，显著提升了生产效率。开发了低银及低烧结温度的银浆产品，助力 公司银浆产品在电子元器件领域市场占比的持续提高。2）公司参股的苏州联结科技依托陶瓷基板切入 AI 核心光模块领域，批量供货能力逐步兑现。该公司生产的陶瓷基板广泛应用于光模块、半导体激光 器、激光雷达、半导体制冷器及传感器等环节，已获得国内部分光模块客户认可并实现批量供货，展现 出良好的成长潜力。该次投资是华光新材在半导体封装材料领域的重要战略布局，旨在通过与联结科技 的合作，进一步拓展其在半导体封装材料领域的业务版图。3) 公司深入开展机器人感应钎焊、机器人 激光钎焊、机器人激光熔覆、真空钎焊等先进焊接技术的研究，具备了异质金属和有色金属的高效焊接 能力。 盈利预测与投资建议：我们维持预测公司25-27 年归母净利润分别为1.99/1.52/2.0 ...

Core Viewpoint - The transformation of the glass industry in Shahe, Hebei Province, showcases the evolution from a small workshop to a modern industrial cluster, highlighting China's manufacturing upgrade and the development of new productive forces [1][4]. Industry Development - The Shahe glass industry has evolved from producing low-end building glass using recycled materials to adopting advanced technologies like float glass production, significantly enhancing efficiency and reducing energy consumption [3][4]. - Currently, Shahe produces 20% of the national glass output, with over 600 deep processing enterprises and more than 1,000 product varieties, establishing itself as one of the largest glass industry hubs in China [4]. Technological Innovation - The industry has embraced automation and intelligent production, with companies like Dejin Glass implementing unmanned operations and real-time monitoring systems to enhance production efficiency [2][3]. - The focus on high-end, intelligent, and green production has led to the establishment of advanced production lines for automotive glass and other high-tech applications, breaking foreign technology monopolies [3][4]. Futures Market Impact - The introduction of glass futures has enabled local enterprises to manage risks associated with seasonal price fluctuations and inventory challenges, transitioning from passive to proactive risk management strategies [5][6][7]. - The futures market has become an essential tool for over 80% of glass production capacity in Shahe, facilitating better resource allocation and production planning [8]. Collaborative Efforts - The glass industry in Shahe has developed a collaborative ecosystem where production, trade, and processing enterprises work together to utilize futures for risk management, enhancing overall industry resilience [8][9]. - Future initiatives will focus on integrating price management, financial circulation, and technological upgrades to further advance the industry's transformation towards high-end, intelligent, and green production [8][9].

菲利华 20250716 摘要 菲利华公司战略性地拓展业务至高价值领域，从战机、导弹整流罩等航 空天领域，延伸至半导体及光学领域，并积极布局电子布和透明陶瓷等 新兴方向，旨在提高配套级别和价值量，实现多元化增长。 公司在航空天领域，凭借 40 多年的技术积累，主导石英纤维供应，并 积极拓展副材结构件市场，受益于高超音速飞行器对耐高温、透波和隔 热材料的强劲需求，巩固其市场地位。 在半导体领域，菲利华已成为全球第五家通过海外原厂设备商认证的企 业，全球市占率约 15%，并积极推进制品环节的海外认证，有望进一步 提升市场份额，打破海外垄断。 公司在光学领域布局面板和 IC 光掩膜基板的精加工，旨在打破海外厂商 垄断，实现国内自主可控，这两部分业务将成为公司未来核心市场的重 要来源。 菲利华依托子公司中一新材的织布能力和自身在石英纤维领域的优势， 成功研发出符合马 9 标准的新电子布，并积极扩产，预计到 2027 至 2028 年具备年产 2000 万米产能，以应对高频高速覆铜板市场需求。 Q&A 公司在航天领域的核心业务布局是什么？ 公司在航天领域的核心业务布局主要是综合理化，从材料拓展到分系统配套。 公司通过提 ...

21世纪经济报道记者进一步调查发现，东旭集团在多地留下未竟的玻璃基板产业项目——这些"玻璃迷 宫"背后，不单是国产替代的未竟理想，亦是资本游戏的一地残局。 如今，个别玻璃基板项目已经烂尾，但部分项目在落地。 值得注意的是，有地方国资已在市场上评估"东旭系"相关资产的处置价值。这或许意味着，在残局之 中，东旭集团的光电等资产仍具盘活可能。 在中国资本市场的浮沉史中，"东旭系"的兴衰堪称一部商业败局启示录。 从借政策东风崛起为"中国版康宁"，到因财务造假、债务爆雷而陷入困局，李兆廷一手打造的千亿帝 国，最终在监管重锤下走向终局。 2025年6月，河北证监局对"东旭系"开出总计16.6亿元的天价罚单，创始人李兆廷被处以5.89亿元罚款， 并被终身禁止进入证券市场。 这场横跨2015至2019年的系统性财务造假案，涉及虚增收入645.85亿元、虚增利润207.83亿元，堪称A 股史上最触目惊心的财务欺诈案之一。 而在此前，东旭集团子公司东旭光电（000413.SZ）、东旭蓝天（000040.SZ）已相继退市，千亿市值灰 飞烟灭。仅剩市值约22亿元的嘉麟杰（002486.SZ）。 "东旭系"如烟往事 "东旭系"核心人物 ...

导读： 近日，华南理工大学发布多批政府采购意向，仪器信息网特对其中的仪器设备品目进行梳理，统计出10项仪器设备采购意向， 预算总额达1.08亿元。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日，华南理工大学发布1 0项仪器设备采购意向，预算总额达1 . 0 8亿元，涉及制浆造纸过程流体可视化实验系统、纸 基材料中试熟化平台、高浓磨浆系统、超低定量纸制备系统、印刷电路基板中试制备系统等，预计采购时间为2 0 2 5年 6~7月。 测 及 预 判 50nm Crill测量模块，用于微观细小纤维的测试和分析技术， IR红外= 约1000nm ，UV紫外 = 254nm，对其它波长开放； 采购数量：1套。 点击文末"阅读原文"查看详情 | 采 | | 采 | | --- | --- | --- | | 购 | 需求概况 | 预算 购 | | 项 | 万元 | 时 | | 目 | | 间 | | 制 | | | | 浆 | | | | 造 | | | | 纸 | 设备参数：1.工艺条件:纤维长度2mm-20mm，浓 度 | | | 过 | | ...

但野村的产业调研显示，台积电的芯片级面板基板封装技术（CoPoS）发展进度明显放缓。原本计划在2027年实现量产的时间表可能推迟至2029年下半 年。 这一延期主要源于技术不成熟，特别是在处理面板与晶圆差异、更大面积的翘曲控制以及更多重分布层（RDL）等关键技术挑战方面。 台积电CoPoS量产或推迟至2029年，可能迫使英伟达调整芯片设计策略，转向替代架构。 据追风交易台消息，野村证券最新研究显示，由于技术挫折，台积电的CoPoS封装技术的量产时间可能从原计划的2027年推迟至2029-2030年。 报告称，这一延迟可能促使英伟达在其2027年计划推出的Rubin Ultra GPU上采用多芯片模块（MCM）架构，类似于亚马逊的Trainium 2设计，以规避单 一模块封装的限制。 对AI产业链来说，野村分析称，台积电可能将2026年芯片后段资本支出转向其他技术如WMCM和SoIC，同时CoWoS产能分配将成为关键监测点。 CoPoS技术面临重大延期，英伟达被迫调整产品路线图 据报告介绍，CoPoS（chip-on-panel-on-substrate）技术旨在通过更大的面板尺寸（如310x310mm）提升面 ...

投资者还将关注英伟达在中国的业务、美国出口管制的影响，以及客户对Blackwell平台和NVLink互连 技术的反馈，同时也会留意其下一代Rubin平台的最新进展。 AMD(AMD.O)同样被看好。KeyBanc指出，AMD新推出的MI350系列加速器中的MI355芯片已开始加速 出货，第五代Epyc（都灵）处理器的传统服务器需求也在改善。根据追踪数据，6月云服务提供商中"都 灵"实例（虚拟服务器）环比大幅增长，增速超过了英特尔(INTC.O)最新一代CPU。 KeyBanc预计，AMD第二财季营收为75.1亿美元（高于市场预期的74.1亿美元），第三财季指引将达 86.3亿美元，也高于市场预期的82.5亿美元。不过，分析师对AMD仍维持"行业权重"评级，原因是数据 中心GPU业务存在不确定性，且PC销售可能因提前拉货应对关税而在后期出现疲软。但分析师指出， AMD在AI市场上已取得进展，在英特尔降价的情况下，其PC业务依然保持竞争力。投资者将重点关注 MI355芯片的客户反馈、全年AI相关营收预期、传统服务器业务，以及未来MI400系列的规划。 博通(AVGO.O)有望受益于下半年AI需求的"额外顺风"，特 ...

海水中的原料，如何点亮万家灯火？ 月球上建造基地、供应生活用水，能否就地取材？ 这些充满科技感的想象，在安徽，都能看得真切： 在他看来，BEST装置本身就是一个巨大的商业应用场景，零部件数量以百万计。"我们早早布局产业链 国产化能力，走通从基础研究'最先一公里'到成果转化'最后一公里'的创新路径，在合肥及周边孵化多 家核聚变相关企业，部分已经上市。"严建文说。 稳态强磁场实验装置多次刷新世界纪录，"聚变堆主机关键系统"牵引前沿探索……聚木成林，合肥布局 建设的13个大科学装置集群形成独特引力场，累计孵化科技型企业近50家，带动相关未来产业蓬勃发 展。 输入一句话，等待片刻，人工智能初创企业智象未来开发的人工智能大模型，就能"变"出一段画质清晰 的视频；高分通过国家执业医师资格考试医学综合笔试，科大讯飞开发的智医助理，已为基层医疗机构 提供超10亿次人工智能辅诊建议；转动"手臂"，电子眼"环视"工件一圈，只用3分钟，埃夫特智能机器 人公司研发的免编程焊接机器人就能自动完成焊接…… 解放生产力，释放想象力，人工智能企业从大众日常生活中找需求，以场景为牵引，让创新科技赋能千 行百业。围绕工业、教育、医疗等领域，安徽 ...

Group 1 - BOE Technology Group Co., Ltd. and Chengdu BOE Optoelectronics Technology Co., Ltd. have applied for a patent titled "Display Substrate and Display Device" with publication number CN120303724A, filed on October 2023 [1] - The patent abstract describes a display substrate that includes a shift register, which consists of a shift sub-circuit and an output sub-circuit, designed to provide signals to various output terminals based on control signals [1] Group 2 - BOE Technology Group Co., Ltd. was established in 1993 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 3,764,501,620.3 RMB [2] - The company has invested in 71 enterprises, participated in 256 bidding projects, and holds 776 trademark records and 5,000 patent records [2] - Chengdu BOE Optoelectronics Technology Co., Ltd. was founded in 2007 in Chengdu, focusing on instrument and meter manufacturing, with a registered capital of 2,500,000,000 RMB [2] - This subsidiary has participated in 876 bidding projects and also holds 5,000 patent records, along with 495 administrative licenses [2]

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee has approved the initial public offering of Super Electronics Circuit Co., Ltd, confirming that it meets the issuance, listing, and information disclosure requirements [1] Group 1: Company Overview - Super Electronics specializes in a wide range of products used in automotive electronics, displays, storage, consumer electronics, and communications, including double-sided boards, 26-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency high-speed boards [1] - The company primarily focuses on automotive electronic PCBs and is one of the few domestic companies capable of mass-producing multi-layer HDI and any-layer interconnected HDI automotive electronic boards [1] Group 2: Partnerships and Applications - Super Electronics has established stable partnerships with global Tier 1 automotive suppliers such as Continental, Valeo, Bosch, and Aptiv, as well as well-known new energy vehicle manufacturers like Tesla [1] - In traditional fuel vehicle applications, Super Electronics' products cover various PCB needs across the vehicle, including power control systems, central control systems, electronic dashboards, lighting systems, seat control systems, radar systems, and navigation systems, with applications in luxury car brands like Bentley, Porsche, Ferrari, Mercedes-Benz, BMW, Audi, Volkswagen, and Toyota [1] Group 3: New Energy Vehicles and Technology - In the new energy vehicle sector, Super Electronics focuses on cutting-edge product technology development, with applications in battery management systems, motor controllers, intelligent driving systems, intelligent cockpit domain controllers, and charging piles [2] - The company employs advanced technologies such as plasma degluing, pulse plating, selective plating, ultra-low loss materials, and asymmetric pressing to produce "high-frequency millimeter-wave radar boards," which are currently used in numerous well-known automotive production models [2] Group 4: Display and Storage Applications - In the display sector, Super Electronics collaborates with major PCB manufacturers like Zhi Chao and JandK Technology, and has established long-term stable partnerships with leading display panel manufacturers such as BOE and LG Group, with products used in LCD, OLED, and Mini LED displays [2] - In the storage domain, Super Electronics' products are primarily used in mechanical hard drives, solid-state drives, and memory modules, maintaining stable partnerships with leading global mechanical hard drive manufacturers like Seagate and Western Digital, as well as renowned solid-state drive manufacturers like SK Hynix [2]