证券研究报告 | 2025年06月23日 上周市场焦点（6 月 16 日-6 月 20 日） 股市方面，上周权益市场震荡下跌，或受"618"大促结束、媒体舆论 对盲盒、食品饮料行业的影响，上周消费板块表现疲弱；红利属性的银 行板块、以及受产业订单预期向好拉动的科技板块表现较好。 债市方面，上周资金面总体维持偏松，国家统计局公布 5 月经济数据、 陆家嘴金融论坛召开等事件未对债市形成较大影响，债市全周延续震荡 行情；周五 10 年期国债利率收于 1.64%，较前周下行 0.44bp。 转债市场方面，上周转债个券多数收跌，中证转债指数全周-0.17%，价 格中位数-0.48%，我们计算的算术平均平价全周-2.08%，全市场转股溢 价率与上周相比+2.39%。个券层面，晶瑞（湿电子化学品）、联得（显 示模组设备）、天创（鞋服产品）、雪榕（食用菌）、首华（天然气供 应）转债涨幅靠前；金陵（足球概念）、志特（建筑铝膜）、金丹（PLA 概念）、东时（驾培）转债跌幅靠前。 观点及策略（6 月 23 日-6 月 27 日） 非银标的相继提议下修，关注临期转债机会： 上周国家统计局发布 5 月份经济数据，各分项表现较为分化，在 ...

Business Performance and Focus Areas - In 2024, the company will focus on semiconductor display equipment, automotive intelligent cockpit systems, semiconductor packaging and testing equipment, and new energy equipment [2][3] - The company aims to enhance R&D in flexible display module equipment, Mini/Micro LED equipment, and precision assembly equipment for VR/AR/MR [2][3] Shareholder Actions and Market Confidence - The controlling shareholder, Mr. Nie Quan, reduced his holdings by 3,511,600 shares (1.95% of total shares) between March 10 and March 28, 2025 [3] - The company emphasizes that shareholder reductions are based on personal financial needs and are compliant with disclosure obligations [3][4] Stock Price and Investor Relations - The company is committed to maintaining its market value and improving management levels to enhance investor relations [4][5] - There is a focus on reasonable profit distribution plans to improve investor returns, considering the company's development and legal compliance [5] Industry Position and Competitiveness - The company has over 20 years of experience in the semiconductor display equipment industry, achieving a leading position in product R&D and manufacturing processes [6][7] - It has established strong partnerships with renowned manufacturers and brands in the semiconductor display field, leveraging its industry experience and technological advantages [6][7] Future Plans and Strategic Considerations - The company is exploring opportunities for asset restructuring and strategic partnerships, aligning with regulatory support for mergers and acquisitions [7][8] - The company will disclose its operational status in regular reports, ensuring transparency with investors [8]