证券研究报告 | 宏观定期报告 2025 年 06 月 30 日 央国企动态系列报告之 42 —上半年央企市值管理有序推进，估值提升计划陆续公布 频率：双周 结合当前的市值和估值水平，2025 年上半年央企上市公司在市值增长、估值 提升、机构投资者占比增加等多个层面取得显著成效，有望更好地推动新一轮 市值管理。 定期报告 相关报告 1、《央国企动态系列报告之 41——兵器工业和兵器装备集 团重组，落实聚焦主责主业要 求》2025-06-17 2、《央国企动态系列报告之 40—并购重组新规出台，央企 上市公司加速新兴产业布局和 "两非""两资"资产剥离》 2025-06-02 林喜鹏 S1090522050001 linxipeng@cmschina.com.cn 罗嘉成 研究助理 luojiacheng@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 当前，已有 57 家国资央企正式发布市值管理制度，154 家国资央企已（拟） 制定市值管理制度但暂未公布以及30家国资央企发布估值提升计划，央企上 市公司在市值增长，估值提升等方面取得一定成效。 ❑ 估值层面，2025年上半年深度破净的央企上市公司数 ...

Core Insights - The domestic high-performance Silicon Photomultiplier (SiPM) has achieved significant breakthroughs in localization, marking a successful end to foreign monopolization in this sector [2] - SiPMs are crucial optical-electronic conversion devices with applications in nuclear medical imaging, nuclear measurement and control equipment, high-energy physics research, and biological sciences, showcasing immense potential [2] - The establishment of Zhongjing Optoelectronics by China General Nuclear Power Corporation (CGN) and Beijing Normal University aims to promote the transformation of technological achievements with proprietary technologies [2][3] Company Developments - Zhongjing Optoelectronics has successfully established a packaging production line with a device yield exceeding 90%, filling the gap in the domestic high-performance SiPM market [2] - The company invested in a high-standard cleanroom facility and designed a high-level packaging production line that integrates standardized production and quality control [3] - The production line has passed EU RoHS certification and is on track to achieve ISO certification, laying a solid foundation for large-scale application and market expansion [3] Market Strategy - The company is focused on optimizing SiPM product performance and is actively pursuing market expansion in relevant fields [3] - The goal is to build core competitiveness and self-sustaining development capabilities, contributing to the localization and autonomy of high-end equipment in China [3]

近日，我国高性能硅光电倍增器（SiPM）国产化取得重大突破。 记者从中广核核技术发展有限公司（简称"中广核技"）获悉，由其旗下中广核京师光电科技（天津）有限公司（简称"中京光电"）打造的SiPM封装产线 成功通线，并提前达成器件良率超90%的目标，标志着国内高性能SiPM产品实现关键自主化，成功打破国外长期垄断局面。 SiPM作为核心光电转换器件，因其高灵敏度、低噪声、低功耗等显著优势，在核医疗影像、核测控装备、高能物理研究、生物科学等前沿领域应用广 泛，潜力巨大。此前，国内SiPM市场长期被国外企业主导，实现相关核心元器件自主可控已被明确列入国家《核技术应用产业高质量发展三年行动方 记者了解到，为攻克这一技术，中广核技携手北京师范大学共同设立中京光电，以完全拥有自主知识产权的外延电阻淬灭（EQR）SiPM、位置灵敏 SiPM等核心技术为抓手，积极推动科技成果转化。此次产线成功通线及高良率目标的达成，有效填补了国内高性能SiPM产品的空白，为产业链安全稳 定提供了有力保障。 作为国务院国资委"双百行动"综合改革企业和国家发改委第四批"混合所有制"改革试点企业，公司持续探索混合所有制发展新模式，实现了国有资本与 ...

中京光电生产的高性能硅光电倍增器 硅光电倍增器作为核心光电转换器件，因其高灵敏度、低噪声、低功耗等显著优势，在核医疗影像、核 测控装备、高能物理研究、生物科学等前沿领域应用广泛，潜力巨大。此前，国内硅光电倍增器市场长 期被国外企业主导，实现相关核心元器件自主可控已被明确列入国家《核技术应用产业高质量发展三年 行动方案(2024-2026)》。 近日，我国高性能硅光电倍增器(SiPM)国产化取得重大突破。记者从中广核核技术发展有限公司获悉， 由其旗下中广核京师光电科技(天津)有限公司打造的高性能硅光电倍增器封装产线成功通线，并提前达 成器件良率超90%的目标，标志着国内高性能硅光电倍增器产品实现国产化，打破国外长期垄断局面。 工作人员正在光刻间操作设备 为攻克这一技术，中广核技（000881）携手北京师范大学共同设立中京光电，以完全拥有自主知识产权 的外延电阻淬灭(EQR)硅光电倍增器、位置灵敏硅光电倍增器等技术为抓手，积极推动科技成果转化。 此次产线成功通线及高良率目标的达成，有效填补了国内高性能硅光电倍增器产品的空白，为产业链安 全稳定提供了有力保障。 中京光电总经理王晓峰表示，"半导体光敏传感器量产对环境 ...

Core Insights - Significant breakthrough in the domestic production of high-performance Silicon Photomultiplier (SiPM) in China, marking the end of foreign monopoly in this sector [1] - The successful establishment of the SiPM packaging production line by China General Nuclear Power Corporation (CGN) and its subsidiary, CGN Beijing Institute of Optoelectronics Technology, achieving over 90% yield rate [1] Group 1 - SiPM is a core optoelectronic conversion device with advantages such as high sensitivity, low noise, and low power consumption, widely used in nuclear medical imaging, nuclear measurement and control equipment, high-energy physics research, and biological sciences [1] - The domestic SiPM market has been dominated by foreign companies until now, highlighting the importance of this development for national security and technological independence [1] Group 2 - The company invested in building a high-standard cleanroom with a cleanliness level of up to 100, and designed a high-level packaging production line that integrates standardized production and quality control [2] - Future plans include optimizing SiPM product performance based on market demand and customer feedback, while focusing on market expansion in relevant fields to enhance core competitiveness and ensure the resilience and safety of the industrial chain [2]