根据市场公开信息及7月11日披露的机构调研信息，知名私募玖鹏资产近期对2家上市公司进行了调研， 相关名单如下： 机构简介： 1）上海港湾 （玖鹏资产参与公司线上&线下&特定对象调研&分析师会议&路演活动&） 调研纪要：公司通过聚焦岩土工程主业、把握国内外市场机遇、坚持科技创新实现持续增长。在钙钛矿 太阳能电池方面，公司具有产学研合作紧密、顶尖人才与专利优势、差异化技术路线、全链条布局和全 球化助力的优势。钙钛矿材料具备高转换效率和成本优势，未来市场发展空间广阔。公司为卫星、空间 飞行器等提供轻量化、低成本、高性能的空间能源系统解决方案，已成功应用于多颗卫星。公司钙钛矿 电池的理论设计寿命可达20年，能够覆盖卫星等航天器的全生命周期用电需求。 2）*ST铖昌 （上海玖鹏资产参与公司电话会议） 调研纪要：公司作为产业链前端，感知到下游行业的采购需求显著提速，订单量和交付节奏加快。星载 T/R芯片在多系列卫星中实现大规模应用，低轨卫星通信芯片进入批量交付阶段，机载领域营收高速增 长，地面领域项目逐步进入批产阶段。公司已完成卫星通信T/R芯片解决方案的迭代研制，计划批量交 付，市场预期乐观。公司通过降本增效措施，有信 ...

Core Viewpoint - Nvidia's stock price has surged, reaching a historic high of $163.56, with a market capitalization of $4 trillion, driven by strong expectations for AI demand and a significant increase of 89% since April [2] Group 1: Stock Performance - Nvidia's stock rose over 2% on July 9, 2023, marking a new all-time high [2] - The company's market capitalization has surpassed that of entire countries like the UK, France, and Germany [2] - Analysts predict a further 7.6% upside potential in Nvidia's stock price, with an average target price of $176.47 from 37 out of 42 analysts recommending a "buy" rating [3] Group 2: AI Demand and Business Strategy - Market expectations for sustained AI demand have significantly boosted Nvidia's earnings outlook [2] - Citigroup analysts have raised Nvidia's data center sales forecasts for fiscal years 2027 and 2028 by 5% and 11%, respectively, anticipating growth from sovereign AI demand [2] - Nvidia is transitioning to an AI infrastructure company, emphasizing the importance of AI infrastructure deployment globally [2] Group 3: Product Development - Nvidia plans to release new generations of AI chips annually, preparing for products like Blackwell and Vera Rubin to meet increasing model inference and training demands [3] - The company is expanding its offerings beyond AI chips to include software, cloud services, and networking chips, positioning itself as an "AI infrastructure" or "computing platform" provider [2]

Core Viewpoint - Silicon Motion Technology Corp. (SIMO) is a leading provider of storage solutions for SSDs and other solid-state storage devices, with over 20 years of design and development experience in the industry [1][3]. Group 1: Company Overview - Founded in 1995 in Silicon Valley, California, and listed on NASDAQ in 2005, Silicon Motion has established offices in mainland China, Taiwan, Hong Kong, and the United States [1]. - The company specializes in providing storage solutions for various applications, including smartphones, PC data centers, commercial, and industrial control applications [1]. Group 2: Product Development - Based on NAND Flash characteristics, Silicon Motion has developed a combination of controller chip IPs, leading to the design of ICs equipped with firmware controller chip platforms and complete controller chip Turkey solutions [3]. - The company's controller chips are compatible with various flash memory produced by major manufacturers such as YMTC, Micron, Samsung, SK Hynix, KIOXIA, and Western Digital, supporting 128-layer, 176-layer, 196-layer, and higher-layer 3D TLC and QLC products [3]. Group 3: Market Presence and Solutions - Silicon Motion has deepened its presence in the domestic market over the years, collaborating with well-known domestic storage brands to grow and provide high-quality storage products to consumers [4]. - The company offers customized SSD controller chip solutions for enterprise-level storage, with products already deployed in several large data centers in China [4]. - Additionally, Silicon Motion provides high-performance, compact embedded controller chips and single-chip SSD solutions for industrial control and automotive markets, widely used in domestic, American, and Japanese automotive manufacturers [4].

Group 1 - Foreign institutions are optimistic about China's economic prospects, with major banks like Goldman Sachs, Morgan Stanley, and Deutsche Bank raising their GDP growth forecasts for 2025 [1][2] - Deutsche Bank has adjusted its 2025 GDP growth forecast for China to 4.7%, citing strong resilience in the service sector and retail, supported by ongoing monetary and fiscal policies [2] - Morgan Stanley and other institutions have also raised their growth predictions, indicating a positive impact from recent government policies aimed at boosting the economy [2] Group 2 - Foreign institutions are increasing their research efforts on A-share companies, particularly in the hard technology sector, with 234 foreign institutions having researched 195 A-share companies since May [6][7] - Notable companies attracting attention include Optoelectronics, Lanke Technology, and Huadian Co., with over 30 foreign institutions conducting in-depth research on them [7] - Companies are focusing on international expansion and innovation, with examples like Huadian Co. ramping up production capabilities in Thailand and Lanke Technology aiming to become a leading chip design company [7] Group 3 - There is a collective bullish sentiment towards the Chinese stock market, driven by improving fundamentals and increased investor confidence [4] - HSBC and Morgan Stanley highlight the potential for increased capital inflows into Chinese stocks, particularly in the technology and consumer sectors [4][5] - High-quality growth and deep value stocks are favored, with a focus on sectors benefiting from policy support and consumer demand [4][5]

业绩简评 2025 年 6 月 5 日公司披露发行股份及支付现金购买资产并募集配 套资金暨关联交易预案，公司拟通过发行股份及支付现金的方式 向宁波甬芯等 11 名交易对方购买其合计持有的中芯宁波 94.366%股权，并拟向不超过 35 名符合条件的特定对象发行股票 募集配套资金。 经营分析 公司转型 IDM 模型，实现芯片设计+晶圆制造全产业链布局。本 次收并购预案发布前，公司以 Fabless 模式运营，专注于提供人 工智能与多媒体、车载电子、物联网、数据存储等领域的芯片解决 方案，产品广泛应用于超高清智能显示、智慧视觉、车载电子、人 工智能、物联网和固态存储等领域。若收并购案完成，公司将具备 高端滤波器、MEMS 等特种工艺代工领域的生产制造能力，依托 射频前端器件领域的技术优势，将公司产品应用进一步拓展到智 能手机、智能网联汽车等需求相对旺盛的领域。 拟收购优质晶圆代工资产，开拓公司业务新增长点。随着 5G 商用 的持续深化，通信设备对射频前端器件的性能要求不断攀升。5G 手机支持的通信频段从 4G 时代的 20-30 个扩展至 50 个以上，单 机滤波器用量从约 40 个提升至 70 个。中芯宁波是国 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has disclosed the completion report of Xiamen Youxun Chip Co., Ltd.'s (referred to as Youxun) initial public offering (IPO) guidance, indicating that the company is well-prepared for listing [1] Group 1: Company Overview - Youxun was established in February 2003 and provides high-speed transceiver chip solutions for various fields including 5G front/mid-haul, cloud computing, optical access networks, and data centers [1] - The company is recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology and has been awarded the title of national-level manufacturing "single champion" [1] - Youxun is one of the first companies in China to specialize in the design of high-speed transceiver chips for optical communication and the first in the industry to develop high-speed optical communication transceiver chips using CMOS technology [1] Group 2: Financing and Shareholding - Youxun has undergone four rounds of financing, with the first round (A round) occurring in 2010, involving Xiamen High-tech Investment and Yingfu Taike [2] - The most recent financing (C round) was completed in February 2024, with participation from Kaiping Management, Fujian Electronic Information Industry Fund, and Jinyuan Group [2] - Strategic investment from China Mobile's subsidiary, China Mobile Capital, occurred in May 2024 [2] - Institutional shareholders include Shenzhen Capital under the Shenzhen State-owned Assets Supervision and Administration Commission, Shengbang Co., Ltd., Hengtaihua, and others, holding stakes of 10%, 8.09%, 6.63%, 4.96%, 3.64%, 1.77%, and 1.77% respectively [2]

Core Viewpoint - Wuhan Nongshang Environment Co., Ltd. reported significant revenue growth in 2024, but faced a substantial decline in net profit and cash flow, raising concerns about the authenticity and accuracy of revenue recognition practices [2][5][12]. Financial Performance - The company achieved operating revenue of 232 million yuan in 2024, a year-on-year increase of 224.30%, with Q4 revenue of 125 million yuan accounting for 54.17% of total revenue [2][5]. - The net profit attributable to shareholders was -77.08 million yuan, a decline of 158.96% year-on-year, and the net cash flow from operating activities was -43.12 million yuan, down 291.85% [2][5]. Revenue Recognition and Audit Procedures - The audit procedures included verifying sales contracts, assessing internal controls, and confirming customer operations through site visits to ensure revenue recognition complied with accounting standards [2][3][4]. - The audit firm confirmed that the revenue changes during the reporting period did not show significant anomalies and that sufficient audit evidence was obtained to support the authenticity and accuracy of the reported revenue [2][5]. Business Segments - The landscape construction business generated 110 million yuan in revenue, accounting for 47.68% of total revenue, with a year-on-year growth of 69.29% [5][9]. - The cost of landscape construction projects was 101 million yuan, reflecting a year-on-year increase of 75.66% [5][9]. Market Conditions and Challenges - The real estate sector's downturn has intensified competition in the landscape construction market, leading to pressure on project costs and profit margins [9][12]. - The company has been actively reducing the scale of its landscape construction business and focusing on cost reduction and efficiency improvement strategies [12][24]. New Business Development - In 2023, the company began its foray into the computing power service sector, with this segment contributing 46.66% to total revenue in 2024, indicating a strategic shift towards new business models [12][24]. - The computing power service business includes various segments such as customized equipment sales, leasing, and data center construction, which are expected to enhance customer acquisition capabilities [12][24]. Customer Base and Revenue Sustainability - The company has established a diverse customer base in the computing power service sector, which is crucial for sustainable revenue growth [22][24]. - The main cost components for the computing power service business include fixed asset depreciation, raw material inputs, and labor costs, with a stable procurement channel established to ensure material supply [22][23].

当地时间5月13日，被誉为全球显示界"奥斯卡"的国际显示周（SID 2025）在美国圣何塞开幕。广州日 报新花城记者从数字光芯获悉，其在SID世界显示周(SID2025)展会上，展出了全球首款4K Micro LED投 影芯片解决方案，并现场展示了全球首台4K Micro LED投影仪三片式和光原理样机。同时数字光芯携 手春风动力共同展示了摩托车数字照明投影交互技术解决方案，全球首款具有数字导航投影技术的摩托 有望于2025年底前面世。 数字光芯本次发布的12英寸4K 高清硅基微显示驱动晶圆搭载先进工艺制程，完美适配当下主流的Micro LED键合工艺技术和下游客户对显示功能的需求。可实现自建测试、像素阵列良率测试、信号同步、列 数据处理和温度传感等功能的控制和调整。接口电平1.8V CMOS标准，可广泛应用于各种微型化、高 分辨率显示系统中。 全球首发面向摩托车领域的数字投影解决方案 在SID2025展会现场，数字光芯携手春风动力共同推出了面向摩托车领域的数字投影交互技术解决方 案。该解决方案包括数字投影前大灯、左右动态迎宾灯。同时数字光芯与春风动力共同开发了软件及控 制系统。该数字投影可为摩托车骑手提供导 ...

Core Insights - Texas Instruments (TI) collaborates with Hikvision Automotive and Banma Zhixing to launch the industry's first single-chip integrated cockpit and driving parking solution based on the TDA4VH chip, marking a significant breakthrough in the transition from concept to mass production in cockpit-driving integration technology [3][4] - The collaboration emphasizes "equal driving intelligence" through deep software and hardware synergy, providing a cost-effective integrated solution for the development of automotive intelligence [3] Group 1: Product Features and Capabilities - The core product features five millimeter-wave radars, one 8-megapixel front camera, and four 3-megapixel fisheye cameras, enabling basic L2 functions such as AEB, ACC, and LK, as well as L2+ functions like HWA active lane change [3] - The TDA4VH chip is highlighted for its high efficiency, safety, and interface capabilities, supporting ASIL-D safety standards and multiple camera connections, which allows for future functional expansion [4][5] Group 2: Strategic Collaboration and Market Impact - The partnership is not merely a hardware combination but aims to achieve a synergistic effect through the integration of Hikvision's sensor fusion algorithms, Banma's software optimization, and TI's chip performance tuning, resulting in a collaborative advantage [5] - The solution targets high-frequency user scenarios such as highway autonomous lane changes and following vehicles, addressing over 90% of daily driving needs, and aims to make L2+ technology accessible to more vehicle models by reducing costs below traditional solutions [5]

Company Overview - The company is a leading distributor of electronic components in China and is the first A-share listed company in the industry, primarily engaged in the distribution of electronic components and related product solutions [4][3] - The main business includes electronic component agency distribution, self-developed chips, and the research, production, and sales of smart grid products [3][4] Business Operations - The company distributes products from over a hundred well-known domestic and international upstream chip manufacturers, including brands like MURATA, SONY, ON, and TOSHIBA, covering a wide range of electronic components such as capacitors, sensors, and microcontrollers [4][5] - The customer base spans various sectors including telecommunications, automotive electronics, industrial and renewable energy, consumer electronics, and AI [5][6] Product Development - The company is involved in the research and development of self-developed chips, including microcontrollers (MCUs), power devices (SJ-MOSFET), and small-capacity storage chips (EEPROM), which are widely applicable in various industries [6] - In the smart grid product sector, the company focuses on smart meters, smart circuit breakers, and power line carrier communication modules, serving major clients like State Grid and Southern Power Grid [6] Financial Information - The company has undergone retrospective adjustments to its financial data due to changes in accounting policies, specifically related to the recognition of deferred tax assets and liabilities [7][8] - The company has not declared any cash dividends or stock bonuses for the reporting period [2]