"我回来以后，飞利浦卷起来了。公司在过去一年迎难而上，是打不死的小强的状态。" "我们都做好了准备，要打硬仗。"飞利浦大中华区总裁刘令近期对第一财经记者说。 2024年7月，刘令升任大中华区总裁之时，恰逢飞利浦在中国失速之际。这一年飞利浦在中国市场的收入出 现两位数下滑。GE医疗、西门子医疗在中国市场的境况相似。 GE医疗、飞利浦和西门子医疗（下称GPS）三家企业在中国市场集体失速。同时，他们在全球市场受到关 税战冲击，分别损失数亿美元。在全球、在中国，GPS都需要一张新的航海图。 "挑战会持续" GPS在全球医疗器械市场举足轻重，意味着逃不开贸易战的波及。 西门子医疗的总部在德国，飞利浦的总部在荷兰，GE医疗的总部在美国。美国是全球第一大医疗健康市 场，也是GPS最大单一市场。这些企业根据不同市场份量，配以不同比例的员工以及研发力量，比如西门 医疗在美国员工数量远比中国员工数量更多。 GPS在美国和欧洲都有生产制造基地，但跨大西洋的零部件和整机进出口依然频繁。这使得GPS成为关税战 的主要受影响方。 西门子医疗的第二季度财报电话会上，该公司管理层预计，美国对欧洲出口商品加征的关税可能给其全年 带来2亿至3亿 ...

Industry Insights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need to enhance the resource security of important metal minerals and accelerate the comprehensive development of the non-ferrous metal industry chain, including exploration, investment, development, construction, smelting, and processing [1] - A new round of mineral exploration strategy is being implemented to increase reserves and production of important metal minerals, while also promoting a positive image of central enterprises in the "going out" strategy [1] - There is a focus on achieving high-quality stable growth by closely monitoring macroeconomic conditions and industry trends, adjusting business strategies, and planning major projects to support domestic demand expansion [1] Technology and Market Trends - High-temperature superconductors are expected to see increased market share due to ongoing developments in superconducting cables and controlled nuclear fusion applications [2] - The ReBCO tape is anticipated to significantly reduce production costs compared to first-generation high-temperature superconductors, presenting vast commercial prospects [2] - Controlled nuclear fusion is viewed as a potential ultimate solution for human energy needs, with commercial development prospects expected to accelerate as domestic and international projects progress [2] Company Developments - Western Superconductor is the only company in China that has achieved commercial production of superconducting wires, with products used in major scientific projects such as the International Thermonuclear Experimental Reactor (ITER) and China's fusion reactor [3] - Baile Electric has developed superconducting current limiter technology and is involved in the construction of smart grids for the State Grid, with products certified by IEC to enhance grid stability [3] - Dongfang Tantalum is recognized as the world's largest research and manufacturing base for superconducting niobium materials, achieving a stable RRR value of over 500 for high-purity superconducting niobium materials [4]

新华社天津6月28日电 题：五家外企诠释为何依然青睐中国 新华社记者梁姊、宋瑞、尹思源 天津市滨海新区林立的外资企业标志，从一个侧面展现着这个中国北方国家级新区作为对外开放前沿的成就。 落户的万余家外资企业的经营动向格外引人注目。记者走访多家代表性外资企业发现，它们虽然面对国际贸易摩 擦等因素的干扰，但依然青睐中国。 全球第二大消费市场，是中国对这些外资企业的天然吸引力。 对于奥的斯这样一家电梯制造企业来说，无疑如此。数据显示，中国电扶梯保有量全球第一，在用电梯超过1100 万部，接近全球其他国家和地区电梯数量总和。 可预期的增长呈现于眼前：去年，中国政府发布了《推动大规模设备更新和消费品以旧换新行动方案》，启动超 长期特别国债支持老旧小区电梯更新项目。 奥的斯中国区总裁罗小莉说，中国正在推进城市更新、设备更新行动，住宅老旧电梯更新已获超长期国债资金支 持，当前，中国服役超过15年的电扶梯接近百万台，且年均增长超过两位数。 "中国市场是奥的斯全球布局的关键，其巨大增量需求，将对电梯行业产生深远影响。我们将不断加码中国市场研 发投入，与中国同频同振。"罗小莉说。 这是奥的斯电梯泰达基地一景（资料照片）。新华社发 ...

宏观热点 工信部发布2025年前5个月通信业经济运行情况，其中指出，千兆用户规模持续扩大。截至5月末，三家 基础电信企业的固定互联网宽带接入用户总数达6.82亿户，比上年末净增1216万户。其中，100Mbps及 以上接入速率的固定互联网宽带接入用户达6.48亿户，占总用户数的95%；1000Mbps及以上接入速率的 固定互联网宽带接入用户达2.23亿户，比上年末净增1635万户，占总用户数的32.7%，占比较上年末提 升1.8个百分点。 全国非法倾倒处置固体废物专项整治行动启动 生态环境部新闻发言人裴晓菲6月25日介绍，经国务院同意，生态环境部、最高人民法院、最高人民检 察院等8部门近日联合启动全国非法倾倒处置固体废物专项整治行动，计划用3年左右时间，在全国范围 内开展集中整治，遏制非法转移倾倒处置固体废物高发态势。 财政部：5月全国共销售彩票570.36亿元，同比增长19.8% 财政部发布数据显示，5月份，全国共销售彩票570.36亿元，同比增加94.18亿元，增长19.8%，主要原 因是5月份体育赛事较多带动竞猜型彩票销量增长，以及去年同期即开型彩票销量基数较低等。其中， 福利彩票机构销售185.29亿 ...

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 1.2 billion yuan, with China International Capital Corporation (CICC) as the sponsor [1][3]. Group 1: IPO Journey - The company was established on October 18, 2011, with a registered capital of 520 million yuan, focusing on high-temperature superconducting materials [3]. - Key milestones include the start of IPO counseling on November 28, 2024, and the acceptance of the IPO application on June 18, 2025 [3]. Group 2: Business and Governance Risks - The company faces high customer concentration, with the top five clients contributing over 70% of revenue. A 30% decline in the State Grid's procurement volume in 2024 has led to an increase in inventory turnover days to 287 days, compared to 180 days in 2022 [5][6]. - The commercial viability of its technology is questioned, as claims of entering fields like controlled nuclear fusion and medical devices remain unproven, with large-scale applications expected to take 5-10 years to develop [7]. - The chairman, Ma Tao, has limited public information available, and his past associations raise concerns about governance and transparency [8][10]. Group 3: Financial Data Analysis - The company reported revenues of 0.35 billion yuan in 2022, increasing to 0.83 billion yuan in 2023, and projected to reach 2.39 billion yuan in 2024. However, it also faced net losses of 0.28 billion yuan in 2022 and 0.04 billion yuan in 2023, with a projected profit of 0.72 billion yuan in 2024 [12]. - The high accounts receivable, which accounted for 52% of revenue, raises concerns about the quality of earnings, especially given that some major clients are relatively new companies [12]. - The company plans to expand its production capacity significantly, aiming for an annual output of 6,000 kilometers, while the global market for high-temperature superconducting materials is only about 50 kilometers in 2024, indicating a severe supply-demand mismatch [12]. Group 4: Regulatory Inquiry Anticipation - The company may face inquiries regarding its technology commercialization capabilities, governance structure without a controlling shareholder, and high accounts receivable potentially indicating bad debt risks [13]. - Investors are advised to monitor three critical signals: the ability to diversify the customer base, the potential for positive cash flow, and the feasibility of capacity utilization [13].

近日，国家知识产权局公布第二十五届中国专利奖获奖名单，西安17个项目获奖，获奖总数位居全 省第一。 西安市市场监管局（知识产权局）相关负责人表示，近年来，西安市以"国家知识产权强市示范城 市"和"国家知识产权保护示范区"建设为牵引，积极探索高质量创造、高水平保护、高效益运用的知识 产权发展"西安模式"。目前，西安市通过组织指导驻市高校、科研机构开展存量专利盘点，已入库专利 6.7万件；依托西安知识产权运营服务平台，累计发布专利成果万余件、技术需求1200余项；大力培育 知识产权强企，全市国家级知识产权优势示范企业达147家、省级217家；打造"秦创原IP示范园区"，首 批5个园区授权专利的平均增长率超过90%，有效提升了企业"硬实力"。 截至今年4月，西安市发明专利拥有量10.94万件，每万人发明专利拥有量83.68件；在世界知识产权 组织发布的2024全球创新指数排名中，西安位列第18位，居中国上榜集群第7位。（记者：李妮） 中国专利奖由国家知识产权局和世界知识产权组织共同主办，是我国唯一的专门对授予专利权的发 明创造给予奖励的国家级政府部门奖，也是我国专利领域的最高荣誉。奖项重在鼓励表彰为技术（设 计）创 ...

Core Viewpoint - The recognition system plays a crucial role in building trust in global trade, facilitating international mutual recognition of testing, inspection, and certification results, which helps small and medium-sized enterprises (SMEs) confidently enter global markets [1] Group 1: Recognition System and Market Impact - The number of recognized qualified assessment institutions in China has surpassed 20,000, with over 20 government and industry authorities accepting recognition results, and 16 international mutual recognition agreements signed, covering 133 economies that account for over 96% of the global economy [1] - The recognition system supports industry development and enhances supply chain efficiency, particularly in the automotive sector, where recognized institutions help improve the credibility of testing data and boost the competitiveness of products in international markets [2] Group 2: Empowering SMEs and Industry Growth - The recognition system empowers manufacturing enterprises to expand their global market share, as evidenced by a valve company that increased its foreign trade order proportion from 40% to 50% over three years due to CNAS recognition [3] - The recognition of testing laboratories has facilitated the export of domestic zirconium alloy products to over 10 countries, enhancing the credibility of domestic materials in international nuclear power projects [3] - A recognized assessment institution in the superconducting materials sector has achieved a 50% global market share for MRI superconducting wire, supplying major international companies like General Electric and Siemens [3] Group 3: Quality Management and International Competitiveness - The recognition system helps SMEs establish efficient quality management systems and continuous improvement mechanisms, which are essential for integrating into global supply chains [4] - Initiatives such as the collaboration between the Hong Kong Quality Assurance Agency and the Fujian Provincial Market Supervision Administration have successfully promoted high-quality geographical indication products to international markets, demonstrating the strong role of recognition in supporting enterprises' international expansion [4]

近日，国家知识产权局公布第25届中国专利奖获奖名单，西安17个项目获奖。本次西安市共获得中 国专利银奖3项、中国专利优秀奖13项、中国外观设计优秀奖1项，获奖总数位居全省第一。 中国专利奖由国家知识产权局和世界知识产权组织共同主办，是我国唯一的专门对授予专利权的发 明创造给予奖励的国家级政府部门奖，也是我国专利领域的最高荣誉。奖项重在鼓励表彰为技术（设 计）创新及经济社会发展作出突出贡献的专利权人和发明人（设计人）。 西安市此次获奖项目涵盖光 子、半导体及集成电路、太阳能光伏、航空、输变电装备等重点产业领域。其中，"基于声光调制的双 滤波能量反馈型高光谱成像装置"等3项专利荣获银奖、"一种双Sn来源式Nb3Sn超导线材的制备方法"等 13项专利荣获优秀奖、多功能座椅获外观设计优秀奖。此次获奖充分体现了我市在大力推进专利转化运 用专项行动，深入实施高价值专利培育工程，促进自主知识产权成果转化落地等方面取得的明显成效。 西安市市场监管局（知识产权局）相关负责人说，近年来，西安市以"国家知识产权强市示范城 市"和"国家知识产权保护示范区"建设为牵引，积极探索高质量创造、高水平保护、高效益运用的知识 产权发展"西安模 ...

国内外聚变项目建设加速，并网发电指日可期，产业链公司迎订单高增机遇：1）合肥BEST 装置项目 工程总装已在安徽合肥正式启动，预计2027年建成，有望在2030 年通过核聚变点亮第一盏灯。2）合肥 聚变堆主机关键系统综合研究设施CRAFT "夸父"项目已经进入关键阶段，预计将于2025 年年底全面建 成。3）3 月28 日，"星火一号"项目完成项目需求的全面评审，进入资金落地及密集招投标阶段，项目 技术目标Q 值大于30，实现连续发电功率100MW，总投资超200 亿。 资金助力+政策支持+技术突破三轮驱动，核聚变行业发展进入加速期： 核聚变项目进入加速期，联创超导订单持续上行。联创参与项目"星火一号"工程总投资预计超过200 亿 元。在"星火一号"项目中，联创超导有望成为核心超导磁环供应商，公司已于2024 年底中标中核集团 超导线圈研制与测试服务分包项目，为后续更大规模磁体供应奠定基础。联创超导目前在金属热加工、 光伏、半导体及核聚变等领域均有成熟产品布局，商业应用及清洁能源前瞻应用齐发力，有望推动业绩 高增。 1）资金助力：今年2 月29 日中国核电、浙能电力相继公告，拟以增资方式参股中国聚变能源有限公 ...

Group 1 - The core issue of the recent stock market decline is the disconnect between speculative hype and industrial reality, particularly in the nuclear fusion sector [3][4] - Wangzi New Materials, once a "star stock" due to its involvement in nuclear fusion projects, faced a significant drop due to its minimal business contribution to the sector and concerns over its financial viability [3][4] - The exit of Mitsui Chemicals from the trifluoride business raised market concerns about the ability of domestic companies to secure orders, especially for those like Wangzi New Materials that are considered marginal players [3][4] Group 2 - The commercialization of nuclear fusion technology remains a distant goal, with significant technical challenges that need to be overcome before it can be realized [4] - Recent capital flows have favored more established sectors like energy storage and photovoltaics, leading to a rapid decline in nuclear fusion stocks as speculative enthusiasm wanes [4][5] - Misinterpretation of policies, such as the automatic emergency braking system (AEB), has led to misguided optimism in the nuclear fusion sector, highlighting the disconnect between different technological domains [6] Group 3 - Companies with genuine technological barriers and order visibility, like Western Superconducting Technologies, are more likely to survive the current market turbulence compared to those merely riding the hype [7] - The market correction serves as a cleansing mechanism, allowing companies with real technological advancements and strategic plans to emerge stronger [8] - Investors are advised to differentiate between true growth potential and mere concept-driven narratives, as many companies may lack the substantive capabilities to deliver on their claims [7][8]