Innovation-Driven Development - The "14th Five-Year Plan" emphasizes innovation as a key driver for high-quality development, with R&D expenditure increasing by nearly 50% compared to the end of the "13th Five-Year Plan," reaching an increment of 1.2 trillion yuan [2][3] - China has the world's largest R&D workforce, with over 5 million graduates annually in science, technology, engineering, and mathematics, providing a solid foundation for technological breakthroughs [3] - The integration of technology and industry has accelerated, leading to the emergence of high-performance chips, AI models, and robots, with the new economy's added value expected to exceed 24 trillion yuan in 2024 [3] Social Welfare - China has established the world's largest education, healthcare, and social security systems, with a compulsory education consolidation rate and insurance coverage exceeding 95% [5] - The proportion of migrant workers' children attending public schools has reached 97%, an increase of 11.2 percentage points since the end of the "13th Five-Year Plan" [5] - The average life expectancy has increased to 79 years, with significant improvements in long-term care insurance and healthcare accessibility [5] Green Development - China has built the world's largest clean power generation system, with renewable energy capacity surpassing coal power for the first time, achieving a renewable energy share of one-third in electricity consumption [6][7] - By the end of May this year, renewable energy generation capacity reached 2.09 billion kilowatts, more than doubling from 934 million kilowatts at the end of the "13th Five-Year Plan" [6] - The country aims for a 11.6% reduction in energy consumption per unit of GDP by 2024, with significant improvements in resource utilization efficiency and waste management [6][7]

Economic Growth - The "14th Five-Year Plan" period is expected to see an economic increment exceeding 35 trillion yuan, equivalent to recreating the Yangtze River Delta region [3] - The average economic growth rate over the first four years of this period is 5.5%, contributing approximately 30% to global economic growth [3][4] - China's GDP is projected to reach around 140 trillion yuan this year, marking significant economic strength [3] Manufacturing and Infrastructure - China's manufacturing value added has consistently exceeded 30 trillion yuan annually, maintaining its position as the world's largest manufacturing country for 15 consecutive years [4] - The country boasts the largest modern infrastructure network globally, including highways, high-speed rail, and urban transit systems, with over 90% completion of the national comprehensive transportation network [5] - The energy infrastructure is also the largest globally, with a power generation capacity accounting for one-third of the world's total [6] Agricultural and Energy Security - The construction and enhancement of high-standard farmland have reached over 100 million acres, with grain production achieving a new milestone of 1.4 trillion jin [6] - China's energy self-sufficiency rate remains above 80%, with a projected total oil and gas production exceeding 400 million tons of oil equivalent in 2024 [6] Research and Innovation - R&D expenditure has increased by nearly 50% compared to the end of the "13th Five-Year Plan," reaching a total of 1.2 trillion yuan, with R&D intensity rising to 2.68% [9] - China has the largest R&D workforce globally and ranks first in the number of high-tech enterprises, with over 460,000 [9] Regional Development - The economic output of the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area is expected to account for over 40% of the national total by 2024 [10] - The Northeast region contributes 25.3% of the national grain output and 21% of crude oil production [10] Environmental Sustainability - By 2024, China's energy consumption per unit of GDP is expected to decrease by 11.6%, making it one of the fastest countries in reducing energy intensity [11] - The forest coverage rate has increased to over 25%, contributing significantly to global greening efforts [11] Social Welfare - The "14th Five-Year Plan" emphasizes social welfare, with over 95% coverage in basic education, pension, and medical insurance [13] - Approximately 7.8 million units of affordable housing have been constructed, addressing housing issues for over 20 million people [13] Market and Business Environment - The number of private enterprises has increased by over 40% since the end of the "13th Five-Year Plan," reaching more than 58 million [15] - Foreign direct investment in China has totaled 4.7 trillion yuan from 2021 to May this year, surpassing the total for the "13th Five-Year Plan" period [16]

Economic Growth - The total economic output of China is expected to reach approximately 140 trillion yuan this year, with an incremental growth of over 35 trillion yuan, equivalent to recreating the Yangtze River Delta region [2] - The average economic growth rate over the past four years has been around 5.5%, showcasing resilience against various risks and challenges [2] Manufacturing and Infrastructure - China remains the world's largest manufacturing power, with annual manufacturing value added exceeding 30 trillion yuan since the start of the 14th Five-Year Plan [3] - The country has established the largest infrastructure networks globally, including highways, high-speed rail, and urban transit systems, which support rapid economic development [3] Innovation and Technology - China has the largest research and development workforce globally, with over 460,000 high-tech enterprises, leading to continuous innovation and technological advancements [4] - The new economy, represented by "Artificial Intelligence +", is projected to generate over 24 trillion yuan in added value by 2024, equivalent to the combined GDP of Beijing, Shanghai, and Guangdong [4] Global Influence and Soft Power - China's development model has gained international recognition, with increasing global engagement and cultural influence, including the expansion of the "Belt and Road" initiative [5] - The country's cultural soft power has been enhanced through various initiatives, leading to a significant increase in foreign tourist arrivals projected to grow by 96% in 2024 [5] Resilience and Self-Sufficiency - China has achieved a stable food production level, with grain output reaching 1.4 trillion jin, and maintains an energy self-sufficiency rate of over 80% [6] - The country is building a robust material reserve system to enhance its capacity to respond to external shocks [6] Overall National Strength - The comprehensive national strength of China has significantly improved during the 14th Five-Year Plan, laying a solid foundation for achieving the second centenary goal [6]

Core Insights - The company has developed high-performance chips and operating systems in recent years [1] - The AI large models have empowered various industries significantly [1] - The introduction of robots has led to a substantial increase in production efficiency [1]

澜起科技股份有限公司 章程（草案） （H 股发行并上市后生效） 目 录 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和 国证券法》（以下简称"《证券法》"）《香港联合交易所有限公司证券上市规则》 （以下简称"《香港上市规则》"）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司以发起方式设立；在上海市市场监督管理局注册登记，取得营业执照， 统一社会信用代码为 913100007626333657。 第三条 公司于 2019 年 6 月 25 日取得中国证券监督管理委员会（以下简称 "中国证监会"）同意公司首次公开发行股票注册的批复（证监许可20191128 号），首次向社会公众发行人民币普通股（以下简称"A 股"）11,298.1389 万股， 并于 2019 年 7 月 22 日在上海证券交易所科创板上市。 公司于【】年【】月【】日经中国证监会备案，并于【】年【】月【】日经 香港联合交易所有限公司（以下简称"香港联交所"）批 ...

Core Insights - Nvidia CEO Jensen Huang is set to meet with German Chancellor Olaf Scholz and Finance Minister Lars Klingbeil [1] - The discussions are part of Germany's initiative to establish an artificial intelligence super factory, referred to as "AI Gigafactory" [1] - The project aims to produce 100,000 high-performance chips [1]

Group 1 - Nvidia CEO Jensen Huang will visit Europe next week to meet with German Chancellor Merz and Finance Minister Lars Klingbeil [1] - The discussions are part of Germany's initiative to build an artificial intelligence super factory, referred to as "AI gigafactory" [1] - The project aims to produce 100,000 high-performance chips [1]

Market Performance - The three major US stock indices fell by over 2% last week, with the S&P 500 down 2.6%, the Dow Jones down 2.5%, and the Nasdaq down 2.5%[5] - The Hang Seng Index and Hang Seng China Enterprises Index rose by 1.1% and 1.4%, respectively[5] Key Economic Events - President Trump announced a 50% tariff on the EU starting June 1, citing slow negotiation progress and criticizing EU automotive policies[4] - US existing home sales fell by 0.5% in April, with a seasonally adjusted annualized sales total of 4 million units, down 2% year-on-year[4] - The US Manufacturing PMI rebounded to 52.3, marking a three-month high[4] Corporate Highlights - Oracle plans to invest approximately $40 billion in Nvidia chips to support its new data center for OpenAI[1] - Baidu reported Q1 2025 revenue of 32.5 billion yuan, a 3% year-on-year increase, with core revenue up 7%[9] - BYD's electric vehicle sales in Europe surpassed Tesla for the first time, and the company will enter the Hang Seng Tech Index next month[12] Risks - The report highlights risks including macroeconomic fluctuations, geopolitical tensions, and currency volatility[2]

Core Viewpoint - Honda is adjusting its global electrification strategy by reducing investment in pure electric vehicles and focusing more on hybrid vehicle production due to a slowdown in the U.S. electric vehicle market and changing consumer demand [1][3]. Investment Strategy - Honda announced a reduction in its planned electrification investment from 10 trillion yen to 7 trillion yen, a decrease of 30%, due to slowing global demand for electric vehicles [1]. - The revised strategy will emphasize research and production of hybrid models, aiming for more efficient energy use through technology upgrades of existing fuel vehicle platforms [1]. Production Facilities - Honda plans to transform its manufacturing facilities in Ohio, USA, to create a comprehensive base for both electric and hybrid vehicle production, with production expected to start in 2026 based on the "e:Architecture" platform [3]. - The initiative aims to balance market demand with supply chain flexibility, ensuring the synergy between traditional business and electrification transition [3]. Strategic Partnerships - Despite the termination of merger talks with Nissan and Mitsubishi, a strategic cooperation agreement signed in August 2024 remains effective, allowing Honda to collaborate with these companies on battery technology, autonomous driving, and software development [3]. - Honda intends to integrate Huawei's smart driving solutions in some models and collaborate with Renesas Electronics to develop high-performance chips to enhance product competitiveness [3]. Market Context - In Q1 2025, U.S. electric vehicle sales grew only 2.7%, significantly lower than the 47% growth in the same period last year, with electric vehicles accounting for 7.1% of total sales [3]. - Consumer concerns regarding range, charging infrastructure, and high insurance costs are key factors limiting the adoption of electric vehicles, prompting several automakers, including Volvo and Toyota, to delay their electrification goals [3]. Long-term Vision - Despite the short-term strategic adjustments, Honda remains committed to its long-term vision of achieving 100% global sales of pure electric or fuel cell vehicles by 2040 [4]. - The CEO emphasized that the current stagnation in electric vehicle sales is viewed as a "short-term headwind" [4].

TSS 2025 在全球科技竞争白热化与AI算力革命交织的当下，半导体产业正加速重构，晶圆代工、先进 封装、IC设计、存储器以及第三代半导体等关键领域的发展，受到前所未有的关注。 De e pSe e k等AI大模型点燃高性能芯片需求， 晶圆代工厂商2nm、1nm先进制程竞争愈演愈烈， 成熟制程领域，产能利用率因消费电子市场需求低迷而呈现波动。晶圆代工产业竞争从产能扩 张转向生态链整合，区域集聚效应凸显。 AI浪潮下， 先进封装蓄势待发，Ch i p l e t、3D堆叠技术逐渐成为主流。 厂商加速布局，异构集 成能力成竞争核心。然而产能、成本、产业化协同发展瓶颈也开始凸显，亟待破局。 IC 设 计 公 司 同 样 在 全 面 拥 抱 AI ， 从 云 端 训 练 芯 片 到 边 缘 推 理 终 端 ， 架 构 创 新 层 出 不 穷 。 与 此 同 时，封装、代工与设计环节的协同发展趋势日益明显，以持续探索芯片架构与性能的极限。 AI与数据中心爆发驱动HBM、DDR5等高性能产品需求激增，企业级SSD市场随数字化转型持续 扩容； 智能汽车、人形机器人等新兴领域催生差异化存储方案需求。不过，在国际形势与消 费 ...