Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee has approved the initial public offering of Super Electronics Circuit Co., Ltd, confirming that it meets the issuance, listing, and information disclosure requirements [1] Group 1: Company Overview - Super Electronics specializes in a wide range of products used in automotive electronics, displays, storage, consumer electronics, and communications, including double-sided boards, 26-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency high-speed boards [1] - The company primarily focuses on automotive electronic PCBs and is one of the few domestic companies capable of mass-producing multi-layer HDI and any-layer interconnected HDI automotive electronic boards [1] Group 2: Partnerships and Applications - Super Electronics has established stable partnerships with global Tier 1 automotive suppliers such as Continental, Valeo, Bosch, and Aptiv, as well as well-known new energy vehicle manufacturers like Tesla [1] - In traditional fuel vehicle applications, Super Electronics' products cover various PCB needs across the vehicle, including power control systems, central control systems, electronic dashboards, lighting systems, seat control systems, radar systems, and navigation systems, with applications in luxury car brands like Bentley, Porsche, Ferrari, Mercedes-Benz, BMW, Audi, Volkswagen, and Toyota [1] Group 3: New Energy Vehicles and Technology - In the new energy vehicle sector, Super Electronics focuses on cutting-edge product technology development, with applications in battery management systems, motor controllers, intelligent driving systems, intelligent cockpit domain controllers, and charging piles [2] - The company employs advanced technologies such as plasma degluing, pulse plating, selective plating, ultra-low loss materials, and asymmetric pressing to produce "high-frequency millimeter-wave radar boards," which are currently used in numerous well-known automotive production models [2] Group 4: Display and Storage Applications - In the display sector, Super Electronics collaborates with major PCB manufacturers like Zhi Chao and JandK Technology, and has established long-term stable partnerships with leading display panel manufacturers such as BOE and LG Group, with products used in LCD, OLED, and Mini LED displays [2] - In the storage domain, Super Electronics' products are primarily used in mechanical hard drives, solid-state drives, and memory modules, maintaining stable partnerships with leading global mechanical hard drive manufacturers like Seagate and Western Digital, as well as renowned solid-state drive manufacturers like SK Hynix [2]

本月，招标项目数量与预算金额双双大幅攀升——招标项目环比上涨27.84%，招标预算总金额环比增 加7.46亿元，达到11.46亿元，其中预算超千万元的项目达30个，两家医院的招标预算突破亿元大关。中 标环节同样活跃，中标总金额达3.55亿元，商丘市以6647.9万元的中标总额超越郑州，领跑全省。 【大河财立方 记者 唐卫东】立方招采通显示，6月份，河南省累计开展医疗器械及相关服务招标和中标 项目共计725个。 招标预算环比增加7.46亿元 两家医院预算超1亿元 在招标环节，河南省招标数量环比上升27.84%，由370个升至473个，其中预算超1000万元的项目有30 个。招标预算总金额为11.46亿元，相较于5月份增加7.46亿元。 从地区看，郑州市以195个招标项目排在第1位，占河南省整体超40%，同时，郑州市以4.14亿元招标预 算总额领跑全省。相较于5月，郑州市招标项目在数量及金额方面均有所增加，其中招标预算总金额环 比增加3.27亿元，增幅超300%。 这是由于6月郑州市预算1000万元以上的大项目有11个，其中河南中医药大学第一附属医院高端影像设 备采购项目预算金额超过5000万元。而在5月，郑州市 ...

①AIDC电源架构逐步向800V HVDC和固态变压器（SST）演进，2026年起有望迎来市场爆发"临界 点"，相关企业已进入验证技术、锁定核心客户的关键时期；②SST高度依赖关键的宽禁带半导体器件（Si C、GaN）和特种磁性材料，目前产能主要集中在少数厂商手中，产业链规模化生产能力直接影响SST的 经济性；③高频变压器是SST系统的核心，这些公司凭借在关键子部件上的传统专业优势，有望成为维 谛、台达不可或缺的合作伙伴。 前言 《金牌纪要库》是财联社VIP倾力打造的一款高端会议纪要类产品，结合财联社的媒体资源和行业圈层 优势，为投资者提供全面、深入的市场及行业洞察，以及专业分析和解读。 ...

③ 电子工程专辑，上纬新材发布公告称/智元机器人通过公司及核心团队共 同出资设立的持股平台/以协议转让和要约收购的方式取得公司控制权/至少 收购其63.62%股份/此次控制权交易总价款约为21亿元/此次交易完成后/上 纬新材将成为A股首家具身智能上市公司/ 行情速递 ① 主 板 领 涨 ， 华 媒 控 股 (+10.09%)/ 欢 瑞 世 纪 (+10.06%)/ 竞 业 达 (+10.02%)/ 中 科 金 财 (+10.00%)/新亚电子(+6.89%)/ ② 创业板领涨，普联软件(+20.00%)/长芯博创(+15.07%)/金现代(+9.31%)/ ③科创板领涨，乐鑫科技(+5.77%)/莱特光电(+5.74%)/三孚新科(+5.32%)/ ④活跃子行业，SW面板(+1.04%)/SW门户网站(+0.77%)/ 国内新闻 ①半导体产业纵横，台积电最新公布报告显示/公司6月销售额2,637.1亿元 新台币/较上月减少了17.7%/较去年同期增加了26.9%/较上个月39.6%的 同比增速大幅放缓/1-6月累计销售额为17730.46亿元新台币/较去年同期增 加了40.0%/ ②半导纵横，联华电子的先进封 ...

不少受访的私募业内人士表示，新规"直刺"量化高频交易的核 心地带，高频策略的生存空间将被系统性压缩。 作者： 洪小棠 封图：图虫创意 经济观察报记者了解到，《细则》实施之前，一名在沪上私募机构任职的程序员便根据公司合规要 求修改了算法参数，原策略每秒报单400笔，现在最多30笔以内。 这名程序员称，公司投研负责人盯着屏幕上跳动的数据感慨地说："每砍掉一档频率，年化收益就 相当于损失0.8%甚至更多。" 不少受访的私募业内人士表示，新规"直刺"量化高频交易的核心地带，高频策略的生存空间将被系 统性压缩。 剑指高频 《细则》指出，若程序化交易导致证券交易出现重大异常波动，交易所可按业务规则采取限制交 易、强制停牌等处置措施，并向中国证监会报告；若严重影响证券市场稳定，甚至可采取临时停市 等措施并公告。 《细则》还首次明确定义高频交易：单账户每秒申报、撤单达300笔以上，或单日累计超20,000笔 均被认定为高频交易。超过这一红线将被征收差异化费用。这在一定程度上"击中"了部分量化私募 的盈利命脉。 "年化换手率为200倍以上的高频阿尔法策略或期现套利策略会受到冲击。"因诺资产创始人徐书楠 坦言。去年"9·24行情 ...

一场科技战的硝烟再起，中国存储巨头吹响了登陆A股的号角。 股权结构显示，长鑫存储无实际控制人，它拥有豪华的股东阵容，第一大股东合肥清辉集电持股21.67%，国家集成电路产业投资基金二期、腾 讯投资、阿里巴巴、云锋基金、等都是它的股东。值得注意的是，同为存储芯片龙头的上市公司兆易创新作为战略投资者， 2024年3月增资15亿元 获得约1.88%股权。 长鑫存储是目前国内规模最大、技术最先进的DRAM存储芯片企业。据了解，公司已成功量产多款DRAM产品，包括DDR4、LPDDR4、 LPDDR5等，并计划在2025年底至2026年间量产HBM3高频宽记忆体。有市场机构预测，长鑫存储的产能将在2025年增长50%，其在DDR5和 LPDDR5市场的份额也将显著提升。 目前，全球DRAM市场长期被韩美厂商垄断，有数据显示，2025年第一季度韩国的SK海力士、三星电子和美国美光科技分别占据全球36%、 34%和25%的市场份额，三家合计高达95%。有专家认为，虽然长鑫存储与上述三家企业的技术代差可能还有3-4年，但它的技术在加速迭代追赶全 球先进水平。 来源：张力 长鑫存储的上市还将带来积极的连锁效应，它将对整个国产存 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 -27% -13% 1% 15% 29% 43% 57% 71% 85% 99% 113% 隆扬电子 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 33.66 | | --- | --- | | 总股本/流通股本（亿股）2.83 | / 0.82 | | 总市值/流通市值（亿元）95 | / 28 | | 周内最高/最低价 52 | 33.66 / 11.65 | | 资产负债率(%) | 4.0% | | 市盈率 | 116.07 | | 第一大股东 | 隆扬国际股份有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 隆扬电子(301389) 引领布局 hvlp5 高频铜箔 l 投资要点 积极布局 hv ...

AIGC 快速迭代推动全球主要互联网厂商资本开支提速，随着以英伟达GB200 及Rubin 平台架构GPU 为 代表的AI 芯片向高功率发展，HVDC有望凭借其高效率、高可靠性、空间优化、快速部署等优势成为 智算中心供配电方案的发展方向。根据我们测算，预计2025-2027 年全球HVDC 空间达27.9/74.8/144.4 亿元，HVDC 渗透率有望加速向上。 绑定国内头部互联网厂商龙头地位稳固，布局海外市场拓展新成长。公司HVDC 电源产品成熟，在以 BAT 为代表的大型云计算数据中心和第三方colo 数据中心实现大规模应用，市场份额领先，转换效 率、工程经验优势显著。未来HVDC 向800V 升级+国内外渗透率提升，公司龙头地位有望进一步强 化。公司积极布局海外市场，抢占AIDC 发展红利。 核心观点： 盈利预测与投资建议。公司作为国内HVDC 领域龙头企业，充分受益AIDC 建设新机遇。我们预计 2025-2027 年公司归母净利润分别为2.06/3.37/4.90 亿元，对应EPS 为0.37/0.60/0.87 元/股。选取通合科 技、欧陆通、麦格米特为可比公司，综合给予公司2025 年45xP ...

Core Viewpoint - ChaoYing Electronics is showcasing the strength of Chinese technology companies in the critical electronic component field of printed circuit boards (PCBs) through high-performance products and core technological advantages [1] Group 1: Industry Positioning - ChaoYing Electronics has established a strong customer matrix in global automotive electronics, displays, storage, and servers, leveraging high-end products like multi-layer HDI and arbitrary layer interconnection HDI to create a dual growth engine of technological barriers and commercial value [1][3] - The company has become a key player in the automotive electronics sector, providing high-frequency millimeter-wave radar boards that meet the stringent requirements of autonomous driving systems [3][4] Group 2: Technological Innovations - In the display sector, ChaoYing Electronics has developed ultra-large size LCD display mainboards that maintain dimensional stability within 70μm over a length of 570-600mm, becoming core components for major panel manufacturers like BOE and LG [4] - The company has established stable partnerships with leading global hard disk manufacturers and solid-state drive manufacturers, achieving high-density integrated circuit graphics and ultra-low signal loss in its products [4] Group 3: Research and Development - ChaoYing Electronics has invested nearly 400 million yuan in R&D over the past three years, resulting in multiple invention and utility model patents, which enhance its product competitiveness [5] - The company has received various awards, including the "Best Supplier Award" from Continental Automotive and the Gold Award in the Quality Tool Innovation Application Competition from BOE, reflecting its deep involvement in customer projects [5] Group 4: Strategic Development - The company is enhancing its smart manufacturing capabilities through strategic projects like the second phase of high-layer and HDI projects, which will add an annual production capacity of 360,000 square meters of high-layer and HDI PCBs [6] - ChaoYing Electronics is expanding its international presence with its subsidiary in Thailand, focusing on communication servers and automotive electronics, thereby solidifying its foundation for continuous international customer development [6] - The company aims to build an irreplaceable value network in key segments of the global supply chain, emphasizing that the future of Chinese manufacturing lies in creating unique value rather than mere scale expansion [6]

Group 1 - The core point of the article is that Xinya Electronics (605277) has issued a risk warning regarding its stock trading, highlighting the significant market attention on its "lotus root structure" technology solution [1] - The revenue contribution from the "lotus root structure" technology applied in the company's high-frequency and high-speed copper cable connection line - PCIe series products is less than 3.31% [1] - The technology has not yet been mass-produced for external high-speed copper cables [1]