佳能开发的新一代图像传感器的试制品 佳能开发出了被称为"SPAD"传感器的新型图像传感器，在暗处表现出色，而且降低了耗电量。在车载 传感器领域，高附加值产品的全球市场份额由美国安森美、中国上海韦尔半导体旗下的美国豪威集团、 索尼半导体解决方案瓜分…… 日本佳能日前发布了用于汽车的高性能图像传感器。通过细致地测量光线，即使在漆黑的夜路上也能识 别远处的行人。在随着自动驾驶而增长的"汽车之眼"领域，索尼集团也在投入力量，开发竞争将日趋激 烈。 随着先进驾驶辅助系统（ADAS）和自动驾驶的普及，汽车传感器有望实现高增长。日本矢野经济研究 所的数据显示，2030 年市场规模将达到3.6929万亿日元，增至2024年的2.3倍。佳能瞄准的摄像头领域 到2030年将占整体的5成。 规定的严格化也成为东风。美国国家公路交通安全管理局（NHTSA）要求2029年9月以后上市的所有汽 车必须安装自动紧急制动系统，设置了系统昼夜运行等严格条件。 索尼产品可以检测较小的障碍物 挡在佳能前面的是CMOS传感器的巨人索尼集团。在车载方面，高附加值产品的全球市场份额（按金额 计算）由美国安森美、中国上海韦尔半导体旗下的美国豪威集团（Om ...

Group 1 - The core viewpoint highlights Japan's unique model of "overseas gold mining and returning to the homeland," which has effectively maintained national wealth during economic stagnation and provided strong support for domestic industrial upgrades and technological innovation [1][21] - Over the past 30 years (1994-2023), Japan has accumulated approximately 900-1000 trillion yen (about 8-9 trillion USD) in overseas investment income surplus, with an average net income consistently accounting for 3%-5% of GDP, serving as a substantial and stable external wealth source [3][10] - In 2022, overseas investment income reached a record 34.8 trillion yen, equivalent to twice Japan's annual semiconductor export value, indicating that this income has surpassed traditional trade [3][10] Group 2 - The structure of overseas income is characterized by stability and risk, with about 50% derived from profits of overseas subsidiaries like Toyota's Southeast Asia factories and Sony's U.S. bases [4][5] - Approximately 40% of the income comes from financial assets, relying on U.S. Treasury interest and global stock dividends [6][7] - The Bank of Japan's foreign exchange reserves of 1.3 trillion USD contribute an average of 4 trillion yen in income annually [8] Group 3 - The continuous return of overseas profits supports domestic economic reinvestment, innovation, and growth, with about 50% reinvested overseas, 30% used for stock buybacks or dividends, and 20% directly returned to Japan for R&D and job subsidies [10][11] - The growing investment income surplus effectively offsets recent trade deficits, maintaining a robust overall external surplus and stabilizing the macroeconomic foundation [12] - High levels of annual fund repatriation provide significant supply to the foreign exchange market, preventing potential currency crises [13] Group 4 - Japan's strategic transformation began with the 1998 reform of the Foreign Exchange Law, leading to a remarkable increase in overseas net assets from 0.3 trillion USD in 1990 to 3.6 trillion USD in 2023, maintaining the top position globally for 33 consecutive years [15][16] - The return of overseas funds has shown clear signs of revitalizing the economy, with companies accelerating investments in AI, renewable energy, and biotechnology [16][17] - The Tokyo stock market has reached a 34-year high, driven by corporate buybacks and growth expectations, indicating a significant recovery in market confidence [17] Group 5 - Future challenges include asset structure risks, with about 60% of securities investments concentrated in U.S. assets, making them vulnerable to shifts in Federal Reserve policy [19] - A declining domestic savings rate, influenced by aging demographics, may weaken future sources of overseas investment capital [19] - Geopolitical tensions, such as U.S.-China frictions, necessitate enhanced supply chain resilience and diversified asset allocation [20]

Core Viewpoint - Yirui Technology (688301.SH), a domestic core component supplier for medical imaging, is accelerating its industrial layout through an investment of up to 1.8 billion yuan in a silicon-based OLED microdisplay backplane production project [1][2]. Investment and Expansion - The company plans to increase its investment in its wholly-owned subsidiary, Yirui Imaging Technology (Hefei) Co., Ltd., by 600 million yuan to implement the silicon-based OLED microdisplay backplane production project [2][3]. - The project aims to add a production capacity of 5,000 units per month, with a construction period of 12 months and an expected payback period of 6.7 years, yielding an internal rate of return of 11.01% [2][3]. R&D Investment - From 2020 to 2024, Yirui Technology's cumulative R&D investment reached 1.053 billion yuan, with annual investments showing a growth trend: 96 million yuan in 2020, 146 million yuan in 2021, 239 million yuan in 2022, 262 million yuan in 2023, and 310 million yuan in 2024 [3][4]. Market Position and Performance - Yirui Technology is a leading player in the digital X-ray detector market, with production bases located in Shanghai, Jiangsu, Zhejiang, and Seoul, South Korea [4]. - In 2024, the company reported a revenue of 1.831 billion yuan, a year-on-year decrease of 1.74%, and a net profit of 465 million yuan, down 23.43% [5][6]. Globalization Efforts - In 2024, Yirui Technology enhanced its global presence by establishing sales or customer service platforms in the United States, Germany, and South Korea [6]. - The company also plans to issue shares to specific investors to raise funds for the construction of X-ray vacuum devices and comprehensive solution projects, which will add significant production capacity [6].

Investment Overview - The company plans to invest up to RMB 1.8 billion (approximately USD 270 million) in the silicon-based OLED microdisplay backplane production project, with an increase of RMB 600 million (approximately USD 90 million) to its wholly-owned subsidiary, Yirui Imaging Technology (Hefei) Co., Ltd [3][4] - The investment aims to enhance production capacity by adding 5,000 units per month and achieving large-scale production [4] Decision and Approval Process - The investment proposal was approved during the 15th meeting of the company's third board of directors on May 23, 2025, and will be submitted for shareholder approval [2][3] Project Background - The company aims to establish a partnership with Shiya Technology and specific clients, where Shiya Technology will provide silicon-based OLED microdisplay module products, and the company will supply the necessary core materials [3][4] - The project leverages existing production lines for CMOS sensors, allowing for efficient production of the new backplane [4] Impact on the Company - The investment is expected to create strong synergies with existing operations, enhance technological innovation, and improve collaboration with downstream clients, thereby strengthening the company's competitive edge [4] - The funding will come from the company's own resources and a performance bond from Shiya Technology, ensuring no adverse impact on normal operations [4]