Core Viewpoint - Zhuhai BOE Crystal Chip Technology Co., Ltd. has officially launched its project with a total investment of approximately 1 billion yuan, marking a significant step in the MLED display industry [1]. Group 1: Project Launch and Development - The Zhuhai Crystal Chip project was registered in June 2024 and had its unveiling ceremony in September 2024 at the BOE IPC·2024 conference [1]. - The project is located in the Zhuhai Huafa Pingsha Electronic and Electrical Industrial Park, covering an area of over 40,000 square meters, with a planned monthly production capacity of over 10,000 square meters for COB [1]. - The core process equipment for the second phase of the project was successfully powered on by September 30, 2024, indicating the completion of equipment installation within the same month [2]. Group 2: Equipment and Technology - The PH2 project aims to expand the MLED COB packaging capacity, enhancing the company's manufacturing capabilities and market responsiveness in the high-end MLED display sector [3]. - Key equipment for the project was awarded to various suppliers, including Xinyi Chang for the die bonding machine, Bohui Te for vacuum lamination and automation systems, and Bojie Xin for the dicing machine [3].

Core Viewpoint - The stock of Zhouming Technology has experienced fluctuations, with a recent decline of 2.10% and a year-to-date increase of 19.29%, indicating volatility in market performance [1] Company Overview - Zhouming Technology, established on October 26, 2004, and listed on June 22, 2011, specializes in the production and sale of LED displays, LED lighting, and landscape lighting engineering services [1] - The company's revenue composition includes smart displays (93.70%), smart lighting (5.06%), other (0.71%), and cultural lighting (0.54%) [1] Financial Performance - For the first half of 2025, Zhouming Technology reported a revenue of 3.658 billion yuan, representing a year-on-year growth of 7.38%, and a net profit attributable to shareholders of 121 million yuan, up 20.61% [2] - The company has distributed a total of 538 million yuan in dividends since its A-share listing, with 331 million yuan in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 37,000, with an average of 23,973 circulating shares per person, an increase of 1.17% [2] - Major shareholders include Hong Kong Central Clearing Limited and E Fund Supply-side Reform Mixed Fund, with notable changes in their holdings [3]

Core Viewpoint - The stock of Zhouming Technology has shown a mixed performance recently, with a year-to-date increase of 24.87% but a decline of 3.50% over the last five trading days [1] Group 1: Company Overview - Zhouming Technology, established on October 26, 2004, and listed on June 22, 2011, is headquartered in Shenzhen, China, and specializes in the production and sale of LED displays, LED lighting, and landscape lighting engineering services [1] - The company's main business revenue composition includes smart displays (93.70%), smart lighting (5.06%), other (0.71%), and cultural creative lighting (0.54%) [1] Group 2: Financial Performance - For the first half of 2025, Zhouming Technology achieved operating revenue of 3.658 billion yuan, representing a year-on-year growth of 7.38%, and a net profit attributable to shareholders of 121 million yuan, up 20.61% year-on-year [2] - Since its A-share listing, Zhouming Technology has distributed a total of 538 million yuan in dividends, with 331 million yuan distributed over the past three years [2] Group 3: Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Zhouming Technology was 37,000, a decrease of 1.15% from the previous period, with an average of 23,973 circulating shares per person, an increase of 1.17% [2] - The stock's trading activity on September 24 showed a net outflow of 13.45 million yuan from main funds, with significant buying and selling activity from large orders [1]

Core Viewpoint - Abison's stock price has shown significant growth this year, with a notable increase in both revenue and net profit for the first half of 2025, indicating a positive financial performance and investor interest [2][3]. Company Performance - As of September 24, Abison's stock price increased by 2.02% to 16.64 CNY per share, with a total market capitalization of 6.142 billion CNY [1]. - Year-to-date, Abison's stock price has risen by 41.50%, with a 1.03% increase over the last five trading days, 35.84% over the last 20 days, and 45.71% over the last 60 days [2]. - For the first half of 2025, Abison reported revenue of 1.819 billion CNY, a year-on-year increase of 1.15%, and a net profit attributable to shareholders of 116 million CNY, reflecting a growth of 30.84% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Abison was 16,800, a decrease of 4.34% from the previous period, with an average of 13,915 circulating shares per shareholder, an increase of 4.54% [2]. - Since its A-share listing, Abison has distributed a total of 999.3 million CNY in dividends, with 274 million CNY distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of Abison include Hong Kong Central Clearing Limited, which holds 2.1616 million shares, an increase of 1.1393 million shares from the previous period [3].

Company Overview - Shenzhen Zhouming Technology Co., Ltd. is headquartered in Bao'an District, Shenzhen, and was established on October 26, 2004, with its listing date on June 22, 2011 [1] - The company specializes in the production and sales of LED display screens, LED decorative lights, and LED lighting products, as well as providing landscape lighting engineering services [1] - The revenue composition of the company includes smart displays at 93.70%, smart lighting at 5.06%, other at 0.71%, and cultural creative lighting at 0.54% [1] Stock Performance - On September 23, Zhouming Technology's stock fell by 5.1%, closing at 8.00 CNY per share, with a trading volume of 287 million CNY and a turnover rate of 4.00%, resulting in a total market capitalization of 8.729 billion CNY [1] Fund Holdings - According to data, one fund under Caitong Securities Asset Management holds a significant position in Zhouming Technology, specifically the Caitong Asset Management CSI 1000 Index Enhanced A (019402), which held 47,600 shares in the second quarter, accounting for 3.1% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has a current scale of 10.2815 million CNY and has achieved a year-to-date return of 20.32%, ranking 2490 out of 4220 in its category [2] Fund Manager Information - The fund manager of Caitong Asset Management CSI 1000 Index Enhanced A is Xin Chenchen, who has been in the position for 5 years and 16 days, with the fund's total asset scale at 11.1061 million CNY [3] - During the manager's tenure, the best fund return was 34.09%, while the worst return was -34.95% [3]

资料显示，深圳市洲明科技股份有限公司位于(总部)深圳市宝安区福海街道和平社区同富裕工业区蚝业 路18号B栋1-3楼,(研发基地)深圳市坪山新区兰景北路6号洲明科技园,(生产基地)惠州市惠阳区大亚湾西 区龙盛五路3号洲明科技园,中山市民众镇众安大道105号，成立日期2004年10月26日，上市日期2011年6 月22日，公司主营业务涉及生产和销售LED显示屏、LED灯饰、LED照明灯的产品,提供景观亮化工程 服务。主营业务收入构成为：智慧显示93.70%，智能照明5.06%，其他0.71%，文创灯光0.54%。 从基金十大重仓股角度 9月23日，洲明科技跌5.1%，截至发稿，报8.00元/股，成交2.85亿元，换手率3.97%，总市值87.29亿 元。 金元顺安价值增长混合（620004）基金经理为孔祥鹏、韩辰尧。 截至发稿，孔祥鹏累计任职时间8年90天，现任基金资产总规模1.31亿元，任职期间最佳基金回 报-1.45%， 任职期间最差基金回报-11.58%。 韩辰尧累计任职时间2年208天，现任基金资产总规模7.88亿元，任职期间最佳基金回报7.07%， 任职期 间最差基金回报-9.28%。 风险提示：市场有 ...

Core Viewpoint - Absen's stock price has shown volatility with a year-to-date increase of 37.24%, but a recent decline of 4.83% over the last five trading days, indicating potential market fluctuations and investor sentiment shifts [1]. Financial Performance - For the first half of 2025, Absen reported a revenue of 1.819 billion yuan, reflecting a year-on-year growth of 1.15%, while the net profit attributable to shareholders was 116 million yuan, marking a significant increase of 30.84% [2]. - Cumulatively, since its A-share listing, Absen has distributed a total of 999.3 million yuan in dividends, with 274 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of Absen's shareholders decreased by 4.34% to 16,800, while the average number of circulating shares per person increased by 4.54% to 13,915 shares [2]. - The major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.1393 million shares, and other funds that also raised their stakes, indicating growing institutional interest [3]. Stock Performance Metrics - As of September 18, Absen's stock was trading at 16.14 yuan per share, with a market capitalization of 5.957 billion yuan. The trading volume was 140 million yuan, with a turnover rate of 3.69% [1]. - The stock has experienced a 29.95% increase over the past 20 days and a 41.58% increase over the past 60 days, showcasing strong performance in the medium term [1].

Core Insights - Shaanxi province has shown resilience in foreign trade and investment amidst a challenging international economic environment, with a total import and export value of 332.6 billion yuan, a year-on-year increase of 10.5%, surpassing the national average by 7 percentage points [1] - The province has established 226 new foreign-invested enterprises, with actual foreign investment reaching 16.236 billion yuan, of which 3.786 billion yuan was utilized [1] Group 1: Foreign Trade Stability - The province's foreign trade has been bolstered by technological innovation, enhancing the international competitiveness of products [2] - Shaanxi's exports to the EU and ASEAN have seen significant growth, with increases of 43.4% and 17.9% respectively [4] - The "Shan Yao Global" initiative has supported 284 enterprises in participating in 20 key overseas exhibitions, aiding in international market expansion [3] Group 2: Foreign Investment Attraction - The establishment of the fourth global R&D center by the French company Air Liquide in Xi'an highlights the region's appeal to multinational corporations [5] - Xi'an's educational resources align well with the talent needs of foreign companies, facilitating industry collaboration [6] - The provincial government has organized various events to attract high-quality projects, including overseas investment promotion activities in countries like Japan and South Korea [7] Group 3: Optimizing Business Environment - Shaanxi has implemented a "five-star" service model to enhance the investment environment, showcasing its commitment to attracting foreign projects [8] - The one-stop service approach in Xi'an has streamlined the establishment process for foreign enterprises, significantly reducing bureaucratic hurdles [9] - The province has introduced measures to further optimize the business environment, aiming for efficient project initiation and operation [10]

Core Insights - The LED display industry is undergoing a transformation from "one-way display" to "two-way interaction" driven by AI technology, which is seen as a key opportunity to redefine user experience and commercial potential [2][5][8] - Leading companies like Absen, Unilumin, and Leyard are elevating "LED+AI" to a strategic level, viewing it as a new engine for future growth and industry technological transformation [2][3][4] Company Strategies - Absen has positioned "LED+AI" as a core strategic direction since last year, focusing on user needs and aiming to enhance product performance and experience through AI [2][3] - Unilumin has also elevated "LED+AI" to a top strategic priority, transitioning from a display hardware manufacturer to an "AI intelligent light display ecosystem leader" [3][4] - Leyard is actively deploying its "AI+" strategy, achieving significant progress in smart service platforms and interactive products, which will drive the industry towards greater intelligence and interactivity [4] Technological Innovations - The strategic upgrade in the industry is reflected in three dimensions: quality enhancement through AI algorithms, energy efficiency via intelligent control, and smart interaction breaking the limitations of traditional displays [2][3] - Companies are developing AI solutions that adapt to different environments, enhancing user experience and creating value [2][3] Market Applications - Real-world applications of AI in LED displays include smart shopping guides, immersive experiences in cultural tourism, and interactive classrooms, which traditional displays cannot achieve [3][6] - Absen's AI solutions, such as the AI virtual digital human "Xiao Ai" and AI digital dressing solutions, have received positive feedback and are aimed at enhancing retail conversion rates [6][7] Ecosystem Development - The competition in the LED commercial display industry is shifting from product competition to ecosystem competition, with companies building comprehensive capabilities that integrate hardware, software, and content [7][8] - Unilumin's strategy includes focusing on vertical scenes, establishing a commercial closed loop for AI products, and expanding into international markets [7][8] Future Trends - The industry is expected to deepen in three directions: AI-driven performance enhancement, intelligent upgrades in interaction experience, and continuous diversification and expansion of application scenarios [8]

Core Viewpoint - The PH2 project by Zhuhai BOE Crystal Core Technology Co., Ltd. aims to expand MLED COB packaging capacity, enhancing the company's manufacturing capabilities and market responsiveness in the high-end MLED display sector [2]. Summary by Sections Project Overview - The PH2 project has successfully moved its core processing equipment into the factory as of August 30 [1]. - The project is set to enter the equipment installation and debugging phase following the equipment's arrival [2]. Company Development - Zhuhai BOE Crystal Core Technology Co., Ltd. was officially registered in June 2024, with the project commencing construction in September 2024 [2]. - The project completed equipment relocation and began factory operations in December 2024 [2]. Production and Capacity - The COB products from the Zhuhai Crystal Core project were successfully lit up in January 2025, indicating readiness for larger-scale LED display production [2]. - The project has a total investment of approximately 1 billion yuan, with a factory area exceeding 40,000 square meters [2]. - The planned monthly production capacity for COB is expected to exceed 10,000 square meters, with over 95% automation throughout the production line [2].