晨会集萃 制作：产品中心 重点推荐 《策略|牛市的规律与洼地》投资策略 1、国内：7 月财政收支均回升，土地成交小幅转冷。7 月财政收入累计 同比回正，当月同比回升转正，税收收入同比回升，非税收入同比继续回 落，财政支出同比回升。7 月全国政府性基金收入、国有土地使用权出让 收入同比回落，全国政府性基金支出同比回落。2、国际：鲍威尔发言加 大市场押注降息概率。鲍威尔在杰克逊霍尔央行年会上发言"放鸽"，市 场加大押注 9 月降息的力度。截至 2025/8/23，美联储 2025 年 9 月降息 25 基点的概率为 75%，维持现有利率的概率为 25%。3、行业配置建议： 赛点 2.0 第三阶段攻坚不易，波折难免，重视恒生互联网。红利回撤常在 有强势产业趋势出现的时候，因此低估红利的高度取决于 AI 产业趋势的 进展，而 AI 产业趋势的进展又取决于 AI 应用端和消费端的突破。消费板 块投资的核心因子是估值，在当前消费板块低估值、利率下行、政策催化 下复苏周期抬头，以宏观叙事而对消费过分悲观反而是一种风险，重视恒 生互联网。 风险提示：地缘冲突超预期，海外通胀持续性超预期，流动性收紧超预期。 《金工|量化择时周 ...

Core Viewpoint - Jilin OLED Material Technology Co., Ltd. reported a significant decline in revenue and profit for the first half of 2025, primarily due to a sharp drop in evaporative source equipment sales, while the materials business showed resilience with growth in revenue. Company Overview and Financial Indicators - The company reported a total revenue of approximately 280.95 million yuan, a decrease of 17.87% compared to the same period last year [3] - Total profit decreased by 77.40% to approximately 22.28 million yuan [3] - Net profit attributable to shareholders was approximately 27.00 million yuan, down 70.59% year-on-year [3] - The company's net assets decreased by 4.39% to approximately 1.66 billion yuan [3] - Total assets increased by 8.38% to approximately 2.36 billion yuan [3] Industry and Business Analysis - The consumer electronics market in China is expected to grow from 1.66 trillion yuan in 2018 to over 2.2 trillion yuan by 2025, driven by advancements in 5G, AI, and IoT [4] - OLED technology is projected to become a major growth trend in the display industry, with global OLED revenue expected to reach approximately 41.7 billion USD by 2024 and 50 billion USD by 2027 [4] - The company has positioned itself as a key player in the OLED upstream supply chain, focusing on both materials and equipment [4][5] Business Performance - The materials business achieved revenue of approximately 257 million yuan, a year-on-year increase of 21.99%, demonstrating strong market demand [12] - The evaporative source equipment revenue fell sharply by 82.20% to approximately 23.35 million yuan due to market conditions [12] - The company has successfully developed a full range of OLED terminal luminescent materials, supporting the application of OLED display technology [12] Technological Advancements - The company has broken through foreign patents in the field of 6th generation AMOLED linear evaporative source equipment, filling a significant technological gap in the domestic market [12] - The company has also achieved a technological breakthrough in 8.6 generation evaporative source equipment, securing contracts with major clients like BOE [12] Research and Development - The company has invested heavily in R&D, with R&D expenses accounting for 25.36% of revenue, an increase of 5.15 percentage points year-on-year [3] - The company completed nearly 280 material structure designs and synthesized over 180 samples, with more than 70 new materials entering customer verification stages [12] Market Strategy - The company employs a direct sales model for both materials and equipment, ensuring close communication with clients to meet their needs [5][6] - The company has established long-term strategic partnerships with major domestic panel manufacturers, enhancing customer loyalty and market penetration [18]

电子/电子化学品Ⅱ 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 瑞联新材 沪深300 相关研究报告 《业绩符合预期，OLED 材料成为第 一大业务板块—公司信息更新报告》 -2025.4.21 《Q3 业绩创历史新高，OLED 材料需 求回暖，电子化学品放量可期—公司 信息更新报告》-2024.10.29 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn xuzhengfeng@kysec.cn 证书编号：S0790524070005 瑞联新材（688550.SH） 业绩超预期，国资控股后有望迎来发展新机遇 2025 年 08 月 22 日 投资评级：买入（维持） Q2 单季度业绩创历史新高，看好国资控股带来发展新机遇 公司发布 2025 年中报，实现营收 8.06 亿元，同比+16.3%；归母净利润 1.66 亿 元，同比+74.2%。其中 Q2 实现营收 4.62 亿元，同比+26.5%、环比+34.4%；归 母净利润 1.2 亿元，同比+97.5%、环比+163.9%，Q2 单季度业绩创历史新高，半 年报业绩 ...

Investment Rating - The industry investment rating is maintained at "Neutral" [2] Core Viewpoints - The current cycle may be nearing its end, with expectations for demand recovery. Infrastructure and export demand are expected to remain robust in 2024, while the real estate cycle continues to decline. The consumer market has shown resilience after two years of recovery [4][5] - Supply-side pressures remain significant, with global chemical capital growth expected to turn negative in 2024. Domestic construction projects are seeing a rapid decline, but fixed asset investment continues to grow at over 15% [4] - The chemical industry is entering a replenishment phase after a year of destocking, with inventory growth turning positive by Q3 2024. However, the overall price and profit levels in the chemical industry are expected to face pressure throughout the year [4] Summary by Sections Industry Valuation and Economic Indicators - The report tracks various indicators including the chemical industry's comprehensive prosperity index and industrial added value [3] - Price indicators such as PPI, PPIRM, and CCPI are monitored, along with supply-side metrics like capacity utilization and fixed asset investment [3] Demand and Supply Dynamics - Demand stability is sought in industries led by supply logic, such as refrigerants and phosphates, with specific companies recommended for investment [7] - Conversely, industries with stable supply but driven by demand logic include MDI and explosives, with key companies highlighted [7] Global Market Trends - The report notes a shift in global investment and trade patterns due to rising protectionism and geopolitical tensions, emphasizing the need for regional cooperation and stability [7] - Investment opportunities are identified in both domestic and international markets, focusing on new production capabilities and breakthroughs in material science [7] Price Trends and Economic Performance - The chemical product price index (CCPI) has shown fluctuations, with a notable decline of approximately 6.9% from January to April 2025 [14] - The PPI for chemical raw materials and products has also experienced a downward trend, with June 2025 figures showing a year-on-year decrease of 6.1% [16]

Group 1: Deep Kangjia - Deep Kangjia has officially become a business unit under China Resources Group, following a share transfer agreement with its previous major shareholder [2] - China Resources Group now holds 21.76% of Deep Kangjia's shares, making it the controlling shareholder [2] - In 2024, Deep Kangjia reported a revenue of 11.115 billion yuan, a year-on-year decrease of 37.73%, and a net loss of 3.296 billion yuan [2] - In Q1 2025, the company achieved a revenue of 2.544 billion yuan, a year-on-year increase of 3.32%, and a net profit of 94.81 million yuan, marking a turnaround [2] Group 2: China Resources Group - China Resources Group is fully controlled by the State-owned Assets Supervision and Administration Commission and operates in six major sectors, including consumer goods and technology [4] - As of June 2025, China Resources Group's total assets reached 2.8 trillion yuan [4] Group 3: Rui Lian New Materials - Rui Lian New Materials has confirmed Qingdao Development Zone Investment Construction Group as its controlling shareholder, marking its transition to a state-owned enterprise [5][6] - The new controlling shareholder holds 25% of the shares, allowing it to dominate the board of directors [6] - Rui Lian's main business includes the research, production, and sales of specialized organic new materials, with OLED materials being its largest segment [6][8] - For the first half of 2025, Rui Lian expects a revenue of 806 million yuan, a year-on-year increase of 16.27%, and a net profit of 162 million yuan, a year-on-year increase of 69.93% [6]

Group 1 - The company reported a revenue of 415 million yuan for the first half of 2025, representing a year-on-year growth of 10.63%, while the net profit attributable to shareholders decreased by 37.90% to 31 million yuan [2] - The decline in net profit is attributed to ongoing investments in research and development as well as the construction of new production lines, reflecting competitive pressures in the display materials industry [2] - The liquid crystal display materials segment continues to develop steadily, with significant breakthroughs in high-performance negative liquid crystal materials for various applications including automotive and gaming [2] Group 2 - The OLED materials business has emerged as a new highlight, particularly with substantial progress in expanding overseas markets, which is expected to provide new growth points for the company [2] - The semiconductor materials segment has also made significant advancements, with the Shanghai facility completing multiple client certifications for KrF resin and achieving stable shipments at the hundred-kilogram level [2] - The completion and production launch of the Xuyou electronic materials base is a key milestone, enhancing the company's capacity and technological level, and marking a shift from a single liquid crystal materials supplier to a diversified materials platform [3] Group 3 - The company is transitioning towards a diversified materials platform, with initial successes in high-end liquid crystal materials, OLED overseas markets, and semiconductor photoresists, despite short-term profit pressures [3] - The full production launch of the Xuyou base and the gradual ramp-up of new products are expected to usher in a new growth cycle for the company [3]

Core Viewpoint - The control issue of Xi'an Ruilian New Materials Co., Ltd. has been resolved, with Qingdao Development Zone Investment Construction Group Co., Ltd. recognized as the controlling shareholder, marking a significant shift in corporate governance and ownership structure [3][4][11]. Shareholder and Governance Structure - As of August 13, 2025, Qingdao Development Zone Investment Construction Group holds 25% of the voting rights, allowing it to dominate the board elections [3][4]. - The new board consists of 5 non-independent directors, 3 independent directors, and 1 employee representative, with Liu Xiaochun appointed as chairman and Ji Kaishi as vice chairman [4][11]. - The shareholding structure shows Qingdao Development Zone Investment Construction Group with 22,227,464 shares (12.81%), followed by Ningbo Zhuoshihengli Investment Partnership with 21,166,362 shares (12.19%) [9]. Business Performance and Growth Potential - Ruilian New Materials expects a revenue of 806 million yuan for the first half of 2025, a year-on-year increase of 16.27%, and a net profit of 162 million yuan, reflecting a 69.93% growth [11]. - The company specializes in OLED materials and semiconductor photoresists, playing a crucial role in the display materials industry, aligning with Qingdao's "strong chip and expand screen" strategy [11][14]. Strategic Synergies and Resource Injection - The controlling shareholder, Qingdao Development Zone Investment Construction Group, can leverage its resources to enhance Ruilian's development, particularly in the OLED and pharmaceutical sectors [14][15]. - The collaboration with over 30 companies in the chip and screen industry can create a closed-loop supply chain, improving sales channels and supply chain positioning for Ruilian [14][15]. - Qingdao Development Zone Investment Construction Group plans to inject up to 815 million yuan into Ruilian for operational and project development needs [14][15]. Management and Policy Support - The new governance structure is expected to introduce advanced management practices from the state-owned enterprise sector, optimizing Ruilian's operational efficiency and cost structure [15]. - Close ties with the government will facilitate better communication for securing favorable industrial policies, such as tax incentives and land support, enhancing profitability [15][16].

Macro Analysis - The financial data for July shows stable social financing but weak credit performance, with new RMB loans decreasing by 50 billion, a year-on-year decline of 310 billion, and a month-on-month drop of 0.2 percentage points to 6.9% [2][3] - The central bank is expected to maintain liquidity support, and the bond market may perform positively despite low yields, as it is sensitive to changes in market liquidity due to rising stock and commodity prices [2] Banking Sector - The seasonal decline in credit expansion is evident, with corporate loan issuance showing a significant drop, while retail credit growth remains weak [3] - New social financing in July reached 1.16 trillion, with a growth rate of 9%, and M2 growth exceeded expectations, indicating a narrowing gap between M2 and M1 [3] Company Research - For Aolide (688378.SH), material business revenue is steadily growing, while equipment orders have temporarily declined, with expected net profits of 127 million, 244 million, and 354 million for 2025-2027 [4] - De'er Laser (300776.SZ) maintains steady growth in performance, with net profit projections of 615 million, 675 million, and 717 million for 2025-2027, despite some impairment losses [7] - Nexperia (1316.HK) reported better-than-expected performance in the first half of 2025, with net profit estimates raised to 140 million, 190 million, and 230 million USD for 2025-2027 [8] - Multi-point Intelligence (2586.HK) focuses on AI and retail, with net profit forecasts adjusted to 130 million, 280 million, and 420 million for 2025-2027, reflecting a positive outlook [9] - Tencent Music (TME.N) exceeded market expectations with non-subscription revenue growth, leading to revised net profit estimates of 9.84 billion, 11.51 billion, and 12.98 billion for 2025-2027 [10] - Lenovo Group (0992.HK) achieved record revenue of 18.83 billion USD in FY26Q1, with net profit projections of 1.7 billion, 2.074 billion, and 2.332 billion for FY26-28, driven by AI demand [11] - 361 Degrees (1361.HK) reported a steady increase in revenue and net profit for the first half of 2025, with EPS estimates of 0.64, 0.72, and 0.81 for 2025-2027 [12] - Aier Eye Hospital (300015.SZ) is projected to have net profits of 4.128 billion, 4.725 billion, and 5.463 billion for 2025-2027, maintaining its leadership in the ophthalmology sector [13]

Core Viewpoint - The article highlights the advancements and strategic initiatives of Aolide in the OLED industry, particularly focusing on the delivery of key evaporation source equipment and the launch of a new materials project aimed at enhancing production capabilities and market share [1][2][3][4]. Group 1: Equipment Delivery - Aolide's subsidiary, Shanghai Shengxi, delivered the first batch of 8.6-generation linear evaporation source equipment to BOE, marking a significant technological upgrade from 6th to 8.6-generation [1][2]. - The linear evaporation source equipment is crucial for the uniform distribution of organic materials on substrates, directly impacting key technical indicators such as film thickness uniformity and deposition rate [2]. Group 2: New Project Launch - Aolide commenced a key functional materials project for OLED displays in Jilin, with a total investment of approximately 300 million yuan, focusing on critical materials such as photosensitive polyimide (PSPI) and organic light-emitting materials [3][4]. - The project is expected to achieve an annual revenue of 383 million yuan and a net profit of approximately 57.51 million yuan in its first year of operation [4]. - This initiative aims to capitalize on the rapid growth of the OLED industry and the opportunities presented by the domestic substitution of PSPI materials, enhancing Aolide's competitive advantage in the OLED core display materials sector [4].

Core Viewpoint - The DIC EXPO 2025 showcased innovative display technologies and applications from various companies, highlighting advancements in display panels, materials, and equipment across multiple sectors including consumer electronics, medical, and automotive [1][140]. Panel Companies - BOE introduced the UB Cell display technology, which enhances image quality and power efficiency through AI integration, applicable in TVs, monitors, and notebooks [2]. - BOE's 31.5-inch 4K medical display meets DICOM800 standards with over 100% NTSC color coverage and a contrast ratio of 2000:1 [4]. - TCL Huaxing presented the world's first mass-produced under-screen camera OLED laptop display with a 98% screen-to-body ratio and 4K resolution [15]. - TCL Huaxing's 27-inch 4K 120Hz printed OLED monitor features a peak brightness of 600 nits and a DCI-P3 color gamut of 99% [17]. - HKC showcased the world's first 800Hz ultra-high refresh rate display [22]. Display Materials and Equipment - Corning displayed advanced glass solutions, including a 57-inch 8K curved gaming screen with a 240Hz refresh rate [76]. - North Huachuang presented magnetic sputtering coating equipment for LCD and touch screens, essential for transparent conductive films [57]. - Koyun Laser introduced precision repair equipment for LCD and OLED displays, enhancing production quality [60]. Emerging Technologies - Visionox exhibited a flexible AMOLED solution with high efficiency and color purity, marking a significant advancement in display technology [31]. - Tianma Microelectronics showcased a 16-inch 480Hz gaming panel, pushing the boundaries of refresh rates in laptops [47]. - Longteng Optoelectronics presented a 14-inch AI dynamic privacy display, allowing users to switch between wide and narrow viewing angles [48]. Conclusion - The DIC 2025 highlighted the latest developments in display technology, showcasing innovations in high refresh rates, high resolutions, and flexible displays, indicating a new phase of growth in the display industry [140].