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]

Group 1 - The core viewpoint of the report is that Lian De Equipment (300545.SZ) is rated as a buy due to favorable industry conditions and company developments [2] - The downstream 8.6 generation line construction indicates a high industry prosperity, with the company having a wide application of back-end equipment and breakthroughs in front-end equipment to overcome overseas monopolies [2] - The development of Apple's foldable iPhone entering the P1 prototype stage in June presents new opportunities for Lian De Equipment as a supplier [2] - The solid-state battery market shows considerable potential, with Lian De Equipment deeply investing in various equipment for this market [2]

Core Viewpoint - The article discusses recent developments regarding Tianma Microelectronics, focusing on its supply of display solutions for Xiaopeng Motors and a new OLED equipment contract with AP Systems. Group 1: Supply to Xiaopeng Motors - Tianma Microelectronics supplies display solutions for Xiaopeng's G7 model, featuring a 15.6-inch central control screen with a resolution of 2.5K and LTPS display technology [2][4] - The 2025 G6 model also includes a 15.6-inch central control screen with similar specifications, enhancing user experience through anti-glare features [4] - For the 2025 Xiaopeng X9, Tianma provides a 10.25-inch instrument screen and a 17.3-inch central control screen, with the latter achieving a 3K resolution and high color fidelity [5] Group 2: OLED Equipment Contract - Tianma's subsidiary, Xiamen Tianma, signed an OLED equipment supply contract with AP Systems, with delivery scheduled between June 9, 2025, and May 20, 2026 [6][8] - The contract stipulates that 90% of the payment will be made via letter of credit upon equipment arrival, with the remaining 10% paid after final inspection [8] - The TM18 project, which focuses on the production of curved and foldable displays, has a total investment of 48 billion yuan and covers an area of approximately 1,500 acres [9][11]

【集邦Display整理】 近日，天马微电子分别就供/订货方面传来了新消息。 天马供应小鹏G7中控屏 6月11日，小鹏G7发布。在内饰方面，这款车型配备了15.6英寸中控屏、8英寸后排娱乐屏以及9 英寸1080P高清流媒体后视镜。其中，15.6英寸的中控屏采用了天马微电子提供的显示总成解决 方案。 小鹏G7 15.6英寸悬浮中控屏，分辨率2.5K，并配有窄边框设计。与此同时，该屏幕集成的LTPS 显示技术与TED内嵌式触控技术，能够为驾驶者带来更佳的视觉体验与触控操作感受。 图片来源：小鹏汽车 据了解，小鹏今年发布的2025款G6、X9都搭载了天马微电子的显示屏。 2025款G6配备的15.6英寸中控屏，采用了天马微电子提供的显示总成解决方案。该屏幕采用悬浮 式设计，为2.5K车规级视网膜屏，还搭了配窄边框设计，提升使用体验。 同时，LTPS显示技术与TED内嵌式触控技术的结合，增强画质与色彩表现，提升视觉体验。另 外，防眩目功能处理进一步减少眩光干扰，让驾驶者视线更加清晰，有效提升行车安全。 在2025款小鹏X9中，天马微电子供应了两款产品——10.25英寸仪表和17.3英寸中控屏。 其中，10.25英寸仪 ...