[CSI Headlines].

China's first 8-inch silicon-based gallium nitride substrate

The official WeChat public account of Hubei Jiufengshan Laboratory recently announced that with gallium nitride material as the core, the world's first 8-inch silicon-based nitrogen-based polar gallium nitride substrate (N-polar GaNOI), Jiufengshan Laboratory innovatively launched the country's first 100nm high-performance gallium nitride tape-out PDK platform, and realized the demonstration and verification of dynamic long-distance unmanned terminal wireless energy transmission, breaking the international technology monopoly. PDK (Process Design Kit) is an indispensable toolkit in semiconductor manufacturing. It provides chip designers with key information such as process parameters, device models, and design rules, and is the "bridge" connecting chip design and manufacturing.

Comments: As a representative of the third generation of semiconductor materials, gallium nitride (GaN) is setting off an industrial technology revolution around the world with its excellent physical properties and broad application prospects. With its high frequency, high power, and high efficiency, GaN is becoming a "game changer" for many industries. GaN devices can operate in extreme environments and higher frequency ranges while providing greater output power and higher energy efficiency, and have become the core driving force for the development of high-end applications such as wireless communications, satellite communications, radar and navigation, smart healthcare, and the Internet of Things, and are reaching a critical point for large-scale applications.

◆Among the A-share companies, China Resources Micro (688396) simultaneously carries out the research and development of gallium nitride power devices through 6-inch and 8-inch platforms, and has an all-round layout from substrate materials, device design, manufacturing and packaging processes. Silan Micro (600460) has built a 6-inch GaN-on-silicon integrated circuit chip production line, covering the whole technology chain of material growth, device research and development, GaN circuit research and development, packaging and system application.

[CSI Focus].

The national standard for millimeter-wave radar, the core component of intelligent driving, will be written

Recently, the internal compilation meeting of the compilation group of the draft of the national standard for "traffic information collection roadside millimeter wave radar traffic status detector" was held. The meeting was led by Zhonglu Hi-Tech Transportation Technology Group Co., Ltd., and experts, university professors, researchers and engineers from the field of intelligent transportation and radar technology from China discussed the compilation of standards. After the meeting, the writing team will form a draft of the standard for comments, solicit feedback from both inside and outside the industry, and gradually promote the official release. Subsequently, the national standard will enter the testing and verification stage.

Comments: Driven by the in-depth application of intelligent driving, intelligent transportation and other fields, the millimeter-wave radar industry is entering a period of rapid growth, and the market prospect is characterized by accelerated technology iteration and large-scale cost exploration. With its high-precision detection ability, millimeter-wave radar has become one of the core sensors for intelligent driving environment perception. In addition, millimeter-wave radar is also widely used in security and surveillance, drones, industrial automation, and smart homes. According to the data, the Chinese market size of millimeter-wave radar will reach 13.041 billion yuan in 2022 and is expected to exceed 19.7 billion yuan in 2026, with an average annual compound growth rate of 23.3%; It is expected to climb to 37 billion yuan in 2030, with an average annual growth rate of 20%. Driven by technology iteration and policy dividends, millimeter-wave radar will be deeply integrated into the ecology of smart cars and smart cities, and the future market growth is highly certain.

◆Among the A-share companies, Kinwong Electronics (603228) supplies automotive radar products in batches for domestic and foreign auto parts manufacturers, including ultrasonic radar, lidar and millimeter-wave radar (including 4D millimeter-wave radar), etc., and the company's high-frequency PCB board can be used for 77Ghz and 79Ghz millimeter-wave radar, which has been mass-produced. United Optoelectronics (300691) 4D millimeter-wave radar technology is leading, and has been designated by the leading new energy vehicle companies.

【Selected News】

○ The Ministry of Finance released the 2024 report on the implementation of China's fiscal policy. The report mentions that in 2025, fiscal policy should be more active, sustained and more powerful, such as raising the fiscal deficit rate, increasing the intensity of expenditure, and accelerating the pace of expenditure; Arrange larger-scale government bonds to provide more support for stable growth and structural adjustment.

○ On March 24, the official website of the central bank announced that it would adjust the MLF operation from a single price to a fixed quantity, interest rate bidding, and multiple price bidding methods (i.e., American-style bidding) from this month.

○IDC: The global smart glasses market is expected to ship 12.05 million units in 2025, a year-on-year increase of 18.3%.

[Sankei perspective].

The Press and Publication Administration issued a document to implement the national reading promotion strategy to support digital reading

The National Press and Publication Administration recently publicly solicited opinions on the "Regulations on the Promotion of National Reading (Draft for Solicitation of Comments)". It mentions that the State implements a national reading promotion strategy. The State departments in charge of press and publication, in conjunction with other relevant departments of the State Council, are to formulate a work plan for the promotion of reading for the whole people. Local people's governments at all levels are to draft implementation plans for the promotion of reading for all in their respective administrative regions on the basis of actual conditions. People's governments at the county level or above shall include the funds needed for efforts to promote reading for all in their budgets. The State encourages the development and application of new technologies, new carriers, new facilities, and so forth to promote reading for all, supports the use of information technology to carry out reading promotion activities, and combines online activities with offline promotion, expanding the coverage and influence of reading activities. Support the development of digital reading, strengthen the construction of digital content resources, improve the way digital content consumption services, and adapt to the digital transformation of the public's reading behavior and reading habits.

◆Among the A-share companies, Palmread Technology (603533) provides digital content editing, production and distribution services for genuine books through digital reading platforms such as "Palmreading" and "Dejian". CITIC Publishing (300788) maintains a leading position in the field of mass publishing, especially in the market segments of economics and management, popular science, psychological self-help, and biography.

[Company News].

○Dafeng Industrial (603081) signed a strategic cooperation agreement with Zhiyuan Robot. China Securities Journal and China Securities Taurus reporter learned today that Deng Taihua, former vice president of Huawei, has served as the chairman and CEO of Zhiyuan Robot.

○ Radio and Television Express (002152) and Huawei Ascend jointly released the Wangdao DeepSeek large-scale all-in-one machine.

○ Hecheng Display, a wholly-owned subsidiary of Feikai Materials (300398), intends to purchase JNCLC, a wholly-owned subsidiary of JNC Co., Ltd., a Japanese company, and JNCNM100% of the shares, as well as all patents related to display liquid crystals of JNC Group.

○ Wolong Electric Drive (600580) invested in Zhiyuan Robotics to jointly promote the research and development of embodied intelligent robot technology.

○ Eastern Superconductor, a holding subsidiary of Etern Co., Ltd. (600105), plans to increase its capital and shares and introduce external investors.

○EVE's subsidiary (300014) received a notice of designation from Changan Automobile's supplier.

○ Huaxi Energy (002630) signed project contracts totaling more than 1.6 billion US dollars.

[Capital Tide View].

○ On March 24, the net outflow of main funds in Shanghai and Shenzhen was 66.572 billion yuan. The top three sectors with net inflows of major funds were non-ferrous metals, fertilizers and tourism hotels, with net inflows of 1.216 billion yuan, 798 million yuan and 488 million yuan respectively. The top three stocks with net inflows of main funds are Wolong Electric Drive, Fenda Technology and Hubei Yihua, with net inflows of 892 million yuan, 868 million yuan and 502 million yuan respectively.

○ Dalian Heavy Industry (002204) rose on March 24, with a turnover of 2.733 billion yuan. According to the data of the after-hours Dragon and Tiger List, Shenzhen Stock Connect bought 62.1062 million yuan and sold 52.1807 million yuan, one institutional seat bought 19.9813 million yuan, and the three institutional seats totaled 268 million yuan.