Core Viewpoint - Anpei Long (301413.SZ) announced plans to invest up to RMB 200 million in low-risk financial products using idle funds in 2026, pending shareholder approval [1][3]. Investment Strategy - The investment will focus on conservative, stable, and balanced financial products with low risk and high liquidity, avoiding high-risk investments or illegal uses [3]. - The company will prioritize products issued or managed by reputable financial institutions to ensure fund safety [3]. Financial Management - The total balance of outstanding financial products held by the company and its wholly-owned subsidiaries at any time must not exceed RMB 200 million, allowing for rolling use of funds within this limit [3]. - The investment period will last from the date of shareholder approval until December 31, 2026, with flexibility in purchasing and redeeming based on the company's funding plans [3]. Company Profile - Anpei Long specializes in smart sensors, with products including pressure, torque, temperature, gas sensors, and thermistors, widely used in automotive, smart home, photovoltaic energy storage, and industrial control sectors [3]. - The company has been recognized as a national-level "specialized and innovative" small giant enterprise [3]. Financial Goals - The company aims to enhance fund utilization efficiency and generate investment returns for the benefit of the company and its shareholders while ensuring daily operational funding needs and safety [3].

（文/罗叶馨梅）12月2日，宏微科技（688711.SH）在投资者互动平台回应相关提问时表示，公司自主研发的GaN 100V/7m型号产品已适配机器人核心驱动 需求，目前处于向下游厂商送样阶段，尚未进入量产。公司称，将根据客户验证进展和市场需求，安排后续量产计划。 宏微科技介绍，氮化镓（GaN）作为第三代半导体材料，具备高开关频率、导通损耗和开关损耗较低等特点，适用于对功率密度、转换效率和响应速度要求 较高的应用场景。在工业机器人、电机伺服系统等领域，功率器件需要在有限空间内实现更高功率输出，GaN器件的高频、高效特征与此类需求相匹配。 此次披露的GaN 100V/7m型号产品，额定电压覆盖部分直流母线和电机驱动场景，导通电阻控制在毫欧级别，面向机器人核心驱动等细分市场。公司表示， 产品目前正在下游厂商样机阶段验证，主要用于评估在系统效率、热管理和尺寸等方面的综合表现。 公开资料显示，宏微科技主营功率半导体芯片及功率模块，产品覆盖MOSFET、IGBT、整流器件及相关模块，应用场景包括工业控制、新能源发电与储 能、电机驱动、家电和消费电子等。公司近年来在第三代半导体方向持续投入研发，布局GaN等新型功率器件， ...

Core Insights - Chery Automobile reported a total sales volume of 255,809 units in November, a slight decrease of approximately 2% compared to 260,309 units in the same month last year [3] - Cumulative sales for the year reached 2,399,073 units, reflecting an 11% increase from 2,169,588 units in the previous year [3] Brand Performance - **Chery Brand**: November sales were 165,511 units, a 1% increase from 164,225 units year-on-year. Cumulative sales for the year reached 1,543,069 units, up 7% from 1,443,055 units [1][2] - **Exeed Brand**: November sales dropped to 12,021 units, down 24% from 15,898 units year-on-year. Cumulative sales for the year were 109,466 units, a 15% decrease from 128,438 units [2] - **Jetour Brand**: November sales were 55,088 units, a 13% decline from 63,040 units year-on-year. However, cumulative sales for the year increased by 14% to 573,739 units from 502,367 units [2] - **iCAR Brand**: This brand showed significant growth, with November sales reaching 11,428 units, a 99% increase from 5,745 units year-on-year. Cumulative sales for the year were 90,451 units, up 63% from 55,508 units [2] - **Zhijie Brand**: November sales were 11,761 units, a 3% increase from 11,401 units year-on-year. Cumulative sales for the year reached 82,348 units, a substantial 105% increase from 40,220 units [2] Future Outlook - By November 2025, Chery's sales of new energy vehicles are projected to reach 110,017 units, significantly contributing to overall sales. Additionally, export sales are expected to be high at 131,851 units, indicating strong performance in overseas markets [2]

Core Viewpoint - The company announced a strategic shift by divesting its stake in the subsidiary Lingzhi Yunchuang Technology Co., Ltd. to focus on its core optical business, moving away from the wheel-based medical service and logistics delivery robot sector [2][3]. Group 1: Transaction Details - The transaction consists of two parts: a share transfer and a capital increase, which are interdependent [2]. - The share transfer involves the full subsidiary Lianyi Helite Technology Co., Ltd. selling its stake in Lingzhi Yunchuang, with a transfer price of 14.3 million yuan for a registered capital of 5.6746 million yuan [2]. - Following the capital increase, the registered capital of Lingzhi Yunchuang will rise from 10 million yuan to 12.36 million yuan, with Lianyi Helite's ownership dropping from 100% to 34.9951%, while Wan Ce Zhizao will hold 65.0049% [2]. Group 2: Business Transition - Post-transaction, the company will transfer all non-Lingzhi Yunchuang medical robot-related R&D results, design materials, intellectual property, unfulfilled contracts, and customer relationships to Lingzhi Yunchuang [3]. - Lingzhi Yunchuang, established on May 11, 2024, has a registered capital of 10 million yuan and focuses on the development and sales of intelligent robots, particularly in the medical service and logistics sectors [3]. Group 3: Financial Performance - Lingzhi Yunchuang has reported losses in recent years, with 2024 revenues of 206,200 yuan and a net loss of 3.2282 million yuan, resulting in total assets of 4.466 million yuan and a net asset deficit of 938,200 yuan [3]. - For the period from January to July 2025, Lingzhi Yunchuang generated revenues of 152,480 yuan and a net loss of 623,920 yuan, with total assets of 7.514 million yuan and a net asset deficit of 597,400 yuan as of July 31 [3]. Group 4: Legal and Ownership Status - As of the announcement date, Lingzhi Yunchuang's ownership is clear, with no pledges or restrictions on rights, and it does not involve any major disputes [4].

Core Viewpoint - Longxin General has completed the transfer of its entire stake in CMD, marking a strategic decision to mitigate uncertainties in CMD's future development and focus on its own strategic direction [2][3] Group 1: Transaction Details - Longxin General has transferred 67% of its stake in CMD to minority shareholders for a consideration of €1 million [2] - The company has fully received the payment for the stake transfer and has paid the termination fee to CMD [3] - All related agreements, including the termination agreement, have been signed and executed according to the framework agreement [3] Group 2: Strategic Implications - The completion of this transaction signifies the end of Longxin General's involvement with CMD, allowing the company to concentrate on its strategic development [3] - The decision to divest CMD was made to avoid potential risks associated with CMD's uncertain future under the current shareholding structure [2]

近日，吉利汽车控股有限公司发布最新销量公告，披露公司旗下各品牌及新能源车型、出口业务的销售数据。数据显示，公司11月及本年度累计销量均实现 显著同比增长，其中新能源车型表现尤为突出，插电式混动汽车（PHEVs）同比增幅超170%。 新能源汽车板块成为本次销量公告的最大亮点，纯电与插混车型均实现大幅增长。其中，纯电动汽车（BEVs）本月销量102,602部，较去年同期91,333部同 比增长12%，本年度累计销量994,674部，较去年同期499,525部同比近乎翻倍，增幅达99%。 插电式混动汽车（PHEVs）增长更为迅猛，本月销量85,196部，较去年同期31,120部同比暴涨174%；本年度累计销量538,829部，较去年同期277,504部同比 增长94%，成为新能源板块增长的重要支撑。 出口方面，公告定义出口为中华人民共和国（包括香港、澳门特别行政区及台湾地区）以外的国家和地区。本月吉利汽车出口销量42,091部，较去年同期 34,447部同比增长22%；本年度累计出口销量379,787部，较去年同期387,472部小幅下降2%，整体出口业务保持稳健发展态势。 旗下核心品牌中，吉利品牌持续领跑，本月销 ...

· 福建星网锐捷通讯股份有限公司（有限合伙人）：认缴8000万元，占比26.67%； · 合力泰科技股份有限公司（有限合伙人）：认缴5000万元，占比16.67%； 12月1日，合力泰发布《关于对外投资设立产业基金暨关联交易的公告》，宣布拟与4家合作方共同出资设立产业基金，聚焦半导体、人工智能等契合新质生 产力范畴的优质项目，本次交易构成关联交易，已获公司董事会审议通过。 公告显示，该产业基金暂定名为福建福金信科创业投资合伙企业（有限合伙），基金总规模3亿元，全体合伙人均以货币形式出资。各合伙人认缴出资额及 投资比例如下： · 福建省电子信息产业股权投资管理有限公司（普通合伙人）：认缴2000万元，占比6.67%； 同时，基金设置明确投资限制，不得从事无限责任投资、违规借贷担保、高风险金融业务、二级市场股票及金融衍生品投资（被投企业上市后处置股票除 外）等禁止性事项，确保资金聚焦主业相关投资领域。 本次投资构成关联交易，关联关系源于基金普通合伙人电子产投公司为合力泰控股股东福建省电子信息（集团）有限责任公司（以下简称"福建省电子信息 集团"）的控股子公司，而有限合伙人星网锐捷的实际控制人亦为福建省电子信息集团 ...

12月2日，瀚川智能发布《关于收到调解书暨诉讼进展的公告》，披露其与时代骐骥数字科技（上海）有限公司（以下简称"时代骐骥"）的买卖合 同纠纷案件已达成调解并收到法院民事调解书，同时公布了与宁德时代新能源科技股份有限公司（以下简称"宁德时代"）及其子公司相关诉讼的 最新进展。 资料显示，时代骐骥的唯一股东为宁普时代电池科技有限公司，而宁普时代又是宁德时代持股超94%的子公司。 诉讼过程中，瀚川智能申请撤回对宁普时代的起诉，时代骐骥则提起反诉，反诉金额合计8,323,600元，法院予以受理并合并审理。经江苏省苏州 工业园区人民法院主持调解，双方自愿达成调解协议，核心内容如下： · 时代骐骥同意在2025年12月30日前向瀚川智能支付货款5,034,800元； · 瀚川智能就案涉订单自愿放弃剩余货款及违约责任的主张，其余诉请亦自愿放弃； · 上述给付完成后，双方就本案再无其余纠葛； · 本诉案件受理费减半收取46,830元、保全费5,000元，合计51,830元，由瀚川智能负担28,415元、时代骐骥负担23,415元，时代骐骥应负担款项需于 2025年12月30日前给付瀚川智能。 公告指出，截至2025年半年度， ...

Summary of Key Points Core Viewpoint - Dong'an Power reported significant year-on-year growth in both engine and transmission sales and production for November, indicating a strong performance in the automotive components sector [2][3]. Group 1: Engine Performance - In November, engine sales reached 37,356 units, a 21.83% increase from 30,662 units in the same month last year [2][3]. - Cumulative engine sales for the year totaled 390,494 units, reflecting a 21.10% increase compared to 322,455 units in the previous year [2][3]. - Engine production in November was 38,434 units, up 14.71% from 33,505 units year-on-year [2][3]. - Year-to-date engine production reached 420,755 units, a 21.37% increase from 346,663 units in the same period last year [2][3]. Group 2: Transmission Performance - Transmission sales in November were 17,682 units, showing a modest increase of 1.64% from 17,397 units in the same month last year [3]. - Cumulative transmission sales for the year amounted to 155,270 units, a substantial increase of 63.47% compared to 94,984 units in the previous year [3]. - Transmission production in November was 20,498 units, which represents a decline of 16.06% from 24,419 units year-on-year [3]. - Year-to-date transmission production totaled 169,651 units, marking a 34.16% increase from 126,451 units in the same period last year [3].

Core Viewpoint - Despite facing challenges such as macroeconomic downturns and uncertainties in global trade tariffs, the company reported stable financial performance with a 3% year-on-year increase in profit attributable to shareholders and maintained its interim dividend at 17 Hong Kong cents per share, consistent with the previous year [2] Financial Performance - For the first half of the fiscal year 2025/26 (ending September 30, 2025), the company's total revenue was $1.8335 billion, a slight decrease of 1% from $1.8542 billion in the same period last year; excluding foreign exchange effects, revenue fell by 2% [2][4] - Gross profit reached $440.7 million, with a gross margin increase from 23.6% to 24.0%, primarily due to lower direct labor costs, tighter raw material prices, and favorable foreign exchange movements, which offset pressures from price reductions and rising wages [2][4] - Net profit attributable to shareholders increased by 3% to $133.3 million, with fully diluted earnings per share at 14.21 cents; adjusted EBITDA was $158.7 million, accounting for 8.7% of revenue [2][4] Cash Flow and Financial Position - The company reported strong operating free cash flow, rising from $144.4 million to $174.5 million, mainly due to a decrease in working capital [2][4] - As of September 30, 2025, cash reserves stood at $932.5 million, with a total debt-to-capital ratio of 11%, down 1 percentage point from the end of the previous year; net cash was $572.8 million, and interest coverage improved to 21.3 times [3][4] Business Segments - The automotive products segment, which is the core business, accounted for 84% of total revenue, experiencing a 3% decline in fixed exchange rates; the Asia-Pacific region saw a 6% drop, primarily due to market share loss among joint ventures in China [5] - The industrial products segment represented 16% of total revenue, remaining stable year-on-year in fixed exchange rates, with varied regional performance: a 7% increase in Europe, the Middle East, and Africa, while Asia-Pacific and the Americas saw declines of 5% and 3%, respectively [5] Strategic Initiatives - The company is adjusting its business by integrating production processes, focusing on highly automated assembly lines and digital processes, and shifting new business development towards rapidly expanding Chinese manufacturers [6] - The company is actively pursuing new opportunities in the context of the global automotive industry's electrification transition and trade policy changes, including a joint venture with Shanghai Mechanical & Electrical Co., Ltd. to focus on high-performance humanoid robot components [6]