Group 1 - Guoxia Technology Co., Ltd. was established in 2019 and is a leading provider of solutions and products in China's energy storage industry, projected to exceed 2 billion yuan in output value by 2025 [1] - According to a report by Zhaosheng Consulting, Guoxia Technology is expected to be the eighth largest Chinese supplier in the global multi-purpose energy storage system market by 2024, based on new installed capacity [1] - The company went public on the Hong Kong Stock Exchange on December 16, aiming to drive long-term development through "systematic + intelligent" technology and promote the large-scale application of renewable energy [1] Group 2 - Guoxia Technology focuses on "AI+" energy storage as a strategic direction, developing a full-stack technology closed loop from battery management to system scheduling, enhancing efficiency and precision in energy systems [2] - The company's technology is widely applied in key scenarios such as prediction, optimization, and scheduling of energy storage systems, addressing energy-saving and carbon reduction needs for high-energy-consuming sectors [2] Group 3 - Looking ahead to the 14th Five-Year Plan, Guoxia Technology plans to develop specialized AI chips for energy storage systems, enabling millisecond-level edge decision-making and autonomous inspection capabilities [3] - The company aims to create AI optimization robots specifically designed for energy storage systems, incorporating innovative storage technologies to guide robot behavior [3] Group 4 - Guoxia Technology has established its overseas brand "HANCHU ESS" and has implemented intelligent energy storage solutions in over 10 countries and regions across Europe, Africa, and Southeast Asia [4] - The company has adapted its AI scheduling capabilities to different national pricing mechanisms and regulatory frameworks, positioning itself as a global and localized intelligent energy storage solution provider [4] Group 5 - As a founding member of the "Large Energy Storage Ecosystem Innovation Alliance," Guoxia Technology is committed to building an open, collaborative, and intelligent industrial innovation ecosystem [5] - The company has partnered with institutions like Shanghai Jiao Tong University to establish innovation platforms, enhancing local grid peak-shaving capabilities and renewable energy utilization efficiency [5] - Guoxia Technology aims to foster industrial technological innovation and create a new energy future characterized by intelligent interconnectivity and efficient coexistence [5]

Core Viewpoint - CICC initiates coverage on Reborn Energy (02570) with an "outperform" rating and a target price of HKD 84.63, based on a P/S valuation method, corresponding to a 7x 2026 P/S multiple, with projected EPS of -6.0 CNY and -4.7 CNY for 2025 and 2026 respectively [1] Group 1: Company Overview - Reborn Energy is a leading fuel cell company in China, expected to hold an 18% market share in 2024, with R&D expenses significantly exceeding peers, positioning it as a technology leader in the industry [3] - The company is focused on self-research and production of key components such as stacks, membrane electrodes, and bipolar plates, promoting domestic production of core components [3] - Reborn Energy is deeply engaged in the heavy-duty truck sector, with a 42% market share in 2023, and is continuously expanding into low-cost hydrogen and other market applications [3] Group 2: Market Potential and Growth - The fuel cell industry is experiencing rapid cost reduction and technological advancements, with expectations that by 2028, the lifecycle cost of fuel cell heavy-duty trucks will become competitive [2] - Global fuel cell vehicle sales are projected to reach 426,000 units by 2028, with a CAGR of 97.5% from 2023 to 2028 [2] - The company is launching PEM electrolyzers and membrane electrodes in 2023, and plans to introduce off-grid supercharging piles in 2024, which will alleviate electricity expansion pressures [4] Group 3: Financial Projections - CICC forecasts Reborn Energy's revenues to be CNY 670 million and CNY 980 million for 2025 and 2026 respectively, with a target price corresponding to a 7x P/S multiple for 2026, indicating a 17.5% upside from the current stock price [1] - The sales revenue from non-automotive fuel cell systems is expected to exceed CNY 54 million in 2024, representing a year-on-year growth of 133% [4] - By 2024, overseas revenue from fuel cell systems is anticipated to account for 9% of total revenue, indicating potential for accelerated growth in international markets [4]

Core Viewpoint - CICC initiates coverage on Reconstruct Energy (02570) with an "outperform" rating and a target price of HKD 84.63, based on a P/S valuation method corresponding to a 7x 2026 P/S multiple, with projected EPS of -6.0 and -4.7 for 2025 and 2026 respectively [1] Group 1: Company Overview - Reconstruct Energy is a leading fuel cell company in China, expected to hold an 18% market share in 2024, with R&D expenses significantly exceeding peers, positioning it as a technology leader in the industry [3] - The company is focused on self-research and production of key components such as stacks, membrane electrodes, and bipolar plates, promoting domestic production of core components [3] - The company has a strong presence in the heavy-duty truck sector, with a 42% market share in 2023, and is continuously expanding into low-cost hydrogen and other market applications [3] Group 2: Market Potential and Growth - The fuel cell industry is experiencing rapid technological advancements and cost reductions, with expectations that the total lifecycle cost of fuel cell heavy-duty trucks will reach parity by 2028 [2] - Global fuel cell vehicle sales are projected to reach 426,000 units by 2028, with a CAGR of 97.5% from 2023 to 2028 [2] - The company is launching PEM electrolyzers and membrane electrodes in 2023, and plans to introduce off-grid supercharging piles in 2024, which will alleviate electricity expansion pressures in various applications [4] Group 3: Financial Projections - CICC forecasts the company's revenue to be CNY 670 million and CNY 980 million for 2025 and 2026 respectively, with a target price based on a 7x P/S multiple for 2026, indicating a 17.5% upside from the current stock price [1] - The sales of non-automotive fuel cell systems are expected to exceed CNY 54 million in 2024, representing a year-on-year increase of 133% [4] - The company aims for overseas fuel cell system revenue to account for 9% of total revenue by 2024, indicating potential for accelerated growth in international markets [4]

Investment Highlights - The company, Zhongshui Energy (02570), is rated as outperforming the industry with a target price of HKD 84.63, based on a P/S valuation method corresponding to a valuation multiple of 7x for 2026 [1] - The fuel cell industry is experiencing rapid cost reduction, with significant long-term potential. It is expected that by 2028, the total lifecycle cost of fuel cell heavy-duty trucks will gradually reach parity. According to Sullivan's forecast, global fuel cell vehicle sales may reach 426,000 units by 2028, with a CAGR of 97.5% from 2023 to 2028 [1] Company Advantages - Zhongshui Energy is a leading player in China's fuel cell sector, with several competitive advantages: 1) The company holds a leading market share (18% in 2024) and invests significantly in R&D, leading the industry in technology [1] 2) The company self-develops key components such as stacks, membrane electrodes, and bipolar plates, continuously promoting the localization of core components [1] 3) The company has a strong presence in the heavy-duty truck segment, achieving a 42% market share in 2023, while also expanding into low-cost hydrogen and other market applications [1] 4) The company provides end-to-end hydrogen energy solutions based on its product layout, including electrolyzers and fuel cells [1] Product Development and Market Expansion - In 2023, the company launched PEM electrolyzers and membrane electrode series products, demonstrating strong technological synergy. In 2024, the company will introduce off-grid supercharging pile products applicable in high-speed and tourist areas, alleviating power expansion pressure [2] - The sales revenue of non-automotive fuel cell systems is expected to exceed CNY 54 million in 2024, representing a year-on-year increase of 133%. The company is also accelerating its overseas business expansion, with overseas fuel cell system revenue expected to account for 9% in 2024, indicating potential for accelerated growth [2] Market Potential and Financial Projections - The company is positioned to capture significant growth potential in the fuel cell market, particularly in heavy-duty trucks and off-grid supercharging applications. The company anticipates EPS of -6.0 CNY and -4.7 CNY for 2025 and 2026, respectively, with revenue projections of CNY 670 million and CNY 980 million for the same years. The company is assigned a 7x P/S for 2026, corresponding to HKD 84.63, indicating a 17.5% upside from the current stock price, which corresponds to 5.9x 2026 P/S [2]

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies. Group 1: Increased Holdings - Zhaoyan New Drug (06127) saw the largest increase in holdings, rising by 3.58% to a total holding of 57.50% [1][2] - Guofu Hydrogen Energy (02582) increased by 1.88%, reaching a holding of 19.85% [1][2] - Red Star Macalline (01528) experienced a 1.48% increase, with a current holding of 45.57% [1][2] - Lion Group (02562) had a notable increase of 5.81% over the last five trading days, bringing its total holding to 34.09% [1][3] - Reshaping Energy (02570) increased by 3.77% in the same period, now holding 6.48% [1][3] Group 2: Decreased Holdings - Hongye Futures (03678) had the largest decrease, down by 1.08% to a holding of 62.20% [1][2] - Shandong Molong (00568) decreased by 0.73%, with a current holding of 53.76% [1][2] - Luoyang Molybdenum (03993) saw a reduction of 0.58%, now holding 28.92% [1][2] - The largest decrease over the last five trading days was seen in Wan Guo Gold Group (02979), which fell by 11.31% to a holding of 0.01% [1][3] - Haotian International Investment (01341) decreased by 4.79%, now at 63.80% [1][3]

重塑能源(02570)公布，公司已于2025年12月10日就实施公司H股全流通向中国证监会提交备案。根据中 国证监会备案，公司已代表公司若干股东向中国证监会提出申请，将该等股东持有的合共26,610,565股 公司内资股转换为H股并于联交所上市。 ...

Core Viewpoint - The company has submitted a filing to the China Securities Regulatory Commission (CSRC) for the implementation of full circulation of its H-shares, indicating a strategic move to enhance liquidity and market presence [1] Group 1 - The company has applied to convert a total of 26,610,565 domestic shares held by several shareholders into H-shares [1] - The conversion of shares is aimed at listing on the Hong Kong Stock Exchange [1] - The filing was submitted on December 10, 2025, marking a significant step in the company's capital market strategy [1]

格隆汇12月10日丨重塑能源(02570.HK)宣布，公司已于2025年12月10日就实施公司H股全流通向中国证 监会提交备案。根据中国证监会备案，公司已代表公司若干股东向中国证监会提出申请，将该等股东持 有的合共26,610,565股公司内资股转换为H股并于联交所上市。自相关监管机构取得所有相关备案及╱ 或批准(包括中国证监会及联交所)及符合所有适用法律、法规及规章后，该等内资股将被转换为H股， 而该等H股将于联交所主板上市及买卖。根据公司的公司章程，公司无须召开股东会以批准转换及上 市。 ...

（股份代號：2570） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Shanghai REFIRE Group Limited 上海重塑能源集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 本公司董事（各「董事」）會（「董事會」）謹此宣佈，本公司已於2025年12月10日就 實施本公司H股（「H股」）全流通向中國證監會提交備案（「中國證監會備案」）。根 據中國證監會備案，本公司已代表本公司若干股東向中國證監會提出申請，將該 等股東持有的合共26,610,565股本公司內資股（「內資股」）轉換為H股並於聯交所 上市（「轉換及上市」）。自相關監管機構取得所有相關備案及╱或批准（包括中國 證監會及聯交所）及符合所有適用法律、法規及規章後，該等內資股將被轉換為H 股，而該等H股將於聯交所主板上市及買賣。根據本公司的公司章程，本公司無 須召開股東會以批准轉換及上市。 1 於本公告日期，轉換及上市的實施計劃詳情未最終確定。本公司將根據上市規則 的 ...

Core Insights - As of December 10, 30 stocks reached their 52-week highs, with Design Metropolis (01545), Platinum Holdings (00459), and China Boton (03318) leading the increase rates at 40.82%, 35.48%, and 30.23% respectively [1][2] 52-Week Highs - Design Metropolis (01545) closed at 0.124, with a peak of 0.138, achieving a high rate of 40.82% [1] - Platinum Holdings (00459) closed at 0.121, with a peak of 0.126, achieving a high rate of 35.48% [1] - China Boton (03318) closed at 2.090, with a peak of 2.800, achieving a high rate of 30.23% [1] - Other notable stocks include: - China New Holdings (08125) at 25.00% [1] - Qiaoyang International Holdings (08070) at 14.46% [1] 52-Week Lows - The stock with the largest decline was Jingye Mingbang Group (02231), which fell to 0.099, a decrease of 26.40% [2] - Other significant declines included: - Zhonggang Petroleum (00632) at -16.40% [2] - Guofu Hydrogen Energy (02582) at -13.31% [2] - Additional stocks with notable declines: - Haotian International Construction Investment (01341) at -11.11% [2] - Jiaming Group Holdings (01271) at -10.00% [2]