Summary of Key Points Core Viewpoint - The announcement details the share reduction results of directors and senior management at Wolong Electric Drive Group Co., Ltd, indicating a planned reduction and the actual shares sold by key individuals [1][3]. Group 1: Shareholding Information - Before the reduction plan, Mr. Li Ming held 1,637,459 shares, approximately 0.1257% of the total share capital of 1,302,622,626 shares, while Mr. Wan Chuangqi held 1,229,921 shares, about 0.0944% of the total [1]. - As of the announcement date, Mr. Li Ming's holdings decreased to 1,257,459 shares (0.0965%), and Mr. Wan Chuangqi's holdings decreased to 1,002,521 shares (0.0770%) [2]. Group 2: Reduction Plan Implementation - The reduction plan was disclosed on March 4, 2025, with Mr. Li Ming planning to reduce up to 409,364 shares (0.0314% of total shares) and Mr. Wan Chuangqi planning to reduce up to 307,480 shares (0.0236% of total shares) [1]. - During the implementation period, Mr. Li Ming reduced his holdings by 380,000 shares, and Mr. Wan Chuangqi reduced his holdings by 227,400 shares [1]. - The actual reduction matched the disclosed plan, and there was no minimum reduction quantity set for this plan [3].

卧龙电气驱动集团股份有限公司 关于董事、高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600580 证券简称：卧龙电驱 公告编号：2025-048 董事、高级管理人员持股的基本情况 本次减持计划实施前，卧龙电气驱动集团股份有限公司（以下简称"公司"） 董事兼高级管理人员黎明先生持有公司股票 1,637,459 股，约占公司总股本 1,302,622,626 股的 0.1257%，公司董事万创奇先生持有公司股票 1,229,921 股， 约占公司总股本 1,302,622,626 股的 0.0944%。上述股份来源于公司员工持股计 划取得的股份。 减持计划的实施结果情况 2025 年 03 月 04 日，公司在上海证券交易所网站披露了《卧龙电驱董事、 高级管理人员集中竞价减持股份计划公告》（公告编号：2025-022），黎明先生 计划通过集中竞价减持不超过 409,364 股, 减持比例不超过公司总股本的 0.0314%。万创奇先生计划通过集中竞价交易减持不超过 ...

Quantitative Models and Construction 1. Model Name: Heston Model - **Model Construction Idea**: The Heston model is used to calculate the implied volatility of near-month at-the-money options, serving as a market fear index. Implied volatility reflects market participants' expectations of future volatility [8]. - **Model Construction Process**: The Heston model is a stochastic volatility model where the variance of the asset price follows a mean-reverting square-root process. The model is defined by the following equations: $ dS_t = \mu S_t dt + \sqrt{v_t} S_t dW_t^1 $ $ dv_t = \kappa (\theta - v_t) dt + \sigma \sqrt{v_t} dW_t^2 $ Here: - \( S_t \): Asset price - \( v_t \): Variance - \( \mu \): Drift rate - \( \kappa \): Mean reversion speed - \( \theta \): Long-term variance - \( \sigma \): Volatility of variance - \( W_t^1, W_t^2 \): Correlated Wiener processes [8] 2. Model Name: Multi-Sector Timing Model (Scissor Difference Strategy) - **Model Construction Idea**: This model uses the difference in the number of bullish and bearish signals among sector constituents to construct a timing strategy. If no bullish or bearish signals are present, the scissor difference is set to zero. The model aims to outperform sector indices [16]. - **Model Construction Process**: - Count the number of bullish and bearish signals for each sector's constituent stocks daily. - Compute the scissor difference as the difference between bullish and bearish signals. - If both counts are zero, the scissor difference is set to zero. - Construct a timing strategy based on the scissor difference ratio [16]. - **Model Evaluation**: The model historically outperformed all sector indices, demonstrating excellent backtesting performance [16]. --- Model Backtesting Results 1. Heston Model - **Implied Volatility Results**: - SSE 50: 11.85% (down 0.88% WoW) - SSE 500: 14.35% (down 1.59% WoW) - CSI 1000: 18.06% (down 0.42% WoW) - CSI 300: 12.64% (down 0.73% WoW) [10] 2. Multi-Sector Timing Model - **Sector Outperformance**: The model outperformed all sector indices, achieving a 100% success rate in backtesting [16]. --- Quantitative Factors and Construction 1. Factor Name: Shape-Based Timing Signals - **Factor Construction Idea**: Shape-based signals are derived from historical K-line patterns, including bullish patterns (e.g., "Golden Needle Bottom," "Rocket Launch," "Manjianghong") and bearish patterns (e.g., "Hanging Line," "Paradise Line," "Dark Cloud Cover"). These patterns indicate potential price reversals [24]. - **Factor Construction Process**: - Identify specific K-line patterns based on predefined criteria. - Evaluate the historical performance of these patterns in predicting price movements. - Use the patterns to generate timing signals for individual stocks [24]. - **Factor Evaluation**: Bullish patterns like "Golden Needle Bottom" and "Rocket Launch" demonstrated strong positive predictive power [24]. --- Factor Backtesting Results 1. Shape-Based Timing Signals - **Signal Statistics**: - Positive signals: 2,699 occurrences, with an average future high-point success rate of 28.25% - Negative signals: 3,525 occurrences, with an average future low-point success rate of 71.88% [13] 2. Sector Timing Signals - **Bullish Sectors**: Home Appliances, Comprehensive, Communication, Textile & Apparel, Consumer Services, Transportation, Petrochemicals [19] 3. Stock-Specific Signals - **Consecutive Bullish Signals**: - 5-day signals: Stocks like Kailong Co. and Shipu Testing [21] - 4-day signals: Stocks like Jiangnan Chemical, Beijing-Shanghai High-Speed Railway, and Nandu Property [22][23] - **Special Bullish Patterns**: - Stocks like Retired Longyu ("Arrow on the String") and Suotong Development ("Manjianghong") [25][26] 4. Broker Gold Stock Signals - **Highlighted Stocks**: BYD, Feilihua, Wancheng Group, Sichuan Road & Bridge, Wolong Electric Drive, Lansheng Co., PetroChina, Dongpeng Beverage [29][33]

- The report focuses on monitoring the capital behavior of the rare earth industry, emphasizing its strategic importance in high-end manufacturing, new energy, and defense technology[2][10] - The CSI Rare Earth Industry Index (930598.CSI), composed of 42 A-share listed companies involved in the rare earth industry, has risen by 18.06% in 2025 and 10.09% since April 7, 2025[2][12][13] - Public fund holdings in the rare earth sector are at their lowest level since 2018, based on real-time calculations using public market information such as fund net value, disclosed holdings, and research activities[3][17] - ETF holdings in the rare earth sector are at a historical high, accounting for 3.8% of the sector's market value as of Q1 2025, reflecting the growing trend of index investment in the A-share market[3][19][20] - Margin financing in the rare earth sector has remained stable in 2025, while short selling levels are relatively low, indicating a positive market outlook among investors[3][22][24] - Institutional research activities have been most frequent for companies like Wolong Electric, JL MAG Rare-Earth, and Shenghe Resources in 2025[3][25][27] - Key stocks such as Guangsheng Nonferrous, China Rare Earth, and Keheng Co. have garnered the highest attention from influential users on the Xueqiu platform, highlighting their market interest[3][28][30] - Major funds have shown significant net inflows into stocks like Lingyi iTech, Guangsheng Nonferrous, and Aluminum Corporation of China since June 1, 2025, based on large and ultra-large order data[3][30][31] - Stocks such as Yingluohua, Keheng Co., and Jiuling Technology have frequently appeared on the Dragon and Tiger List since June 1, 2025, indicating active trading by major market players[3][32][33] - High-frequency shareholder data reveals that companies like Wolong Electric, Huahong Technology, and Yunlu Co. have experienced the highest increases in shareholder numbers, which may signal potential risks for subsequent stock price movements[3][35][36]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 2.74%, with a transaction volume of 66.81 million yuan [2] - Over the past week, the average daily transaction volume of the Rare Earth ETF reached 122 million yuan, ranking first among comparable funds [2] - In the last two weeks, the Rare Earth ETF's scale increased by 568 million yuan, achieving significant growth and ranking first in new scale among comparable funds [2] - The ETF's shares increased by 39.5 million in the past week, indicating substantial growth [2] - In the last five trading days, there were net inflows on three days, totaling 115 million yuan [2] - As of June 18, the net value of the Rare Earth ETF has risen by 30.55% over the past year, ranking 376 out of 2857 in the index stock fund category, placing it in the top 13.16% [2] - Since its inception, the ETF has recorded a highest monthly return of 41.25%, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 83.89% [2] Group 2: Key Holdings and Market Dynamics - As of May 30, the top ten weighted stocks in the China Rare Earth Industry Index account for 57.28% of the index, including Northern Rare Earth, China Rare Earth, Wolong Electric Drive, and others [2] - The Ministry of Commerce announced on June 19 that it will expedite the review of rare earth export license applications, emphasizing the importance of maintaining global supply chain stability [4] - Recent reports suggest that domestic export licenses are being gradually issued, and rising prices abroad are expected to be transmitted to the domestic market [5] - The domestic rare earth prices are currently at a cyclical low, with expectations for a continued upward adjustment in price levels [5] - Investors can consider the Rare Earth ETF Jiashi linked fund (011036) to capitalize on investment opportunities in the rare earth sector [5]

Core Viewpoint - The company, Wolong Electric Drive, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international competitiveness [1][2]. Group 1: Company Strategy - Wolong Electric Drive aims to deepen its global strategy and improve its international image and competitiveness through the issuance of H-shares [2]. - The company has been implementing an internationalization strategy since 1998, establishing a global industrial layout through strategic acquisitions and technological integration [2]. - The company plans to fully promote its overseas strategy in 2025, focusing on personnel, products, supply chains, and capital going abroad [3]. Group 2: Financial Performance - In Q1 2025, the company achieved a revenue of 4.039 billion, a year-on-year increase of 7.95%, and a net profit of 268 million, up 20.45% [1][4]. - For the full year 2024, the company reported a revenue of 16.247 billion, a growth of 4.37%, and a net profit of 793 million, which is a significant increase of 49.63% [4]. - The company has set a target for 2025 to achieve a revenue of 16.383 billion and a net profit of 1.1 billion [7]. Group 3: Business Focus - The main business areas of Wolong Electric Drive include electric motors and control, with a significant focus on industrial motors and drives, which accounted for 55.80% of product revenue in 2024 [4]. - The company is also developing humanoid robots and has established a strategic investment in a robotics innovation company to enhance its capabilities in this area [5][6]. - The company has a strong emphasis on research and development, with R&D expenses amounting to 805 million in 2024, representing 4.95% of its revenue [6].

Group 1 - Wolong Electric Drive Group Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and improve its international image and competitiveness [1] - The company has been strengthening its overseas business by acquiring ATB Group in Austria and integrating resources from SIR in Italy, establishing branches in North America, and building a global R&D and manufacturing network [1] - As of now, Wolong Electric Drive has established 13 manufacturing plants and 4 R&D centers overseas, serving several international leading enterprises, indicating a growing global operational system [1] Group 2 - Experts believe that the timing of Wolong Electric Drive's planned listing is an extension of its global strategy and a response to the need for diversified financing platforms [2] - The Hong Kong listing is expected to enhance the company's recognition in global capital markets and expand its overseas business and cooperation opportunities [2] - The trend of A-share companies pursuing the "A+H" model is increasing, with 5 new "A+H" stocks listed in Hong Kong in 2025, raising approximately HKD 56 billion, which accounts for 72% of the total fundraising in the Hong Kong market during the same period [2] Group 3 - Ningbo Joyson Electronic Corp. is also advancing its global layout and has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [3] - Listing on the Hong Kong market allows companies to access more international investors and provides support for overseas expansion and acquisitions [3] - The rising popularity of the "A+H" model is attributed to policy support, improved market conditions, internationalization needs, and industry development trends, suggesting strong sustainability in the future [3]

科中心 A 座 16 楼 杭州市西湖区学院路 77 号黄龙万 邮编： 电话：（86-571） 传真：（86-571） 北京君合（杭州）律师事务所关于 卧龙电气驱动集团股份有限公司 差异化权益分派事项之法律意见书 致：卧龙电气驱动集团股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受卧龙电气驱动集团股份有限公 司（以下简称"公司"）的委托，就公司 2024 年度差异化权益分派相关事项（以下简称"本 次差异化权益分派"）出具本法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股份回购规则》（以下简称"《回 购规则》"）、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下简 称"《回购股份指引》"）、《上海证券交易所交易规则》（以下简称"《交易规则》"） 等中国（为本法律意见书之目的，不包括香港特别行政区、澳门特别行政区及台湾地区） 现行法律、法规和规范性文件以及《卧龙电气驱动集团股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责 精神出具 ...

Core Viewpoint - The company has announced a differentiated profit distribution and capital reserve increase plan, which includes a cash dividend of RMB 0.15 per share and a capital increase of 0.2 shares per share for the fiscal year 2024 [2][3][10] Summary by Sections Profit Distribution and Capital Increase Plan - The profit distribution and capital increase plan was approved at the annual general meeting on May 19, 2025 [2] - The total number of shares for the cash dividend distribution is 1,297,474,426 shares after excluding 5,148,200 shares held in the repurchase account [3] - The total cash dividend to be distributed amounts to RMB 194,621,163.90 [3] Calculation of Dividend and Share Increase - The cash dividend per share is calculated as approximately RMB 0.14941 after adjusting for the total share capital [4] - The capital increase results in a change in the circulating share ratio of approximately 0.19921 [4] Important Dates - The key dates for the distribution are as follows: - Equity registration date: June 26, 2025 - Last trading day: June 27, 2025 - Ex-dividend date: June 27, 2025 [5][6] Implementation of the Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [7] - Shareholders who have not completed designated transactions will have their dividends held until the transactions are completed [7] Taxation on Dividends - Individual shareholders holding shares for over one year will be exempt from personal income tax on dividends [8] - For qualified foreign institutional investors (QFII), a 10% withholding tax will be applied to the dividends [9] Changes in Share Capital Structure - The total number of shares before the increase was 1,302,622,626, and after the increase, it will be 1,562,117,511 shares [10]

卧龙电气驱动集团股份有限公司 差异化权益分派事项之法律意见书 致：卧龙电气驱动集团股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受卧龙电气驱动集团股份有限公 司（以下简称"公司"）的委托，就公司 2024 年度差异化权益分派相关事项（以下简称"本 次差异化权益分派"）出具本法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股份回购规则》（以下简称"《回 购规则》"）、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下简 称"《回购股份指引》"）、《上海证券交易所交易规则》（以下简称"《交易规则》"） 等中国（为本法律意见书之目的，不包括香港特别行政区、澳门特别行政区及台湾地区） 现行法律、法规和规范性文件以及《卧龙电气驱动集团股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责 精神出具本法律意见书。 为出具本法律意见书，本所律师核查了公司提供的有关文件及其复印件，并基于公 司向本所律师作出的如下保证：公司已提供了出具本法律意见书必须 ...