Core Viewpoint - The report highlights a decline in the production of AC motors in China, with a projected decrease of 6.4% in August 2025 compared to the previous year, indicating potential challenges in the industry [1] Industry Summary - According to the National Bureau of Statistics, the production of AC motors in China for the first eight months of 2025 reached 22,875.7 million kilowatts, reflecting a cumulative growth of 1.1% [1] - The report from Zhiyan Consulting provides insights into the market development and investment prospects for the AC motor industry in China from 2025 to 2031 [1] Company Summary - Listed companies in the AC motor sector include Wolong Electric Drive (600580), Jiadian Co., Ltd. (000922), China Electric Motor (603988), Shanghai Electric (601727), and Dongfang Electric (600875) [1]

卧龙电气驱动集团股份有限公司（以下简称"公司"或"卧龙电驱"）于 2025 年 09 月 29 日召开九届十九次临时董事会会议，审议通过了《关于<卧龙电 气驱动集团股份有限公司 2025 年限制性股票激励计划（草案）>及其摘要的议案》 《关于<卧龙电气驱动集团股份有限公司 2025 年限制性股票激励计划实施考核 管理办法>的议案》《关于提请股东会授权董事会办理公司股权激励计划相关事 宜的议案》等相关议案。 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》《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等法律、法规及规范性文件和《公司章程》的有关规定，公司对 2025 年限制性 股票激励计划（以下简称"本激励计划"）首次授予激励对象名单在内部进行了 公示，董事会薪酬与考核委员会结合公示情况对首次授予激励对象名单进行了核 查，相关公示情况及核查情况如下： 一、公示情况及核查方式 （一）公司于 2025 年 09 月 30 日在上海证券交易所网站（www.sse.com.cn） 披露了《卧龙电驱 2025 年限制性股票激励计划（草案）》（以下简称"《激励 计划（草案）》" ...

Market Overview - The electric motor sector experienced a decline of 3.34% on the previous trading day, with Dayang Electric leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Dayang Electric (002249) saw a significant drop of 7.80%, closing at 10.88, with a trading volume of 1.95 million shares and a transaction value of 2.175 billion [2] - Other notable declines included: - Wolong Electric Drive (600580) down 4.83% to 47.85, with a transaction value of 6.393 billion [2] - Mingzhi Electric (603728) down 4.57% to 78.52, with a transaction value of 1.604 billion [2] Capital Flow - The electric motor sector experienced a net outflow of 1.824 billion from institutional investors, while retail investors saw a net inflow of 1.181 billion [2] - Specific stock capital flows included: - Kangping Technology (300907) had a net inflow of 31.84 million from institutional investors [3] - Zhongdian Electric (603988) saw a net inflow of 3.2243 million from institutional investors [3] Individual Stock Analysis - Kangping Technology (300907) had a net outflow of 38.71 million from retail investors, despite a net inflow from institutional investors [3] - Zhongdian Electric (603988) also faced a net outflow of 3.04751 million from retail investors, despite some institutional support [3] - Other stocks like KZ Precision (002823) and Shuangming Intelligent (301226) showed mixed capital flows, indicating varied investor sentiment [3]

卧龙电气驱动集团股份有限公司 2025 年第三次临时股东会会议资料 卧龙电气驱动集团股份有限公司 卧龙电气驱动集团股份有限公司 2025 年第三次临时股东会会议资料 卧龙电气驱动集团股份有限公司 2025 年第三次临时股东会 会议资料 三、股东的发言、质询权 1、参加会议的股东及持有合法授权手续的授权代表依法享有发言、质询的 权利，并相应承担维护股东会正常秩序，维护其他股东合法权益的义务。 2025 年第三次临时股东会会议规则特别提示 （2025 年 10 月 17 日） 为了维护全体股东的合法权益，确保本次股东会公开、公正、合法有效，保 证会议顺利进行，卧龙电气驱动集团股份有限公司（以下简称"卧龙电驱"、"本 公司"或"公司"）股东会秘书处根据《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"）《上市公司股东会规则》 和本公司《公司章程》《股东会议事规则》为依据，对本次股东会的会议规则提 示如下： 四、本次会议采用现场投票和网络投票相结合的投票表决方式，由推选的两 名股东代表和一名监事代表作监票人，投票结果由股东会秘书处统计，监票人确 认后，由主持人当场宣布。 一 ...

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 3.15% with a transaction volume of 251 million yuan [3] - Over the past week, as of October 9, the average daily transaction volume of the Rare Earth ETF reached 783 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 386 million yuan in the past two weeks, also ranking first among comparable funds [3] - The number of shares increased by 2.131 billion in the past three months, marking significant growth and ranking first among comparable funds [3] - As of October 9, the net value of the Rare Earth ETF has risen by 93.31% over the past year, placing it in the top 0.16% of index equity funds [3] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly increase being four months and a maximum increase of 83.89% [3] Group 2: Rare Earth Industry Policy and Supply Chain - The Ministry of Commerce has introduced a new round of export control policies for rare earths, aimed at strengthening management of the rare earth industry chain [4] - These policies include regulations on the recycling and utilization of secondary resources, with expectations that by 2025, secondary recovery will account for 27% of the rare earth supply chain [4] - The new regulations will strictly control the incremental supply of rare earths, making it difficult for the market to experience sudden increases in supply [4] - The focus of these controls is primarily on medium and heavy rare earths, including metals such as samarium, dysprosium, and terbium [4] - The tightening of policies may lead to frequent fluctuations in rare earth supply, potentially improving the overall supply-demand dynamics in the industry [4] Group 3: Top Weighted Stocks in Rare Earth Industry - The top ten weighted stocks in the Zhongzheng Rare Earth Industry Index account for a total of 61.96% of the index [3] - The leading stocks include Northern Rare Earth, Wolong Electric Drive, Lingyi Zhi Zao, China Rare Earth, Shenghe Resources, Greeenmei, Goldwind Technology, Baotou Steel, Xiamen Tungsten, and China Aluminum [3] - The performance of these stocks varies, with Northern Rare Earth showing a decline of 0.81% and China Rare Earth declining by 2.51% [6]

10月9日，卧龙电驱涨5.08%，截至发稿，报50.88元/股，成交58.40亿元，换手率7.60%，总市值794.81 亿元。 资料显示，卧龙电气驱动集团股份有限公司位于浙江省绍兴市上虞区曹娥街道复兴西路555号;香港湾仔 皇后大道东183号合和中心46楼，成立日期1998年10月21日，上市日期2002年6月6日，公司主营业务涉 及电机及控制、电源电池、光伏储能等,其中电机及控制业务主要分为工业电机及驱动、日用电机及控 制及电动交通。主营业务收入构成为：工业电机及驱动55.80%，日用电机及控制24.21%，风光储氢 7.64%，电动交通4.97%，其他4.96%，其他(补充)2.41%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 责任编辑：小浪快报 数据显示，创金合信基金旗下1只基金重仓卧龙电驱。创金合信中证500增强A（002311）二季度持有股 数28万股，占基金净值比例为1.41%，位居第六大重仓股。根据测算，今日浮盈赚取约68.8 ...

Core Insights - The HVAC (Heating, Ventilation, and Air Conditioning) industry is experiencing increased demand for energy-efficient electric drive systems due to global carbon neutrality goals and rising energy costs [1][7][10] - The global market for HVAC electric drive systems is projected to reach 232.7 billion yuan in 2024, with a year-on-year growth of 2.8% [1][7] - China has become the largest market for HVAC electric drive systems, with a market size of 59.3 billion yuan in 2024, accounting for 25.5% of the global total [1][8] Industry Overview - HVAC systems are essential for indoor climate control, utilizing thermodynamics and fluid mechanics [1][2] - The core function of HVAC electric drive systems is to drive compressors, fans, and pumps for cooling, ventilation, and air circulation [1][2] Market Size and Growth - The commercial HVAC electric drive systems segment holds the largest market share, projected at 115.4 billion yuan in 2024, representing 49.6% of the global market [1][8] - The residential market is expected to reach 84.4 billion yuan, accounting for 36.3% of the total market [1][8] - The industrial sector represents 14.2% of the market [1][8] Competitive Landscape - The HVAC electric drive systems market is characterized by a fragmented competitive landscape, with major players including Dayang Electric and Wolong Electric [1][10][12] - Dayang Electric is expected to lead the market with an 11.3% share in 2024, followed by Wolong Electric at approximately 7.8% [1][12] Industry Trends - The HVAC electric drive systems market is anticipated to grow steadily, with projections indicating a market size of 87 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030 [1][13] - The adoption of Brushless DC (BLDC) motors is accelerating due to their superior efficiency, noise control, and longevity, making them a key solution for energy savings and compliance with low-carbon policies [1][13] - AI technology is increasingly integrated into HVAC systems, enabling real-time data analysis and predictive energy savings, enhancing overall system efficiency [1][14]

Group 1 - The humanoid robot sector has accelerated in recent years, attracting significant attention from the capital market, with related concept stocks performing exceptionally well [1] - As of September 30, humanoid robot concept stocks have averaged an increase of 83.6% this year, significantly outperforming the Shanghai Composite Index [1] - A total of 25 concept stocks have doubled in value this year, with the top performers including Shangwei New Materials, Shenghong Technology, and Zhenyu Technology [1] Group 2 - Institutions are optimistic about the growth potential of humanoid robot concept stocks, with 27 stocks expected to have a net profit growth rate exceeding 20% in the next two years [1] - Among these high-growth stocks, four have a market capitalization exceeding 100 billion yuan, namely Shenghong Technology, Huichuan Technology, Lingyi Technology, and Huaqin Technology [1] - As of September 30, stocks with relatively low rolling price-to-earnings ratios among the 27 high-growth humanoid robot concept stocks include Zhonglian Heavy Industry, Huaqin Technology, Jihong Co., Shiyun Circuit, and Yihua Da [1]

每经AI快讯，卧龙电驱9月30日晚间发布公告称，本次办理部分股份解除质押后，卧龙舜禹累计质押公 司股份3900万股，占其持有公司股份总数的7.69%，占公司总股本的2.5%；卧龙舜禹及其一致行动人累 计质押公司股份3900万股，占其持有公司股份总数的6.43%，占公司总股本的2.5%。 每经头条（nbdtoutiao）——重磅解读！中国将不寻求WTO新的特殊和差别待遇，意味着什么？ （记者 曾健辉） ...

关于第一大股东部分股份质押解除的公告 本公司董事会及全体董事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：临 2025-075 股东浙江卧龙舜禹投资有限公司（以下简称"卧龙舜禹"）持有卧龙电 气驱动集团股份有限公司（以下简称"公司"）股份 507,358,176 股，占公司总 股本的 32.48%，为公司第一大股东。本次办理部分股份解除质押后，卧龙舜禹 累计质押公司股份 39,000,000 股，占其持有公司股份总数的 7.69%，占公司总股 本的 2.50%；卧龙舜禹及其一致行动人累计质押公司股份 39,000,000 股，占其持 有公司股份总数的 6.43%，占公司总股本的 2.50%。 卧龙电气驱动集团股份有限公司 公司于 2025 年 09 月 30 日接到股东卧龙舜禹的通知，获悉卧龙舜禹将其质 押给中国农业银行股份有限公司绍兴上虞支行的股份办理了部分质押解除业务， 具体事项如下： 1 二、股东累计质押股份情况 截至公告披露日，卧龙舜禹属于公司控股股东卧龙控股集团有限公 ...