卧龙电气驱动集团股份有限公司 对外投资管理制度 第一章 总则 第一条 为了加强对卧龙电气驱动集团股份有限公司（以下简称"公司"）对 外投资的管理，规范公司对外投资行为，建立科学的投资管理机制，防范投资 风险，提高投资效益，维护公司和股东的利益，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》《上海证券交易所股票上 市规则》（以下简称 "《上市规则》"）等法律、法规、规章和规范性文件，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》"）有关规 定，结合公司的实际情况，特制定本制度。 第二条 本制度适用于公司及全资子公司、控股子公司的对外投资行为。 第三条 本制度所称对外投资，指公司在境内外进行的下列以盈利为目的的 权益性投资行为，具体包括以下类型： （一） 独资或者与他人合资新设企业的股权投资，及向该等企业增资； （二） 部分或者全部收购其他境内外与公司业务关联的企业； （三） 参股其他境内外企业，或认购该企业份额； （四） 法律、法规允许及公司业务发展需要的其他权益性投资。 公司委托理财业务、证券投资和期货、衍生品交易业务等财务性投资行为 根据《公司章程》及其 ...

第五条 薪酬与考核委员会委员（薪酬与考核委员会成员，下同）由董事长 或者提名委员会提名，并由董事会以全体董事过半数选举产生。 卧龙电气驱动集团股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总则 第一条 为进一步建立健全卧龙电气驱动集团股份有限公司（以下简称"公 司"）董事（不包括独立董事，下同）及高级管理人员的考核和薪酬管理制度， 完善公司治理结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司治理准则》《卧龙电气驱动集团股份有限公司章程》（以下简称"《公司 章程》"）及其他有关规定，公司特设立董事会薪酬与考核委员会，并制定《卧龙 电气驱动集团股份有限公司薪酬与考核委员会工作细则》（以下简称"本细 则"）。 第二条 薪酬与考核委员会是董事会下设立的专门工作机构，主要负责制定 公司董事及高级管理人员的考核标准并进行考核；负责制定、审查公司董事及高 级管理人员的薪酬政策与方案，对董事会负责。董事会有权否决损害股东利益的 薪酬计划或方案。 第三条 本细则考核对象中所称董事是指在本公司领取薪酬的非独立董事， 高级管理人员是指董事会聘任的总裁、副总裁、财务负责人、董事会秘书及由董 事会聘任 ...

Investment Rating - The report maintains a "Recommended" investment rating for the low-altitude economy sector [7] Core Insights - The low-altitude economy market in China is projected to exceed 1 trillion yuan by 2026, with a compound annual growth rate of approximately 30% from a current size of 505.95 billion yuan in 2023, which represents a growth rate of 33.8% [1][37] - The low-altitude economy encompasses various sectors, including aircraft manufacturing and operational services, which account for 55% of the market, while supply chain, consumption, and transportation contribute 40% [1] - The Chinese drone industry is leading globally, with significant players like DJI and EHang, and the commercialization of eVTOL (electric Vertical Take-Off and Landing) is accelerating [1] Summary by Sections 1. Low-altitude Economy Emergence - The low-altitude economy integrates low-altitude flight activities with various industries, primarily involving drones, eVTOLs, and helicopters, operating below 1,000 meters [13] 2. Policy and Capital Driving Growth - The government has initiated a "safe and regulated development" strategy for the low-altitude economy, with significant investments and pilot projects across multiple cities [2] - In 2024, financing in the eVTOL sector exceeded 6.5 billion yuan, with various specialized funds being established to support the industry [2] 3. Technological Advancements and Application Scenarios - Key technologies in the sector include drones and eVTOLs, with ongoing innovations in automation and intelligence [3] - Core application areas are expanding to include logistics, urban transportation, and emergency rescue [3] 4. Regional Development Dynamics - The Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing regions are emerging as key players in the low-altitude economy, with cities like Shanghai and Shenzhen leading in infrastructure and regulatory frameworks [4] 5. Investment Recommendations - The report suggests focusing on companies involved in aviation batteries and core components, low-altitude security and air traffic management systems, eVTOL and drone manufacturing, and infrastructure development [5]

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Core Viewpoint - The significant increase in Northern Rare Earth's semi-annual performance by 1882.54% to 2014.71% has stimulated a strong rally in the entire rare earth permanent magnet sector, leading to active trading in related ETFs [1] ETF Market Summary - Four rare earth-related ETFs saw a half-day increase of over 3%, with the rare earth ETF (516780) and the rare earth ETF by Harvest (516150) both exceeding a transaction amount of 100 million yuan [1] - The rare earth ETF (159713) recorded a 3.57% increase, with a scale of 4.42 million shares and a half-day transaction amount of 56.03 million yuan [3] - The rare earth ETF by Harvest (516150) has a larger scale of 20.88 million shares and a half-day increase of 3.4%, with a transaction amount of 172 million yuan [3] ETF Scale Changes - The rare earth ETF by Harvest (516150) and the rare earth ETF (516780) have seen significant increases in shares this year, with the former increasing by 495 million shares, resulting in a year-to-date change rate of 31.07% [2] Investment Logic - The marginal improvement in supply and demand for upstream rare earth resource companies is driven by strengthened expectations of supply contraction and increased demand from relaxed export controls, suggesting potential benefits from rising rare earth prices [2] - In the medium to long term, as rare earth prices steadily recover, the profitability of downstream magnetic material companies is expected to continue to improve [2] Key Weight Stocks in the Index - The major weight stocks in the China Securities Rare Earth Industry Index include Northern Rare Earth (13.25%), China Rare Earth (5.54%), and Lingyi Technology (5.11%), among others, indicating a high concentration of companies deeply involved in the rare earth supply chain [4]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 6.85%, with a half-day trading volume of 172 million yuan [3] - Over the past week, the average daily trading volume of the Rare Earth ETF reached 182 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 43.99 million yuan in the past two weeks, also ranking first among comparable funds [3] - The fund's shares increased by 21.7 million units in the past month, achieving significant growth and ranking first among comparable funds [3] - The latest net inflow of funds into the Rare Earth ETF is 35.42 million yuan, with a total of 64.51 million yuan net inflow over the last five trading days [3] - As of July 9, the net value of the Rare Earth ETF has risen by 39.87% over the past year, ranking 503 out of 2907 index equity funds, placing it in the top 17.30% [3] - The fund has recorded a maximum monthly return of 41.25% since its inception, with the longest consecutive monthly increase being four months and the longest increase percentage being 83.89% [3] Group 2: Industry Outlook and Company Performance - Northern Rare Earth announced a semi-annual performance forecast, expecting a net profit attributable to shareholders of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [4] - The Ministry of Commerce of China emphasized the importance of maintaining global supply chain stability and has approved a certain number of compliant applications for rare earth exports, indicating a recovery in export demand [4] - Emerging fields such as humanoid robots are expected to open up growth opportunities for the rare earth industry, with a positive outlook for the industry's recovery in the short to medium term [4] - As of June 30, 2025, the top ten weighted stocks in the China Rare Earth Industry Index include Northern Rare Earth, China Rare Earth, and China Aluminum, collectively accounting for 55.58% of the index [4]

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The Electric Equipment sector saw a slight increase of 0.17% [1] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [1] - The Electronic sector had the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Electric Equipment Sector Performance - In the Electric Equipment sector, 358 stocks were tracked, with 99 stocks rising and 252 stocks declining; 5 stocks hit the daily limit up [2] - The top net inflow stock was Ningde Times, with a net inflow of 378 million yuan, followed by Tongguan Copper Foil and Kelu Electronics with inflows of 219 million yuan and 178 million yuan respectively [2] - The sector experienced a total net outflow of 4.576 billion yuan, with 11 stocks seeing outflows exceeding 100 million yuan; the largest outflows were from Rongfa Nuclear Power, Sunshine Power, and Nord Shares, with outflows of 327 million yuan, 250 million yuan, and 226 million yuan respectively [2][3] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Ningde Times: +2.84%, turnover rate 0.75%, main capital flow 377.94 million yuan - Tongguan Copper Foil: +20.02%, turnover rate 48.19%, main capital flow 218.52 million yuan - Kelu Electronics: +10.06%, turnover rate 7.49%, main capital flow 178.39 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Rongfa Nuclear Power: +0.42%, turnover rate 33.08%, main capital flow -327.43 million yuan - Sunshine Power: -0.57%, turnover rate 3.01%, main capital flow -249.65 million yuan - Nord Shares: -4.98%, turnover rate 14.04%, main capital flow -226.20 million yuan [3]

Core Viewpoint - The performance of the A-share market is mixed, with the China Securities Rare Earth Industry Index showing a slight increase, indicating a positive trend in the rare earth sector [1] Group 1: Index Performance - The China Securities Rare Earth Industry Index rose by 0.11% to 1828.49 points, with a trading volume of 26.247 billion yuan [1] - Over the past month, the index has increased by 10.62%, by 4.54% over the last three months, and by 15.35% year-to-date [2] Group 2: Index Composition - The index includes companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of listed companies in the rare earth industry [2] - The top ten weighted companies in the index are: Northern Rare Earth (13.23%), China Rare Earth (5.63%), Lingyi Technology (5.01%), China Aluminum (4.97%), Greeenmei (4.94%), Baotou Steel (4.79%), Wolong Electric Drive (4.6%), Goldwind Technology (4.5%), Xiamen Tungsten (4.22%), and Shenghe Resources (3.86%) [2] Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (51.69%), followed by the Shenzhen Stock Exchange (47.71%) and the Beijing Stock Exchange (0.60%) [2] - In terms of industry composition, raw materials account for 64.65%, industrials for 27.98%, and information technology for 7.37% [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 20% [3] - Public funds tracking the rare earth industry include various ETFs from companies such as Harvest, Huatai-PB, and E Fund [3]

Investment Rating - The report does not explicitly state an overall investment rating for the industry or specific companies [2]. Core Insights - The humanoid robot industry in China is experiencing significant growth, with companies like Orbbec and Rongtai expanding their market presence and revenue projections [3][4]. - The report highlights the increasing demand for components and technologies related to humanoid robots, indicating a robust supply chain development [2][3][4][5][6][7]. Company Summaries Orbbec (688322.SS) - Orbbec's humanoid robot revenue is projected to grow from Rmb4 million in 2024 to Rmb30 million in 2025, with market share in China expected to surpass that of Intel's RealSense [3][10]. - The dollar content for 3D vision technology is anticipated to increase from Rmb4,000-5,000 to Rmb8,000 as it becomes integrated into more parts of the robot [3]. Rongtai (603119.SS) - Rongtai has a ~50% market share in micro ballscrews used in humanoid robots and is expanding its operations by building a factory in Thailand to meet US customer requirements [4][10]. - The company aims to grow its core business by 20%-30% CAGR, driven by rising penetration rates in the humanoid robot supply chain [4]. Hengli (601100.SS) - Hengli plans to reduce the production cost of planetary roller screws to ~Rmb1,000 by the end of 2025 and is considering establishing a plant in Houston, TX, to secure orders from US customers [5][10]. - The company targets a +10% YoY revenue and earnings growth, primarily driven by strong demand in the excavator component business [10]. Bozhon (688097.SS) - Bozhon's subsidiary Linkhou is expected to generate Rmb400 million-500 million in revenue in 2025 by providing components and assembly services to Zhiyuan [6][10]. - The company has sold Rmb20 million-30 million worth of humanoid robot assembly equipment to a leading US humanoid robot maker since 2024 [6]. Wolong (600580.SS) - Wolong aims to become the second electric motor supplier to Zhiyuan, targeting revenue growth from Rmb15 billion in 2024 to Rmb16 billion in 2025 [7][10]. - The company plans to pursue mergers and acquisitions to fuel long-term growth, with net profit expected to rise from Rmb793 million in 2024 to Rmb1.1 billion in 2025 [7][10].

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-049 卧龙电气驱动集团股份有限公司 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： 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。本次办理股份解除质押后，卧龙舜禹累计 质押公司股份 46,800,000 股，占其持有公司股份总数的 9.22%，占公司总股本的 3.00%；卧龙舜禹及其一致行动人累计质押公司股份 46,800,000 股，占其持有公 司股份总数的 7.71%，占公司总股本的 3.00%。 公司于 2025 年 06 月 27 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质押解除业务，具体 事项如下： | 股东名称 | 浙江卧龙舜禹投资有限公司 | | --- | --- | | 本次解除质押股份 ...