Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding Ningbo Joyson Electronic Corp's overseas issuance and listing, with plans to issue up to 283,239,000 shares for public offering in Hong Kong, representing approximately 15% of the total share capital post-listing [1] Group 1: Company Overview - Joyson Electronics is a leading global provider of intelligent automotive technology solutions, with R&D centers and supporting factories in major automotive production countries [1] - The company has primarily focused its capital market activities domestically until now [1] Group 2: Strategic Implications - Listing on the Hong Kong Stock Exchange will facilitate the company's global strategy of integrating business and capital, enhancing its international capital operation platform [1] - The move is expected to improve the company's influence in international markets and support its global business development [1] Group 3: Financial Flexibility - Post-listing, Joyson Electronics will gain access to more convenient financing channels and a wider range of financing tools [1] - This flexibility will allow the company to conduct equity and debt financing activities according to its development strategy and business needs, thereby strengthening its global capital operation capabilities [1] - The funding will support the company's business expansion, technological research and development, and mergers and acquisitions [1]

Core Viewpoint - Junsheng Electronics (600699.SH) has received a notification from the China Securities Regulatory Commission regarding its plan to issue up to 283 million overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] Group 1 - The company plans to issue no more than 283 million shares [1] - The shares will be listed on the Hong Kong Stock Exchange [1] - The notification was issued by the China Securities Regulatory Commission [1]

Group 1 - The core point of the news is that Ningbo Joyson Electronic Corp (600699) has received approval from the China Securities Regulatory Commission for its overseas listing plan, intending to issue up to 283,239,000 ordinary shares for listing on the Hong Kong Stock Exchange [1][2] Group 2 - Joyson Electronic is a provider of intelligent automotive technology solutions, focusing on the research, manufacturing, and sales of automotive parts, particularly in the fields of automotive electronics and safety [4] - According to Frost & Sullivan, Joyson Electronic ranks 41st globally in the automotive parts industry by revenue and is the second-largest supplier of passive safety products in both China and globally [4]

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-061 宁波均胜电子股份有限公司 关于发行境外上市外资股（H股） 获得中国证监会备案的公告 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。 宁波均胜电子股份有限公司（以下简称"公司"）于近日收到中国证券监督 管理委员会（以下简称"中国证监会"）出具的《关于宁波均胜电子股份有限公 司境外发行上市备案通知书》（国合函〔2025〕1694 号）（以下简称"备案通知 书"）。备案通知书主要内容如下： 一、公司拟发行不超过 283,239,000 股境外上市普通股并在香港联合交易所 上市。 二、自本备案通知书出具之日起至本次境外发行上市结束前，公司如发生重 大事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息 系统报告。 三、公司完成境外发行上市后 15 个工作日内，应通过中国证监会备案管理 信息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关 法律、法规和规则。 四、公司自本备案通知书出具之日起 12 个月内未完成境外发行上市，拟继 ...

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Ningbo Joyson Electronic Corp's overseas issuance and listing application, allowing the company to issue up to 283,239,000 ordinary shares for listing on the Hong Kong Stock Exchange [1] - Joyson Electronics is a provider of intelligent automotive technology solutions, focusing on the research, manufacturing, and sales of automotive parts [4] - The company ranks 41st globally in the automotive parts industry in 2024 and is the second-largest supplier of automotive passive safety products in China and globally by revenue, according to Frost & Sullivan [4]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued a notification regarding Ningbo Joyson Electronic Corp's overseas issuance and listing [1] - The company plans to issue no more than 283,239,000 ordinary shares for overseas listing on the Hong Kong Stock Exchange [1]

Investment Rating - The report maintains a "Recommended" rating for the automotive auxiliary driving industry [1]. Core Insights - The report analyzes the recent policies aimed at stabilizing growth and enhancing safety in the automotive industry, particularly focusing on the transition from L2 to L3 autonomous driving standards [4][5]. - The automotive industry is entering a new phase characterized by strong regulatory measures and a focus on safety and growth, with specific targets set for vehicle sales and the promotion of intelligent connected vehicles [10][12]. - The implementation of the "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems" standard marks a significant step towards the standardization and regulation of L2/L2+ auxiliary driving systems [16][18]. Summary by Sections 1. Automotive Industry New Policies - The "Automotive Industry Stabilization and Growth Work Plan (2025-2026)" aims to address complex economic conditions and set targets for 2025, including approximately 32.3 million total vehicle sales and 15.5 million new energy vehicle sales, reflecting a growth of about 3% and 20% respectively [10][12]. - The plan emphasizes expanding domestic consumption, improving supply quality, optimizing the industry environment, and enhancing international cooperation [15][16]. 2. Smart Driving Policy Overview - National policies focus on guiding and regulating the development of intelligent driving, establishing a comprehensive regulatory framework that includes safety standards and ethical guidelines [27][28]. - Local policies emphasize pilot projects and differentiated exploration, with cities like Guangzhou and Beijing implementing unique strategies to promote smart driving technologies [31][32]. 3. Accelerating Standardization in the Industry - The report outlines a three-phase path for the implementation of standards, with the formal approval of L3 autonomous driving expected post-2026 [5][42]. - Investment opportunities are identified in compliance-driven market demands and technological upgrades, particularly in areas such as driver monitoring systems, data recording systems, and core components like domain controllers and automotive-grade chips [5][42]. 4. Investment Opportunities - The report suggests focusing on companies with strong R&D capabilities and compliance with safety requirements, including leading automotive manufacturers and intelligent driving solution providers [5][46]. - The implementation of the new standards is expected to create a clear safety baseline and enhance market confidence in higher-level autonomous driving systems [44][49].

Market Overview - On September 25, the A-share market experienced fluctuations, with the ChiNext Index rising over 2% at one point, reaching a three-year high. The Shanghai Composite Index closed down 0.01%, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index increased by 1.58% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.37 trillion yuan, an increase of 44.3 billion yuan compared to the previous trading day [2] Sector Performance - The gaming, AI applications, and controllable nuclear fusion sectors saw significant gains, while the port shipping, precious metals, and oil and gas sectors experienced declines [2] International Market - The U.S. stock market indices collectively fell on September 25, with the Dow Jones Industrial Average down by 173.96 points (0.38%), closing at 45,947.32 points. The S&P 500 dropped by 33.25 points (0.50%) to 6,604.72 points, and the Nasdaq Composite fell by 113.16 points (0.50%) to 22,384.70 points [4][5] - European markets also saw declines, with the FTSE 100 down 0.39%, the CAC 40 down 0.41%, and the DAX down 0.56% [4][5] - International oil prices slightly decreased, with WTI crude oil closing at $64.98 per barrel (down 0.02%) and Brent crude oil at $69.42 per barrel (up 0.16%) [4][5] Digital Currency Development - The Digital Renminbi International Operation Center officially commenced operations, introducing three major business platforms aimed at enhancing cross-border payment systems and financial infrastructure [7] Copper Industry Insights - The China Nonferrous Metals Industry Association is accelerating research on how to strengthen the standardized management of copper smelting capacity, addressing issues of excessive competition and low processing fees in the copper industry [8][9][10] Policy Changes - Guangzhou has introduced new policies allowing real estate companies to sell self-held housing after paying the necessary fees, aimed at improving land utilization efficiency [13] - The Chinese Foreign Exchange Trading Center announced an increase in the daily net limit for the "Swap Connect" mechanism to 45 billion yuan starting October 13 [11] Company Announcements - Xiaomi launched its new Xiaomi 17 series smartphones, starting at a price of 4,499 yuan [12] - Several companies, including Shanghai Electric and Inspur Information, saw significant net inflows of capital, indicating strong market interest [18][20]

Core Insights - The 28th China Automotive Engineering Society (CHINA SAE) Automotive Safety Technology Conference was held in Baoding, Hebei Province, gathering global experts and researchers in automotive safety technology [1] - Joyson Safety Systems (均胜电子) shared insights on Farside occupant protection during a sub-forum, highlighting the importance of this area in automotive safety evaluations [2] Group 1: Industry Developments - The conference focused on the latest research and applications in automotive safety technology, with discussions on the integration and performance simulation of Farside safety airbags and side restraint systems [1][2] - The introduction of Farside occupant protection in NCAP systems like C-NCAP and Euro-NCAP reflects a growing emphasis on comprehensive safety measures in the automotive industry [1] Group 2: Company Initiatives - Joyson Safety Systems has developed analysis methods and solutions for Farside occupant protection, aiming to enhance industry understanding and engineering practices [2] - The company emphasized its commitment to innovation and application of advanced safety technologies, aiming to provide comprehensive safety guarantees for global users [2] - Joyson Safety Systems has successfully supported numerous vehicle models in achieving high safety ratings, continuously optimizing virtual testing methods to promote industry advancement [2]

新京报贝壳财经讯 9月24日，均胜电子公告，公司全资子公司宁波均智汽车科技有限公司以3亿元参与 投资设立的服务贸易创新发展引导基金二期(有限合伙)已完成备案。该基金由招商局资本管理(北京)有 限公司担任普通合伙人及基金管理人，公司参与投资金额占基金出资总额的3%。基金已在中基协完成 备案，备案编码为SBGB42。 ...