Group 1 - The Shanghai Composite Index opened lower but rose, with the CSI 300 Fuguo 130/30 Long-Short Strategy Index increasing by 0.07% to 47,596.81 points, with a trading volume of 103.244 billion [1] - The CSI 300 Fuguo 130/30 Long-Short Strategy Index has increased by 0.15% in the past month, 0.77% in the past three months, and 4.39% year-to-date [1] - This index employs a negative weight to reflect the concept of short selling, with a long position of 130% and a short position of -30%, utilizing leverage to provide new risk-return characteristics [1] Group 2 - The top ten holdings of the CSI 300 Fuguo 130/30 Long-Short Strategy Index include Kweichow Moutai (5.36%), CATL (5.27%), iFlytek (4.07%), Hangzhou Bank (4.06%), and others [1] - The market capitalization distribution shows that the Shanghai Stock Exchange accounts for 63.48% and the Shenzhen Stock Exchange accounts for 36.52% [1] - In terms of industry allocation, finance comprises 21.57%, industrials 17.13%, information technology 16.95%, consumer staples 10.81%, and healthcare 10.49% among others [2]

Core Viewpoint - The company has decided to postpone the expected completion dates for its fundraising projects, specifically the "Nanyang Intelligent Electrical Industrial Park Construction Project (Phase I)" and the "R&D Center Construction Project," to June 2026 due to various factors affecting project timelines [2][3][4]. Fundraising Overview - The company raised a total of RMB 262.35 million through its initial public offering, with a net amount of RMB 195.80 million after deducting issuance costs [2]. - The cumulative investment in the "Nanyang Intelligent Electrical Industrial Park Construction Project (Phase I)" is RMB 135.52 million, representing 69.22% of the planned investment [2]. Project Delay Details - The delay for the "Nanyang Intelligent Electrical Industrial Park Construction Project (Phase I)" is attributed to ongoing construction and the need for equipment installation and debugging, which has not yet reached a fully usable state [3]. - The "R&D Center Construction Project" requires an extension due to the optimization and upgrading of original R&D plans, which involves more complex processes and equipment selection [3]. Measures for Completion - The company will monitor the progress of the fundraising projects in real-time, develop implementation plans, optimize resource allocation, and ensure orderly advancement of subsequent construction [3]. Impact of Delay - The postponement of the fundraising projects is a prudent decision based on the current implementation status and does not alter the project subjects, methods, or intended use of funds, ensuring no significant adverse impact on the company's operations [4]. Approval Process - The board of directors and the supervisory board have approved the postponement of the project completion dates, and this matter does not require further shareholder meeting approval [4]. Sponsor's Review Opinion - The sponsor has confirmed that the postponement of the fundraising projects has been duly approved by the company's board and does not involve any changes to the intended use of funds, ensuring the protection of shareholder interests [4].

Quantitative Models and Construction Methods 1. Model Name: Short-term Quantitative Timing Model - **Model Construction Idea**: This model uses historical data and quantitative indicators to generate short-term market timing signals based on factors such as valuation, liquidity, fundamentals, and sentiment [13][14][15] - **Model Construction Process**: - **Fundamentals**: Signals are derived from indicators like manufacturing PMI (35.59% percentile, cautious), long-term loan growth rate (0.00% percentile, cautious), and M1 growth rate (77.97% percentile, optimistic) [13] - **Valuation**: Signals are based on PE (85.11% percentile, neutral) and PB (35.40% percentile, optimistic) metrics [14] - **Sentiment**: Signals are generated from beta dispersion (52.54% percentile, neutral), volume sentiment score (-0.19, 40.45% percentile, neutral), and market volatility (10.42%, 4.55% percentile, neutral) [14] - **Liquidity**: Signals are derived from monetary rates (-0.03, 33.90% percentile, optimistic), exchange rate expectations (-1.07%, 20.34% percentile, optimistic), and average financing (5.18 billion, 54.01% percentile, neutral) [15] - **Model Evaluation**: The model demonstrates significant performance improvement over the benchmark, with a robust risk-return profile and consistent positive returns in most years [15][16] 2. Model Name: Growth-Value Style Rotation Model - **Model Construction Idea**: This model allocates between growth and value styles based on macroeconomic cycles, valuation spreads, and sentiment indicators [27][28] - **Model Construction Process**: - **Fundamentals**: Signals are based on profit cycle slope (positive, favoring growth), interest rate cycle (high, favoring value), and credit cycle (weak, favoring value) [27] - **Valuation**: Signals are derived from PE spread (14.54%, favoring growth) and PB spread (30.19%, favoring growth) [27] - **Sentiment**: Signals are based on turnover spread (4.71%, favoring value) and volatility spread (35.20%, favoring balanced allocation) [28] - **Model Evaluation**: The strategy outperforms the benchmark with higher annualized returns and lower drawdowns, though it underperformed in certain years like 2025 [28][31] 3. Model Name: Small-Cap vs. Large-Cap Style Rotation Model - **Model Construction Idea**: This model allocates between small-cap and large-cap styles based on macroeconomic cycles, valuation spreads, and sentiment indicators [32][33] - **Model Construction Process**: - **Fundamentals**: Signals are based on profit cycle slope (positive, favoring small-cap), interest rate cycle (high, favoring large-cap), and credit cycle (weak, favoring large-cap) [32] - **Valuation**: Signals are derived from PE spread (71.08%, favoring large-cap) and PB spread (98.53%, favoring large-cap) [33] - **Sentiment**: Signals are based on turnover spread (39.06%, favoring large-cap) and volatility spread (87.23%, favoring large-cap) [33] - **Model Evaluation**: The strategy demonstrates significant outperformance over the benchmark, with higher returns and improved risk-adjusted metrics [33][35] 4. Model Name: Four-Style Rotation Model - **Model Construction Idea**: This model combines the growth-value and small-cap-large-cap rotation models to allocate across four styles: small-cap growth, small-cap value, large-cap growth, and large-cap value [37] - **Model Construction Process**: - Combines signals from the growth-value and small-cap-large-cap models to determine allocation proportions: small-cap growth (12.5%), small-cap value (37.5%), large-cap growth (12.5%), and large-cap value (37.5%) [37] - **Model Evaluation**: The strategy achieves higher annualized returns and lower drawdowns compared to the benchmark, with consistent outperformance in most years [37][38] --- Backtesting Results of Models 1. Short-term Quantitative Timing Model - **Annualized Return**: 16.10% - **Annualized Volatility**: 14.71% - **Maximum Drawdown**: 27.70% - **Sharpe Ratio**: 0.9529 - **Win Rates**: Monthly (67.55%), Quarterly (68.63%), Yearly (85.71%) [20][24] 2. Growth-Value Style Rotation Model - **Annualized Return**: 11.39% - **Annualized Volatility**: 20.86% - **Maximum Drawdown**: 43.07% - **Sharpe Ratio**: 0.5264 - **Win Rates**: Monthly (58.00%), Quarterly (60.00%) [31] 3. Small-Cap vs. Large-Cap Style Rotation Model - **Annualized Return**: 11.92% - **Annualized Volatility**: 22.76% - **Maximum Drawdown**: 50.65% - **Sharpe Ratio**: 0.5219 - **Win Rates**: Monthly (60.67%), Quarterly (56.00%) [35] 4. Four-Style Rotation Model - **Annualized Return**: 12.89% - **Annualized Volatility**: 21.61% - **Maximum Drawdown**: 47.91% - **Sharpe Ratio**: 0.5777 - **Win Rates**: Monthly (59.33%), Quarterly (60.00%) [38]

Summary of Key Points Core Viewpoint The company intends to change part of the fundraising purpose and delay some fundraising projects due to geopolitical factors and market opportunities in Thailand, prioritizing investment in a new production base in Thailand to meet the urgent needs of automotive manufacturers. Group 1: Fundraising Overview - The company raised a total of RMB 3,514,826,899.52 through the issuance of 60,726,104 A shares at a price of RMB 57.88 per share, with a net amount of RMB 3,498,437,798.43 after deducting issuance costs [1][2] - The total amount of funds to be invested in various projects is RMB 783,429.75 million, with RMB 349,843.78 million planned for investment [2] Group 2: Changes in Fundraising Purpose - The company plans to redirect RMB 38,000.00 million of the uninvested funds from the "Ningbo Qianwan annual production of 1.1 million automotive interior functional parts project and annual production of 1.3 million thermal management systems project" to the "Thailand annual production of 1.3 million thermal management systems project" [2][4] - The change in fundraising purpose accounts for 10.86% of the net amount raised [4] Group 3: Project Delays - The timeline for the "chassis system project" and "interior functional parts project" to reach the predetermined usable state has been extended from July 2025 to July 2026 [4][5] Group 4: Reasons for Changes - The shift in investment is driven by geopolitical factors and the need to follow automotive manufacturers establishing operations in Thailand, which is seen as a strategic move to reduce investment risks [9][10] - Thailand's favorable policies, such as tax incentives and a growing electric vehicle market, make it an attractive location for investment [10][11] Group 5: New Project Details - The new project in Thailand involves establishing a production base with an investment of RMB 64,800.00 million, of which RMB 38,000.00 million will come from the redirected funds [15][16] - The project is expected to generate annual revenue of RMB 182,000.00 million and a net profit of RMB 13,468.00 million, with a financial internal rate of return of 23.03% [16] Group 6: Company’s Strategic Position - The company has extensive experience in the automotive parts industry and aims to leverage Thailand's advantages to enhance its international market presence and reduce trade risks [17][18] - The growing demand for thermal management systems in the electric vehicle sector presents a significant market opportunity for the new project [18]

一、本次上市流通的限售股类型 根据中国证券监督管理委员会出具的《关于同意上海概伦电子股份有限公司 首次公开发行股票注册的批复》（证监许可20213703 号）以及上海证券交易所 出具的《关于上海概伦电子股份有限公司人民币普通股股票科创板上市交易的通 知》（2021492 号），公司首次向社会公开发行人民币普通股（A 股）股票 本次上市流通的限售股为首发限售股份，限售股股东数量为 9 名，对应的股 份数量为 256,744,747 股，占公司股本总数的 59.00%，限售期为自公司股票上市 之日起 42 个月。现限售期即将届满，将于 2025 年 6 月 30 日起上市流通。 二、本次上市流通的限售股形成后至今公司股本的变化情况 招商证券股份有限公司 关于上海概伦电子股份有限公司首次公开发行 部分限售股上市流通的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为上海 概伦电子股份有限公司（以下简称"概伦电子"或"公司"）首次公开发行股票 并上市持续督导阶段的保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第 发行部分限 ...

Group 1 - The fund is named "Fidelity Hong Kong Stock Connect Selected Mixed Initiated Securities Investment Fund" and has been registered with the China Securities Regulatory Commission (CSRC) [1] - The fund is a mixed-type fund, with expected returns and risk levels higher than bond and money market funds, but lower than stock funds [1][10] - The fund will be publicly offered from June 23 to June 27, 2025, through designated sales institutions [5][25] Group 2 - The fund management company is Fidelity Fund Management (China) Co., Ltd., and the custodian is Jiangsu Bank Co., Ltd. [1][64] - The fund is open to qualified individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [1][20] - The fund has different share classes: A class shares incur subscription fees, while C class shares do not [17][36] Group 3 - The minimum subscription amount for the fund is set at 1 RMB, with no upper limit for individual investors, but a 50% cap on total shares held by a single investor [7][12] - The fund will not accept subscriptions from non-qualified investors, including non-China tax residents and U.S. persons [2][3] - The fund's initial share value is set at 1 RMB, and any interest generated during the subscription period will be converted into corresponding fund shares [18][41] Group 4 - The fund's sales institutions include both direct sales and other designated sales institutions [22] - Investors must open a fund account with the management company to subscribe to the fund, and the subscription process can be completed simultaneously with account opening [5][32] - The fund management has the right to adjust the subscription limits and conditions based on market conditions and regulatory requirements [8][20]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market performance [22]. Core Viewpoints - The report highlights the introduction of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) aimed at deepening the reform of the Sci-Tech Innovation Board and the Growth Enterprise Market to better support technological innovation and industrial transformation [3][4]. - The policy includes the establishment of a Sci-Tech Growth Tier and the reintroduction of the fifth set of listing standards for unprofitable companies, which is expected to provide a more precise service to high-quality tech enterprises with significant R&D investments and promising commercial prospects [4][5]. - The report anticipates that the implementation of these reforms will accelerate the listing and financing of tech innovation companies, thereby restoring the financing scale of the Sci-Tech Innovation Board and the Growth Enterprise Market, which is currently at its lowest level since 2019 [5][6]. Summary by Sections Policy Measures - The "1+6" policy includes six specific reform measures aimed at enhancing the capital market's support for innovative enterprises, such as introducing a pre-IPO review mechanism for quality tech companies and expanding the application scope of the fifth set of standards to more frontier technology sectors [4][6]. Market Impact - The report suggests that the reforms will enhance market inclusivity and adaptability, allowing more potential but unprofitable innovative companies to access capital markets, thus expanding the service range of the capital market [6]. - It is expected that these reforms will promote the deep integration of technological innovation and capital, providing sufficient funding support for tech innovation enterprises and accelerating the transformation of technological achievements into productive forces [6]. Investment Recommendations - The report recommends three investment lines: 1. Strong comprehensive institutions benefiting from an optimized industry competitive landscape, such as GF Securities, CITIC Securities, and Guotai Junan [6]. 2. Brokerages with significant earnings elasticity, including Eastmoney and China Merchants Securities [6]. 3. Companies with strong international business competitiveness, such as China Galaxy and CICC [6].

Core Viewpoint - The report outlines the strategic placement of investors in the initial public offering (IPO) of Shandong Xintong Electronics Co., Ltd., detailing the approval process and the qualifications of participating investors [1][2][3]. Group 1: Approval and Authorization of the IPO - The board of directors of the issuer approved the IPO on August 23, 2021, and further modifications were approved on February 21, 2023 [2]. - The shareholders' meeting also approved the IPO on September 8, 2021 [2]. - The Shenzhen Stock Exchange's listing review committee approved the IPO on February 2, 2024 [2][3]. Group 2: Strategic Placement Details - The total number of shares to be publicly issued is 39 million, representing 25% of the total share capital post-IPO [4]. - The initial strategic placement amount is set at 7.8 million shares, which is 20% of the total issuance [5]. - The strategic placement includes participation from senior management and core employees through a special asset management plan, with a maximum subscription amount of 62.5 million yuan [5][8]. Group 3: Investor Qualifications - Eligible strategic placement investors include large enterprises with strategic cooperation relationships or long-term visions with the issuer [8][10]. - The participating investors are the employee asset management plan of Xintong Electronics, Electric Investment Green Strategic Investment Fund, and Guangzhou Industrial Control Capital Management Co., Ltd. [8][10]. - The employee asset management plan is limited to a maximum of 390,000 shares and 62.5 million yuan [9][10]. Group 4: Lock-up Arrangements - The lock-up period for the employee asset management plan is 12 months from the IPO date, while the Electric Investment Green Fund and Guangzhou Industrial Control Capital have a lock-up period of 18 months [7][20]. - After the lock-up period, the reduction of shares will comply with the regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [7][20]. Group 5: Compliance and Funding Sources - The participating investors have confirmed that their funds for the strategic placement come from their own resources, ensuring compliance with relevant regulations [11][20]. - The Electric Investment Green Fund and Guangzhou Industrial Control Capital have sufficient liquidity to cover their subscription amounts [20][24].

利弗莫尔证券显示， 兆威机电向港交所提交上市申请书，联席保荐人为 招商证券国际、Deutsche Bank。 ...

本次非公开发行股份自该等股份上市之日起 36 个月内，不以任何方式转让 （包括但不限于通过证券市场公开转让、大宗交易或协议方式转让），该等股份 由于蓝天燃气送红股、转增股本等原因而增持的股份，亦遵照前述锁定期进行锁 定。 二、本次限售股形成后至今公司股本数量变化情况 本次限售股形成后，公司 2023 年实施 2022 年度权益分派，以资本公积金向 全体股东每股转增 0.4 股导致公司股本总额增加 197,942,536 股至 692,798,876 股。 因 本次转 增股本导致 宇 龙实 业持有的公 司限售股股 份增加 12,861,736 股至 截至 2025 年 6 月 17 日，公司因可转债转股导致总股本累计增加 21,836,087 股至 714,634,963 股。本次因可转债转股导致股本增加不涉及本次上市流通的限 售股股东。 招商证券股份有限公司 关于河南蓝天燃气股份有限公司 发行股份购买资产暨关联交易限售股份解禁上市流通的核查意见 招商证券股份有限公司（以下简称"招商证券"、"独立财务顾问"）作为 河南蓝天燃气股份有限公司（以下简称"蓝天燃气"、"公司"）发行股份购买 资产暨关联交易（以下简称" ...