Group 1 - Hongjing Technology signed a service contract for an intelligent computing project with a total amount of 597 million yuan, valid for 5 years [1] - Weifu High-Tech's subsidiary invested 220 million yuan to establish a joint venture with Shanghai Baolong Automotive Technology [2] - Zhongshan Public received approval for the registration of short-term financing bonds amounting to 2 billion yuan and medium-term notes of 3 billion yuan [3] Group 2 - Lianhua Technology established a venture capital fund with a total commitment of 200 million yuan, contributing 100 million yuan as a limited partner [4] - Changan Technology's shareholder signed an agreement to transfer 6.27% of the company's shares to Hefei State Capital Venture Investment [6] - Hangzhou Garden announced a cash dividend of 0.5 yuan per 10 shares, totaling 6.62 million yuan [8] Group 3 - Huamao Technology plans to acquire 100% equity of Fuchuang Youyue, leading to a temporary suspension of its stock [9] - Zhuojin Co. won a bid for a soil remediation project in Hefei with a contract value of 67.68 million yuan [10] - Shanghai Pharmaceuticals received FDA approval for two drugs, enhancing its product portfolio [10] Group 4 - Fuxing Pharmaceutical's senior vice president resigned for personal reasons [12] - Baolong Technology's subsidiary plans to invest 180 million yuan in a joint venture [13] - ST Zhongdi intends to utilize surplus funds from a project company, with a maximum of 106 million yuan [14] Group 5 - Nanchao Food reported a significant decline in net profit for April, down 82.14% year-on-year [16] - Changshan Pharmaceutical received a drug registration certificate in Belarus for a new product [18] - Nanshan Aluminum established a wholly-owned subsidiary for photovoltaic energy projects with an investment of 5 million yuan [20] Group 6 - Bozhong Precision announced the resignation of a director and deputy general manager [22] - Xinjiang Jiaojian won a bid for a highway construction project valued at 451 million yuan [23] - Guangzhou Restaurant declared a cash dividend of 0.48 yuan per share, totaling 273 million yuan [25] Group 7 - Weili Medical's subsidiary obtained a medical device operating license, allowing it to engage in wholesale activities [27] - New Australia Co. announced a cash dividend of 0.3 yuan per share, totaling 219 million yuan [28] - Lianhua Technology's subsidiary entered the new third board innovation layer [29] Group 8 - Huaxi Energy's chairman resigned due to personal reasons [31] - Yipin Hong plans to use up to 500 million yuan of idle funds for cash management [33] - Shouhua Gas intends to purchase bauxite resources through market means [34] Group 9 - Jincheng signed a service agreement for underground mining operations at the Komakau Copper Mine, valued at approximately 805 million USD [34] - Wanrun New Energy signed a supply contract with CATL for lithium iron phosphate products, with a total supply of about 1.32 million tons [35] - Weili plans to transfer 100% equity of a subsidiary to Chengfa Environment for 100 million yuan [36] Group 10 - Zhenlei Technology's subsidiary received government subsidies of 2.21 million yuan, positively impacting profits [38] - Weir shares plan to change their name to "Haowei Group" to reflect strategic direction [39] - YTO Express reported a revenue increase of 16.32% in April, totaling 5.755 billion yuan [39]

证券代码：603197 证券简称：保隆科技 公告编号：2025-038 债券代码：113692 债券简称：保隆转债 上海保隆汽车科技股份有限公司 第七届董事会第二十五次会议（通讯表决）决议公告 上海保隆汽车科技股份有限公司（以下简称"公司"）第七届董事会第二十 五次会议于 2025 年 5 月 15 日以书面、电话和电子邮件方式通知全体董事，并于 本次会议的通知、召开及审议程序符合《公司法》《证券法》等法律法规及《公 司章程》的有关规定，所作决议合法有效。 （二）审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》 表决结果：赞成 9 票；反对 0 票；弃权 0 票。 本议案已经第七届董事会审计委员会第十三次会议审议通过，并同意提交董 事会审议。 具体内容详见同日刊登在上海证券交易所网站（www.sse.com.cn）的《上海 保隆汽车科技股份有限公司关于使用部分闲置募集资金暂时补充流动资金的公 告》。 一、董事会会议召开情况 二、董事会会议审议情况 会议审议并通过了以下议案，并形成了决议： （一）审议通过了《关于公司全资子公司对外投资设立合资公司的议案》 表决结果：赞成 9 票；反对 0 票；弃权 ...

Core Viewpoint - The company is establishing a joint venture, "Weifu Baolong Technology Co., Ltd.", with Weifu High Technology Group's subsidiary to capitalize on the growing demand for fully active suspension systems in the automotive industry [1][8]. Group 1: Joint Venture Details - The joint venture will have a registered capital of RMB 400 million, with Hefei Baolong contributing RMB 180 million (45%) and Weifu Jinning contributing RMB 220 million (55%) [1][2]. - The establishment of the joint venture was approved by the company's board of directors on May 20, 2025, and does not require shareholder approval [1][2]. Group 2: Financial and Operational Aspects - Weifu Jinning, the partner in the joint venture, has a registered capital of approximately RMB 346.29 million and operates in various sectors including automotive parts production and sales [2][3]. - The joint venture aims to integrate Baolong's expertise in air suspension systems with Weifu's strengths in hydraulic pumps to develop core components for fully active suspension systems [8]. Group 3: Market Implications - The fully active suspension system is expected to enhance vehicle handling and comfort, with increasing demand from automotive manufacturers [8]. - The joint venture is positioned to fill a gap in the domestic supply of fully active suspension systems, promoting broader application in the Chinese automotive market [8].

一、董事会会议召开情况 上海保隆汽车科技股份有限公司（以下简称"公司"）第七届董事会第二十 五次会议于 2025 年 5 月 15 日以书面、电话和电子邮件方式通知全体董事，并于 2025 年 5 月 20 日以通讯方式召开，会议应出席董事 9 人，实际出席董事 9 人。 本次会议的通知、召开及审议程序符合《公司法》《证券法》等法律法规及《公 司章程》的有关规定，所作决议合法有效。 二、董事会会议审议情况 | 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 第七届董事会第二十五次会议（通讯表决）决议公告 上海保隆汽车科技股份有限公司 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。 会议审议并通过了以下议案，并形成了决议： （一）审议通过了《关于公司全资子公司对外投资设立合资公司的议案》 表决结果：赞成 9 票；反对 0 票；弃权 0 票。 具体内容详见同日刊登在上海证券交易所网站（www.ss ...

一、募集资金基本情况 长城证券股份有限公司 关于上海保隆汽车科技股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 长城证券股份有限公司（以下简称"长城证券""保荐机构"）作为上海保 隆汽车科技股份有限公司（以下简称"保隆科技""公司"）向特定对象发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《上海证券交易所上市公司自律监管规则指引第 1 号——规范运作》等相 关法规规章的要求，就保隆科技本次使用部分闲置募集资金暂时补充流动资金事 项进行了审慎核查，核查情况和意见如下： | 序号 | 项目名称 | 项目总投资 | 拟使用募集资金金额 | | --- | --- | --- | --- | | 1 | 年产2680万支车用传感器项目 | 72,058.00 | 64,800.00 | | 2 | 补充流动资金 | 27,000.00 | 27,000.00 | | | 合计 | 99,058.00 | 91,800.00 | （一）募集资金基本情况 经中国证券监督管理委员会（以下简称"中 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 上海保隆汽车科技股份有限公司 关于全资子公司对外投资设立合资公司的公告 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： 一、对外投资概述 （一）对外投资的基本情况 为把握汽车全主动悬架系统应用发展趋势，抓住全主动悬架电机液压泵技术 业务发展机会，实现业务的快速增长和长期可持续发展，公司全资子公司合肥保 1 投资标的名称：威孚保隆科技有限公司（企业名称暂定，以工商登记机 关最终核准登记的名称为准，以下简称"合资公司"） 投资金额：合资公司拟注册资本为人民币 40,000 万元，其中上海保隆 汽车科技股份有限公司（以下简称"保隆科技"或"公司"）的全资子 公司上海保隆汽车科技（安徽）有限公司（以下简称"合肥保隆"）认 缴出资人民币 18,000 万元，占注册资本的 45%；无锡威孚高科技集团股 份有限公司（以下简称"威孚高科"）的 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 上海保隆汽车科技股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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： 公司本次闲置募集资金暂时补充流动资金的金额：不超过 8,000 万元。 公司本次闲置募集资金暂时补充流动资金的期限：自公司董事会审议批 准之日起不超过 12 个月。 上海保隆汽车科技股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日召开第七届董事会审计委员会第十三次会议、第七届董事会第二十五次会议及 第七届监事会第二十四次会议，审议通过《关于使用部分闲置募集资金暂时补充 流动资金的议案》，同意公司使用不超过 8,000 万元闲置募集资金暂时补充流动 资金，使用期限自公司董事会审议通过之日起不超过 12 个月。现将具体情况公 告如下： 一、募集资金基本情况 2024 年 5 月 29 日， ...

保隆科技（603197）公告，公司全资子公司合肥保隆将与威孚高科（000581）控股子公司威孚金宁共同 投资设立"威孚保隆科技有限公司"。合资公司拟注册资本人民币4亿元，其中合肥保隆认缴出资人民币 1.8亿元，占注册资本的45%；威孚金宁认缴出资人民币2.2亿元，占注册资本的55%。合资公司设立尚 需通过市场监督管理部门等有关审批机关的核准，是否能如期设立合资公司存在不确定性。在未来实际 经营中，合资公司可能面临宏观经济、国家政策、行业周期、市场竞争等不确定因素，敬请广大投资者 注意投资风险。 ...

Core Insights - The air suspension industry in China is experiencing rapid growth, particularly driven by the rise of electric vehicles and advancements in domestic suppliers' production technology [1][7][23] - In 2024, the sales volume of new cars equipped with standard air suspension in China is projected to reach 816,000 units, representing a year-on-year increase of 44.7%, with market penetration rising from 1.2% in 2022 to 3.6% [1][7] Industry Overview - Air suspension systems adjust vehicle height and stiffness by regulating gas pressure, utilizing components like air springs and electronic control dampers [1][5] - The air suspension market has evolved from pneumatic springs to more complex systems, including electronic control and air pumps, enhancing dynamic adjustment capabilities [1][7] Market Segmentation - **Commercial Vehicle Air Suspension**: The penetration rate for air suspension in commercial vehicles is currently between 6-8%, with a rigid demand of approximately 150,000 to 200,000 units annually for semi-trailers [9][13] - **Passenger Vehicle Air Suspension**: The penetration rate is lower due to high costs, but it is expected to grow significantly, with projections indicating a rise to 15% penetration and sales of 4.547 million units by 2027 [13] Competitive Landscape - The air suspension market in China is characterized by an oligopolistic structure, with the top three suppliers accounting for 86.7% of the market share in 2024 [16] - Domestic suppliers, including Konghui Technology, Top Group, and Baolong Technology, dominate the market, with their combined market share exceeding 85% [16][23] Development Trends - **Accelerated Domestic Substitution**: Local companies are rapidly replacing foreign suppliers in the air suspension market, achieving a market share of 65% and projected to exceed 85% by 2024 [23] - **Technological Upgrades**: The industry is moving towards intelligent and active suspension systems, integrating with autonomous driving technologies for enhanced vehicle performance [24][25] - **Market Expansion**: The air suspension market is expanding from high-end to mid-range vehicles, with significant growth expected in the coming years, particularly in the electric vehicle segment [26]

Core Viewpoints - The automotive sector is expected to continue its upward trend, driven by three main themes: AI robotics, AI intelligence, and favorable market conditions [4][8] - The market showed strong performance in the automotive sector, with passenger vehicles and components leading the gains, influenced by better-than-expected adjustments in US-China tariffs and previous significant corrections in the automotive market [4][8] Weekly Review Summary - In the second week of May, the number of compulsory insurance policies reached 443,000 vehicles, reflecting a week-on-week increase of 6.5% and a month-on-month increase of 29.8% [2][7] - The SW automotive index rose by 2.4%, with the best-performing segments being SW passenger vehicles (+4.4%) and SW automotive components (+2.2%), while commercial vehicles and motorcycles showed declines [2][7] Key Industry Changes - Weipai New Energy launched the 2025 model of the Gaoshan vehicle, equipped with the Coffee Pilot Ultra intelligent driving assistance system [3][7] - BYD was added to the Hang Seng Technology Index [3][7] - Geely Automobile reported Q1 2025 revenue of 72.5 billion yuan, a year-on-year increase of 24.5%, and a net profit of 5.67 billion yuan, up 263.4% year-on-year [3][7] - The acquisition of 100% equity in Wuhu Changpeng was completed, and the company was renamed Wuhu Top [3][7] - Baolong Technology's second phase of the 4.8MW distributed photovoltaic project in Ningguo was completed and accepted [3][7] Sector Configuration Recommendations - The company maintains a positive outlook for 2025, focusing on three main themes: AI robotics, AI intelligence, and favorable market conditions, with the robotics theme expected to have the highest elasticity in May [5][8] - Recommended stocks for the AI robotics theme include Top Group, Junsheng Electronics, and Precision Forging Technology [5][8] - For the AI intelligence theme, preferred stocks include Xpeng Motors, Li Auto, and Xiaomi in Hong Kong, and Seres, SAIC Motor, and BYD in A-shares [5][8] - The favorable market conditions theme includes recommendations for bus manufacturers like Yutong Bus and heavy-duty trucks like China National Heavy Duty Truck and Weichai Power [5][8] Market Performance Tracking - The automotive sector ranked third in A-shares and first in Hong Kong this week, with strong performances in passenger vehicles and components [12][21] - The automotive sector's performance in the SW index showed significant gains, with passenger vehicles leading the way [15][21] Sales Data Overview - In April, the total number of passenger vehicles insured was 443,000, with a year-on-year increase of 29.8% [44] - New energy vehicles accounted for 222,000 units, with a penetration rate of 50.2% [44]