Core Points - Recent reports indicate that a single key can unlock multiple Aima electric vehicles, raising concerns about security and design flaws [1][3][5] - Users have shared their experiences on social media, highlighting instances where they mistakenly used someone else's vehicle due to key compatibility issues [3][5] - Aima's customer service has not received formal complaints regarding this issue, but they suggest users verify their vehicles at local stores [1][5] Group 1 - A user reported that their key opened several Aima electric vehicles, which was corroborated by multiple similar experiences shared online [1][3] - One incident involved a user finding their vehicle being used by another person, who had mistakenly taken it due to the similarity in appearance and key functionality [3] - Aima's public relations team has not provided a response to inquiries about the key compatibility issue, despite attempts to reach them [1][5] Group 2 - Aima's customer service indicated a lack of awareness regarding the key compatibility issue and recommended contacting the purchase store for resolution [5] - Previous media reports suggested that while keys are not designed to be universal, the similarity in lock cylinders could lead to compatibility issues [5] - Industry experts noted that the probability of mechanical lock compatibility may arise from cost-cutting measures by suppliers, resulting in higher key duplication rates [5]

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-053 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于 2025 年限制性股票激励计划首次授予结果公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 首次授予限制性股票登记日：2025 年 7 月 25 日 首次授予限制性股票登记数量：11,968,524 股，其中股票来源为公司从 二级市场回购的公司股票 750,524 股，股票来源为公司向激励对象定向发行的公 司股票 11,218,000 股。 根据中国证监会《上市公司股权激励管理办法》、上海证券交易所、中国证 券登记结算有限责任公司上海分公司有关规定，爱玛科技集团股份有限公司（以 下简称"公司"）已于 2025 年 7 月 25 日在中国证券登记结算有限责任公司上海 分公司办理完成公司 2025 年限制性股票激励计划（以下简称"本次激励计划"） 首次授予部分的登记工作，现将相关事项公告如下 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-054 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于 2025 年限制性股票激励计划首次授予登记完成调整"爱 玛转债"转股价格的公告 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： 证券停复牌情况：适用 因限制性股票首次授予登记需调整"爱玛转债"转股价格,本公司的相关证 券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113666 | 爱玛转债 | 可转债转股停牌 | 2025/7/29 | 全天 | 2025/7/29 | 2025/7/30 | 爱玛科技集团股份有限公司（以下简称"公司"）于 2023 年 2 月 23 日公开发 行 2,000 万张可转换公司债券，每张面值 1 ...

Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [11]. Core Insights - The 2025 national subsidy for home appliances is expected to boost industry performance, with a significant increase in subsidy duration and coverage, leading to sustained high industry sentiment [3][9]. - The report anticipates that the demand for home appliances will remain robust due to a large number of appliances reaching their safety usage limits that have not yet been replaced [3][9]. Policy Overview - The 2025 national subsidy program extends from 4 months to 12 months, covering the peak season for air conditioners and expanding the types of subsidized products to include small appliances and cleaning devices [6][17]. - The total subsidy amount for the "old for new" policy has increased from 150 billion to 300 billion yuan [6][17]. Performance Review - As of May 31, 2025, approximately 49.86 million consumers purchased 77.618 million units of 12 major categories of home appliances, with an estimated sales revenue of about 262 billion yuan [7][27]. - The home appliance retail sales growth from January to May 2025 was 30.2%, significantly outperforming the overall retail sales growth of consumer goods [7][27]. Future Outlook - Without subsidies, the expected growth rates for air conditioners, refrigerators, and washing machines in 2025 are projected at 2.0%, -0.8%, and 5.1%, respectively. However, with a conservative estimate of 80 billion yuan in subsidy funds, these growth rates could increase to 10.6%, 3.7%, and 7.7% [8][9]. - The report suggests that the impact of the subsidy on future demand will be limited due to the high number of appliances that have reached their replacement age [8][9]. Investment Recommendations - The report recommends focusing on high-quality leading companies with certain growth prospects, such as Gree Electric Appliances, Midea Group, and Hisense Home Appliances, which are expected to benefit from domestic sales trends driven by subsidies [9][12]. - Companies with exposure to the U.S. market and strong brand power, such as Anker Innovations and Roborock, are also highlighted for their potential recovery [9][12].

Group 1 - The company approved the first grant of restricted stock under the 2025 Restricted Stock Incentive Plan during board and supervisory meetings held on June 20, 2025 [1] - A total of 393 individuals were initially designated as incentive recipients, but this number was adjusted to 387 due to voluntary forfeitures of stock by 6 individuals (53,666 shares) and partial forfeitures by 4 individuals (31,500 shares) [2] - The actual number of shares granted was reduced from 12,053,690 shares to 11,968,524 shares, with a grant price of RMB 20.01 per share, totaling RMB 239,490,165.24 [2] Group 2 - The company has applied for registration of the granted shares with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [2] - The stock structure before and after the changes will be based on the company's capital structure as of July 22, 2025, and will be confirmed by the China Securities Depository and Clearing Corporation Limited [3] - The company will fulfill its information disclosure obligations in accordance with relevant regulations following the registration of the incentive plan [3]

Core Points - The company has approved the initial grant of restricted stock under the 2025 Restricted Stock Incentive Plan during board and supervisory meetings held on June 20, 2025 [1] - A total of 387 individuals will receive 11,968,524 shares of restricted stock at a price of RMB 20.01 per share, totaling RMB 239,490,165.24 [2][3] - Six individuals voluntarily forfeited a total of 53,666 shares, while four others forfeited 31,500 shares, leading to a reduction in the number of recipients and shares granted [2] - The company has applied for registration of the granted shares with the China Securities Depository and Clearing Corporation [3] Share Structure Changes - The share structure before and after the grant is as follows: - Restricted shares increased from 9,695,400 to 10,445,924 - Unrestricted shares decreased from 848,159,756 to 847,409,232 - Total shares remain at 857,855,156 [4] - The changes in share structure are subject to final confirmation by the China Securities Depository and Clearing Corporation [4]

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-052 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于股份性质变更暨 2025 年限制性股票激励计划首次授予 的进展公告 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、准确性和完整性依法承担法律责任。 爱玛科技集团股份有限公司（以下简称"公司"）于 2025 年 6 月 20 日分别 召开了第五届董事会第三十三次会议和第五届监事会第二十七次会议，审议通过 了《关于向 2025 年限制性股票激励计划激励对象首次授予限制性股票的议案》。 具体内容详见公司于 2025 年 6 月 21 日在上海证券交易所网站（www.sse.com.cn） 及公司指定信息披露媒体上披露的《爱玛科技关于向 2025 年限制性股票激励计 划激励对象首次授予限制性股票的公告》（公告编号：2025-047）。 特此公告。 爱玛科技集团股份有限公司董事会 2025 年 7 月 24 日 目前本次激励计划首次授予部分的激励对象 ...

Group 1 - The report aims to summarize important weekly deep reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Core stocks identified by the team include Huada Jiutian, Shanghai Yanpu, Zhejiang Rongtai, and others [1] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG Group, and others, indicating a focus on key players in the manufacturing sector [1] Group 2 - As of July 18, 2025, the best-performing indices in the last week included Communication (+8%), Pharmaceutical Biology (+4%), and Automotive (+3%) [2][13] - The top three indices in the large manufacturing sector were Changjiang Lithium Battery Equipment Index (+5%), Automotive Parts (+4%), and Automotive (+3%) [2][15] - A deep report on Xuguang Electronics highlights its leadership in domestic vacuum devices and growth potential in controllable nuclear fusion and electronic materials [4] Group 3 - The report indicates that the total investment of approximately 1.2 trillion yuan in the Yarlung Zangbo River downstream hydropower project has commenced, driving demand for construction machinery [3] - The defense sector is expected to benefit from military trade leading to strategic reassessment, particularly in regions like the Middle East [3] - The competitive landscape for vacuum arc extinguishing chambers shows a high concentration in the domestic market, with a CR2 of about 60% [5] Group 4 - The report forecasts a revenue CAGR of approximately 35% for the megawatt-level electronic tube segment from 2024 to 2027 [4] - The power equipment business is expected to achieve a revenue CAGR of about 10% during the same period, driven by ongoing investments in the power grid [4] - The military business is projected to benefit from increased defense spending, with precision structural components expected to account for 58% of military revenue in 2024 [5] Group 5 - The report anticipates that the company will achieve revenues of 1.95 billion, 2.39 billion, and 3.03 billion yuan from 2025 to 2027, with a CAGR of 24% [4] - The expected net profit for the same period is projected to be 170 million, 210 million, and 270 million yuan, with a CAGR of 39% [4] - The report highlights the company's strong position in the domestic aluminum nitride materials market, benefiting from domestic substitution trends [5] Group 6 - The report notes that the company has a high market share in the medical information technology sector, covering approximately 60% of tertiary hospitals by the end of 2024 [6] - The expected growth in the domestic medical software industry is projected at a CAGR of 11.5% from 2024 to 2029 [6] - The company is collaborating with major players like Huawei to develop a comprehensive intelligent medical information platform [6]

Core Insights - The report highlights the acceleration of industrial upgrades and the expansion of the automotive industry into international markets, particularly focusing on smart and electric vehicles [1][3]. Smart Vehicles - Tesla's Full Self-Driving (FSD) feature is expected to enter the Chinese market, with the city Navigation on Autopilot (NOA) becoming a standard for advanced driving [4]. - The penetration rate of city NOA is projected to reach 12.2% by 2025, indicating rapid industry growth and benefiting related component manufacturers [4]. - The year 2025 is marked as the beginning of the Robotaxi era, with significant advancements from companies like Waymo and Tesla, creating vast market potential [4]. - New models and popular vehicles are expected to drive sales, with notable launches from brands like AITO and Xiaomi, indicating strong consumer interest [4]. New Energy Vehicles - The report forecasts that sales of new energy vehicles (NEVs) will reach 15.85 million units in 2025, with a penetration rate of 55% [4]. - In the first half of 2025, NEV sales reached 6.937 million units, a year-on-year increase of 40.3%, driven by supply chain improvements and favorable policies [4]. - The global expansion of Chinese automakers is anticipated to contribute significantly to industry growth, leveraging competitive advantages in cost and production capacity [4]. Commercial Vehicles - Heavy-duty truck sales are expected to reach 1.02 million units in 2025, supported by policies encouraging the replacement of older vehicles [4]. - The bus sector is also projected to grow, with sales of 526,000 units in 2024, reflecting a 6.9% increase year-on-year [4]. - The commercial vehicle market is benefiting from the renewal of old vehicles and the export of new energy buses [4]. Two-Wheelers - The electric two-wheeler segment is poised for growth due to favorable policies and the transition to new standards, with production expected to increase significantly [4]. - Motorcycle exports are also on the rise, with a 25% increase in the first half of 2025, driven by demand for larger displacement models [4]. Market Performance - The automotive sector has shown resilience, with a cumulative increase of 8.22% in the first half of 2025, outperforming other industries [7][22]. - The report notes a strong performance in commercial vehicles, with significant growth in both sales and exports [7][23]. Policy Support - The Chinese government continues to implement policies that support the automotive industry's transition to smart and electric vehicles, enhancing the overall market environment [57][59]. - Various initiatives are in place to promote the adoption of intelligent driving technologies and improve safety standards [58][60]. Investment Opportunities - The report identifies key investment targets across various segments, including smart vehicles, new energy vehicles, commercial vehicles, and two-wheelers, highlighting companies like BYD, Changan, and Aima Technology as potential beneficiaries of industry trends [6].