Group 1 - The State Council Information Office will hold two press conferences on September 8, focusing on the China-ASEAN economic cooperation and the 22nd China-ASEAN Expo and Business and Investment Summit [2] - The 25th China International Investment and Trade Fair will take place from September 8 to 11 in Xiamen, featuring approximately 120,000 square meters of exhibition space and over 70 investment-themed events [3] - A total of 605.61 billion yuan worth of restricted shares will be unlocked today, with 12 companies involved, totaling 2.935 billion shares [3] Group 2 - The unlocking of shares includes significant volumes from companies such as Nanfang Energy Storage, Times Electric, and Huayin Technology, with respective unlock volumes of 2.087 billion shares, 590 million shares, and 102 million shares [3] - The market value of unlocked shares is substantial, with Times Electric, Nanfang Energy Storage, and Huayin Technology leading at 27.823 billion yuan, 23.081 billion yuan, and 6.882 billion yuan respectively [3] - Today, 1,827 billion yuan of 7-day reverse repos will mature, with the operation rate set at 1.40% [3]

Core Viewpoint - On September 8, a total of 21 listed companies had their restricted shares unlocked, with a total market value of approximately 35.072 billion yuan [1] Summary by Category Restricted Share Unlocking - The specific situation of restricted share unlocking includes various companies and the types of shares being unlocked, such as equity incentive restricted circulation and pre-issue share restrictions [1] - Notable companies include: - Xizang Mining (000762) with 17,300 shares unlocked - Fida Environmental Protection (600526) with 9.284 million shares unlocked - Jichuan Pharmaceutical (600566) with 2.073 million shares unlocked - Nanguang Energy Storage (600995) with 2.234 billion shares unlocked, the largest among the listed companies [1] Market Impact - The total market value of the unlocked shares is significant, indicating potential liquidity changes in the market [1] - Companies like Xibu Gold (601069) and Shengtong Energy (001331) also had substantial amounts of shares unlocked, with 198 million and 126 million shares respectively [1]

Core Viewpoint - On September 8, a total of 12 companies had their restricted shares unlocked, with a total unlock volume of 2.935 billion shares, amounting to a market value of 60.561 billion yuan based on the latest closing price [1] Summary by Category Unlock Volume - Seven companies had unlock volumes exceeding 10 million shares, with Nanfang Energy Storage, Times Electric, and Huaqin Technology leading the way with unlock volumes of 2.087 billion shares, 590 million shares, and 102 million shares respectively [1] Unlock Market Value - Seven companies had unlock market values exceeding 100 million yuan, with Times Electric, Nanfang Energy Storage, and Huaqin Technology having the highest unlock market values of 27.823 billion yuan, 23.081 billion yuan, and 6.882 billion yuan respectively [1] Unlock Ratio - Five companies had unlock ratios exceeding 10% of their total share capital, with Nanfang Energy Storage, Times Electric, and Huaqin Technology having the highest unlock ratios of 65.3%, 43.42%, and 37.5% respectively [1]

Summary of Key Points Core Viewpoint - On September 8, a total of 12 companies had their restricted shares unlocked, with a total unlock volume of 2.935 billion shares, amounting to a market value of 60.561 billion yuan based on the latest closing prices [1] Unlock Volume and Market Value - The unlock volume of 2.935 billion shares includes 7 companies with over 10 million shares unlocked [1] - The companies with the highest unlock volumes are: - Nanjing Grid Energy: 2.087 billion shares - Times Electric: 590 million shares - Huayin Technology: 102 million shares [1] - In terms of market value, 7 companies had unlock values exceeding 100 million yuan, with the top three being: - Times Electric: 27.823 billion yuan - Nanjing Grid Energy: 23.081 billion yuan - Huayin Technology: 6.882 billion yuan [1] Unlock Ratio - Five companies had an unlock ratio exceeding 10% of their total share capital [1] - The companies with the highest unlock ratios are: - Nanjing Grid Energy: 65.3% - Times Electric: 43.42% - Huayin Technology: 37.5% [1]

Core Viewpoint - The A-share market will see a significant unlock of restricted shares, totaling approximately 966.01 billion yuan, with 40 stocks experiencing share unlocks next week [2]. Group 1: Stock Unlock Details - 40 stocks will have their restricted shares unlocked from September 8 to 12, with a total unlock market value of 966.01 billion yuan [2]. - Among these, 12 stocks have an unlock market value exceeding 10 billion yuan, with notable mentions including Times Electric (278.23 billion yuan), Southern Network Storage (230.81 billion yuan), and BGI Genomics (133.82 billion yuan) [2][4]. - Southern Network Storage and Western Gold are among the stocks with restricted shares unlocked from directed placements, while the other three are from the initial public offering (IPO) original shareholders [2]. Group 2: Unlock Proportions - A total of 13 stocks have an unlock proportion exceeding 10%, indicating a potential impact on their stock prices [5]. - Stocks such as Minshida, Southern Network Storage, Sairun Bio, and Zhejiang Hengwei have unlock proportions above 50% [5]. - The detailed table lists various stocks, their unlock dates, market values, and the proportion of shares being unlocked [7]. Group 3: Company Performance Insights - Times Electric's largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, will unlock approximately 590 million shares, accounting for 43.42% of the total share capital [4]. - Times Electric reported a revenue of 12.214 billion yuan for the first half of 2025, reflecting a year-on-year growth of 17.95%, with a net profit of 1.672 billion yuan, up 12.93% [4]. - Minshida, listed on the Beijing Stock Exchange, achieved a revenue of 237 million yuan in the first half of 2025, marking a year-on-year increase of 27.91%, with a net profit of 63.03 million yuan, up 42.28% [8]. Group 4: Institutional Investment Insights - Institutions that participated in the directed placements of stocks like Western Gold and Southern Network Storage are expected to see positive returns from the unlocks, with Western Gold's return exceeding 180% and Southern Network Storage's over 70% [8]. - Among the 40 stocks, 15 are categorized as general equity incentive shares or restricted shares, with companies like Sany Heavy Energy and Zhaoyi Innovation having unlock market values exceeding 1 billion yuan [8].

Summary of Key Points Core Viewpoint - The A-share market will see a significant unlock of restricted shares next week, with a total market value exceeding 96 billion yuan, which may impact stock prices of the affected companies [2]. Group 1: Unlock Scale and Impact - A total of 40 stocks will have their restricted shares unlocked from September 8 to 12, with a combined market value of 966.01 billion yuan [2]. - Among these, 12 stocks have an unlock market value exceeding 1 billion yuan, with notable companies like Times Electric, Southern Power Storage, and BGI Genomics having unlock values of 278.23 billion yuan, 230.81 billion yuan, and 133.82 billion yuan respectively [2][4]. Group 2: Unlock Proportions - Thirteen stocks have an unlock ratio exceeding 10%, indicating a potentially significant impact on their stock prices. Companies such as Minshida, Southern Power Storage, and Sailun Bio have unlock ratios above 50% [5]. - The highest unlock ratio is seen in Minshida at 66.23%, followed by Southern Power Storage at 65.30% and Sailun Bio at 59.00% [7]. Group 3: Company Performance - Times Electric's major shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, will unlock approximately 590 million shares, accounting for 43.42% of its total share capital. The company reported a revenue of 12.214 billion yuan for the first half of 2025, a year-on-year increase of 17.95%, and a net profit of 1.672 billion yuan, up 12.93% [4]. - Minshida, listed on the Beijing Stock Exchange, achieved a revenue of 237 million yuan in the first half of 2025, reflecting a year-on-year growth of 27.91%, with a net profit of 63.03 million yuan, up 42.28% [8]. Group 4: Institutional Investment Returns - Institutions that participated in the private placements of stocks like Western Gold and Southern Power Storage are expected to see positive returns from the unlock, with Western Gold's return exceeding 180% and Southern Power Storage's over 70% [8].

Group 1 - Aerospace ETF Tianhong (159241) has seen a trading volume of 22.08 million yuan as of September 5, 2025, with a slight decline in the tracked index, while constituent stocks such as Huayin Technology (688281) and Shanghai Hanyun (300762) have increased by 2.81% and 2.17% respectively [3] - The Aerospace ETF Tianhong (159241) has accumulated a 9.44% increase over the past three months, ranking first among comparable funds [3] - The fund has experienced a growth of 242 million yuan in scale and an increase of 201 million units in the past three months, indicating significant growth [3] Group 2 - The Zhejiang Provincial Low-altitude Economic Industry Fund has completed registration with the China Securities Investment Fund Industry Association, with a target total scale of 3 billion yuan and an initial capital of 1 billion yuan, marking a substantial step in Zhejiang's low-altitude economic layout [4] - Multiple regions including Jiangsu, Hunan, Shanghai, and Henan have established low-altitude economic-related industry funds this year, creating a development pattern where the eastern coastal areas lead and the central and western regions accelerate [4] Group 3 - Guojin Securities highlights that the recent military parade showcases China's leap in weaponry development, with 2025 being a critical year for the conclusion of the 14th Five-Year Plan and the layout of the 15th Five-Year Plan, suggesting a potential revaluation of military assets [5] - Minsheng Securities anticipates that the military industry may enter a new upward cycle from 2025 to 2027, with 2025 marking an inflection point and the "performance bottom" being established [5]

Summary of Huqin Technology Conference Call Company Overview - Huqin Technology is one of the few companies in China capable of covering the entire process of stealth materials across various temperature ranges, with a significant technological advantage in high-temperature stealth materials [2][3][16] - The company has established a partnership with Northwestern Polytechnical University to ensure the long-term stability of its core technical team [2][8] Core Competitiveness - Huqin's core competitiveness lies in its significant advantages in stealth materials, particularly in high-temperature applications, and its strong technical support from its chief scientist and his team [3][8] - The company has made important breakthroughs in special functional materials for aircraft engines and has established a high-temperature stealth materials engineering technology center [3][16] Market Demand and Growth Drivers - Demand for stealth materials is driven by the mass production of new aircraft engines and the aftermarket for maintenance, with the lifecycle demand for stealth materials being five times the initial coating amount [2][11] - The stealth materials market is expected to grow due to the increasing production of new fighter jets like the J-20 and J-35 in China [11][12] Industry Trends - The stealth materials sector has a broad development outlook, driven by the need for advanced stealth technologies in military aircraft [5][14] - The industry is characterized by high entry barriers due to the complexity of developing effective stealth materials, leading to a concentrated competitive landscape [14][15] New Business Developments - Huqin is actively expanding into ceramic matrix composites, which are seen as a crucial direction for future aircraft engine development [2][20][21] - The company is also exploring new business areas such as acoustic metamaterials and camouflage materials, which have significant application potential in various fields [24][25] Challenges and Solutions - The company faces challenges in the spraying process of stealth coatings due to the harsh working environment of aircraft engines [17][18] - Huqin has developed advanced spraying techniques to address these challenges, ensuring high-quality application on complex components [18] Future Directions - The future development strategy includes focusing on the aircraft engine supply chain and expanding into new stealth material applications [26][27] - The company aims to achieve mass production in these new areas, contributing to additional revenue streams and forming a second growth curve [20][27] Conclusion - Overall, Huqin Technology is well-positioned for future growth, leveraging its technological strengths and expanding into new markets while maintaining a strong focus on its core competencies in stealth materials [2][3][27]

中信建投证券股份有限公司 关于陕西华秦科技实业股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限 | 上市公司名称：陕西华秦科技实业股份 | | --- | --- | | 公司 | 有限公司 | | 保荐代表人姓名：闫明 | 联系方式：010-65608259 | | | 联系地址：北京市朝阳区景辉街 号院 16 | | | 号楼泰康集团大厦中信建投 层 1 11 | | 保荐代表人姓名：张文强 | 联系方式：010-85130613 | | | 联系地址：北京市朝阳区景辉街 号院 16 | | | 1 号楼泰康集团大厦中信建投 12 层 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可〔2022〕63 号文"批准，陕西华秦科技实业股份有限公司（简称"公司"或"华秦科技"） 首次公开发行股票并在科创板上市，向社会公开发行人民币普通股（A 股） 1,666.6668 万股，每股面值人民币 1.00 元。本次公司发行新股的发行价为 189.50 元/股，募集资金总额为 315,833.36 万元，扣除发行费用 20,013.39 万元后，实际 募集资金净额为 29 ...

Core Viewpoint - The company is undergoing a share transfer process involving significant stakeholders, with the transfer price set at 56.30 yuan per share for a total of 11,665,941 shares, which will not change the control of the company [3][4][12]. Group 1: Share Transfer Details - The share transfer price is established at 56.30 yuan per share, with a total of 11,665,941 shares being transferred [3][12]. - The controlling shareholder, actual controller, and chairman, Zhe Shengyang, along with key executives and technical personnel, are participating in the share transfer through the investment partnership Ningbo Huqin Wansheng [3][4]. - After the transfer, the shareholding ratio of Ningbo Huqin Wansheng will decrease from 8.06% to 6.80%, while Zhe Shengyang's total voting rights will decrease from 30.63% to 29.37% [4][7]. Group 2: Stakeholder Changes - Bai Hongyan's shareholding will decrease from 6.75% to 5.25%, and Luo Fa's shareholding will decrease from 7.35% to 6.35% as a result of the transfer [4][9]. - The transfer does not lead to any changes in the company's controlling shareholder or actual controller [4][13]. Group 3: Transfer Process and Results - The transfer process involved sending subscription invitations to 132 institutional investors, including 32 fund management companies and 26 securities companies [10]. - A total of 73 valid bids were received during the subscription period, with 30 investors ultimately allocated shares [12][11]. - The entire transfer process adhered to relevant legal and regulatory requirements, ensuring fairness and transparency [14].