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].

Core Points - The core point of the announcement is the share transfer of 11,665,941 shares of Huayin Technology at a price of 56.30 yuan per share, resulting in changes in the shareholding structure of significant shareholders [1][2][3] Share Transfer Details - The share transfer price is set at 56.30 yuan per share, with a total of 11,665,941 shares being transferred [1] - After the transfer, the shareholding ratio of Huayin Wansheng will decrease from 8.06% to 6.80%, while the controlling shareholder, Zhe Shengyang, will see his voting rights drop from 30.63% to 29.37% [2][4] - The shareholding ratio of Bai Hongyan will decrease from 6.75% to 5.25%, and Luo Fa's shareholding will decrease from 7.35% to 6.35% [2][5] Transferor Information - The transferor, Huayin Wansheng, is an employee stock ownership platform, with Zhe Shengyang as the executive partner [3][4] - Other key personnel involved in the transfer include senior management and core technical staff [1][3] Transfer Process - The transfer process involved sending subscription invitations to 132 institutional investors, including fund management companies, securities firms, and private equity managers [6][7] - A total of 73 valid bids were received, and 30 investors were allocated shares based on the pricing principles outlined in the subscription invitation [8] Regulatory Compliance - The transfer process adhered to relevant laws and regulations, ensuring fairness and compliance with market regulations [8][9]

证券代码：688281 证券简称：华秦科技 公告编号：2025-031 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 本次询价转让的价格为56.30元/股，转让的股票数量为11,665,941股。 公司控股股东、实际控制人、董事长折生阳，高管兼核心技术人员李鹏、 豆永青、姜丹，高管徐剑盛，核心技术人员王婕、阮兴翠、段士昌通过宁波华秦万 生自有资金投资合伙企业（有限合伙）（以下简称"华秦万生"）参与本次询价转让， 董事罗发，高级管理人员王均芳、武腾飞，核心技术人员李湛参与本次询价转让。 公司不存在《上海证券交易所科创板股票上市规则》第八章第二节规定的应当 披露而未披露的经营风险，不存在其他应披露而未披露的重大事项。 本次转让不会导致公司控股股东、实际控制人发生变化。 陕西华秦科技实业股份有限公司 股东询价转让结果报告书暨持股 5%以上股东权益变动 触及 5%和 1%整数倍的提示性公告 股东宁波华秦万生自有资金投资合伙企业（有限合伙）、罗发、白红艳、王均 芳、李湛、武腾飞（以下合称"转让方"）保证向陕西华秦科技实业股份有限公司 （以下简称"华秦科技"或"公司"）提供的信息内容 ...

简式权益变动报告书 上市公司名称：陕西华秦科技实业股份有限公司 股票上市地点：上海证券交易所 股票简称：华秦科技 股票代码：688281.SH 信息披露义务人 1 姓名：折生阳 住所及通讯地址：陕西省西安市雁塔区 信息披露义务人 2 陕西华秦科技实业股份有限公司 名称：宁波华秦万生自有资金投资合伙企业（有限合伙） 注册地址：浙江省宁波市北仑区大榭街道滨海南路 111 号东楼 A1932-5 室 股份变动性质：宁波华秦万生自有资金投资合伙企业（有限合伙）股份减少（询 价转让），折生阳通过华秦万生控制华秦科技的表决权对应减少，加上其本人直 接持有的华秦科技 22.57%股份，折生阳合计控制华秦科技表决权由 30.63%降低 至 29.37%。 签署日期：2025 年 9 月 3 日 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司收购管理办法》（以下简称"《收购管理办法》"）、 《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》 （以下简称"《准则 15 号》"）及其他相关法律、法规及规范性文件编写。 二、信息披露义务人签 ...

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 股东向特定机构投资者询价转让股份的核查报告 上海证券交易所： 中信建投证券股份有限公司（以下简称"中信建投证券"或"组织券商"） 受委托担任宁波华秦万生自有资金投资合伙企业（有限合伙）、罗发、白红艳、 王均芳、李湛、武腾飞（以下合称"出让方"）以向特定机构投资者询价转让 （以下简称"询价转让"）方式减持所持有的陕西华秦科技实业股份有限公司 （以下简称"公司"或"华秦科技"）首次公开发行前已发行股份的组织券商。 经核查，组织券商就本次询价转让的股东、受让方是否符合《上海证券交 易所科创板上市公司自律监管指引第 4 号——询价转让和配售》（以下简称 "《询价转让和配售指引》"）要求，本次询价转让的询价、转让过程与结果 是否公平、公正，是否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让出让方 截至 2025 年 8 月 27 日，出让方所持公司股份的数量、占公司总股本比例情 况如下： | 序号 | 股东名称 | 持股数量（股） | 持股占总股本比例 | | --- | --- | --- | --- | | 1 ...