Core Viewpoint - Jiangsu Panyamicro Technology Co., Ltd. is undergoing a share reduction by its shareholder, Changzhou Saifu High-tech Venture Capital Center (Limited Partnership), due to its funding needs, resulting in a decrease in its shareholding from 8.36% to 5.00% [1][4][6]. Group 1: Shareholder Information - The information disclosure obligor is Changzhou Saifu High-tech Venture Capital Center (Limited Partnership), established on December 2, 2009, with a registered capital of 20 million RMB [2][3]. - The managing partner is Changzhou Saifu High-tech Venture Capital Management Co., Ltd., represented by Yan Yan [3]. Group 2: Shareholding Changes - Prior to the reduction, the information disclosure obligor held 7,605,472 shares, accounting for 8.36% of the total share capital. After the reduction, it holds 4,550,000 shares, representing 5.00% of the total share capital [4][5]. - The reduction occurred between June 9, 2025, and June 19, 2025, with a total of 3,055,472 shares sold, which is 3.36% of the total share capital [6][8]. Group 3: Future Plans - The information disclosure obligor plans to reduce its holdings by up to 2,800,000 shares within the next 12 months, following the announcement made on May 8, 2025 [4][6].

Core Viewpoint - The announcement details a significant equity change involving a major shareholder of Jiangsu Panya Micro透 Technology Co., Ltd., indicating a planned reduction in shareholding without triggering a mandatory takeover bid [1][2]. Summary by Sections Equity Change Overview - The equity change is part of a previously disclosed share reduction plan by the shareholder, Changzhou Sequoia High-tech Venture Capital Center (Limited Partnership), which now holds 4,550,000 shares, representing 5.00% of the company's total share capital [2][3]. - The change will not affect the company's controlling shareholder or actual controller [2][4]. Shareholder Reduction Plan - On May 8, 2025, the shareholder announced a plan to reduce holdings by up to 2,800,000 shares, or 4% of the total share capital, within three months following the announcement [2][3]. - The reduction will be executed through centralized bidding and block trading, with adjustments made for any changes in share capital due to stock dividends or other corporate actions [2][3]. Shareholding Changes - From June 9 to June 19, 2025, the shareholder reduced its holdings by a total of 3,055,472 shares, which is 3.36% of the total share capital [3]. - The breakdown of the reduction includes 1,820,000 shares sold through centralized bidding and 1,235,472 shares through block trading [3]. - Prior to the reduction, the shareholder held 7,605,472 shares (8.36%), which decreased to 4,550,000 shares (5.00%) post-reduction [3]. Future Implications - The equity change is not expected to have a significant impact on the company's governance structure or ongoing operations [4]. - The company will continue to monitor compliance with disclosure obligations by the shareholder [4].

证券代码：688386 证券简称：泛亚微透 公告编号：2025-039 江苏泛亚微透科技股份有限公司 关于持股 5%以上股东权益变动的提示性公告 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： 本次权益变动属于股东履行此前披露的减持股份计划，不触及要约收购。 2、本次权益变动情况 赛富创投于 2025 年 5 月 8 日通过上市公司披露了《江苏泛亚微透科技股份 有限公司股东减持股份计划公告》（公告编号：2025-025），计划自该公告披露 之日起 15 个交易日后的 3 个月内，通过集中竞价交易、大宗交易方式减持所持 有的上市公司的股票合计不超过 2,800,000 股，即不超过上市公司总股本的 4%。 若减持期间上市公司有送股、资本公积转增股本、配股等股份变动事项，减持股 份数量将进行相应调整。 本次权益变动后，常州赛富高新创业投资中心（有限合伙）（以下简称"赛 富创投"）持有江苏泛亚微透科技股份有限公司（以下简称"公司"或泛亚微透） 股份 4,550,000 股，占公司总股本的 5.00% 。 本次权益变动 ...

江苏泛亚微透科技股份有限公司 简式权益变动报告书 上市公司名称：江苏泛亚微透科技股份有限公司 股票代码：688386 信息披露义务人：常州赛富高新创业投资中心（有限合伙） 住所/通讯地址：常州市新北区锦绣路2号文化广场3号楼9层 股份变动性质：减持股份 简式权益变动报告书签署日期：2025 年 6 月 20 日 1 信息披露义务人声明 一、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》"） 及相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《收购办法》《准则 15 号》的规定，本报告书已全面披 露了信息披露义务人在江苏泛亚微透科技股份有限公司中拥有权益的股份变动 情况。截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人 没有通过任何其他方式增加或减少其在江苏泛亚微透科技股份有限公司中拥 ...

Summary of Key Points Core Viewpoint - On June 18, a total of 57 stocks appeared on the block trading platform, with a cumulative trading volume of 0.38 billion shares and a total transaction value of 6.68 billion yuan, indicating active trading in the market [1]. Group 1: Trading Activity - The highest transaction value was recorded for Hengli Petrochemical, with three trades totaling 0.41 billion yuan [1]. - Jinkong Coal Industry followed closely with one trade amounting to 0.39 billion yuan [1]. - A total of 20 stocks had transaction values exceeding 10 million yuan, reflecting significant interest from investors [1]. Group 2: Stock Performance - Hengli Petrochemical (600346) experienced a slight decline of 0.94% with a closing price of 14.73 yuan and a transaction price of 14.40 yuan, showing a discount of 2.24% [1]. - Jinkong Coal Industry (601001) also saw a decrease of 0.66%, closing at 11.96 yuan, with no discount on the transaction price [1]. - Yuyue Medical (002223) had a minor decline of 0.31%, closing at 35.34 yuan, but the transaction price was at a premium of 9.99% [1]. Group 3: Notable Stocks - Transsion Holdings (688036) had a notable increase of 6.03%, closing at 80.56 yuan, with a transaction price slightly above the closing price [1]. - Other stocks like Meichang Co. (300861) and Fuchuang Precision (688409) showed mixed performance, with slight declines and modest increases, respectively [1]. - Guizhou Moutai (600519) remained stable with a minor decline of 0.14%, maintaining a high closing price of 1425.00 yuan [1].

证券代码：688386 证券简称：泛亚微透 公告编号：2025-038 江苏泛亚微透科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 江苏南方精工股份有限公司保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事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： | 权益变动方向 | 比例增加□ | 比例减少 | | --- | --- | --- | | 权益变动前合计比例 | 7.00% | | | 权益变动后合计比例 | 5.98% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否 | | 是否触发强制要约收购义务 | 是□ | 否 | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 投资者及其一致行动人的身份 □控股股东/实际控制人及其一致行动人 其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________（请注明） 二、 权益变动触及 1%刻度的基本情况 公司于 2025 年 6 月 18 日收到 ...

Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]

证券代码：688386 证券简称：泛亚微透 公告编号：2025-037 江苏泛亚微透科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 常州赛富高新创业投资中心（有限合伙）保证向本公司提供的信息真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 投资者及其一致行动人的身份 □控股股东/实际控制人及其一致行动人 其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________（请注明） 2.信息披露义务人信息 | 信息披露义务人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | | 控股股东/实控人 | 913204006978971284 | | 常州赛富高新创业投资中心 | □ □ 控股股东/实控人的 | | | （有限合伙） | 一致行动人 | | | |  其他直接持股股东 | | 上述减持主体无一致行动人。 公司于 2025 年 ...

Summary of Key Points Core Viewpoint - On June 16, a total of 12 stocks on the Sci-Tech Innovation Board (STAR Market) experienced block trading, with a cumulative transaction amount of 175 million yuan [1]. Group 1: Trading Overview - There were 22 block trades executed, totaling 5.4936 million shares and an aggregate transaction value of 175 million yuan [1]. - The stock with the highest transaction amount was Qi Anxin, with 2 block trades totaling 880,000 shares and a transaction value of 28.7232 million yuan [1]. - Other notable stocks in terms of transaction value included Jiao Cheng Ultrasound and Siwei Technology, with transaction amounts of 26.9882 million yuan and 20.4719 million yuan, respectively [1]. Group 2: Price and Performance Analysis - The average discount rates for block trades relative to the closing prices were highest for Aotewei, Jingyuan Environmental Protection, and Jiao Cheng Ultrasound, with discount rates of 19.67%, 16.62%, and 11.01% respectively [1]. - The STAR 50 Index fell by 0.21% on the same day, while 399 stocks (67.86%) on the STAR Market saw an increase, with an average increase of 2.07% for stocks involved in block trading [1]. - The top gainers among the stocks with block trades included Jiao Cheng Ultrasound, Aike Saibo, and Delong Laser, with increases of 11.37%, 8.62%, and 6.30% respectively [1]. Group 3: Institutional Participation - Among the block trades, 10 transactions involved institutional buyers or sellers, covering 8 stocks [2]. - The stocks with the highest institutional buying amounts were Siwei Technology, Huitong Co., and Changguang Huaxin, with buying amounts of 20.4719 million yuan, 19.14 million yuan, and 10.524 million yuan respectively [2]. - The stocks with the highest institutional selling amounts included Buke Co., with a selling amount of 9.9384 million yuan [2]. Group 4: Fund Flow Analysis - Five stocks experienced net inflows of main funds, with the highest net inflow recorded for Aike Saibo at 17.0268 million yuan [2]. - The stocks with the highest net outflows included Siwei Technology, Jiao Cheng Ultrasound, and Huitong Co., with net outflows of 14.9344 million yuan, 14.2761 million yuan, and 9.6260 million yuan respectively [2].

Investment Rating - The report maintains a recommendation for the chemical industry, particularly focusing on new materials, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The report highlights a recovery in prices for chemical products, driven by a recent easing of tariffs in the US-China trade war, which has led to increased foreign trade inquiries and shipping prices [8]. - The chemical industry is currently experiencing a dual bottom in profitability and valuation, with a projected ROE-PB of 6.19% and 1.77 for 2024, and a recovery to 7.55% and 1.85 in Q1 2025 [8]. - The report emphasizes the importance of domestic production capabilities in new materials, particularly in light of the ongoing trade tensions and the need for self-sufficiency [9]. - The new materials sector has shown strong performance, outpacing the broader market indices, with a weekly change of 1.98% compared to a decline in major indices [10]. Industry Updates - The report notes that the new materials sector is expected to benefit from a shift towards domestic production and the reduction of import dependencies, particularly in critical areas [9]. - The report identifies specific new materials with high growth potential, including ETO, nucleating agents, aramid paper, PI films, industrial coatings, and ion exchange resins [9]. - The report also mentions the investigation into DuPont China by the National Market Supervision Administration, which could create opportunities for domestic companies in the same sector [11]. Trading Data - The Huachuang Chemical Industry Index stands at 75.23, reflecting a decrease of 1.08% week-on-week and a year-on-year decline of 24.76% [18]. - The report provides detailed statistics on price changes for various materials, indicating a mixed performance with some materials like SAF Europe FOB prices increasing by 3.00% while high-purity hydrogen saw a decrease of 10.00% [19][22]. New Materials Subsector Tracking - The report tracks various subsectors within new materials, including advancements in battery safety standards, which are set to be enforced in 2026, potentially impacting the materials used in electric vehicle batteries [12]. - The report highlights the growth in the smartphone market, with a 3.3% year-on-year increase in shipments, benefiting the consumer electronics materials sector [13]. - The report discusses funding initiatives in Shenzhen aimed at supporting AI terminal technology, which may influence the materials used in smart devices [14].