Investment Rating - The report indicates a cautious investment rating for major broad-based indices as of May 23, 2025, with the ChiNext Index classified as "safe" and other indices categorized as "moderate" [19][22]. Core Insights - The market experienced a contraction with major indices declining during the week of May 19-23, 2025. The report highlights a rapid rotation in themes, with precious metals and automotive sectors performing well. However, the "dividend + micro-cap" strategy showed signs of short-term adjustment after reaching a yearly high, suggesting a potential decline in trading preferences [12][13]. - The report emphasizes that liquidity easing and rising risk appetite are expected to drive a rebound in A-shares in the medium to long term, with "dividend + small-cap" combinations being the preferred allocation strategy post-adjustment [12]. Summary by Sections Market Review - Major indices saw declines: Shanghai Composite Index down 0.57%, SSE 50 down 0.18%, CSI 300 down 0.18%, CSI 500 down 1.10%, CSI 1000 down 1.29%, ChiNext Index down 0.88%, and North Star 50 down 3.68% [13][14]. Valuation Analysis - As of May 23, 2025, the ChiNext Index is in the "safe" valuation percentile, while other major indices are in the "moderate" range. In terms of sector valuation, industries such as construction materials, light industry manufacturing, power equipment and new energy, defense and military, computer, and comprehensive finance are classified as "dangerous," while non-ferrous metals, utilities, home appliances, food and beverage, agriculture, non-bank financials, and transportation are deemed "safe" [19][20]. Fund Flow Tracking - The report notes that institutional interest was highest for stocks like Huichuan Technology (352 institutions), Fuchuang Precision (109), Bozhong Precision (106), Boshi Software (102), and Shengmei Shanghai (101) during the week [51]. - Southbound capital saw a net inflow of 18.96 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 19.05 billion HKD and the Shenzhen-Hong Kong Stock Connect experiencing a net outflow of 0.97 billion HKD [3]. Sector Performance - The top five performing sectors this week were comprehensive, pharmaceuticals, automotive, non-ferrous metals, and home appliances, while the worst performers included comprehensive finance, computers, electronics, machinery, and communications [15]. Institutional Research - A total of 379 institutional research activities were recorded, with the majority focused on companies listed in Shenzhen and Shanghai. The report highlights that specific object research and other types accounted for 78.36% and 8.71% of the total, respectively [42][46].

- Model Name: Volume Timing Model; Model Construction Idea: The model uses volume indicators to maintain a cautious view under the background of shrinking volume; Model Construction Process: The volume timing signal for major broad-based indices is calculated and maintained a cautious view as of May 23, 2025[1][2][22]; Model Evaluation: The model is effective in maintaining a cautious stance during periods of shrinking volume[22] - Factor Name: Upward Number Ratio of CSI 300; Factor Construction Idea: The factor calculates the proportion of stocks with positive returns in the CSI 300 index to judge market sentiment; Factor Construction Process: - CSI 300 Index N-day Upward Number Ratio = Number of CSI 300 Index constituent stocks with positive returns in the past N days / Total number of CSI 300 Index constituent stocks - The factor captures upward opportunities quickly and exits early during overheated market phases, but has limitations in avoiding downward risks[23][24][25]; Factor Evaluation: The factor is effective in capturing upward opportunities but has limitations in avoiding downward risks[24] - Factor Name: Moving Average Sentiment Indicator; Factor Construction Idea: The factor uses the eight moving average system to judge the trend state of the target index; Factor Construction Process: - Calculate the eight moving average values of the CSI 300 closing price with parameters 8, 13, 21, 34, 55, 89, 144, 233 - Assign values to the eight moving average indicator based on the interval value: -1 for intervals 1/2/3, 0 for intervals 4/5/6, and 1 for intervals 7/8/9 - When the current price exceeds the eight moving average indicator value in more than 5 cases, it indicates a bullish view on the CSI 300 index[27][31][32]; Factor Evaluation: The factor is effective in indicating the trend state of the CSI 300 index[34] - Factor Name: Cross-sectional Volatility; Factor Construction Idea: The factor measures the cross-sectional volatility of index constituent stocks to evaluate the Alpha environment; Factor Construction Process: - Calculate the cross-sectional volatility of CSI 300, CSI 500, and CSI 1000 index constituent stocks - Recent cross-sectional volatility of CSI 300 and CSI 500 index constituent stocks has decreased, indicating a worse short-term Alpha environment; CSI 1000 index constituent stocks' cross-sectional volatility has increased, indicating a better short-term Alpha environment[35][36][38]; Factor Evaluation: The factor is effective in evaluating the Alpha environment based on cross-sectional volatility[38] - Factor Name: Time Series Volatility; Factor Construction Idea: The factor measures the time series volatility of index constituent stocks to evaluate the Alpha environment; Factor Construction Process: - Calculate the time series volatility of CSI 300, CSI 500, and CSI 1000 index constituent stocks - Recent time series volatility of CSI 300, CSI 500, and CSI 1000 index constituent stocks has decreased, indicating a worse short-term Alpha environment[39][41]; Factor Evaluation: The factor is effective in evaluating the Alpha environment based on time series volatility[41] Model Backtest Results - Volume Timing Model, cautious view for all major broad-based indices as of May 23, 2025[23] Factor Backtest Results - Upward Number Ratio of CSI 300, recent ratio around 56%[24] - Moving Average Sentiment Indicator, short-term bullish view on CSI 300 index[34] - Cross-sectional Volatility, recent values for CSI 300: 1.75%, CSI 500: 2.04%, CSI 1000: 2.41%[38] - Time Series Volatility, recent values for CSI 300: 0.56%, CSI 500: 0.44%, CSI 1000: 0.27%[41]

Investment Overview - The company announced a joint investment to acquire equity in Zhejiang Poxin Electronics Technology Co., Ltd. [1] - The company plans to invest RMB 600 million to hold a 27.65% stake in Shenyang Zhengxin Semiconductor Technology Co., Ltd. [1] - The total investment from all parties involved amounts to RMB 2.17 billion, with the company contributing RMB 600 million and joint investors contributing RMB 1.57 billion [1][2] Progress of Investment - As of the announcement date, the company has paid the agreed investment amount of RMB 600 million, and joint investors have paid the equity transfer amount of RMB 1.57 billion [2] - Wuxi Zhengxin has secured a special acquisition loan of RMB 1 billion from a bank [2] - The acquisition of 64.42% equity in Zhejiang Poxin has been completed, and Wuxi Zhengxin has gained control over the company [3] Future Actions - Wuxi Zhengxin is participating in the bidding for additional equity from state-owned transfer parties, with the total potential acquisition price being approximately RMB 3.07 billion for 80.81% of the equity [2][3] - The company will continue to disclose information regarding the investment's progress in accordance with legal regulations [3]

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。 一、对外投资事项概述 沈阳富创精密设备股份有限公司（以下简称"公司"）于 2025 年 4 月 1 日 披露了《关于联合投资人共同对外投资暨收购浙江镨芯电子科技有限公司股权的 公告》（公告编号：2025-013），公司拟联合共同投资人对沈阳正芯半导体科技有 限公司（以下简称"沈阳正芯"）投资，其中公司拟向沈阳正芯投资人民币 6 亿 元（以下称"本次投资"），并持有该公司 27.65%股权。共同参与本次收购的投 资人（以下合称"共同投资人"）合计出资 15.7 亿元，沈阳正芯将以公司和共同 投资人的全部出资 21.7 亿元向无锡正芯半导体科技有限公司（以下简称"无锡 正芯"）增资。无锡正芯作为本次收购浙江镨芯电子科技有限公司（以下简称"浙 江镨芯"或"目标公司"）股权的收购主体，将向银行申请并购贷款，连同沈阳 正芯增资款一并支付本次收购对价。 证券代码：688409 证券简称：富创精密 公告编号：2025-032 沈阳富创精密设备股份有限公司 关于联合投资人共同对外投资收购股权 ...

中信证券股份有限公司 关于沈阳富创精密设备股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为沈阳富 创精密设备股份有限公司（以下简称"富创精密"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理 办法》《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 4 月 21 日和 2025 年 5 月 14 日—15 日对公司进行 了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制 ...

中信证券股份有限公司 关于沈阳富创精密设备股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对沈阳富创精密设备股份有限公司（以下简称"富创精密""公司" "上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 张欢、张明慧 （三）现场检查人员 张欢、于棚土 于棚土：2025 年 5 月 14 日—15 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 1 （六）现场检查手段 本次现场检查的手段主要包括资料查阅、访谈、 ...

Core Viewpoint - The resignation of CFO Cui Jing from Fuchuang Precision poses challenges for the company's financial management and strategic planning, raising concerns about the stability of its financial team [1][2]. Financial Performance - In Q1 2025, Fuchuang Precision reported a revenue of 762 million yuan, reflecting a year-on-year growth of 8.62%, but incurred a net loss of 22.16 million yuan, compared to a profit of 60.43 million yuan in the same period last year [2]. - The company faced regulatory penalties for failing to disclose related party transactions, which has further pressured its stock performance [2]. Management Transition - Following Cui Jing's departure, General Manager Zhang Xuan will temporarily assume the CFO responsibilities, despite lacking financial experience, which raises concerns about the continuity of financial management [1][2]. - The company emphasizes the need to quickly appoint a suitable CFO to ensure stability in financial management and to maintain investor confidence [3]. Investor Relations - Fuchuang Precision must enhance communication with investors and provide timely updates on its operational and financial status to rebuild trust and confidence in the company's future prospects [3].

Core Viewpoint - The legal opinion letter confirms that the 2024 annual shareholders' meeting of Shenyang Fuchuang Precision Equipment Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, ensuring the legality and validity of the meeting and its resolutions [1][10]. Group 1: Meeting Procedures - The board of directors announced the 2024 annual shareholders' meeting on April 30, 2025, detailing the time, location, participants, and agenda [2]. - The meeting was scheduled for May 21, 2025, with specific time slots for online voting [3]. Group 2: Attendance and Voting - A total of 105 representatives attended the meeting, representing 176,790,990 shares, which accounted for 58.0509% of the total voting shares [4]. - The legal opinion confirms that the qualifications of the attendees and the convenor were valid and in compliance with relevant laws and company regulations [5]. Group 3: Voting Results - The following resolutions were passed with significant majority votes: - The 2024 annual report was approved with 99.9590% in favor [6]. - The 2024 financial settlement report was also approved with 99.9590% in favor [6]. - The 2024 board work report received 99.9648% approval [6]. - The profit distribution plan for 2024 was approved with 99.9707% in favor [6]. - The authorization for the board to conduct mid-year dividends for 2025 was approved with 99.9750% in favor [6]. - The expected related party transactions for 2025 were approved with 99.9383% in favor [7]. - The expected external guarantees for 2025 were approved with 99.9544% in favor [8]. - The 2025 board remuneration proposal was approved with 99.9286% in favor [9]. - The 2024 supervisory board work report was approved with 99.9590% in favor [9]. - The 2025 supervisory remuneration proposal was approved with 99.9549% in favor [10]. Group 4: Conclusion - The legal opinion concludes that all aspects of the shareholders' meeting, including the convening, procedures, qualifications, and voting results, were in compliance with the law and the company's articles of association, rendering the resolutions valid [10].

Meeting Overview - The shareholders' meeting of Shenyang Fuchuang Precision Equipment Co., Ltd. was held on May 21, 2025 [1] - The meeting took place at the company's conference room located at No. 18 Jia-1, Feiyun Road, Hunnan District, Shenyang [1] - A total of 105 ordinary shareholders attended the meeting, holding 176,790,990 voting rights, which accounts for 58.0509% of the total voting rights [1] Voting Results - All non-cumulative voting proposals were approved with significant majority support [2] - The voting results for the proposals showed that the approval rates were consistently above 99%, with the highest being 99.9750% for one of the proposals [2] - The voting breakdown indicated that the majority of ordinary shareholders voted in favor, with minimal opposition and abstentions across all proposals [2][3] Legal Compliance - The meeting's procedures, including the qualifications of attendees and the voting process, complied with the relevant laws and the company's articles of association [3] - The resolutions passed during the meeting were deemed legally valid and effective [3]

证券代码：688409 证券简称：富创精密 公告编号：2025-031 沈阳富创精密设备股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长郑广文先生因公出差，经半数以上 董事推举，本次股东大会由董事兼董事会秘书梁倩倩女士主持，会议采用现场投 票和网络投票相结合的表决方式。本次股东大会的召集和召开程序、出席会议人 员的资格和召集人资格、会议的表决程序和表决结果均符合《中华人民共和国公 司法》及《沈阳富创精密设备股份有限公司章程》的规定。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事9人，出席9人，董事全部出席； 2、 公司在任监事3人，出席3人，监事全部出席； 3、 董事会秘书梁倩倩女士出席了本次会议；高级管理人员均列席了本次会议。 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 21 ...