Core Points - The 2025 High-Performance Lithium Battery Annual Conference and 15th Anniversary Celebration will be held from November 18-20 in Shenzhen, attracting over 1,500 entrepreneurs, investors, and technical experts to discuss supply chain security, international competition, innovation breakthroughs, and capital trends [2] - The equipment sector, a crucial part of lithium battery manufacturing, has received strong support from over 30 lithium battery equipment companies for this annual conference [3] - Notable industry leaders, including the chairpersons of various companies, will share insights during the event [3][4][5] Equipment Sector Participation - The conference will feature prominent leaders from various equipment companies, including: - Nanjing Huashi Intelligent Technology Co., Ltd. - Chairman: Cao Guoping - Shenzhen Shangshui Intelligent Co., Ltd. - Chairman: Jin Xudong - Jiangsu Jiatuo New Energy Intelligent Equipment Co., Ltd. - Vice President: Zhou Yan - Shenzhen Times High-Tech Equipment Co., Ltd. - Chairman: Tian Hanrong - Shenzhen Xinjingcheng Sensor Technology Co., Ltd. - Chairman: Wu Hao - And many others [4][5] Event Highlights - The event will include 12 special forums, over 90 thematic reports, and an award ceremony for the High-Performance Golden Ball Award, marking the 15th anniversary of the conference [6] - The main sponsors include Hymson Laser as the title sponsor, with Dazhu Lithium Battery as a co-organizer and Kalowide as a special sponsor [6]

Core Viewpoint - The company has successfully achieved full-process production capabilities for lithium metal solid-state batteries and received a significant order for production equipment, marking a milestone in the industry for commercial viability of high-energy lithium metal solid-state batteries [1] Group 1: Production Capabilities - The company has completed the entire production process for lithium metal solid-state batteries, including key manufacturing equipment [1] - The company has received a 2GWh production equipment order valued at 400 million yuan, which is the first commercial order for high-energy lithium metal solid-state battery equipment in the industry [1] Group 2: Technological Breakthroughs - The company has made multiple technological breakthroughs in critical areas of solid-state battery manufacturing, including the preparation of solid-state electrodes and electrolytes, as well as assembly processes [1] - The company is providing trial production line equipment for sulfide solid-state batteries to several leading global new energy technology companies, which have recognized the equipment's quality and are beginning to receive shipments [1]

Core Points - On November 6, Haimuxing's stock rose by 5.03%, reaching a price of 48.68 CNY per share, with a trading volume of 297 million CNY and a turnover rate of 2.51%, resulting in a total market capitalization of 12.061 billion CNY [1] - Haimuxing Laser Technology Group Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on April 3, 2008, with its listing date on September 9, 2020 [1] - The company's main business involves the research, design, production, and sales of laser and automation equipment across various industries, including consumer electronics, power batteries, and sheet metal processing [1] Business Segmentation - The revenue composition of Haimuxing's main business includes: - 60.28% from laser and automation equipment for power batteries - 18.04% from laser and automation equipment for 3C consumer electronics - 10.52% from sheet metal laser cutting equipment - 7.98% from laser and automation equipment for the photovoltaic industry - 3.17% from other industries [1] Shareholder Information - Among Haimuxing's top ten circulating shareholders, one fund from Huaxia Fund holds a significant position. The Huaxia CSI Robot ETF (562500) increased its holdings by 1.0176 million shares in the third quarter, totaling 5.4326 million shares, which accounts for 2.19% of the circulating shares [2] - The Huaxia CSI Robot ETF (562500) was established on December 17, 2021, with a current scale of 22.798 billion CNY. Year-to-date returns are 28.05%, ranking 1840 out of 4216 in its category, while the one-year return is 30.32%, ranking 1226 out of 3909 [2] - The fund manager of Huaxia CSI Robot ETF is Hualong, who has been in the position for 3 years and 78 days, with a total asset scale of 35.957 billion CNY [2]

Core Viewpoint - The stock of HaiMuxing has shown significant growth, with a year-to-date increase of 38.66% and a recent surge of 15.02% over the past five trading days, indicating strong market interest and performance [1][2]. Company Overview - HaiMuxing Laser Technology Group Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on April 3, 2008. The company went public on September 9, 2020. Its main business involves the research, design, production, and sales of laser and automation equipment across various sectors, including consumer electronics and power batteries [1][2]. - The revenue composition of HaiMuxing includes 60.28% from laser and automation equipment for power batteries, 18.04% from 3C consumer electronics, 10.52% from sheet metal laser cutting equipment, 7.98% from the photovoltaic industry, and 3.17% from other sectors [1]. Financial Performance - For the period from January to September 2025, HaiMuxing reported a revenue of 2.704 billion yuan, representing a year-on-year decrease of 25.47%. The net profit attributable to shareholders was -913 million yuan, reflecting a significant decline of 645.04% compared to the previous year [2]. - Since its A-share listing, HaiMuxing has distributed a total of 60.4585 million yuan in dividends [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for HaiMuxing increased by 24.29% to 19,700, while the average circulating shares per person decreased by 19.54% to 12,575 shares [2]. - The stock has seen a net inflow of 55.3817 million yuan from major funds, with significant buying activity from large orders [1]. Institutional Holdings - Among the top ten circulating shareholders as of September 30, 2025, notable new entrants include Hong Kong Central Clearing Limited and several ETFs, indicating growing institutional interest in the company [3].

Core Viewpoint - The lithium battery equipment industry is experiencing a phase of "adjustment and differentiation" in the first nine months of 2025, with leading companies showing resilience and growth despite overall market challenges [1]. Group 1: Performance Overview - The lithium battery equipment sector has shown a mixed performance in 2025, with some companies facing revenue declines of 10%-30% due to previous order cycles, while leading firms like XianDao Intelligent and YingHe Technology achieved revenue growth [2][3]. - Profitability has been impacted by high impairment provisions, leading to losses for companies like HaiMuXing and ManEnSiTe, while others like XianDao Intelligent and LiYuanHeng improved profits through better cost control [3]. Group 2: Highlights of Leading Companies - **XianDao Intelligent**: Achieved a revenue of 10.439 billion yuan in the first nine months of 2025, a 15% increase year-on-year, with a net profit of 1.186 billion yuan, up 95% due to the recovery of receivables [4][5]. - **YingHe Technology**: Reported a revenue of 6.784 billion yuan, a 5% increase, but faced a 39% decline in net profit to 300 million yuan due to margin pressure [6]. - **LiYuanHeng**: Turned a profit with a revenue of 2.424 billion yuan, a 4% increase, and a net profit of 50 million yuan, marking a turnaround [8][9]. Group 3: Industry Outlook for 2026 - The industry is expected to benefit from three main opportunities: recovery in domestic demand, expansion into overseas markets, and technological upgrades, particularly in solid-state battery technology [10][11]. - However, challenges such as industry consolidation and international risks remain, with potential impacts from geopolitical tensions on market expansion and supply chains [12]. Group 4: Conclusion - The lithium battery equipment industry is poised for new opportunities amid adjustments, with leading companies leveraging technological advantages and international strategies to strengthen their positions [13].

Quantitative Models and Construction - **Model Name**: DecompGRU **Model Construction Idea**: The model improves information interaction between time-series and cross-sectional data by introducing two simple de-mean modules on the GRU baseline model[18] **Model Construction Process**: 1. The DecompGRU model architecture is based on GRU as the baseline 2. Two de-mean modules are added to enhance the interaction between time-series and cross-sectional data 3. The model is trained using IC and weighted MSE loss functions[18] **Model Evaluation**: The model demonstrates improved interaction between time-series and cross-sectional data, enhancing prediction accuracy[18] Model Backtesting Results - **DecompGRU TOP200 Portfolio**: - Cumulative absolute return: 41.11% - Excess return relative to WIND All A equal-weight index: 13.98% - Maximum drawdown: 10.08% - Weekly win rate: 64.52% - Monthly win rate: 100% - October absolute return: 1.78%, excess return: -0.07%[11] - **ETF Rotation Portfolio**: - Cumulative absolute return: 19.06% - Excess return relative to benchmark: -2.00% - Maximum drawdown: 7.82% - Weekly win rate: 62.50% - Monthly win rate: 57.14% - October absolute return: -2.04%, excess return: -1.18%[14][15] Quantitative Factors and Construction - **Factor Name**: Sentiment Heat Factor **Factor Construction Idea**: The factor aggregates stock-level sentiment heat metrics (e.g., browsing, self-selection, and clicks) to represent broader market sentiment[19] **Factor Construction Process**: 1. Individual stock sentiment heat is calculated as the sum of browsing, self-selection, and click counts 2. The sentiment heat is normalized by dividing by the total market sentiment on the same day and multiplying by 10,000 3. Aggregated sentiment heat is used as a proxy for market sentiment at the index, industry, and concept levels[19] **Factor Evaluation**: The factor effectively captures market sentiment and its impact on pricing errors[19] Factor Backtesting Results - **Broad-based Index Sentiment Heat Rotation Strategy**: - Annualized return since 2017: 8.74% - Maximum drawdown: 23.5% - 2025 portfolio return: 38.5% - Benchmark return: 32.9%[28] - **Concept Sentiment Heat BOTTOM Portfolio**: - Annualized return: 15.71% - Maximum drawdown: 28.89% - 2025 portfolio return: 42.1%[41][44]

Market Overview - A-shares rebounded in the afternoon on November 3, with all three major indices turning positive by the close; the Shanghai Composite Index rose by 0.55% to 3976.52 points, the Shenzhen Component increased by 0.19% to 13404.06 points, and the ChiNext Index gained 0.29% to 3196.87 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 21.33 billion yuan, a decrease of 2.17 billion yuan from the previous day [1] Sector Performance Coal and Oil - The coal sector saw significant gains, with companies like Antai Group and Zhongmei Energy hitting the daily limit, and others like Shanxi Black Cat and Jin控煤业 rising over 4% [4][6] - The oil sector also performed well, with Huibo Group and Intercontinental Oil hitting the daily limit, and China National Offshore Oil Corporation and China Petroleum rising over 4% [7] AI Applications - The AI application sector was notably active, with stocks like Fushi Holdings and Xinghuan Technology rising over 10%, and several others hitting the daily limit [12][14] Nuclear Power - The nuclear power concept experienced a surge, with significant advancements in thorium-based molten salt reactor technology reported by the Chinese Academy of Sciences, marking a key development in nuclear energy [10] Key Insights - The current prices of thermal coal and coking coal remain at historical lows, providing room for a rebound due to supply-side policies and seasonal demand increases [6] - The "three barrels of oil" (China National Petroleum, Sinopec, and CNOOC) are expected to continue increasing their oil and gas equivalent production, with respective growth rates of 2.6%, 2.2%, and 6.7% projected for the first three quarters of 2025 [7] - The AI-driven content creation market is projected to grow significantly, with over 3000 new works expected in the first half of 2025, indicating a robust demand for AI applications in media [14]

Group 1 - The Robot ETF (562500) is currently trading at 1.024 yuan, down 0.49%, with significant differentiation among constituent stocks, where 30 out of 73 stocks are up and 43 are down [1] - The leading stock, Hai Muxing, increased by 12.81%, while Xinjie Electric and Tianzhihang rose by 8.05% and 7.11% respectively; however, Xinjia Intelligent and Buke Co. fell by over 5% [1] - The overall trading volume is 726 million yuan, indicating relatively stable trading activity [1] Group 2 - CITIC Securities highlights that the development of embodied intelligence faces challenges due to a lack of large-scale training data [2] - The success of large language models is attributed to the vast knowledge available on the internet, while autonomous driving benefits from continuous data collection in real-world scenarios [2] - The industry defines the data categories for training embodied models as a "data pyramid," emphasizing the importance of real data at the top of the pyramid, which is crucial for addressing the challenges in embodied data [2]

Core Viewpoint - The article emphasizes the increasing importance of internal defect detection in the battery industry, particularly with the rise of online CT (Computed Tomography) technology, which is becoming essential for ensuring product quality and consistency in battery manufacturing [5][6][11]. Group 1: Event Overview - The 2025 (15th) High-Performance Lithium Battery Annual Conference will be held from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen [4][15]. - The event will feature discussions on process innovation and smart manufacturing, focusing on yield and consistency as competitive advantages [15]. Group 2: Technological Advancements - The adoption of online CT technology is accelerating in the production lines of power batteries, with companies like Hymson announcing successful batch deliveries of their online CT equipment [5][9]. - Online CT systems can achieve single-cell detection in less than 3.5 seconds, with a measurement precision of less than 0.03mm and a detection efficiency of over 36 PPM [9]. Group 3: Industry Trends - The shift towards stacked cell structures in high-performance batteries increases the need for precise defect detection, as issues like alignment deviations and welding defects directly impact battery safety and performance [7][8]. - AI technology is becoming a critical factor in enhancing the capabilities of online CT systems, transforming them from isolated detection tools to dynamic quality control systems [11][12]. Group 4: Market Opportunities - The domestic market for online CT technology is expanding, as local manufacturers are gaining ground against international competitors by offering customized solutions and faster delivery times [12][13]. - The integration of AI with online CT is expected to enhance the automation of lithium battery production lines, moving towards a more data-driven and process-optimized manufacturing approach [13][14].

公司《2025 年员工持股计划（草案）》及其摘要符合《中华人民共和国公 司法》《中华人民共和国证券法》《关于上市公司实施员工持股计划试点的指导 意见》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等 相关法律、法规及规范性文件和《公司章程》的规定，遵循依法合规、自愿参与、 风险自担的基本原则，不存在损害公司及全体股东利益的情形，亦不存在摊派、 强行分配等方式强制员工参与本持股计划的情形。 证券代码：688559 证券简称：海目星 公告编号：2025-064 海目星激光科技集团股份有限公司 2025 年第二次职工代表大会决议公告 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。 海目星激光科技集团股份有限公司（以下简称"公司"）第二次职工代表大 会于 2025 年 10 月 31 日在公司会议室举行，就公司拟实施的 2025 年员工持股计 划（以下简称"本次持股计划"）征求公司职工代表意见。本次会议的召开符合 《中华人民共和国公司法》《公司章程》等有关法律、法规、规范性文件的规定。 经与会职工代表认真讨论，投票 ...