Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

Core Viewpoint - The Shenzhen Stock Exchange has issued an inquiry letter regarding Ningbo Huaxiang's application for a specific stock issuance in 2025, focusing on the necessity and rationality of its fundraising projects, particularly the planned investment of nearly 3 billion yuan for capacity expansion despite a current utilization rate of about 70% [1] Group 1: Capacity Utilization and Expansion Plans - The current capacity utilization rate of Ningbo Huaxiang is approximately 70%, with a specific focus on the hot-formed metal parts utilization rate reaching 88% [1] - The company plans to raise nearly 3 billion yuan for capacity expansion, which raises questions about the necessity of such an investment given the existing utilization levels [1] Group 2: Project Justification and Market Strategy - The automotive parts industry generally requires suppliers to reserve 10% to 20% of capacity to handle unexpected orders, which justifies the company's expansion plans [1] - The projects in Wuhu and Chongqing, while both producing interior parts, target different local markets and are not considered duplicate investments [1] Group 3: Order Coverage and Client Base - The Wuhu project has secured orders for battery pack housings and body structure parts, covering 69.7% of the expected revenue upon reaching full production [1] - The Chongqing project's interior parts orders have an 80.5% coverage rate, with orders coming from major automotive companies such as Chery, BYD, and Seres, ensuring capacity utilization [1]

本公司及全体董事、董事会审计委员会成员、高级管理人员承诺募集说明书 及其他信息披露资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实 性、准确性及完整性承担连带赔偿责任。 股票代码：002048 股票简称：宁波华翔 宁波华翔电子股份有限公司 （住所：浙江省象山县西周镇象西开发区） 2025 年度向特定对象发行 A 股股票 募集说明书（修订稿） 保荐机构（主承销商） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 二〇二五年十一月 宁波华翔电子股份有限公司 募集说明书 声 明 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、深圳证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对公司的盈利能力、投资价值或者对投资者的收益作出实质性判断或 保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，公司经营与收益的变化，由公司 自行负责。投资者自主判断公司的投资价值，自主作出投资决策，自行承担证券 依法发行后因公司经营与收益变化或者证券 ...

宁波华翔 2025 年度向特定对象发行股票 审核问询函之回复报告 股票代码：002048 股票简称：宁波华翔 关于宁波华翔电子股份有限公司 申请向特定对象发行股票的审核问询函 二〇二五年十一月 宁波华翔 2025 年度向特定对象发行股票 审核问询函之回复报告 深圳证券交易所： 贵所于 2025 年 11 月 6 日出具的《关于宁波华翔电子股份有限公司申请向特 定对象发行股票的审核问询函》（审核函〔2025〕120047 号）（以下简称"《问 询函》"）已收悉，宁波华翔电子股份有限公司（以下简称"宁波华翔"、"公 司"或"发行人"）与广发证券股份有限公司（以下简称"保荐机构"）、上海 市锦天城律师事务所（以下简称"发行人律师"）及天健会计师事务所（特殊普 通合伙）（以下简称"申报会计师"）等相关各方对问询函相关问题逐项进行了 落实，现对《问询函》回复如下，请审核。 之 回复报告 保荐机构（主承销商） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 说明： 一、如无特别说明，本回复报告中的简称或名词释义与募集说明书中的相同。 二、本回复报告中的字体代表以下含义： | 问询函所列问题 | 黑体（加粗） ...

补充法律意见书（一） 上海市锦天城律师事务所 关于宁波华翔电子股份有限公司 向特定对象发行股票的 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | | | 上海市锦天城律师事务所 补充法律意见书（一） 向特定对象发行股票的 补充法律意见书（一） 案号：01F20254132 致：宁波华翔电子股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受宁波华翔电子股份有限 公司（以下简称"宁波华翔""发行人"或"公司"）的委托，作为宁波华翔 2025 年度向特定对象发行股票相关事项（以下简称"本次向特定对象发行"） 的专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发行注册 管理办法》（以下简称"《注册管理办法》"）《深圳证券交易所股票上市规则 （2025 年修订）》等有关法律、法规、规章及规范性文件的规定，于 2025 年 9 月 29 日出具《上海市锦天城律师事务所关于宁波华翔电子股份有限公司向特定 对 ...

董事会公告 股票代码：002048 股票简称：宁波华翔 公告编号：2025-080 宁波华翔电子股份有限公司 关于向特定对象发行股票审核问询函回复 董事会 2025年11月27日 1 及募集说明书等申请文件更新的提示性公告 本公司全体董事、监事、高级管理人员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 宁波华翔电子股份有限公司（以下简称"公司"）于 2025 年 11 月 6 日收到深圳 证券交易所（以下简称"深交所"）下发的《关于宁波华翔电子股份有限公司申请向 特定对象发行股票的审核问询函》（审核函〔2025〕120047 号）（以下简称"《问询函》"）， 公司已会同相关中介机构进行了认真研究和落实，按照《问询函》的要求对所涉及的 事项进行了资料补充和问题回复，并对募集说明书等申请文件涉及的相关内容进行了 修订。具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的相关公告 文件。 公司本次向特定对象发行股票事项尚需通过深交所审核，并获得中国证券监督管 理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施。本次向特定 对象发行股票事项 ...

目 录 | 关于募投项目…………………………………………………第 一、 | 1—63 | 页 | | --- | --- | --- | | 二、关于经营情况……………………………………………… 第 | 63—92 | 页 | | 三、关于股权出售和关联交易…………………………………第 | 92—107 | 页 | 关于宁波华翔电子股份有限公司向特定对象 发行股票审核问询函中有关财务事项的说明 天健函〔2025〕1321 号 深圳证券交易所： 由宁波华翔电子股份有限公司转来的《关于宁波华翔电子股份有限公司申请 向特定对象发行股票的审核问询函》（审核函〔2025〕120047 号，以下简称审 核问询函）奉悉。我们已对审核问询函所提及的宁波华翔电子股份有限公司（以 下简称宁波华翔公司或公司）财务事项进行了审慎核查，现汇报如下。 一、关于募投项目 申报材料显示，本次拟向特定对象募集资金不超过 29.21 亿元，用于芜湖汽 车零部件智能制造项目（以下简称芜湖项目）、重庆汽车内饰件生产基地建设项 目（以下简称重庆项目）、研发中心建设项目（以下简称研发中心项目）、数字 化升级改造项目（以下简称数字化项目）及补充流动资金项 ...

Core Viewpoint - Ningbo Huaxiang announced its subsidiary, Ningbo Huaxiang Qiyuan Technology Co., Ltd., will invest 5 million yuan in Shanghai Lingzhi New Venture Capital Partnership, focusing on the embodied intelligence industry chain [2] Investment Details - The fund managed by Zhuhai Hillhouse Private Equity Fund Management Co., Ltd. will primarily invest in innovative companies related to the embodied intelligence industry chain [2] - The total committed capital for the partnership is targeted at 200 million yuan, with a maximum of 250 million yuan [2] Investment Focus - The fund will engage in direct or indirect equity investments, quasi-equity investments, and related activities in areas such as key raw materials and components (e.g., servo systems, motors, controllers, reducers, sensors), critical software systems, AI algorithms, and downstream application solutions in robotics [2] - The investment direction aligns with the company's ongoing efforts to explore emerging business areas, enhancing its capabilities in project collection, evaluation, and investment in this field [2]

Core Viewpoint - The collaboration between Hillhouse Capital and Zhiyuan Robotics to establish an early-stage venture capital fund, Lingzhi New Venture, aims to accelerate the development of the embodied intelligence industry by investing in innovative companies within the supply chain [1][2]. Group 1: Fund Structure and Investment Strategy - Lingzhi New Venture will primarily invest in the embodied intelligence industry, focusing on upstream key materials and components, critical software systems, and downstream application solutions [2]. - The fund has a 10-year operational period, with the first 5 years designated for investment, and can extend the period twice for one year each [2]. - The limited partners (LPs) include Longqi Technology, Ningbo Yunsheng, and Ningbo Huaxiang, with respective contributions of 30 million, 20 million, and 5 million yuan, accounting for 23.08%, 15.38%, and 3.85% of the total contributions [2][3]. Group 2: Industry Context and Company Positioning - Zhiyuan Robotics is leveraging its financial strength and strategic partnerships to invest early in the supply chain, aiming to foster growth among suppliers and enhance the overall ecosystem [1][4]. - The company has a robust cash reserve, sufficient to sustain operations for three years without revenue, supported by investments from major corporations like Tencent and LG Electronics [5]. - Zhiyuan Robotics has successfully incubated 15 early-stage projects, achieving an annualized return of 800% on investments, with a focus on seed and angel rounds [5][6]. Group 3: Strategic Partnerships and Collaborations - The three listed companies involved have existing collaborations with Zhiyuan Robotics, indicating a strategic alignment in the development of embodied intelligence applications [3]. - The partnership with Longqi Technology includes a significant order for nearly a thousand robots, showcasing the practical application of their collaboration [3].

Core Viewpoint - Ningbo Huaxiang announced its subsidiary, Ningbo Huaxiang Qiyuan Technology Co., Ltd., will invest 5 million RMB in Shanghai Lingzhi New Venture Capital Partnership, focusing on innovative companies in the embodied intelligence industry [2] Group 1 - The investment amount from Huaxiang Qiyuan is 5 million RMB [2] - The fund is managed by Zhuhai Gaoling Private Fund Management Co., Ltd. [2] - The investment does not require approval from the board of directors or shareholders [2]