Core Insights - Korean investors show a strong preference for overseas markets, with China ranking as the second most favored market after the United States as of July 17, 2025 [1][14] - The total trading volume of Chinese stocks by Korean investors reached approximately $5.514 billion, second only to the U.S. market's $32.244 billion [14] Group 1: Investment Trends - Korean investors are particularly enthusiastic about Hong Kong stocks, with Xiaomi Group-W being the most held stock as of July 18, 2025 [2][3] - The total amount available for stock purchases by Korean investors reached 66.7 trillion KRW, indicating potential for further investment [2][18] Group 2: Net Buying Rankings - Over the past year, the top ten net bought Hong Kong stocks by Korean investors included Xiaomi Group-W ($160 million), BYD Company ($62.44 million), and CATL ($60.85 million) [3][4] - In the past month, the leading net bought stocks were Old Peking Gold ($2.94 million), followed by Sanhua Intelligent Controls ($2.09 million) and Xiaomi Group-W ($1.99 million) [4][5] Group 3: Recent Weekly Trends - From July 11 to July 18, 2025, Alibaba-W topped the net buying list among Korean investors with a net purchase of $13.38 million [7][8] Group 4: Market Capitalization - As of July 18, 2025, the top ten stocks held by Korean investors by market value included Xiaomi Group-W ($251 million), Tencent Holdings ($217 million), and Alibaba-W ($176 million) [9][10] Group 5: Market Sentiment and Leverage - The KOSPI index has increased by 32.89% this year, driven by improved corporate governance and optimistic market sentiment [18] - The amount of margin loans outstanding reached 21.6 trillion KRW, indicating a high level of leverage among retail investors [18]

智通财经APP讯，三花智控(02050)公布，招股章程所述超额配股权已于2025年7月18日(星期五)获整体 协调人(为其本身及代表国际包销商)悉数行使，涉及合共6215.69万股H股，占全球发售项下可供认购的 发售股份总数约15.0%(经计及发售量调整权获悉数行使后但于任何超额配股权获行使前)。超额配发股 份将由公司按每股H股22.53港元配发及发行，公司自发行超额配发股份收取的额外所得款项净额将约为 13.9亿港元。 根据香港法例第571W章证券及期货(稳定价格)规则第9(2)条，公司进一步宣布，全球发售的稳定价格期 间已于2025年7月18日(星期五)(即递交香港公开发售申请截止日期后第30天)结束。 (3)于稳定价格期间内在市场上按每股H股23.15港元至25.95港元的价格(不包括经纪佣金、证监会交易徵 费、香港联交所交易费及会财局交易徵费)连续出售合共652.9万股H股。稳定价格操作人或代其行事的 任何人士于稳定价格期间内在市场上的最后一笔出售于2025年7月17日(星期四)作出，价格为每股H股 24.80港元(不包括经纪佣金、证监会交易徵费、香港联交所交易费及会财局交易徵费);及 (4)整体协调 ...

Group 1 - The Hong Kong IPO market has seen a significant surge, with a record number of listings and a total fundraising amount of 1,067 million HKD in the first half of 2025, nearly eight times that of the same period last year [1][2] - Five companies, including Peak Technology and Blue Sky Technology, listed on the Hong Kong Stock Exchange on the same day, marking a historic moment with six gongs ringing simultaneously [1] - The number of IPOs in May and June accounted for 58.14% of the total listings in the first half of 2025, indicating a concentrated period of activity [1] Group 2 - Eight new stocks raised over 2 billion HKD, while 17 raised over 1 billion HKD, with the top five fundraising companies being CATL, Hengrui Medicine, Haitian Flavoring, Sanhua Intelligent Control, and Mixue Ice City [2] - As of July 17, 2025, the Hong Kong market recorded 51 IPOs and a total fundraising amount of 1,134 million HKD, surpassing the total for the entire year of 2024 and increasing by 217% compared to the same period last year [2] Group 3 - The revival of the Hong Kong IPO market has led to increased activity among investment banks, with a notable rise in the number of companies seeking to go public [3] - As of July 17, 2025, there are 232 companies in the queue to apply for H-share listings, indicating strong interest in the market [3] - The competition between domestic and foreign investment banks has intensified, with domestic banks gaining an advantage due to their understanding of local enterprises and improved international service capabilities [5] Group 4 - The Hong Kong IPO market has regained its position as the largest globally, driven by a surge in A+H listings, which have become a dominant trend [4][10] - A total of 50 A+H companies have submitted IPO applications in the first half of 2025, with several major firms already listed [10] - Predictions indicate that 90 to 100 companies are expected to raise between 200 billion to 220 billion HKD in 2025, with the second half typically being a peak period for IPOs [11] Group 5 - The top investment banks in the Hong Kong IPO market as of July 17, 2025, include CICC with 18 IPOs (16.67% market share), followed by Huatai Financial Holdings and CITIC with 10 IPOs each (9.26% market share) [6][8] - The market shows a clear "Matthew effect," where larger projects are predominantly led by top-tier investment banks, while many smaller banks have only participated in a single IPO [8] Group 6 - The A+H listing model is expected to drive significant fundraising, with estimates suggesting an 85% increase in total fundraising from A+H listings compared to the first half of 2024 [12] - The technology, biomedicine, and consumer sectors are anticipated to lead the IPO market in the second half of 2025, although an increase in supply may raise the failure rate to 35% [12]

证券代码：002050 证券简称：三花智控 公告编号：2025-064 浙江三花智能控制股份有限公司 关于悉数行使超额配售权的公告 根据本次发行方案，公司同意由整体协调人（代表国际承销商）于 2025 年 7 月 18 日悉数行使超额配售权，按发售价每股 H 股股份 22.53 港元（不包括经 纪佣金、香港证监会交易征费、香港联交所交易费及香港会财局交易征费）发行 62,156,900 股 H 股股份。前述超额配售权悉数行使后，本次发行的 H 股由 414,379,500 股增加至 476,536,400 股。 特此公告。 浙江三花智能控制股份有限公司 董 事 会 2025 年 7 月 18 日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 经香港联合交易所有限公司（以下简称"香港联交所"）批准，浙江三花智能 控制股份有限公司（以下简称"公司"）发行的 414,379,500 股（行使超额配售权 之前）境外上市股份（H 股）已于 2025 年 6 月 23 日在香港联交所主板挂牌并上 市交易（以下简称"本次发行"）。公司 H 股股票中文简称为"三花智控"，英 ...

浙江三花智能控制股份有限公司 关于 H 股发行稳定价格行动及稳定价格期结束的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 经香港联合交易所有限公司（以下简称"香港联交所"）批准，浙江三花智能 控制股份有限公司（以下简称"公司"）发行的 414,379,500 股（行使超额配售权 之前）境外上市股份（H 股）已于 2025 年 6 月 23 日在香港联交所主板挂牌并上 市交易（以下简称"本次发行"），具体内容详见公司于 2025 年 6 月 24 日在巨 潮资讯网（http://www.cninfo.com.cn）及指定媒体披露的《关于境外上市股份（H 股）挂牌并上市交易的公告》（公告编号：2025-050）。 根据本次发行方案，公司同意由整体协调人（代表国际承销商）于 2025 年 7月18日悉数行使超额配售权，按发售价每股H股股份22.53港元发行62,156,900 股 H 股股份。前述超额配售权悉数行使后，本次发行的 H 股由 414,379,500 股增 加至 476,536,400 股。具体内容详见公司于巨潮资讯网（http://www.cn ...

Group 1 - The core viewpoint of the news is the performance of the China Securities New Energy Vehicle Index, which has shown positive growth in recent months and reflects the overall performance of listed companies in the new energy vehicle sector [2] - The China Securities New Energy Vehicle Index has increased by 4.78% in the past month, 8.69% in the past three months, and 4.84% year-to-date [2] - The index includes companies involved in lithium batteries, charging piles, and new energy vehicles, with a base date of December 31, 2011, set at 1000.0 points [2] Group 2 - The top ten weighted companies in the index are: CATL (10.24%), Huichuan Technology (9.6%), BYD (8.92%), Changan Automobile (4.98%), Sanhua Intelligent Control (4.88%), Yiwei Lithium Energy (4.32%), Huayou Cobalt (3.98%), Ganfeng Lithium (3.09%), Tianqi Lithium (2.77%), and Gree Environmental (2.56%) [2] - The market distribution of the index holdings shows that 84.25% are from the Shenzhen Stock Exchange, 15.15% from the Shanghai Stock Exchange, and 0.60% from the Beijing Stock Exchange [2] - The industry distribution of the index holdings indicates that 59.24% are in the industrial sector, 23.65% in consumer discretionary, 15.86% in materials, and 1.25% in information technology [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [3] - Weight factors are adjusted along with the sample changes, and generally remain fixed until the next scheduled adjustment [3] - Special circumstances may lead to temporary adjustments to the index, such as the delisting of a sample company or corporate actions like mergers and acquisitions [3]

证券代码：002050 证券简称：三花智控 公告编号：2025-063 关于 2022 年限制性股票激励计划第三个解除限售期 解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江三花智能控制股份有限公司 特别提示： 1、本次符合解除限售条件的激励对象共计 1,265 人，本次限制性股票解除 限售数量为 6,672,000 股，占公司目前 A 股+H 股总股本的 0.1609%； 2、本次解除限售股份可上市流通的日期：2025 年 7 月 22 日。 浙江三花智能控制股份有限公司（以下简称"公司"）于 2025 年 7 月 10 日召 开第八届董事会第五次临时会议、第八届监事会第四次临时会议，审议通过了《关 于 2022 年限制性股票激励计划第三个解除限售期解除限售条件成就的议案》。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）《浙江三花智 能控制股份有限公司 2022 年限制性股票激励计划（草案）》（以下简称"《2022 年限制性股票激励计划》"）的相关规定，公司 2022 年限制性股票激励计划第三 个解除限售 ...

Group 1 - The core index of the Consumer Durables and Apparel sector, represented by the CSI Consumer Durables and Apparel Index, opened at 5909.85 points and has shown a monthly increase of 3.56%, a quarterly increase of 5.62%, and a year-to-date increase of 2.47% [1] - The CSI Consumer Durables and Apparel Index is composed of listed companies that correspond to the durable consumer goods and apparel theme, reflecting the overall performance of these companies. The index was established on December 31, 2004, with a base point of 1000.0 [1] - The top ten weighted companies in the index include Gree Electric Appliances (10.52%), Midea Group (10.01%), Haier Smart Home (8.25%), and others, indicating a concentration in major players within the sector [1] Group 2 - The market composition of the CSI Consumer Durables and Apparel Index shows that the Shenzhen Stock Exchange accounts for 59.35% and the Shanghai Stock Exchange accounts for 40.65% [1] - In terms of industry composition, home appliances represent 66.41%, textiles and apparel 15.20%, home furnishings 8.48%, leisure equipment and supplies 5.21%, and jewelry and luxury goods 4.70% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year. Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Summary of Key Points Core Viewpoint - As of July 15, the total market financing balance reached 1.88 trillion yuan, marking a continuous increase for seven consecutive trading days, indicating a growing interest from investors in the market [1]. Financing Balance and Individual Stocks - The financing balance in the Shanghai market was 945.53 billion yuan, increasing by 2.69 billion yuan, while the Shenzhen market's balance was 925.83 billion yuan, up by 2.25 billion yuan. The North Exchange saw a slight decrease of 488.44 thousand yuan [1]. - On July 15, a total of 1,848 stocks received net financing purchases, with 472 stocks having net purchases exceeding 10 million yuan. Notably, 23 stocks had net purchases over 100 million yuan [1]. - The top net purchase stock was Dongshan Precision, with a net buy of 666.5 million yuan, followed by Zhongji Xuchuang and Shenghong Technology with net buys of 400.4 million yuan and 235 million yuan, respectively [1]. Industry and Sector Analysis - In terms of industry concentration, the stocks with net purchases exceeding 100 million yuan were primarily in the electronics, computer, and non-bank financial sectors, with 7, 4, and 3 stocks respectively [1]. - Among the stocks with significant net purchases, the main board had 14 stocks, the ChiNext board had 8 stocks, and the Sci-Tech Innovation board had 1 stock [1]. Financing Balance as a Percentage of Market Value - The average financing balance as a percentage of the circulating market value for the stocks with large net purchases was 3.82%. Jianghuai Automobile had the highest ratio at 9.95%, followed by Hainan Huatie, Dongfang Caifu, and Hand Information with ratios of 7.47%, 7.40%, and 7.37% respectively [2]. - The detailed ranking of net purchases on July 15 included stocks like Dongshan Precision, Zhongji Xuchuang, and Shenghong Technology, with respective net buy amounts of 666.5 million yuan, 400.4 million yuan, and 235 million yuan [2][3].

Core Viewpoint - The company, Sanhua Intelligent Control, has established itself as a leader in the refrigeration and automotive thermal management sectors over the past 40 years, with a strong focus on energy-saving trends and product innovation [1][2]. Product Matrix - The company's revenue is primarily derived from two segments: refrigeration and air conditioning components (59%) and automotive components (41%) [2]. - In the refrigeration sector, the company has been a global leader since its inception in 1984, with its core components such as four-way valves and electronic expansion valves holding the largest market share globally [2]. - In the automotive sector, the company has strategically positioned itself since 1987, focusing on thermal management solutions for both traditional internal combustion engine vehicles and new energy vehicles, with the latter contributing significantly to revenue growth [2]. Global Production Capacity - The company operates 48 production facilities worldwide, including 13 overseas factories in countries such as the USA, Poland, and Mexico, with a total building area of 2,637,454 square meters [4]. - The production capacity utilization rates for the years 2022 to 2024 were 83.8%, 92.2%, and 91.2%, respectively, with a noted decline in 2024 due to automotive component production not keeping pace with capacity expansion [6][7]. Financial Performance - The company's revenue has shown steady growth, with figures of 21.348 billion, 24.558 billion, and 27.947 billion yuan for the years 2022 to 2024, respectively [11]. - In Q1 2025, the company reported revenue of 7.669 billion yuan, a year-on-year increase of 19.1%, with a net profit of 903 million yuan, reflecting a 39.47% increase [11]. - The gross profit margin for the company was 26.8% in Q1 2025, outperforming industry peers [11]. Customer Matrix - The company has a diverse customer base, including major players in the refrigeration and automotive sectors such as Carrier, Bosch, Gree, Tesla, and BYD [9][10]. Industry Growth - The automotive sector is benefiting from the increasing penetration of new energy vehicles, with domestic manufacturers gaining advantages in rapid response and cost control [19]. - The refrigeration sector is supported by domestic appliance upgrades and new regulatory standards in North America and Europe [21]. Strategic Partnerships - The company has established a partnership with Tesla, providing thermal management components for their vehicles and has begun supplying parts for Tesla's humanoid robot project [24][25]. - Additionally, the company has formed joint ventures with other firms to expand its product offerings in robotics and electric motor technologies [26][27]. Valuation - The company is projected to achieve a compound annual growth rate of approximately 24.35% from 2024 to 2029, with a target share price of around 36.4 HKD based on a valuation of 33 times earnings for 2025 [28].