股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浙江三花智能控制股份有限公司 呈交日期: 2025年7月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02050 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 414,379,500 | RMB | | 1 RMB | | 414,379,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 414,379,500 | RMB | | 1 RMB | | 414,379,500 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Group 1: IPO Market Overview - The Hong Kong IPO market experienced a strong recovery in the first half of 2025, with 42 companies raising a total of 1,067 million HKD, a 688% increase compared to the same period in 2024 [3][5] - The average fundraising amount per project was approximately 25.4 million HKD, surpassing the average levels from 2022 to 2024 [3] - The recovery was driven by large-cap stocks (A to H) which accounted for 72% of the total fundraising, while traditional sectors like industrials and finance faced challenges [3][5] Group 2: Key Players in the IPO Market - Seven A to H companies contributed 770 million HKD, with CATL leading at 410.1 million HKD, marking the largest IPO in nearly four years [5][6] - Other notable companies included 恒瑞医药 (113.7 million HKD), 海天味业 (101.3 million HKD), and 三花智控 (93.4 million HKD) [5][6] - The demand for these large-cap stocks was characterized by high subscription rates from both institutional and retail investors [5][6] Group 3: Sector Performance - The consumer discretionary and innovative pharmaceutical sectors saw significant interest, with retail investors driving high subscription rates [10][12] - The innovative pharmaceutical sector raised 40.6 million HKD with an average return of 78.4%, showcasing strong market interest despite a cautious institutional approach [12][13] - In contrast, traditional sectors like industrials and materials struggled, contributing only 130 million HKD to the total fundraising, reflecting a lack of investor confidence [15] Group 4: Subscription Trends - Subscription rates for A to H projects were notably high, with CATL seeing a retail subscription rate of 151.2 times, indicating strong demand for A-share assets [5][6] - The consumer sector, particularly companies like 蜜雪冰城, achieved record subscription rates, with 蜜雪冰城 raising 39.7 million HKD and achieving a subscription rate of 5,258.2 times [10][11] - The disparity in subscription rates highlights a trend where retail investors are more enthusiastic about new economy stocks compared to traditional sectors [10][15] Group 5: Future Outlook - The second half of 2025 is expected to see several A-share companies listing on the Hong Kong Stock Exchange, with fundraising levels anticipated to match those of the first half [7] - Focus is recommended on large-cap companies and industry leaders, particularly in sectors like pharmaceuticals and robotics, which are expected to attract investor interest [7]

Group 1: IPO Market Overview - In 25H1, A-shares issued 48 new stocks, raising a total of 38 billion yuan, with a month-on-month decrease of 5 stocks but a year-on-year increase of 5 stocks[3] - The number of newly accepted IPO projects reached 150, with 123 accepted in June alone, indicating a recovery in the IPO market[3] - As of June 30, 2025, there are 298 IPO projects pending approval, with a total proposed fundraising of 281.4 billion yuan[3] Group 2: Market Performance and Trends - The average first-day increase for new stocks in 25H1 was 215.7%, although this represents a decrease of 143 percentage points from the previous period[3] - The average price-to-earnings (PE) ratio for new stocks in 25H1 was 20 times, with a discount of 41% compared to comparable companies, marking a historical high for the discount rate[3] - The proportion of new stocks that exceeded their fundraising targets increased, with over 40% of new stocks experiencing oversubscription in June[3] Group 3: Participation and Allocation - The number of participants in offline inquiries increased significantly, with the average number of participants in the main board, ChiNext, and Sci-Tech Innovation Board rising by 8%, 14%, and 11% respectively[3] - The allocation ratio for preferred participants decreased significantly, with main board, ChiNext, and Sci-Tech Innovation Board allocation ratios at 0.0133%, 0.0272%, and 0.0401% respectively, reflecting a month-on-month decline of 18%, 19%, and 17%[3] - The expected return for 2 billion yuan scale preferred/non-preferred participants in 25H2 is projected to be 2.77% and 2.03% respectively[3] Group 4: Risks and Future Outlook - Risks include potential changes in the IPO review pace, adjustments in issuance regulations, fluctuations in investor participation, and the quality/quantity of application projects[3] - The expectation for 25H2 is a stable increase in the volume of new stocks, with a projected first-day increase of 140%-180%, which is lower than the average level in the first half of the year[3]

上 半 年 ， A 股 IPO 募 集 总 额 达 373.55 亿 元 ， 同 比 增 长 14.96%； 港 股 IPO 融 资 规 模 达 974.25 亿 元 ， 同 比 激 增 688.56%。 作者： 牛钰 封图：图虫创意 从年初的"松动"信号到年中节点，IPO（首次公开发行）市场节奏和主线的变化一直牵动着资本市 场的神经。回头来看，在政策优化和市场复苏的双向加持下，2025年IPO市场的活跃度骤起，融资 项目与规模显著回暖。 Wind数据显示，截至6月30日，上半年A股共有51只新股上市，同比增加7家，IPO募集总额达 373.55亿元，同比增长14.96%。其中，9只新股募资金额超过10亿元，中策橡胶（603049.SH）首 发募资金额最高，达40.66亿元。 港股IPO市场更是火热"出圈"，上半年共有43家企业成功上市，IPO融资规模达1067.13亿港元（约 合人民币974.25亿元），同比激增688.56%。按交易所排名，港交所的IPO融资规模位居全球榜 首，居于其后的纳斯达克交易所在上半年有79宗IPO（剔除特殊目的收购公司），筹资约90.74亿 美元（约合人民币650.32亿元）。 ...

Group 1 - The National Index for New Energy Vehicle Batteries (980032) has seen a strong increase of 2.02%, with key stocks such as CATL (300750) rising by 4.79% and Keda Li (002850) by 4.47% [1] - The Battery ETF (159755) has recorded a trading volume turnover of 4.27% and a transaction value of 146 million yuan, ranking first among comparable funds [1] - The latest scale of the Battery ETF has reached 3.389 billion yuan, marking a three-month high and also ranking first among comparable funds [1] Group 2 - The top ten weighted stocks in the National Index for New Energy Vehicle Batteries account for 65.51% of the index, with major companies including CATL (300750) and BYD (002594) [2] - In the first half of 2025, six major car manufacturers reported a total sales volume of 8.7929 million units, with wholesale sales of new energy passenger vehicles reaching 6.47 million units, a year-on-year increase of 38% [2] Group 3 - Solid-state batteries are recognized for their high energy density and safety, with applications expected to expand in various fields, including automotive and robotics [3] - The Battery ETF closely tracks the National Index for New Energy Vehicle Batteries, reflecting the market performance of listed companies in the new energy vehicle battery industry [3]

浙江三花智能控制股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日 召开的第七届董事会第三十次临时会议，审议通过了《关于回购公司股份方案的 议案》。2025 年 1 月 8 日，公司披露了《回购股份报告书》（公告编号：2025- 002）。具体关于回购股份的信息详见在巨潮资讯网（http://www.cninfo.com.cn） 和《证券时报》《上海证券报》披露的相关公告。 证券代码：002050 证券简称：三花智控 公告编号：2025-056 浙江三花智能控制股份有限公司 关于回购公司股份的进展公告 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。 （2）中国证监会和深圳证券交易所规定的其他情形。 公司使用自有资金及股票回购专项贷款资金以集中竞价交易方式回购公司 股份，回购的价格不超过人民币 36.00 元/股（因实施 2024 年度权益分派，回购 价格上限相应调整，实际的回购价格上限将不超过 35.75 元/股），回购的资金总 额为不低于人民币 30,000 万元且不超过人民币 60,000 万元，具体回购股份的数 量及占总股本的比例以回购 ...

Group 1 - The Hong Kong stock market continued its strong performance in the first half of 2025, attracting mainland enterprises, particularly from Zhejiang, which saw 9 companies successfully listed [1][2] - A total of 42 new stocks were listed on the Hong Kong stock exchange in the first half of 2025, representing a 40% year-on-year increase, with total fundraising reaching a new high since 2021, surpassing 87.6 billion HKD for the entire year of 2024 [2][5] - Zhejiang enterprises accounted for the highest number of listings, with a total of 9 companies raising 14.4 billion HKD, a significant increase from just 1.016 billion HKD in the same period of 2024 [2][3] Group 2 - The listed Zhejiang companies span various sectors, including healthcare, consumer goods, and manufacturing, showcasing a diversified development trend [2][3] - Notable companies that went public include Sanhua Intelligent Control, which is a global leader in thermal management, and Cao Cao Travel, the largest ride-hailing platform in Hong Kong [2][4] - The trend of "A+H" dual platform listings is emerging, with leading A-share companies accelerating their listings in Hong Kong, exemplified by Sanhua Intelligent Control's recent IPO [3][4] Group 3 - The Hong Kong IPO market achieved the highest global fundraising amount in the first half of 2025, totaling 102.1 billion HKD, driven by international capital and supportive policies from both mainland and Hong Kong [5] - The market's internationalization provides direct support for enterprises, facilitating access to diverse overseas financing channels and enhancing global strategic layouts [5][6] - Expectations for the second half of 2025 indicate continued market heat, with projected fundraising of 200 billion HKD, primarily in technology, media, and consumer sectors [6]

【环球网财经综合报道】上半年正式收官，港股IPO市场热度持续攀升。数据显示，今年上半年港交所完成43宗IPO项目，同比增加13家，增幅 43.33%；募资总额达1067.13亿港元，较去年同期增长688.54%，超2024年全年募资额。 谈及港股IPO火热原因，高盛亚洲相关人士指出，中国经济刺激政策带动全球投资者关注中国资产，监管支持力度大，上市企业质量高。中信证 券研报预计，A股公司港股发行潮或在2025年下半年，多家A股上市公司将分拆子公司赴港上市。 展望下半年，德勤预计2025年全年香港新股市场80只新股融资2000亿港元，除25只"A+H"新股外，多数项目来自科技、传媒、电信及消费业。德 勤相关负责人表示，若无重大负面干扰，对香港2025年争取全球IPO市场领先地位持审慎乐观态度。（陈十一） 从单个项目募资规模看，募资超100亿港元的IPO项目有宁德时代、恒瑞医药、海天味业3家；募资20亿至100亿港元的有三花智控等5家。 港交所上市通道迎来申报热潮，截至6月30日，220家企业处于IPO排队状态，较2024年同期显著增长，仅6月27日就有16家内地企业递表申请主板 上市，其中科技行业占10家。 "A ...

Investment Rating - The automotive industry is rated as "Overweight" with expectations of outperforming the market in the next six months [52]. Core Views - The automotive sector saw a weekly increase of 2.88%, outperforming the CSI 300 index by 0.93 percentage points during the period from June 22 to June 27, 2025 [10][41]. - Retail sales of passenger vehicles in June increased by 24% year-on-year, with a total of 1,008.6 million units sold year-to-date, reflecting an 11% increase compared to the previous year [6][42]. - The new Xiaomi YU7 SUV model launched successfully, achieving over 240,000 pre-orders within 18 hours of its release [3][42]. Summary by Sections Market Review - The automotive sector's performance for the week (June 22-27, 2025) showed a 2.88% increase, with the passenger vehicle segment rising by 0.08% and commercial vehicles by 1.01% [10][41]. - The automotive parts sector increased by 4.62%, while the automotive services sector rose by 4.27%, both outperforming the CSI 300 index [10][41]. Valuation Levels - As of June 27, 2025, the automotive industry's PE-TTM was 25.9, up by 0.72 from the previous week. The valuations for passenger vehicles, commercial vehicles, and parts were 25.37, 35.87, and 24.46 respectively [11][41]. New Vehicle Launches - A total of 28 new models were launched during the week, including the Xiaomi YU7, which is priced between 25.35 and 32.99 million yuan [38][40]. Investment Recommendations - The report suggests that the automotive sector is expected to continue its upward trend, with specific focus on the performance of electric vehicles and related technologies [41].

Group 1 - The Hong Kong IPO market has shown significant growth in the first half of 2025, with 43 IPOs completed, a 43.33% increase from the same period last year, and total fundraising reaching HKD 1,067.13 billion, up 688.54% year-on-year [1][4] - Notable IPOs include CATL, Hengrui Medicine, and Haitian Flavoring, each raising over HKD 10 billion, while five other companies raised between HKD 2 billion and HKD 10 billion [1][4] - As of June 30, 2025, there are 220 companies in the IPO queue, indicating strong market vitality compared to only 80 applications reviewed in the previous year [1][3] Group 2 - The surge in IPOs is attributed to supportive regulatory policies, improved market liquidity, and the high quality of companies going public, with a notable increase in the success rate of IPO projects [8][9] - The "A+H" listing trend continues to rise, with several A-share companies successfully listing in Hong Kong, contributing significantly to the total fundraising amount [3][9] - Deloitte forecasts that the Hong Kong IPO market could raise HKD 200 billion through 80 new listings in 2025, with a focus on technology, media, telecommunications, and consumer sectors [9]