Core Viewpoint - Fund manager Wu Hao oversees two funds, with the best-performing fund being Huaxia High-end Manufacturing Mixed A (002345), which achieved a quarterly net value increase of 1.01% by the end of Q2 2025 [1]. Fund Performance Summary - Huaxia High-end Manufacturing Mixed A has a total scale of 9.11 billion, with an annualized return of 2.04% and a quarterly increase of 1.01%. The top holding is Guoguang Electric, accounting for 8.47% of the net value [2]. - Huaxia High-end Manufacturing Mixed C has a scale of 0.21 billion, with a negative annualized return of -9.01% and a quarterly increase of 0.86%, also holding Guoguang Electric at 8.47% [2]. - Wu Hao's management of Huaxia High-end Manufacturing Mixed A has yielded a cumulative return of 35.89% and an average annualized return of 6.19%. The fund has made 89 adjustments to its heavy holdings, with a success rate of 66.29% [2]. Stock Adjustment Cases - Notable stock adjustments include: - Trina Solar (天合光能) was bought in Q2 2021 and sold in Q3 2021, yielding an estimated return of 141.89% with a company revenue growth of 51.20% during the holding period [3][5]. - Tongwei Co., Ltd. (通威股份) was held from Q2 2020 to Q4 2020, achieving a return of 120.32% with a company performance increase of 36.95% [3]. - Tanfeng Communication (天孚通信) was held from Q2 2023 to Q2 2024, resulting in a return of 96.16% with a net profit growth of 84.07% [6]. Underperforming Stock Cases - Underperforming stocks include: - Green Harmony (绿的谐波) was held from Q4 2023 to Q3 2024, resulting in a return of -48.55% despite a revenue growth of 8.77% [4][6]. - Huayi Technology (华依科技) was held from Q4 2023 to Q2 2024, with a return of -44.46% and a performance increase of 20.36% [4].

Core Viewpoint - The inclusion of companies listed in both A-share and H-share markets (A+H companies) in the Hong Kong Stock Connect is increasing, reflecting a growing trend of A-share companies seeking to list in Hong Kong and the positive market response to these listings [1][11][12]. Group 1: Recent Developments - On July 21, the Shenzhen Stock Exchange announced the adjustment of the Hong Kong Stock Connect eligible securities list, adding Sanhua Intelligent Control, which has recently completed its listing on the Hong Kong Stock Exchange [1][4]. - This year, several A+H companies, including Chifeng Jilong Gold, Junda Co., Ningde Times, and others, have been added to the Hong Kong Stock Connect [2][7]. Group 2: Market Trends - As of July 18, 156 out of 160 A+H companies have been included in the Hong Kong Stock Connect, accounting for 28% of all eligible securities [8]. - The trend of A-share companies listing in Hong Kong has been on the rise, with 10 companies having completed listings in Hong Kong this year alone [12][14]. Group 3: Regulatory Environment - Regulatory improvements have been a significant driver for A-share companies to list in Hong Kong, including measures from the China Securities Regulatory Commission to expedite the approval process for companies seeking to list abroad [15]. - The Hong Kong Stock Exchange has also introduced measures to attract A-share companies, such as a fast-track review process for companies with a market capitalization exceeding HKD 10 billion [15]. Group 4: Market Dynamics - Unlike previous trends where H-share prices were lower than A-share prices, many A+H companies have seen their H-share prices exceed A-share prices this year, boosting confidence in A-share companies listing in Hong Kong [17]. - As of July 18, 155 A+H companies have a premium on their H-shares compared to A-shares, indicating a shift in market dynamics [18].

Group 1 - The core viewpoint of the news is that Yushu Robotics has initiated its listing guidance, leading to active performance in related concepts [1] - As of July 21, 2025, the CSI Automotive Parts Theme Index (931230) has risen by 1.23%, with constituent stocks such as Construction Industrial (002265) up by 9.99%, Shuanglin Co. (300100) up by 6.12%, and Best (300580) up by 4.44% [1] - The Automotive Parts ETF (159306) has increased by 1.14%, with the latest price reported at 1.16 yuan, and has seen a cumulative increase of 3.71% over the past week as of July 18, 2025 [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Automotive Parts Theme Index (931230) include Huichuan Technology (300124), Fuyao Glass (600660), and Sanhua Intelligent Control (002050), collectively accounting for 41.05% of the index [2] - The Automotive Parts ETF (159306) has several off-market connections, including Ping An CSI Automotive Parts Theme ETF Connect A (022731), C (022732), and E (024542) [2]

深交所公告，因港股三花智控（002050）在香港市场价格稳定期结束且相应A股上市满10个交易日，根 据《深圳证券交易所深港通业务实施办法》的有关规定，将其调入港股通并自2025年07月21日起生效。 ...

深交所：港股通标的证券名单调整，调入三花智控（02050.HK），7月21日起生效。 ...

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 ...