Core Viewpoint - The company, Dahua Technology (002236), is focusing on smart IoT as its main direction, emphasizing digital innovation and transformation for cities and enterprises [1] Group 1: Business Focus - The urban business has become a significant part of the company's operations, aiding in the transition from urban management improvement to efficient governance [1] - The company is enhancing public safety and upgrading safety systems as part of its urban initiatives [1] - Efforts are being made in ecological environment monitoring and collaborative governance [1] Group 2: Strategic Engagement - The company is closely monitoring relevant policies and action plans to actively participate in comprehensive digital transformation efforts [1]

Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]

Core Viewpoint - Dahua Technology plans to spin off its subsidiary Zhejiang Huari Technology Co., Ltd. for a listing on the Hong Kong Stock Exchange, maintaining its controlling shareholder status post-separation [2][3] Group 1: Company Overview - Dahua Technology is a global leader in video-centric smart IoT solutions and operational services, focusing on AIoT and IoT digital platforms [2] - Huari Technology specializes in digitalization and intelligence solutions in the industrial interconnection sector, primarily engaged in the R&D, production, and sales of machine vision and AMR mobile robot components [2] Group 2: Strategic Significance of the Spin-off - The spin-off will enhance Huari Technology's capital strength, broaden financing channels, and improve its overall competitiveness and profitability [3] - For Dahua Technology, the separation allows the company to concentrate on its core business and improve operational efficiency while reflecting Huari Technology's achievements in consolidated financial statements [3] - The spin-off is expected to optimize Huari Technology's corporate governance structure, increase operational transparency, and strengthen its market influence in sectors like new energy, electronics manufacturing, automotive manufacturing, and semiconductors [3]

Core Viewpoint - The company plans to spin off its subsidiary, Huari Technology, for an independent listing on the Hong Kong Stock Exchange, aiming to enhance its capital strength and competitive edge in the industrial internet sector [1] Group 1 - The spin-off will not change the company's shareholding structure, and necessary measures will be taken to maintain its status as the controlling shareholder of Huari Technology [1] - Huari Technology specializes in the research, production, and sales of core components, complete machines, and solutions for machine vision and AMR mobile robots in the industrial internet field [1] - The independent listing is expected to help Huari Technology strengthen its capital base, broaden financing channels, and improve overall competitiveness and profitability [1] Group 2 - The move aims to accelerate Huari Technology's development and seize opportunities in the rising industry [1] - Establishing an independent capital market platform and market-oriented incentive mechanisms is intended to invigorate Huari Technology and support its growth [1]

Core Viewpoint - The company plans to spin off its subsidiary, Huairui Technology, for an independent listing on the Hong Kong Stock Exchange, which will not alter the company's shareholding structure [1] Group 1: Spin-off Details - The spin-off will allow Huairui Technology, which specializes in machine vision and AMR mobile robot components and solutions for the industrial internet sector, to achieve independent listing [1] - The company will take necessary measures to ensure it remains the controlling shareholder of Huairui Technology post-spin-off [1] Group 2: Strategic Benefits - The listing on the Hong Kong Stock Exchange is expected to enhance Huairui Technology's capital strength and broaden its financing channels [1] - This move aims to improve Huairui Technology's overall competitiveness and profitability, accelerating its growth and enabling it to seize opportunities in the rising industry [1] - Establishing an independent capital market platform and market-oriented incentive mechanisms is anticipated to invigorate Huairui Technology and support its business expansion [1]

Group 1 - Dahua Technology (002236.SZ) announced plans to spin off its subsidiary, Huarui Technology, for a listing on the Hong Kong Stock Exchange main board. After the spin-off, Dahua will maintain control over Huarui Technology [1] - Huarui Technology is engaged in the research, production, and sales of core components and complete machine products for machine vision and AMR mobile robots in the industrial internet sector, providing customized industry solutions to downstream clients [1]

证券代码：002236 证券简称：大华股份 公告编号：2025-100 浙江大华技术股份有限公司 关于分拆子公司上市的一般风险提示性公告 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。 浙江大华技术股份有限公司（以下简称"公司"或"大华股份"）拟分拆所 属子公司浙江华睿科技股份有限公司（以下简称"华睿科技"）至香港联合交易 所有限公司（以下简称"香港联交所"）主板上市（以下简称"本次分拆"）。本 次分拆完成后，公司股权结构不会发生变化，且结合相关规则要求及公司实际 情况，公司将采取必要措施保证其作为华睿科技控股股东的地位不发生变化。 本次分拆上市的相关风险提示如下： 1、如公司本次分拆事项首次公告前公司股票交易存在明显异常，可能存在 因涉嫌内幕交易被立案调查，导致本次分拆被暂停、被终止的风险。 2、本次分拆上市尚需满足多项条件方可实施，包括但不限于取得公司股东 大会对本次分拆上市方案的正式批准、华睿科技履行内部决策程序、履行中国 证券监督管理委员会备案程序、履行香港联交所及相关部门的审核程序等。本 次分拆上市能否获得上述批准或核准/注册以及最终获得相关批准或核 ...

国信证券股份有限公司 关于浙江大华技术股份有限公司 募投项目结项并将节余募集资金 永久补充流动资金的核查意见 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为浙江 大华技术股份有限公司（以下简称"大华股份"或"公司"）向特定对象发行股 票并上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易 所股票上市规则》《上市公司募集资金监管规则》《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》等有关法规和规范性文件的要 求，对公司募投项目结项并将节余募集资金永久补充流动资金事项进行了审慎核 查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2022]853 号《关于核准浙江大华技术 股份有限公司非公开发行股票的批复》核准，本公司向特定对象发行人民币普通 股（A 股）293,103,400 股，发行价格 17.40 元/股，募集资金总额为 5,099,999,160.00 元，扣除保荐及承销费用人民币（不含增值税）4,000,000.00 元，减除其他与发 行权益性证券直接相关的发行费用人民币（不含增值税）6,166,575.28 元，实际 ...

北京国枫律师事务所 关于浙江大华技术股份有限公司 分拆所属子公司浙江华睿科技股份有限公司 至香港联合交易所有限公司主板上市的 法律意见书 国枫律证字[2025] AN198-1号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真〈Fax): 010-66090016 释 义 注:本法律意见书中若存在总数合计与各分项数值之和尾数不符的,系由四舍五入所致。 本法律意见书中,除非文义另有所指,下列词语或简称具有如下含义: 浙江大华技术股份有限公司,深圳证券交易所主板上 大华股份、上市 指 公司、公司 市公司,证券代码:002236 提 浙江华睿科技股份有限公司 华睿科技 中金证券、独立 指 中国国际金融股份有限公司 财务顾问 浙江大华技术股份有限公司关于分拆所属子公司浙江 本次分拆、本次 指 华睿科技股份有限公司至香港联合交易所有限公司主 分拆上市 板上市 《浙江大华技术股份有限公司关于分拆所属子公司浙 指 《分拆预案》 江华睿科技股份有 ...

浙江大华技术股份有限公司 关于分拆所属子公司浙江华睿科技股份有限公司 至香港联交所主板上市的预案 独立财务顾问 2025年11月 | | | 4 | | | 释义 3 在本预案中，除非上下文另有所指，下列简称具有如下含义： 本预案 指 《浙江大华技术股份有限公司关于分拆所属子公司浙 江华睿科技股份有限公司至香港联交所主板上市的预 案》 公司、本公司、上市公司、 大华股份 指 浙江大华技术股份有限公司 拟分拆主体、华睿科技、发 行人 指 浙江华睿科技股份有限公司 本次分拆上市、本次分拆 指 浙江大华技术股份有限公司分拆所属子公司浙江华睿 科技股份有限公司至香港联交所主板上市 本次发行上市、本次发行 指 浙江华睿科技股份有限公司首次公开发行股票并在香 港联交所主板上市 中国证监会 指 中国证券监督管理委员会 深交所 指 深圳证券交易所 香港联交所、 联交所 指 香港联合交易所有限公司 独立财务顾问 指 中国国际金融股份有限公司 法律顾问 指 北京国枫律师事务所 审计机构 指 立信会计师事务所（特殊普通合伙） 《公司法》 指 《中华人民共和国公司法》 《证券法》 指 《中华人民共和国证券法》 《分拆规则》 指 《上 ...