Group 1 - The core viewpoint indicates that the domestic market for new energy vehicles (NEVs) is expected to maintain high growth rates due to the stimulus from trade-in policies and the reduction of purchase taxes, while the European market is anticipated to recover due to carbon policies and subsidies [2] - As of May 2025, the cumulative number of charging infrastructure in China has surpassed 14.4 million units, representing a year-on-year increase of 45.1%, with public charging stations increasing by 9.1 million units in May alone, a 33.9% year-on-year growth [1] - The top ten weighted stocks in the China Internet of Vehicles Theme Index account for 50.18% of the index, including major companies like BYD, Huichuan Technology, and CATL [2] Group 2 - The China Internet of Vehicles Theme Index (930725) experienced a slight decline of 0.08% as of June 17, 2025, with mixed performance among constituent stocks [1] - The Smart Connected Vehicle ETF (159872) has seen a 18.87% increase in net value over the past year, reflecting positive market sentiment [1] - The growth in charging infrastructure is significant, with a total of 1.583 million new charging facilities added in the first five months of 2025, marking a 19.2% year-on-year increase [1]

担保额度有效期为自公司 2024 年度股东大会审议通过之日起至下一年年度 股东大会召开之日止。在有效期内，上述担保额度可在各下属子公司之间进行调 剂，但在调剂发生时，对于资产负债率超过 70%的担保对象，仅能从资产负债率 超过 70%的担保对象处获得担保额度。上述事项已经公司 2024 年度股东大会审 议通过。具体内容详见公司刊登于《证券时报》和巨潮资讯网（www.cninfo.com.cn） 的《关于为子公司提供担保的公告》（公告编号：2025-019）。 二、担保进展情况 1、公司与招商银行股份有限公司杭州分行签订了《授信协议》（编号： 571XY250609T000067），并于近期出具了《授信额度使用方式申请书》（以下 简称"申请书"），约定在《授信协议》约定的授信期间内，同意为以下名单内 的子公司所签发或承兑的电子商业承兑汇票提供保证。具体如下： | 序号 | 子公司名称 | 额度（万元） | | --- | --- | --- | | 1 | 成都大华智安信息技术服务有限公司 | 10,000 | | 2 | 郑州大华智安信息技术有限公司 | 5,000 | 证券代码：002236 证券简称：大华 ...

Group 1 - The core index of the China Securities Information Security Theme Index (CSI Information Security) rose by 0.27% to 1597.63 points, with a trading volume of 35.617 billion yuan [1] - Over the past month, the CSI Information Security Index has decreased by 1.00%, and over the past three months, it has declined by 14.42%. Year-to-date, it has increased by 0.36% [1] - The index includes listed companies involved in information security technology, products, and services, reflecting the overall performance of securities in the information security sector [1] Group 2 - The top ten weighted companies in the CSI Information Security Index are: Inspur Information (5.7%), Unisplendour (5.16%), Unisoc (5.16%), Zhongke Shuguang (4.94%), Hikvision (4.79%), 360 Security Technology (4.19%), Dahua Technology (3.83%), China Great Wall (3.59%), Yonyou Network (3.49%), and China Software (3.35%) [1] - The market share of the CSI Information Security Index holdings is 70.13% from the Shenzhen Stock Exchange and 29.87% from the Shanghai Stock Exchange [1] Group 3 - In terms of industry composition, the CSI Information Security Index is comprised of 81.79% information technology, 15.51% communication services, 1.43% industrial, and 1.27% financial sectors [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The robotics industry is expected to experience an "intelligent explosion" similar to that in the ADAS/AD field between 2025 - 2026, and the current investment in robotics may have long - term returns through "technology spill - over" to the "low - altitude economy" [1][17] - The CSI Robotics Index is well - structured, with nearly 60% of its weight in the machinery and equipment industry. It has both offensive and defensive capabilities and strong growth potential, and its current valuation is relatively safe with high certainty of profit growth, so it will perform well in 2025 [1] - The Huaxia CSI Robotics ETF closely tracks the CSI Robotics Index, aiming to minimize tracking deviation and error, and it has a relatively large scale in the market [68] 3. Summary by Relevant Catalogs 3.1 Robot Engineering: Integrating Smart Cars and Paving the Way for Future Low - Altitude Economy - **Historical Reference: Potential "Intelligent Explosion" in the ADAS/AD Field of Smart Cars** - The development of robotics can draw lessons from the history of smart cars, with an estimated 2 - 3 - year difference in industrial maturity between the two. Around mid - 2024, there was an explosion in the intelligent level of ADAS/AD, and it is predicted that robotics will have a similar situation between 2025 - 2026 [4][11][17] - **"Technology Spill - Over": From Smart Cars to Robotics and Low - Altitude Economy** - The CAPEX quarterly trend may verify the "technology spill - over" from smart cars to robotics. The peak of smart car hardware investment may have shifted to robotics. Specific technologies such as chips, motors, control systems, and energy systems in AD/ADAS can be applied to robotics, and the combination of AD and robotics can also have a technology spill - over effect on the low - altitude economy [23][24][26] - **Severely Undervalued: Industrial and Consumer Robots** - Similar to the "climbing Mount Everest and laying eggs along the way" strategy in the AD/ADAS field and AGI - related computing power development, in the process of developing towards "humanoid robots", industrial and consumer robots are currently undervalued, and it is expected that they will show good development starting from 2025 [31][34][36] 3.2 CSI Robotics Index: Distinct Theme and Promising Growth - **Simple and Effective Index Compilation** - The CSI Robotics Index was officially released by CSI Index Co., Ltd. on February 10, 2015, with a base date of December 31, 2010. It selects sample stocks from relevant companies in the robotics industry to reflect the trend of robotics - related stocks. Compared with the Guozheng Robotics Industry Index, there are differences in sample selection and weighting [37] - **Nearly 60% Weight in the Machinery and Equipment Industry** - As of May 20, 2025, the index has 69 constituent stocks with an average total market value of 16.9 billion yuan. The industry distribution is relatively wide, with the top three industries in terms of weight being machinery and equipment (59.78%), computer (19.0%), and household appliances (6.75%). The top ten weighted stocks account for 50.38% of the total weight [40][44][48] - **Offensive and Defensive Capabilities Highlight Allocation Value** - Since 2015, the CSI Robotics Index has outperformed the SW Machinery and Equipment Index and the CSI 300 Index in terms of cumulative returns. Its annualized return is 3.91%, with an annualized volatility of 32% and a Sharpe ratio of 0.12, and its maximum drawdown is lower than that of the machinery and equipment index, showing good offensive and defensive capabilities [52][55][56] - **Strong Earnings Growth and Valuation Leading** - The index's operating income and net profit attributable to the parent are expected to grow in 2025 and 2026. The expected earnings per share in 2025 and 2026 are 0.56 yuan and 1.02 yuan respectively, with year - on - year increases of 51.4% and 82.1%. As of May 20, 2025, the index's PE and PB are slightly higher than the median, but the current valuation is safe and the profit growth is highly certain [59][61][62] 3.3 Huaxia CSI Robotics ETF - The Huaxia CSI Robotics ETF was established on December 17, 2021, with a fund manager named Mr. Hua Long. As of May 22, 2025, its circulation scale is 13.236 billion yuan. It closely tracks the CSI Robotics Index, aiming to minimize tracking deviation and error, and it has a relatively large scale among robotics - themed ETFs in the market [68][69] 3.4 Fund Manager Information - **Fund Manager Introduction** - Huaxia Fund relies on an asset - allocation - centered and full - category - covered research system, continuously upgrading and improving its public - offering product line. As of May 22, 2025, it has 104 ETFs under its management, with a total scale of 719.8 billion yuan [73] - **Fund Manager Profile** - Mr. Hua Long, a master's degree holder, joined Huaxia Fund Management Co., Ltd. in July 2016. He has served as a researcher and assistant fund manager in the quantitative investment department and is currently managing 18 funds with a total scale of 1.9556 billion yuan [78]

证券代码：002236 证券简称：大华股份 公告编号：2025-054 关于控股股东、实际控制人部分股份解除质押的公告 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。 浙江大华技术股份有限公司（以下简称"公司"）近日接到公司控股股东、实 际控制人傅利泉先生的通知，获悉傅利泉先生所持有本公司的部分股份质押情况 发生变更，具体事项如下： 一、股东部分股份解除质押的基本情况 浙江大华技术股份有限公司 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 股东 名称 持股数量 （股） 持股 比例 本次质押变 动前质押股 份数量（股） 本次质押变 动后质押股 份数量（股） 占其所 持股份 比例 占公 司总 股本 比例 已质押股份情况 未质押股份情况 已质押股份 限售和冻 结、标记数 量（股） 占已质 押股份 比例 未质押股份 限售和冻结 数量（股） 占未质 押股份 比例 傅利泉 1,023,868,980 31.02% 55,700,000 28,200,000 2.75% 0.85% 0 0.00% 767,901,735 77.12% 陈爱玲 71,262, ...

Core Insights - The 21st China International Cartoon & Animation Festival showcased the integration of technology and daily services in the animation industry, highlighting Hangzhou's innovative spirit and digital infrastructure [1][11] - Hangzhou High-Tech Zone (Binjiang) is recognized as Zhejiang's leading hub for animation and gaming, contributing significantly to the local digital economy and enhancing the quality of life for residents and businesses [2][8] Industry Highlights - Binjiang's digital economy has gained national and international recognition, with a focus on its thriving animation sector and scientific innovation [3][6] - The district's compact area of 72 square kilometers accounts for 13.2% of Hangzhou's GDP, despite only occupying 0.5% of the city's land area, showcasing its role as an economic engine [8][11] Technological Advancements - The gaming company NetEase demonstrated the use of advanced motion capture and map engine technologies in their open-world game, which reflects Chinese aesthetics and storytelling [6] - Leapmotor, a company based in Binjiang, has achieved significant success in the new energy vehicle market, emphasizing its competitive edge through a talent pool and self-developed manufacturing [9] Community and Lifestyle Integration - Binjiang is developing a "digitized safe school route" and a diversified service ecosystem that includes community canteens and health centers, enhancing urban governance and residents' quality of life [10][11] - Local enterprises are thriving globally while simultaneously enriching the lives of residents, creating a unique blend of innovation and community services [11]

Core Viewpoint - The education security market in China is experiencing significant growth, with the market size expected to exceed 25 billion yuan by 2024 and double to over 60 billion yuan by 2030, driven by government investment, parental concern, and technological advancements [1][13]. Industry Overview - Education security, also known as campus security, focuses on ensuring safety through various hardware and software solutions, including video surveillance systems, alarm systems, and access control systems [2]. - The market demand for education security can be segmented by educational stages, including higher education, primary and secondary schools, and kindergartens [2]. Policy Support - The government has introduced several policies to enhance campus safety, such as the revised "Safety Prevention Requirements for Primary and Secondary Schools and Kindergartens" in April 2022, which outlines safety measures and requirements [4][5]. - The "Guidelines for the Prevention and Handling of Student Bullying" released in March 2024 emphasizes the integration of campus surveillance systems with public security monitoring platforms [4][5]. Industry Chain - The education security industry consists of an upstream segment that includes components like chips and sensors, a midstream segment for security equipment and systems, and a downstream segment comprising schools and educational institutions as end-users [7]. Market Growth - The education security market is projected to grow at a compound annual growth rate (CAGR) of 14.8%, reaching a market size of 60 billion yuan by 2030 [1][13]. - The video surveillance equipment market within education security is expected to reach 139.62 billion yuan by 2024, with the education sector accounting for approximately 6.98 billion yuan [14]. Competitive Landscape - Major players in the education security market include Hikvision, Dahua Technology, and Hanbang High-Tech, which dominate the market due to their technological capabilities and product innovation [17][19]. - Companies like Hikvision and Dahua are focusing on integrating AI and big data into their security solutions to enhance campus safety [19][21]. Development Trends - Technological advancements in AI, big data, and IoT are driving the evolution of education security systems, leading to smarter and more efficient management [23]. - There is a growing emphasis on sustainable development in security equipment design, focusing on energy efficiency and environmental impact [24]. - The implementation of rural revitalization strategies is expected to accelerate the development of security infrastructure in rural schools, expanding the market further [26].

Core Insights - The smart connected vehicle ETF (159872.SZ) increased by 0.67%, with its associated index, CS Vehicle Networking (930725.CSI), rising by 0.52% [1] - Key component stocks such as BYD rose by 1.26%, Derun Electronics surged by 9.97%, Youfang Technology increased by 7.12%, OFILM gained 1.10%, and Siwei Tuxin rose by 1.19% [1] - Xpeng Motors and Huawei announced a strategic partnership on June 5, which is expected to catalyze the smart connected vehicle industry chain, leading to significant stock price increases for related companies like Derun Electronics and Youfang Technology [1] - Research from Kaiyuan Securities highlights the rise of limited scenario L4 autonomous driving, indicating a continued evolution of automotive intelligence and deeper penetration into the industry chain [1] - Guotai Junan Securities focuses on the commercialization capabilities of automotive supply chain manufacturers, suggesting a transition from technological explosion to commercial validation, with hardware OEM models bringing new momentum to the industry [1] Related Products and Stocks - Smart Connected Vehicle ETF (159872), linked funds (Class A 021080, Class C 021081, Class I 022885) [2] - Related stocks include BYD (002594), Huayu Automotive (600741), Inovance Technology (300124), Hongfa Technology (600885), CATL (300750), iFlytek (002230), Dahua Technology (002236), Desay SV (002920), OFILM (002456), and SAIC Motor (600104) [2]

Core Viewpoint - The intelligent license plate recognition system is becoming an essential part of modern traffic management, significantly improving efficiency and accuracy in various applications such as highway tolls, urban traffic management, and security monitoring [1][14]. Industry Overview - The license plate recognition system utilizes advanced technology to monitor and identify vehicle license information in real-time, playing a crucial role in modern intelligent traffic management [3]. - The market size of China's license plate recognition system industry reached 1.556 billion yuan in 2023, with an expected growth to 2.398 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 7.47% [1][14]. Industry Chain - The upstream of the license plate recognition system industry includes components such as chips, sensors, displays, power supplies, and enclosures, with chips being the core component for image processing [8]. - The downstream applications encompass traffic management, vehicle monitoring, and parking management, highlighting the system's versatility in various sectors [8]. Competitive Landscape - The license plate recognition system industry is characterized by low concentration, with numerous small-scale enterprises. Major players include Hikvision, Dahua Technology, and Jieshun Technology, each leveraging their strengths in video monitoring and parking management [16][17]. Development Trends - Multi-modal recognition is identified as a future trend, integrating various sensors and data sources for enhanced vehicle identification and monitoring [21]. - Product differentiation is crucial for competitive advantage, necessitating improvements in service quality, functionality, and customization to meet diverse customer needs [22]. - Increased emphasis on data security and privacy protection is anticipated, driven by regulations such as the Personal Information Protection Law in China, requiring companies to adopt advanced data management practices [24].

证券代码：002236 证券简称：大华股份 公告编号：2025-053 浙江大华技术股份有限公司 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"）于 2025 年 4 月 8 日、20 过了《关于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交 易的方式回购公司部分股份，用于依法注销减少注册资本，回购资金总额不低 于人民币 3 亿元（含）且不超过人民币 5 亿元（含），回购价格不超过人民币 日起 12 个月内。具体内容详见公司于 2025 年 4 月 9 日在巨潮资讯网（http://w ww.cninfo.com.cn）披露的《关于回购公司股份方案的公告》。 本次回购股份资金来源为公司自有资金，本次回购符合法律法规、规范性 文件的有关规定及公司股份回购方案的要求。 二、其他说明 公司回购股份的时间、回购股份价格及集中竞价交易的委托时段等符合公 司股份回购方案及相关规定，具体说明如下： （1）自可能对公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； （2）中国 ...