证券代码：002236 证券简称：大华股份 公告编号：2025-103 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 浙江大华技术股份有限公司（以下简称"公司"或"大华股份"或"上市公 司"）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"）。2021 年 9 月 28 日，公司召开第七届董事会第二十一次会议审议通过 了《关于筹划控股子公司分拆上市的议案》，并于 2021 年 9 月 29 日公告了《关 于筹划控股子公司分拆上市的提示性公告》。2025 年 11 月 17 日，公司召开第八 届董事会第十八次会议，审议通过了《关于〈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〉的议案》 等与本次分拆相关的议案，并于 2025 年 11 月 18 日公告了《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》（以下简称"《分拆 预案》"）。 根据《上市公司分拆规则（试行）》《上市公司重大资产重组管理办法》《 ...

北京国枫律师事务所 关于浙江大华技术股份有限公司 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真〈Fax): 010-66090016 北京国枫律师事务所 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 内幕信息知情人买卖股票情况的 专项核查意见 国枫律证字[2025] AN198-2 号 GRANDWAY 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 内幕信息知情人买卖股票情况的 专项核查意见 国枫律证字[2025]AN198-2号 致: 浙江大华技术股份有限公司 本所接受大华股份的委托,担任大华股份本次分拆上市的专项法律顾问,并 据此出具本法律意见书。 2021 年 9 月 28 日,大华股份召开第七届董事会第二十一次会议审议通过了 《关于筹划控股子公司分拆上市的议案》,并于 2021 年 9 月 29 日公告了《关于 筹划控股子公司分拆上市的提示性公告》。根据《上 ...

根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司分拆规 则（试行）》（以下简称"《分拆规则》"）《上市公司重大资产重组管理办法》《公开 发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》 《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》等法律、 法规的规定，中国国际金融股份有限公司（以下简称"中金公司"、"独立财务顾 问"）作为浙江大华技术股份有限公司（以下简称"大华股份"、"上市公司"）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"、"拟分拆主体" 或"所属子公司"）至香港联交所主板上市项目（以下简称"本次分拆"）的独立 财务顾问，对大华股份就本次分拆首次作出决议前六个月至《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》（以下简称"《分拆预案》"）披露前一日的大华股份内幕信息知情人股票 交易情况进行了核查，具体情况如下： 中国国际金融股份有限公司 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交所主板上市 相关内幕信息知情人买卖股票情况之专项核查意见 一 ...

Core Viewpoint - Dahua Technology (002236.SZ) has successfully transformed AI technology into industrial productivity through its self-developed Xinghan Model 2.0, establishing itself as an industry benchmark in the wave of AI large models in 2025 [1] Financial Performance - In Q3 2025, Dahua reported a revenue of 7.731 billion yuan, a year-on-year increase of 1.95%, and a net profit of 1.06 billion yuan, which surged by 44.12% compared to the same period in 2024 [1] AI Model Development - Dahua has made significant advancements in AI, particularly with the Xinghan Model, which integrates multi-modal capabilities and has evolved through the introduction of the "Transformer" technology since 2019 [2][4] - The Xinghan Model 2.0 features five key advantages, including enhanced accuracy, new functionalities for image and text prompts, and the ability to autonomously parse various scenarios [2][4] Industry Applications - Dahua's AI solutions have been successfully implemented across various sectors, including smart tourism, urban governance, transportation, and energy, demonstrating significant efficiency and safety improvements [5][8] - The collaboration with the Wanfenglin Scenic Area exemplifies the application of smart IoT technology, resulting in an 18% reduction in annual operational costs and a 40% increase in vehicle turnover rates during peak seasons [7] Global Expansion - Dahua has expanded its reach to 180 countries and regions, with overseas business contributing over 50% to its profits, highlighting its strategic focus on international markets [10][13] - The company is leveraging domestic solutions in smart cities and transportation to replicate success in overseas markets, indicating a broad market potential [13] Future Growth Strategy - The integration of AI large model capabilities into hardware terminals has created a unified intelligent collaboration system, enhancing real-time analysis and decision-making [9] - Dahua aims to continue its growth by focusing on the iterative development of AI large models and expanding into more segmented industry applications, such as healthcare and education [14]

Group 1: Market Performance - The market has shown volatility and a downward trend, with the CSI Robotics Index falling by 3.43% as of November 21, while the Shanghai Composite Index and the ChiNext Index dropped by 3.9% and 6.15% respectively [1] - Despite the overall market decline, the Robotics Index ETF (560770) has seen a continuous net inflow of funds for 23 days, totaling 813 million yuan, with its latest scale surpassing 2.55 billion yuan and a year-to-date share increase of 182.62% [1] Group 2: ETF and Index Composition - The Robotics Index ETF (560770) tracks the CSI Robotics Index, which includes sample stocks from system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and other robotics-related listed companies [1] - The top ten constituent stocks of the index include companies such as Huichuan Technology, iFlytek, Dahua Technology, and others, covering the entire robotics industry chain from upstream components to midstream manufacturing and downstream system integration [1] Group 3: Industrial Robot Market Growth - The industrial robot market in China has been thriving, with production reaching 602,700 units from January to October this year, marking a year-on-year growth of 28.8%, surpassing the total expected production for 2024 [2] - China's industrial robot exports are projected to grow by 43.22% in 2024, reaching 1.13 billion USD, with a significant increase of 54.9% in exports during the first three quarters of this year compared to the overall foreign trade growth [2] Group 4: Future Prospects for Humanoid Robots - The humanoid robot sector in China is expected to enter a phase of large-scale development by 2025, with Beijing accelerating the commercialization and application of humanoid robots as a key driver of new productive forces [2] - With the rapid layout of domestic and foreign enterprises and breakthroughs in AI technology, humanoid robots are anticipated to reach mass production, creating a strong demand for independent innovation in core components [2]

Investment Rating - The report recommends a positive investment outlook on the AI-enabled manufacturing sector, particularly focusing on industrial software and automation companies that facilitate the digital transformation of lighthouse factories [3]. Core Insights - The report emphasizes that lighthouse factories are evolving into key carriers of new productivity and industrialization, driven by AI and the "14th Five-Year Plan" [1]. - It highlights the significant role of domestic industrial software and automation vendors in this ecosystem, which are becoming the core driving force behind the development of lighthouse factories [1]. Summary by Sections 1. From Technical Benchmark to Ecological Leadership - Lighthouse factories are recognized as the most advanced factories globally, representing the highest level of smart manufacturing [7]. - The focus of lighthouse factories has shifted from single-point applications of Industry 4.0 to comprehensive operational upgrades, emphasizing customer-centricity, production efficiency, supply chain resilience, sustainability, and talent development [10][12]. - The application of AI technologies is increasingly significant, with generative AI and predictive maintenance technologies notably reducing defect rates, energy consumption, and production cycles [16]. 2. Policy and AI Dual Empowerment - National policies are driving the rapid development of lighthouse factories, with a focus on digitalization, networking, intelligence, and green development [35]. - As of September 2025, China has 85 lighthouse factories, accounting for 42.29% of the global total, showcasing its leadership in this sector [20][22]. - The distribution of lighthouse factories in China shows a trend of coastal concentration with inland regions catching up, supported by local government initiatives [39][42]. 3. Domestic Industrial Software and Automation Vendors as Key Drivers - Hikvision is highlighted for its "Hikvision Guanlan" model, which empowers smart IoT scenarios and supports the transformation of leading factories into lighthouse factories [54]. - The report discusses the significant advancements made by various companies, including Dahua Technology, Zhongkong Technology, and others, in enhancing supply chain collaboration and digital transformation [54][56].

Group 1 - Dahua Technology conducted a block trade on November 24, with a transaction volume of 266,000 shares and a transaction amount of 4.405 million yuan, at a price of 16.56 yuan, which represents an 11.63% discount to the closing price of the day [2][3] - The closing price of Dahua Technology on the same day was 18.74 yuan, reflecting an increase of 1.85%, with a turnover rate of 1.53% and a total transaction amount of 600 million yuan, indicating a net inflow of main funds amounting to 37.5023 million yuan [2][3] - Over the past five days, Dahua Technology's stock has decreased by 2.50%, with a total net outflow of funds amounting to 197 million yuan [2][3] Group 2 - The latest margin financing balance for Dahua Technology is 1.764 billion yuan, which has decreased by 122 million yuan over the past five days, representing a decline of 6.48% [3]

Core Viewpoint - Dahua Technology Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in net profit but a slight decline in stock price over recent trading days [1][2]. Financial Performance - For the period from January to September 2025, Dahua achieved a revenue of 22.913 billion yuan, representing a year-on-year growth of 2.06% [2]. - The net profit attributable to shareholders reached 3.535 billion yuan, marking a significant year-on-year increase of 38.92% [2]. - Cumulatively, Dahua has distributed 9.098 billion yuan in dividends since its A-share listing, with 5.172 billion yuan distributed over the past three years [2]. Stock Market Activity - As of November 24, Dahua's stock price increased by 2.01%, reaching 18.77 yuan per share, with a trading volume of 422 million yuan and a turnover rate of 1.08% [1]. - The stock has experienced a year-to-date increase of 20.75%, but has seen a decline of 2.34% over the last five trading days and 12.70% over the last 20 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Dahua was 186,700, a decrease of 0.48% from the previous period [2]. - The average number of circulating shares per shareholder increased by 0.67% to 11,335 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 95.2731 million shares, an increase of 28.2665 million shares from the previous period [3].

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]