Market Overview - The general equipment sector experienced a decline of 0.43% on October 13, with Green Island Wind leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Top Gainers - Tonghui Electronics (920509) saw a closing price of 44.17, with a significant increase of 29.99% and a trading volume of 146,200 shares, amounting to a transaction value of 604 million [1] - Jiuling Technology (920505) closed at 70.16, up 26.64%, with a trading volume of 92,500 shares and a transaction value of 610 million [1] - New Lai Materials (300260) closed at 65.58, increasing by 20.00%, with a trading volume of 426,500 shares and a transaction value of 2.714 billion [1] Top Losers - Green Island Wind (301043) closed at 49.87, down 10.63%, with a trading volume of 47,600 shares [2] - Anpeilong (301413) closed at 155.10, decreasing by 6.66%, with a trading volume of 49,000 shares [2] - Hengerd (300946) closed at 55.33, down 5.74%, with a trading volume of 39,900 shares [2] Capital Flow - The general equipment sector saw a net outflow of 1.909 billion from institutional investors, while retail investors experienced a net inflow of 2.312 billion [2] - The table of capital flow indicates that Dongmu Co. (600114) had a net inflow of 97.7951 million from institutional investors, while it faced a net outflow of 57.0838 million from retail investors [3] - New Lai Materials (300260) had a net inflow of 42.5658 million from institutional investors, with a net outflow of 19.0466 million from retail investors [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]

证券代码：002444 证券简称：巨星科技 公告编号：2025-046 杭州巨星科技股份有限公司 2025 年第一次临时股东会决议公告 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。 特别提示： 1、本次股东会无增加、变更、否决议案的情况； 2、本次股东会未涉及变更前次股东会决议的情况。 一、会议召开和出席情况 1、召集人：公司董事会 2、主持人：董事长仇建平先生 3、表决方式：采取现场书面记名投票和网络投票相结合方式 4、会议召开时间： （1）现场会议召开时间：2025年10月9日（星期四）下午14：30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年10月9日 9:15—9:25，9:30—11:30，13:00—15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025年10月9日 9:15-15：00。 5、会议召开地点：浙江省杭州市上城区九环路35号公司八楼会议室 6、本次大会的召集、召开与表决程序符合《公司法》等法律法规及《公司 章程》的有关规定。 7、股东出席的总体情况： 通过现场和网络投票的股 ...

法律意见书 浙江京衡律师事务所 关于杭州巨星科技股份有限公司 2025 年第一次临时股东会的法律意见书 致：杭州巨星科技股份有限公司 浙江京衡律师事务所（下称"本所"）接受杭州巨星科技股份有限公司（下 称"公司"）的委托，指派翁佳琪、王逸新律师（下称"本所律师"）出席了公 司 2025 年第一次临时股东会（下称"本次临时股东会"），对本次临时股东会 进行见证并发表法律意见。 为出具本法律意见书，本所律师审查了公司本次临时股东会的有关文件和材 料。本所律师得到公司如下保证：公司向本所提供的用于出具本法律意见书所必 需的原始书面材料、副本材料、电子文档或口头陈述真实、完整、有效，不存在 虚假陈述、重大遗漏或隐瞒，所有副本材料与复印件均与原件一致。 本法律意见书仅供本次临时股东会之目的使用，未经本所书面同意，本法律 意见书不得用于其它任何目的。本所律师同意将本法律意见书作为本次临时股东 会所必备的法律文件进行公告，并愿意承担相应的法律责任。 本所律师依据《中华人民共和国公司法》（下称"《公司法》"）、《上市 公司股东会规则》等法律、法规、规范性文件及《公司章程》的有关规定，按照 律师行业公认的业务标准、道德规范及勤 ...

Core Viewpoint - On September 30, 2023, Juxing Technology experienced a decline of 1.54% in stock price with a trading volume of 482 million yuan, indicating a relatively low trading activity and investor interest [1] Financing Summary - On the same day, Juxing Technology had a financing buy-in amount of 64.66 million yuan and a financing repayment of 18.28 million yuan, resulting in a net financing buy-in of 46.38 million yuan [1] - As of September 30, the total financing and securities lending balance for Juxing Technology was 368 million yuan, with the current financing balance at 361 million yuan, representing 0.98% of the circulating market value, which is below the 50th percentile level over the past year [1] - In terms of securities lending, Juxing Technology repaid 9,100 shares and sold 9,000 shares on September 30, with a selling amount of 276,900 yuan, and the securities lending balance was 7.32 million yuan, also below the 30th percentile level over the past year [1] Business Performance - As of June 30, 2023, Juxing Technology reported a total of 48,600 shareholders, an increase of 10% from the previous period, while the average circulating shares per person decreased by 8.79% to 23,618 shares [2] - For the first half of 2025, Juxing Technology achieved an operating revenue of 7.03 billion yuan, reflecting a year-on-year growth of 4.87%, and a net profit attributable to shareholders of 1.27 billion yuan, which is a 6.63% increase compared to the previous year [2] Dividend and Shareholding Structure - Since its A-share listing, Juxing Technology has distributed a total of 2.23 billion yuan in dividends, with 1.12 billion yuan distributed over the last three years [3] - As of June 30, 2025, the second-largest circulating shareholder is Ruiyuan Growth Value Mixed A, holding 25.18 million shares, an increase of 2.12 million shares from the previous period, while Hong Kong Central Clearing Limited, the fourth-largest shareholder, reduced its holdings by 22.90 million shares [3]

证券日报网讯巨星科技（002444）9月25日在互动平台回答投资者提问时表示，储能产品系公司众多产 品中的一个系列，公司一直在积极拓展美国储能市场，也取得了一些成绩。 ...

Core Viewpoint - The company announced that its subsidiary in Vietnam is named GreatStar Industrial Vietnam Co., Ltd. in response to investor inquiries on September 25 [1]. Group 1 - The company is identified as 巨星科技 (GreatStar Technology) [1]. - The subsidiary's name is confirmed as GreatStar Industrial Vietnam Co., Ltd. [1].

Core Viewpoint - The company confirmed the English name of its subsidiary in Vietnam as GreatStar Industrial Vietnam Co., Ltd. during an interaction with investors on September 25 [2] Company Information - The subsidiary in question is located in Vietnam and is part of the larger GreatStar Technology [2]

Group 1: Industry Overview - The fluorochemical industry continues to experience high prosperity, with improved profitability for enterprises. In August 2025, prices for third-generation refrigerants R32, R125, and R134a increased by 9.09%, 0.00%, and 3.00% respectively compared to the end of July. R22 price rose by 1.43% month-on-month and 18.33% year-on-year [5][6][7] - Domestic air conditioning production is expected to decline year-on-year in October and November 2025, with production volumes of 10.75 million units, 10.88 million units, and 12.20 million units respectively, reflecting declines of -11.98%, -22.60%, and -19.70% [6][7] - The refrigerant industry is anticipated to maintain high prosperity, with major producers like Juhua Co., Sanmei Co., and Yonghe Co. reporting significant net profit growth of 145.84%, 159.22%, and 140.82% respectively in the first half of 2025 [7] Group 2: Company Analysis - Juxing Technology (002444) - Juxing Technology has established a global multi-tier sales channel, achieving a revenue of 7.027 billion yuan in the first half of 2025, a year-on-year increase of 4.87%, and a net profit of 1.273 billion yuan, up 6.63% year-on-year [8][9] - The company’s revenue distribution shows that 65.00% comes from the US and 25.66% from Europe. Juxing Technology is expanding its DTC business, with cross-border e-commerce revenue growing by over 30% [9][10] - The global tools market is projected to reach $67.3 billion by 2026, with a CAGR of approximately 4% from 2024 to 2026. The demand for tools is expected to remain stable due to active housing transactions and industrial production expansion [9][10] Group 3: Investment Recommendations - Despite a complex market environment, Juxing Technology is expected to achieve net profits of 2.622 billion yuan, 3.057 billion yuan, and 3.587 billion yuan from 2025 to 2027, with corresponding EPS of 2.20 yuan, 2.56 yuan, and 3.00 yuan, and PE ratios of 15X, 13X, and 11X respectively. The company is rated as a "buy" [10]

证券代码：002444 证券简称：巨星科技 公告编号：2025-045 杭州巨星科技股份有限公司 关于 2025 年第一次临时股东会增加临时提案 3、会议召开的合法、合规性：公司2025年第一次临时股东会会议的召集、 召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的有关规定。 暨股东会补充通知的公告 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。 杭州巨星科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日在《证 券时报》及巨潮资讯网披露了《杭州巨星科技股份有限公司关于召开公司 2025 年第一次临时股东会的通知公告》（公告编号：2025-041），公司原计划于 2025 年 9 月 30 日召开 2025 年第一次临时股东会。公司于 2025 年 9 月 24 日在《证券 时报》及巨潮资讯网披露了《关于延期召开 2025 年第一次临时股东会暨股东会 补充通知的公告》，因会议准备及统筹会议安排等相关工作需要，经慎重考虑， 决定将 2025 年第一次临时股东会延期至 2025 年 10 月 9 日召开。 2025 年 9 月 23 ...