Investment Rating - The report indicates a cautious investment rating for major broad-based indices as of May 23, 2025, with the ChiNext Index classified as "safe" and other indices categorized as "moderate" [19][22]. Core Insights - The market experienced a contraction with major indices declining during the week of May 19-23, 2025. The report highlights a rapid rotation in themes, with precious metals and automotive sectors performing well. However, the "dividend + micro-cap" strategy showed signs of short-term adjustment after reaching a yearly high, suggesting a potential decline in trading preferences [12][13]. - The report emphasizes that liquidity easing and rising risk appetite are expected to drive a rebound in A-shares in the medium to long term, with "dividend + small-cap" combinations being the preferred allocation strategy post-adjustment [12]. Summary by Sections Market Review - Major indices saw declines: Shanghai Composite Index down 0.57%, SSE 50 down 0.18%, CSI 300 down 0.18%, CSI 500 down 1.10%, CSI 1000 down 1.29%, ChiNext Index down 0.88%, and North Star 50 down 3.68% [13][14]. Valuation Analysis - As of May 23, 2025, the ChiNext Index is in the "safe" valuation percentile, while other major indices are in the "moderate" range. In terms of sector valuation, industries such as construction materials, light industry manufacturing, power equipment and new energy, defense and military, computer, and comprehensive finance are classified as "dangerous," while non-ferrous metals, utilities, home appliances, food and beverage, agriculture, non-bank financials, and transportation are deemed "safe" [19][20]. Fund Flow Tracking - The report notes that institutional interest was highest for stocks like Huichuan Technology (352 institutions), Fuchuang Precision (109), Bozhong Precision (106), Boshi Software (102), and Shengmei Shanghai (101) during the week [51]. - Southbound capital saw a net inflow of 18.96 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 19.05 billion HKD and the Shenzhen-Hong Kong Stock Connect experiencing a net outflow of 0.97 billion HKD [3]. Sector Performance - The top five performing sectors this week were comprehensive, pharmaceuticals, automotive, non-ferrous metals, and home appliances, while the worst performers included comprehensive finance, computers, electronics, machinery, and communications [15]. Institutional Research - A total of 379 institutional research activities were recorded, with the majority focused on companies listed in Shenzhen and Shanghai. The report highlights that specific object research and other types accounted for 78.36% and 8.71% of the total, respectively [42][46].

- Model Name: Volume Timing Model; Model Construction Idea: The model uses volume indicators to maintain a cautious view under the background of shrinking volume; Model Construction Process: The volume timing signal for major broad-based indices is calculated and maintained a cautious view as of May 23, 2025[1][2][22]; Model Evaluation: The model is effective in maintaining a cautious stance during periods of shrinking volume[22] - Factor Name: Upward Number Ratio of CSI 300; Factor Construction Idea: The factor calculates the proportion of stocks with positive returns in the CSI 300 index to judge market sentiment; Factor Construction Process: - CSI 300 Index N-day Upward Number Ratio = Number of CSI 300 Index constituent stocks with positive returns in the past N days / Total number of CSI 300 Index constituent stocks - The factor captures upward opportunities quickly and exits early during overheated market phases, but has limitations in avoiding downward risks[23][24][25]; Factor Evaluation: The factor is effective in capturing upward opportunities but has limitations in avoiding downward risks[24] - Factor Name: Moving Average Sentiment Indicator; Factor Construction Idea: The factor uses the eight moving average system to judge the trend state of the target index; Factor Construction Process: - Calculate the eight moving average values of the CSI 300 closing price with parameters 8, 13, 21, 34, 55, 89, 144, 233 - Assign values to the eight moving average indicator based on the interval value: -1 for intervals 1/2/3, 0 for intervals 4/5/6, and 1 for intervals 7/8/9 - When the current price exceeds the eight moving average indicator value in more than 5 cases, it indicates a bullish view on the CSI 300 index[27][31][32]; Factor Evaluation: The factor is effective in indicating the trend state of the CSI 300 index[34] - Factor Name: Cross-sectional Volatility; Factor Construction Idea: The factor measures the cross-sectional volatility of index constituent stocks to evaluate the Alpha environment; Factor Construction Process: - Calculate the cross-sectional volatility of CSI 300, CSI 500, and CSI 1000 index constituent stocks - Recent cross-sectional volatility of CSI 300 and CSI 500 index constituent stocks has decreased, indicating a worse short-term Alpha environment; CSI 1000 index constituent stocks' cross-sectional volatility has increased, indicating a better short-term Alpha environment[35][36][38]; Factor Evaluation: The factor is effective in evaluating the Alpha environment based on cross-sectional volatility[38] - Factor Name: Time Series Volatility; Factor Construction Idea: The factor measures the time series volatility of index constituent stocks to evaluate the Alpha environment; Factor Construction Process: - Calculate the time series volatility of CSI 300, CSI 500, and CSI 1000 index constituent stocks - Recent time series volatility of CSI 300, CSI 500, and CSI 1000 index constituent stocks has decreased, indicating a worse short-term Alpha environment[39][41]; Factor Evaluation: The factor is effective in evaluating the Alpha environment based on time series volatility[41] Model Backtest Results - Volume Timing Model, cautious view for all major broad-based indices as of May 23, 2025[23] Factor Backtest Results - Upward Number Ratio of CSI 300, recent ratio around 56%[24] - Moving Average Sentiment Indicator, short-term bullish view on CSI 300 index[34] - Cross-sectional Volatility, recent values for CSI 300: 1.75%, CSI 500: 2.04%, CSI 1000: 2.41%[38] - Time Series Volatility, recent values for CSI 300: 0.56%, CSI 500: 0.44%, CSI 1000: 0.27%[41]

Group 1: Company Research - Huichuan Technology attracted 321 institutions for research, including 68 fund companies and 30 securities firms, focusing on its automation business and market share in servo systems, inverters, and small PLC products in China [1] - The company is actively developing components for humanoid robots and providing scenario-based products and solutions for manufacturing and factory operations [1] - Huichuan Technology's M&A strategy focuses on automation, precision machinery, industrial software, new energy, and upstream and downstream industry chains to build and enhance its industrial ecosystem [1] Group 2: Other Companies - Fuchuang Precision is addressing performance pressure by increasing domestic and international production capacity, high-end talent acquisition, strategic material procurement, and R&D investment, expecting improved profitability as capacity is released [2] - Bozhong Precision has shifted focus from consumer electronics to the new energy vehicle sector and high-end semiconductor equipment, aiming for diversified development in multiple sectors [2] - Xiamen Tungsten sees a positive long-term market outlook for tungsten due to limited new supply, while molybdenum prices have slightly decreased due to mining companies prioritizing high-grade copper production [2] Group 3: ST Stocks - 25 ST stocks were actively researched, with significant price increases, including *ST Jieneng and *ST Hengjiu, which saw gains exceeding 10% [3] - The surge in ST stocks is attributed to recent restructuring regulations, with expectations for continued small-cap market activity and enhanced market vitality through mergers and acquisitions [3] - *ST Hengjiu plans to focus on its main business and seek strategic transformation through mergers and acquisitions to enhance its capital structure and company quality [3] Group 4: Major Asset Restructuring - *ST Nanzhi is in the planning stage for a major asset restructuring, involving the transfer of real estate development assets and liabilities to its controlling shareholder [4] - *ST Haiyuan's controlling shareholder plans to transfer shares, which would change the actual controller of the company [4]

Group 1 - The core point of the article highlights that 汇川技术 (Inovance Technology) has become the most researched stock by institutions in the past week, with 321 institutions participating in the research, including 68 fund companies and 30 securities firms [1] - The company reported strong market shares in its automation business, particularly in servo systems, variable frequency drives, and small PLC products in the Chinese market [1] - 汇川技术 is actively developing components related to humanoid robots, including motors, drives, and actuator modules, while providing scenario-based products and solutions based on actual customer needs in manufacturing and factory operations [1] Group 2 - In terms of mergers and acquisitions, the company focuses on investments that are highly synergistic with its main business in automation, precision machinery, industrial software, and new energy, aiming to build and enhance its industrial ecosystem [1] - The company plans to expand its capital expenditure around three main businesses, with a stable dividend policy over the past decade, proposing a cash dividend of 4.2 yuan per 10 shares for 2024, totaling 667 million yuan, which accounts for 38.59% of the projected net profit [3] - Future mergers and acquisitions will focus on strengthening, supplementing, and extending the industrial chain, particularly in the tungsten and rare earth sectors over the next 1 to 3 years [3] Group 3 - The article also mentions that the ST (Special Treatment) stocks have gained significant attention, with 25 ST stocks being researched in the past week, and some stocks experiencing price increases of over 10% [5] - The recent restructuring regulations have positively impacted small and medium-sized companies, particularly those focused on new productive forces, enhancing their performance elasticity and valuation [5] - Specific ST stocks, such as *ST 恒久 and *ST 亚太, have indicated plans to focus on their main businesses and seek strategic breakthroughs through mergers and acquisitions [5][6]

Group 1: Company Overview - Huichuan Technology is a leading enterprise in the domestic industrial control sector, actively expanding into the humanoid robotics field and incubating several "seed" businesses to enhance domestic process industry levels [1] - The company has established a humanoid robotics business team and developed high-performance joint component prototypes, with product launches expected this year [2][3] Group 2: Humanoid Robotics Opportunities - The chairman of Huichuan Technology, Zhu Xingming, highlighted two key factors for the company's optimistic shift towards humanoid robotics: the open-sourcing of large models and increased customer recognition [2] - The company anticipates that 2025 will be an appropriate entry point into the humanoid robotics market, with significant results expected by 2030 [2] Group 3: Industrial Automation and Process Improvement - Huichuan Technology's general automation business achieved revenue of 15.2 billion yuan in 2024, with 4.1 billion yuan in the first quarter of this year [4] - The company is focusing on enhancing process software to bridge the gap in domestic process industries, which lag behind international standards by at least 10 years [4] Group 4: New Energy Vehicle and Storage Solutions - The revenue from Huichuan Technology's new energy vehicle business grew nearly 70% year-on-year, benefiting from rapid growth in electric control, motors, and assemblies [5] - The company has re-entered the energy storage market, with a focus on the transition from fossil fuels to multi-energy supply structures, and has seen significant growth in its PCS storage inverter shipments, exceeding 7 GW [5] Group 5: International Expansion Strategy - Huichuan Technology's overseas business revenue reached 2.039 billion yuan last year, marking a 17.22% increase, contributing approximately 5.51% to total revenue [6] - The company is committed to a long-term strategy for international expansion, focusing on acquiring quality overseas assets and enhancing its global presence [6]

Core Viewpoint - Demais' controlling shareholder has changed from He Jianping to Pan Yi through a share transfer agreement with Suzhou Huixin Chuangzhi Investment Co., Ltd for a transaction price of 669 million yuan, raising market speculation about connections to Huichuan Technology [2][3] Group 1: Shareholder Changes - The share transfer involves all shareholders of Dalian Demais Investment Co., which will transfer 100% of its equity to Huixin Chuangzhi, making it the indirect controlling shareholder of Demais [3] - After the transaction, Demais Investment will still hold 16.73% of Demais' shares [3] Group 2: Background of Pan Yi - Pan Yi, the new controlling shareholder, has a deep connection with Huichuan Technology, having been a co-founder and former deputy general manager [5] - Although Pan Yi is not among the top ten shareholders of Huichuan Technology, he remains a shareholder of its largest shareholder, Shenzhen Huichuan Investment Co., Ltd, holding 2.5438% [5] - His investment firm, Waniu Capital, is closely related to Huichuan Technology's founder, Zhu Xingming, and focuses on value investment in the intelligent manufacturing sector [5] Group 3: Company Performance and Market Position - Demais is a leading company in the precision shaft and precision cutting parts market, primarily serving the automotive sector, and went public in 2021 [8] - The company's gross margin has declined to 20.77% in 2024, the lowest in nearly a decade, and further dropped to 19.52% in Q1 of this year [8] - Despite achieving a historical revenue high of 690 million yuan, the net profit attributable to shareholders only grew by 1.18% to 53.98 million yuan [8] - Demais has been attempting to diversify into the new energy vehicle parts market but has yet to identify a second growth curve [8] Group 4: Strategic Initiatives - In response to industry trends, Demais announced its entry into the humanoid robot parts business as a potential second growth curve [9]

深圳市汇川技术股份有限公司 股东会议事规则 深圳市汇川技术股份有限公司 股东会议事规则 （经2024年年度股东会审议通过） 第一章 总 则 第一条 为规范深圳市汇川技术股份有限公司（以下简称"公司"）的行为， 促进公司规范运作，保证股东会程序及决议内容的合法有效性，根据《中华人民 共和国公司法》（以下简称《公司法》）、《上市公司股东会规则》《公司章程》等 有关规定，结合公司实际情况，制订本规则。 （一）会议的召集、召开程序是否符合法律、行政法规、《公司章程》和 本规则的规定； 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关 规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和《公司章程》规定的范围内行使职 权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公 司法》规定的应当召开临时股东会的情形时， ...

深圳市汇川技术股份有限公司 累积投票制实施细则 深圳市汇川技术股份有限公司 累积投票制实施细则 （经 2024 年年度股东会审议通过） 第四条 股东会选举产生的董事人数及结构应符合《公司章程》的规定。 第五条 公司通过累积投票制选举产生的董事，其任期不实施交错任期制， 即届中因缺额而补选的董事任期为本届余任期限，不跨届任职。 第二章 董事候选人的提名 第六条 公司依照《公司章程》规定的方式和程序确定董事候选人，确保选 举的公开、公平、公正。 第一章 总则 第一条 为了进一步完善深圳市汇川技术股份有限公司（以下简称"公司"） 法人治理结构，规范公司董事的选举，保证所有股东充分行使权利，维护中小股 东利益，根据中国证监会《上市公司治理准则》《深圳证券交易所创业板股票上 市规则》《公司章程》及其他有关规定，特制定本细则。 第二条 股东会就选举董事进行表决时，如拟选独立董事或非独立董事的人 数多于1人，应采取累积投票制。 职工代表董事由公司职工代表大会选举产生或更换，不适用于本实施细则的 相关规定。 第三条 本实施细则所称累积投票制，是指公司股东会在选举董事时，每一 股份拥有与应选董事人数相同的表决权，股东拥有的表决 ...

深圳市汇川技术股份有限公司 董事会议事规则 深圳市汇川技术股份有限公司 董事会议事规则 （经2024年年度股东会审议通过） 第一章 总则 第一条 为了进一步规范深圳市汇川技术股份有限公司（以下简称"公 司"）董事会的议事方式和决策程序，促使董事和董事会有效地履行职责，提 高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》《中华人 民共和国证券法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第2号——创业板上市公司规范运作》和《深圳市汇川技 术股份有限公司章程》（以下简称"《公司章程》"）等有关规定，制定本规 则。 第二条 董事会是公司经营管理的决策机构，维护公司和全体股东的利益， 负责公司发展目标和重大经营活动的决策。 第三条 董事会下设董事会秘书办公室，处理董事会日常事务。 第二章 董事会会议的种类 1 （一）代表10%以上表决权的股东提议时； （二）1/3以上董事联名提议时； （三）审计委员会提议时； （四）董事长认为必要时； （五）1/2以上独立董事提议时； （六）总裁提议时； 深圳市汇川技术股份有限公司 董事会议事规则 （七）法律、法规、深圳证券交易所规范性文件 ...

广州市天河区珠江东路 32 号利通广场 29 层 邮编: 510623 29/F, Leatop Plaza, No.32 Zhujiang East Road, Tianhe District, Guangzhou, 510623 电话/Tel: +86 20 37392666 传真/Fax: +86 20 37392826 网址/Web：www.kangdalawyers.com 北京 天津 上海 深圳 广州 西安 沈阳 南京 杭州 海口 菏泽 成都 苏州 呼和浩特 北京市康达（广州）律师事务所 关于深圳市汇川技术股份有限公司 1 / 10 （2）本所及本所律师依据《证券法》、《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则》等规定以及本法律意见书出具日 以前已经发生的或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并对此承担相应法律责任。 （3）公司已向本所及本所律师保证并承诺，其所发布或提供的与本次会议 有关的文件、 ...