Core Viewpoint - Foreign institutions are increasingly focusing on A-share companies, particularly in the electronics, machinery, computer, and automotive sectors, indicating a growing interest in the Chinese market despite short-term volatility [2][5][6]. Group 1: Foreign Institutional Research Trends - A total of 76 A-share companies have received foreign institutional research since June, with 30 companies hosting at least three foreign institutions [3]. - Notably, three A-share companies reported receiving over 50 foreign institutions for research activities [3]. - The highest attention from foreign institutions is on Huichuan Technology (300124.SZ), which has hosted over 100 foreign institutional research activities [3]. Group 2: Company-Specific Insights - Huichuan Technology highlighted that national equipment renewal plans are stimulating market demand in consumer-facing industries such as home appliances and automotive [3]. - Yihada (301029.SZ) received over 60 foreign institutions for research, focusing on automation components across various sectors including 3C, new energy lithium batteries, and semiconductors [4]. - Lexin Technology (688018.SH) also engaged over 60 foreign institutions, emphasizing its advancements in Wi-Fi technology and the growing demand for connectivity solutions across multiple industries [4]. Group 3: Industry Focus - The electronics sector has seen the highest engagement from foreign institutions, with companies like Lexin Technology and Hushan Co. (002463.SZ) attracting significant attention [5]. - Machinery and equipment sectors are also under scrutiny, with companies like Huichuan Technology and Yihada being key focus points [5]. - In the computer sector, companies such as Zhongke Chuangda (300496.SZ) are gaining foreign interest [5]. Group 4: Market Outlook - Foreign institutions generally maintain an optimistic long-term outlook for the Chinese stock market, despite anticipated short-term fluctuations [6][9]. - UBS forecasts a gradual recovery in A-share earnings, projecting a 6% year-on-year increase in earnings per share for the CSI 300 index by 2025 [7]. - Morgan Stanley suggests a balanced investment strategy in the face of short-term uncertainties, recommending a mix of technology/growth stocks and defensive assets [8].

Group 1 - The core viewpoint of the news highlights the performance of the digital economy theme index and its constituent stocks, indicating a positive trend in the market with specific stocks showing significant gains [1][2] - The digital economy ETF closely tracks the index, focusing on self-controllable technology and financial technology, with the electronic and computer sectors holding a combined weight of 82% [2][3] - The top ten constituent stocks of the index account for 50.98% of the total weight, with notable companies like 东方财富 (Orient Securities) and 中芯国际 (SMIC) leading the list [3][5] Group 2 - The digital economy ETF has seen a significant increase in scale, growing by 11.86 million yuan over the past week, ranking it in the top half among comparable funds [3] - The ETF's share volume increased by 6 million shares in the last month, also placing it in the top half of comparable funds [3] - The anticipated release of the DeepSeek R2 version is expected to enhance the AI industry's capabilities, benefiting the entire AI value chain [1]

Group 1 - The China Strategic Emerging Industries Index (new emerging index, 000171) rose by 1.66% to 1188.03 points, with a trading volume of 110.449 billion yuan [1] - Over the past month, the index increased by 1.27%, while it decreased by 3.76% over the past three months and has fallen by 1.33% year-to-date [1] - The index includes 100 representative listed companies from sectors such as energy conservation and environmental protection, new generation information technology, biotechnology, high-end equipment manufacturing, new energy, new materials, new energy vehicles, digital creativity, and high-tech services [1] Group 2 - The top ten holdings in the index are BYD (8.72%), Dongfang Wealth (8.59%), Hengrui Medicine (5.81%), Zhongji Xuchuang (3.47%), Xinyi Sheng (3.3%), Haiguang Information (3.18%), Luxshare Precision (3.15%), WuXi AppTec (3.13%), Huichuan Technology (3.01%), and Northern Huachuang (2.61%) [1] - The market capitalization distribution of the index shows that 61.12% of the holdings are listed on the Shenzhen Stock Exchange, while 38.88% are on the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index includes Information Technology (33.01%), Healthcare (15.20%), Communication Services (12.90%), Industry (12.37%), Consumer Discretionary (11.33%), Financials (9.11%), Materials (5.16%), Utilities (0.38%), Consumer Staples (0.31%), and Energy (0.24%) [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Public funds tracking the new emerging index include Huaxia Strategic Emerging Index ETF Link A, Huaxia Strategic Emerging Index ETF Link C, and Huaxia Strategic Emerging Index ETF [2]

Core Viewpoint - The integrated die-casting concept has shown a significant increase of 3.74%, ranking 9th among concept sectors, with 52 stocks rising, including notable gains from Shengli Precision, Minglida, Bojun Technology, and Top Group [1] Group 1: Market Performance - The integrated die-casting sector received a net inflow of 860 million yuan from main funds, with 33 stocks experiencing net inflows, and 5 stocks exceeding 50 million yuan in net inflow [1] - Shengli Precision led the net inflow with 414 million yuan, followed by Top Group, Genesis, and Huichuan Technology with net inflows of 161 million yuan, 92 million yuan, and 64 million yuan respectively [1] - The top-performing stocks in the integrated die-casting sector included Shengli Precision (9.90%), Top Group (6.73%), and Genesis (6.41%) [2] Group 2: Fund Flow Ratios - The highest net inflow ratios were observed in Shengli Precision (21.14%), Beiqi Blue Valley (13.14%), and Genesis (11.87%) [2] - The trading turnover rates for the leading stocks were 17.29% for Shengli Precision, 2.22% for Top Group, and 6.50% for Genesis [2] Group 3: Additional Stock Performance - Other notable performers included Minglida (7.41%), Bojun Technology (7.13%), and Huichuan Technology (3.41%) [3] - Stocks such as Feirongda (5.45%) and Sanxiang New Materials (6.26%) also contributed to the positive performance of the sector [3]

Group 1: Investor Relations Activities - The company held a series of investor relations activities from June 3 to June 20, 2025, including strategy meetings and roadshows, with participation from various investment management firms totaling over 200 individuals [1][2][3][4][5][6][7][8][9][10]. Group 2: Automation Business Growth - The company's automation business is experiencing growth in servo systems, variable frequency drives, and small PLC products, with a focus on enhancing market share through multi-product solutions and increasing competitiveness [5][6]. - The company aims to expand its market share in discrete and project-based markets, as well as overseas markets, as part of its growth strategy [5][6]. Group 3: National Equipment Update Plan - The national equipment update plan is driving demand in consumer-facing industries and providing strong momentum for the company to expand its client base among state-owned enterprises, particularly in high-pollution and high-energy consumption sectors [7]. Group 4: IFA Platform Promotion - The IFA platform, a fully integrated automation software solution, is being widely tested and validated by clients, showcasing the company's competitive edge in industrial automation [8]. Group 5: International Acquisition Plans - The company is actively exploring acquisition opportunities to support its internationalization strategy, focusing on automation, precision machinery, industrial software, and related sectors [10].

Group 1 - The core viewpoint of the news is that the China Securities New Energy Vehicle Index has experienced a decline, reflecting the overall performance of listed companies in the new energy vehicle sector [1][2]. - The China Securities New Energy Vehicle Index has decreased by 4.15% in the past month, 12.37% in the past three months, and 0.15% year-to-date [2]. - The index includes companies involved in lithium batteries, charging piles, and new energy vehicles, with a base date of December 31, 2011, set at 1000.0 points [2]. Group 2 - The top ten weighted companies in the index are: CATL (9.97%), BYD (9.96%), Huichuan Technology (9.81%), Changan Automobile (5.17%), Sanhua Intelligent Control (4.7%), Yiwei Lithium Energy (4.34%), Huayou Cobalt (4.07%), Ganfeng Lithium (2.91%), Greenmech (2.62%), and Tianqi Lithium (2.55%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (84.23%), followed by the Shanghai Stock Exchange (15.18%) and the Beijing Stock Exchange (0.59%) [2]. - The industry composition of the index holdings includes 58.87% in industrials, 24.47% in consumer discretionary, 15.49% in materials, and 1.16% in information technology [2]. Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3].

一、IPO审核与注册进展 据京沪深交易所披露，上周（6月9日-6月13日，下同）3家企业上会，新增11家IPO受理企业；2家提交 注册，2家企业IPO终止；3只新股上市。 与此同时，本周（6月16日-6月20日）4家公司上会迎考，2只新股安排申购。 11家IPO获受理，百菲乳业从北交所转战主板 Wind数据显示，上周新增受理11家IPO申请。其中，百菲乳业拟登陆沪市主板，募集资金4.97亿元；惠 康科技拟登陆深市主板，拟募资17.94亿元；恒运昌、上海超硅拟登陆科创板，分别计划募资15.5亿元、 49.65亿元；江松科技拟登陆创业板，计划募资10.53亿元；新恒泰、科莱瑞迪、英氏控股、邦泽创科、 尚研科技、恒道科技拟冲刺北交所。 百菲乳业主要从事以水牛奶、荷斯坦牛奶为主要原料的"百菲酪"牌乳品生产、销售等。此前，根据公开 资料，2024年11月29日，百菲乳业曾向北交所递交了上市申请，但此后近半个月始终未被受理。直至12 月14日，公司主动撤回了申报材料。 从北交所转战沪市主板的同时，百菲乳业盈利能力稳步提升。2024年，公司实现营收14.23亿元，同比 增长32.33%；归母净利润3亿元，同比增长32.4% ...

Core Viewpoint - Huichuan Technology's spin-off subsidiary, United Power, has received approval for its IPO on the ChiNext board, marking a significant development in the A-share spin-off listing landscape after a period of regulatory tightening [1][4]. Summary by Sections Spin-off Listing Progress - United Power's IPO application was approved by the Shenzhen Stock Exchange, representing the first spin-off IPO approval in 2025, signaling a potential revival in A-share spin-off listings [1]. - The new "National Nine Articles" issued in April 2024 has led to stricter regulations on spin-off listings, causing many companies to halt their plans, yet United Power's approval indicates that the process is not entirely stagnant [1][4]. Company Performance and Financials - United Power, established in 2016, focuses on electric drive systems and power systems, with plans to raise 4.857 billion yuan for various projects including production and R&D [1][2]. - The company reported revenues of 5.027 billion yuan in 2022, 9.365 billion yuan in 2023, and projected 16.178 billion yuan in 2024, with net profits turning from a loss of 179 million yuan in 2022 to a profit of 936 million yuan in 2024 [2]. Regulatory Scrutiny and Market Conditions - The Shenzhen Stock Exchange's listing committee emphasized the importance of sustainable revenue growth and the potential risks of being replaced as a third-party supplier during the IPO review [2][3]. - The committee also requested United Power to address the sustainability of its growth in light of industry trends, customer supply chain developments, and price fluctuations [3]. Independence and Strategic Considerations - The new regulations stress the need for the independence of spin-off companies, with a focus on their business independence, technological advancement, and reasonable valuation [4][5]. - Huichuan Technology asserts that United Power maintains a high level of operational independence from its parent company, aiming to enhance clarity in its business structure and reduce risks associated with diversification [5].

Core Viewpoint - The article highlights the significant advancements and collaborations in the energy storage industry showcased at the recent "2025 Global User-side Energy Storage Industry Value Summit and Application Demonstration Exhibition," emphasizing the shift towards energy storage solutions and the introduction of innovative products and partnerships among leading companies in the sector [1][2]. Group 1: Industry Trends and Developments - The exhibition transformed from a photovoltaic focus to a dedicated energy storage event, with a notable increase in the number of storage companies and products presented [1]. - Several companies signed major cooperation agreements and secured GWh-level procurement orders during the event, indicating a robust market demand for energy storage solutions [1][2]. - The introduction of products responding to the 136 policy and market value transformation reflects the industry's adaptation to regulatory changes and market needs [1]. Group 2: Key Product Launches - Companies like采日能源 showcased advanced storage systems, including the Serlattice G3 10MWh intelligent storage system, which aims to reduce costs and expand application scenarios [5]. - 中车株洲所 presented its构网型储能系统 and the "云枢" storage inverter, emphasizing high power density and safety features [6][8]. - 华为数字能源 launched the FusionSolar9.0, a smart string-based energy storage solution that integrates various energy management capabilities [10][12]. Group 3: Notable Collaborations and Agreements - 采日能源 and other companies formed strategic partnerships to enhance their energy storage ecosystems, focusing on comprehensive energy solutions [3][18]. - 南都电源 signed a strategic cooperation agreement with 太蓝新能源 to explore solid-state battery applications in ultra-safe energy storage [23]. - 蜂巢能源 established significant strategic agreements with various industry leaders to enhance its market presence and technological capabilities [87]. Group 4: Company-Specific Innovations - 比亚迪储能 introduced several new products, including the MC Cube-T Pro BESS with a capacity of 6.4MWh, featuring advanced safety and operational efficiency [15]. - 亿纬锂能 launched the 836kWh modular cabinet, designed for flexibility and efficiency in commercial energy storage applications [24][27]. - 国轩高科 unveiled its 20MWh energy storage battery system, which received substantial orders and is designed for long-term reliability and safety [31][32]. Group 5: Emerging Technologies and Solutions - 海博思创 presented its "储能+X" full-scene solutions, integrating various storage technologies for diverse applications [16][18]. - 智光电气 showcased its liquid-cooled commercial storage unit, emphasizing high efficiency and safety in demanding environments [60][62]. - 永泰数能's Aurora 5015 system demonstrated high energy density and cost efficiency, marking a significant advancement in the industry [97]. Group 6: Market Outlook - The article indicates a strong growth trajectory for the energy storage market, driven by technological advancements, regulatory support, and increasing demand for sustainable energy solutions [1][2]. - The collaborations and innovations presented at the exhibition suggest a competitive landscape where companies are actively seeking to enhance their offerings and market positions [1][2].

Core Viewpoint - United Power has successfully passed the listing review by the Shenzhen Stock Exchange for its initial public offering (IPO), aiming to raise approximately 4.857 billion yuan for key projects in the production of core components for new energy vehicles [1] Group 1: Company Overview - United Power was established in 2016 and focuses on the research, production, sales, and technical services of electric drive and power products for new energy vehicles [2] - The company is a wholly-owned subsidiary of Huichuan Technology, which holds 94.51% of its shares, making it the controlling shareholder [3] Group 2: Market Position - According to NE Times statistics, United Power holds approximately 10.7% of the electric control product market share in China's new energy passenger vehicle sector, ranking first among third-party suppliers [3] - The company also ranks first among third-party suppliers in the electric motor product market with a share of about 10.5% [3] Group 3: Financial Performance - United Power is experiencing rapid growth, with total assets projected to reach 9.087 billion yuan, 12.297 billion yuan, and 18.072 billion yuan from 2022 to 2024 [3] - The company's revenue is expected to grow from 5.027 billion yuan in 2022 to 16.178 billion yuan in 2024, with net profit turning from a loss of 179 million yuan in 2022 to a profit of 936 million yuan in 2024 [3] Group 4: Parent Company Performance - Huichuan Technology's revenue from the new energy vehicle and rail transit segment reached 9.920 billion yuan in 2023, accounting for 32.61% of total revenue, and is projected to grow to 16.642 billion yuan in 2024, representing a year-on-year increase of 67.76% [4] - This segment has become the largest revenue contributor for Huichuan Technology, surpassing general automation [4]