Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") has submitted its IPO prospectus to the Shenzhen Stock Exchange, raising concerns about its operational independence from its parent company, Huichuan Technology, due to significant related party transactions and governance issues [1][2]. Group 1: Company Structure and Independence - United Power is the only entity under Huichuan Technology that operates electric drive systems and power systems for new energy vehicles [1]. - Huichuan Technology holds 94.51% of United Power's shares, raising questions about the independence of United Power's operations and governance [2]. - Concerns have been raised regarding the independence of United Power, particularly due to substantial related party transactions, with Li Auto being its largest customer, contributing over one-third of its revenue [1][2]. Group 2: Equity Incentives and Governance Issues - United Power granted stock options to six employees of Huichuan Technology, who are not employees of United Power, which has sparked discussions about the compliance of this practice [2][3]. - The stock options granted to these six employees amount to a total of 1.45 million shares, with a potential value exceeding 7 million yuan based on the IPO pricing [3]. - The timing of the stock option grants, which occurred before the IPO announcement, raises questions about the appropriateness of such incentives [4]. Group 3: Shared Resources and Accounting Concerns - United Power has acknowledged the use of Huichuan Technology's ERP system without charge, which has led to investor concerns regarding the implications for financial reporting and the independence of operations [6][7]. - The rationale for the "free use" of the ERP system has been questioned, particularly in light of the complexities introduced by the dual listing of both companies [6][7]. - Legal experts have indicated that while the practice of granting stock options to non-employees is not explicitly prohibited, it raises issues regarding compliance with regulations governing equity incentives [4][7].

截至2025年6月9日 10:58，中证数字经济主题指数(931582)上涨0.47%，成分股用友网络(600588)上涨6.42%，东方财富(300059)上涨2.97%，金山办公(688111) 上涨2.79%，同花顺(300033)上涨2.55%，润泽科技(300442)上涨2.24%。数字经济ETF(560800)上涨0.53%，最新价报0.76元，成交1371.90万元。（以上所列 示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生 变化。市场有风险，投资需谨慎。) Wind数据显示： 规模方面，数字经济ETF近2周规模增长2240.82万元，实现显著增长，新增规模位居可比基金1/2。 份额方面，数字经济ETF近2周份额增长1800.00万份，实现显著增长，新增份额位居可比基金1/2。 资金流入方面，数字经济ETF最新资金净流入150.61万元。拉长时间看，近9个交易日内，合计"吸金"1170.86万元。 数据显示，杠杆资金持续布局中。数字经济ETF连续5天获杠杆资金净买入，最高单日获得347.92万元净买入，最新 ...

Core Viewpoint - The ChiNext 50 Index is experiencing a strong upward trend, with significant gains in constituent stocks, indicating a positive market sentiment towards growth-oriented companies in the ChiNext sector [2][3]. Group 1: Index Performance - As of June 9, 2025, the ChiNext 50 Index (399673) rose by 1.41%, with notable increases in stocks such as Tianfu Communication (300394) up 7.03% and Tiger Medical (300347) up 5.68% [2]. - The ChiNext 50 ETF (159367) also saw a rise of 1.47%, with a latest price of 0.97 yuan, and a cumulative increase of 2.26% over the past week [2]. Group 2: Trading and Liquidity - The ChiNext 50 ETF recorded a turnover rate of 0.59% during the trading session, with a transaction volume of 24.10 thousand yuan [2]. - Over the past year, the average daily trading volume for the ChiNext 50 ETF was 538.65 thousand yuan [2]. Group 3: Return and Drawdown - Since its inception, the ChiNext 50 ETF has achieved a maximum monthly return of 3.14%, with an average monthly return of 1.79% during rising months [2]. - The relative drawdown since inception is 1.34% compared to its benchmark [2]. Group 4: Fee Structure - The management fee for the ChiNext 50 ETF is 0.15%, and the custody fee is 0.05%, which are among the lowest in comparable funds [2]. Group 5: Valuation Metrics - The ChiNext 50 Index is currently valued at a historical low with a price-to-book (PB) ratio of 4.21, which is below 81.19% of the time over the past five years, indicating attractive valuation [3]. - The index comprises 50 stocks with high liquidity and market capitalization, reflecting the overall performance of well-known companies in the ChiNext market [3]. Group 6: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the ChiNext 50 Index account for 65.6% of the index, including Ningde Times (300750) at 24.47% and Dongfang Wealth (300059) at 10.62% [3][5].

Summary of Shenzhen Inovance Technology (300124.SZ) Conference Call Company Overview - **Company**: Shenzhen Inovance Technology (300124.SZ) - **Market Cap**: Rmb174,763 million (approximately US$24,273 million) [4] Key Industry Insights - **General Automation Order Growth**: Inovance reported a high single-digit year-over-year growth in general automation orders for May 2025, consistent with April 2025 growth rates [3][4] - **Impact of US Tariffs**: Management indicated that US reciprocal tariffs are affecting customers' capital expenditure and investment tendencies. Despite a 90-day tariff pause, clients are hesitant to place orders, which may signal weaker-than-expected demand in China's factory automation sector [3][4] - **Sector Performance**: - Strong demand observed in the electric vehicle (EV) battery and air conditioning sectors year-to-date - Recent weakness noted in the electronics sector [3] Investment Recommendations - **Preferred Companies**: Analysts recommend focusing on factory automation companies with higher exposure to EV or EV battery sectors, specifically: - Shuanghuan Drive (002472.SZ) - Yiheda (301029.SZ) - Wuxi Lead (300450.SZ) These companies are expected to be less impacted by US tariffs [3] Financial Projections - **Target Price**: Rmb70.00, based on approximately 30x FY25E EPS of Rmb2.32, reflecting ongoing gross profit margin (GPM) pressure due to product mix changes [4][12] - **Expected Returns**: - Expected share price return: 8.0% - Expected dividend yield: 0.7% - Expected total return: 8.7% [4] Risks to Consider - **Downside Risks**: 1. Slower recovery in China's automation demand 2. Weaker-than-expected growth in elevator demand 3. Weaker-than-expected GPM [13] - **Specific Risks for Yiheda**: 1. Lower-than-expected revenue growth, particularly in new energy sectors 2. Weaker GPM due to unfavorable product mix changes 3. Intensifying competition or market share loss [16] Upcoming Events - Yiheda is expected to release its May 2025 order and shipment data soon, which may provide further insights into the impact of US tariffs on different industries in China [3] Conclusion The conference call highlighted the cautious outlook for Shenzhen Inovance Technology amid ongoing tariff uncertainties and sector-specific demand fluctuations. Investors are advised to monitor the performance of related companies and sector trends closely.

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (hereinafter referred to as "United Power") has achieved rapid revenue growth through related party transactions, raising concerns about its operational independence as it prepares for an IPO on the ChiNext board [1][2]. Group 1: Business Operations and Revenue Growth - United Power primarily engages in the research, production, and sales of electric drive systems and power systems for new energy vehicles, being the sole entity under Huichuan Technology (300124.SZ) for this business [2]. - The company reported significant increases in revenue from related party sales, with major transactions amounting to 9.6 billion, 19.67 billion, and 44.49 billion yuan over the reporting period, representing 19.11%, 21.01%, and 27.50% of total revenue respectively [4]. - The largest customer, Li Auto (02015.HK), accounted for over one-third of United Power's revenue, raising concerns about the impact of ongoing price wars in the automotive sector on profitability [1][8]. Group 2: Market Position and Competition - United Power's market share for its main products is around 10%, with significant competition in the automotive supply chain, leading to increased pricing pressure from automakers [10]. - The company has established a stable partnership with Li Auto, with sales of electric drive systems and power systems continuing to grow as Li Auto's vehicle deliveries increase [8]. - In the new energy passenger vehicle market, United Power ranks first among third-party suppliers for its electric control products and motors, with market shares of approximately 10.7% and 10.5% respectively [9]. Group 3: Related Party Transactions and Regulatory Scrutiny - The company has faced regulatory inquiries regarding its independence and the nature of its related party transactions, particularly with Changzhou Huixiang and Suzhou Huichuan, which are affiliated entities [3][4]. - United Power's sales to Changzhou Huixiang, a joint venture with Li Auto, have significantly increased due to the successful sales of Li Auto's vehicles, leading to a strategic partnership [5][8]. - The pricing of related party transactions is claimed to be fair and based on market references, although the regulatory body has requested further analysis of these transactions [5][6].

Core Viewpoint - The article emphasizes the investment strategy of "buying primary assets in the secondary market," which is a value investment approach that can yield excess returns by identifying undervalued stocks that exhibit characteristics of primary market investments [2][5]. Group 1: Concept of "Buying Primary Assets in the Secondary Market" - The primary market serves as a "incubation ground" for capital, where investors support companies' growth from inception, while the secondary market acts as a "trading venue" where stock prices can be distorted by emotions and external factors [4][5]. - This strategy involves identifying companies engaged in value-creating activities such as technological research, mergers and acquisitions, and market expansion, but whose stock prices do not yet reflect their long-term value [5][6]. Group 2: Identifying Investment Opportunities - Key indicators for identifying suitable investments include significant asset restructuring, major technological breakthroughs, and the exploration of new business avenues [7]. - Investors should be cautious of "hype-driven" stocks that lack substantial investment in genuine growth initiatives, distinguishing between companies with real financial commitments and those merely riding trends [7]. Group 3: Market Mispricing and Management Insight - Look for stocks with price-to-earnings (PE) ratios below 70% of the industry average or market capitalizations below their replacement costs, as these may indicate mispricing [8]. - Assess management's "primary market thinking" by examining their professional backgrounds and the proportion of shares they hold, with a higher ownership stake (over 30%) suggesting stronger alignment of interests [9]. Group 4: Conclusion and Investment Philosophy - The essence of the primary market is "value discovery," while the secondary market offers opportunities for "price negotiation." The intersection of these two aspects can lead to excess returns [11]. - When observing a company investing heavily in research and development or acquiring assets at low prices while its stock price declines, it may present an opportunity to "buy primary assets in the secondary market" [11].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 深圳市汇川技术股份有限公司(以下简称"公司")第六届董事会第九次会议于 2025 年 6 月 6 日以通讯表决的方式召开，会议通知于 2025 年 6 月 3 日以电子邮件方式送达 全体董事。本次会议由公司董事长朱兴明先生主持，会议应参加董事 9 名，实际参加 董事 9 名。公司副总裁邵海波、李瑞琳、易高翔，财务总监刘迎新列席会议。本次董事 会的召集、召开和表决程序符合国家有关法律、法规及公司章程的规定。经逐项讨论， 审议了如下议案： 1、以 8 票同意、0 票反对、0 票弃权，审议通过了《关于调整第五期股权激励计 划首次授予限制性股票授予价格的议案》 证券代码：300124 证券简称：汇川技术 公告编号：2025-028 深圳市汇川技术股份有限公司 第六届董事会第九次会议决议公告 公司于 2025 年 5 月 29 日披露了《2024 年年度权益分派实施公告》，公司 2024 年 年度利润分配方案为：以公司总股本 2,695,296,963 股剔除公司回购专用证券账户上的 股份 1,644,142 股后的 2, ...

法律意见书 广州市天河区珠江东路 32 号利通广场 29 楼 2901 室 邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-37392826 电子邮箱/E-mail：kdgzlaw@163.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 长沙 厦门 郑州 香港 武汉 北京市康达（广州）律师事务所 康达法意字【2025】第【0159】号 二〇二五年六月 1 法律意见书 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 第六期股权激励计划 第一类限制性股票回购价格、第二类限制性股票授予价格 及股票期权行权价格调整的 法 律 意 见 书 关于深圳市汇川技术股份有限公司 第六期股权激励计划 第一类限制性股票回购价格、第二类限制性股票授予价格 及股票期权行权价格调整的 法律意见书 康达法意字【2025】第【0159】号 致：深圳市汇川技术股份有限公司 北京市康达（广州）律师事务所接受深圳市汇川技术股份有限公司（以下简称"公 司"或"汇川技术"）的委托，担任公司第六期股权激励计划（以下简称"本次激励 ...

法律意见书 广州市天河区珠江东路 32 号利通广场 29 楼 2901 室 邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-37392826 电子邮箱/E-mail：kdgzlaw@163.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 长沙 厦门 郑州 香港 武汉 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 第七期股权激励计划 第一类限制性股票授予价格、第二类限制性股票授予价格 及股票期权行权价格调整的 法 律 意 见 书 康达法意字【2025】第【0160】号 二〇二五年六月 1 及股票期权行权价格调整的 法律意见书 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 第七期股权激励计划 第一类限制性股票授予价格、第二类限制性股票授予价格 康达法意字【2025】第【0160】号 致：深圳市汇川技术股份有限公司 法律意见书 北京市康达（广州）律师事务所接受深圳市汇川技术股份有限公司（以下简称"公 司"或"汇川技术"）的委托，担任公司第七期股权激励计划（以下简称"本次激励 ...

证券代码：300124 证券简称：汇川技术 公告编号：2025-027 深圳市汇川技术股份有限公司 关于为全资子公司向银行申请综合授信额度提供担保 暨担保额度调剂的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 为满足子公司日常经营和发展需要，提高资金使用效率，深圳市汇川技术股份有 限公司（以下简称"公司"或"汇川技术"）全资子公司大连智鼎科技有限公司（以下 简称"大连智鼎"）、大连智鼎全资子公司深圳市智鼎驱动技术有限公司（以下简称 "深圳智鼎"）、公司全资子公司汇川技术（香港）有限公司（以下简称"香港汇川"） 之全资子公司 INOVANCE TECHNOLOGY PRIVATE LIMITED（以下简称"印度汇川"） 拟分别向银行申请授信额度人民币 20,000 万元、3,600 万元、1,200 万元（如无特别说 明，以下货币单位均为人民币万元），公司为上述授信业务提供连带责任担保。具体内 容如下： 一、担保情况概述 公司于 2025 年 4 月 25 日召开第六届董事会第八次会议，会议以 9 票同意、0 票反 对、0 票弃权的表决结果审议通过了《关 ...