Core Insights - Tonghe Technology (300491) reported that as of November 20, 2025, the total number of common stock shareholders is 20,530 [1] Company Summary - The company has engaged with investors through an interactive platform to provide updates on shareholder numbers [1] - The specified date for the shareholder count indicates a forward-looking perspective on shareholder engagement and company growth [1]

Market Overview - The Shanghai Composite Index closed at 3870.02 points, above the six-month moving average, with a gain of 0.87% [1] - The total trading volume of A-shares reached 182.62 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 290 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xunxing Co., Ltd. (002098) with a deviation rate of 9.03% and a daily increase of 10.04% [1] - Meino Energy (001299) with a deviation rate of 8.16% and a daily increase of 9.98% [1] - Laimu Co., Ltd. (603633) with a deviation rate of 7.83% and a daily increase of 8.70% [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Xunxing Co., Ltd. (002098): Latest price 10.08 yuan, half-year line 9.24 yuan, turnover rate 3.52% [1] - Meino Energy (001299): Latest price 13.00 yuan, half-year line 12.02 yuan, turnover rate 6.41% [1] - Laimu Co., Ltd. (603633): Latest price 10.87 yuan, half-year line 10.08 yuan, turnover rate 7.02% [1] - Other stocks with significant performance include: - Xinhua Pharmaceutical (000756) with a daily increase of 10.00% and a deviation rate of 6.41% [1] - Tonghe Technology (300491) with a daily increase of 7.25% and a deviation rate of 6.40% [1]

Market Overview - As of 10:31 AM today, the Shanghai Composite Index is at 3876.57 points, above the six-month moving average, with an increase of 1.04% [1] - The total trading volume of A-shares today is 853.41 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 382 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Tonghe Technology (300491) with a deviation rate of 9.12% and a price increase of 10.01% [1] - Xunxing Co., Ltd. (002098) with a deviation rate of 9.03% and a price increase of 10.04% [1] - Laimu Co., Ltd. (603633) with a deviation rate of 7.04% and a price increase of 7.90% [1] Additional Stocks with Smaller Deviation Rates - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Longyuan Technology (not specified) and Newcapec (not specified) with minor deviations [1] - Other stocks with notable performance include: - Hongbai New Materials (605366) with a deviation rate of 6.77% and a price increase of 7.26% [1] - Kecuan Technology (603052) with a deviation rate of 5.50% and a price increase of 10.00% [1]

Core Insights - The report highlights a significant growth in electric vehicle (EV) sales across nine European countries in October 2025, with a total of 257,000 new energy vehicles sold, representing a year-on-year increase of 38.7% and a penetration rate of 31.5%, up by 7.7 percentage points [1][2] Summary by Region - **Germany**: In October 2025, BEV sales reached 52,000 units, up 47.7% year-on-year, while PHEV sales were 31,000 units, up 60.0%. Germany plans to restart its EV subsidy program in January 2026, which is expected to support sales [2][3] - **United Kingdom**: BEV sales in October 2025 were 37,000 units, a 23.6% increase year-on-year, and PHEV sales were 18,000 units, up 27.2%. The UK has resumed EV subsidies and is under pressure from ZEV assessment targets, which may lead to continued sales growth [2][3] - **France**: Following the implementation of the social leasing plan on September 30, 2025, BEV sales surged to 34,000 units in October, marking a 63.2% year-on-year increase and achieving a record penetration rate of 24.4% [3] - **Italy**: In October 2025, BEV sales were 6,000 units, up 25.1%, while PHEV sales reached 10,000 units, a significant increase of 128.6%. The EV subsidy in Italy was officially launched on October 22, which is expected to boost future sales [3] - **Spain**: Spain saw BEV sales of 9,000 units in October 2025, a remarkable increase of 90.1%, and PHEV sales of 13,000 units, up 145.6%. The country has experienced rapid growth in EV sales since the beginning of 2025 [3] Investment Recommendations - The report suggests investment opportunities in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure, with specific companies recommended for each category [4]

Market Overview - The other power equipment sector declined by 1.59% on the previous trading day, with Haibosi leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Keda (002518) saw a closing price of 46.89 with an increase of 3.49% and a trading volume of 175,200 shares, totaling 825 million yuan [1] - Hu塑科技 (301157) closed at 53.10, up 3.27%, with a trading volume of 17,200 shares, amounting to 90.99 million yuan [1] - Other notable performances include Yingjie Electric (300820) at 58.29, up 0.50%, and Youyou Green Energy (301590) at 182.55, up 0.41% [1] - Conversely, Haibosi (688411) experienced a significant drop of 10.86%, closing at 322.00 with a trading volume of 66,700 shares, totaling 2.213 billion yuan [2] - Other stocks like Hailu Chading (002255) and Aotexun (002227) also faced declines of 9.96% and 5.61%, respectively [2] Capital Flow Analysis - The other power equipment sector experienced a net outflow of 1.08 billion yuan from main funds, while retail investors saw a net inflow of 472 million yuan [2][3] - Notable net inflows from retail investors were observed in stocks like Jintai Technology (002951) with 704.14 million yuan, while Keda (002518) saw a net outflow of 732.7 million yuan from retail investors [3] - The main funds showed a net inflow in stocks like Magmet (002851) with 96.64 million yuan, while other stocks like Shenghong Co. (300693) had a net outflow of 68.73 million yuan from main funds [3]

Core Viewpoint - Tonghe Technology (300491) reported that as of November 10, 2025, the total number of common stock shareholders is 20,903 [1] Company Summary - The company has engaged with investors through an interactive platform, providing updates on shareholder numbers [1]

Core Viewpoint - Tonghe Technology experienced a decline of 5.05% on November 7, with a stock price of 28.57 CNY per share and a total market capitalization of 5.007 billion CNY [1] Group 1: Company Overview - Tonghe Technology, established on December 21, 1998, is located in Shijiazhuang, Hebei Province, and was listed on December 31, 2015 [1] - The company specializes in the research, production, and sales of high-frequency switch power supplies and related electronic products, including military products [1] - The revenue composition of the company includes: 65.68% from new energy power conversion products, 20.15% from smart grid power supply products, 11.90% from customized power supplies and testing services, and 2.27% from other sources [1] Group 2: Shareholder Information - According to data, Bosera Fund has one fund among the top ten circulating shareholders of Tonghe Technology, specifically the Bosera Huixing Return One-Year Holding Mixed Fund (011056), which entered the top ten in the third quarter with 2.5736 million shares, accounting for 1.65% of circulating shares [2] - The estimated floating loss for this fund today is approximately 3.9119 million CNY [2] Group 3: Fund Performance - The Bosera Huixing Return One-Year Holding Mixed Fund (011056) was established on January 14, 2021, with a latest scale of 5.818 billion CNY [2] - Year-to-date, the fund has achieved a return of 42.2%, ranking 1738 out of 8148 in its category; over the past year, it has returned 47.24%, ranking 921 out of 8053; since inception, it has returned 3.45% [2]

Core Viewpoint - Tonghe Technology experienced a significant decline of 15.07% in its stock price, with a trading volume of 1.013 billion yuan and a turnover rate of 21.26% on the day of the report [2] Trading Activity - The stock's trading activity showed a total turnover of 1.013 billion yuan, with a price fluctuation of 18.47% throughout the day [2] - Institutional investors net sold 34.98 million yuan, while the total net selling from brokerage seats amounted to 42.05 million yuan [2] - The top five trading departments accounted for a total transaction of 194 million yuan, with a buying amount of 58.54 million yuan and a selling amount of 136 million yuan, resulting in a net selling of 77.03 million yuan [2] Institutional Participation - Two institutional specialized seats were involved in the trading, with a combined buying amount of 32.52 million yuan and a selling amount of 67.50 million yuan, leading to a net selling of 34.98 million yuan [2] - The main capital outflow for the stock was 78.59 million yuan, with a significant outflow of 94.31 million yuan from large orders, while smaller orders saw a net inflow of 15.72 million yuan [2] - Over the past five days, the main capital outflow totaled 48.96 million yuan [2] Detailed Trading Data - The top buying and selling activities included: - Buy One: Institutional specialized seat bought 22.39 million yuan and sold 42.11 million yuan - Buy Two: Institutional specialized seat bought 10.13 million yuan and sold 25.40 million yuan - Other notable buying included HuLong Securities and Ping An Securities with smaller amounts [2]

Market Overview - The other power equipment sector experienced a decline of 1.3% on November 4, with Tonghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers in the other power equipment sector included: - Hailu Dong (002255) with a closing price of 10.80, up 9.98% and a trading volume of 960,000 shares, totaling 1.036 billion yuan [1] - Hu塑科技 (301157) closed at 52.32, up 4.89% with a trading volume of 30,000 shares, totaling 156 million yuan [1] - Conversely, Tonghe Technology (300491) saw a significant drop of 15.07%, closing at 29.26 with a trading volume of 330,800 shares, totaling 1.013 billion yuan [2] Capital Flow - The other power equipment sector experienced a net outflow of 650 million yuan from institutional investors, while retail investors saw a net inflow of 110 million yuan [2] - The capital flow for specific stocks showed: - New Ray Energy (300593) had a net inflow of 1.03 billion yuan from institutional investors, but a net outflow of 1.48 billion yuan from retail investors [3] - Hailu Heavy Industry (002255) had a net inflow of 81.86 million yuan from institutional investors, but a net outflow of 30.28 million yuan from retail investors [3]

Core Insights - Tonghe Technology (300491) announced on November 4 that as of October 31, 2025, the total number of common stock shareholders will be 18,481 [1] Company Summary - The company is actively engaging with investors through interactive platforms to provide updates on shareholder statistics [1]