福建星云电子股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日、 2025 年 5 月 18 日分别召开第四届董事会第十五次会议和 2024 年度股东会，审 议通过了《关于 2025 年度为子公司提供担保额度预计的议案》。为满足公司及 子公司生产经营资金的需要，同意公司为资产负债率 70%及以上的子公司提供 担保的额度为不超过 12,500 万元，为资产负债率 70%以下的子公司提供担保的 额度为不超过 32,500 万元。 担保方式包括但不限于连带责任保证、抵押、质押等，担保额度的有效期 自公司 2024 年度股东会审议通过之日起至 2025 年度股东会召开之日止，该额 度在授权期限内可循环使用。同时授权董事长在担保额度内全权负责审批本公 司具体的担保事项，由董事长或其指定代理人全权代表公司洽谈、签署具体的 担保方案并签署相关法律文件。 证券代码：300648 证券简称：星云股份 公告编号：2025-045 福建星云电子股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 具体内容详见 ...

Core Viewpoint - Fujian Xingyun Electronics Co., Ltd. has approved the use of idle raised funds for cash management, allowing up to RMB 550 million to be invested in principal-protected financial products or deposit-type products for a maximum period of 12 months [1][2]. Group 1: Fund Management - The company has redeemed cash management products purchased with idle raised funds, with a total redemption of RMB 70 million and a financial gain of RMB 52,198.63 [2][3]. - The cash management products included large-denomination time deposits from China Construction Bank and other financial institutions, with interest rates around 0.90% [2][3]. - As of the announcement date, the company has not exceeded the authorized limit for purchasing financial products, with RMB 420 million still in cash management that has not yet been redeemed [3]. Group 2: Account Management - Due to the redemption of cash management products, the company has had its specialized settlement accounts for raised funds automatically canceled by the bank [2][3]. - The cancellation of accounts was a result of the full return of principal and earnings to the raised funds special account [2][3]. Group 3: Regulatory Compliance - The company ensures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1]. - The decisions regarding the use of idle funds were made during the fourth board meeting and the annual shareholders' meeting [1].

证券代码：300648 证券简称：星云股份 公告编号：2025-044 福建星云电子股份有限公司 近日，公司募集资金购买的现金管理产品进行了到期赎回，相应注销了部分 募集资金现金管理专用结算账户。现就相关事宜公告如下： 产品发行 主体 产品名称 产品类型 认购 金额 起息日 到期日 预计年 化收益 率 赎回 本金 到期 收益 建设银行 中国建设银行单位大额存单 2025 年第 039 期 （1 个月客户优享） （产品编号：320250390100030） 固定收益 型 4,000 万元 2025 年 6 月 12 日 2025 年 7 月 12 日 0.90% 4,000 万元 2.97 万元 中国银行 单位人民币一个月 CD25-1 （产品编码：00325001001C01） 固定收益 型 3,000 万元 2025 年 6 月 12 日 2025 年 7 月 12 日 0.90% 3,000 万元 2.25 万元 一、公司使用部分闲置募集资金购买理财产品到期赎回的情况 截至本公告日，公司已如期赎回上述理财产品，赎回本金 7,000 万元，取得 理财收益 52,198.63 元，本金及理财收益均已到账。 二 ...

Investment Rating - Industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights a new round of market momentum driven by advancements in robotics, particularly in humanoid robots, with a projected global demand of approximately 2 million units by 2030 [4][19] - Key recommended stocks include Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., among others [2][4] - The report emphasizes the importance of tracking the humanoid robot sector, which is entering a critical growth phase [3][4] Summary by Sections Humanoid Robots - The humanoid robot industry is expected to see significant growth, with major projects and partnerships emerging, such as the procurement project by China Mobile for humanoid biped robots worth 124 million [9][19] - Companies like Tesla and Figure are ramping up production, with Figure planning to increase its humanoid robot output by three times in the upcoming months [10][19] Photovoltaic Equipment - The report notes an accelerated penetration of N-type technology, enhancing the competitive edge of leading companies in the sector [20] - It suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [20] Energy Storage - The energy storage sector is poised for growth due to favorable policies and increasing demand from both generation and user sides [20] - Key players in this space include companies involved in lithium battery systems and integrated storage solutions [20] Semiconductor Equipment - The semiconductor equipment market is projected to reach 140 billion by 2030, with a growing share from domestic manufacturers [4][20] Automation - The automation market is expected to grow significantly, with a market size of approximately 40 billion, projected to reach 55.7 billion by 2026 [4][20] Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that have integrated hydrogen production capabilities [21] Engineering Machinery - The report suggests monitoring leading companies in the engineering machinery sector, emphasizing those with product, scale, and cost advantages [4][20]

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Summary of Key Points from the Conference Call of Xingyun Co., Ltd. Industry and Company Overview - **Company**: Xingyun Co., Ltd. - **Industry**: Solid-state battery equipment and electric vehicle insurance services Core Insights and Arguments - **Revenue Generation**: Xingyun has achieved revenue from solid-state battery equipment, collaborating deeply with companies like Weilan, Qingtai, and Ganfeng, and working with leading manufacturers like CATL through PO orders, positively impacting company performance [2][6] - **Core Competitiveness**: The company's strength lies in automation testing and overall technical capabilities, having built the first automated testing line for GAC Aion, which has established a foundation for securing more complete line orders [2][4] - **Strategic Partnerships**: A strategic cooperation agreement with Ganfeng Lithium has been signed to deepen collaboration in the solid-state battery sector, indicating potential future binding in battery business development [2][9][10] - **Insurance Collaboration**: Partnership with Pacific Insurance to apply battery health detection models in commercial vehicles aims to reduce insurance payout risks and may expand into the passenger vehicle market, presenting new growth opportunities [2][11][12] - **AI Integration**: The use of AI technology to enhance testing capabilities has been recognized nationally, improving competitiveness in battery detection [2][13] Additional Important Content - **Client Base**: Xingyun's strategic clients include early-stage companies like Tailan, Weilan, and Qingtai, as well as larger enterprises like GAC, Dongfeng, and Ganfeng, indicating a broad market presence [3] - **Delivery Volume**: The cumulative delivery volume has exceeded the million-level consumption threshold, with an increase in delivery volume expected in 2025 compared to previous years [8][21] - **Insurance Business Model**: The insurance business involves technical services, including pre-insurance health checks and regular monitoring, which can help prevent severe issues and enhance safety [22][23] - **Revenue Sources**: Revenue streams include fleet purchases of detection services and insurance companies purchasing detection services, with existing clients like public transport groups already utilizing these services [26] - **Future Expansion**: The business model is expected to expand from commercial vehicles to the passenger vehicle market, leveraging the large and rapidly growing passenger vehicle sector [16] Regulatory and Market Dynamics - **Regulatory Changes**: Current industry regulations encourage companies to publicly share positive progress, contrasting with previous practices where delivery stages were not publicly communicated [7] - **Market Demand**: The demand for solid-state battery technology is increasing due to the emergence of new technologies, presenting positive development opportunities for equipment manufacturers [5] This summary encapsulates the key points discussed in the conference call, highlighting the strategic direction, partnerships, and market opportunities for Xingyun Co., Ltd. in the solid-state battery and insurance sectors.

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The Electric Equipment sector saw a slight increase of 0.17% [1] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [1] - The Electronic sector had the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Electric Equipment Sector Performance - In the Electric Equipment sector, 358 stocks were tracked, with 99 stocks rising and 252 stocks declining; 5 stocks hit the daily limit up [2] - The top net inflow stock was Ningde Times, with a net inflow of 378 million yuan, followed by Tongguan Copper Foil and Kelu Electronics with inflows of 219 million yuan and 178 million yuan respectively [2] - The sector experienced a total net outflow of 4.576 billion yuan, with 11 stocks seeing outflows exceeding 100 million yuan; the largest outflows were from Rongfa Nuclear Power, Sunshine Power, and Nord Shares, with outflows of 327 million yuan, 250 million yuan, and 226 million yuan respectively [2][3] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Ningde Times: +2.84%, turnover rate 0.75%, main capital flow 377.94 million yuan - Tongguan Copper Foil: +20.02%, turnover rate 48.19%, main capital flow 218.52 million yuan - Kelu Electronics: +10.06%, turnover rate 7.49%, main capital flow 178.39 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Rongfa Nuclear Power: +0.42%, turnover rate 33.08%, main capital flow -327.43 million yuan - Sunshine Power: -0.57%, turnover rate 3.01%, main capital flow -249.65 million yuan - Nord Shares: -4.98%, turnover rate 14.04%, main capital flow -226.20 million yuan [3]

Group 1 - The core point of the news is that Xingyun Co., Ltd. has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -5.68% [1] - Xingyun Co., Ltd. specializes in the research, development, and production of lithium battery pack testing equipment, intelligent manufacturing solutions for lithium battery packs, energy storage inverters, and charging piles [1] - The financial report indicates that the Xinda Aoya Fund's Xin'ao New Energy Industry Stock A has entered the top ten shareholders of Xingyun Co., Ltd. and is a new addition in the first quarter of this year [1] Group 2 - The fund manager of Xin'ao New Energy Industry Stock A is Feng Mingyuan, who has a master's degree in engineering from Zhejiang University and has been with Xinda Aoya Fund since January 2014 [4][5] - Feng Mingyuan has held various positions, including researcher, deputy general manager, and chief investment officer, and has managed multiple funds since 2016 [4][5] - The performance of Xin'ao New Energy Industry Stock A this year is reported at a yield of 3.95%, ranking 595 out of 993 in its category [1]

Core Viewpoint - The company, Xingyun Co., is recognized as a leading enterprise in lithium battery testing technology and has strategically positioned itself in the solid-state battery sector, successfully completing bulk deliveries to major battery manufacturers [1] Group 1 - The company has established a significant presence in the solid-state battery market, indicating a proactive approach to industry trends [1] - The company has successfully delivered products in bulk to leading battery enterprises, showcasing its operational capabilities and market acceptance [1]

Group 1 - The core viewpoint of the news is that Guangzhou Xueqiu Investment has conducted research on a listed company, Xingyun Co., which is expected to see growth in revenue and profit in Q1 2025 due to the recovery of downstream customer demand and accelerated overseas expansion [1] - Xingyun Co. has made advancements in solid-state battery technology and has completed bulk deliveries to leading battery manufacturers [1] - The new regulations on safety requirements for electric vehicle batteries are expected to enhance product quality and promote industry development [1] Group 2 - The company has implemented a 60-day payment policy to optimize cash flow within the new energy vehicle supply chain and will strengthen accounts receivable management [1] - Xueqiu, established in 2013, is known for its unique investment management approach, focusing on value investment and seeking opportunities in monopolistic companies with economic moats [2] - The firm has achieved an average annualized performance of 36% since its inception, demonstrating strong research and management capabilities [2]