中信建投证券股份有限公司 关于 江苏雷利电机股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐人 二〇二五年十二月 保荐人出具的上市保荐书 保荐人及保荐代表人声明 在本上市保荐书中，除非另有说明，下列词语具有如下特定含义： 保荐人、主承销商、中信建投 证券 指 中信建投证券股份有限公司 发行人、江苏雷利、公司 指 江苏雷利电机股份有限公司 本次发行 指 公司本次向不特定对象发行可转换公司债券并募集 资金的行为 可转债 指 可转换公司债券 募集说明书 指 《江苏雷利电机股份有限公司向不特定对象发行可 转换公司债券募集说明书》 上市保荐书 指 《中信建投证券股份有限公司关于江苏雷利电机股 份有限公司向不特定对象发行可转换公司债券之上 市保荐书》 公司章程 指 《江苏雷利电机股份有限公司章程》 股东会 指 江苏雷利电机股份有限公司股东会 董事会 指 江苏雷利电机股份有限公司董事会 中国证监会、证监会 指 中国证券监督管理委员会 深交所、交易所 指 深圳证券交易所 公司法 指 《中华人民共和国公司法》 证券法 指 《中华人民共和国证券法》 报告期、最近三年及一期 指 2022 年度、2023 年度、2 ...

Core Points - The Shanghai Composite Index closed at 3875.79 points, slightly down by 0.06%, with a total trading volume of 1561.665 billion yuan [1] - A total of 56 A-shares have surpassed the half-year line, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is above the half-year line, indicating a stable market performance [1] - The total trading volume for A-shares today reached 1561.665 billion yuan [1] Notable Stocks - Stocks with the highest deviation rates from the half-year line include: - Huawu Co., Ltd. (300095) with a deviation rate of 12.77% and a price increase of 19.96% [1] - Hengerd (300946) with a deviation rate of 11.14% and a price increase of 20.01% [1] - Yingqu Technology (002925) with a deviation rate of 8.13% and a price increase of 10.02% [1] - Other stocks that have just crossed the half-year line include Ruifeng Bank, Baosheng Co., and Guosheng Zhike, which have smaller deviation rates [1] Detailed Stock Data - A detailed table lists various stocks, their trading performance, turnover rates, half-year line prices, latest prices, and deviation rates, highlighting the performance of each stock [1][2]

Market Overview - On December 4, A-shares showed mixed performance with the Shanghai Composite Index down 0.06% at 3875 points, while the Shenzhen Component Index rose by 0.4% and the ChiNext Index increased by 1.01% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.55 trillion yuan, a decrease of 121 billion yuan compared to the previous trading day [1] Sector Performance - The robotics sector experienced a surge, with stocks like Hengerdai, Haichang New Materials, and Huawu Co. hitting the 20% daily limit up [4][5] - The commercial aerospace concept also strengthened, with multiple stocks including Dahua Intelligent and Sichuan Jinding reaching their daily limit [7] - The semiconductor sector saw gains, with Hongwei Technology rising over 9% [9][10] - The film and cinema sector rallied, with Bona Film Group increasing by over 9% [11][12] - The Hainan sector faced declines, with stocks like Roniu Mountain and Hainan Ruize hitting the daily limit down [13][14] - The liquor sector weakened, with companies like Shede Liquor and Luzhou Laojiao dropping over 3% [15][16] Key Stock Movements - Notable gainers in the robotics sector included: - Hengerdai: +20.01% at 58.60 yuan - Haichang New Materials: +19.99% at 25.57 yuan - Huawu Co.: +19.96% at 11.24 yuan [5][8] - In the commercial aerospace sector, Haichang New Materials and Huawu Co. also saw significant increases [7] - The semiconductor sector's notable performers included: - Hongwei Technology: +9.55% at 28.00 yuan - Zhongke Blue News: +8.90% at 158.53 yuan [10] - In the film sector, Bona Film Group rose by 9.06% to 8.55 yuan [12] Future Outlook - UBS China strategists expect the A-share market to continue its upward trend, projecting an increase in earnings growth to 8% in 2026, up from 6% in 2025 [19]

Core Viewpoint - The humanoid robot sector is experiencing strong performance, with several companies seeing significant stock price increases, indicating a growing interest and investment in this emerging technology [1][2]. Group 1: Stock Performance - Companies such as Huawu Co., Ltd. (华伍股份), Junya Technology (骏亚科技), and others have reached their daily price limits, showcasing robust market activity in the humanoid robot sector [1]. - Notable stock price increases include: - Sanxie Electric (三协电机) up by 20.88% - Huawu Co., Ltd. up by 19.96% - Dema Technology (德马科技) up by 13.45% - Jiangsu Leili (江苏雷利) up by 11.64% [2]. Group 2: Company Developments - Huawu Co., Ltd. focuses on the research, development, manufacturing, and sales of industrial brakes and control systems, positioning itself as a leading player in the industry [3]. - The company is actively developing ultra-thin electromagnetic brakes suitable for humanoid robots, moving from design to prototype testing, which supports its market entry strategy [3]. - The commercialization of humanoid robots is accelerating, with significant announcements from companies like Tesla and others regarding their advancements and production plans for humanoid robots [3].

今日截至13:39，机器人ETF(562500) 逆势走强，上涨1.81%，盘中持续运行在分时均线上方，展现 出良好的韧性与上攻意愿。持仓股方面，多头情绪高涨，固高科技飙升超18%领涨，巨轮智能强势涨 停，江苏雷利、步科股份等核心个股涨幅均超8%。流动性方面，盘中成交额逼近13亿元，交投维持高 热度。 招商证券表示，下游的整机厂商在产业链中处于统筹位置，负责软硬件系统集成与算法适配。当前 主流企业多聚焦于工业制造与仓储物流场景，通过模块复用、算法训练与结构优化加速商业化落地。随 着AI算法持续迭代与供应链成熟，量产化节点预计将在2025年后逐步显现。 机器人ETF(562500) 是全市场唯一规模超两百亿的机器人主题ETF，成分股覆盖人形机器人、工业 机器人、服务机器人等多个细分领域，帮助投资者一键布局机器人上中下游产业链。场外联接(华夏中 证机器人ETF发起式联接A：018344；华夏中证机器人ETF发起式联接C：018345)。 每日经济新闻 （责任编辑：董萍萍 ） 消息方面，中国移动近日正式发布家庭服务型具身智能产品 ——"灵犀"四足机器人。作为中国移 动首款消费级四足机器人，"灵犀" 以 "拟人化交互 ...

机器人概念股掀涨停潮。 4日早盘，A股主要股指盘中探底回升，创业板指一度涨超1%；港股亦上扬，恒生科技指数一度涨超 1%。 具体来看，A股三大股指早盘短线冲高后震荡回落，盘中拉升集体翻红。截至午间收盘，沪指微涨 0.04%报3879.52点，深证成指涨0.35%，创业板指涨0.76%，科创50指数涨0.92%，沪深北三市合计成交 10403亿元。 盘面上，小盘股整体疲弱，旅游餐饮、煤炭、酿酒、食品饮料等板块走低；券商板块异动，长城证券 （002939）领涨；机器人概念爆发，海昌新材（300885）、华伍股份（300095）等多股涨停，江苏雷利 （300660）涨超10%；商业航天概念再度活跃，航天环宇、招标股份（301136）等涨超10%。值得注意 的是，人气牛股海王生物（000078）斩获7连板。 另有两位人士表示，美国政府正考虑在明年发布一项关于机器人技术的行政命令。 美国商务部发言人回应称："我们致力于推动机器人和先进制造业，因为它们是让关键生产回流美国的 核心。" 据一位熟悉计划的人士透露，美国交通部也正准备成立一个机器人工作组，可能在年底前宣布。除此以 外，美国国会议员对机器人技术的兴趣也在上升，共 ...

Market Overview - The electric motor sector increased by 1.58% compared to the previous trading day, with China Electric Motor leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Top Performers - China Electric Motor (603988) closed at 25.95, up 5.15% with a trading volume of 106,500 shares and a turnover of 279 million yuan [1] - Wolong Electric Drive (600580) closed at 43.06, up 3.63% with a trading volume of 1,009,400 shares and a turnover of 4.328 billion yuan [1] - Ananda (603350) closed at 38.19, up 2.88% with a trading volume of 16,400 shares and a turnover of 6.221 million yuan [1] Underperformers - Bafang Electric (603489) closed at 32.21, down 4.99% with a trading volume of 96,500 shares and a turnover of 314 million yuan [2] - Kangping Technology (300907) closed at 30.50, down 2.93% with a trading volume of 37,900 shares and a turnover of 117 million yuan [2] - Huari Technology (300626) closed at 14.61, down 2.08% with a trading volume of 167,000 shares and a turnover of 245 million yuan [2] Capital Flow - The electric motor sector saw a net inflow of 244 million yuan from institutional investors, while retail investors experienced a net outflow of 61.81 million yuan [2][3] - Wolong Electric Drive had a net inflow of 379 million yuan from institutional investors, but a net outflow of 140 million yuan from retail investors [3] - China Electric Motor had a net inflow of 10.76 million yuan from institutional investors, with retail investors showing a net outflow of 13.73 million yuan [3]

Core Insights - The voice coil motor (VCM) market in China is projected to reach approximately 2.231 billion yuan in 2024, reflecting a year-on-year growth of 9.52% driven by the increasing demand in various sectors such as smartphones, industrial automation, and medical devices [1][9][10]. Industry Overview - VCM operates based on the Lorentz force principle, converting electrical energy directly into linear mechanical energy without the need for gears or screws, making it suitable for high-precision positioning and rapid linear motion [2][4]. - The VCM technology encompasses three main types: linear, swing, and multi-axis, each designed for specific applications ranging from autofocus in cameras to complex movements in semiconductor equipment [4][5]. Industry Supply Chain - The upstream supply chain includes raw materials such as magnetic materials, coil materials, and electronic components, while the midstream focuses on the manufacturing of VCMs, and the downstream applications span consumer electronics, automotive electronics, and medical devices [6]. Key Components - The core components of VCM include the permanent magnet assembly, the moving coil, and the guiding mechanism, which collectively ensure rapid response and precise control [7][8]. Market Dynamics - The demand for VCMs in smartphones is expected to remain stable, with the number of VCMs per device increasing from 2-3 to 5-8 due to the trend of multi-camera setups and higher pixel counts [9]. - The penetration of high-end smartphone models is driving the increase in VCM prices and profit margins [9]. Key Companies - Shenzhen Xinyi Chang focuses on semiconductor equipment and has achieved over 90% yield in its VCM applications, while Jiangsu Leili specializes in medical and automotive applications, with its VCMs being used in ventilators and laser radars [10][11]. Industry Trends 1. The application of new materials, such as high-temperature superconducting coils and neodymium iron nitrogen magnets, is reshaping performance boundaries and cost structures, particularly in high-demand sectors like automotive and medical [12]. 2. The integration of AI algorithms and edge computing is transitioning VCMs from passive execution to autonomous decision-making, leading to new business models that combine hardware and software services [13]. 3. The trend towards multi-dimensional integration is transforming VCMs from standard components to comprehensive system solutions, enhancing product value and profit margins [14][15].

二、进展情况 近日，公司收到雷利投资的通知，获悉其股权变更的工商登记手续已经完成 并已取得江苏常州经济开发区管理委员会出具的《登记通知书》（（0484taobc） 登字[2025]第 11240046 号）。雷利投资本次工商变更后，公司控股股东不变， 公司的实际控制人由苏建国先生变更为苏建国先生和苏达先生。 本次股权转让事项系公司控股股东雷利投资层面的股权结构变更，不会导致 公司控股股东发生变化，不会影响公司经营的稳定性，不会引起公司管理层变动， 亦不会影响公司的独立性和持续经营能力。 证券代码：300660 证券简称：江苏雷利 编号：2025-078 江苏雷利电机股份有限公司 关于控股股东股权结构变更及增加实际控制人的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、控股股东层面股权结构变更的情况概述 江苏雷利电机股份有限公司（以下简称"公司"或"江苏雷利"）于 2025 年 10 月 23 日披露了《关于控股股东股权结构变更及增加实际控制人的提示性公 告》（公告编号：2025-073）。 ...

11月17日，江苏雷利盘中上涨2.01%，截至11:06，报48.20元/股，成交1.31亿元，换手率0.62%，总市值 215.52亿元。 分红方面，江苏雷利A股上市后累计派现10.27亿元。近三年，累计派现5.31亿元。 机构持仓方面，截止2025年9月30日，江苏雷利十大流通股东中，永赢先进制造智选混合发起A （018124）位居第四大流通股东，持股605.07万股，相比上期减少13.26万股。华夏中证机器人ETF （562500）位居第五大流通股东，持股493.37万股，相比上期增加91.99万股。香港中央结算有限公司位 居第七大流通股东，持股288.87万股，相比上期增加91.77万股。华商润丰混合A（003598）位居第八大 流通股东，持股216.24万股，相比上期增加42.32万股。天弘中证机器人ETF（159770）位居第十大流通 股东，持股196.50万股，相比上期增加34.42万股。南方中证1000ETF（512100）退出十大流通股东之 列。 责任编辑：小浪快报 今年以来江苏雷利已经1次登上龙虎榜，最近一次登上龙虎榜为2月21日，当日龙虎榜净买入3.10亿元； 买入总计5.66亿元 ，占 ...