Group 1 - The Shanghai Composite Index closed at 3869.98 points, slightly down by 0.21%, with a total trading volume of 12,650.90 billion yuan [1] - A total of 30 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates including Gongyuan Co., Xiling Power, and Jingzhuang Technology at 4.79%, 4.56%, and 4.32% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Juzan Optoelectronics, Haidaer, and China Merchants Shekou [1] Group 2 - The top three stocks with the highest deviation rates from the annual line are as follows: - Gongyuan Co. (4.88% increase, latest price 4.51 yuan, deviation rate 4.79%) - Xiling Power (6.50% increase, latest price 17.69 yuan, deviation rate 4.56%) - Jingzhuang Technology (5.24% increase, latest price 13.45 yuan, deviation rate 4.32%) [1] - Other notable stocks with positive performance include Mingzhi Electric (3.80% increase), Innotec (3.08% increase), and Tianwei Vision (3.97% increase) [1] - The trading turnover rates for these stocks vary, with Gongyuan Co. at 5.05%, Xiling Power at 4.24%, and Jingzhuang Technology at 4.70% [1]

因吴传华先生辞职将导致公司董事会独立董事人数占董事会成员比例低于三分 之一，根据《上市公司独立董事管理办法》及《公司章程》的规定，吴传华先生的 辞职报告将在公司股东会选举产生新的独立董事后生效。在新任独立董事就任前， 吴传华先生将继续履行独立董事及董事会各专门委员会职责。 吴传华先生未持有公司股份，不存在应履行未履行的承诺事项。吴传华先生在 担任独立董事期间，秉持客观、独立、审慎的原则，切实履行独立董事职责，维护 公司及中小股东合法权益，充分发挥独立董事的监督作用。公司董事会对吴传华先 生在任职期间为公司规范运作、经营发展作出的贡献表示衷心感谢！ 成都西菱动力科技股份有限公司董事会 证券代码：300733 证券简称：西菱动力 公告编号：2025-078 成都西菱动力科技股份有限公司 关于独立董事任期届满的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 成都西菱动力科技股份有限公司（以下简称"公司"）董事会于近日收到独立 董事吴传华先生的书面辞职报告。吴传华先生于 2019 年 11 月 4 日当选公司独立董 事并连选连任已满六年，根据《上市公司独立董事管 ...

Core Viewpoint - Xiling Power's stock price has experienced fluctuations, with a year-to-date increase of 46.30% but a recent decline in the last 5, 20, and 60 trading days [2][3] Group 1: Stock Performance - As of December 2, Xiling Power's stock price was 17.00 CNY per share, with a market capitalization of 5.196 billion CNY [1] - The stock has seen a net outflow of 3.1248 million CNY in principal funds, with large orders accounting for 6.10% of buying and 16.98% of selling [1] - Year-to-date, the stock has risen by 46.30%, but it has declined by 1.22% in the last 5 trading days, 7.91% in the last 20 days, and 18.54% in the last 60 days [2] Group 2: Company Overview - Xiling Power, established on September 30, 1999, is located in Chengdu, Sichuan Province, and was listed on January 16, 2018 [3] - The company specializes in the research, design, manufacturing, and sales of engine components, with 89.44% of its revenue coming from engine parts, 8.53% from aviation parts, and 2.03% from other sources [3] - The company is classified under the automotive industry, specifically in automotive parts related to chassis and engine systems [3] Group 3: Financial Performance - For the period from January to September 2025, Xiling Power reported revenue of 1.353 billion CNY, a year-on-year increase of 14.74%, and a net profit attributable to shareholders of 75.7637 million CNY, up 103.94% year-on-year [3] - Since its A-share listing, the company has distributed a total of 94.1718 million CNY in dividends, with 34.1718 million CNY distributed in the last three years [4] Group 4: Shareholder Information - As of September 30, 2025, Xiling Power had 21,400 shareholders, a decrease of 0.63% from the previous period, with an average of 10,559 circulating shares per shareholder, an increase of 0.64% [3] - Notable changes in institutional holdings include a decrease in shares held by Huaxia Industry Prosperity Mixed A and new entries from Nuoan Hexin Mixed A and Huaxia Excellent Growth Mixed A [4]

Core Viewpoint - The automotive industry's transition to electrification is a definitive trend, leading major global component manufacturers to strategic crossroads that will shape the competitive landscape. Schaeffler Group's recent agreement to sell its turbocharger business in China to Xiling Power Technology marks a significant step in its strategy to divest from internal combustion engine (ICE) operations and focus on electric vehicle (EV) technologies [2][3][4]. Group 1: Schaeffler's Strategic Moves - Schaeffler has sold 100% of the shares of Weipai Automotive Electronics (Shanghai) Co., Ltd., which operates the turbocharger business in China, due to its ongoing financial losses, with a projected revenue of approximately €100 million in 2024 and a net loss of ¥22.58 million in 2024 [3][4]. - The divestment aligns with Schaeffler's core strategy of transitioning towards electrification, as the turbocharger business significantly diverges from this focus [3][5]. - Schaeffler's restructuring plan includes the formation of four core divisions, with the electric drive division expected to grow from 9% of total revenue in 2022 to 31% by 2030, while the ICE-related business is projected to decline from 53% to 28% in the same period [4][5]. Group 2: Xiling Power's Acquisition Strategy - Xiling Power's acquisition of Weipai Electronics is characterized by a cash payment structure, with an initial payment of only 1 yuan, indicating a strategic move to capitalize on the market potential of turbochargers amid the dual trends of fuel vehicle upgrades and new energy development [9][10]. - The company believes that the turbocharger market will continue to thrive, particularly in the mid-to-high-end fuel vehicle sector and through the growth of plug-in hybrid vehicles, which are expected to see significant production increases in 2024 [9][10]. - Xiling Power plans to enhance profitability post-acquisition by improving management efficiency, optimizing procurement channels, and implementing refined management practices to boost production efficiency and product quality [10]. Group 3: Market Dynamics and Future Outlook - The contrasting decisions of Schaeffler and Xiling Power reflect differing strategic assessments of the turbocharger business's future, with Schaeffler opting to divest due to financial pressures and a focus on electrification, while Xiling Power sees potential for growth [11][12]. - Despite the shift towards electrification, the turbocharger market is expected to maintain a solid demand foundation, with aftermarket needs likely to persist for 8 to 10 years, providing a buffer against the immediate impacts of the transition [12][13]. - The evolving landscape suggests a "giant exit, local replacement" scenario, where Chinese companies can leverage international assets and optimize operations to achieve breakthroughs in traditional markets [13].

证券代码：300733 证券简称：西菱动力 公告编号：2025-077 成都西菱动力科技股份有限公司 2025 年第四次临时股东会决议公告 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。 特别提示 1、 本次股东会未出现否决议案的情况； 2、 本次股东会不涉及变更前次股东会决议。 一、会议召开情况 1、 会议召开时间 （1）现场会议召开时间为：2025 年 11 月 12 日（星期三）14:30。 二、会议出席情况 本次会议出席会议股东及股东代表 149 人，代表股份 116,373,356 股，占公司有 表决权股份总数的 38.3960％。通过现场投票的股东 5 人，代表股份 106,759,218 股， 占公司有表决权股份总数的 35.2240％。通过网络投票的股东 144 人，代表股份 9,614,138 股，占公司有表决权股份总数的 3.1721％。通过现场和网络投票的中小股 东 145 人，代表股份 9,614,238 股，占公司有表决权股份总数的 3.1721％。 公司部分董事、高级管理人员出席或列席本次会议，公司聘请的律师出席了本 次会议。本次会 ...

北京德恒律师事务所 关于成都西菱动力科技股份有限公司 2025 年第四次临时股东会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于成都西菱动力科技股份有限公司 2025年第四次临时股东会的法律意见 北京德恒律师事务所 关于成都西菱动力科技股份有限公司 2025 年第四次临时股东会的 法律意见 德恒 01G20250611-03 号 致：成都西菱动力科技股份有限公司 （五）公司本次会议现场参会股东到会登记记录及凭证资料； （六）公司本次会议股东表决情况凭证资料； 成都西菱动力科技股份有限公司（以下简称"公司"）2025 年第四次临时 股东会（以下简称"本次会议"）于 2025 年 11 月 12 日（星期三）召开。北京 德恒律师事务所（以下简称"德恒"）受公司委托，指派杨兴辉律师、黄丽萍律 师（以下简称"德恒律师"）出席了本次会议，并根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司 法》"）、中国证券监督管理委员会《上市公司股东会规 ...

Core Viewpoint - Schaeffler Group is advancing its "decarbonization" strategy by selling its internal combustion engine-related business in China, specifically the turbocharger operations of Weichai Technology, to Chengdu Xiling Power Technology Co., Ltd. This move is part of Schaeffler's ongoing efforts to divest non-core internal combustion engine operations and is a significant step in the integration process following its acquisition of Weichai Technology [2][8][10]. Summary by Sections Transaction Details - Schaeffler has signed an agreement to sell 100% of Weichai Automotive Electronics (Shanghai) Co., Ltd., which operates the turbocharger business in China. The expected revenue for 2024 is approximately €100 million, but the company is facing significant losses, with a net loss of ¥22.58 million in 2024 and a further increase to ¥46.06 million in the first three quarters of the year [3][5]. - The transaction will be completed through a cash payment, with a nominal base payment of ¥1, and the final price will be adjusted based on various financial metrics at the time of closing [5]. Strategic Implications - Chengdu Xiling Power views the turbocharger as a critical component in the mid-term power system, especially in the context of the automotive industry's shift towards hybrid and upgraded fuel vehicles. The company believes there is still substantial market potential for turbochargers [6]. - The acquisition is seen as an opportunity for Xiling Power to leverage Weichai's technological advantages in automated digital production lines and precision manufacturing processes, as well as its established relationships with major clients like Volkswagen [6]. Schaeffler's Business Restructuring - Schaeffler's divestment of the turbocharger business is part of a broader restructuring strategy following its acquisition of Weichai Technology, which is aimed at focusing on four core business divisions: electric drive, powertrain and chassis, vehicle lifecycle solutions, and bearings and industrial solutions. The electric drive division is identified as a strategic priority [8][10]. - The company has explicitly categorized the internal combustion engine turbocharger business as non-core and has initiated its sale to optimize resource allocation and free up capital for its core electric drive operations [10]. - Despite the divestment, Schaeffler acknowledges that internal combustion engine optimization and hybrid-related products will continue to be important for profit and cash flow in the foreseeable future [10].

Group 1 - Triangle Defense signed a gas turbine project development agreement and framework order agreement with Siemens Energy, allowing the company to qualify for supplying specific items to Siemens Energy [1] - The framework order agreement requires Triangle Defense to deliver products and tooling according to procurement orders and ensure quality standards [1] - Triangle Defense specializes in the research, production, sales, and service of forged products in the aerospace, aviation, and marine industries [1] Group 2 - Jindi Group reported a 65.78% year-on-year decline in signed amount for October, totaling 1.92 billion yuan, with a signed area of 184,000 square meters, down 53.30% year-on-year [2] - For the first ten months, Jindi Group's cumulative signed area was 1.976 million square meters, down 50.45%, and the signed amount was 26.1 billion yuan, down 55.33% [2] - Jindi Group is engaged in real estate development and sales, commercial real estate, and property management [2] Group 3 - Morning Light New Materials announced a plan for a shareholder to reduce holdings by up to 0.96% of the company's shares [3] - The reduction will occur through block trading starting from November 12, 2025 [3] - Morning Light New Materials focuses on the research, production, and sales of functional silanes and other silicon-based new materials [3] Group 4 - Sanjiang Shopping announced a plan for its second-largest shareholder to reduce holdings by up to 3% of the company's shares [4] - The reduction will take place through centralized bidding and block trading starting from November 27, 2025 [4] - Sanjiang Shopping specializes in the development and sales of community fresh supermarkets [5] Group 5 - Wen Tai Technology announced a plan for a shareholder to reduce holdings by up to 3% of the company's shares [11] - The reduction will occur through block trading and centralized bidding starting from November 27, 2025 [11] - Wen Tai Technology is involved in the research and development of mobile communication, semiconductors, and electronic components [11] Group 6 - Xi Ling Power announced a plan to acquire 100% equity of Weipai Automotive [18] - The acquisition involves cash payment and targets a company specializing in turbochargers, serving international automotive clients [18] - Xi Ling Power focuses on the research, production, and sales of automotive parts [18] Group 7 - Financial Securities plans to distribute a cash dividend of 0.6 yuan per 10 shares to all shareholders, totaling 276 million yuan [24] - The dividend distribution is based on the total share capital of 4.603 billion shares as of September 30, 2025 [24] - Financial Securities is engaged in wealth management, investment banking, and various securities-related businesses [24]

Domestic News - The State Council Tariff Commission has decided to adjust the additional tariff measures on imports from the United States, suspending the 24% tariff for one year while retaining a 10% tariff starting from November 10, 2025 [2] - Shanghai has achieved a cumulative promotion of over 220,000 new energy vehicles from January to September this year, marking a year-on-year increase of 25.4%, and leading global cities with a total of 1.87 million vehicles [3] - The China International Automotive Parts and Aftermarket Services (USA) Exhibition opened in Las Vegas, featuring over 100 Chinese automotive parts companies, covering the entire industry chain of both new energy and traditional vehicles [4] International News - Major automotive manufacturers, including General Motors, Tesla, Toyota, Hyundai, Volkswagen, and Ford, have urged the U.S. government to extend the United States-Mexico-Canada Agreement (USMCA) [5] Corporate News - Toyota reported an operating profit of 839.55 billion yen for the second quarter of fiscal year 2026, a decrease of 27% year-on-year, while net profit increased by 62% to 932.08 billion yen [6] - First Brands, a U.S. automotive parts supplier, has filed for bankruptcy, alleging that its founder defrauded the company of billions through falsified financial data and transactions [7] - Leap Motor responded to rumors of a potential acquisition by FAW Group, stating that the reports are untrue [8] - BYD plans to launch its high-end brand "Yangwang" in the Middle East in early 2026, with plans to expand into Europe and the Americas thereafter [9][10] - XPeng Motors announced plans to launch three Robotaxi models in 2026, with operations commencing the same year, designed for L4-level autonomous driving [11] - Porsche's global CEO revealed that a locally developed in-car entertainment system for the Chinese market will be available in Porsche models by 2026 [12] - Tesla China reported wholesale sales of 61,497 vehicles in October, down from 90,812 in September [13] - BMW Automotive Finance Company has undergone a leadership change, with a new chairman appointed [14] - EVE Energy announced that its controlling shareholder plans to transfer 40.7768 million shares, reducing their stake from 39.92% to 37.85% [15] - Xiling Power plans to acquire 100% of Weipai Automotive Electronics (Shanghai) Co., Ltd., with the transaction not constituting a related party transaction or a major asset restructuring [16]

Key Points - Antai Group's stock price deviates from its fundamentals, indicating risks of market sentiment overheating and irrational speculation [1] - Huatai plans to invest in a carbon dioxide comprehensive utilization project with an annual production capacity of 120,000 tons of amino resin [1] - Guizhou Moutai intends to repurchase shares worth between 1.5 billion to 3 billion yuan [2] - Jindi Group's cumulative signed amount from January to October is 26.1 billion yuan, a year-on-year decrease of 55.33% [2] - Ningbo Port expects to complete a cargo throughput of 99.6 million tons in October, a year-on-year increase of 5.3% [2] - Kaimeite Gas plans to reduce its shareholding by no more than 3% [3] - Hualan Co., Ltd. intends to increase its stock holdings by 30 million to 60 million yuan [3] - Haoneng Co., Ltd. plans to issue convertible bonds to raise no more than 1.8 billion yuan for core components of intelligent manufacturing projects [3]