Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into the performance of various sectors within the equipment manufacturing industry, indicating a mixed outlook for different segments [1][7]. Core Insights - The domestic engineering machinery market is experiencing a short-term decline in activity, with May 2025 data showing a 3.86% year-on-year decrease in average working hours and a 5.01 percentage point drop in operating rates [2][10]. - The automotive sector shows resilience, with a 6% year-on-year increase in daily retail sales of passenger cars during the last week of May 2025, supported by promotional strategies from manufacturers [2][10]. - In the photovoltaic sector, prices for battery cells and modules have stabilized, but demand remains weak, particularly for photovoltaic glass, which is experiencing price declines due to reduced purchasing from downstream component manufacturers [2][10]. Summary by Sections Market Overview - From June 3 to June 6, 2025, the indices for machinery equipment, power equipment, and automotive sectors changed by 0.93%, 1.38%, and 0.17% respectively, ranking 19th, 14th, and 25th among 31 primary industries [7][10]. Industry News and Key Company Announcements - As of April 2025, China's renewable energy generation capacity reached 2.017 billion kilowatts, a 58% year-on-year increase, with wind, solar, and nuclear power surpassing thermal power capacity [2][18]. - A humanoid robot manufacturer has completed a Series A financing round exceeding 100 million RMB, indicating growing investment in robotics [2][18]. - China National Power Engineering Group signed a 1GW project order in Azerbaijan, highlighting international expansion in renewable energy projects [2][20].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into the performance of various sectors within the equipment manufacturing industry, indicating a mixed outlook for different segments [1][2]. Core Insights - The domestic engineering machinery market is experiencing a short-term decline in activity, with May 2025 data showing a 3.86% year-on-year decrease in average working hours and a 5.01 percentage point drop in operating rates [2]. - The automotive sector shows resilience, with a 6% year-on-year increase in daily retail sales of passenger vehicles in late May 2025, supported by promotional strategies from manufacturers [2]. - The photovoltaic sector is facing challenges, with a slowdown in demand for solar glass and a general decline in prices for various products, indicating a weak market outlook [2]. Summary by Sections Market Overview - From June 3 to June 6, 2025, the indices for machinery equipment, power equipment, and automotive sectors changed by 0.93%, 1.38%, and 0.17% respectively, ranking 19th, 14th, and 25th among 31 primary industries [7][10]. Engineering Machinery - The average working hours for major engineering machinery products in May 2025 were 84.5 hours, down 3.86% year-on-year and 6.25% month-on-month. The operating rate was 59.5%, reflecting a 5.01 percentage point year-on-year decline [2]. Automotive Sector - In the last week of May 2025, the average daily retail sales of passenger vehicles reached 95,000 units, a 6% increase compared to the same period last year, although it represented a 7% decrease from the previous month [2]. Photovoltaic Sector - The prices of photovoltaic cells and modules have seen a slowdown in their decline, but overall demand remains weak, particularly for solar glass, which is experiencing price pressure due to reduced purchasing needs from downstream component manufacturers [2]. Industry News - As of April 2025, China's renewable energy generation capacity reached 2.017 billion kilowatts, a 58% year-on-year increase, with wind, solar, and nuclear power surpassing thermal power capacity for the first time [2].

Core Viewpoint - The latest financing balance of the ChiNext market is 339.848 billion yuan, with a week-on-week increase of 0.221 billion yuan, indicating a positive trend in financing activities [1] Financing Balance Overview - The total margin balance of ChiNext stocks reached 340.760 billion yuan, increasing by 0.217 billion yuan compared to the previous trading day, marking three consecutive days of growth [1] - Among the 474 stocks with increased financing balances, 18 stocks saw an increase of over 10%, with the largest increase being 59.41% for Kaile Co., Ltd. [1][3] - The average increase for stocks with over 10% growth was 2.86%, with notable performers including Hengbo Co., Ltd. and Fusa Technology, which rose by 9.48% and 8.05% respectively [1][3] Major Stocks with Increased Financing Balances - Kaile Co., Ltd. (301070) had a financing balance of 189.106 million yuan, with a week-on-week increase of 59.41% and a closing price of 77.24 yuan, up 0.31% [3] - Fusa Technology (301529) saw a financing balance of 76.752 million yuan, increasing by 49.68% with a closing price of 35.85 yuan, up 8.05% [3] - Hengbo Co., Ltd. (301225) had a financing balance of 139.513 million yuan, up 43.84%, closing at 64.00 yuan, an increase of 9.48% [3] Stocks with Decreased Financing Balances - A total of 458 stocks experienced a decrease in financing balances, with 36 stocks declining by over 5% [4] - Tianyuan Pet (301335) had the largest decrease, with a financing balance of 136.817 million yuan, down 22.32% and a closing price of 35.16 yuan, down 9.26% [4][5] - Other notable declines include Ha Welding Technology (301137) and Songyuan Safety (300893), with decreases of 14.31% and 12.75% respectively [4][5] Capital Flow Insights - On May 28, 14 stocks with increased financing balances saw net inflows of main funds, with the highest inflows for Bochuang Technology and Hengbo Co., Ltd. at 177 million yuan and 56.727 million yuan respectively [2] - Conversely, four stocks experienced net outflows, with the largest outflow from Haojiang Intelligent at 24.039 million yuan [2]

Investment Rating - The report maintains a "Recommendation" rating for the humanoid robotics industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The humanoid robotics sector is experiencing significant investment activity, with multiple companies securing substantial funding rounds, indicating strong market interest and growth potential [5][10][12]. - Partnerships between major tech firms, such as Huawei and UBTECH, are expected to enhance product development and application in industrial and household scenarios, further driving industry growth [2]. - The report highlights the emergence of autonomous logistics as a rapidly deployable application for embodied intelligence, with the potential to unlock a market exceeding 100 billion [12]. Summary by Sections Investment Activities - Skild AI is set to complete a $500 million financing round at a valuation of $4.2 billion, led by SoftBank and other prominent investors, aimed at expanding its robotics capabilities [1]. - Qianjue Robotics announced the completion of a multi-million angel round financing to accelerate technology development and product iteration [3]. - Ziyuan Robotics completed a multi-million A round financing, with funds directed towards the development of its end-to-end embodied intelligence model [5]. Strategic Partnerships - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in humanoid robotics, leveraging Huawei's technological capabilities and UBTECH's expertise [2]. - Yujian Technology and Tencent Cloud have deepened their strategic cooperation to accelerate innovation in embodied intelligence technology across various applications [4]. Market Performance - The humanoid robotics industry has shown strong performance metrics, with a notable increase in stock prices for key players, indicating robust investor confidence [17]. - The report outlines a significant increase in the number of financing events in the humanoid robotics sector, reflecting a growing interest from venture capital and institutional investors [18][20].

Group 1 - Huawei automotive concept stocks rose by 2.18%, ranking fourth among concept sectors, with 138 stocks increasing in value [1][2] - Notable gainers included Haoen Electric, which hit a 20% limit up, and Tianqi Mould, Asia-Pacific Shares, and Mingke Technology, which also reached their daily limit [1] - The top gainers in the sector were Yongding Shares, Silver Wheel Shares, and Lihexing, with increases of 8.08%, 7.23%, and 6.72% respectively [1] Group 2 - The Huawei automotive concept sector saw a net inflow of 2.149 billion yuan, with 92 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflows [2] - Yongding Shares led the net inflow with 423 million yuan, followed by Tianqi Mould and Silver Wheel Shares with 407 million yuan and 332 million yuan respectively [2] - The net inflow ratios for Mingke Technology, Tianqi Mould, and Shenglong Shares were 39.04%, 33.46%, and 30.81% respectively, indicating strong investor interest [3]

证券代码：301225 证券简称：恒勃股份 公告编号：2025-027 恒勃控股股份有限公司 2024年年度股东大会决议公告 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、本次股东大会没有出现否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过决议的情况。 一、会议召开和出席的情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 5 月 13 日（星期二）14:30 （2）网络投票时间：2025 年 5 月 13 日。其中，通过深圳证券交易所交易系 统进行网络投票的具体时间为：2025 年 5 月 13 日上午 9:15-9:25，9:30-11:30 和 下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 13 日上午 9:15-下午 15:00 期间的任意时间。 2、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 3、会议召开地点：浙江省台州市海昌路 1500 号公司行政楼一楼会议室 4、会议召集人：公司董事会。 5、会议主持人：公司 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于恒勃控股股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A0167号 致：恒勃控股股份有限公司 （"贵公司"或"恒勃股份"） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并 见证贵公司 2024 年年度股东大会（以下简称"本次股东大会"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法 律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称 "《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《恒 勃控股股份有限公司章程》（以下简称"公司章程"）等有关规定，就本次股东大会 的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事 宜，出具本法律 ...

Group 1: Financial Performance - The company achieved a total revenue of 865 million CNY in 2024, representing a year-on-year growth of 10.15% [3][5] - The net profit attributable to shareholders was 131 million CNY, reflecting a growth of 14.23% compared to the previous year [3][5] - Basic earnings per share increased to 1.29 CNY, marking a growth of 1.57% [3] Group 2: Research and Development - R&D investment accounted for 6.08% of total revenue in 2024, focusing on various advanced technologies [2] - Key R&D projects include lightweight intake pipe technology, integrated PCV valve activated carbon canister technology, and hybrid power integrated water tank technology [2] Group 3: Industry Context - The automotive industry in China maintained a production and sales volume exceeding 30 million units, with 2024 figures reaching 31.28 million and 31.44 million respectively, showing growth of 3.7% and 4.5% [4] - The motorcycle sector also saw a slight increase, with production and sales growing by 0.79% and 2.82% [4] Group 4: Strategic Initiatives - The company is actively expanding into the new energy vehicle market, focusing on thermal management systems and related products [5] - Plans to transition from traditional fuel vehicle clients to new energy vehicle manufacturers include developing hybrid intake systems and hydrogen fuel cell components [3][5] Group 5: Competitive Positioning - The company holds a strong market response advantage due to streamlined organizational structure, allowing for quick decision-making and order response [3] - It has a rich product line and deep experience in production technology, which enhances its competitive edge against international rivals [3]

中信建投证券股份有限公司 | 现场检查手段：查阅公司章程、现金分红制度等制度，检查公司现金分红的执行 | | | | --- | --- | --- | | 情况；查阅对外提供财务资助相关制度及相关信息披露文件；查阅公司重大合同、 | | | | 大额资金支付记录及相关凭证；访谈高级管理人员。 | | | | 1.是否完全执行了现金分红制度，并如实披露 | √ | | | 2.对外提供财务资助是否合法合规，并如实披露 | | √ | | 3.大额资金往来是否具有真实的交易背景及合理原因 | √ | | | 4.重大投资或者重大合同履行过程中是否不存在重大变化 | √ | | | 或者风险 | | | | 5.公司生产经营环境是否不存在重大变化或者风险 | √ | | | 6.前期监管机构和保荐人发现公司存在的问题是否已按相 √ | | | | 关要求予以整改 | | | | 二、现场检查发现的问题及说明 | | | | 本保荐人现场检查未发现恒勃股份在公司治理、内部控制、信息披露、募集资金 | | | | 使用等方面存在违法违规的情形。 | | | 4 关于恒勃控股股份有限公司 2024 年度定期现场检查报告 ...

中信建投证券股份有限公司 关于恒勃控股股份有限公司 2024 年度跟踪报告 | 保荐机构名称：中信建投证券股份有限公司 | 被保荐公司简称：恒勃股份 | | --- | --- | | 保荐代表人姓名：吕芸 | 联系电话：021-68801539 | | 保荐代表人姓名：王监国 | 联系电话：021-68801539 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防 | | | 止关联方占用公司资源的制度、募集资金管理制度、内 | 是 | | 控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12 次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | ...