（文章来源：证券日报） 证券日报网讯 2月4日，联合动力在互动平台回答投资者提问时表示，2025年，公司从系统到零部件到 材料等各层级技术均有突破：①系统方面，如集成式多合一动力总成（最高可扩展十二合一）技术等； ②零部件方面，如电机定子槽内直冷散热技术、高速行星排技术等；③材料方面，如轻量化材料技术 （高韧高耐蚀镁合金壳体）等。2025年公司获得"散热结构、充电机和电动汽车""电机转子及电机""功 率管的门极驱动电路及电机控制器"等十余项发明专利。 ...

1月27日，联合动力跌0.22%，成交额2.27亿元。两融数据显示，当日联合动力获融资买入额1446.70万 元，融资偿还1806.22万元，融资净买入-359.52万元。截至1月27日，联合动力融资融券余额合计2.55亿 元。 机构持仓方面，截止2025年9月30日，联合动力十大流通股东中，长城久嘉创新成长混合A（004666） 位居第八大流通股东，持股51.73万股，为新进股东。 责任编辑：小浪快报 融券方面，联合动力1月27日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，苏州汇川联合动力系统股份有限公司位于江苏省苏州市吴中区越溪天鹅荡路52号，成立日期 2016年9月30日，上市日期2025年9月25日，公司主营业务涉及公司致力于成为全球领先的智能电动汽车 部件及解决方案提供商,主要产品包括电驱系统(电控、电机、三合一/多合一驱动总成)和电源系统(车载 充电机、DC/DC转换器、二合一/三合一电源总成)等动力系统核心部件。主营业务收入构成为：电驱系 统86.85%，电源系统12.64%，其他(补充)0.43%，其他0. ...

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 （一）担保的基本情况 为满足日常经营和发展需要，2026 年 1 月 26 日，苏州汇川联合动力系统股 份有限公司（以下简称"公司"或"联合动力"）与招商银行股份有限公司苏州 分行（以下简称"招商银行苏州分行"）签署了《最高额不可撤销担保书》。公司 为全资子公司汇川联合动力（香港）投资有限公司（以下简称"香港联合动力"） 向招商银行苏州分行申请授信提供最高债权本金额为人民币 1 亿元的连带责任 保证（以下简称"本次担保"）。 证券代码：301656 证券简称：联合动力 公告编号：2026-004 苏州汇川联合动力系统股份有限公司 关于为全资子公司提供担保的进展公告 1．成立日期：2022 年 9 月 19 日 本次担保后，公司为香港联合动力提供担保的情况如下表所示： （二）内部决策程序 | 香港 联合 | | | | | | | --- | --- | --- | --- | --- | --- | | 例 | 股 | | 方 | 担 | | | | 比 | | 持 | 保 | | | 率 | ...

Core Viewpoint - Huichuan Technology is advancing its internationalization strategy by planning an H-share IPO on the Hong Kong Stock Exchange, aiming to establish a dual financing platform and enhance its global brand influence [3][4]. Group 1: Company Overview - Founded in 2003 by Zhu Xingming and a group of partners, Huichuan Technology has evolved from a single product focus on variable frequency drives to a leader in various sectors, including industrial automation, new energy electric control, and robotics [9][11]. - The company reported a revenue of 31.663 billion yuan in the first three quarters of 2025, marking a year-on-year growth of 24.67%, with a net profit of 4.254 billion yuan, up 26.84% [4]. Group 2: Strategic Moves - The planned H-share IPO is seen as a critical step in Huichuan's strategy to create a dual financing platform and expand its international presence [4][20]. - The company aims to leverage its expertise in power electronics and automation to accelerate its energy storage business, which is currently a small segment of its overall revenue, contributing only 0.6% [13][18]. Group 3: Market Position and Challenges - Huichuan Technology's growth has slowed, with a projected growth rate of 21.77% for 2024, down from over 50% in previous years, reflecting increasing market pressures [13][22]. - The company faces challenges in its general automation business due to market saturation and competition from foreign giants like Siemens, while the new energy vehicle sector is also experiencing profit margin pressures [11][12]. Group 4: Energy Storage Business - The energy storage sector is viewed as a potential "third growth curve" for Huichuan Technology, with plans to achieve a scale of over 1 billion yuan in this segment [13][18]. - The company has made significant strides in energy storage, including a major contract for 4.3GW of PCS equipment, positioning it among the top 10 global suppliers in terms of shipment volume [16][18]. Group 5: Future Goals - Huichuan Technology has set ambitious targets for its energy storage business, aiming for a market share of over 5% by 2026 and to be among the top three global players by 2028 [20][21]. - The company is also focusing on integrating hardware and software solutions to create a comprehensive digital energy ecosystem, emphasizing the importance of energy flow and information flow convergence [18][20].

Core Viewpoint - Naxin Micro (02676) has seen a stock increase of over 5%, currently trading at 144.9 HKD, following the announcement of a deep collaboration with Union Power (301656) for the mass production of two highly integrated chips for electric vehicle platforms [1] Group 1: Partnership and Product Development - Naxin Micro has announced a partnership with Union Power, a leading provider of components and solutions for smart electric vehicles, focusing on two integrated chips: isolation sampling and logic ASC [1] - The collaboration has resulted in the mass production of these chips for Union Power's next-generation electric drive platform [1] Group 2: Technical Innovations - The isolation sampling chip integrates high-voltage LDO, isolation sampling amplifier, and isolation comparator into a single chip, significantly reducing the number of external components required [1] - This innovation supports high-precision isolation voltage sampling, rapid over/under voltage protection, and miniaturized design for electric drive systems [1] Group 3: Cost and Efficiency Benefits - The custom logic ASC chip includes multiple logic devices and supports frequency detection, simplifying interface design while enhancing system integration and miniaturization [1] - The design also lowers the BOM (Bill of Materials) cost, contributing to the optimization of functional safety architecture for electric drive and main drive systems [1]

Core Viewpoint - The article highlights the growth and strategic direction of Huichuan Technology, emphasizing its transition from a low-price strategy to a focus on innovation and high-quality products, alongside its plans for international expansion through an H-share listing in Hong Kong [3][10][12]. Company Background - Huichuan Technology was founded in Shenzhen by Zhu Xingming and former Huawei Electric employees in 2003 after the sale of Huawei Electric to Emerson [1]. - The company has grown to a market capitalization of 200 billion RMB, positioning itself as a leading player in the industrial automation sector [1]. Financial Performance - For the first three quarters of 2025, Huichuan Technology reported revenues of 316.63 billion RMB, a year-on-year increase of 24.67%, and a net profit of 42.54 billion RMB, up 26.84% [10]. - The company is projected to achieve nearly 46 billion RMB in revenue and 5.5 billion RMB in net profit by 2025 [3]. Strategic Initiatives - Huichuan Technology is shifting away from low-price market strategies, which are seen as detrimental to profitability and innovation [3]. - The company plans to issue H-shares to enhance its international presence and diversify financing channels [3][12]. Product Development and Market Position - Huichuan Technology has established itself as a leader in the domestic inverter market and has expanded into servo systems and PLC products, achieving a market share of 15.9% in servo motors [7]. - The company has diversified its product offerings to include robotics, sensors, and precision machinery, providing comprehensive solutions to clients [8]. Future Growth Areas - The company is entering the humanoid robotics and energy storage sectors, aiming to capitalize on emerging market opportunities [10][11]. - Huichuan Technology has previously ranked third in the domestic market for energy storage PCS products and is actively forming strategic partnerships in the energy sector [11]. International Expansion - The company is focusing on international market development, with strategies to enhance brand presence and build a global operational platform [12]. - The upcoming IPO in Hong Kong is part of Huichuan's strategy to strengthen its international brand image and competitive position [12].

Group 1 - The core point of the news is that United Power experienced a decline in stock price by 1.14% on January 19, with a trading volume of 249 million yuan and a net financing purchase of approximately 951 million yuan for the day [1][2] - As of January 19, the total margin balance for United Power is 265 million yuan, which accounts for 5.72% of its market capitalization [2] - The company reported a revenue of 14.525 billion yuan for the period from January to September 2025, representing a year-on-year growth of 35.52%, and a net profit attributable to shareholders of 792 million yuan, reflecting a growth of 38.38% [2] Group 2 - United Power's main business involves becoming a leading global provider of intelligent electric vehicle components and solutions, with its primary products including electric drive systems and power systems [2] - As of November 28, 2025, the number of shareholders for United Power is 65,600, which is a decrease of 7.30% from the previous period, while the average circulating shares per person increased by 7.88% to 2,542 shares [2] - Among the top ten circulating shareholders, Changcheng Jiujia Innovation Growth Mixed A (004666) is the eighth largest shareholder, having newly acquired 517,300 shares [3]

Group 1 - The core viewpoint of the article is that the company, United Power (301656), is experiencing stable production and operations, with a good order situation [1] - The company emphasizes that the order situation should be based on publicly disclosed information [1]

Core Viewpoint - Company is actively developing its core components for electric vehicles, focusing on expanding production capacity and global presence [1] Group 1: Production Projects - The company is working on two key projects for electric vehicle core components: the first phase of the production base in Suzhou Wuzhong District is still under construction [1] - The second phase of the production base in Changzhou Wujin District has completed part of its construction and has released some production capacity [1] Group 2: Capacity and Demand - The planning for additional production lines is primarily based on customer demand and existing orders, indicating a strategic approach to capacity expansion [1] - The company expects that the capacity from its fundraising projects will be able to meet market demand effectively [1] Group 3: Global Strategy - The company aims to accelerate its global layout by establishing a "localized R&D + regional supply chain + localized service" ecosystem overseas [1] - There is a particular focus on penetrating the European and Southeast Asian markets as part of its international strategy [1]

Group 1 - The company aims to enhance its position as a power system solution provider through innovation in technology and solutions, as well as deepening service offerings [2] - The company emphasizes the importance of symbiotic relationships with mainstream manufacturers to achieve mutual benefits [2]