Core Insights - The company is actively monitoring relevant customer sectors but has not yet established a partnership with Huawei's HarmonyOS [1] Group 1 - The company is currently focusing on potential clients in related fields [1] - There is no ongoing collaboration with Huawei's HarmonyOS at this time [1]

Core Viewpoint - The company, United Power, is currently supplying electric drive systems to Xiaomi Auto, which is one of its main clients, while it has no collaboration with Huawei's HarmonyOS driving system [1] Group 1 - United Power confirmed that Xiaomi Auto is a major customer [1] - The company supplies electric drive systems to Xiaomi Auto [1] - There is currently no partnership with Huawei's HarmonyOS driving system [1]

Core Viewpoint - The article highlights that 11 companies listed on the ChiNext board have announced positive earnings forecasts for the first three quarters of the year, indicating a strong performance trend in this segment of the market [1] Group 1: Earnings Forecasts - A total of 11 companies are expected to report increased earnings, with the median expected net profit growth ranging from 2.48% to 168% [1] - The company with the highest expected net profit growth is Jinli (金力), projected at 168% [1] - Other notable companies include Changchuan Technology (长川科技) with a 138.39% increase and Taotao Automotive (涛涛车业) with a 99.10% increase [1] Group 2: Stock Performance - The latest closing prices of these companies vary, with Jinli at 39.49 yuan and Taotao at 211.51 yuan [1] - Year-to-date stock performance shows significant fluctuations, with some companies like Jianda (建发) experiencing a decline of 23% [1] - The electronic sector appears to have multiple companies with strong earnings forecasts, including Changchuan Technology and C Yunhan (C云汉) [1] Group 3: Industry Insights - The companies span various industries, including electronics, automotive, public utilities, and pharmaceuticals, indicating diverse growth opportunities within the ChiNext board [1] - The automotive sector shows promising growth with companies like Taotao and United Power (联合动力) both forecasting substantial profit increases [1] - The electronic industry is particularly highlighted, with several companies such as C Yunhan and Dinglong (鼎龙) showing strong earnings projections [1]

Summary of Key Points Core Viewpoint - In the first nine months of 2025, a total of 78 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 77.164 billion yuan [1]. Group 1: Listing Overview - The breakdown of new listings includes 26 companies on the main board, 29 on the ChiNext board, 8 on the Sci-Tech Innovation board, and 15 on the Beijing Stock Exchange [1]. - The listed companies are distributed across 17 provinces, municipalities, and autonomous regions, with Jiangsu leading with 20 companies, followed by Guangdong with 14, and Zhejiang with 13 [1][2]. Group 2: Fundraising by Province - Jiangsu Province's 20 listed companies raised a total of 12.720 billion yuan [2]. - Guangdong Province's 14 listed companies raised a total of 11.201 billion yuan [2]. - Zhejiang Province's 13 listed companies raised a total of 10.839 billion yuan [2]. Group 3: Top Fundraising Companies - The top five companies by fundraising amount are: 1. Huadian New Energy: 18.171 billion yuan (Fujian Province) 2. Zhongce Rubber: 4.066 billion yuan (Zhejiang Province) 3. Tianyouwei: 3.740 billion yuan (Heilongjiang Province) 4. United Power: 3.601 billion yuan (Jiangsu Province) 5. Yitang Co., Ltd.: 2.497 billion yuan (Beijing) [1][5].

Market Overview - The ChiNext Index rose by 0.73%, closing at 3261.82 points, with a total trading volume of 658.21 billion yuan, an increase of 74.25 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 751 stocks closed higher, with 27 stocks rising over 10%, including Guanzhong Ecology, Haike New Energy, and Yingjie Electric, which hit the daily limit [1] Trading Activity - The average turnover rate for the ChiNext today was 4.42%, with 25 stocks exceeding a turnover rate of 20% [1] - C Yunhan had the highest turnover rate at 83.79%, with a closing increase of 40.89% and a daily trading volume of 1.69 billion yuan [1] - Other notable stocks with high turnover rates included C Haocreat, Jianfa Zhixin, and Boliang Optoelectronics, with turnover rates of 54.33%, 43.05%, and 39.21% respectively [1] Institutional Activity - Among the high turnover stocks, 6 were listed on the Dragon and Tiger List, indicating significant institutional activity [3] - Meili Technology saw net purchases from 3 institutional seats totaling 118 million yuan, while Zhongzhou Special Materials had 2 institutional seats with net purchases of 46.36 million yuan [3] Fund Flow - 13 high turnover stocks experienced net inflows from main funds, with Zhongzhou Special Materials, Meili Technology, and Haike New Energy receiving net inflows of 449 million yuan, 128 million yuan, and 110 million yuan respectively [4] - Conversely, stocks like Boliang Optoelectronics, Haoen Automotive Electronics, and Lihe Xing saw significant net outflows, totaling 219 million yuan, 135 million yuan, and 100 million yuan respectively [4] Earnings Forecast - Four high turnover stocks released earnings forecasts for the first three quarters, all indicating profit increases [4] - The stock with the highest projected net profit growth is United Power, with an expected net profit of 825 million yuan, representing a year-on-year increase of 44.16% [4]

- The report tracks the performance of new stock issuances in September 2025, noting that 11 new stocks were listed, raising a total of 11.689 billion yuan, a 185.58% increase from the previous month[1][12][13] - Among these, 8 stocks were issued offline, raising 10.628 billion yuan, a 314.65% increase from the previous month[1][12][13] - The number of accounts participating in initial inquiries has steadily increased, with 9194 accounts for the main board and 8306 for the dual innovation board (comprising the ChiNext and STAR Market)[2][24][25] - The average first-day increase for main board stocks was 131.33%, while for the dual innovation board, it was 251.91%[2][24][25] - The offline subscription rates for A and C class investors were 0.11‰ and 0.11‰ for the main board, and 0.22‰ and 0.20‰ for the dual innovation board, respectively[2][24][25] - The report provides a detailed calculation method for new stock issuance returns, using the formula: $$ \text{Single account stock issuance return} = \min(\text{account size}, \text{subscription limit}) \times \text{winning rate} \times \text{return rate} $$ $$ \text{A/B/C class investors' full return} = \text{subscription limit} \times \text{A/B/C class offline winning rate} \times \text{return rate} $$[41] - For September 2025, the return rates for a 5 billion yuan account were 0.026% for A class and 0.025% for C class on the main board, and 0.125% for A class and 0.103% for C class on the ChiNext board[42][43][44][45][46][47] - The cumulative return rates for 2025 were 1.285% for A class and 1.164% for C class accounts[48][49][50] - In a full subscription scenario, the returns for A class accounts were 133,000 yuan on the main board and 877,000 yuan on the ChiNext board, while for C class accounts, the returns were 127,000 yuan on the main board and 727,000 yuan on the ChiNext board[51][52][54] - The report also evaluates the performance of fund products and institutions in new stock issuances, listing the top-performing funds and institutions based on their participation and winning rates[57][58][60][61][62][64][65][66][67]

Core Insights - The global market for electric compressor controllers in the new energy vehicle (NEV) sector is experiencing rapid growth, with China being the largest market, accounting for over 50% of global demand [1][3][4] - The market size for global NEV electric compressor controllers is projected to reach 6.656 billion yuan in 2024, with China's market size expected to be 4.069 billion yuan, representing approximately 61.13% of the global market [1][3] - By 2025, the global market size is anticipated to grow to about 8.48 billion yuan, while China's market size is expected to reach 4.683 billion yuan, accounting for around 55.22% of the global market [1][3] Industry Definition and Classification - NEV electric compressor controllers are critical components in the thermal management systems of electric vehicles, controlling the operation of electric compressors to regulate cabin temperature and battery thermal management [2][3] Industry Development Status - The demand for NEV electric compressor controllers in China is projected to be 12.888 million units in 2024, with 95.45% for passenger vehicles and 4.55% for commercial vehicles [4] - The production capacity of NEV electric compressor controllers in China is expected to increase significantly from 1.271 million units in 2018 to 12.542 million units in 2024 [6] Industry Chain - The upstream of the NEV electric compressor controller industry includes raw materials such as aluminum alloys, steel, copper, and power devices, with increasing domestic production quality and rates [6][7] Industry Development Environment - Related Policies - The Chinese government has implemented various policies to support the development of the NEV industry, including initiatives to promote the replacement of old vehicles and enhance product technology standards [7] Market Competition Landscape - The market for NEV electric compressor controllers is characterized by an oligopolistic structure, with leading companies like Fudi Power, Aotegia, and others holding significant market shares [8] - Fudi Power leads the market with a 27.02% share, followed by Aotegia (14.67%), Aiwei Electric (13.35%), and Rujing Technology (12.74%), collectively accounting for nearly 68% of the market [8] Industry Development Trends - The adoption of high-voltage silicon carbide (SiC) devices is increasing, enhancing efficiency and reducing energy loss in NEV electric compressor controllers [11] - The integration of smart and connected features is expected to improve data interaction and remote diagnostics capabilities [12] - Future developments will focus on higher integration and multifunctionality, reducing component count and improving reliability [13] - Electric compressor controllers will increasingly integrate with overall vehicle energy management strategies for optimized performance [14]

New Listings - From September 22 to September 28, one company was listed on the Shanghai Stock Exchange main board, and three companies were listed on the Shenzhen Stock Exchange ChiNext [2] - YouSheng Co., Ltd. is a professional manufacturer of aluminum alloy automotive parts, focusing on lightweight automotive components to enhance the range of electric vehicles and improve fuel efficiency for gasoline vehicles. On its first trading day, the stock price rose by 71.48%, closing at 66.31 CNY per share on September 29, an increase of 43.03% from the issue price of 46.36 CNY, with a total market capitalization of approximately 12.8 billion CNY [3] ChiNext Listings - Shanghai Jianfa Zhixin Medical Technology Group Co., Ltd. engages in direct sales, distribution, and centralized management of hospital consumables. On its first trading day, the stock price surged by 418.58%, closing at 34.12 CNY per share on September 29, a rise of 383.97% from the issue price of 7.05 CNY, with a total market capitalization of around 14.4 billion CNY [4] - Suzhou Huichuan United Power System Co., Ltd. focuses on the R&D, production, sales, and service of core components for electric drive systems and power systems for electric vehicles. The stock price increased by 147.60% on its first day, closing at 32.77 CNY per share on September 29, up 162.58% from the issue price of 12.48 CNY, with a total market capitalization of approximately 78.8 billion CNY [4] - Beijing Wuchuang Ruitong Electric Equipment Co., Ltd. specializes in the R&D, production, and sales of smart distribution equipment. The stock price rose by 190.76% on its first trading day, closing at 58.78 CNY per share on September 29, an increase of 179.90% from the issue price of 21.00 CNY, with a total market capitalization of about 6.5 billion CNY [5] Companies Passing Review - From September 22 to September 28, two companies passed the review on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company passed the review on the Shenzhen Stock Exchange ChiNext [6] - BaiAo SaiTu is a preclinical CRO and biotechnology company that provides innovative animal models and preclinical drug development services based on its proprietary gene editing technology [7] - MoEr Thread focuses on the R&D, design, and sales of GPUs and related products, having successfully launched four generations of GPU architecture [7] Companies Submitting IPO Applications - One company submitted an IPO application on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company submitted an application on the Shenzhen Stock Exchange ChiNext from September 22 to September 28 [10] - Anshi Biotechnology is an innovative biopharmaceutical company focusing on oncology and other diseases with significant unmet clinical needs. The company plans to issue no more than 76.0043 million shares, aiming to raise 2.45 billion CNY for new drug R&D and working capital [12] - Zhongsu Co., Ltd. specializes in the R&D, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances. The company plans to issue no more than 12.3329 million shares, seeking to raise 645 million CNY for various projects [14] Companies with Terminated Review - From September 22 to September 28, no companies had their listing reviews terminated on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange [16]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (stock code: 301656) has officially listed on the Shenzhen Stock Exchange's ChiNext board, aiming to become a global leader in intelligent electric vehicle components and solutions [1] Industry Overview - The automotive industry is a key area in China's modernization efforts, with new energy vehicles (NEVs) being a strategic direction for development, enhancing manufacturing competitiveness and contributing to global green development [1][3] - Since the 18th National Congress, China has established a national strategy for NEV development, implementing over 70 supportive policies, leading to significant historical achievements in the industry [3] Company Development - United Power focuses on technological innovation in core components of NEVs, achieving self-research and large-scale application of key parts and software algorithms, thus enhancing the localization rate of upstream components [4][6] - The company has developed a multi-product, multi-level, and multi-disciplinary core technology matrix, holding 98 invention patents and 407 utility model patents, and has participated in numerous national-level research projects [7] Market Position - United Power has a strong market presence, with its electric control products holding approximately 10.1% market share, electric motor products at 11.3%, and drive assembly products at 7.1% in the Chinese NEV market [8] - The company has established deep cooperation with 8 out of the top 10 NEV manufacturers in China and is one of the earliest domestic suppliers to achieve large-scale exports to international mainstream automotive manufacturers [8][9] Financial Performance - From 2022 to 2024, United Power has developed hundreds of electric drive system solutions for over 40 customers, with cumulative shipments exceeding 7.7 million units, significantly outpacing industry growth [9] - The company plans to use IPO proceeds for projects related to core component production, R&D center construction, and digital system development, which will enhance its competitive edge and support the growth of China's NEV industry [9] Future Outlook - United Power aims to continue focusing on core technological innovation and global development, contributing to high-quality development of China's NEV sector and supporting national energy security and carbon neutrality goals [9]

IPO Pipeline Overview - As of September 28, there are 279 companies in the IPO pipeline, with 20 on the Shanghai Main Board, 37 on the Sci-Tech Innovation Board, 23 on the Shenzhen Main Board, 28 on the Growth Enterprise Market, and 168 on the Beijing Stock Exchange [2] - The total number of companies in various stages includes 11 accepted, 238 under inquiry, 9 approved, 4 suspended, and 14 submitted for registration [3] Newly Listed Companies - From September 22 to September 28, five companies were newly listed: - Shanghai YouSheng Aluminum Co., Ltd. on September 23, stock code 603418 [4] - Shanghai Jianfa Zhixin Medical Technology Group Co., Ltd. on September 25, stock code 301584 [6] - Suzhou Huichuan United Power System Co., Ltd. on September 25, stock code 301656 [7] - Zhejiang Jinhua New Materials Co., Ltd. on September 25, stock code 920015 [8] - Beijing HaoChuang RuiTong Electric Equipment Co., Ltd. on September 26, stock code 301668 [9] Company Performance on Listing Day - Shanghai YouSheng Aluminum closed at 79.50 CNY per share, with a 71.48% increase and a trading volume of 2.412 billion CNY [5] - Shanghai Jianfa Zhixin closed at 36.56 CNY per share, with a 418.58% increase and a trading volume of 1.477 billion CNY [6] - Suzhou Huichuan United Power closed at 30.90 CNY per share, with a 147.60% increase and a trading volume of 4.118 billion CNY [7] - Zhejiang Jinhua New Materials closed at 42.29 CNY per share, with a 133.00% increase and a trading volume of 1.132 billion CNY [8] - Beijing HaoChuang RuiTong closed at 60.06 CNY per share, with a 190.76% increase and a trading volume of 1.188 billion CNY [9] New Counseling Record Companies - Ten companies were newly recorded for counseling from September 22 to September 28, including: - Chongqing Radio and Television Digital Media Co., Ltd. [10] - Chengxing Aviation Co., Ltd. [11] - Shanghai Qixiang New Materials Technology Co., Ltd. [12] - Anhui Dachang Technology Co., Ltd. [13] - Shandong Ocean Shipping Group Co., Ltd. [14] - Sichuan Daohong New Materials Co., Ltd. [15] - Jiangxi Changxing Aviation Equipment Co., Ltd. [16] - Shanghai Chaoqun Testing Technology Co., Ltd. [17] - Shanghai Wenyin Electric Co., Ltd. [18] - Aike Medical Devices (Beijing) Co., Ltd. [19] Companies Approved for Registration - Four companies received registration approval from September 22 to September 28: - Hai'an Rubber Group Co., Ltd. on September 25 [20] - China Uranium Corporation on September 26 [21] - Jiangsu Jingchuang Electric Co., Ltd. on September 26 [22] - Harbin Itama Dapeng Industrial Co., Ltd. on September 26 [23]