Core Viewpoint - The company, United Power, reported strong financial performance for the first three quarters of 2025, showcasing its stable profitability and robust development resilience, with revenue and net profit increasing significantly year-on-year [1] Financial Performance - In the first three quarters of 2025, United Power achieved revenue of 14.525 billion and net profit attributable to shareholders of 0.792 billion, representing year-on-year growth of 35.52% and 38.38% respectively [1] - The company's non-recurring net profit reached 0.738 billion, marking a year-on-year increase of 31.41% [1] R&D Investment - United Power's R&D expenditure grew by nearly 50%, totaling 0.959 billion, which is a year-on-year increase of 49.49% [2] - The company continues to follow a strategic rhythm of "pre-research one generation, research one generation, production one generation," achieving significant results in technology iteration and product innovation [2] - The fifth-generation product platform has achieved dual breakthroughs in "mass production delivery + customer designation," with core products like distributed efficient electric drives and motor controllers now in stable production [2] Product Development - The sixth-generation product platform is advancing as planned, entering the A-sample development stage, focusing on "full-domain integration and cross-domain collaboration" [3] - Key upgrades include support for multiple voltage architectures (400V/800V/48V) and the integration of a big data-driven intelligent operation and maintenance system [3] - The core performance of the sixth-generation platform is expected to improve by 10%-30% compared to the fifth generation, with plans to support vehicle-network interaction functions [3] Market Expansion - United Power is expanding its domestic and international markets, leading to rapid revenue growth [4] - In the domestic market, the company has steadily increased its market share, with its electric control and motor segments leading among third-party suppliers [4] - The customer base is diversifying, covering various segments of the new energy vehicle market and establishing deep binding relationships with major automotive manufacturers [4] International Market Growth - The international market has become a core engine for United Power's growth, with a compound annual growth rate of nearly 450% in overseas revenue over the past three years [5] - The company has established production bases in Hungary and Thailand, and sales offices in Germany and Norway, significantly advancing in the European market [5] - Collaborations with major international automotive companies like Volkswagen, Audi, Stellantis, and Volvo have expanded the business model from single product exports to localized solutions across multiple platforms [5]

Core Viewpoint - The company, a leading player in the A-share new energy vehicle (NEV) electric drive and power systems sector, reported a revenue of 14.525 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 35.52%, and a net profit of 792 million yuan, up 38.38% year-on-year, indicating continued growth despite industry challenges [1][2]. Financial Performance - In Q3, the company's revenue reached 5.377 billion yuan, a year-on-year increase of 15.32%, although net profit faced pressure due to intensified competition within the industry [2]. - Cumulatively, the company has invested 959 million yuan in R&D this year, surpassing the total for the entire year of 2024, demonstrating a commitment to maintaining R&D investment despite performance pressures [3]. Product Development and Innovation - The company has launched the fifth-generation hybrid dual-control product PD59, which features a 50% reduction in component count and size, and a 40% reduction in overall volume, enhancing power density and meeting the spatial demands of hybrid vehicles [3]. - A new 22kW onboard charger (OBC) weighs only 7 kg, reducing weight by over 50% compared to traditional products, and achieves peak efficiency of over 98.3% [4]. Strategic Expansion and Capacity Building - The company is expanding its production capacity with a total investment of 3.8 billion yuan in new manufacturing bases in Suzhou and Changzhou, aimed at alleviating current capacity constraints and meeting growing order demands [10][12]. - Following a successful IPO, the company raised approximately 3.625 billion yuan to support rapid capacity expansion, with projected revenue growth from 21.5 billion yuan in 2025 to 36.7 billion yuan by 2027, reflecting an annual growth rate of over 30% [10][12]. Globalization and Market Positioning - The company is actively pursuing international expansion, establishing factories in Thailand and Hungary to adapt to global market demands and local regulations, while also enhancing its supply chain stability [12]. - Collaborations with international automotive giants such as Volvo, Stellantis, and Volkswagen have transitioned the company from component sales to providing comprehensive solutions, significantly increasing overseas revenue from less than 100 million yuan in 2022 to 769 million yuan in 2024 [12]. Shareholder Engagement - The company has attracted significant investment from various industry players, including Chery and Xiaomi, as well as international investment banks, indicating strong market confidence in its future growth [13][15].

Summary of Key Points Core Viewpoint - The total amount raised from new stock issuances this year has reached 91.22 billion yuan, with the Sci-Tech Innovation Board accounting for 18.35% of this total [1]. Group 1: New Stock Issuance Overview - A total of 87 companies have gone public this year, raising an average of 1.05 billion yuan per company [1]. - Among these, 19 companies raised over 1 billion yuan, with one company exceeding 10 billion yuan [1]. - The distribution of funds raised by different boards includes: - Shanghai Main Board: 21 companies, 41.41 billion yuan - Shenzhen Main Board: 10 companies, 7.93 billion yuan - ChiNext: 27 companies, 19.32 billion yuan - Sci-Tech Innovation Board: 10 companies, 16.74 billion yuan - Beijing Stock Exchange: 19 companies, 5.83 billion yuan [1]. Group 2: Top Fundraising Companies - Huadian New Energy is the top fundraising company this year, raising 18.17 billion yuan primarily for wind and solar power projects [2]. - N Yicai follows with 4.64 billion yuan raised for its Xi'an Yiswei silicon industry base project [2]. - Other notable companies include Zhongce Rubber, Tianyouwei, and United Power, raising 4.07 billion yuan, 3.74 billion yuan, and 3.60 billion yuan respectively [2]. Group 3: Pricing and Regional Distribution - The average initial public offering (IPO) price this year is 21.15 yuan, with four companies pricing above 50 yuan [2]. - The highest IPO price is 93.50 yuan for Tianyouwei, followed by Youyou Green Energy and Tongyu New Materials at 89.60 yuan and 84.00 yuan respectively [2]. - The majority of new stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with fundraising amounts led by Fujian, Jiangsu, and Guangdong at 18.17 billion yuan, 15.63 billion yuan, and 13.92 billion yuan respectively [2].

Core Viewpoint - Huichuan Technology (300124) announced on October 27 that its subsidiary, United Power (301656), experienced nearly 50% growth in overseas business from January to September, surpassing domestic growth rates. The overseas market is identified as a key growth area for the future, with products and solutions covering power supply, electronic control, motors, and powertrains [1] Group 1 - United Power's overseas business growth reached nearly 50% in the first nine months of the year [1] - The growth rate of overseas business is higher than that of domestic business [1] - The overseas market is positioned as the core growth market for the future [1] Group 2 - The product and solution offerings include power supply, electronic control, motors, and powertrains [1]

Core Viewpoint - Huichuan Technology (300124) announced on October 27 that its smart chassis and steering control systems are high-value and high-tech differentiated sectors, but they also face cost transmission pressures from vehicle manufacturers [1] Group 1: Company Insights - Huichuan Technology, through its subsidiary Huichuan United Power (301656), leverages its expertise in motors, power electronics, and machinery to potentially offer competitive solutions in the smart chassis and steering control market [1] - The company acknowledges that while it is currently difficult to quantify the gross margin of this new business compared to existing products, it is a field where the company excels and has good development potential [1]

- The report tracks the recent IPO market performance, focusing on the net gains from new stock listings across the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first trading day, excluding lock-up restrictions[1][11][39] - The cumulative IPO net gains for A-class accounts with a scale of 2 billion reached 2.44%, while B-class accounts of the same scale achieved 2.19% as of October 24, 2025[11][39] - For larger accounts with a scale of 10 billion, the IPO net gains were significantly lower, with A-class accounts at 0.77% and B-class accounts at 0.70%[11][39] - The average first-day price increase for Sci-Tech Innovation Board stocks was 218.45%, while ChiNext stocks saw an average increase of 244.28%[1][16] - The report provides detailed calculations for theoretical IPO gains, using formulas such as: $ Full subscription quantity = Maximum subscription limit × Average offline subscription rate $ $ Full subscription gains = (First-day average price - IPO price) × Full subscription quantity $[35][39] - The highest full subscription gains among recent IPOs were achieved by United Power, Jindal Zhixin, and C Marco, with gains of 50.81, 12.58, and 11.03 million yuan respectively[35][38] - The report also includes monthly tracking of IPO gains for A-class accounts across different scales, showing a cumulative gain rate of 6.17% for 2 billion accounts since 2024, and 2.44% for 2025 alone[39][41] - Similar tracking for B-class accounts reveals a cumulative gain rate of 5.11% for 2 billion accounts since 2024, and 2.19% for 2025 alone[47][45] - The report highlights the IPO subscription process, including strategic placement, offline inquiry, and online pricing methods, with detailed statistics on subscription rates, oversubscription multiples, and effective subscription ratios for recent IPOs like Xi'an Yicai and Bibet[24][25]

Summary of Key Points Core Viewpoint - The article discusses the recent issuance of new stocks in China, highlighting the total amount raised and the distribution of funds across various sectors and regions. It emphasizes the performance of specific companies in terms of fundraising and stock pricing. Group 1: New Stock Issuance - A new stock, Fengbei Biotechnology, issued 35.90 million shares at a price of 24.49 yuan, raising 879 million yuan [1] - As of October 27, 85 companies have gone public this year, raising a total of 89.06 billion yuan, with an average fundraising of 1.048 billion yuan per company [1] - Among these, 18 companies raised over 1 billion yuan, and 1 company raised over 10 billion yuan [1] Group 2: Fundraising by Market Segment - In the Shanghai Stock Exchange, 20 new stocks were issued, raising 39.54 billion yuan; in the Shenzhen Stock Exchange, 10 stocks raised 7.92 billion yuan; the ChiNext Board had 27 stocks raising 19.32 billion yuan; the Sci-Tech Innovation Board had 10 stocks raising 16.74 billion yuan; and the Beijing Stock Exchange had 18 stocks raising 5.55 billion yuan [1] - Huadian New Energy is the top fundraiser this year, raising 18.171 billion yuan primarily for wind and solar power projects [1] Group 3: Stock Pricing and Regional Distribution - The average initial public offering (IPO) price this year is 20.93 yuan, with 4 companies priced above 50 yuan, the highest being Tianyouwei at 93.50 yuan [2] - The majority of new stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with 21, 16, and 14 companies respectively [2] - The top fundraising regions are Fujian, Guangdong, and Jiangsu, with amounts of 18.171 billion yuan, 13.916 billion yuan, and 13.567 billion yuan respectively [2]

Macro Strategy - The "Innovation Bull" market is entering a consolidation phase, driven by a positive cycle of capital pricing and industrial implementation under policy guidance [1][13] - Current macro policies are still being implemented, and the "KOT" valuation system is gradually improving, with medium to long-term funds expected to enter the market annually [1][13] - Market liquidity and valuations have improved, with public fund net values exceeding 1, indicating potential for accelerated fund issuance [1][13] - The market is likely to extend towards technology sectors such as computing power, chips, robotics, and energy storage as the "Innovation Bull" evolves into a comprehensive bull market [1][13] Fixed Income - The report discusses how to identify arbitrage opportunities in the Sci-Tech Bond ETF component bonds, focusing on bonds with an implied rating of AA+ or higher and smaller issuance sizes [2][14] - The report emphasizes the importance of liquidity and credit quality in selecting bonds for inclusion in the ETF, with a preference for bonds issued by central state-owned enterprises [2][14] - The report highlights the potential for price appreciation of bonds that are included in the ETF due to passive fund inflows [2][15] Industry Analysis - The report identifies the "brain" as a key component in the development of embodied intelligence, with various companies exploring different technological paths [4][16] - The embodied intelligence market is expected to grow rapidly, with significant investment in brain technology, which is seen as the most critical and challenging aspect of the market [4][16] - Key players in the market include companies like 品茗科技, 银河通用, and Tesla, among others, with a recommendation to focus on these related stocks [4][16] Company Recommendations - 派能科技 (688063) is projected to recover from impairment and exchange rate impacts, with expected net profits of 1.0/5.0/7.2 billion yuan for 2025-2027, reflecting significant growth [5][17] - 巨子生物 (02367.HK) has received approval for its first type I recombinant collagen product, which is expected to drive growth in the medical beauty sector, with projected net profits of 25.66/32.14/40.46 billion yuan for 2025-2027 [6][18] - 联合动力 (301656) reported a slight decline in net profit but maintains a positive long-term outlook, with expected net profits of 11.3/16.8/25.8 billion yuan for 2025-2027 [7][21] - 杰瑞股份 (002353) continues to show growth potential with projected net profits of 30/35/40 billion yuan for 2025-2027, despite short-term delivery challenges [8][22]

Core Insights - This week, institutions have shown initial interest in 53 stocks, with 6 stocks receiving target prices [1] Group 1: Stock Ratings and Target Prices - Liante Technology (301205) received an "Overweight" rating from Huatai Securities with a target price of 107.37 CNY, while its latest closing price was 95.68 CNY [1] - Zhongrun Optical was rated "Buy" by Zheshang Securities with a target price of 66.27 CNY [1] - Other stocks mentioned include United Power (301656), Yingluohua (000795), China Shenhua (601088), BAIC Blue Valley (600733), and Cambrian [1]

Core Insights - The company, Suzhou Huichuan United Power System Co., Ltd., reported its first quarterly results since going public, showing strong revenue and profit growth, with a revenue of 14.525 billion yuan and a net profit of 792 million yuan for the first three quarters of 2025, representing year-on-year increases of 35.52% and 38.38% respectively [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 14.525 billion yuan and a net profit of 792 million yuan, reflecting a year-on-year growth of 35.52% and 38.38% [1] - This performance marks the company's first financial report since its IPO, demonstrating stable profitability and strong development resilience [1] Group 2: R&D and Technological Advancements - The company's R&D expenses increased by 49.49% year-on-year, totaling 959 million yuan, reinforcing its technological moat [2] - The fifth-generation product platform has achieved dual breakthroughs in "mass production delivery + customer targeting," with core products like distributed efficient electric drives and motor controllers now in stable production [2] - The sixth-generation product platform is advancing into the A-sample development stage, focusing on "full-domain integration and cross-domain collaboration," with core performance improvements of 10% to 30% over the fifth generation [3] Group 3: Market Expansion - The company is experiencing growth in both domestic and international markets, with a steady increase in market share and a balanced customer structure [4] - In the domestic market, the company holds leading positions in third-party supplier shares for electric control and motors, with shares of 10.1% and 11.3% respectively [4] - Internationally, the company has seen a compound annual growth rate of nearly 450% in overseas revenue over the past three years, with significant partnerships established with major global automotive manufacturers [5][6]