Summary of China Industrials Update Industry Overview - **Industry**: China Industrials - **Current Cycle**: The industry is in an upcycle driven by industrial upgrades and replacement cycles [6][4][3] Key Long-term Drivers - **AI Technology**: Diffusion of AI technology into intelligent manufacturing and equipment [6][4] - **Advanced Equipment Localization**: Focus on localizing advanced equipment production [6][4] - **Global Expansion**: Companies are increasingly going global [6][4] Robotics Sector - **Booming Era**: The robotics sector is entering a new booming era, with significant growth expected [6][4] - **Market Growth**: The robot industry in China is projected to double by 2028, with drones, mobile robots, and collaborative robots (cobots) leading the growth [57][66] - **Localization**: High localization rates are expected, with the ranking from high to low being drones, service robots, mobile robots, cobots, and traditional industrial robots [72][66] Subsector Insights - **Automation and Robotics**: - **Outperforming Stocks**: Inovance, Geekplus, Han's Laser, Shuanghuan, Hongfa, and Neway Valve are recommended as outperformers [6][4] - **Market Performance**: The automation market is in a mild recovery stage, with flat sales year-on-year in 9M25 compared to a decline in 2024 [26][32] - **Future Outlook**: Positive outlook for 2026-27 recovery driven by replacement demand and AI applications [27][32] - **Construction Machinery**: - **Growth Factors**: Domestic and overseas growth supported by large-scale infrastructure projects and electrification [142][138] - **Sales Performance**: Heavy-duty truck sales increased by 22% year-on-year in 10M25, but a decline is anticipated in 2026 due to front-loaded demand [143][144] - **Lithium Battery Equipment**: - **Demand Growth**: Expected growth of 54% in 2025, driven by capacity expansions and the first major replacement cycle starting in 2025 [174][181] - **Market Dynamics**: Global demand for lithium battery equipment is projected to grow at approximately 30% in 2026-27 [176][181] - **Solar Equipment**: - **Cyclical Low**: The solar equipment sector is expected to remain at a cyclical low in 2026 due to global overcapacity and single-digit growth in installations [182][186] - **Shift to Semi Equipment**: Companies are diversifying into non-solar lineups to mitigate downturns in solar demand [183][186] Financial Metrics - **Return on Equity (ROE)**: Mixed trends across subsectors, with improvements expected in automation and lithium battery equipment, while solar equipment shows erosion [19][21] - **Price-to-Earnings (P/E) Multiples**: Most subsector valuations are above the five-year median, particularly in automation and solar equipment [13][12] Conclusion - **Investment Opportunities**: The China Industrials sector presents various investment opportunities, particularly in automation, robotics, and lithium battery equipment, while caution is advised in solar equipment due to expected downturns [6][4][182]

证券日报网讯联合动力（301656）11月13日在互动平台回答投资者提问时表示，截至2025年10月31日， 公司股东总数为73683户。 ...

格隆汇11月13日丨联合动力(301656.SZ)在互动平台表示，轴向磁通电机技术属于公司已经布局多年的 技术路线之一。公司会综合考虑性能、寿命、可靠性、成本以及客户需求等因素，秉承"通过领先的创 新技术与精益敏捷的运营体系帮助客户构建持续竞争力"的经营理念，努力为客户提供极致性价比、极 致品质的新能源汽车零部件产品。 ...

Core Viewpoint - The company, Suzhou Huichuan United Power System Co., Ltd., is focused on becoming a global leader in intelligent electric vehicle components and solutions, with significant growth in revenue and profit in 2025 [2]. Group 1: Company Overview - The company was established on September 30, 2016, and is located in Suzhou, Jiangsu Province [2]. - The main business involves electric drive systems (86.85% of revenue) and power systems (12.64% of revenue), with other components making up the remainder [2]. - The company is categorized under the automotive industry, specifically in automotive parts and electronic systems [2]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 14.525 billion yuan, representing a year-on-year growth of 35.52% [2]. - The net profit attributable to the parent company was 792 million yuan, reflecting a year-on-year increase of 38.38% [2]. Group 3: Stock Performance - As of November 12, the stock price increased by 2.02% to 28.33 yuan per share, with a total market capitalization of 68.128 billion yuan [1]. - Year-to-date, the stock has decreased by 8.32%, with a slight decline of 1.80% over the last five trading days [1]. - The company has appeared on the stock market's "Dragon and Tiger List" once this year, with a net buy of 154 million yuan on September 25 [1]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 42.69% to 96,400, while the average number of circulating shares per person increased by 74.47% to 1,730 shares [2][3]. - The eighth largest circulating shareholder is Changcheng Jiujia Innovation Growth Mixed A, which holds 517,300 shares as a new shareholder [3].

Core Insights - The report highlights the IPO activities in Jiangsu province for October 2025, indicating a stable trend with 9 new A-share companies listed, similar to previous months [1][10]. Group 1: IPO Overview - In October 2025, Jiangsu saw the listing of 1 new company, Changjiang Energy Materials, on the Beijing Stock Exchange, with a fundraising amount of 1.84 billion [2][10]. - For the first ten months of 2025, Jiangsu ranked first among provinces with 21 new A-share companies, surpassing Guangdong by 4 companies [10][17]. - The total fundraising amount for Jiangsu's IPOs in the first ten months reached 129.27 billion, placing it third nationally [17][29]. Group 2: City-wise IPO Distribution - Suzhou led the province with 7 new A-share companies in the first ten months, followed by Wuxi and Changzhou with 3 each [10][17]. - The distribution of new A-share companies by city in October 2025 shows that Jiangsu's cities are actively participating in the IPO market, with various cities contributing to the overall count [5][10]. Group 3: Fundraising Analysis - The total fundraising for Jiangsu's IPOs in October was relatively low at 1.84 billion, indicating a need for more robust fundraising activities [17]. - Suzhou's total fundraising amount for the first ten months was 57.48 billion, maintaining its position as the top city in Jiangsu for IPO fundraising [17][13]. Group 4: Sector and Board Distribution - The newly listed companies in Jiangsu for the first ten months were distributed across four boards, with the Growth Enterprise Market (GEM) having the highest number at 7 companies [17][11]. - The breakdown of the newly listed companies by board shows a diverse participation across different sectors, reflecting the province's economic landscape [11][17]. Group 5: IPO Pipeline and Support - As of the end of October, there were 301 companies in the IPO application queue nationwide, with Jiangsu having 51, ranking third in the country [29]. - Jiangsu also leads in the number of companies undergoing IPO guidance, with 243 firms, indicating a strong support system for potential IPO candidates [29][26].

Core Points - The article discusses the issuance of new stocks in China, highlighting the recent IPO of Nantong Technology, which issued 37.18 million shares at a price of 8.66 yuan, raising 322 million yuan [1] - As of November 11, 2023, a total of 92 companies have gone public this year, raising a cumulative amount of 95.613 billion yuan, with an average fundraising of 1.039 billion yuan per company [1] - The article provides a breakdown of fundraising amounts by different stock exchanges, with the Shanghai Stock Exchange raising 41.405 billion yuan from 21 new stocks, and the Shenzhen Stock Exchange raising 7.925 billion yuan from 10 new stocks [1] Fundraising Overview - The top fundraising company this year is Huadian New Energy, which raised 18.171 billion yuan primarily for wind and solar power projects [1] - Other notable companies include Xi'an Yicai, which raised 4.636 billion yuan, and Zhongce Rubber, which raised 4.066 billion yuan [1] - The article lists the average IPO price for new stocks this year as 20.49 yuan, with four companies having an IPO price above 50 yuan [2] Regional Distribution - New stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with 23, 18, and 14 companies respectively [2] - The top three provinces by fundraising amounts are Fujian (19.182 billion yuan), Guangdong (16.977 billion yuan), and Jiangsu (15.634 billion yuan) [2] Detailed IPO Data - A table is provided listing various companies, their issuance dates, total shares issued, issue prices, and the amount raised, including Huadian New Energy (5714.29 million shares at 3.18 yuan, raising 18.171 billion yuan) and Tian You Wei (400 million shares at 93.50 yuan, raising 3.740 billion yuan) [2][3][4]

Summary of Key Points Core Viewpoint - The issuance of new stocks in China has seen significant activity in 2023, with a total of 91 companies raising approximately 952.66 billion yuan, indicating a robust market for initial public offerings (IPOs) this year [1][2]. Group 1: New Stock Issuances - Two new stocks were issued today: Hengkun New Materials with 67.40 million shares at an issue price of 14.99 yuan, raising 1.01 billion yuan; and Southern Power Digital with 477 million shares at an issue price of 5.69 yuan, raising 2.71 billion yuan [1]. - The average amount raised per company this year is approximately 10.47 million yuan, with 21 companies raising over 1 billion yuan [1][2]. Group 2: Fundraising by Companies - Huadian New Energy has raised the most funds this year, totaling 18.17 billion yuan, primarily for wind and solar power projects [2]. - Other notable fundraisers include Xi'an Yicai with 4.64 billion yuan and Zhongce Rubber with 4.07 billion yuan [2]. - The average issue price of new stocks this year is 20.62 yuan, with four companies having an issue price above 50 yuan [2]. Group 3: Regional Distribution - New stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with 23, 17, and 14 companies respectively [2]. - The top three provinces in terms of total fundraising amounts are Fujian (19.18 billion yuan), Guangdong (16.63 billion yuan), and Jiangsu (15.63 billion yuan) [2].

Core Points - A new stock, Dapeng Industrial, issued 15 million shares at a price of 9.00 yuan, raising 135 million yuan [1] - As of November 5, 2023, a total of 89 companies have gone public this year, raising a cumulative amount of 91.542 billion yuan, with an average fundraising of 1.029 billion yuan per company [1] - The most funds raised by a single company this year is from Huadian New Energy, which raised 18.171 billion yuan primarily for wind and solar power projects [1][2] Fundraising Statistics - Total number of new stocks issued this year: 89 companies [1] - Total fundraising amount: 91.542 billion yuan [1] - Average fundraising per company: 1.029 billion yuan [1] - Breakdown of fundraising by market: - Shanghai Main Board: 21 stocks, 41.405 billion yuan [1] - Shenzhen Main Board: 10 stocks, 7.925 billion yuan [1] - ChiNext: 27 stocks, 19.316 billion yuan [1] - Sci-Tech Innovation Board: 10 stocks, 16.736 billion yuan [1] - Beijing Stock Exchange: 21 stocks, 6.159 billion yuan [1] Price and Regional Distribution - Average initial public offering (IPO) price this year: 20.85 yuan [2] - Highest IPO price: Tianyouwei at 93.50 yuan [2] - Regions with the most IPOs: Jiangsu (23), Guangdong (16), Zhejiang (14) [2] - Regions with the highest fundraising amounts: Fujian (18.171 billion yuan), Jiangsu (15.634 billion yuan), Guangdong (13.916 billion yuan) [2]

Core Insights - As of September 30, 2025, the total number of shareholders for United Power is reported to be 96,423 [2] Company Summary - United Power has engaged with investors through an interactive platform, providing updates on shareholder numbers [2]

Core Viewpoint - The company aims to become a global leader in intelligent electric vehicle components and solutions, focusing on core power system components [1] Group 1: Product Offerings - The main products include electric drive systems (electric control, motors, integrated drive assemblies) and power systems (on-board chargers, DC/DC converters, integrated power assemblies) [1] - The company does not engage in robotics-related businesses [1]