Core Viewpoint - Macro Technology experienced a decline of 2.18% in stock price on September 30, with a trading volume of 208 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On September 30, Macro Technology had a financing purchase amount of 17.76 million yuan and a financing repayment of 23.74 million yuan, resulting in a net financing outflow of 5.98 million yuan [1] - The total financing and securities balance for Macro Technology as of September 30 was 96.66 million yuan, accounting for 4.75% of its market capitalization [1] - No shares were sold or repaid in the securities lending segment on the same day, with a total securities lending balance of 0 [1] Business Performance Summary - For the first half of 2025, Macro Technology reported a revenue of 757 million yuan, a year-on-year decrease of 19.32%, and a net profit attributable to shareholders of 53.56 million yuan, down 15.70% year-on-year [2] - The company has cumulatively distributed dividends of 80 million yuan since its A-share listing [2] Shareholder Structure Summary - As of June 30, 2025, Macro Technology had 13,300 shareholders, a decrease of 37.03% from the previous period, with an average of 1,182 circulating shares per shareholder, an increase of 58.80% [2] - The top ten circulating shareholders include several new institutional investors, with the largest being Hua'an Economic Growth Mixed A, holding 474,400 shares [3]

Group 1 - The signing event for the headquarters and R&D production base of Honggong Technology took place in Changsha, with local government officials present [1][3] - Honggong Technology Co., Ltd. will establish its management headquarters, global R&D center, assembly base, and sales center in the Changsha Economic and Technological Development Zone [3] - Honggong Technology is a leading enterprise in the fields of material handling, industrial automation, and new energy materials equipment, providing a full range of services including automated systems, complete engineering, equipment parts, and technical services [3] Group 2 - The collaboration is expected to inject new momentum into Changsha's new energy equipment industry, promoting the high-end, intelligent, and green development of the manufacturing sector [3]

Core Viewpoint - Macro Technology experienced a significant decline in stock price, with a drop of 7.47% on September 26, 2023, and a trading volume of 275 million yuan, indicating potential investor concerns about the company's financial performance and market position [1]. Financing and Trading Data - On September 26, 2023, Macro Technology had a financing buy-in amount of 19.39 million yuan and a financing repayment of 36.14 million yuan, resulting in a net financing outflow of 16.75 million yuan. The total financing and securities balance reached 113 million yuan, which accounts for 5.49% of the circulating market value [1]. - The company had no short selling activity on the same day, with zero shares sold or repaid, indicating a lack of bearish sentiment in the market [1]. Financial Performance - For the first half of 2025, Macro Technology reported a revenue of 757 million yuan, representing a year-on-year decrease of 19.32%. The net profit attributable to shareholders was 53.56 million yuan, down 15.70% compared to the previous period [2]. - Cumulatively, the company has distributed a total of 80 million yuan in dividends since its A-share listing [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Macro Technology was 13,300, reflecting a decrease of 37.03% from the previous period. The average number of circulating shares per shareholder increased by 58.80% to 1,182 shares [2]. - The top ten circulating shareholders include several new institutional investors, with the largest being Hua'an Economic Growth Mixed A, holding 474,400 shares [3].

Summary of the Conference Call on Solid-State Battery Equipment Industry Industry Overview - **Industry**: Solid-State Battery Equipment - **Key Analysts**: Wang Shuai, Li Feng, Wu Shenghao, Sun Zhaoxu [1] Key Points Lithium Battery Market - By 2025, demand for lithium batteries in new energy vehicles and energy storage is expected to grow steadily. However, the industry faces an oversupply situation due to previous rapid capacity expansion, leading to sustained pressure on profitability for two years [3][3]. - Current signs indicate a price bottoming out and a slowdown in capacity expansion, which are positive for the market. The industry is showing signs of stabilization and potential upward elasticity in profitability as companies implement cost reduction and efficiency measures [3][3]. - New technologies like solid-state batteries are accelerating, potentially reshaping the competitive landscape. Companies with advantages in new technology may see a rebound first [3][3]. Solid-State Battery Development - The commercialization of solid-state batteries is expected to accelerate by 2025, driven by their high energy density, excellent safety, and adaptability to wide temperature ranges. They are likely to replace existing liquid lithium batteries in various applications and open new markets such as drones, robotics, and data centers [3][3]. - The solid-state battery supply chain is expected to see collaborative breakthroughs across various segments, including mature preparation processes for solid electrolytes and new electrode materials, leading to significant cost reductions [3][3]. - The initial phase of solid-state battery production will focus on dry electrode equipment and static pressure equipment, with increasing importance on post-processing stages as the industry matures [3][3]. Investment Recommendations - Focus on leading battery equipment manufacturers and companies with comprehensive R&D and production capabilities in solid-state batteries, such as XianDao Intelligent, Yinghe Technology, and HaiMuXing [3][3]. - Attention should also be given to companies innovating in dry coating and mixing processes, such as NaKonoer and HongGong Technology, as dry processes are expected to dominate future developments [3][3]. - As the solid-state battery trend becomes clearer, suppliers of post-processing equipment are likely to benefit, with companies like HangKe Technology and HuaZi Technology being noteworthy [3][3]. Risks - Potential risks include policy effects falling short of expectations, lower-than-expected downstream demand, unexpected fluctuations in raw material prices, macroeconomic volatility, and slower-than-expected technological advancements [3][3]. Additional Insights - The new national standard for power batteries mandates that they must not catch fire or explode, which will enhance the focus on battery safety and likely accelerate the adoption of solid-state batteries [6][9]. - Solid-state batteries significantly outperform liquid batteries in terms of thermal runaway temperatures, with solid electrolytes showing much higher thresholds for thermal stability [9][9]. - The production process for solid-state batteries involves significant changes in equipment and technology, particularly in the front-end processes of mixing, coating, and rolling, which are critical for achieving high energy density and cycle life [39][58]. Conclusion The solid-state battery equipment industry is poised for growth, driven by technological advancements and increasing safety standards. Investment opportunities exist in leading equipment manufacturers and those innovating in production processes. However, potential risks must be carefully monitored as the industry evolves.

Market Overview - The battery sector experienced a decline of 2.31% on the previous trading day, with Naconor leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the battery sector included: - Fangyuan Co., Ltd. (688148) with a closing price of 6.71, up 20.04% [1] - Huazi Technology (300490) at 12.56, up 15.44% [1] - Tianji Co., Ltd. (002759) at 16.30, up 9.99% [1] - Conversely, Naconor (832522) saw a significant decline of 7.66%, closing at 65.71 [2] - Other notable decliners included Honggong Technology (301662) down 7.47% and Kuoguli (301487) down 6.91% [2] Trading Volume and Capital Flow - The battery sector saw a net outflow of 4.296 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.169 billion yuan [2][3] - The trading volume for Fangyuan Co., Ltd. reached 326,400 shares, with a transaction value of 214 million yuan [1] - Huazi Technology had a trading volume of 1,035,900 shares, with a transaction value of 1.273 billion yuan [1] Capital Inflow Analysis - Tianji Co., Ltd. (002759) had a net inflow of 478 million yuan from institutional investors, representing 30.17% of its total trading [3] - Shanshan Co., Ltd. (600884) saw a net inflow of 256 million yuan, accounting for 12.87% [3] - Conversely, Naconor experienced a net outflow of 740 million yuan from institutional investors [3]

Group 1 - The company announced that it will hold the 17th meeting of the second board of directors on September 22, 2025, to review the proposal for signing a project contract with the Changsha Economic and Technological Development Zone Management Committee [2] - The company has established a wholly-owned subsidiary, Hunan Honggong Technology Co., Ltd., which will serve as the project implementation entity for the external investment [2] - The subsidiary has completed the business registration procedures and obtained a business license issued by the Changsha Economic and Technological Development Zone Management Committee [2]

一、投资概述 宏工科技股份有限公司（以下简称"公司"）于 2025 年 9 月 22 日召开第二届董事会第十七次会议，审议通过了《关于拟与长沙经济 技术开发区管理委员会签订项目合同暨对外投资的议案》，同意与长 沙经济技术开发区管理委员会签订《项目引进合同》，就公司设立子 公司进行项目投资相关事项进行约定。具体内容详见公司于 2025 年 9 月 23 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于拟与 长沙经济技术开发区管理委员会签订项目合同暨对外投资的公告》 （公告编号：2025-040）。 二、进展情况 近日，公司设立全资子公司湖南宏工科技有限公司作为本次对外 投资的项目实施主体，湖南宏工科技有限公司已完成设立的工商登记 手续，并取得了长沙经济技术开发区管理委员会核发的《营业执照》， 《营业执照》相关信息如下： 名称：湖南宏工科技有限公司 证券代码：301662 证券简称：宏工科技 公告编号：2025-041 号 宏工科技股份有限公司 关于拟与长沙经济技术开发区管理委员会签订项目合同 暨对外投资的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没 有虚假记载、误导性 ...

Core Viewpoint - Honggong Technology Co., Ltd. has approved a project introduction contract with the Changsha Economic and Technological Development Zone Management Committee and an external investment proposal during its board meeting [1] Group 1: Company Developments - The company has established a wholly-owned subsidiary, Hunan Honggong Technology Co., Ltd., as the implementation entity for the investment project [1] - The subsidiary has completed its business registration and obtained a business license [1] - The registered capital of the subsidiary is 100 million yuan, and the legal representative is Luo Caihua, with Honggong Technology Co., Ltd. holding 100% of the shares [1] Group 2: Business Scope - The subsidiary's business scope includes a wide range of activities such as mechanical equipment research and sales, software development, and general projects [1] - It also includes licensed projects like electrical installation services [1]

Core Insights - Honggong Technology (301662) announced plans to invest up to 450 million yuan in the construction of a management headquarters, global R&D center, assembly base, and sales center in Changsha Economic and Technological Development Zone [1] Investment Details - The project will cover approximately 247 acres of industrial land located south of People's East Road in Changsha Economic and Technological Development Zone, which will be acquired through legal bidding processes [1] - The company commits to completing the project within two years from the contract signing and achieving full production capacity by the fourth year [1] Strategic Objectives - The investment aims to enhance the company's core competitiveness, attract top talent, and promote sustainable development [1] - The Changsha Economic and Technological Development Zone Management Committee will provide policy support in areas such as industry, R&D, talent, and finance [1]

Group 1 - Qianyu Medical's shareholder QM5 LIMITED plans to transfer approximately 6.6693 million shares, accounting for 2% of the company's total share capital [1] - Guizhou Platinum Industry intends to raise no more than 1.291 billion yuan for technological innovation platform construction, industrial transformation, and working capital [1] - Guangdong Construction has won a bid for the Guangzhou Financial City East District project with a contract value of 1.924 billion yuan [1] Group 2 - Sanfu New Science plans to repurchase shares with a total amount not less than 10 million yuan and not exceeding 15 million yuan [3] - Baiyun Mountain's subsidiary has entered the II phase of clinical trials for children's Xiao Chai Hu granules, aimed at treating pediatric gastrointestinal colds [4] - Lepu Medical has signed a strategic cooperation agreement with Hanhai Information for market promotion and operation rights in mainland China [5] Group 3 - Daotong Technology plans to transfer 46% of its stake in Saifang Technology for a total consideration of 109 million yuan [7] - Rizhao Port's shareholder Shandong Energy Group intends to reduce its stake by up to 3% [8] - Saiwei Electronics reports that the National Integrated Circuit Fund has reduced its stake by 6.3481 million shares, representing 0.87% of the total share capital [10] Group 4 - Changji Logistics proposes a cash dividend of 0.31 yuan per share for the 2025 interim period [11] - Xuelong Group's shareholder plans to reduce its stake by up to 1.95% [13] - Lianxiang Co. plans to reduce its stake by a total of 3.74% [15] Group 5 - Yingfeite's actual controller plans to reduce its stake by up to 2.82% [16] - Baolong Technology's director plans to reduce his stake by up to 0.11% [17] - China Electric Research's shareholder plans to transfer 2% of the company's shares through an inquiry transfer [18] Group 6 - Oriental Pearl plans to participate in establishing an investment fund with a total fundraising scale of 714 million yuan [19] - Tianqin Equipment's shareholder plans to reduce its stake by up to 1% [21] - Crystal Optoelectronics' shareholder plans to reduce its stake by up to 0.99% [22] Group 7 - Changchun Technology expects a net profit increase of 131.39% to 145.38% for the first three quarters of 2025 [22] - Jinhai Tong's shareholder plans to reduce its stake by up to 1% [24] - Zhongdian Electric's shareholder plans to reduce its stake by up to 3% [26] Group 8 - Zhixiang Jintai has signed exclusive cooperation agreements for two monoclonal antibody injections [27] - Chuangli Group's director plans to reduce his stake by up to 0.7% [28] - Henghui Security's shareholders plan to reduce their stake by a total of 2.34% [29] Group 9 - Tianci Materials' subsidiary has signed a supply cooperation agreement for no less than 800,000 tons of electrolyte products [29] - Tianci Materials has submitted an application for H-share listing on the Hong Kong Stock Exchange [30] - Zhongke Haixun has signed a strategic cooperation agreement with Beibu Gulf Port Group [30] Group 10 - China CNR has elected Sun Yongcai as the chairman of the board [31] - Baiwei Storage plans to issue H-shares and list on the Hong Kong Stock Exchange [32] - Shengxin Lithium Energy plans to acquire a 21% stake in Qicheng Mining for 1.456 billion yuan [33] Group 11 - Zhongjing Electronics plans to raise no more than 700 million yuan for various projects [35] - Dingxin Communications clarifies that its technology authorization from Pingtouge is unrelated to AI intelligent reasoning chips [37] - Rihai Intelligent's major shareholder plans to reduce its stake by up to 2.77% [38] Group 12 - Rihai Optical's actual controller plans to reduce his stake by up to 3% [39] - Xilong Science's actual controllers plan to reduce their stake by a total of 3% [40] - Honggong Technology plans to sign a project contract with a maximum investment of 450 million yuan [41] Group 13 - Mankang Pharmaceutical has signed a strategic cooperation agreement with Nanjing Haijing Pharmaceutical [42] - Mankang Pharmaceutical plans to raise no more than 1.033 billion yuan through a private placement [42] - Kaidi Co.'s shareholder plans to reduce its stake by up to 38,030 shares [43] Group 14 - Hesheng Co. has launched a stock option and restricted stock incentive plan totaling 3.6 million shares [44] - ST Yigou's shareholder plans to reduce its stake by up to 2.85% [46] - Jinziham's subsidiary plans to invest up to 300 million yuan in Zhongzheng Microelectronics [49]