Core Viewpoint - HeMai Co., Ltd. (688032.SH) is currently experiencing a decline in stock price, closing at 103.19 yuan with a drop of 2.98%, indicating a state of share price below its initial public offering (IPO) price [1] Group 1: IPO and Financial Overview - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an IPO price of 557.80 yuan per share and a total issuance of 10 million shares [1] - The total funds raised from the IPO amounted to 5.578 billion yuan, with a net amount of 5.406 billion yuan after deducting issuance costs, which exceeded the original plan by 4.848 billion yuan [1] - The funds raised are intended for projects including the construction of an intelligent manufacturing base, industrialization of energy storage inverters, upgrading of intelligent electrical equipment, and supplementing working capital [1] Group 2: Dividend Announcements - On May 30, 2022, HeMai Co., Ltd. announced a dividend plan of 30 yuan (pre-tax) per 10 shares, along with a bonus issue of 4 shares, with the ex-dividend date set for June 7, 2022 [2] - On June 6, 2023, the company announced a dividend plan of 53 yuan (pre-tax) per 10 shares, with a bonus issue of 4.9 shares, and the ex-dividend date set for June 13, 2023 [2] - A future dividend plan was announced for June 13, 2024, proposing a payout of 36 yuan (pre-tax) per 10 shares, along with a bonus issue of 4.9 shares, with the ex-dividend date set for June 19, 2024 [2]

三一重能首次公开发行股票的发行费用合计14,021.58万元（不包含增值税），其中，保荐及承销 费用11,739.30万元。 本次发行由保荐机构相关子公司跟投，跟投机构为中信证券投资有限公司，获配股数为376.5714 万股，占首次公开发行股票数量的比例为2.00%，获配金额1.12亿元，限售期为24个月。 (责任编辑：徐自立) 中国经济网北京1月30日讯 三一重能(688349.SH)今日股价下跌，截至收盘报26.01元，跌幅 4.59%。该股目前处于破发状态。 三一重能于2022年6月22日在上交所科创板上市，发行新股18828.57万股，发行价格为29.80元/ 股，保荐机构（主承销商）为中信证券，保荐代表人为孙鹏飞、杨成云。 三一重能首次公开发行股票募集资金总额为561,091.43万元，募集资金净额为547,069.86万元。 三一重能实际募资净额比原拟募集资金多243,890.72万元。三一重能于2022年6月17日披露的招股说明 书显示，该公司原拟募集资金303,179.14万元，拟用于"新产品与新技术开发项目""新建大兆瓦风机整 机生产线项目""生产线升级改造项目""风机后市场工艺技术研发项目 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6030） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中信証券股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於間 接子公司發行中期票據並由全資子公司提供擔保的公告，僅供參閱。 承董事會命 中信証券股份有限公司 董事長 張佑君 中國北京 2026年1月30日 於本公告刊發日期 ，本公司執行董事為張佑君先生 、鄒迎光先生及張長義先生；本公司非執行董事為李艺女士 、 梁丹先生、張學軍先生、付臨芳女士及趙先信先生；本公司獨立非執行董事為李青先生、史青春先生、張健華 先生、劉俏先生及李蘭冰女士；及本公司職工董事為施亮先生。 证券代码：600030 证券简称：中信证券 公告编号：临2026-007 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子 ...

担保对象及基本情况 | | 被担保人名称 | 本次担保金额 | 实际为其提供的担保余额 | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | | | | | （不含本次担保金额） | 预计额度内 | 否有反担保 | | CSI | MTN Limited | 110万美元 | 34.83亿美元 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） - | | | --- | --- | | 截至本公告日上市公司及其控股子 公司对外担保总额（亿元） | 2,098.69 | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 71.60 | | 特别风险提示 | 担保金额（含本次）超过上市公司最近一期经审计净 | | | 资产50% | | | □对外担保总额（含本次）超过上市公司最近一期经审 | | | 计净资产100% | | | □对合并报表外单位担保总额（含本次）达到或超过最 | | | 近一期经审计净资产30% | | | 本次对资产负债率超过70%的单位提供担保 | 一、担保情况概述 （一） 担保的基本情况 ...

Core Viewpoint - Shanghai Boonray Intelligent Technology Co., Ltd. (Boonray Technology) is preparing for an IPO on the Hong Kong Stock Exchange, focusing on autonomous mining truck solutions and aiming to transform the industry through an integrated strategy of "automation + electrification" [1][2]. Business Overview - Boonray Technology, established in 2015, is a leading provider of autonomous mining truck solutions, emphasizing a strategy that integrates automation and electrification to drive industry transformation [2]. - The company has developed three synergistic business segments: Intelligent Vehicles, Intelligent Mining, and Intelligent Transportation [4]. Intelligent Vehicles - The Intelligent Vehicles segment focuses on the sales of fully electric autonomous mining trucks used in enclosed environments, which has been the largest revenue source for the company [5]. - Boonray Technology is the only supplier in the industry with its own production facilities and is the exclusive provider of integrated charging and swapping solutions for mining trucks [5]. - The company has achieved mass production of autonomous mining trucks and has secured orders for over a thousand units from leading mining service companies [5]. - By 2024, Boonray Technology is projected to be the largest global provider of electric autonomous mining trucks by shipment volume and revenue [5]. Intelligent Mining - The Intelligent Mining segment positions the company as a total contractor for smart mining solutions, offering an integrated solution covering the entire mining operation process from loading to transportation and energy replenishment [8]. - The company provides a comprehensive smart mining management platform, remote control systems for mining equipment, and intelligent charging and swapping systems [8]. Intelligent Transportation - The Intelligent Transportation segment offers unmanned transportation services for mining operations, relying on a self-invested and operated integrated system [9]. - Boonray Technology has established the first fully automated mining project in the industry, which has been operating safely 24/7 for nearly four years and has achieved unit-level profitability [9]. Financial Performance - For the fiscal years 2023, 2024, and the first nine months of 2025, Boonray Technology reported revenues of RMB 69.57 million, RMB 170.84 million, and RMB 315.21 million, respectively, with corresponding net losses of RMB 32.48 million, RMB 60.99 million, and RMB 58.67 million [15][16]. Shareholder Structure - Prior to the IPO, the largest shareholder group, led by Mr. Hu Xinyi and Dr. Yang Yang, collectively holds approximately 34.07% of the shares [11][12]. Management Team - The board of directors consists of 8 members, including 3 executive directors: Mr. Hu Xinyi (Chairman and CEO), Dr. Yang Yang (CTO), and Mr. Zhan Zhiyong (Vice President) [14].

Core Viewpoint - Zhejiang Rongtai Electric Equipment Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Zhejiang Rongtai is a pioneer and leader in the global new energy mica composite materials and related products, having expanded its business from mica products to key precision structural components for robots [4]. - The company holds a dominant position in the new energy mica product market in China, with a projected market share of 14.1% in 2024, significantly ahead of its competitors [4]. Market Position - According to Frost & Sullivan, Zhejiang Rongtai ranks first in the revenue of the new energy mica product market in China for 2024, with the following market share distribution: - 1st: Zhejiang Rongtai - 14.1% - 2nd: Company A - 6.4% - 3rd: Company B - 5.2% - 4th: Company E - 3.4% - 5th: Others - 1.6% [4]. Financial Performance - The revenue figures for Zhejiang Rongtai are as follows: - 2023: Approximately 800 million RMB - 2024: Approximately 1.135 billion RMB - Nine months ending September 30, 2024: Approximately 809 million RMB - Nine months ending September 30, 2025: Approximately 960 million RMB [4][6]. - The profit figures for the same periods are: - 2023: Approximately 172 million RMB - 2024: Approximately 230 million RMB - Nine months ending September 30, 2024: Approximately 167 million RMB - Nine months ending September 30, 2025: Approximately 205 million RMB [5][6]. Governance Structure - The board of directors of Zhejiang Rongtai consists of nine members, including two executive directors, three non-executive directors, and four independent non-executive directors. The chairman and CEO is Ms. Cao Meisheng, while Mr. Zheng Minmin serves as the executive director and general manager [7].

格隆汇1月30日｜中信证券研报测算显示，中国目前积累的待结汇规模或在6500亿美元左右，假设50% 在2026年结汇，只需要占用约1400亿元存款准备金，绝对金额并不大，无需过度担忧结汇对流动性的消 耗。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

Core Insights - The report analyzes the development and investment cycles of the electric vehicle (EV) industry and draws parallels to the humanoid robot industry, suggesting that humanoid robots are currently in a technology validation phase, but their commercialization timeline will be shorter than that of EVs [3][27][28] - The report emphasizes the importance of focusing on high-value, clear-structure, and high-certainty segments within the robot industry, as these segments exhibit the greatest performance elasticity [17][22][41] Industry Comparison - Both the EV and humanoid robot industries are considered global strategic industries, initiated by Tesla, and follow similar patterns of technological validation, capital support, and policy-driven market dynamics [4][28] - The complexity of intelligent robotics is higher than that of EVs, with more fragmented application scenarios, leading to greater uncertainty in industry development [4][28] Investment Strategy - The report recommends actively seeking leading companies in the humanoid robot sector that have high barriers to entry in terms of non-standardization, technology, cost, and production expansion, as these companies are likely to navigate through industry cycles successfully [22][41] - The humanoid robot industry is expected to follow a path from closed to open systems, from standardization to complexity, and from production to everyday life applications [23][30] Technological Development - Current technological challenges in humanoid robots include improving autonomous decision-making capabilities, enhancing motion flexibility and stability, and reducing overall costs [31][34] - The report notes that while the cost structure of humanoid robots is similar to that of EVs, the industry is still in its infancy, and no dominant players have emerged yet, akin to CATL in the battery sector [41] Market Dynamics - The EV industry has experienced four major market cycles driven by macroeconomic factors, policy changes, and technological advancements, which may serve as a reference for the humanoid robot industry as it develops [10][11][39] - The report highlights that the investment landscape for humanoid robots is currently characterized by thematic investments, similar to earlier stages of the EV market [39][41]

Core Viewpoint - The humanoid robot industry is currently in a technology validation phase, but the timeline for commercialization is expected to be shorter than that of the electric vehicle industry. The focus should be on segments with high value, clear structure, and high certainty, as these will have the greatest performance elasticity [1][22]. Industry Comparison - The humanoid robot industry is highly comparable to the electric vehicle industry, both being global strategic industries initiated by Tesla. They follow similar development patterns driven by technology validation, capital support, and policy incentives, although the complexity and fragmentation of robot intelligence present unique challenges [2][3]. Key Segments - High-value and high-barrier segments in the humanoid robot industry include platform companies (integrating hardware and software), high-performance SOC chips (driving the brain side), dexterous hands (integrated hardware and software small robots), actuators, and precision sensors [1][19][22]. Investment Strategy - The investment strategy should focus on identifying leading companies in the humanoid robot sector that have high non-standard, technical, cost, and production expansion barriers, as these companies are likely to navigate through industry cycles successfully [1][22]. Market Dynamics - The humanoid robot industry is expected to experience a more stable performance trajectory compared to the electric vehicle industry, which has faced significant volatility due to cyclical material performance. The industry is still in its early stages, with no dominant players yet emerging like CATL in the lithium battery sector [19][22]. Policy and Capital Support - Policy and capital support are crucial for the development of both the electric vehicle and humanoid robot industries. The approach for robots should follow a "plan first, market later" strategy, similar to the early days of electric vehicles [5][6].

Core Viewpoint - Recent demand for inference and training computing power is strong, leading to price increases from both Amazon Web Services (AWS) and Google Cloud [1][2] Group 1: Demand for Computing Power - The demand for computing resources for inference and training has significantly increased, supporting the need for training computing power [1] - AWS raised prices by approximately 15% for EC2 machine learning capacity blocks on January 23, 2026, followed by Google Cloud announcing price hikes for its cloud network transmission services, with North America seeing a doubling of prices [2] Group 2: Inference Side - The rapid emergence of AI agents, such as MoltBot, is expected to support the demand for inference computing power, as these agents can perform more complex tasks and require more computing resources [3] - Anthropic has raised its revenue expectations for 2026 and 2027 to $18 billion and $55 billion, respectively, indicating a strong upward trend in inference demand [3] Group 3: Training Side - The industrial sector is continuously exploring scaling limits, which supports the demand for training computing power, with new models expected to be released in Q1 2026 [8] - Models like Grok-5 and GPT-6 are anticipated to utilize larger datasets and parameter scales, increasing the demand for training computing power [8] Group 4: Financial Reporting Catalyst - The upcoming earnings reports from major cloud service providers (CSPs) will be critical in confirming the demand for computing power and capital expenditure continuity [9] - Key earnings dates include Microsoft and Meta on January 29, 2026, followed by Google on February 5 and Amazon on February 6, with NVIDIA's report on February 26 expected to further influence market sentiment [9][10]