苏州汇川联合动力系统股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：国泰海通证券股份有限公司 一、上市概况 4、首次公开发行股票数量：28,857.4910万股，占发行后公司总股本的比例 为12.00%，本次公开发行全部为新股，无老股转让。 1 1、股票简称：联合动力 2、股票代码：301656 3、首次公开发行后总股本：240,479.0910万股 二、风险提示 本公司股票将在深圳证券交易所创业板市场上市，该市场具有较高的投资风 险。创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，苏州汇川联合动力系统股份有限公司（以下简 称"发行人"或"本公司"）发行的人民币普通股股票将于2025年9月25日在深 圳证券交易所创业板上市，上市公告书全文和首次公开发行股票并在创业板上市 的招股说明书全文披露于中国证券监督管理委员会指定的信息披露 ...

Market Performance - The Hong Kong stock market indices opened high but closed lower, with the Hang Seng Index down by 0.70% at 26,159.12 points [1] - The Hang Seng Tech Index fell by 1.45%, and the National Enterprises Index decreased by 0.86% [1] Sector Performance - Technology stocks experienced more declines than gains, with Baidu dropping over 5% and JD.com falling over 4% [1] - Meituan, Bilibili, and Lenovo saw declines of over 2%, while Xiaomi decreased by over 1% [1] - NetEase, however, recorded an increase of over 1% [1] Specific Stock Movements - Gold stocks surged in the afternoon, with Tongguan Gold rising by over 5% [1] - Banking stocks were active, with HSBC Holdings increasing by over 1% [1] - Apple-related stocks weakened, with Lens Technology dropping by over 7% [1] - Chinese brokerage stocks generally fell, with Zhongzhou Securities down by over 4% [1] - Newly listed companies saw significant gains, with one group increasing by over 43% on their first trading day [1]

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.70% to 26,159.12 points, the Hang Seng Tech Index dropping by 1.45%, and the State-Owned Enterprises Index decreasing by 0.86% [1] - Major tech stocks saw significant losses, including Baidu down over 5% and JD.com down over 4%, while gold stocks rallied, with Tongguan Gold rising over 6% [1] - Southbound capital recorded a net outflow exceeding 4 billion HKD [1] Company Developments - Alibaba is restructuring its home and store services, focusing on Taobao Flash Purchase to enhance consumer services, which may lead to increased short-term investments and expanded losses [2] - The upcoming Alibaba Cloud Summit in September 2025 will focus on AI infrastructure and applications, indicating a strategic shift towards AI [1][2] - Both Alibaba and Baidu are investing in self-developed chips, driven by a bullish sentiment in AI, which may lead to a potential upward breakthrough for the Hang Seng Tech Index [2] Investment Outlook - The expectation of increased capital expenditures from Alibaba, combined with the narrative around consumption and cloud services, is likely to attract continued capital inflow [2] - The potential for a Federal Reserve interest rate cut may further enhance the inflow of southbound capital, supporting a revaluation of the Hang Seng Tech Index [2]

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.70% to 26,159.12 points, and the Hang Seng Tech Index dropping by 1.45% [1] - Major tech stocks saw significant losses, including Baidu down over 5% and JD.com down over 4%, while gold stocks like Tongguan Gold rose over 6% [1] - Southbound capital recorded a net outflow exceeding 4 billion HKD, indicating a bearish sentiment among investors [1] Group 2 - GF Securities noted that Alibaba is restructuring its home and store services, focusing on Taobao Flash Purchase to enhance consumer services, which may lead to increased short-term losses [2] - The upcoming Alibaba Cloud Summit is expected to drive investment interest, with a focus on AI infrastructure and applications, potentially boosting capital inflow [2] - The competition between Alibaba and Baidu in self-developed chips is expected to ignite bullish sentiment in the tech sector, with the Hang Seng Tech Index likely to see a valuation reconstruction [2]

Market Overview - The Hong Kong stock market opened slightly higher but experienced a decline throughout the day, with the Hang Seng Index closing down 0.7% at 26,159.12 points and a total turnover of HKD 2,945.61 million [1] - The Hang Seng Tech Index fell by 1.45%, while the Hang Seng China Enterprises Index decreased by 0.86% [1] Blue-Chip Stocks Performance - HSBC Holdings (00005) rose by 1.31% to HKD 108.6, contributing 28.6 points to the Hang Seng Index [2] - Other notable blue-chip movements included New Oriental-S (09901) up 1.85%, CITIC Limited (00267) up 1.5%, while CSPC Pharmaceutical Group (01093) fell by 4.73% [2] Sector Highlights - Large tech stocks generally declined, with Tencent down 0.86% and Xiaomi dropping over 1%, while Alibaba saw a slight increase of 0.13% [3] - Gold stocks continued to rise, with Tongguan Gold (00340) increasing by 6.38% [3] - Some banking stocks performed well, with Chongqing Rural Commercial Bank rising nearly 3% [3] Gold Market Insights - International gold prices reached new highs, with London gold hitting USD 3,759.16 per ounce and COMEX gold at USD 3,795.1 per ounce, marking a year-to-date increase of over 40% [4] - The rise in gold prices is supported by expectations of further interest rate cuts by the Federal Reserve and geopolitical tensions affecting energy supply chains [4] Cryptocurrency Sector - Cryptocurrency-related stocks faced significant declines, with Guotai Junan International (01788) dropping 11.57% following regulatory actions from the China Securities Regulatory Commission [5][6] - The overall cryptocurrency market saw a downturn, with total market capitalization falling below USD 4 trillion [6] Notable Stock Movements - Yunzhihui Technology (01037) surged by 103.23% after announcing a strategic partnership in humanoid robotics [7] - Different Group (06090) saw a 43.96% increase on its debut, focusing on high-end parenting products [8] - Kington Holdings (00412) rose by 22.25% following a share buyback authorization [9] - Liqin Resources (02245) reached a new high, increasing by 14.29% due to favorable cobalt export policies [10] - China Rare Earth Holdings (03788) rose by 12.53% after announcing a share issuance to support gold mining projects [11] - Zhejiang Shibao (01057) saw a 12.27% increase, driven by advancements in steering technology for smart vehicles [12]

Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Technology Index dropping as much as 2.6% before closing down 1.45% [1] - The Hang Seng Index fell 0.7% to remain above 26,000 points, while the National Enterprises Index decreased by 0.86% [1] Sector Performance - Major technology stocks experienced widespread declines, with Baidu falling over 5%, JD.com down 4.4%, Meituan down nearly 3%, Xiaomi down over 1%, and Tencent down nearly 1% [1] - Alibaba managed to close slightly positive, while Apple-related stocks saw significant pullbacks, with Lens Technology down over 7% and both Wasion Group and QiuTai Technology down over 3% [1] - Other sectors such as real estate, automotive, Chinese brokerage firms, steel, lithium battery, gambling, shipping, aviation, and semiconductor stocks also showed weak performance [1] Education Sector - The Ministry of Education announced the establishment of the world's largest vocational education system, leading to a rise in vocational education stocks, with Thinker Education up over 6% and New Oriental, a leader in online education, rising nearly 2% [1] Gold Market - Spot gold reached a new historical high, resulting in active performance among gold stocks [1] Individual Stock Movements - Newly listed stocks saw significant gains, with Yunzhihui Technology soaring over 103% and other companies like Mixue Group and Kangfang Biotech rising 4.7% and 4.28% respectively [1] - Conversely, Guotai Junan International fell by 11.57% and Canggang Railway dropped by 12.5% [1] - Notable gains included Shanga Holdings up 22.25% and Hong Kong Broadband up 15.85% [1]

Core Viewpoint - The air conditioning retail market in China is experiencing a significant slowdown due to the impact of reduced national subsidies and high year-on-year comparison bases starting from September 2023 [1][2]. Group 1: Domestic Sales and Production - From September to November, the domestic air conditioning production is expected to decline compared to the same period last year, with decreases of -6.3%, -23.4%, and -17.6% respectively, indicating a cautious industry outlook [1][2]. - In August, domestic air conditioning shipments reached 7.737 million units, showing a year-on-year increase of 1.2%, driven by sustained high temperatures across the country [2]. - The reduction in national subsidy funding has led to various measures across provinces to control subsidy spending, including daily limits on subsidies and the suspension of certain categories [2]. Group 2: Export Trends - In August, air conditioning exports totaled 5.287 million units, reflecting a year-on-year decrease of 4.2%, although this was an improvement compared to previous production forecasts [3]. - For September to November, the expected production for household air conditioning exports shows declines of -16.6%, -7.8%, and -9.1% respectively, attributed to the transfer of U.S. orders overseas and high year-on-year comparison bases [3]. Group 3: Pricing Dynamics - The retail average price of air conditioners in the offline market has shown a recovery, rising to 4,301 yuan per unit in September after a decline from April to July [4]. - Online retail prices have also improved, with the average price reaching 2,859 yuan per unit in September, following a downward trend earlier in the year [4]. Group 4: Industry Competition and Service Upgrades - Xiaomi has announced an upgrade to a 10-year free warranty for its air conditioners, reflecting a shift in the industry from price competition to a focus on quality and service [5]. - The extension of service periods is expected to enhance consumer confidence in product quality and increase competitive pressure on manufacturers [5]. Group 5: Investment Recommendations - The current market is active, with traditional home appliance leaders lacking growth potential, while technology-related companies are performing better [6][7]. - Recommendations include companies with low valuations and high dividend yields, such as Midea Group and Haier Smart Home, as well as innovative firms like Ousheng Electric and Rongtai Health [6][7].

Market Performance - Hong Kong stocks experienced a decline, with NIO-SW dropping over 7% and Baidu Group falling over 6%. Other companies like ZTE, JD Group-SW, and BYD also saw declines exceeding 4% [1] - The Hong Kong Technology 50 ETF (159750) fell by 2.17%, with a trading volume of 116 million CNY, indicating significant market activity [1] - Despite the overall market decline, the Hong Kong Technology 50 ETF has seen a net inflow of over 500 million CNY in the past seven trading days [1] Foreign Investment Trends - Recent data shows a positive trend in foreign capital inflow, with the KraneShares CSI China Internet ETF (KWEB) experiencing its longest consecutive inflow period since February, totaling six weeks [2] - As of September 17, foreign capital net inflow into overseas Chinese stocks reached 1.86 billion USD, marking the highest weekly inflow since November of the previous year [3] Market Outlook - Analysts from CITIC Securities suggest that with the Federal Reserve's interest rate cuts, the liquidity situation is improving, which may lead to sustained foreign capital inflow into the Hong Kong market [3] - The Hong Kong technology index is currently valued at 24.56 times PE-TTM, which is significantly lower than the valuations of major global technology indices, indicating a favorable investment opportunity [3] - Long-term prospects for the Hong Kong market are positive, particularly in sectors such as AI technology and new consumption, which are expected to drive market growth [5]

今年的小米，风头正盛。 尤其是近日新机爆料和官宣发布的时间，一顿操作下来直接霸榜好几个热搜。尤其是这个命名。之前不少数码博主和所谓的内部人士都一口 咬定是"小米 16 系列"，哪曾想小米拉了波大的，冷不丁官宣"小米 17 系列"。其命名也采取复制+粘贴苹果模式，分别为小米 17、小米 17Pro 以及小米 17 Pro Max，毫不夸张地说，就差个小米 17 Air 版本了...... 不过有一说一，这个排序和配置梯度简直完美匹配。再加上过两天新机马上就要发布了，各种爆料消息也是层出不穷，小雷简单给大家伙整 理了一波。 图源：微博 虽然吐槽声不断，但不得不说，大家对小米 17 系列还是挺期待的。 这不，雷军发了个微博投票，又引发全网轰动了。 如今小米 17 系列的发布时间已经确定，将会在 9 月 25 日晚 7 点的雷军年度演讲会上登场。作为小米头号"营销王"，雷军早早就开始了调查 之路，发布小米 17 系列，你最关心哪款的投票之举。 从目前 2.8W 人参与投票的结果来看，大屏版本的小米 17 Pro Max 遥遥领先于其他两款。 图源：微博 小米 17 标准版：主打"小尺寸手感"，适合追求轻便的用户，而且 ...

Market Performance - Hong Kong stocks experienced a decline, with notable drops in companies such as NIO-SW (over 7%), Baidu Group (over 6%), and others like ZTE Corporation, JD Group-SW, and BYD Company (over 4%) [1] - The Hong Kong Technology 50 ETF (159750) fell by 2.17%, with a trading volume exceeding 116 million yuan, while it saw a net subscription of 43 million shares during the session [1] - The ETF has recorded a continuous net inflow of over 200 million yuan in the past seven trading days [2] Foreign Investment Trends - There is a positive trend in foreign capital inflow, with a reported net inflow of 1.86 billion USD into Chinese stocks, marking the highest weekly inflow since November of the previous year [2] - The KraneShares CSI China Internet ETF (KWEB) has seen a continuous inflow for six weeks, totaling 599 million USD, although this is less than one-third of the inflows recorded in January and February [1][2] Valuation Insights - As of September 22, the valuation of the Hong Kong Technology Index stands at 24.56 times PE-TTM, which is significantly lower than the Nasdaq Index (43.41x) and the ChiNext Index (43.65x) [2] - The Hong Kong Technology Index has shown a cumulative increase of 131.68% since its base date, outperforming the Hang Seng Technology Index, which increased by 109.81% during the same period [3] Investment Outlook - Long-term prospects for AI technology and new consumption sectors are viewed positively, with expectations of driving market growth [3] - Continuous inflow of southbound funds is expected to enhance marginal pricing power in the Hong Kong market, particularly in the context of a low-interest-rate environment [3] - The transition from broad monetary policy to broad credit policy in China, along with potential further interest rate cuts in the U.S., may support the Hong Kong market's upward trajectory [3]