债券代码：524579.SZ 债券简称：25 威孚 K1 无锡威孚高科技集团股份有限公司 2025 年面向专业投资者 公开发行科技创新公司债券（专项用于 465 现代产业集群） 票面利率公告 无锡威孚高科技集团股份有限公司（以下简称"发行人"）发行 不超过人民币 30 亿元公司债券已获得中国证券监督管理委员会证监 许可〔2025〕2321 号文注册。无锡威孚高科技集团股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（专项用于 465 现代产 业集群）（以下简称"本期债券"）发行规模为不超过 5 亿元（含 5 亿元）。 2025 年 12 月 4 日，发行人和主承销商在网下向专业机构投资者 进行了票面利率询价，本期债券简称为"25 威孚 K1"，债券代码为 524579.SZ，利率询价区间为 1.50%-2.50%。根据网下向专业机构投资 者询价结果，经发行人和主承销商充分协商和审慎判断，最终确定本 次债券票面利率为 1.90%。 发行人将按上述票面利率于 2025 年 12 月 5 日至 2025 年 12 月 8 日面向专业机构投资者网下发行。具体认购方法请参考 2025 年 12 月 3 ...

关于延长无锡威孚高科技集团股份有限公司 2025年面向专业投资者公开发行科技创新公司债券 （专项用于465现代产业集群）簿记建档时间的公告 无锡威孚高科技集团股份有限公司（以下简称"发行人"）发行 不超过人民币 30 亿元公司债券已获得中国证券监督管理委员会证监 许可〔2025〕2321 号文注册。 根据《无锡威孚高科技集团股份有限公司 2025 年面向专业投资 者公开发行科技创新公司债券（专项用于 465 现代产业集群）发行公 告》，发行人和簿记管理人定于 2025 年 12 月 4 日（T-1 日）下午 15:00-18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿 记建档结果确定本期债券的最终票面利率。 因簿记建档当日市场变化较为剧烈，经发行人、簿记管理人及投 资者协商一致，现将簿记建档结束时间由 18:00 延长至 19:00。 特此公告。 （以下无正文） （本页无正文，为《关于延长无锡威孚高科技集团股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（专项用于 465 现代产 业集群）簿记建档时间的公告》之盖章页） 无锡威孚高科技集团股份有限公司 年 月 日 （本页无正文，为 ...

12月4日，威孚高科（维权）收涨0.40%，收盘价为20.25元，发生1笔大宗交易，合计成交量19.8万股， 成交金额400.95万元。 第1笔成交价格为20.25元，成交19.80万股，成交金额400.95万元，溢价率为0.00%，买方营业部为机构 专用，卖方营业部为中信证券股份有限公司上海分公司。 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为400.95万元。该股近5个交易日累 计上涨0.35%，主力资金合计净流入1149.03万元。 责任编辑：小浪快报 ...

Summary of Key Points Core Viewpoint - On December 4, 2025, Wanfeng High-Tech (威孚高科) executed a block trade of 198,000 shares, amounting to 4.0095 million yuan, which represented 3.42% of the total trading volume for the day, with a transaction price of 20.25 yuan, remaining stable compared to the market closing price of 20.25 yuan [1]. Group 1 - The block trade involved a total of 198,000 shares [2]. - The total transaction amount for the block trade was 4.0095 million yuan [2]. - The transaction price was 20.25 yuan, which was consistent with the market closing price [1].

2025 年面向专业投资者 公开发行科技创新公司债券 （专项用于 465 现代产业集群） 发行公告 牵头主承销商、受托管理人、簿记管理人 无锡威孚高科技集团股份有限公司 （住所：无锡市新吴区华山路 5 号） 天风证券股份有限公司 联席主承销商 平安证券股份有限公司 国联民生证券承销保荐有限 公司 签署日期：2025年 12月 3日 本公司及其董事、高级管理人员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要事项提示 1、无锡威孚高科技集团股份有限公司（以下简称"发行人"或"公司"） 已于 2025 年 10 月 21 日获得中国证券监督管理委员会证监许可〔2025〕2321 号 文注册面向专业投资者公开发行面值总额不超过人民币 30 亿元（含 30 亿元） 的科技创新公司债券（以下简称"本次债券"）。 本次债券发行采取分期发行的方式，无锡威孚高科技集团股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（专项用于 465 现代产业集 群）（以下简称"本期债券"）为首期发行，发行规模不超过 5 亿元（含 5 亿元）。 2、本期债券每张面值为 100 元，发 ...

无锡威孚高科技集团股份有限公司 2025 年面向专业投资者 公开发行科技创新公司债券 （专项用于 465 现代产业集群） | | 募集说明书 | | --- | --- | | 发行人 | 无锡威孚高科技集团股份有限公司 | | 牵头主承销商/受托管理人 | 天风证券股份有限公司 | | 联席主承销商 | 平安证券股份有限公司、国联民生证券承 销保荐有限公司 | | 注册金额 | 不超过 亿元（含 亿元） 5 5 | | 增信措施情况 | 无担保 | | 发行人主体信用评级 | AAA | | 本期债券信用评级 | 无 | | 信用评级机构 | 上海新世纪资信评估投资服务有限公司 | 牵头主承销商/受托管理人/簿记管理人 天风证券股份有限公司 联席主承销商 平安证券股份有限公司 国联民生证券承销保荐 有限公司 签署日期： 年 月 日 无锡威孚高科技集团股份有限公司 公开发行科技创新公司债券募集说明书 声 明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、监事、高级管理人员或履行同等职责的 人员保证募集说明书信息披露的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏。 投资者认购或持有本期 ...

Core Insights - The hydrogen energy industry is transitioning from demonstration and exploration to large-scale development, driven by a series of continuous and targeted policies [2] - The "14th Five-Year Plan" has identified hydrogen energy as a future industry, indicating a focus on expanding application scenarios and tackling core technologies [2] - The production of green hydrogen through onshore and offshore wind power is a key pathway for energy transition, with significant projects already demonstrating commercial viability [3] Policy and Industry Development - The "Hydrogen Industry Development Mid-Long Term Plan" of 2022 has established a strategic positioning for hydrogen energy, completing the top-level design for industry development [2] - The "14th Five-Year Plan" has laid the groundwork for the intensive layout of green methanol, which is expected to become a significant decarbonization option in various sectors [5] Renewable Energy Utilization - Onshore and offshore wind power hydrogen production are core directions for green hydrogen preparation, addressing issues like wind power curtailment and enhancing hydrogen supply for multiple sectors [3] - The successful implementation of projects like Zhangjiakou Chongli has demonstrated stable hydrogen supply capabilities [3] Green Methanol and Ammonia - Green ammonia is expanding its fuel properties, with expectations of significant growth in production and demand driven by carbon neutrality policies [5] - By 2050, domestic green ammonia is projected to exceed 70% of the market, supported by decreasing green electricity costs [5] Investment Recommendations - Companies to focus on include Jin Feng Technology, Fu Ran Energy, He Mei Group, and Ji Dian Co., with specific attention to hydrogen production, refueling stations, and fuel cells [6] - Key players in hydrogen production include Hua Guang Huaneng, Hua Dian Ke Gong, Donghua Technology, and Aerospace Engineering [6]

Core Viewpoint - The company Cheliantianxia is applying for a listing on the Hong Kong Stock Exchange, aiming to raise capital despite ongoing losses and negative cash flow from operations [1][2]. Group 1: Company Overview - Cheliantianxia was established in 2014 and specializes in providing intelligent cockpit domain controllers, cockpit and driving integration domain controllers, and the Autosee OS software platform to automotive manufacturers [1]. - The company ranks second in China's intelligent cockpit domain controller market by revenue in 2024, according to Frost & Sullivan [1]. Group 2: Financial Performance - Cheliantianxia's revenue has increased sixfold over the past three years, from 369 million RMB in 2022 to 2.298 billion RMB in 2023, representing a year-on-year growth of 523.3%. The revenue is projected to reach 2.656 billion RMB in 2024, with a growth rate of 15.6% [1]. - However, the company has not achieved profitability, reporting net losses of 514 million RMB, 201 million RMB, and 253 million RMB for 2022, 2023, and 2024, respectively, totaling nearly 1 billion RMB in losses over three years [1]. - In the first half of 2025, the net loss significantly increased to 262 million RMB, compared to 78.4 million RMB in the same period last year [1]. Group 3: Cash Flow and Business Structure - The operating cash flow has been consistently negative, with net outflows of 250 million RMB, 697 million RMB, 1.011 billion RMB, and 335 million RMB for 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The company attributes the negative cash flow to substantial investments in product development, technological innovation, and customer acquisition, with no assurance of generating positive cash flow from operations in the future [2]. - Cheliantianxia's product offerings primarily consist of in-vehicle computing solutions, with 100% of revenue in 2024 coming from this segment. The regional controller segment has not yet generated significant revenue, contributing only 227,700 RMB in 2025, accounting for 0.2% of total revenue [2]. Group 4: Customer and Supplier Concentration - The company has a high concentration of customers and suppliers, with the top five customers contributing over 95% of total revenue, and the largest customer accounting for more than 40% of revenue [2][3]. - Bosch, the largest supplier, accounts for approximately 80% of procurement expenses [2]. - Cheliantianxia's customer base includes major automotive manufacturers such as Geely, Chery, and GAC, with the number of customers increasing from 5 in 2022 to 14 in the first half of 2025 [3].

来源：南京广播网 "十四五"时期是我国全面建成小康社会、实现第一个百年奋斗目标之后，乘势而上开启全面建设社会主 义现代化国家新征程、向第二个百年奋斗目标进军的第一个五年。 五年来，无锡规上工业总产值接连迈过2万亿元、2.5万亿元"台阶"，2024年达到2.66万亿元，2021年至 2024年间，全市制造业增加值占GDP比重始终稳定在40%左右，实体经济"压舱石"作用愈发坚实；规模 以上工业企业数量"十四五"以来净增2707家，市场主体活力持续迸发；工业投资增速从2021年的-9.9% 攀升至11.3%，发展动能不断积蓄；中国软件名城、全国中小企业数字化转型试点城市、全国制造业新 型技术改造试点城市等11项"国字头"荣誉相继落户工信领域，品牌影响力持续彰显。 时光流转，奋进不止。今年前三季度，无锡工业经济延续稳中有进、稳中提质的良好态势，全市规上工 业增加值增长6.1%，全部工业增加值对GDP增长贡献率接近五成，在复杂多变的发展环境中交出了亮 眼答卷。这曲波澜壮阔的产业之歌，持续高亢激昂。 集群筑基・产业攀峰 无锡工业的能级跃升之路 一周前的腾讯全球数字生态大会城市峰会上，无锡与腾讯计算机签署重磅战略合作协议， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Platinum and palladium are important precious metals with high demand in various industries, and their supply is highly concentrated, with significant supply - side impacts on prices. The supply - side factors such as production cuts, accidents, and disruptions in recycling channels can cause obvious price fluctuations [15]. - The demand for platinum and palladium is mainly in automotive catalysts, industry, jewelry, and medical fields. In the context of carbon neutrality and carbon peaking, the hydrogen energy industry is expected to become a new growth point for platinum and palladium consumption [37][47]. - China's platinum - group metal resources are extremely scarce, with a high degree of import dependence. The importance of the recycling end is increasing, but the supply of waste materials is tight, and domestic recycling enterprises face fierce competition [32][82]. 3. Summary According to the Directory 3.1 Platinum and Palladium Species Overview - **Natural Attributes**: Platinum and palladium are silver - white metals, belonging to the platinum - group metals (PGMs). Platinum has a crustal content of 0.005 ppm, and palladium has 0.0006 ppm. Platinum has high melting point, good ductility, and stable chemical properties. Palladium can adsorb gases, is corrosion - resistant, and is mainly used in the catalyst field [6][7][8]. - **Resource Distribution and Classification**: Platinum - group metal resources are mainly distributed in South Africa, Russia, the United States, and other regions. The deposits can be divided into primary deposits and exogenous sand deposits, with magma - related processes being the main formation mechanism [10][13]. 3.2 Platinum - Group Metal Industry Chain - **Upstream**: The upstream of the platinum - group metal industry chain is dominated by a few mining and smelting integrated producers. The "oligopoly" structure makes the supply side dominant in price. The mining and extraction of platinum - group metals involve exploration, mining development, ore extraction, processing, and refining [15][16]. - **Supply and Recycling of Platinum - Group Materials**: The separation and purification processes of platinum - group metals vary according to the raw material components. The recycling of platinum - group metals is becoming increasingly important, but the supply of waste materials is tight [19][32]. - **Terminal Applications**: Platinum and palladium are mainly used in automotive catalysts, jewelry, industry, medical, and other fields. Automotive catalysts are the largest consumer area, with platinum's consumption structure being more diversified and over 80% of palladium used in automotive catalysts [37]. - **Investment Channels**: Platinum investment channels include physical investment (platinum bars and coins), platinum ETFs, futures, forwards, and stocks. Palladium investment demand is relatively small [49][50]. 3.3 Global Platinum Supply - Demand Pattern - **Supply**: South Africa, Zimbabwe, and Russia are the main suppliers of global platinum. In 2024, South Africa's platinum output accounted for 71% of the global total. The global platinum output decreased in 2024 due to various factors such as power outages and company restructurings [55]. - **Demand**: The main consumers of global platinum are China, Europe, North America, and Japan. In 2024, the global platinum demand decreased by 1.6% to 198 tons, with a supply gap of 1.98 tons [65]. 3.4 Global Palladium Supply - Demand Pattern - **Supply**: Russia, South Africa, Canada, and the United States are the main suppliers of global palladium. In 2024, Russia and South Africa's palladium output accounted for 43% and 41% of the global total respectively. The global palladium output increased slightly in 2024 [69][71]. - **Demand**: The main consumers of global palladium are China, the United States, Europe, and Japan. In 2024, the global palladium demand decreased by 4% to 254.2 tons, with a supply surplus of 2.4 tons [73][77]. 3.5 China's Platinum - Group Resource Pattern - **Resource Endowment**: China's platinum - group metal resources are extremely scarce, mainly distributed in Gansu, Yunnan, and other regions. In 2022, China's platinum - group metal reserves were 80.9 tons, and the resource reserves are decreasing [82]. - **Import Dependence**: China's platinum and palladium resources have a high degree of import dependence. In 2024, China imported 104.1 tons of platinum and 28.1 tons of palladium [86][88][92]. - **Domestic Demand**: In 2024, China consumed 64.4 tons of platinum and 68.9 tons of palladium. The demand for platinum in the automotive catalyst and chemical industries decreased, while the demand for palladium in the automotive catalyst field decreased significantly [97][101]. - **Import and Export and Taxes**: The import tariffs and value - added taxes of platinum and palladium vary according to the processing state. China's platinum is mainly imported from South Africa, and palladium is mainly imported from Russia and South Africa [110][111][114]. 3.6 Platinum and Palladium Price Review No detailed price review content is provided in the text, only a mention of historical price trends. 3.7 Guangzhou Futures Exchange Platinum and Palladium Futures - **Contract Text**: On November 7, 2025, the GZFE issued announcements on the palladium futures and palladium options contracts and related rules [126]. - **Risk Control System**: No detailed content is provided in the text. 3.8 Platinum and Palladium Options - **Option Contracts**: No detailed content is provided in the text. - **Risk Control System**: No detailed content is provided in the text. 3.9 Delivery Business - **Delivery Time**: No detailed content is provided in the text. - **Delivery Product Form and Premium/Discount**: No detailed content is provided in the text. - **Delivery Unit**: No detailed content is provided in the text. - **Delivery Handling Fee**: No detailed content is provided in the text. - **Warehousing and Out - of - Warehouse Fees**: No detailed content is provided in the text. - **Physical Delivery Method**: No detailed content is provided in the text. - **Delivery Quality Standard**: No detailed content is provided in the text. - **Warehouse Standard Warehouse Receipt Delivery**: No detailed content is provided in the text. - **Factory Warehouse Standard Warehouse Receipt Delivery**: No detailed content is provided in the text. 3.10 Platinum and Palladium Delivery Areas, Factories, and Warehouses - **Platinum Futures Delivery Area Factories**: No detailed content is provided in the text. - **Palladium Futures Delivery Area Factories**: No detailed content is provided in the text. - **Platinum and Palladium Futures Delivery Warehouses**: No detailed content is provided in the text. 3.11 Platinum and Palladium Designated Quality Inspection Institutions and Inspection Fees - **Platinum and Palladium Futures Quality Inspection Institution List**: No detailed content is provided in the text. - **Maximum Limit of Platinum Futures Inspection Fees**: No detailed content is provided in the text. - **Maximum Limit of Palladium Futures Inspection Fees**: No detailed content is provided in the text. 3.12 Platinum and Palladium Delivery Brands - **List of Registered Brands for Platinum Futures (Domestic)**: No detailed content is provided in the text. - **List of Registered Brands for Platinum Futures (Overseas)**: No detailed content is provided in the text. - **List of Registered Brands for Palladium Futures (Domestic)**: No detailed content is provided in the text. - **List of Registered Brands for Palladium Futures (Overseas)**: No detailed content is provided in the text.