Core Viewpoint - The report highlights the performance of mixed public fund products in the third quarter of 2025, showcasing significant growth in the A-share market, particularly in technology and high-end manufacturing sectors, with several products achieving notable returns [5][6]. Market Performance - In Q3 2025, the A-share market exhibited a structural bull market, with the ChiNext Index rising over 50% and the STAR Market increasing by over 40%. The Shanghai Composite Index and Shenzhen Component Index reached new highs since April 2019, with increases of 12.73% and 29.25% respectively [5]. - Key sectors such as new energy, artificial intelligence, semiconductors, and non-ferrous metals showed the highest growth rates [5]. Mixed Public Fund Performance - The average net value growth rate for mixed public fund products was 2.15% in Q3 2025, with only 4 products exceeding a 20% growth rate. Approximately 40% of the 1196 sample products had returns below 1%, and 14 products reported negative returns [6]. - Seven asset management companies had products listed in the top rankings, with Ningyin Wealth Management, Huihua Wealth Management, and Xingyin Wealth Management each having two products featured [6]. Product Analysis - The top-performing product, "Ningyin Mixed Carbon Neutral Open-End Fund No. 1," achieved a net value growth rate of 26.07%, benefiting from significant gains in the new energy and non-ferrous metal sectors. The product's stock investments accounted for 54.84% of its portfolio, with top holdings including Ningde Times and Zijin Mining, which saw respective increases of 59.96% and 52.14% [7][8]. - The second-ranked product, "Huizhe Flexible Allocation Open-End Fund," had a net value growth rate of 21.86% and was diversified across equity assets (71%), government bonds (15.48%), and cash (13.53%). Key holdings included automotive and technology stocks, with notable gains from Changyuan Donggu and Zhongding Holdings [7][8].

Core Insights - Jiangxi Xinlu Sheng Technology Co., Ltd. has been established with a registered capital of 250 million RMB [1] Company Overview - The legal representative of the company is Cao Zhonghua [1] - The company operates in various sectors including engineering and technology research, battery manufacturing and sales, photovoltaic equipment manufacturing and sales, and new energy vehicle charging facilities sales [1] - Additional services include energy storage technology services, artificial intelligence application system integration services, and metal ore sales [1] Business Scope - The company is involved in the manufacturing and sales of lighting fixtures and solar thermal utilization equipment [1] - It also engages in the rental of photovoltaic power generation equipment and the operation of electric vehicle charging infrastructure [1] - The company is permitted to conduct business activities independently based on its business license, excluding projects that require approval [1]

Core Viewpoint - CBAK Energy Technology, Inc. has successfully upgraded its product portfolio with the launch of the new Model 40135 battery, which offers larger size and higher capacity compared to its previous flagship product, Model 32140 [1][4]. Group 1: Product Development and Production - Dalian CBAK has invested in a new production line to transition from the older Model 26650 to the new Model 40135, which is currently being tested by major customers [2]. - The new production line has achieved an initial daily production capacity of approximately 20,000 cells, with around 500,000 cells delivered in the first month, generating about US$2 million in revenue [3]. - The company anticipates ramping up production to about 100,000 cells per day by the end of the year, with pending orders totaling approximately 1.2 million cells, representing an estimated US$5 million in revenue [3]. Group 2: Market Position and Future Outlook - CBAK Energy's product portfolio now includes both small and large cylindrical cell models, indicating a commitment to continuous R&D and adaptation to market needs [4]. - The strong inflow of orders for the Model 40135 has bolstered the company's confidence in achieving new sales performance highs [4]. - The company is also looking forward to completing the first phase of expansion at its Nanjing facility, with further updates expected [4]. Group 3: Company Background - CBAK Energy Technology, Inc. is a leading high-tech enterprise in China focused on the development, manufacturing, and sales of new energy high power lithium batteries and related raw materials [5]. - The company's products are utilized in various applications, including electric vehicles, energy storage, and uninterruptible power supply systems [5].

Core Insights - The meeting focused on advancing the semiconductor and integrated circuit industry chain, emphasizing the need for a clear direction and collaborative efforts between government and enterprises to achieve significant growth [1][2]. Group 1: Industry Development - The city plans to introduce an implementation plan for the integrated circuit industry leap action to seize opportunities in AI and new energy, aiming to enhance competitiveness across the entire industry chain [2]. - Key representatives from eight companies and institutions discussed the development of the integrated circuit sector and provided suggestions for improving the action plan [2]. Group 2: Government Initiatives - The government aims to accelerate the construction of innovation platforms and strengthen the connection within the industry chain to promote innovative development in the integrated circuit sector [2]. - There is a focus on formulating relevant policies that align with industry realities, targeting key areas, and improving incentive mechanisms to cultivate influential leading enterprises [2]. - The government intends to enhance the support of financial, talent, and platform resources for the integrated circuit industry, ensuring better service for its development [2].

Summary of Conference Call Notes Industry Overview - **Industry**: China Industrials, specifically focusing on New Energy Equipment - **Key Focus**: Lithium-ion battery (LiB) equipment and solar equipment orders Core Insights - **LiB Equipment Orders**: - Expected to show positive quarter-over-quarter (QoQ) growth in 3Q25 due to strong demand for energy storage systems (ESS) and recovery in industry utilization [6][8] - Wuxi Lead Intelligent anticipates new orders to rise over 40% year-over-year (YoY) in 3Q25, aiming for a full-year growth target of over 30% in 2025 [8] - Zhejiang Hangke Technology also expects QoQ improvement in new orders, maintaining a 30% growth target for 2025 [8] - **Solar Equipment Orders**: - New orders for solar equipment were either zero or very limited for most players in 3Q25, indicating a significant downturn [6][8] - DR Laser is an exception, expecting intact orders for BC cells to offset weak demand for TOPCon equipment [6][8] - **Gross Profit Margin (GPM)**: - GPM is under pressure due to legacy low-margin orders and a low overseas order mix, but is expected to recover alongside revenue recognition [6][8] Company-Specific Insights - **Wuxi Lead Intelligent (300450.SZ)**: - New orders expected to rise >40% YoY in 3Q25, with modest sales recovery but ongoing GPM pressure [8] - **Zhejiang Hangke Technology (688006.SS)**: - Similar expectations for new orders and GPM pressure as Wuxi Lead [8] - **DR Laser (300776.SZ)**: - Anticipates stable GPM with a higher mix of BC equipment despite slowing sales growth [8] - **Wuxi Autowell Technology Co Ltd (688516.SS)** and **Shenzhen SC New Energy Technology Corp (300724.SZ)**: - Both companies are facing muted solar equipment orders and ongoing sales/NP pressure due to global overcapacity [8] - **Suzhou Maxwell Technologies Co Ltd (300751.SZ)**: - Semi equipment orders are in line with targets, but limited HJT orders are expected due to overcapacity [8] - **Jingsheng Mechanical & Electrical Co (300316.SZ)**: - Likely downside surprise in SiC substrate orders due to high costs and complexity [8] Additional Considerations - **Market Sentiment**: - The market has largely priced in the muted solar equipment orders, reflecting cautious downstream capital expenditure during the downcycle [8] - **Future Outlook**: - Further shortfalls in solar equipment orders are expected into 3Q25, with intensified overcapacity in the solar wafer process, indicating downside risks to fundamentals into 2H26 [8] Conclusion - The conference call highlighted a mixed outlook for the China Industrials sector, with LiB equipment players showing signs of recovery while solar equipment orders face significant challenges. The focus remains on the recovery of GPM and the impact of global market conditions on future orders.

Group 1 - A-share market shows a strong performance in the technology growth sector, with the Sci-Tech 50 Index rising 2% to reach a nearly four-year high, driven mainly by the semiconductor and new energy sectors [1][2] - The semiconductor industry chain and new energy track are identified as the two main lines of growth, with storage chip stocks experiencing a surge due to ongoing price increase news [1][2] - The A-share market's trading volume reached 1.37 trillion yuan, indicating a strong willingness for active trading before the holiday, with technology growth being a consensus among investors [1][2] Group 2 - The A-share market shows a divergence between large and small-cap indices, with the technology growth style prevailing, as evidenced by the Shanghai Composite Index rising 0.4% to 3878.13 points [2] - Over 2900 stocks in the market rose, with a concentration of limit-up stocks in storage chips and non-ferrous metals, indicating a shift of main funds towards technology growth sectors [2] - The Hong Kong market displays a mixed performance, with the Hang Seng Technology Index rising 0.55%, supported by the semiconductor and biopharmaceutical sectors, while the energy sector declines due to international oil price pressures [2][3] Group 3 - The semiconductor sector in the Hong Kong market has shown significant growth, with a year-to-date increase, becoming a key driver of technology growth [3] - Gold prices have surpassed $3860 per ounce, with a year-to-date increase of over 47%, leading to a strong performance in gold stocks amid rising geopolitical risks and expectations of liquidity easing [3] - The traditional financial sector in the A-share market has seen collective adjustments, with banks, insurance, and brokerage stocks experiencing notable declines due to profit-taking pressures ahead of favorable policies [3] Group 4 - The current market is in a critical phase characterized by a "policy window + industrial catalysis," with technology growth being clearly defined as the main line of investment [3] - Recommendations for investment focus on three main areas: the entire semiconductor industry chain, upstream resources in new energy, and safe-haven assets like gold, driven by geopolitical risks and global liquidity expectations [3][4] - Long-term views emphasize that "Artificial Intelligence +" and high-end manufacturing remain key areas of policy support, with sectors like semiconductors, non-ferrous metals, and defense industries benefiting from policy dividends and industrial trends [4]

Group 1 - Multiple mother funds in regions such as Henan, Zhejiang, Guangdong, Hubei, Shanghai, and Anhui are focusing on investments in sectors like artificial intelligence, low-altitude economy, robotics, computing power, semiconductors, new energy, and the Internet of Things [2][3] - The Shanghai Future Industry Fund has successfully expanded its scale from 10 billion to 15 billion RMB, with 8 billion RMB already paid in [4] - Anhui Province issued a special government bond of 5 billion RMB to inject into the Hefei venture capital government investment fund, marking a successful pilot for local government special bonds [3][38] Group 2 - The Henan Provincial Equity Investment Fund is publicly selecting sub-fund management institutions, focusing on traditional industry upgrades and emerging industry cultivation [5][6] - The fund requires sub-fund management teams to have at least five core members, with specific investment limits based on the registered location of the sub-funds [6][7] - The Hangzhou Yuhang Innovation Development Industry Fund is targeting investments in new materials, new energy, integrated circuits, and artificial intelligence [14][15] Group 3 - The Guangdong Industrial and Information Development Fund is selecting GP institutions for its second batch of sub-funds, focusing on strategic industry clusters [24][25] - The fund emphasizes investments in sectors such as smart connected vehicles, biomedicine, and new energy [24][25] - The Xiamen Huli District Science and Technology Innovation Fund aims to invest in new generation information technology and high-end medical devices [28][29] Group 4 - The Qingdao government plans to establish a fund matrix with a scale of no less than 300 billion RMB to support high-quality development [33][34] - The plan includes integrating government guidance funds and attracting social capital for investment in key industries [33][34] - The Hunan Gaoxin Zongheng Asset Management Company has established a 3 billion RMB fund to support industrial transformation in Liuyang Economic Development Zone [35] Group 5 - The Chengdu Future Industry Investment Fund has been established with a scale of 4 billion RMB, focusing on private equity investment and asset management [40][41] - The Guangxi Artificial Intelligence Industry Fund aims for a total scale of 10 billion RMB, focusing on AI and digital economy sectors [42][43] - The Shenzhen Yanzhi Port Xin Energy Storage Fund is set to raise 600 million RMB, targeting commercial energy storage projects [44]

Core Viewpoint - The company is expanding its product applications into emerging fields such as new energy vehicles, wind power, photovoltaics, energy storage, and industrial robots, which is expected to create new incremental markets for the company [1] Group 1 - The company's products are widely used as supporting materials across various industries, meeting traditional application demands while continuously exploring new applications [1] - The company has developed a "10 million times ultra-flexible industrial robot drag chain cable" for the industrial robot sector, with ongoing research for cables with even higher bending resistance [1] Group 2 - The company plans to establish an intelligent production base for electromagnetic wire in Europe, with an annual production capacity of 20,000 tons, constructed in two phases [1] - The first phase will have a capacity of 8,000 tons per year, expected to be operational by 2026, while the second phase is planned for 12,000 tons per year, with production anticipated to start in 2028 [1]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Zhong Shan Broad-Ocean Motor Co. Ltd. 中山大洋電機股份有限公司 (the "Company") (A joint stock company incorporated in the Peopl ...

Group 1 - The average net value growth rate of equity public funds in the A-share market reached 39.97% over the past year, with 35 sample products showing positive returns [1] - Among the top-performing equity public funds, Huaxia Wealth had 7 products listed, while Everbright Wealth had 2 and Xinyin Wealth had 1 [1] - The top two products, Huaxia Wealth's "Tiangong Rikai Wealth Product No. 5 (AI Computing Power Index)" and Everbright Wealth's "Sunshine Red New Energy Theme A," both exceeded a net value growth rate of 90% in the past year [1] Group 2 - The maximum drawdown for the top product was recorded at 20.04% [2] - The ChiNext Index saw a year-to-date increase of 44.15%, while the Shanghai Composite Index and Shenzhen Component Index increased by 15.22% and 25.44%, respectively [2] - The strong performance of the new energy sector has been a key driver in the A-share market, with significant gains in sub-sectors like energy storage and solid-state batteries [2]