民生证券股份有限公司 关于哈尔滨威帝电子股份有限公司调整募集资金投资项目 投资金额及实施进度并将剩余募集资金继续存放募集资金 专户管理的核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为哈尔滨威 帝电子股份有限公司（以下简称"威帝股份"或"公司"）的持续督导机构，根据《证 券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等相关规定，对公司募投项目终止 并将剩余募集资金继续存放募集资金专户管理的事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准哈尔滨威帝电子股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2018〕478 号）核准，公司于 2018 年 7 月向社会公开发行可转换公司债券 200 万张，每张面值 100 元，募集资金总额为 人民币 20,000 万元，期限 5 年，扣除承销与保荐费用人民币 6,500,000.00 元（含 增值税，下同），实际存入本公司募集资金专户资金人民币 193,5 ...

Core Insights - Wanma Technology's vehicle networking business provides OEMs with pre-installed vehicle networking connection management services, platform operations, and autonomous driving data closed-loop toolchains [1] - The company is the first third-party vehicle networking service provider globally to support SGP.02/22/32 technologies simultaneously [1] - Wanma Technology has established close partnerships with over 10 well-known automotive manufacturers, including Geely, Li Auto, SAIC, Dongfeng, Lantu, and Zhiji [1] - The company has the capability to manage intelligent connections for over 14 million vehicles in the vehicle networking sector [1]

截至2025年7月30日15时，满坤科技股价报39.97元，较前一交易日上涨1.45%。盘中最高触及40.32元， 最低38.54元，成交额达5.67亿元，换手率为31.21%。 风险提示：股市有风险，投资需谨慎。 满坤科技属于电子元件行业，业务涉及机器人概念、车联网及新能源车领域。公司主要从事PCB（印制 电路板）的研发、生产和销售，产品广泛应用于消费电子、汽车电子等领域。 7月30日，满坤科技主力资金净流出2009.23万元，占流通市值的1.09%。 7月29日，满坤科技发布公告，调整2023年限制性股票激励计划的授予价格，由14.43元/股下调至14.01 元/股，并作废186万股未达标归属股票。2025年一季度，公司实现营收3.41亿元，归母净利润2819万 元。 ...

Group 1 - The article highlights significant announcements in the stock market from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers" to help investors identify investment hotspots and prevent black swan events [1] - A leading domestic printed circuit board (PCB) company is mentioned, with Huawei as its largest customer, indicating a strong partnership and potential growth in the PCB sector [1] - Another company is noted for its products and services that provide foundational security support for stablecoins, linking it to digital currency, blockchain, and tax digitalization [1] - A company involved in optical devices for lithography machines is highlighted, with applications in AI glasses, chips, and autonomous driving, showcasing its role in advanced technology sectors [1]

Company Overview - Zhongtong Bus's stock price closed at 11.14 yuan on July 29, 2025, down by 0.01 yuan, a decrease of 0.09% from the previous trading day [1] - The stock opened at 11.15 yuan, reached a high of 11.17 yuan, and a low of 10.97 yuan, with a trading volume of 151,700 lots and a transaction value of 168 million yuan [1] Business Operations - Zhongtong Bus specializes in the research, development, manufacturing, and sales of buses and components, including both new energy buses and traditional fuel buses [1] - The company's products are primarily used in public transport, tourism, and group travel sectors [1] - Zhongtong Bus is part of the automotive manufacturing industry and is also involved in new energy vehicles and vehicle networking concepts [1] Financial Performance - The company expects a year-on-year increase in net profit attributable to shareholders for the first half of the year [1] - Zhongtong Bus's valuation is currently below the 30th percentile for the year [1] Market Context - The scale of share buybacks among A-share listed companies has been increasing, with a cumulative buyback amount nearing 90 billion yuan this year [1]

格隆汇7月29日丨东信和平(002017.SZ)于投资者互动平台表示，公司以eSIM为代表的数字身份安全产品 广泛应用于车联网、工业物联网及消费电子等领域。 ...

Summary of NIO's Q1 2025 Earnings Conference Call Company Overview - **Company**: NIO Inc. - **Industry**: Smart Electric Vehicles (EVs) Key Financial Results - **Total Revenues**: 12 billion RMB, up 21.5% year-over-year, down 38.9% quarter-over-quarter [6] - **Vehicle Sales**: 9.9 billion RMB, up 37.2% year-over-year, down 5.9% quarter-over-quarter [6] - **Vehicle Margin**: 10.2%, compared to 9.2% in Q1 last year and 13.1% last quarter [6] - **Overall Gross Margin**: 7.6%, compared to 4.9% in Q1 last year and 11.7% last quarter [6] - **R&D Expenses**: 3.2 billion RMB, up 11.1% year-over-year, down 12.5% quarter-over-quarter [7] - **Net Loss**: 6.8 billion RMB, up 30.2% year-over-year, down 5.1% quarter-over-quarter [7] Delivery and Production Highlights - **Q1 Deliveries**: 42,094 smart EVs, up 4.1% year-over-year [1] - **Q2 Delivery Guidance**: Expected between 72,000 and 75,000 units, representing 25.5% to 30.7% growth year-over-year [2] - **New Model Launches**: Successful launch of ES6, EC6, EQ5, and EQ5P in late May [2] Product and Technology Updates - **New Models**: EP9 deliveries surpassed BMW 7 Series and Audi A8 L in China [2] - **Smart Driving Innovations**: Deployment of NS9031 smart driving chip and full-domain vehicle operating system, SkyOS [3] - **NIO World Model (NWM)**: Enhancements in active safety, urban and highway driving, and parking features [4][15] Operational Efficiency and Cost Management - **Cost Reduction Efforts**: Focus on improving operational efficiency across R&D, supply chain, sales, and service functions [5][11] - **Target for Q2**: Achieve a 15% efficiency increase compared to Q1 [12] - **Long-term Goals**: Aim for a profit-loss balance by Q4, with R&D costs controlled between 2 to 2.5 billion RMB per quarter [13] Market Position and Competitive Strategy - **Brand Performance**: NIO's new models are expected to drive significant sales growth, with a target of 25,000 units per month by Q4 [9][10] - **Sales Strategy**: Focus on maintaining price stability while improving vehicle gross margins [10] - **Expansion Plans**: Continued international expansion and partnerships in over 15 core markets [4] User Feedback and Market Response - **User Feedback on New Models**: Positive reception for new ES6, EC6, and ET5 models, with improvements in product competitiveness noted [29] - **Battery Technology**: Current models utilize 400-volt systems, with no immediate plans to switch to 900-volt systems [30] Additional Insights - **Power Swap Network**: NIO operates 3,408 power swap stations globally, with over 75 million swaps provided to users [4] - **Sales Network Development**: Over 440 stores in China, with ongoing improvements in sales and service efficiency [20] - **Future Product Launches**: L90 expected to launch in Q3, with strong market anticipation [22] This summary encapsulates the key points from NIO's Q1 2025 earnings conference call, highlighting financial performance, product developments, operational strategies, and market positioning.

Group 1 - The automotive industry is experiencing three core trends: 1) Strong domestic brands are continuously replacing joint venture market share, with an annual share increase range of 8-14%, and by 2025, domestic automakers are expected to launch a significant number of quality new energy products; 2) The penetration of intelligence is accelerating, with approximately 60% of new car sales currently being L2 or higher, and a significant increase in the supply of urban NOA models priced below 200,000 yuan is expected by 2025; 3) In the robotics sector, the automotive and robotics industries share a high degree of commonality, with an estimated 60-70% of automotive parts companies expected to engage in robotics business [1] - In the first week of July, the insurance volume reached 409,000 vehicles (a month-on-month decrease of 30.1%), with a new energy penetration rate of 52.1%. The upcoming vehicle replacement policy and high growth in overseas exports (with a year-on-year increase of 18% in May) are expected to support the industry's fundamentals [1] - The Smart Car ETF tracks the CS Smart Car Index, which is compiled by China Securities Index Co., Ltd. This index selects representative listed companies involved in smart driving, vehicle networking, and other fields from the A-share market, covering various segments from hardware to software, and reflects the overall performance of listed companies in the smart automotive industry chain, showcasing the diversity and breadth of this sector [1]

Investment Rating - The automotive industry is rated as "Neutral" for the next six months, indicating expected performance in line with the market [53]. Core Insights - In June, retail sales of passenger vehicles increased by 18.1% year-on-year, with new energy vehicles seeing a growth of 30% [4][44]. - The automotive sector experienced a decline of 0.41% from July 7 to July 11, 2025, underperforming the CSI 300 index by 1.23 percentage points [10][44]. - The overall PE-TTM for the automotive industry as of July 11 is 25.83, down by 0.12 from the previous week [11][44]. Summary by Sections Market Overview - The automotive sector's performance from July 7 to July 11 showed a decline across various segments, with the passenger vehicle segment down by 1.43% and commercial vehicles down by 0.99% [10][44]. - The automotive services sector, however, increased by 3.13%, outperforming the CSI 300 index [10][44]. Valuation Levels - As of July 11, the PE-TTM for passenger vehicles is 25.11, for commercial vehicles is 36.01, and for automotive parts is 24.33 [11][44]. - The passenger vehicle segment saw a decrease of 0.37% in valuation, while the automotive parts segment increased slightly by 0.02% [11][44]. New Models and Industry News - 尚界汽车 has released a teaser for its first SUV model, which is expected to launch in the fall of 2025 [3][44]. - A total of 29 new and updated vehicle models were launched during the week of July 7 to July 11 [40][41]. Sales Performance - In June, the total retail sales of passenger vehicles reached 2.084 million units, marking an 18.1% increase year-on-year [7][44]. - Cumulative retail sales for the first half of the year reached 10.901 million units, up 10.8% compared to the same period last year [7][44].

Group 1 - The China Securities Car Networking Theme Index (930725) experienced a slight decline of 0.12% as of July 15, 2025, with mixed performance among constituent stocks [1] - Leading the gains, Yuanwanggu (002161) surged by 10.03%, while Zhongyuan Haike (002401) and SAIC Motor Corporation (600104) rose by 2.75% and 2.42% respectively [1] - The Intelligent Connected Vehicle ETF (159872) increased by 0.22%, marking its fourth consecutive rise, with the latest price reported at 0.9 yuan [1] Group 2 - CATL's subsidiary, CATL (Shanghai) Intelligent Technology Co., Ltd., signed a strategic cooperation agreement with Nanjing Lingxing Technology Co., Ltd. to advance Robotaxi development based on CATL's Rock Solid chassis platform [1] - The Rock Solid chassis provides a standardized hardware platform and adaptable interfaces for intelligent driving systems, significantly simplifying the entire process from design and development to mass production of Robotaxis [1] - The collaboration will focus on technology integration, joint R&D testing, data sharing, and intelligent upgrades related to the Rock Solid chassis and Robotaxi operational scenarios [1] Group 3 - Southwest Securities reported that from July 1 to July 6, the retail and wholesale penetration rates of new energy vehicles reached 56.7% and 53.6% respectively, surpassing the critical threshold of 50% [2] - In the smart vehicle sector, companies like BYD, Zeekr, and NIO are advancing their technology and responsibility systems [2] - Recommendations include focusing on passenger vehicles with accelerated overseas expansion and significant technological barriers, as well as smart vehicle pioneers that promote technology accessibility [2] Group 4 - The Intelligent Connected Vehicle ETF closely tracks the China Securities Car Networking Theme Index, which includes content and service providers, software providers, hardware providers, and automotive manufacturers to reflect the overall performance of listed companies in the car networking sector [2] - As of June 30, 2025, the top ten weighted stocks in the China Securities Car Networking Theme Index included CATL (300750), SAIC Motor Corporation (600104), Desay SV (002920), Dahua Technology (002236), and others, collectively accounting for 49.25% of the index [2]