Group 1: Recent IPOs - Haitian Flavor Industry, a leading condiment company from Foshan, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 10.129 billion with a market capitalization of HKD 212.3 billion [1] - Black Eye Technology, a mobile game developer from Hong Kong, filed for an IPO on NASDAQ, planning to issue 1.5 million shares to raise about USD 6 million [2] - Jiamei New Materials, a nylon product manufacturer from Fuzhou, submitted an IPO application to NASDAQ, aiming to raise approximately USD 6 million [3] - Hope Sea Inc, a comprehensive supply chain solutions provider from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange, focusing on cross-border supply chain solutions for electronic products [4] - Wolong Nuclear Materials, a high-speed copper cable manufacturer from Shenzhen, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [5] - Banou, a hot pot enterprise from Beijing, filed for an IPO on the Hong Kong Stock Exchange, claiming to be the largest brand in China's quality hot pot market with a 3.1% market share [6] - Xin'ao Co., a private natural gas company from Langfang, submitted an IPO application to the Hong Kong Stock Exchange, leveraging over 30 years of operational experience [7] - Anmai Biotech, a Shanghai-based biotechnology company, filed for an IPO on the Hong Kong Stock Exchange, focusing on T-cell connectors for cancer and autoimmune disease treatments [8] - Vision Electronics, a commercial display equipment company from Guangzhou, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [9] - Haizhi Technology, an AI company from Beijing, filed for an IPO on the Hong Kong Stock Exchange, ranking fifth among industrial AI providers in China by revenue [10] - Diguantong, a fintech platform from Macau, filed for an IPO on the Hong Kong Stock Exchange, aiming to connect global capital with China's micro-economy [11] - Yuxin Technology, a fintech solution provider from Beijing, submitted an IPO application to the Hong Kong Stock Exchange, focusing on full-stack technology solutions for financial institutions [12] - Zhaowei Electromechanical, a provider of integrated micro-drive systems from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange [13] - Meige Intelligent, a wireless communication module provider from Shenzhen, submitted an IPO application to the Hong Kong Stock Exchange, ranking fourth globally in wireless communication module revenue [14] - Jiyi Technology, a cross-border e-commerce service provider from Suzhou, filed for an IPO on the Hong Kong Stock Exchange, leading in cross-border e-commerce operations in China [15] Group 2: Upcoming IPOs - Xiangjiang Electric, a home appliance manufacturer, is set to launch an IPO from June 17 to June 20, aiming to raise approximately HKD 212 million [16] - Cao Cao Mobility, a travel technology platform, plans to launch an IPO from June 17 to June 20, targeting to raise about HKD 1.853 billion [17] - Saint Bella, a comprehensive home care brand group, will conduct an IPO from June 18 to June 23, aiming to raise around HKD 628 million [18] - Zhou Li Fu, a jewelry company, is set to launch an IPO from June 18 to June 23, targeting to raise approximately HKD 1.123 billion [19] - Yingtong Holdings, a perfume brand management company, plans to conduct an IPO from June 18 to June 23, aiming to raise about HKD 1.127 billion [20] Group 3: Regulatory Approvals - Ten companies, including Tianyu Semiconductor and Shuangdeng Group, received approval from the China Securities Regulatory Commission for overseas listings and "full circulation" of unlisted shares [21]

Core Viewpoint - Shenzhen Zhaowei Electromechanical Co., Ltd. has officially submitted its application for an IPO on the Hong Kong Stock Exchange, marking the beginning of its new journey in the Hong Kong market [2] Company Overview - Zhaowei Electromechanical is a leading provider of integrated micro drive and transmission system solutions, ranked first in China and fourth globally by revenue according to Frost & Sullivan [2] - The company has developed a unique process system in injection molding, powder metallurgy, metal powder injection molding, and precision metal processing, establishing a full-chain capability from mold design to intelligent integrated system development [4] - Zhaowei Electromechanical has launched three major platform-based proprietary brand products, including high-performance servo motors, drum motors, and dexterous hands, targeting high-potential industries such as advanced manufacturing and humanoid robotics [5] Industry Growth - The integrated micro drive and transmission system market in China has grown from 20.3 billion yuan in 2020 to 33.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 13.0%. It is expected to reach 72.6 billion yuan by 2029, with a further increase in CAGR to 17.3% from 2025 to 2029 [3] - The industry is characterized by high interdisciplinary attributes, significant barriers to entry regarding precision, customer certification requirements, and capital-intensive R&D investments [3] Financial Performance - Zhaowei Electromechanical has shown significant business growth, with revenues of 1,152.5 million yuan, 1,205.9 million yuan, and 1,524.6 million yuan for the years 2022, 2023, and 2024, respectively [6] - The company's net profit for 2022, 2023, and 2024 was 150.5 million yuan, 179.9 million yuan, and 225.4 million yuan, respectively, with an adjusted net profit increasing from 152.8 million yuan in 2022 to 230.7 million yuan in 2024 [7] - As of the first quarter of 2025, Zhaowei Electromechanical's revenue increased from 312.4 million yuan in the same period of 2024 to 367.5 million yuan [6]

Group 1: Company Listings - Haitan Flavor Industry officially listed on the Hong Kong Stock Exchange on June 19, with a closing price of HKD 36.5, a slight increase of 0.55%, and a market capitalization of HKD 213.1 billion [1] - Zhaowei Electromechanical submitted its prospectus to the Hong Kong Stock Exchange on June 18, targeting high-growth sectors such as smart vehicles and advanced manufacturing, with projected revenues of CNY 1.152 billion, CNY 1.206 billion, and CNY 1.525 billion from 2022 to 2024 [2] - Diguantong International Investment, founded by former Hong Kong Stock Exchange CEO Li Xiaojia, submitted a listing application on June 18, aiming to connect global capital with small and micro enterprises, with a total issuance scale of CNY 4.61 billion expected by December 31, 2024 [3] - Meige Intelligent announced its submission to the Hong Kong Stock Exchange on June 19, focusing on high-performance intelligent modules, with projected revenues of CNY 2.306 billion, CNY 2.147 billion, and CNY 2.941 billion from 2022 to 2024 [4] Group 2: Market Performance - The Hang Seng Index closed at 23,237.74 on June 19, reflecting a decline of 1.99% [5] - The Hang Seng Tech Index closed at 5,088.32, down 2.42% [5] - The National Enterprises Index closed at 8,410.94, decreasing by 2.13% [5]

Core Insights - Israel's air defense system may only sustain operations for about 10 more days if the U.S. does not continue to provide support [1] Group 1 - Israeli air defense missiles are rapidly depleting due to multiple strikes from Iran [1] - The situation highlights the dependency of Israel's defense capabilities on U.S. support [1]

Company Overview - Shenzhen Zhaowei Electromechanical Co., Ltd. (Zhaowei) has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International and Deutsche Bank as joint sponsors [1] - Zhaowei is an integrated provider of micro drive and transmission system solutions, targeting high-growth sectors such as smart vehicles, robotics, consumer technology, medical technology, and advanced industrial manufacturing [3] Industry Insights - The integrated micro drive and transmission system market in China has grown from RMB 20.3 billion in 2020 to an estimated RMB 33.2 billion by 2024, reflecting a compound annual growth rate (CAGR) of 13.0% [4] - The market is projected to reach RMB 72.6 billion by 2029, with an increased CAGR of 17.3% from 2025 to 2029, driven by industrial upgrades and technological advancements [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, Zhaowei reported revenues of approximately RMB 1.152 billion, RMB 1.206 billion, and RMB 1.525 billion, respectively [4] - The corresponding net profits for the same years were approximately RMB 150 million, RMB 180 million, and RMB 225 million [4] - The company has achieved a gross margin of 29.1% in 2022, which is expected to improve to 31.2% by 2024 [6]

文 | 刘婧琼 编辑 | 阿至 封面来源 | 企业提供 36氪获悉，航空混合电推进系统研制商北京电擎科技有限公司（以下简称"电擎科技"）宣布完成数千万元A1轮融资，此轮融资由浔商创投、杉杉创投联 合领投，北航投资跟投，所筹资金将用于实验能力和生产能力建设、团队扩充。 电擎科技成立于2016年2月，专注于航空航天大功率、高密度电能域系统产品的研发与制造，为北京市"专精特新"企业。团队核心成员毕业于国防七子院 校，曾就职于航天科工、航天科技、航发集团等体制内航天院所、动力系统实验室、头部商业航天公司，拥有超15年航空航天电能域系统研究经验，并具 备"空天电能+新能源混动"整体解决方案全链条研发经验。 据电擎科技技术负责人介绍，电擎科技推行"1+N"的产品体系，"1"为定制化的大功率航空混合电推进系统，是国内首个混合动力系统级整体解决方案， 将从今年起正式面向市场发售并批量交付；"N"为高功率密度涡轮发电系统、综合能源管理系统等标准化部件系统，已实现批量商业化。 300kW涡电系统 首发兆瓦级航空发电系统，提供低成本、高性能的航空混动系统 混合动力，现已成为全球航空界共识性的下一代技术演进方向，传统航发巨头罗罗、赛 ...

Core Viewpoint - Nuclear power is gaining attention, with NuScale Power's market cap at $11 billion and a stock increase of 360% over the past year, but it is a pre-revenue company with significant risks [1][11][12] Group 1: NuScale Power - NuScale Power has a market cap exceeding $10 billion but generates zero revenue currently, relying on contracts for future projects [11][12] - The company is not expected to generate revenue until 2030, and even then, it may be negligible due to unproven technology and previous project cancellations [12][13] - The stock is considered risky, with expectations of declining value over the next decade [13] Group 2: Rocket Lab - Rocket Lab has a similar market cap to NuScale Power but generates revenue, distinguishing it as a more viable investment [2][5] - The company has successfully completed 59 launches and has 31 planned missions, positioning itself as a competitor to SpaceX [3][5] - Rocket Lab's revenue stands at $466 million, with potential for significant growth through the introduction of the Neutron rocket and a product backlog exceeding $1 billion [5] Group 3: Rivian Automotive - Rivian Automotive, currently down 92% from its all-time highs, aims to recover with new product launches, including the R2 mid-size SUV priced at $45,000 [6][8] - The company has struggled with stagnating deliveries, currently below 50,000, and negative free cash flow of $1.86 billion over the past year [8][9] - With a scaled-up operation, Rivian could increase annual revenue from $5 billion to between $15 billion and $20 billion, potentially achieving a market cap larger than NuScale Power in 10 years [9]

欢迎扫描下方二维码关注： 来源：央视新闻客户端、国家发展改革委网站 《市场准入负面清单（2025年版）》今天（24日）对外公布， 我国市场准入限制进一步放宽 。与 此前实施的2022年版清单相比，《市场准入负面清单（2025年版）》事项数量 由117项缩减到106项 。 降低准入门槛，激发市场活力。一批全国性措施直接删除。 《清单（2025年版）》删除了8条 全国性准入限制。如公章刻制业由许可制改为备案制，计算机信息系统安全专用产品销售业务改为基于 强制性国家标准的检测认证制度，相关市场准入管理措施相应取消。 一批全国性措施部分放开。 《清单（2025年版）》部分放开了8条全国性措施。涉及试办新型电信 业务、电视剧制作、药品批发和零售单位筹建、药品和医疗器械互联网信息服务、林木种子进口、发票 印制等领域。这些相关领域保持了必要的市场准入管理，但准入环节更加精简。 同时， 删除了17条地方性措施 。涉及交通物流、货运代理、货运信息服务、森林资源损失鉴定、车 辆租赁服务等，取消了相应的地方性许可措施，实施全国统一的准入方式，促进全国统一大市场建设。 各省、自治区、直辖市人民政府，新疆生产建设兵团，中央和国家机关有 ...

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") has gained significant market attention following its successful IPO approval on the ChiNext board, marking a benchmark for spin-off listings in the A-share market due to its clear independent main business and leading market position [1] Group 1: Company Overview - United Power is the only entity within the Huichuan Technology system that operates electric drive and power systems for new energy vehicles, showcasing a complete and independent product development, production, and sales system [3][4] - The company has achieved rapid revenue growth, with revenues of 29.03 billion, 50.27 billion, 93.65 billion, and 161.78 billion from 2021 to 2024, reflecting a compound annual growth rate of approximately 79.39% [4][8] - As of May 2025, United Power has an order backlog of 78.59 billion, indicating strong short-term performance support [4] Group 2: Market Position - United Power holds a leading position in the new energy vehicle core component market, with a market share of approximately 10.7% for electric control products, 10.5% for motors, 6.3% for drive assemblies, and 4.5% for on-board chargers [5] - The company is recognized as the largest independent third-party power system supplier in China, which is a core support for its successful IPO [4][5] Group 3: Technological Leadership - United Power has invested heavily in R&D, with expenditures of 57.18 million, 62.56 million, and 90.84 million over the past three years, totaling 210.58 million [8] - The company has established a robust R&D team of over 1,800 personnel, with more than half holding master's or doctoral degrees, focusing on high-power density, high efficiency, and low noise technologies [8] - United Power has developed 26 core product technologies and 6 platform technologies, holding 98 invention patents and 407 utility model patents, achieving breakthroughs in key technologies such as IGBT/SiC power modules [8][9] Group 4: Industry Impact - The successful listing of United Power is expected to significantly influence the development of China's new energy vehicle industry chain, enhancing the domestic supply chain and promoting technological upgrades [9] - The company’s expansion and technological advancements are anticipated to stimulate regional economic growth and support the transformation of traditional industries [9]

（图片来源于视源股份） 6月11日至15日，2025美国国际视听技术及系统集成展览会(InfoComm USA 2025)在美国奥兰多会展中 心举行。视源股份(002841)旗下全球化品牌MAXHUB以"Possibility in Every Space"为核心主题亮相展 会，展示了完整基于Windows的Microsoft Teams Rooms解决方案，满足了各种会议室部署需求，简化安 装和管理过程，为全球用户呈现一场沉浸式的数字化办公与沟通革新体验。 展会期间，MAXHUB展位围绕"体验、互动、共创"打造多重亮点活动，邀请行业嘉宾、媒体与客户共 同探索智能协作的未来。 当地时间6月11日上午，MAXHUB在InfoComm USA 2025上携手微软、英特尔等合作伙伴举行新品发布 会，发布了基于Windows的系列产品，揭晓Copilot与AI功能的深度应用场景，同时揭秘轻量化部署方 案；此外，MAXHUB在展位还设置了企业会议室、高校教室、数字标牌等多个实景体验区，打造沉浸 式Demo体验，观众可亲身体验MAXHUB产品的智能追踪、无线投屏、云管理等功能，感受"一键启 动，高效协作"的魅力。 此次参 ...