Core Viewpoint - Suzhou Huazhi Jie Electric Co., Ltd. has successfully transitioned to the main board after failing to list on the Sci-Tech Innovation Board due to insufficient "sci-tech attributes" and has raised concerns regarding the authenticity of its financial data and potential related-party transactions [1][3]. Financial Performance - Revenue for Huazhi Jie from 2022 to 2024 is projected to be 1.019 billion, 937 million, and 1.23 billion respectively, with net profits of 101 million, 121 million, and 154 million [2]. - The sales figures for smart switches and brushless motors in 2023 and 2024 are expected to be 538 million and 735 million, while the top five customers' procurement amounts exceed these sales figures, raising questions about the company's financial reporting [3]. Production and Labor Discrepancies - In the first half of 2022, Huazhi Jie produced 4.9153 million smart controllers with 367,000 actual working hours, but in the second half, production dropped to 4.5264 million while working hours increased to 481,000, indicating a 31.06% rise in labor hours despite a 7.91% drop in production [3][4]. - The number of production staff increased from 786 in 2021 to 1,146 in 2024, yet the production capacity for core products did not increase and slightly decreased [5]. Supplier Relationships - Several suppliers of Huazhi Jie are suspected of having hidden relationships with the company, as evidenced by shared addresses and significant procurement amounts that do not align with their reported capacities [6][7]. - The largest external supplier, which has been a key partner since its establishment, has a registered address identical to that of Huazhi Jie’s subsidiary, raising concerns about potential conflicts of interest and undisclosed transactions [6][7]. - Previous inquiries regarding potential benefits or arrangements between Huazhi Jie and suppliers linked to its former director's family have been noted, with specific instances of non-payment for rent and other fees [8][9].

Group 1 - The A500 Index ETF has shown strong liquidity with a turnover rate of 6.19% and a transaction volume of 919 million yuan [3] - Over the past two weeks, the A500 Index ETF has seen a significant scale increase of 240 million yuan, ranking second among comparable funds [3] - In terms of shares, the A500 Index ETF has experienced a growth of 30.6 million shares in the past month, also ranking second among comparable funds [3] - The latest net inflow of funds into the A500 Index ETF is 29.11 million yuan, with a total of 129 million yuan net inflow over the last nine trading days [3] - The top ten weighted stocks in the CSI A500 Index account for 21.21% of the index, including major companies like Kweichow Moutai and CATL [3] - From a long-term perspective, the economic fundamentals of China are showing resilience in high-quality development, enhancing the attractiveness of the A-share market for global asset allocation [3] Group 2 - Goldman Sachs maintains a bullish stance on Chinese stocks due to the strengthening of the RMB against the USD, historically correlating with positive performance in the Chinese stock market [4] - The appreciation of the RMB may benefit the Chinese stock market through fundamental factors, risk premiums, and investment flow channels [4] - Investors without stock accounts can access the A-share 500 strong through the CSI A500 ETF linked fund [4]

保荐人（联席主承销商）：中信证券股份有限公司 联席主承销商：高盛（中国）证券有限责任公司 联席主承销商：中国国际金融股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，影石创新科技股份有限公司（以下简称"影石 创新"、"公司"、"本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 6 月 11 日在上海证券交易所科创板上市，上市公告书全文和首次公开发行股 票的招股说明书在上海证券交易所网站（http://www.sse.com.cn/）和符合中国证 监会规定条件网站（上海证券报：https://www.cnstock.com；中国证券报： https://www.cs.com.cn/ ；证券日报： http://www.zqrb.cn ；证券时报： https://www.stcn.com ； 经 济 参 考 报 ： http://www.jjckb.cn ； 中 国 日 报 ： https://cn.chinadaily.com.cn；金融时报：https://www ...

股票简称：影石创新 股票代码：688775 影石创新科技股份有限公司 Arashi Vision Inc. （住所：深圳市宝安区新安街道海旺社区兴业路 1100 号金利通金融 中心大厦 2 栋 1101，1102，1103） 首次公开发行股票科创板上市公告书 保荐人（联席主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 联席主承销商 北京英蓝国际金融中心十八层 国贸大厦 2 座 27 层及 28 层 北京市西城区金融大街 7 号 北京市朝阳区建国门外大街 1 号 二〇二五年六月十日 影石创新科技股份有限公司 上市公告书 特别提示 影石创新科技股份有限公司（以下简称"影石创新"、"本公司"、"发行 人"、"公司"）股票将于 2025 年 6 月 11 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 影石创新科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 06 月 09 日 [Table_Title] 通胀仍弱，能源拖累 [Table_Title2] [Table_Summary] 5 月 CPI 同比-0.1%，高于预期-0.2%，前月-0.1%；CPI 环比-0.2%，前月 0.1%。剔除食品和能源的核心 CPI 环比持平，前月 0.2%。PPI 同比-3.3%，与预期持平，前月-2.7%；PPI 环比-0.4%，前月-0.4%。CPI 由正 转负，核心 CPI 由上涨转为持平，PPI 跌幅连续三月不变，如何看待 5 月通胀数据？ CPI 环比跌幅符合季节性规律，能源价格是主要拖累。5 月 CPI 环比-0.2%，持平于 2015-2019 年和 2021- 2024 年同期均值。拆分来看， （1）能源价格对 CPI 继续形成拖累。消费品价格下降 0.3%，其中交通工具用燃料分项为-3.7%。据统计局 新闻稿，能源价格环比下降 1.7%，影响 CPI 环比下降约 0.13 个百分点，占 CPI 环比总降幅近七成。从驱动因 素来看，OPEC+自 4 月起执行增产计划，导致 5 月布伦特原油价 ...

影石创新科技股份有限公司 扫描二维码查阅公告全文 首次公开发行股票科创板 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 上市公告书提示性公告 保荐人（联席主承销商） ：中信证券股份有限公司 联席主承销商：高盛（中国）证券有限责任公司 联席主承销商：中国国际金融股份有限公司 （三）股票代码：688775 （四）本次发行后的总股本：401,000,000 股 （五）本次公开发行的股票数量：41,000,000 股，且占发行后总股本的比例 为 10.22%，本次发行不涉及老股转让 二、风险提示 本公司提醒广大投资者注意首次公开发行股票（以下简称"新股"）上市初 期的投资风险，提醒广大投资者充分了解交易风险、理性参与新股交易，具体而 言，上市初期的风险包括但不限于以下几种： （一）涨跌幅限制放宽 根据《上海证券交易所交易规则》（2023 年修订），科创板股票交易实行价 格涨跌幅限制，涨跌幅限制比例为 20%。首次公开发行上市的股票上市后的前 5 个交易日不设价格涨跌幅限制。科创板股票存在股价波动幅度较剧烈的风险。 经上海证券交易所审核同意，影石创 ...

金融界消息 截至2025年6月9日收盘，雷电微力（301050）报收于49.43元，上涨1.02%，换手率3.68%， 成交量7.66万手，成交金额3.81亿元。 资金流向方面，今日主力资金净流出1688.19万元，占比成交额4.43%。其中，超大单净流出2807.37万 元、占成交额7.36%，大单净流入1119.19万元、占成交额2.94%，中单净流出流入2071.60万元、占成交 额5.43%，小单净流出383.41万元、占成交额1.01%。 天眼查商业履历信息显示，成都雷电微力科技股份有限公司，成立于2007年，位于成都市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本24479.1768万人民币，实缴资本 17208.62万人民币。公司法定代表人为桂峻。 通过天眼查大数据分析，成都雷电微力科技股份有限公司共对外投资了2家企业，参与招投标项目8次， 知识产权方面有商标信息14条，专利信息251条，此外企业还拥有行政许可28个。 来源：金融界 雷电微力最新一期业绩显示，截至2025一季报，公司营业总收入2.36亿元、同比减少34.83%，归属净利 润6886.95万元，同比减少3 ...

证券研究报告 2025 年 6 月 9 日 星期一 【新股发行跟踪（20250609）】 一、上周新股表现情况 上周（6 月 2 日-6 月 6 日）共有 2 只新股上市，上市首日涨跌幅均值 为 37.74%。其中，无新股上市首日涨幅超 100%。上周无新股首日破发。 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（6 月 2 日-6 月 6 日，下同）较上上 周（5 月 26 日-5 月 30 日，下同）相比，上市新股数量多 1 只，首发募资 金额多 44.03 亿元。 从周度上市新股表现来看，上周与上上周均无新股首日破发，与上上 周相比，上周首日涨幅超 100%的新股数量有所减少，上市首日涨跌幅均 值大幅下降。 资料来源：东莞证券研究所，iFinD 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。请务必阅读 末页声明。 1 表 1：上周新股表现 股票代码 股票简称 上市日期 上市 板块 发行价 格（元） 发行市 盈率 证监会行业 首日收盘 涨跌幅(%) 603049.SH 中策橡胶 ...

Core Viewpoint - Sanjia Technology (600520) has experienced a significant stock price increase of 10.02% as of June 9, 2025, closing at 30.31 yuan, indicating positive market sentiment despite a decline in financial performance [1]. Financial Performance - For Q1 2025, Sanjia Technology reported total revenue of 69.38 million yuan, a year-on-year decrease of 8.37% [1]. - The net profit attributable to shareholders was 4.27 million yuan, down 398.90% year-on-year [1]. - The non-recurring net profit was 5.11 million yuan, reflecting a decrease of 187.42% compared to the previous year [1]. - The company's liquidity ratios are strong, with a current ratio of 2.684 and a quick ratio of 2.079, while the debt-to-asset ratio stands at 31.19% [1]. Market Activity - The stock had a turnover rate of 8.64%, with a trading volume of 136,900 lots and a transaction amount of 413 million yuan [1]. - There was a net inflow of main funds amounting to 57.56 million yuan, accounting for 13.92% of the transaction amount [1]. - Large orders saw a net inflow of 85.18 million yuan, representing 20.6% of the transaction amount, while smaller orders experienced net outflows [1]. Company Background - Sanjia Technology, officially known as Chuantou Sanjia (Anhui) Technology Co., Ltd., was established in 2000 and is located in Tongling City, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2]. - The company has a registered capital of 158.43 million yuan, which is also its paid-in capital [1][2]. - The legal representative of the company is Pei Xiaohui [1]. Intellectual Property and Investments - Sanjia Technology has made investments in 11 external companies and participated in 12 bidding projects [2]. - The company holds 10 trademark registrations and 222 patents, along with 32 administrative licenses [2].

Group 1 - Suzhou Yihua Communication Connector Co., Ltd. and Wenzhou Yihua Connector Co., Ltd. have applied for a patent for a high-speed electrical connector and its manufacturing method, with publication number CN120109565A and application date of December 2024 [1] - The patent describes a high-speed electrical connector that includes an upper plastic shell with a top plate, a lower plastic shell with a base, and a receiving cavity formed by the two shells [1] - The connector features a first terminal assembly with multiple first terminals fixed by an insulating component, and a second terminal assembly with multiple second terminals, both extending to form connector pins that protrude outside the lower plastic shell [1] Group 2 - Suzhou Yihua Communication Connector Co., Ltd. was established in 2007, located in Suzhou, with a registered capital of approximately 45.5 million RMB, and has participated in 3 bidding projects and holds 50 patents [2] - Wenzhou Yihua Connector Co., Ltd. was founded in 1995, located in Wenzhou, with a registered capital of approximately 194 million RMB, has invested in 14 companies, participated in 12 bidding projects, and holds 427 patents [2]