Summary of Key Points Core Viewpoint - Zhaowei Electric experienced significant trading activity on June 9, with a total of 570,000 shares traded through block transactions, amounting to 52.8846 million yuan, at a price of 92.78 yuan per share, reflecting an 11.22% discount compared to the closing price of the day [2]. Trading Activity - On June 9, Zhaowei Electric had three block transactions, with a total trading volume of 570,000 shares and a total transaction value of 52.8846 million yuan [2]. - The average transaction price was 92.78 yuan, which was 11.22% lower than the closing price of 104.50 yuan [2]. - Institutional specialized seats participated in all three transactions, resulting in a net purchase of 52.8846 million yuan [2]. Recent Trading Trends - Over the past three months, Zhaowei Electric has recorded a total of nine block transactions, with a cumulative transaction value of 73.8408 million yuan [2]. - The stock closed at 104.50 yuan on the reporting day, showing a 1.37% increase, with a daily turnover rate of 5.91% and a total trading volume of 1.294 billion yuan [2]. - The stock has seen a cumulative increase of 1.40% over the past five days, despite a net outflow of 129 million yuan during the same period [2]. Margin Trading Data - The latest margin financing balance for Zhaowei Electric is 615 million yuan, which has decreased by 19.209 million yuan over the past five days, representing a decline of 3.03% [2].

财经杂志 . 文/中国社科院世经政所博士后 谢慧敏、 中国社科院世经政所研究员 杨盼 盼 、中国社科院世经政所研究员 徐奇渊 4月以来，特朗普政府的关税政策经历了剧烈波动与多次重大调整。 特 别 是 针 对 中 国 ， 美 国 先 是 施 加 " 对 等 关 税 " ， 随 后 又 多 次 提 升 关 税 ， 最 终 将 税 率 加 征 至 14 5% ， 这 可 被 视 为 一 次 极 限 关 税 的 压 力 测 试。 在如此高的关税下，4月中国对美出口同比下降21.3%，下降幅度显 著低于此前各类模拟测算的结果。其原因何在？可持续性如何？本 文尝试基于美国进口商提单层面的微观数据做逐一回答。 以下文章来源于财经杂志 ，作者谢慧敏 等 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独 家、独到"的新闻理念，以权威性、公正性、专业性报道见长，是政经学界决策者、研究者、管理者的 必读刊物。 抢进口在"对等关税"早期发挥作用 基于Panjiva数据，4月15日-5月13日，美国从中国海运进口货值同比下降15.5%，这与中国海关总 署公布的4月中国对美出口下降约21%较为 ...

Core Viewpoint - The legal opinion letter from Beijing Jincheng Tongda (Shenzhen) Law Firm confirms the legality and validity of the procedures and results of the 2024 annual shareholders' meeting of Shenzhen Zhaowei Electromechanical Co., Ltd. Group 1: Meeting Procedures - The shareholders' meeting was convened based on a resolution from the company's third board of directors and announced on April 29, 2025 [2][3] - The meeting adopted a combination of on-site and online voting methods, allowing shareholders to vote through the Shenzhen Stock Exchange trading system and internet voting system [3][5] - The on-site meeting took place on May 19, 2025, at a specified location in Shenzhen [3][5] Group 2: Attendance and Qualifications - A total of 302 participants attended the meeting, representing 160,387,528 shares, which is 66.7715% of the total voting shares [5][6] - Among the attendees, 299 were small shareholders, representing 6,969,928 shares, or 2.9017% of the total voting shares [6] - The qualifications of the attendees and the convenor of the meeting were verified to comply with relevant laws and regulations [5][6] Group 3: Proposals Discussed - The meeting reviewed several proposals, including the repurchase and cancellation of certain restricted stocks, performance evaluations for directors and senior management, and the issuance of H shares for listing on the Hong Kong Stock Exchange [7][8] - Specific proposals included the annual report, financial statements, and various governance and management system amendments [7][8] Group 4: Voting Results - The voting results showed overwhelming support for all proposals, with approval rates generally exceeding 99.9% for key items such as the annual report and the issuance of H shares [9][10][11] - For instance, the proposal regarding the 2024 annual report received 99.9647% approval [9] - The proposal for the issuance of H shares also received 99.9663% approval [11][12] Group 5: Conclusion - The legal opinion concludes that the meeting's procedures, attendance qualifications, and voting processes were in compliance with the Company Law and relevant regulations, affirming the legitimacy of the meeting outcomes [17][18]

Core Viewpoint - Shenzhen Zhaowei Electromechanical Co., Ltd. has announced the cancellation of certain stock options and the repurchase of restricted stocks as part of its 2024 stock option and restricted stock incentive plan, supported by a legal opinion from Beijing Jincheng Tongda & Neal Law Firm [1][4]. Group 1: Incentive Plan Progress - On August 7, 2024, the Compensation and Assessment Committee of the third board of directors approved the draft of the incentive plan and assessment methods [2]. - The third board of directors and the third supervisory board also approved related proposals on the same day, with independent directors soliciting proxy votes from all shareholders [2]. - On August 19, the supervisory board published a report confirming that the incentive objects met the necessary conditions [2]. - On August 28, the second extraordinary general meeting of shareholders approved the relevant proposals of the incentive plan, authorizing the board to determine the grant date and related matters [2]. - The board meetings on the same day approved the granting of stock options and restricted stocks to 123 incentive objects, totaling 1.2627 million stock options and 1.2627 million restricted stocks [2]. Group 2: Cancellation and Repurchase Reasons - According to the incentive plan draft, stock options that have been granted but not exercised will be canceled if the incentive object leaves the company [3]. - The company plans to cancel 7,000 stock options granted to the incentive object Tang Le due to personal reasons for leaving [3]. - The repurchase price for the canceled restricted stocks is set at 21.35 yuan per share, with the same number of 7,000 shares being repurchased [3]. Group 3: Legal Compliance - The legal opinion from Beijing Jincheng Tongda & Neal Law Firm confirms that the cancellation of stock options and repurchase of restricted stocks complies with relevant laws, regulations, and the company's articles of association [4]. - The company is required to complete the necessary procedures for cancellation and repurchase notifications, as well as the registration of capital reduction [4].

Group 1 - The company has approved a share repurchase plan with a maximum price of RMB 23 per share, increasing from the previous limit of RMB 13 per share [2] - The total amount allocated for the share repurchase is between RMB 50 million and RMB 80 million, with the repurchase period set for 12 months from the board's approval date [2] - As of the announcement date, the company has repurchased 2.08856 million shares, representing 1% of the total share capital, with a total expenditure of RMB 29.6615 million [3] Group 2 - The highest purchase price for the repurchased shares was RMB 19.25 per share, while the lowest was RMB 11.61 per share [3] - The company will continue to make repurchase decisions based on market conditions and will fulfill its information disclosure obligations in a timely manner [4]