行业报告: RWA 2025年6月6日 中航证券有限公司 AVIC SECURITIES CO., LTD. RWA：为现实世界资产开启数字金融之门 行业评级： 增持 分析师：卢正羽 证券执业证书号：S0640521060001 分析师：刘牧野 证券执业证书号： S0640522040001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 l 核心观点及投资建议 2 ■ 行业概览: RWA (Real World Assets)，即现实世界资产代币化。核心为通过区块链技术将传统实体资产（如房产、设备、债券、新能源设施 等）转化为可以线上交易的数字通证（Token），助力现实世界资产实现在区块链数字网络上的实时交易与流转。其有效破解了逆全球化寒潮冲 击之下的传统资产流动性不足、信任缺失、交易成本高等现实难题、为全球经济及金融数字化创新带来全新发展机遇。稳定币，既属于广义的 RWA范畴之一，也是RWA资产实现数字化交易的基础支付、结算媒介。 ■ RWA业务与监管:RWA业务,首先、在将现实世界资产转化为数学化代币产品的过程中,必须要明确标的资产的价值、所有权和法律地位。其 ...

转自：北京日报客户端 随着广州、深圳、海口、昆明等九市 成为全国首批 车网互动规模化应用试点城市， 3月28日， 南方电网组织国内首次 车网互动跨省区联动， 覆盖广州、深圳、海口、昆明等 五省区63个城市、 互动电量超50万度、 超10万辆次电动汽车参与， 创造了全国最大规模车网互动纪录。 实现了无人自动充电…… 车网互动正在走进我们的生活。 车网互动，双向奔赴，多方共赢 车网互动（V2G）技术 当新能源汽车 化身电网的"移动充电宝"， 当只用一个App 就能搜索全省空闲充电桩， 当无人驾驶电动车 是指将新能源汽车的电能返送给电网。 简单地说， 就是把新能源汽车 当成一个个可移动的"充电宝"， 在用电低谷期， 把电充进来， 供车辆行驶及储存； 在用电高峰期， 把电放出去， 供其他用户使用。 通过市场主导的模式， 新能源汽车将既是"能源交易单元" 又是"移动储能单元"， 不仅可以促进新能源消纳、 缓解电力供应紧张， 还可为车主节约用电开支， 增加额外收益。 电动重卡等大容量新能源汽车反向放电 还能应用于应急保供。 数据显示， 截至2024年底， 全国新能源汽车保有量达3140万辆， 全国充电基础设施总量达到12 ...

Group 1 - The core viewpoint emphasizes the necessity of fair competition for the robust growth of the private economy, highlighting the importance of eliminating both tangible and intangible barriers [1][2][4] - The case of Luoyang illustrates how breaking market barriers can release significant development momentum, with the number of charging stations increasing from over 1,300 in 2020 to more than 15,000 by the end of 2024, and service fees decreasing from 0.8 yuan to approximately 0.3 yuan per kilowatt-hour [1] - The introduction of the Private Economy Promotion Law aims to ensure that various economic organizations can participate fairly in market competition, addressing long-standing concerns of private enterprises [2][3] Group 2 - The market access negative list has been revised four times since its introduction in 2018, reducing the number of restricted items from 151 to 106, a decrease of about 30%, which facilitates a more active market environment [3] - Various local governments are taking actions to eliminate hidden barriers in market access, such as excessive approval conditions and lengthy processes, which are seen as obstacles to the growth of the private economy [3][4] - The private economy has made significant contributions, accounting for over half of the "new three samples" exports, indicating its vital role in the national economy [4]

证券代码：301590 证券简称：优优绿能 公告编号：2025-001 深圳市优优绿能股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市优优绿能股份有限公司（以下简称"公司"）于2025年5月26日召开 的第一届董事会第二十二次会议审议通过了《关于召开2024年度股东大会的议 案》。公司董事会决定于2025年6月30日下午14:30召开公司2024年年度股东大会 （以下简称"本次股东大会"），现就召开本次股东大会的有关事项通知如下： 一、召开会议基本情况 部门规章、规范性文件和公司章程的规定 （1）现场会议时间：2025年6月30日（星期一）下午14：30 （2）网络投票时间：2025年6月30日 其中，通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投 票的具体时间为：2025年6月30日9:15-9:25,9:30-11:30和13:00-15:00；通过 深交所互联网投票系统（http://wltp.cninfo.com.cn）投票的具体时间为： 第 1 页 | 提案编 | 提案名称 | 备注（该列打勾 | | --- | --- ...

Summary of Daotong Technology Conference Call Company Overview - **Company**: Daotong Technology - **Date**: June 5, 2025 Key Industry and Company Insights Digital Repair Products - The launch of the fourth-generation R9 S2 model has been successful, featuring an AI voice assistant that enhances repair efficiency. Compared to the previous model, this new feature allows technicians to interact with the device via voice, improving fault detection and repair speed. The TPMS (Tire Pressure Monitoring System) product line has seen over 60% year-on-year growth due to global legislative advancements. The ADAS (Advanced Driver Assistance Systems) calibration tools have maintained approximately 30% year-on-year growth due to increased penetration of smart technologies [2][3]. Digital Energy Products - Digital energy products, including AC and DC charging stations, are growing rapidly, with revenue expected to reach 870 million yuan in 2024, maintaining over 50% growth. In Q1 2025, the charging station business generated approximately 210 million yuan in revenue. The AI and software business segment achieved 137 million yuan in revenue in Q1 2025, with a gross margin of 99% [2][5]. Integrated Air-Ground Inspection Solutions - Daotong has been developing integrated air-ground inspection solutions since November 2024, focusing on the energy and transportation sectors. The company is building a large inspection model and developing ground-based robots to enhance autonomous and unmanned capabilities, establishing a significant competitive advantage in the domestic inspection market [2][6]. North American Market Expansion - Daotong secured a major order from Smart Parking, a leading North American parking operator, to build 50,000 commercial AC charging stations, totaling 238 million yuan, with a gross margin of approximately 50%. The North American parking market is estimated to be worth between 60 billion to 100 billion yuan, with significant potential for new energy vehicle charging stations [2][7][8]. Future Business Models and Collaborations - The air-ground integrated solution is transitioning from semi-autonomous to fully autonomous inspections, with data processing shifting from manual adjustments to AI processing. The report generation time has been reduced from weeks to seconds. The solution has been implemented in oil field pilot projects and is being promoted in collaboration with Huawei [2][9][10]. European Charging Station Market - Daotong has won contracts with six of the top ten clients in the European charging station market, with total orders expected to exceed 10 billion euros by 2030. The company’s technological advantages include high reliability and efficiency of power electronic modules, as well as robust mesh networking capabilities [2][16]. Core Technology Development - Investment in core technology R&D is crucial for Daotong's growth. The company has established partnerships with major clients, including long-term contracts with global oil companies, positioning itself favorably in the rapidly growing new energy vehicle market [2][18]. AI Integration and Performance Impact - AI technology has significantly enhanced product performance, with a notable increase in sales for the Archer F Two product, which sold 600 units in its first month and over 1,000 units in subsequent months. The application of AI has improved diagnostic efficiency by over 30% in the I1,000 series products [2][30][33]. Future Plans - Daotong plans to adjust its software upgrade pricing model to ensure users can access the latest AI features, reflecting the importance of continuous software enhancements in maintaining competitive advantage [2][34][35]. Additional Important Insights - The global charging network's development is attracting major clients who require reliable and scalable solutions, leading to increased market concentration among top suppliers [2][17]. - The air-ground integrated project has significant market potential in oil field inspections and security, with a global market size exceeding 500 billion yuan [2][20]. - The efficiency of inspection report generation has improved dramatically, with the goal of achieving 90% to 95% accuracy in AI-driven inspections [2][28]. This summary encapsulates the key points from Daotong Technology's conference call, highlighting the company's strategic initiatives, market opportunities, and technological advancements.

Core Viewpoint - Youyou Green Energy Co., Ltd. (SZ:301590) successfully listed on the Shenzhen Stock Exchange on June 5, raising approximately 940 million yuan with a net amount of about 840 million yuan from the IPO [1][3] Company Overview - Youyou Green Energy specializes in the research, production, and sales of core components for direct current (DC) charging equipment for electric vehicles, with main products including 15KW, 20KW, 30KW, and 40KW charging modules [3][4] - The company was established in August 2015 and is located in Shenzhen, Guangdong Province, with a registered capital of 31.5 million yuan [5] Financial Performance - For the years 2022, 2023, and 2024, Youyou Green Energy's projected revenues are approximately 988 million yuan, 1.376 billion yuan, and 1.497 billion yuan, respectively, while net profits are expected to be around 196 million yuan, 268 million yuan, and 256 million yuan [3][4] - The company's total assets as of December 31 for 2022, 2023, and 2024 are projected to be 1.017 billion yuan, 1.418 billion yuan, and 1.798 billion yuan, respectively [4] Shareholder Structure - The major shareholders include Bai Jianguo and Deng Likuan, who collectively hold 56.70% of the shares, with Bai Jianguo being the chairman and general manager [5][6] - Other significant shareholders include ABB E-mobility AG (7.80%), Xiaomi (4.39%), and Wanbang New Energy (2.67%) [7][8] Market Performance - On its first trading day, Youyou Green Energy's stock opened at 150.01 yuan per share, representing a 67.42% increase from the IPO price, and closed at 151.10 yuan, marking a 68.64% rise [3]

6月5日，A股市场两只新股上市发行，分别为创业板的优优绿能，沪市主板的中策橡胶。其中，优优绿 能发行价89.60元/股，收盘价151.10元/股，涨幅75.64%，中一签盈利33885元；中策橡胶发行价46.50元/ 股，收盘价49.68元/股，涨幅11.57%，中一签盈利2690元。两只新股上市首日表现与今年前期上市的43 只新股有点差距。 5日上市的两只新股表现不及预期，业内人士认为主要原因有3个，一个是行业，优优绿能是充电模块企 业，中策橡胶是国内轮胎龙头，这两个行业市场竞争都比较充分。二是价格，两只新股发行价都比较 高，其中，优优绿能是今年来发行价第二高的新股，仅次于4月24日发行的天有为（发行价93.50元/ 股），值得一提的是，天有为上市首日涨幅为24%。三是公司盈利能力，优优绿能2024年归母净利润相 比2023年下降了1200万元；据预测，中策橡胶2025年上半年归母净利润同比将下降24.79%至13.38%。 中策橡胶是国内轮胎龙头，公司旗下轮胎产品已进入吉利汽车、长安汽车、长城汽车、比亚迪汽车等多 家知名整车厂商供应链，并远销欧洲、北美洲、非洲、东南亚等地。公司现已跻身全球轮胎制造企业前 ...

Core Viewpoint - Shenzhen Youyou Green Energy Co., Ltd. has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with a closing price of 151.10 yuan, reflecting a significant increase of 68.64% on its first day of trading [1] Company Overview - Youyou Green Energy specializes in the research, production, and sales of core components for direct current (DC) charging equipment for electric vehicles, with main products including 15KW, 20KW, 30KW, and 40KW charging modules [1] - The company is recognized as a national high-tech enterprise [1] Shareholding Structure - The company is jointly controlled by Bai Jianguo and Deng Likuan, who collectively hold 56.70% of the shares directly and indirectly [2] - Bai Jianguo and Deng Likuan signed a "Joint Action Agreement" on June 15, 2022, confirming their status as joint controlling shareholders [2] Financial Performance - In 2022, 2023, and 2024, the company's operating revenues were 987.91 million yuan, 1.3756 billion yuan, and 1.4974 billion yuan, respectively [6] - Net profits for the same years were 196.12 million yuan, 268.38 million yuan, and 256.03 million yuan, with net profits attributable to the parent company showing similar trends [6] - The company reported a decrease in net profit in the first quarter of 2025, with a net profit of 61.38 million yuan, down 14.66% year-on-year [8] Capital Raising and Use of Proceeds - The company raised a total of 940.80 million yuan from its IPO, with a net amount of 843.79 million yuan after deducting issuance costs [4] - The raised funds will be allocated to the construction of a charging module production base, a headquarters and R&D center, and to supplement working capital [4][5] Sales and Profitability - The company’s sales to its top five customers accounted for a significant portion of its revenue, with sales revenue of 155.42 million yuan, 299.81 million yuan, and 613.34 million yuan over the reporting periods, representing 74.08%, 69.63%, and 62.08% of total revenue, respectively [2] - The gross profit margin for overseas sales was higher than that for domestic sales, with overseas gross margins of 49.48%, 46.25%, and 44.94% compared to domestic margins of 24.32%, 19.96%, and 23.79% [3] Future Projections - The company’s total assets are projected to reach 1.7974 billion yuan by the end of 2024, with equity attributable to the parent company expected to be 1.0243 billion yuan [7] - The company aims to maintain a sustainable high gross margin for its overseas sales, which is currently higher than that of domestic sales [3]

【优优绿能6月5日深交所创业板上市，多领域发展前景可期】6月5日，深圳市优优绿能股份有限公司在 深交所创业板上市。该公司主营新能源汽车直流充电设备核心部件，是国内较大的充电模块供应商， 2023年充电模块内销瓦数市占率达10.58%。优优绿能是国家高新技术企业，主要产品为15-40kW充电模 块。它是行业内最早推出30kW充电模块的厂商之一，与众多下游领先企业建立长期合作。2022-2024年 营收从9.88亿元增至14.97亿元，2025年上半年预计营收同比增3.87%-26.58%。国家政策扶持下，新能源 汽车产业及充电基础设施快速发展。2016-2023年新能源汽车年度销量年均复合增长率达62.35%，充电 桩保有量年均复合增长率达61.97%。优优绿能40KW和独立风道30KW充电模块获客户高度认可。优优 绿能积极布局小功率直流充电、V2G和储能充电产品。高防护小直流充电模组噪音低、防护性能高， 30KW/40KW DC/DC充电模块适用性广，30KW恒功率AC/DC双向模块转换效率高。优优绿能研发投入 持续增长，2022-2024年分别为4018.26万元、7909.27万元和1.09亿元，复合增长 ...

Core Viewpoint - Shenzhen Youyou Green Energy Co., Ltd. successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on June 5, 2025, raising funds for its future development projects [1][3]. Group 1: Company Overview - Youyou Green Energy, established in 2015, specializes in the research, production, and sales of core components for DC charging equipment for new energy vehicles [5]. - The company offers charging modules of 15KW, 20KW, 30KW, and 40KW, primarily used in DC charging piles and cabinets [5]. - Youyou Green Energy is recognized as a leading supplier of charging modules in China, being one of the first to launch a 30KW charging module [6]. Group 2: Market Position and Performance - In 2023, the incremental market for charging modules in mainland China is estimated at 726.60 billion watts, with Youyou Green Energy's domestic sales at 76.90 billion watts, giving it a market share of 10.58% [6]. - The company has established long-term stable partnerships with numerous leading enterprises in various sectors, including charging pile manufacturers and new energy vehicle manufacturers [6]. Group 3: Financial and Strategic Initiatives - The recent IPO involved the issuance of 10.5 million shares at a price of 89.60 yuan per share, raising a total of 94.08 million yuan, aimed at supporting the construction of a charging module production base and a headquarters and R&D center [3]. - Guolian Minsheng Securities acted as the sponsor for the IPO, providing comprehensive investment banking services and maintaining a strong position in the industry [3].