Group 1 - The manufacturing PMI for June is reported at 49.7%, indicating a slight improvement from the previous value of 49.5%, suggesting a continued recovery in manufacturing activity [1] - The construction business activity index rose to 52.8% from 51%, while the services business activity index decreased to 50.1%, down by 0.1 percentage points from the previous month [1] - The production index and new orders index in manufacturing are both in the expansion zone, with marginal increases of 0.3 and 0.4 percentage points to 51% and 50.2%, respectively [2] Group 2 - The internal demand index increased by 0.4 percentage points to 50.6%, outpacing the new export orders index, which rose by 0.2 percentage points to 47.7% [2] - High-frequency indicators show that the year-on-year growth rate of foreign trade cargo volume narrowed from -3.8% to -3.5%, indicating a continued weakening in export strength [2] - The PMI data indicates a divergence in performance among enterprises, with large and medium-sized enterprises seeing increases in PMI, while small enterprises experienced a decline to 47.3%, the lowest since September 2024 [3] Group 3 - The manufacturing sector faces downward pressure due to a potential weakening in export chain production as the equipment renewal cycle declines [3] - Recent policies aimed at boosting domestic demand, including a 500 billion yuan service consumption relending initiative, are expected to support service consumption and infrastructure investment [3] - The PMI improvements in June were more pronounced in industries such as petroleum processing, pharmaceutical manufacturing, and chemical manufacturing, while sectors like electrical machinery and textiles saw significant declines [3]

Group 1 - The core point of the article is that Guangdong Shangyan Electronics Technology Co., Ltd. has had its IPO application accepted by the Beijing Stock Exchange, despite a slight decline in revenue and net profit for 2024 [1][11] - The company's revenue for 2024 is projected to be 588 million yuan, with a net profit of 44.09 million yuan, reflecting a year-on-year decrease of 4.5% and 1.3% respectively [1][11] - The company faces risks related to high customer concentration, particularly its reliance on a single major client, Haier, which accounted for 66.66% of its sales revenue in 2024 [1][4] Group 2 - The actual controller of the company, Lu Gaofeng, holds 62.91% of the shares and has a background in Midea Group, which has helped the company penetrate the supply chain of leading home appliance manufacturers [2] - Midea has been the company's second-largest customer, contributing 16.99%, 9.21%, and 11.45% to revenue from 2022 to 2024 [2][4] - The total sales to the top five customers accounted for 82.38%, 89.10%, and 89.02% of revenue from 2022 to 2024, indicating a significantly higher customer concentration compared to industry peers [6][9] Group 3 - The company specializes in the research, production, and sales of electronic intelligent control products, with variable frequency drives being its main product, contributing over half of its main revenue from 2022 to 2024 [9][10] - The sales figures for variable frequency drives, intelligent controllers, and power controllers for 2024 are projected to be 34.48 million yuan, 17.82 million yuan, and 3.30 million yuan respectively [10] - The company has entered into a buyback agreement with investors, which could trigger if the company fails to submit a qualified IPO application by December 20, 2025, potentially leading to a buyback obligation of approximately 51.66 million yuan [14][16]

IPO Review and Registration Progress - A total of 75 IPO applications were accepted last week, with 48 companies aiming for the North Exchange, 12 for the Growth Enterprise Market, 7 for the Sci-Tech Innovation Board, and 4 for the Shanghai and Shenzhen main boards [2][3] - The highest fundraising target among the new applicants is from Zhenstone Co., which plans to raise 3.981 billion yuan for various projects including production bases and R&D [2][4] - Most of the newly accepted companies are expected to be profitable in 2024, with only two companies, Shiya Technology and Dapu Micro, projected to incur losses [4][5] Company Highlights - Zhenstone Co. is a national high-tech enterprise focused on clean energy fiber-reinforced materials, with projected revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and 4.439 billion yuan in 2024 [4] - Dapu Micro, the first unprofitable company accepted for the Growth Enterprise Market, specializes in enterprise-level SSD products and aims to achieve profitability by 2026 [5] - Aomeisen, which passed the IPO review, is a smart equipment manufacturer with expected revenues of 358 million yuan in 2024 [6] New Stock Listings and Subscriptions - Guangxin Technology debuted on the North Exchange with a first-day increase of 500%, closing at 60 yuan per share [12] - Xintong Electronics is set to list on the Shenzhen main board on July 1, 2025, with projected revenues of 1.005 billion yuan in 2024 [12] - Tongyu New Materials will have its subscription on July 1, with an issue price of 84 yuan per share and expected total fundraising of 840 million yuan [13]

Core Viewpoint - Saiwu Technology (603212) experienced a significant increase in stock price, reaching the daily limit with a turnover rate of 6.43% and a transaction volume of 346 million yuan, indicating strong market interest and trading activity [2]. Trading Activity - The stock was listed on the Shanghai Stock Exchange due to a price deviation of 9.45%, with a net buying amount of 44.204 million yuan from brokerage seats [2]. - The top five brokerage seats accounted for a total transaction volume of 130 million yuan, with a buying amount of 87.104 million yuan and a selling amount of 42.900 million yuan, resulting in a net buying of 44.204 million yuan [2]. - The largest buying brokerage was CITIC Securities, with a purchase amount of 26.505 million yuan, while the largest selling brokerage was Guolian Minsheng Securities, with a selling amount of 20.678 million yuan [2][3]. Capital Flow - The stock saw a net inflow of 162 million yuan from major funds, with a significant inflow of 159 million yuan from large orders and 2.885 million yuan from smaller orders. Over the past five days, the net inflow of major funds totaled 129 million yuan [2]. Margin Trading Data - As of June 27, the margin trading balance for the stock was 203 million yuan, with a financing balance of 202 million yuan and a securities lending balance of 294,000 yuan. The financing balance increased by 40.316 million yuan over the past five days, representing a growth of 24.86% [3]. - The securities lending balance saw a slight increase of 1,860 yuan, with a growth rate of 6.77% [3]. Financial Performance - In the first quarter, the company reported a revenue of 643 million yuan, reflecting a year-on-year decline of 27.35%, and a net loss of 33.155 million yuan [3].

天眼查商业履历信息显示，隆基绿能科技股份有限公司，成立于2000年，位于西安市，是一家以从事电 气机械和器材制造业为主的企业。企业注册资本757804.4598万人民币，实缴资本757804.3524万人民 币。公司法定代表人为钟宝申。 通过天眼查大数据分析，隆基绿能科技股份有限公司共对外投资了35家企业，参与招投标项目343次， 知识产权方面有商标信息207条，专利信息1978条，此外企业还拥有行政许可57个。 来源：金融界 金融界消息 截至2025年6月30日收盘，隆基绿能（601012）报收于15.02元，上涨3.09%，换手率 1.43%，成交量108.32万手，成交金额16.22亿元。 资金流向方面，今日主力资金净流入1.61亿元，占比成交额9.92%。其中，超大单净流入1.77亿元、占 成交额10.89%，大单净流出1562.15万元、占成交额0.96%，中单净流出流出11096.45万元、占成交额 6.84%，小单净流出4999.69万元、占成交额3.08%。 隆基绿能最新一期业绩显示，截至2025一季报，公司营业总收入136.52亿元、同比减少22.75%，归属净 利润143617.13万元， ...

Core Insights - Chengdu's industrial sector is experiencing significant growth, with a reported 8.0% year-on-year increase in industrial added value from January to May 2023, driven by strong performances in automotive manufacturing and electronics [1][2] - The city is focusing on digital transformation and the integration of AI in manufacturing, aiming to enhance efficiency and quality across various industries [2][3] - Chengdu's strategic initiatives include the establishment of smart factories and digital workshops, with a target of upgrading 2,000 industrial enterprises by 2025 [4] Industrial Growth - Chengdu's industrial added value increased by 8.0% year-on-year in the first five months of 2023, with 24 out of 37 major industries reporting growth [1] - The automotive manufacturing sector saw a remarkable growth of 26.2%, while the production of new energy vehicles surged by 435.8% [1] - The city has built 283 smart factories and digital workshops, establishing a "flock-style" transformation model [3] Digital Transformation - The government is promoting the "AI + manufacturing" initiative to enhance the integration of digital technologies with manufacturing advantages [2] - Chengdu aims to achieve a digital design tool penetration rate of 93% and a key process CNC rate of 68% by 2025 [4] - The city has been recognized as a pilot city for the "5G + industrial internet" integration application [3] Global Expansion - Chengdu enterprises are increasingly looking to international markets, with significant export growth of 23.4% for local brands from January to April 2023 [5] - The city has organized multiple overseas industrial activities, resulting in over 50 billion yuan in signed contracts [5][6] - The 2025 "Invest in Chengdu" global investment conference showcased 16 major industrial projects with a total signing amount of 825.3 billion yuan [6] Regional Coordination - Chengdu is positioned as a core city in the Chengdu-Chongqing economic circle, with plans to enhance its role as a western economic and technological innovation center [7] - The city is collaborating with surrounding areas to promote regional economic development and has launched a high-quality development plan for county-level cities [8] - The focus on low-altitude economy development is part of a broader strategy to enhance industrial cooperation and resource sharing within the Chengdu metropolitan area [8]

Core Viewpoint - The company Zhengye Technology plans to issue shares to specific investors to raise up to RMB 400 million for working capital and repaying bank loans [1][2] Group 1: Share Issuance Details - The share issuance will consist of ordinary shares (A-shares) with a par value of RMB 1.00 per share [1] - The issuance price is set at RMB 5.86 per share, which is not less than 80% of the average trading price over the 20 trading days prior to the pricing date [1] - The total number of shares to be issued will not exceed 68,259,385 shares, accounting for no more than 30% of the company's total share capital before the issuance [1] Group 2: Investor and Ownership Structure - The specific investor for this issuance is Hesheng Investment, which will subscribe to the shares in cash [1] - Hesheng Investment currently holds 81,230,361 shares, representing 22.13% of the company's total share capital, making it a controlling shareholder [2] - Following the issuance, Hesheng Investment's shareholding will increase, but the company's control will remain unchanged, with the actual controller being the State-owned Assets Supervision and Administration Commission of Jingdezhen City [2]

Economic Overview - Shenzhen's economy showed overall stability and progress in the first five months of the year, with industrial production maintaining a steady growth of 3.5% year-on-year in the scale of above-designated size industries [1] - High-tech product output continued to grow rapidly, with significant increases in civilian drones (68.0%), 3D printing equipment (40.7%), and industrial robots (38.8%) [1] Investment Trends - Fixed asset investment in Shenzhen faced pressure, declining by 9.2% year-on-year, with real estate development investment down by 11.9% [2] - Industrial technology transformation investment surged by 48.2%, while information transmission, software, and IT service industries grew by 48.7% [2] - Social retail sales showed a notable recovery, with total retail sales reaching 411.59 billion yuan, a year-on-year increase of 4.7% [2] Consumer Behavior - The consumption of basic living goods performed well, with retail sales of daily necessities and grain and oil products increasing by 10.6% and 10.4%, respectively [2] - The "old for new" policy in consumer goods continued to show effectiveness, with significant growth in retail sales of home appliances (74.9%) and cultural office supplies (34.4%) [2] - Online retail also saw robust growth, with sales through the internet increasing by 25.6% [2] Foreign Trade - Shenzhen's total import and export value decreased by 1.9% year-on-year, with exports falling by 8.6% and imports rising by 10.1% [3] - High-tech product exports grew by 6.2%, indicating a positive trend in this sector despite overall declines [3] Financial Sector - Financial institutions in Shenzhen reported a steady increase in deposits and loans, with total deposits reaching 14 trillion yuan, a year-on-year growth of 5.0% [3] - The loan balance also increased by 2.9%, reflecting a stable financial environment [3] Price Trends - Consumer prices in Shenzhen experienced mild inflation, with an overall increase of 0.1% year-on-year [3] - Specific categories showed varied price changes, with food and beverage prices up by 0.7% and clothing prices up by 1.4% [3]

策 华福证券 2025 年 06 月 30 日 略 研 究 策 略 定 期 报 新能源价格见底或是价格复苏的重要信号——产 业经济周观点 投资要点： 近期观点 1、 中国供给复苏趋势明确，核心资产风格和自由现金流组合是 长期趋势。 告 2、 美元资本循环逐渐瓦解，美元或长期贬值，全球资本长期有 望向中国回流。 3、 在内外因素影响下，中国资产有望系统性重构，PB 趋势性上 升是本轮牛市主脉络。 4、 看好核心资产风格，创业板 50，大金融，恒生国企，恒生科 技，油运，黄金能源有色，关注微盘风险。 团队成员 分析师： 李浩(S0210524050003) lh30530@hfzq.com.cn 分析师： 李刘魁(S0210524050006) llk30550@hfzq.com.cn 相关报告 1、沪指创年内新高后怎么看？——2025.06.29 2、市场状态高频数据库——6 月第 4 周—— 2025.06.29 3、如何看待美股创新高？——2025.06.29 风险提示 全球制造业复苏受阻；中美关系改善不及预期；美国地产市场不 健康 证 券 研 究 报 告 诚信专业 发现价值 1 请务必阅读报告末页的声明 ...

Core Viewpoint - The company has secured a development project for an electric aircraft drive system from a certain client in the first quarter of this year [1] Company Summary - The company, Fangzheng Electric, announced on June 30 that it has received a designated development project for an electric aircraft drive system [1]