Group 1 - Honor Technology Co., Ltd. has initiated the process for an IPO in the A-share market, having completed the listing guidance filing with the Shenzhen Securities Regulatory Bureau on June 26 [1] - The guidance institution for the IPO is CITIC Securities, with the guidance plan expected to be completed between January and March 2026 [1] - If successful, Honor is poised to become the first AI terminal ecosystem company listed on the A-share market [1] Group 2 - Honor was established on April 1, 2020, with a registered capital of 32.239 billion RMB, and is classified under the computer, communication, and other electronic equipment manufacturing industry [2] - The controlling shareholder is Shenzhen Zhixin New Information Technology Co., Ltd., holding 49.55% of the shares [2] - Honor's previous CEO, Zhao Ming, indicated a preference for an IPO over a backdoor listing, citing confidence in the company's products and finances [3] Group 3 - Following the completion of the share reform in December 2024, Zhao Ming left his position as CEO in January 2025, succeeded by former Huawei executive Li Jian [4] - The company has experienced significant executive turnover, including the departure of key sales and marketing personnel [5] - Honor's market share in the Chinese smartphone market has declined, with a 15% share in 2024, down 1 percentage point from the previous year, amidst a total market growth of 4% [5] Group 4 - In March 2025, CEO Li Jian announced the "Alpha Strategy," committing to a transformation into an AI terminal ecosystem company with a planned investment of $10 billion over the next five years [5] - The strategy emphasizes a diverse ecosystem, suggesting that multiple players can thrive in the market [5] - The IPO marks a significant step for Honor, potentially revitalizing its market presence and aligning with its AI-focused narrative [5]

Company Overview - Mobi Antenna Technology (Shenzhen) Co., Ltd. was established in 1999 with a registered capital of 220 million RMB and focuses on electrical machinery and equipment manufacturing [1] - Mobi Technology (Shenzhen) Co., Ltd. was founded in 2015 with a registered capital of 50 million RMB, primarily engaged in instrument manufacturing [1] - Mobi Communication Technology (Jian) Co., Ltd. was established in 2006 with a registered capital of 267 million RMB, focusing on instrument manufacturing [2] - Mobi Technology (Xi'an) Co., Ltd. was founded in 2008 with a registered capital of 12 million RMB, specializing in professional technical services [2] - Shenzhen Shengyu Smart Network Technology Co., Ltd. was established in 2010 with a registered capital of 20 million RMB, engaged in general equipment manufacturing [2] - Xi'an Mobi Antenna Technology Engineering Co., Ltd. was founded in 2018 with a registered capital of 6 million RMB, focusing on manufacturing computers, communications, and other electronic devices [3] Patent and Investment Activity - Mobi Antenna Technology (Shenzhen) Co., Ltd. holds 1,018 patents and has participated in 360 bidding projects [1] - Mobi Technology (Shenzhen) Co., Ltd. has 669 patents and has invested in 1 company [1] - Mobi Communication Technology (Jian) Co., Ltd. holds 834 patents and has participated in 23 bidding projects [2] - Mobi Technology (Xi'an) Co., Ltd. has 820 patents and has invested in 2 companies [2] - Shenzhen Shengyu Smart Network Technology Co., Ltd. holds 345 patents and has participated in 2 bidding projects [2] - Xi'an Mobi Antenna Technology Engineering Co., Ltd. has 442 patents and has participated in 99 bidding projects [3] Administrative Licenses - Mobi Antenna Technology (Shenzhen) Co., Ltd. has 12 administrative licenses [1] - Mobi Technology (Shenzhen) Co., Ltd. has 8 administrative licenses [1] - Mobi Communication Technology (Jian) Co., Ltd. has 7 administrative licenses [2] - Mobi Technology (Xi'an) Co., Ltd. has 12 administrative licenses [2] - Shenzhen Shengyu Smart Network Technology Co., Ltd. has 12 administrative licenses [2] - Xi'an Mobi Antenna Technology Engineering Co., Ltd. has 9 administrative licenses [3]

中国宏观经济展望 - 2025 年中金公司中期投资策略会 20250630 摘要 中国经济正经历新旧模式交替，房地产拖累减小，技术进步加速，但物 价仍低迷，反映出经济转型初期不同领域表现不一，需综合分析宏观形 势。 中国劳动市场调整缓慢，劳动密度下降，收入增速放缓，影响消费和物 价，总需求偏弱，预计 2025 年下半年延续"准均衡"状态。 预计 2025 年下半年货币政策将侧重结构性工具，财政支出增加，出口 保持韧性，全年经济增长率预计在 5%左右，核心 CPI 逐步上升。 房地产与整体经济相关性减弱，家电销售不再完全依赖房地产，更多受 置换需求驱动，表明中国经济进入新模式。 中国经济结构变化显著，新经济、绿色经济、医药经济、生物医药和高 端制造比重上升，房地产比重下降，新兴行业 IPO 占比提高。 技术进步提升中国经济复杂度，接近全球最高端水平，出口结构与欧元 区、日本互补，国产化加速，减少进口需求。 2025 年一季度进口下降但对 GDP 有正贡献，反映需求走弱、经济结构 转型和国产替代效应，进口减少成为积极信号。 Q&A 当前中国宏观经济形势如何？ 当前中国宏观经济形势呈现出一些积极和谨慎的特点。房地产 ...

Group 1: IPO Applications - Shanghai Magnesium Health Technology Group has submitted an IPO application to the Hong Kong Stock Exchange, with joint sponsors including Goldman Sachs, CICC, and HSBC [1] - Xizhi Technology plans to issue approximately 140 million shares at an initial price of HKD 16.8 per share, aiming to raise up to HKD 23.6 billion (USD 3.01 billion) in its IPO, with Morgan Stanley and CICC as joint sponsors [2] - Huizhou EVE Energy has submitted an IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [3] - MagiTech has submitted an IPO application to the Hong Kong Stock Exchange, with joint sponsors including CICC, Citigroup, and Deutsche Bank [4] - Lens Technology has announced its global offering of H-shares, with a base offering of 262 million shares and an initial price range of HKD 17.38 to HKD 18.18, expected to list on July 9, 2025 [5] - Beijing Tongrentang Medical Investment has submitted an IPO application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor [6] Group 2: Market Developments - JD's Seven Fresh is accelerating its market coverage in North China, with new stores planned in Beijing, Tianjin, and Shijiazhuang [10] - CATL has established a new company, Times Electric Service Technology, focusing on the sales of new energy vehicles and related infrastructure [13] - LG Electronics has acquired Norway's OSO Group to expand its presence in the European HVAC market [16] Group 3: Financial Updates - The gold price per gram for major brands has dropped significantly, with Chow Sang Sang at HKD 985, down from HKD 1038, and other brands showing similar declines [9] - TikTok has launched an in-app shopping feature in Japan, allowing users to buy and sell products directly through the app [17]

Group 1: Company Overview - Tongyu New Materials is a leading domestic supplier of electronic resins in the copper-clad laminate sector, focusing on the research, production, and sales of electronic resins [2][8] - The company's main products include MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [2] Group 2: Financial Information - The initial public offering (IPO) price for Tongyu New Materials is set at 84.00 yuan per share, with a market capitalization of 25.20 billion yuan [4] - The company plans to invest 12.00 billion yuan in the first phase of a 200,000-ton annual production project for electronic resins and 1.00 billion yuan to supplement working capital [7] Group 3: Market Position and Risks - Tongyu New Materials is recognized as a high-tech enterprise and has been awarded various accolades, including being a national-level "specialized and innovative" small giant enterprise [8] - The company has a concentrated customer base, with major clients including Kingboard Group and Unimicron Technology, which has led to pressure on operations due to a decline in the copper-clad laminate industry's performance since 2022 [8] Group 4: Company Overview (Xintong Electronics) - Xintong Electronics is a provider of industrial IoT smart terminals and system solutions, focusing on operation and maintenance services for the power and communication sectors [9] - The company has been recognized as a national-level "specialized and innovative" small giant enterprise [9] Group 5: Financial Information (Xintong Electronics) - The IPO price for Xintong Electronics is set at 16.42 yuan per share, with a market capitalization of 25.62 billion yuan [10] - The company plans to allocate 2.094 billion yuan for a transmission line inspection and big data analysis platform, along with other projects totaling 1.155 billion yuan for maintenance and service network construction [11] Group 6: Market Position and Risks (Xintong Electronics) - Xintong Electronics has established long-term stable partnerships with major clients such as State Grid and Southern Power Grid, with nearly 50% of its revenue coming from State Grid in 2024 [12] - The company faces risks related to high customer concentration and potential changes in policies regarding the intelligent transformation of the power industry, which could adversely affect its future performance [12]

Group 1 - The core point of the news is that Xingyun Co., Ltd. has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -5.68% [1] - Xingyun Co., Ltd. specializes in the research, development, and production of lithium battery pack testing equipment, intelligent manufacturing solutions for lithium battery packs, energy storage inverters, and charging piles [1] - The financial report indicates that the Xinda Aoya Fund's Xin'ao New Energy Industry Stock A has entered the top ten shareholders of Xingyun Co., Ltd. and is a new addition in the first quarter of this year [1] Group 2 - The fund manager of Xin'ao New Energy Industry Stock A is Feng Mingyuan, who has a master's degree in engineering from Zhejiang University and has been with Xinda Aoya Fund since January 2014 [4][5] - Feng Mingyuan has held various positions, including researcher, deputy general manager, and chief investment officer, and has managed multiple funds since 2016 [4][5] - The performance of Xin'ao New Energy Industry Stock A this year is reported at a yield of 3.95%, ranking 595 out of 993 in its category [1]

每经记者｜杨建 每经编辑｜肖芮冬 ｜2025年7月1日 星期二｜ NO.1 华夏基金（香港）CEO甘添：稳定币总金融资产规模估计达14万亿美元 6月30日，华夏基金（香港）首席执行官甘添称，截至2025年5月底，全球稳定币发行规模已超2350亿美 元，稳定币仅用5年时间便赶超了Visa 40年的交易量。如果将稳定币作为M0大于2500亿美元的狭义基础 货币（类比传统货币体系M0）来看的话，其所形成的总金融资产规模保守估计达14万亿美元，高估者 认为已达27～28万亿美元。甘添预测，未来十年内金融市场的所有传统金融资产都会上链，上链才能突 破传统结算模式下交易时效性限制。未来5至8年，整个金融系统的中后台都将面临巨大的变革。 NO.2 6月份中国制造业采购经理指数为49.7%，连续2个月上升 NO.5 国资委：我国高端有色金属材料关键技术实现突破 6月30日，据国务院国资委消息，我国首个"高端有色金属材料创新联合体"发布年度工作报告。报告显 示，该联合体已组建26个攻关团队，在统筹国家各类重大任务方面取得突破性进展。其中，成功突破 C919大飞机铝合金残余应力控制等8项共性关键技术，解决18项"卡脖子"技术，荣 ...

Core Viewpoint - Chengdu Zhimingda Electronics Co., Ltd. has confirmed that it has not faced any penalties or regulatory measures from securities regulatory authorities or the Shanghai Stock Exchange in the past five years [1][2] Summary by Sections Company Compliance - The company adheres strictly to the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, and the relevant rules of the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] - It continuously improves its corporate governance structure and establishes sound internal control systems to protect investors' legal rights [1] Regulatory History - A self-examination revealed that the company has not been penalized by securities regulatory authorities or the Shanghai Stock Exchange in the last five years [2] - Additionally, there have been no regulatory measures taken against the company by these authorities during the same period [2]

京东方科技集团股份有限公司 （住所：北京市朝阳区酒仙桥路 10 号） 可续期公司债券受托管理事务报告 （2024 年度） 债券受托管理人 （住所：北京市朝阳区安立路 66 号 4 号楼） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》 （以下简称《管理办法》）、 《公 司债券受托管理人执业行为准则》 （以下简称《执业行为准则》）、 《公司信用类债 券信息披露管理办法》 《证券交易所公司债券上市规则》 （以下简称"上市规则"） 截至 2024 年（以下简称"报告期"）末，公司发行且存续的由中信建投证券 担任受托管理人的债券包括：22BOEY1（以下简称"各期债券"），债券具体情况 如下： 行可续期公司债券（数字经济）（第一期）。 的周期末，公司有权行使续期选择权，按约定的基础期限延长 1 个周期，在公司 不行使续期选择权全额兑付时到期。 期末，发行人有权选择将本期债券期限延长 1 个周期（即延长 3 年） ，或选择在 该周期末到期全额兑付本期债券。发行人应至少于续期选择权行权年度付息日前 具日，本期债券已完成本息兑付并摘牌，未行使续期选择权。 年利率）为 3.50%，单利按年计息，不计复利。 ...

Core Viewpoint - The credit rating agency maintains the long-term credit rating of BOE Technology Group Co., Ltd. at AAA, with a stable outlook, reflecting the company's strong market position and financial health [1][5]. Company Overview - BOE Technology Group, originally established as Beijing Oriental Electronics Group Co., Ltd., has evolved into a leading player in the global semiconductor display industry, with a significant market share and a robust financial structure [10][16]. - As of the end of 2024, the company reported total assets of CNY 429.98 billion and equity of CNY 204.55 billion, with a revenue of CNY 198.38 billion and a profit of CNY 5.09 billion [10][25]. Financial Performance - The company experienced a revenue increase of 10.27% in 2024, with total revenue reaching CNY 198.38 billion, and a profit increase of 269.89% to CNY 2.35 billion [25]. - The operating cash flow for 2024 was CNY 47.74 billion, indicating strong cash generation capabilities [9][25]. Industry Analysis - The semiconductor display industry is showing signs of recovery after a downturn, with a projected growth in global TFT-LCD and AMOLED panel capacity by 2.5% in 2024 [12][14]. - The demand for large-sized displays is increasing, with the average size of liquid crystal television panels rising to 49.6 inches in 2024 [12][14]. Competitive Position - BOE Technology Group holds a leading position in the global semiconductor display market, ranking first in shipment volume and area for major applications such as smartphones, tablets, and televisions in 2024 [7][17]. - The company is also a significant player in the flexible OLED market, with a shipment of approximately 140 million units, ranking second globally [7][17]. Research and Development - The company invested CNY 13.205 billion in R&D in 2024, accounting for 6.66% of its total revenue, and holds over 100,000 patent applications globally [19][20]. - BOE has been recognized as a leader in technology innovation, consistently ranking among the top in patent grants in the United States [19][20]. Future Outlook - The semiconductor display industry is expected to continue growing, driven by technological innovations and the expansion of application scenarios, with BOE's ongoing projects enhancing its competitiveness in the AMOLED sector [6][15]. - The company aims to strengthen its core competencies and expand its business ecosystem through strategic investments in IoT, sensing, MLED, and smart medical engineering [28].