1. Report Industry Investment Rating - No relevant information provided 2. Core Views - In the bond market, the central bank conducted 4065 billion yuan of 7 - day reverse repurchase operations yesterday, with 1973 billion yuan of reverse repurchases maturing. On June 25, it will conduct 3000 billion yuan of 1 - year MLF operations. The central bank adheres to a supportive monetary policy stance, and the transformation of the monetary policy framework is a continuous process [4]. - In the stock index market, due to the easing of the geopolitical conflict between Iran and Israel and the expectation of expanded market liquidity, the stock index rose with heavy volume yesterday, and the Shanghai Composite Index broke through the previous high of 3417. In the short term, the market liquidity is acceptable, and with the alleviation of macro - negatives, the stock index is expected to run strongly [5]. 3. Summary by Related Catalogs Bond Market - **Price and Change**: DRO01 closed at 1.37 with a 0.04 bp change, DR007 at 1.67 with a 16.09 bp change, GC001 at 1.60 with a 7.50 bp change, GC007 at 1.90 with a 12.00 bp change, SHBOR 3M at 1.63 with no change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.36 with a 0.71 bp change, 5 - year treasury at 1.52 with a 0.97 bp change, 10 - year treasury at 1.65 with a 0.80 bp change, and 10 - year US treasury at 4.34 with a - 4.00 bp change [4]. - **Market Operation**: This week, there are 9603 billion yuan of reverse repurchases maturing in the central bank's open market, with 1563 billion, 2035 billion, and 1612 billion yuan maturing from Wednesday to Friday respectively. The central bank governor said that the central bank has introduced multiple monetary policy measures in the past year [4]. Stock Index Market - **Index Price and Change**: At yesterday's close, the CSI 300 rose 1.2% to 3904, the SSE 50 rose 1.16% to 2715.9, the CSI 500 rose 1.62% to 5765.8, and the CSI 1000 rose 1.92% to 6194.7. The trading volume of the Shanghai and Shenzhen stock markets reached 14146 billion yuan, a significant increase of 2920 billion yuan from the previous day [5]. - **Sector Performance**: Most industry sectors rose. The motor, battery, auto parts, game, and packaging materials sectors led the gains, while the mining, petroleum, gas, shipping port, and precious metals sectors led the losses [5]. - **Contract Information**: The trading volume and open interest of IF, IH, IC, and IM contracts all increased. The IF contract had a trading volume increase of 22.6% and an open interest increase of 4.3%, the IH contract had a trading volume increase of 14.9% and an open interest increase of 3.2%, the IC contract had a trading volume increase of 23.3% and an open interest increase of 3.1%, and the IM contract had a trading volume increase of 16.6% and an open interest increase of 1.6%. The IF, IH, IC, and IM contracts also have different levels of premium and discount rates [5]. - **Market Driver**: The rapid reversal of the Iran - Israel situation and the expectation of interest rate cuts in the US led to the rise of the stock index with heavy volume. The Shanghai Composite Index broke through the previous high [5].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [48]. Core Viewpoints - The report highlights the recent announcement by the National Energy Administration regarding the initiation of hydrogen energy pilot projects in regions rich in wind, solar, hydro, nuclear, and biomass resources. This initiative aims to promote large-scale renewable energy hydrogen production and explore diverse pathways for hydrogen industry development [3][42]. - The report suggests focusing on leading companies in the hydrogen technology sector, as the pilot projects are expected to drive innovation in hydrogen management models and support the entire hydrogen supply chain development [3][42]. Summary by Sections 1. Market Review - As of June 19, 2025, the Shenwan Electric Equipment industry has seen a decline of 1.06% over the past two weeks, underperforming the CSI 300 index by 0.17 percentage points, ranking 11th among 31 industries. Year-to-date, the industry has decreased by 6.44%, lagging behind the CSI 300 index by 4.11 percentage points, ranking 26th [11][15]. 2. Valuation and Industry Data - As of June 19, 2025, the price-to-earnings (PE) ratio for the electric equipment sector is 24.13 times. Sub-sector PE ratios include: - Electric Motor II: 46.20 times - Other Power Equipment II: 39.37 times - Solar Equipment: 16.37 times - Wind Equipment: 32.12 times - Battery: 24.08 times - Grid Equipment: 23.41 times [22][25]. 3. Industry News - The report discusses the National Energy Administration's recent data release indicating that total electricity consumption in May reached 809.6 billion kWh, a year-on-year increase of 4.4%. Cumulative electricity consumption from January to May was 39,665 billion kWh, up 3.4% year-on-year [38]. 4. Company Announcements - The report includes various company announcements, such as share reduction plans by major shareholders and updates on procurement projects, indicating ongoing corporate activities within the sector [41]. 5. Weekly Perspective on Electric Equipment Sector - The report emphasizes the importance of the hydrogen energy pilot projects and suggests that companies with advanced hydrogen technology should be closely monitored for potential investment opportunities [41][42].

科中心 A 座 16 楼 杭州市西湖区学院路 77 号黄龙万 邮编： 电话：（86-571） 传真：（86-571） 北京君合（杭州）律师事务所关于 卧龙电气驱动集团股份有限公司 差异化权益分派事项之法律意见书 致：卧龙电气驱动集团股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受卧龙电气驱动集团股份有限公 司（以下简称"公司"）的委托，就公司 2024 年度差异化权益分派相关事项（以下简称"本 次差异化权益分派"）出具本法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股份回购规则》（以下简称"《回 购规则》"）、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下简 称"《回购股份指引》"）、《上海证券交易所交易规则》（以下简称"《交易规则》"） 等中国（为本法律意见书之目的，不包括香港特别行政区、澳门特别行政区及台湾地区） 现行法律、法规和规范性文件以及《卧龙电气驱动集团股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责 精神出具 ...

Group 1 - The company plans to issue shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global strategy, international image, and overall competitiveness [1][2] - The specific details of the H-share issuance and listing are yet to be determined, and discussions with relevant intermediaries will take place [1] - The issuance and listing will require approval from the company's board and shareholders, as well as regulatory review by the China Securities Regulatory Commission and the Hong Kong Stock Exchange, indicating significant uncertainty in the process [2]

Market Overview - As of June 15, 2025, there are 267 companies listed on the Beijing Stock Exchange (BSE), with a total share capital of 37.331 billion shares and a circulating share capital of 23.848 billion shares [2] - For the week of June 9 to June 15, the BSE recorded a trading volume of 7.448 billion shares, a week-on-week increase of 63.81%, and a trading value of 1630.50 billion yuan, up 64.09% from the previous week [3] Index Performance - The BSE 50 Index fell by 3.11% to 1382.74 points during the same week, with 10 stocks rising, none remaining flat, and 35 stocks declining [3] - The top performer was Air China Ocean (833171), which increased by 24.44%, while the largest decline was seen in Binhang Technology (839493), which dropped by 12.60% [3] New Listings and Applications - One company successfully listed on the BSE during the week, bringing the total to 267 [6] - There are currently 83 companies awaiting approval, with 15 under review, 57 in inquiry, and 10 submitted for registration [5] Company Highlights - **Jiaoda Iron Development Co., Ltd. (920027)**: Listed on May 13, 2025, with a first-day trading surge of 295.91%, closing at 31.90 yuan, a 262.09% increase. The company focuses on intelligent products and equipment for rail transit [8][9] - **Sanxie Electric Co., Ltd. (873669)**: Passed the listing committee meeting on June 9, 2025, aiming to raise 1.59 billion yuan for expansion and R&D projects [12][13] - **New Hengtai New Materials Co., Ltd. (874327)**: Received listing application acceptance on June 10, 2025, with plans to raise 3.80 billion yuan for new material projects [15][16] - **Koleidi Medical Equipment Co., Ltd. (873414)**: Listed application accepted on June 12, 2025, seeking to raise 2.99 billion yuan for product development and production [17][18] - **Ying's Holdings Group Co., Ltd. (874431)**: Received listing application acceptance on June 13, 2025, with plans to raise 3.34 billion yuan for various projects [19][20] Financial Performance - **Jiaoda Iron Development**: Reported revenues of 2.35 billion yuan, 2.73 billion yuan, and 3.35 billion yuan from 2022 to 2024, with net profits of 337.99 million yuan, 476.56 million yuan, and 533.92 million yuan respectively [9] - **Sanxie Electric**: Expected to achieve revenue of 2.35 billion to 2.48 billion yuan in the first half of 2025, with a net profit forecast of 28.80 million to 30.50 million yuan [13] - **New Hengtai**: Achieved revenues of 5.30 billion yuan, 6.79 billion yuan, and 7.74 billion yuan from 2022 to 2024, with net profits of 450.00 million yuan, 1.01 billion yuan, and 917.64 million yuan respectively [16] - **Koleidi Medical**: Reported revenues of 2.33 billion yuan, 2.38 billion yuan, and 2.85 billion yuan from 2022 to 2024, with net profits of 693.67 million yuan, 599.18 million yuan, and 672.15 million yuan respectively [18] - **Ying's Holdings**: Reported revenues of 12.96 billion yuan, 17.58 billion yuan, and 19.74 billion yuan from 2022 to 2024, with net profits of 1.17 billion yuan, 2.20 billion yuan, and 2.11 billion yuan respectively [20][21]

来源：光明网 "创新是引领性的， 盯着您的对手， 结果只能是追赶。 如果你能够做一件事情 推动社会发展， 尽量把目标定在 有你和没你是不一样的。" 哈尔滨理工大学电气与电子工程学院教授 "国家卓越工程师"称号获得者 全国杰出专业技术人才 蔡蔚 做客科学家精神百场讲坛 分享他在电机领域 深耕四十年的感悟思考 蔡蔚回忆童年时光， 家中频繁停电给生活带来诸多不便。 一颗以技术改变生活的种子 就此深埋心间， 成为他进入这一行业的契机。 实践是工程创新的源泉， 攻读研究生时恰逢学校教学改革， "产学研联合培养"模式， 让他深刻领悟， 真正的工程之学， 远不止于课堂和书本。 要"走出教室"， 与国家需求同频共振， 将所学深深扎根于国家工业发展的沃土。 才能走向全球发展的前沿。 新能源汽车、电动船舶、 无人机、智能机器人…… 核心都离不开精密的"电"与"驱"。 电机如同"动力心脏"， 嵌入每个现代科技产品的关键位置。 在蔡蔚看来， 创新应该着眼行业与用户需求， 做引领性的创新， 而非跟随性创新。 蔡蔚深耕电机四十余载， 见证并推动着电机领域的时代变迁。 "本世纪全球高效电驱技术的最伟大的发明之一"。 "做一件事推动社会发展 ...

Group 1 - The article highlights the shift of foreign trade enterprises in Jiangsu towards domestic markets, leveraging innovation and e-commerce to meet consumer demands and achieve balanced development [1][2][4] - Companies are focusing on innovative designs to cater to the upgrading consumption needs, as seen with the unique tent designs that appeal to families and children [2][3] - The rapid growth of the domestic camping economy has led to a significant increase in sales for companies that adapt their products to local preferences [3][4] Group 2 - The article discusses the challenges faced by companies transitioning from export to domestic sales, particularly the need for certifications like 3C to access the domestic market [4][6] - Government support has been crucial in facilitating this transition, helping companies navigate certification processes and connect with e-commerce platforms [5][6] - The success of live-streaming sales on e-commerce platforms has proven effective for companies like the toothbrush manufacturer, which saw significant sales boosts through innovative marketing strategies [6][7]

IPO Review and Registration Progress - Three IPO applications were accepted last week, including Senhe High-Tech aiming for the Beijing Stock Exchange to raise 490 million yuan, Yisiwei targeting the Sci-Tech Innovation Board with a planned raise of 1.214 billion yuan, and Zhixin Co. applying for an IPO on the Shanghai Main Board with a target of 1.329 billion yuan [2][3] - Senhe High-Tech specializes in the R&D, production, and sales of environmentally friendly precious metal mining agents, with sales revenue from these agents accounting for over 95% of its main business income during the reporting period [2] - Yisiwei focuses on automotive manufacturing machine vision equipment, holding the largest market shares in China’s automotive manufacturing and complete vehicle manufacturing machine vision markets at 13.7% and 22.5% respectively [3] - Zhixin Co. develops and produces automotive welding parts and related molds, with over 70% of its revenue coming from its top five customers [3] Recent IPO Approvals and Upcoming Listings - Huaxin Precision passed its IPO review on June 6, focusing on precision stamping products, with a projected revenue of 1.421 billion yuan in 2024, a 19.49% increase year-on-year [4] - Three companies are set to undergo IPO reviews this week, including Sanxie Electric, which reported steady revenue growth from 287 million yuan in 2022 to 420 million yuan in 2024 [4][5] - United Power, a subsidiary of Huichuan Technology, achieved a revenue of 16.178 billion yuan in 2024, a 72.74% increase, with over 85% of its revenue derived from electric drive systems [5] - Daoshengtianhe, a wind power industry chain company, reported a revenue of 3.238 billion yuan in 2024, a slight increase of 1.13% [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, Zhongce Rubber and Youyou Green Energy, with the latter seeing a significant first-day increase of 68.64% [9][10] - This week, Jiao Da Tie Fa is scheduled to be listed on June 10, with a projected revenue of 335 million yuan in 2024 [10] - Two new stocks are set for subscription this week, including Huazhi Jie and New Henghui, with planned fundraising of approximately 486 million yuan and 519 million yuan respectively [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to support high-quality unprofitable technology companies in going public, emphasizing the importance of information disclosure and market intermediary verification [12] - The China Listed Companies Association released guidelines for audit committees to enhance compliance and governance among listed companies [13]

Group 1 - The report highlights the relationship between contract goods and industrial enterprise profits, indicating that inventory destocking and order prosperity are key directions for asset allocation [5][7] - In May 2025, the manufacturing PMI improved to 49.5%, reflecting a slight recovery in manufacturing market demand, although it remains below the first quarter average [11][12] - The report notes that the domestic equity market showed a mixed performance, with 18 industries rising and 13 falling, indicating sector-specific dynamics [6][20] Group 2 - The report discusses the impact of external factors such as the U.S. increasing steel import tariffs to 50%, which may affect related industries [17] - It mentions the extension of certain exemptions from the U.S. Section 301 tariffs on China, which could influence trade dynamics [19] - The report emphasizes the need for policies to support growth in light of ongoing economic challenges, particularly in the real estate sector [11][14] Group 3 - The analysis of industrial enterprise profits shows a 3.0% year-on-year increase in April 2025, despite a 2.7% decline in the Producer Price Index (PPI), suggesting a complex relationship between costs and profitability [7][8] - The report identifies sectors such as agricultural product processing and electrical machinery as performing well, while sectors like automotive and power equipment faced declines [6][8] - The report indicates that the recovery in manufacturing is supported by a decrease in raw material costs, which may benefit midstream manufacturing leaders [7][8]

Group 1 - The A-share motor sector has experienced a decline, with Tongda Power falling over 7% [1] - Fangzheng Electric and Zhaowei Electromechanical both dropped more than 3% [1] - Other companies such as Bafang Shares, Weiguang Shares, and Huarui Shares also saw significant declines [1]