Group 1 - The article emphasizes the implementation of Xi Jinping's important speeches and directives regarding Henan, focusing on "two highs and four efforts" for current and future work arrangements [1] - The city of Shangqiu aims to achieve significant progress in "two highs" and remarkable results in "four efforts," with a focus on deepening execution, innovating implementation, and advancing projects [1] - Key areas of focus include enhancing the modern industrial system and strengthening agriculture, with an emphasis on manufacturing and agricultural industrialization [1] Group 2 - The city plans to implement a "leading enterprise + shared factory + farmers" model to promote rural revitalization and urban-rural integration [1] - There is a commitment to improving people's livelihoods and strengthening social governance through risk resolution mechanisms and innovative governance models [2] - Environmental protection efforts include comprehensive governance and projects aimed at ecological restoration, such as the "Three Waters to Commerce" initiative [2] Group 3 - Cultural prosperity is a priority, with actions focused on heritage protection and the integration of culture and tourism to enhance the cultural brand of Shangqiu [2] - The article outlines seven actions to promote high-quality development in the cultural and tourism industry, leveraging historical sites and cultural resources [2]

Core Viewpoint - Zhejiang Yonghe Refrigeration Co., Ltd. has adjusted the stock option exercise price and related matters in its 2021 stock option and restricted stock incentive plan, ensuring compliance with relevant laws and regulations [4][14]. Summary by Sections Legal Opinion and Compliance - The law firm has conducted a thorough review of the necessary documents and facts to issue the legal opinion, ensuring adherence to the Company Law, Securities Law, and relevant regulations [4][5]. - The law firm confirms that all required approvals and authorizations for the adjustment have been obtained, aligning with the management measures and the company's articles of association [14]. Adjustment Details - The adjustment was necessitated by the company's profit distribution plan, which included a cash dividend of 0.25 RMB per share, totaling approximately 117.41 million RMB [14]. - The adjustment method for the stock option exercise price is based on the dividend distribution, resulting in a new exercise price of 22.35 RMB per share, down from 22.60 RMB [15][16]. Approval Process - The adjustment was approved through a series of board meetings and shareholder meetings, with independent directors providing consent at each stage [8][10][11]. - The company has maintained transparency throughout the process, with no objections raised during the public notice period for the incentive plan [8].

Core Viewpoint - The announcement outlines the restrictions on the exercise period for stock options granted by Zhejiang Yonghe Refrigeration Co., Ltd., detailing specific dates and conditions for the exercise of these options [1][2]. Group 1 - The company’s first grant of stock options (option code: 0000000868) entered its third exercise period on January 24, 2025, with an exercise validity period from January 24, 2025, to November 4, 2025 [1]. - The reserved stock options (option code: 1000000250) entered their second exercise period on October 16, 2024, with an exercise validity period from October 16, 2024, to September 1, 2025 [1]. - A restriction on the exercise period will be in effect from May 30, 2025, to June 25, 2025, during which all incentive recipients will be prohibited from exercising their options [2]. Group 2 - The company will apply to the China Securities Depository and Clearing Corporation Limited Shanghai Branch for the necessary procedures related to the restriction on the exercise of stock options [2].

Investment Rating - The industry maintains a "stronger than market" rating, indicating an expectation that the overall industry performance will outperform the market in the next six months [6][7]. Core Insights - NVIDIA's new generation of AI chips, announced at the GTC 2025 conference, significantly enhances computing power, creating new opportunities in the AI supply chain [2][6]. - The Blackwell Ultra and Vera Rubin platforms show performance improvements of 1.5 times and 3.3 times, respectively, with the latter expected to launch in the second half of 2026 [2][3]. - The demand for HBM memory is projected to grow substantially, with a near 200% growth rate expected in 2024 and a potential doubling in 2025 [3]. Summary by Sections Investment Ratings for Specific Companies - Luxshare Precision (002475.SZ) is rated as "Buy" with an expected EPS of 1.9 in 2024 and 2.38 in 2025, and a PE ratio of 21.44 for 2024 and 17.11 for 2025 [1]. - Jiangbolong (301308.SZ) is rated as "Add" with an expected EPS of 1.13 in 2024 and 2.37 in 2025, and a PE ratio of 93.69 for 2024 and 44.67 for 2025 [1]. - Lianrui New Materials (688300.SH) is also rated as "Add" with an expected EPS of 1.35 in 2024 and 1.8 in 2025, and a PE ratio of 43.73 for 2024 and 32.8 for 2025 [1]. Technological Developments - The introduction of CPO technology and optical networks is becoming a focal point in data center construction, enhancing the value of the optical communication industry chain [4]. - The global optical transceiver market is expected to grow by USD 12.56 billion from 2025 to 2029, with a compound annual growth rate (CAGR) of 17.5% [4]. Cooling Solutions - Liquid cooling technology is becoming essential for AI data centers, with NVIDIA showcasing advanced liquid cooling management systems that significantly improve thermal efficiency [5]. - The power requirements for the new Rubin Ultra architecture are projected to be approximately 4.5 times higher than the previous Blackwell architecture, necessitating advancements in power supply and cooling systems [5].