峰岹科技发行价为120.5港元，募资总额为22.59亿港元。峰岹科技的基石投资者包括泰康人寿、保银、 3WFund、华夏基金（香港）、三花智能等，合计认购1.12亿美元。 峰岹科技是一家芯片设计公司，专注于BLDC电机驱动控制芯片的设计与研发，并在BLDC电机主控及 驱动芯片行业建立了强大的市场地位。根据弗若斯特沙利文的资料：公司是中国首家专注于BLDC电机 驱动控制芯片设计的芯片设计厂商；截至2023年12月31日，公司在中国BLDC电机主控及驱动芯片市场 的份额达到4.8%(按收入计)，排名第六，且峰岹科技为该市场前十大企业中唯一的中国企业。 值得一提的是，截至7月9日收盘，在目前160只A+H股中，有3只出现价格倒挂，均为所在领域龙头公 司，其中恒瑞医药（600276）、宁德时代（300750）均于今年在港股上市。恒瑞医药H股在上市以来累 计涨幅为58%，目前恒瑞医药A股已较H股折价9.83%。而5月20日上市的宁德时代，A股较H股折价 22.82%，其H股上市以来累计涨幅为46.39%。此外，药明康德（603259）也出现价格倒挂，A股较H股 折价2.88%。 毕马威预测，A+H上市趋势将持续升温，2 ...

内容概况：随着国内轨道交通行业的快速发展，铁路营业里程不断增加，对先进、可靠的ATC车载设备 的需求也随之增长。2025年1-5月，中国列车自动控制系统(ATC)车载设备进口数量为150台，同比增长 32.74%；进口金额为666.37万元，同比下降73.78%。进口端"量增价跌"现象背后，是政策调整与技术替 代的双重驱动。2025年3月实施的《重大技术装备进口税收政策管理办法》优化了免税目录，部分促使 企业转向性价比更高的国产设备或免税清单内产品。同时，国内ATC技术突破显著，如CRSC的CTCS-3 级系统已实现自主化，削弱了对高价进口设备的依赖。同期，中国列车自动控制系统(ATC)车载设备出 口数量为3834台，同比下降88.33%；出口金额为3479.74万元，同比增长4.41%。出口端"量跌价升"则凸 显结构性升级。国内ATC行业已形成全产业链出海能力，如交控科技在泰国建厂实现本地化生产，规避 关税并贴近需求。技术输出模式从"产品出口"转向"技术授权+本地适配"，如自动驾驶解决方案落地西 班牙，提升利润空间。 二、行业发展历程 中国列车自动控制系统（ATC）行业发展主要经历了四个阶段。20世纪60年 ...

Core Points - The company has nominated Zhao Yang as a candidate for the independent director of its second board, confirming his qualifications and independence [1][2][3] - The nominee possesses over five years of relevant experience in law, economics, accounting, finance, and management, and has completed recognized training [1][2] - The nominee meets all legal and regulatory requirements for independent directors as outlined by various Chinese laws and regulations [1][2] - The nominee does not have any relationships that could affect his independence, including direct or indirect shareholding in the company or its affiliates [1][2] - The nominee has no adverse records in the last 36 months, including administrative or criminal penalties from regulatory bodies [2] - The nominee has not been dismissed from previous independent director roles due to attendance issues and holds independent director positions in no more than three domestic listed companies [2][3]

证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《上交 AI 智能体表现亮眼， AlphaEvolve 生成代码反超人类——AI 动态汇总 20250707》 - 2025.07.08 《低估值高盈利，基本面表现占优— —中邮因子周报 20250706》 - 2025.07.07 《ETF 流入金融与 TMT，连板高度与涨 停家数限制下活跃资金处观望态势— —行业轮动周报 20250706》 - 2025.07.07 《"量化新规"或将平稳落地，双均线 法再现买点——微盘股指数周报 20250706》 - 2025.07.07 《谷歌推出 Gemini Robotics On- Device 大模型，快手开源 keye-VL 多 模态模型——AI 动态汇总 20250630》 - 2025.07.02 《基于宏观经济状态划分的 BL 模型与 ETF 实践》 - 2025.07.01 《基于大模型外部评价体系框架介 绍》 - 2025.06.30 《beta 风格显著，高波占优——中邮 ...

Group 1 - Shennong Development expects a net profit of 850 million to 950 million yuan for the first half of 2025, representing a year-on-year increase of 732.89% to 830.88% [1] - Sifang New Materials announced that its directors and senior executives collectively reduced their holdings by 80,000 shares, in line with a previously announced reduction plan [1] - Alliance Electronics plans to transfer 3.68% of its shares through a price inquiry, totaling 6.1869 million shares, due to the shareholders' funding needs [1][2] Group 2 - Yongtai Technology clarified that its patent for "a preparation method of lithium bis(fluorosulfonyl)imide" is still valid and has not been declared invalid [3] - Guibao Pet plans to invest 650 million yuan in building an intelligent warehousing and sorting center to enhance operational efficiency [4] - Deep Deep Housing A expects a net profit of 85 million to 120 million yuan for the first half of 2025, with a year-on-year increase of 1411.70% to 2034.17% [7] Group 3 - Shandong Steel anticipates a net profit of 12.71 million yuan for the first half of 2025, marking a turnaround from a loss of approximately 98.1 million yuan year-on-year [7] - Tangrenshen reported a June sales revenue of 698 million yuan from pig sales, a year-on-year increase of 26% [9] - Dongfang Zhongke plans to reduce its holdings by up to 3% of its shares due to the financial needs of a major shareholder [10] Group 4 - Weichuang Electric obtained six patents and two software copyrights between April 1 and June 30, 2025 [11] - Zhenai Home plans to reduce its holdings by up to 3% due to the financial needs of a major shareholder [13] - Xingwang Yuda's actual controller intends to reduce its holdings by up to 3% for personal financial needs [15] Group 5 - Guangyun Da intends to acquire 56.03% of Yilian Infinite for 352 million yuan, gaining control of the company [16] - Chao Tu Software's actual controller plans to reduce holdings by up to 2% due to personal financial needs [17] - Weixing Intelligent's actual controller plans to reduce holdings by up to 1.99% for personal financial needs [18] Group 6 - ST Dongshi is facing a bankruptcy reorganization application due to its inability to repay debts, with potential delisting risks if the court accepts the application [19][20] - Tongwei Co. plans to reduce its holdings by up to 1% due to personal financial needs [21] - Borui Pharmaceutical received approval for clinical trials of its drug for chronic obstructive pulmonary disease [22] Group 7 - Shuangwei New Materials announced progress in its control change plan, leading to the resumption of its stock trading [24] - Yunnei Power's stock is under risk warning due to false financial disclosures, with a name change to "ST Yun Dong" [26][28]

黄金珠宝主业大幅缩水，收购来的子公司去年前三季度业绩变脸 7月8日尾盘，金一文化（002721.SZ）再度冲击涨停，突破前期高点，再次创近两年新高。 因贴上"稳定币"的热门概念，金一文化此前已经连续三天涨停，8日虽涨停未果，但7月累计涨幅已经达 到46.8%。而5月至今的两个月内，该股已经实现翻倍。 金一文化这波涨势，是"摘帽"利好和收购转型双重催化的结果，特别是近期"稳定币"概念持续发酵，游 资、机构接力涌入，推动该股连续飙升。但股价上涨之际，金一文化的主业，却存在不确定性。 金一文化的黄金珠宝主业，已经连续多年大幅缩水，而收购而来的子公司，虽然对2025年至2027年的净 利润，做出了规模可观的承诺，但在收购前，却突然出现了业绩变脸，未来能否兑现承诺存疑。 搭上"稳定币"概念冲击四连板未果 已经3连板的金一文化，因与"稳定币"概念发生关联，7月8日尾盘再度冲击涨停，盘中触及4.86元/股， 突破前期高点，再创近2年新高，收盘回落至4.75元，全天上涨7.47%。 该公司7月2日在投资调研纪要中称，已在研发稳定币服务系统，计划以该公司的支付清算、数字钱包等 业务为主，进行稳定币业务拓展和布局。 上述消息一出 ...

Overview of the Transaction - The company plans to acquire a 55.50% stake in Anhui Niwei Automotive Power Systems Co., Ltd. through cash payments to multiple investors, which will change the controlling shareholder from Huang Ran to the company [1] - This transaction constitutes a major asset restructuring according to the relevant regulations [1] Progress of the Transaction - The company disclosed the major asset purchase plan on March 15, 2025, and received an inquiry letter from the Shanghai Stock Exchange on March 26, 2025 [2] - Subsequent announcements regarding the progress of the major asset purchase were made on April 11, May 10, and June 9, 2025 [2] - A revised major asset purchase plan was disclosed on June 4, 2025, along with responses to the inquiry letter from the Shanghai Stock Exchange [2] - On June 5, 2025, the company's board of directors approved relevant proposals related to the transaction [2] Inquiry and Response - The company received another inquiry letter from the Shanghai Stock Exchange on June 18, 2025, and is actively working to address the issues raised [3] - The company has applied for an extension of up to five trading days to respond to the inquiry letter to ensure the accuracy and completeness of the information [3][4] - The company emphasizes its commitment to comply with legal and regulatory requirements for timely information disclosure [4]

Group 1 - Sannuo Group expects a net loss of 100 million to 120 million yuan for the first half of 2025, a significant decline from a profit of 7.4 million yuan in the same period last year [1] - The company anticipates a net loss of 77 million to 95 million yuan after excluding non-recurring gains and losses [1] - Basic earnings per share are projected to be a loss of 0.2148 to 0.2578 yuan per share [1] Group 2 - Landai Technology is planning to transfer 18% of its shares, which may lead to a change in control [2] - The stock of Landai Technology has been suspended from trading since July 8, 2025, with an expected suspension period of no more than two trading days [2] Group 3 - Xinxin Co. announced that a senior executive plans to reduce their holdings by up to 750,000 shares, representing no more than 0.2971% of the total share capital [3] - The reason for the reduction is personal financial needs [3] Group 4 - Biyimi plans to reduce its shares by a total of up to 3% by two shareholders, with one shareholder planning to reduce up to 139.68 million shares (2.00%) and the other up to 69.84 million shares (1.00%) [4] - The reason for the reduction is also personal financial needs [4] Group 5 - Changxin Bochuang announced that shareholders plan to reduce their holdings by up to 2.95%, totaling 8.6 million shares [6] - The reason for the reduction is personal financial needs [6] Group 6 - Tianci Materials plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] Group 7 - Sanxiang Impression announced the termination of a previous equity transfer agreement, following a request from its controlling shareholder [10] Group 8 - Zhongke Technology has decided to terminate its plan to issue shares for asset acquisition and related fundraising due to changes in market conditions [12] Group 9 - Hangcha Group's subsidiary plans to acquire 99.23% of Guozu Robot's shares through capital increase [14] Group 10 - Xishan Technology plans to increase its holdings in the company by no less than 5 million and no more than 10 million yuan [19] Group 11 - New Hope reported sales of 1.33 million pigs in June, a year-on-year increase of 3.38% [21] - The sales revenue was 1.871 billion yuan, a year-on-year decrease of 19.14% [21] Group 12 - Auhua Endoscope announced that two shareholders plan to reduce their holdings by up to 1.92% [18] Group 13 - Star Source Material has submitted an application for H-share issuance and listing [18] Group 14 - Yilian Technology plans to invest 20 million yuan to establish a partnership with professional institutions [30]

近期市场对于"反内卷"的讨论颇多。一方面，有政策引导的原因。2025年7月1日，中央财经委召开第六次 会议，会议指出，"研究纵深推进全国统一大市场建设"，"依法依规治理企业低价无序竞争，引导企业提 升产品品质，推动落后产能有序退出"。同日《求是》发布文章《深刻认识和综合整治"内卷式"竞争》。 另一方面，"反内卷"又契合了市场的某种交易预期。中银国际的报告中提到，当前市场资金充裕，年初以 来科技、消费、红利等几大板块均有所表现，而周期股估值长期低位，对于短期边际利好更容易计价。 就力度而言，温和是共识。 一方面，有民营企业占比较大的原因。申万宏源的报告中提到，可能涉及"内卷式"竞争行业中，仅煤炭开 采、黑色冶炼、有色冶炼行业民营上市公司数量占比低于50%；从营业收入占比来看，汽车制造、金属制 品、电气机械等行业的民营上市公司营收占比超40%。中信证券的报告中也提到，本轮供需失衡的新兴行 业中，计算机、通信、电子、电力设备及新能源、汽车等行业国央企占比较低，分别为25.2%、28.5%、 23.0%、24.4%、21.3%，绝大部分行业内企业均为民营企业，采用行政手段去产能的可行性相对更低。 另一方面，也要兼顾就 ...

《商道创投网》2025年7月7日从官方获悉：鲲腾泰克（成都）科技有限公司近日完成了由磐霖资本领 投，成都思佰益和德润佳跟投的近亿元人民币新一轮融资。 《商道创投网》创业家会员·单位简介 鲲腾泰克是一家专注于电驱动系统技术创新和产品开发的高科技企业。公司以动态配置电驱技术为核 心，开发出软件可定义的超级电驱技术，显著提升功率密度、能效与可靠性。其产品已广泛应用于新能 源汽车、机器人、电动垂直起降飞行器（eVTOL）等多个领域，与多家头部车企达成合作，成功实现 量产定点。公司还积极拓展高功率密度、少稀土与无稀土同步电驱技术，预计2025年进入商业应用，进 一步巩固其在电驱系统领域的技术领先地位。 《商道创投网》创业家会员·本轮融资用途是什么？ 鲲腾泰克创始人毛恒春博士表示，本轮融资资金将重点用于高性能智能化多相无稀土电驱技术的产业化 推进、产线扩建及多元化市场场景开拓。公司将加速技术创新，进一步优化产品性能，拓展市场应用领 域，为客户提供更高效、更可靠的动力解决方案，助力新能源汽车、机器人等行业的快速发展。 《商道创投网》创投家会员·本轮投资原因是什么？ 磐霖资本创始主管合伙人李宇辉先生表示，鲲腾泰克凭借其独创的 ...