苏州苏试试验集团股份有限公司 募集资金管理制度 第一章 总 则 第一条 为规范苏州苏试试验集团股份有限公司（以下简称"公司"）募集 资金管理，提高募集资金使用效率，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司募集资金监管规则》《深圳证券交易所上市公司自律 监管指引第2号——创业板上市公司规范运作》等相关法律、法规和规范性文件 的规定，制定本制度。 第二条 公司募集资金管理适用本制度。 第三条 本制度所称募集资金是指公司通过发行股票或者其他具有股权性 质的证券，向投资者募集并用于特定用途的资金，但不包括公司实施股权激励计 划募集的资金。 第四条 公司应当建立并完善募集资金存储、使用、变更、监督和责任追究 的制度，明确募集资金使用的分级审批权限、决策程序、风险控制措施及信息披 露要求，保证募集资金项目的正常进行。 第五条 公司的董事和高级管理人员应当勤勉尽责，督促公司规范使用募集 资金，自觉维护公司募集资金安全，不得参与、协助或纵容公司擅自或变相改变 募集资金用途。 第六条 募集资金投资项目通过公司的子公司或者公司控制的其他企业实 施的，公司应当确保该子公司或者受控制的其他企业遵守本制度规定。 ...

Group 1 - Anke Detection is planning a change in company control, leading to a suspension of trading starting July 30, 2025, with an expected duration of no more than 2 trading days [1] - Quzhou Development is planning to issue shares to acquire assets, resulting in a trading suspension starting July 30, 2025, with an expected duration of no more than 10 trading days [8] - Time Space Technology has terminated its plan for a change in control and will resume trading on July 30, 2025 [10] Group 2 - Huqin Technology intends to acquire 6% of the shares of Hefei Crystal Integrated Circuit Co., Ltd. for a total price of 2.393 billion yuan, with a share price of 19.88 yuan [2] - Wantong Intelligent Control has signed an exclusive authorization agreement with Shanghai Deep Ming Aosi Semiconductor Technology Co., Ltd. for the production and sale of boards based on their large model chip, valid for 5 years [3] Group 3 - Shijia Photon reported a 121.12% increase in revenue to 993 million yuan and a 1712% increase in net profit to 217 million yuan for the first half of 2025 [5] - Huaneng International reported a 5.7% decrease in revenue to 1120.32 billion yuan but a 24.26% increase in net profit to 92.62 billion yuan for the first half of 2025 [5] - Weisheng Information reported an 11.88% increase in revenue to 1.368 billion yuan and a 12.24% increase in net profit to 305 million yuan for the first half of 2025 [5] Group 4 - Shijia Photon attributed its performance improvement to increased product sales and a higher proportion of high-margin products [6] - Nanya New Materials expects a net profit of 80 million to 95 million yuan for the first half of 2025, representing a year-on-year increase of 44.69% to 71.82% [5]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - As of Q2 2025, the A-share environmental sector's heavy positions accounted for 0.24%, reflecting a slight increase of 0.01 percentage points from the previous quarter. The overall market is currently in a low allocation state, with a standard allocation ratio of 1.06% [6][18] - The top ten heavy positions in public funds totaled approximately 7.64 billion yuan, representing 0.25% of all disclosed fund stock holdings. The leading companies in terms of heavy positions include Hanlan Environment (1.21 billion yuan), Weiming Environmental (1.19 billion yuan), and Longjing Environmental (610 million yuan) [2][29] Summary by Sections Fund Holdings - The heavy position ratio for the A-share environmental sector was 0.24% at the end of Q2 2025, with a slight increase of 0.01 percentage points. A total of 320 fund products held heavy positions in environmental companies, accounting for 4.15% of all disclosed fund products [6][18] - The top heavy positions by market value were Hanlan Environment (1.21 billion yuan), Weiming Environmental (1.19 billion yuan), Longjing Environmental (610 million yuan), Huicheng Environmental (540 million yuan), and Juguang Technology (530 million yuan) [29][34] Market Trends - The environmental sector is experiencing a valuation recovery driven by multiple factors, including market preference for solid waste incineration stocks, which are expected to benefit from public utility market reforms and carbon market expansion [8][36] - The report highlights a positive outlook for the second half of 2025, particularly for solid waste incineration and water assets, with recommended stocks including Hanlan Environment, Weiming Environmental, and others [36][37] Company Performance - The number of funds holding significant positions in companies like Hanlan Environment (56 funds), Guangda Environment (21 funds), and others indicates a growing market interest [7][23] - Notable changes in heavy stock market value ratios include significant increases for Shanghai Xiba (up 4.63 percentage points) and Huicheng Environmental (up 1.39 percentage points) [34][36] Investment Strategy - The report suggests a focus on companies transitioning towards ToB (business-to-business) models, which is expected to enhance cash flow and support valuation recovery. Key companies to watch include Hanlan Environment, Guangda Environment, and others [36][39] - The environmental sector is seen as having a solid growth trajectory, with specific attention to waste incineration, water services, and testing services as areas of potential investment [39][40]

Group 1 - The company Suzhou Su Test Experiment Group Co., Ltd. and its subsidiaries have recently obtained several invention patents from the National Intellectual Property Administration of China, including patents for signal processing methods and devices, vibration tables, and automatic position adjustment functions for testing platforms [1] - For the fiscal year 2024, the revenue composition of Su Test Experiment is as follows: Electronics and electrical equipment account for 40.28%, research and testing institutions 18.0%, aerospace 14.7%, automotive and rail transportation 10.72%, shipping 5.58%, other industries 5.53%, and other businesses 5.19% [1] - The current market capitalization of Su Test Experiment is 8 billion yuan [2]

2024年1至12月份，苏试试验的营业收入构成为：电子电器占比40.28%，科研及检测机构占比18.0%， 航空航天占比14.7%，汽车及轨道交通占比10.72%，船舶占比5.58%，其他行业占比5.53%，其他业务占 比5.19%。 （文章来源：每日经济新闻） 苏试试验（SZ 300416，收盘价：15.72元）7月29日晚间发布公告称，公司第五届第十一次董事会会议 于2025年7月29日在公司一楼会议室以现场及通讯方式召开。会议审议了《关于修订公司部分治理制度 的议案》等文件。 ...

Market Overview - A-shares experienced steady growth from July 21 to 25, with the Shanghai Composite Index rising by 1.67% to close at 3593.66 points, the Shenzhen Component Index increasing by 2.33%, and the ChiNext Index up by 2.76% [1] - The majority of Shenwan first-level industries achieved positive returns, with only the banking sector showing a slight decline. Industries such as steel, coal, and building materials led the gains [1] Institutional Research Highlights - A total of 121 listed companies disclosed institutional research records during the week, with over 70% of the surveyed stocks achieving positive returns. Dayu Water-saving led with a 36.24% increase, while Tangyuan Electric, Maolai Optics, Zhejiang Fu Holdings, and Haopeng Technology saw gains exceeding 18% [1] - The concentration of institutional research decreased, with companies like Guangdian Measurement, Dayu Water-saving, Haopeng Technology, and Tangyuan Electric receiving over 50 institutional surveys [1] Guangdian Measurement - Guangdian Measurement received the highest number of institutional surveys, with 54 institutions participating. The company announced a plan to raise 1.3 billion yuan through a private placement for investments in satellite internet, aviation equipment, AI chips, and data intelligence [2] - The management emphasized that the fundraising is a strategic move to enhance technological self-reliance and innovation in high-end intelligent equipment manufacturing and AI, addressing critical technology bottlenecks [2] - The fundraising projects will be implemented in phases over the next three years, with a focus on building multiple bases [2] Haopeng Technology - Haopeng Technology, which received 52 institutional surveys, specializes in the research and manufacturing of lithium-ion and nickel-hydrogen batteries, providing solutions for Fortune 500 companies [2] - The company is transitioning from a consumer battery manufacturer to an "AI + solid-state" core energy solution provider, targeting trillion-level markets such as AI, robotics, and low-altitude economy [2][3] - Haopeng Technology has made significant breakthroughs in emerging fields like AI glasses and robots, with plans for mass production of AI glasses batteries and robot batteries in the second half of the year [3] Flying Dragon Co., Ltd. - Flying Dragon Co., Ltd. has been under institutional scrutiny, particularly regarding its net profit increase and revenue decline in the first half of 2025. The management cited three main reasons for the revenue drop: project lifecycle expiration for overseas clients, short-term order reductions due to U.S. tariff policies, and intensified price competition in the new energy vehicle sector [4] - The company anticipates revenue recovery in the second half of 2025, driven by new overseas projects, increased orders for new energy vehicle integration modules, and growing sales of liquid cooling products [4]

Company Overview - The company specializes in the research, development, and application of metal material testing technology, providing services such as testing services, analytical instruments, standard materials, and corrosion protection engineering [2][3] - It has a strong reputation in the domestic metal material testing field and is recognized as one of the most comprehensive testing research institutions in China [2] Financial Performance - As of 2024, the company achieved a revenue of CNY 1,097.67 million, a year-on-year increase of 15.60% [3] - The net profit attributable to shareholders was CNY 145.02 million, up 15.37% from the previous year [3] - For Q1 2025, the revenue reached CNY 219.06 million, reflecting a growth of 7.18% year-on-year [3] - The net profit for the same period was CNY 16.08 million, showing a significant increase of 33.28% [3] Business Development - The company has established testing bases in key regions including Beijing, Kunshan, Chengdu, Shenyang, Qingdao, Xi'an, Zhuozhou, and Zhuzhou, covering various areas in China [3] - Future plans include expanding testing service categories, developing composite material testing, and enhancing integrated solution capabilities [3][4] Industry Applications - In the nuclear power sector, the company is involved in metal material testing, online metallography, material performance analysis, and evaluating the compliance of domestic materials with international standards [4] - High-temperature alloy material testing constitutes a significant portion of the company's client base, with major clients including COMAC and AVIC [5] Instrumentation Products - The company offers over 60 types of scientific instruments across eight major categories, including atomic emission spectroscopy and mass spectrometry [6] - Notable products include spark direct reading spectrometers and gas analyzers, which have received industry awards and are market leaders [6] - The company is focusing on the development of non-destructive testing instruments and high-end detection instruments with promising market prospects [6] Growth Factors - The growth in the company's testing business is attributed to the rapid development of the new materials industry and an increase in service categories [6]

Core Viewpoint - The company, China Automotive Research (中国汽研), is positioned as a leading automotive technology research and service platform in China, focusing on intelligent connected vehicles to drive revenue growth. The company achieved a revenue of 4.697 billion yuan in 2024, representing a year-on-year growth of 14.65%, with a net profit of 908 million yuan, up 8.56% year-on-year. The automotive technology service business revenue share increased to 87.82%, with a significant growth of 42.86% in the new energy and intelligent connected vehicle development and testing business [1][2][5]. Group 1: Company Overview - China Automotive Research is one of the six fully licensed automotive testing institutions in China, holding a leading market share. The company has a history dating back to 1965 and has undergone several transformations, including its listing on the Shanghai Stock Exchange in 2012 and its integration into the China Inspection and Certification Group in 2023 [12][15][16]. - The company has established multiple national-level research and testing platforms, focusing on safety, green technology, and user experience, aiming to become a technology platform company centered on standards [12][15]. Group 2: Financial Analysis - The company's core business has shown stable growth, with a projected revenue of 5.47 billion yuan in 2025 and an increase in revenue forecasts for 2026 and 2027 to 7 billion and 8.39 billion yuan, respectively. The net profit for 2025 is expected to be 1.11 billion yuan, with subsequent years also showing growth [5][26]. - The company has a robust asset base with ongoing construction projects, including a headquarters base in East China with an investment exceeding 2.3 billion yuan, expected to be operational by the end of 2025 [31][35]. Group 3: Industry Trends - The Ministry of Industry and Information Technology (MIIT) and the State Administration for Market Regulation have initiated policies to standardize the management of intelligent connected vehicle products, which is expected to expand the market for mandatory testing by 50% [2][96]. - The intelligent connected vehicle testing industry is transitioning from policy-driven to market-driven, with significant investments from leading testing institutions like China Automotive Research and the China Automotive Center [90][94]. Group 4: Testing and Certification - The company has developed the world's first third-party evaluation system for intelligent connected vehicles, IVISTA, and continues to update it. In 2024, it released the first L2+ urban road navigation intelligent driving evaluation regulations [3][70]. - The establishment of testing facilities is crucial for the industry, with the company investing in multiple testing sites across key automotive industry clusters in China, enhancing its capacity to meet the growing demand for intelligent connected vehicle testing [21][94].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - On July 22, 2025, the company announced a plan to issue A-shares to specific investors, a shareholder return plan for the next three years (2025-2027), and a market value management system. The board also approved the acquisition of 55% of Beijing Jinyuan Power Information Technology Co., Ltd. [2][4]. - The planned fundraising through the issuance of shares is up to 1.3 billion yuan, aimed at investing in emerging industries such as aviation, AI chips, satellite internet, and digitalization, which is beneficial for the company's long-term development [2][4]. - The company plans to invest 300 million yuan in an aviation equipment testing platform, 250 million yuan in a new generation AI chip testing platform, and 300 million yuan in a satellite internet quality assurance platform, among other allocations [10]. - The acquisition of a majority stake in Jinyuan Power will fill a gap in the company's network security qualification and enhance its service capabilities in software evaluation, network security, and data management [10]. - The company has set a shareholder return plan to distribute at least 30% of the average distributable profit over three consecutive years in cash [10]. - The company aims to enhance its value through strategic management, mergers and acquisitions, and optimizing asset structure, alongside cash dividends and share buybacks [10]. Financial Projections - Revenue is projected to reach 3.57 billion yuan in 2025, 3.98 billion yuan in 2026, and 4.45 billion yuan in 2027, with year-on-year growth rates of 11.3%, 11.6%, and 11.8% respectively [10]. - The net profit attributable to the parent company is expected to be 423 million yuan in 2025, 512 million yuan in 2026, and 625 million yuan in 2027, reflecting year-on-year growth rates of 20.0%, 21.2%, and 22.1% respectively [10]. - The estimated price-to-earnings (PE) ratios are 24.7x for 2025, 20.4x for 2026, and 16.7x for 2027, indicating a positive outlook for the company's earnings recovery potential [10].

智通财经7月22日电，广电计量(002967.SZ)公告称，拟向特定对象发行股票的募集资金总额不超过人民 币13亿元，用于航空装备(含低空)测试平台项目、新一代人工智能芯片测试平台项目、卫星互联网质量 保障平台项目和数据智能质量安全检验检测平台项目等。 广电计量：拟定增募资不超过13亿元 用于新一代人工智能芯片测试平台项目等 ...