策略研究 · 周度报告 地缘风险缓和、港股反弹回升 2025年06月29日 核心观点: 分析师 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:周美丽 相关研究 2025-06-22, 2025 年港股中期投资展望:时移世易, 见机而作 2025-06-10,稳定币概念股投资展望 2025-05-29，上市公司并购重组迎来哪些新变化? 2025-05-07, 关键时间节点的发布会：一揽子金融政策 稳市场稳预期 2025-04-25，4 月中央政治局会议解读："持续稳定和 活跃资本市场"聚焦哪些方面? 2025-04-23，公募基金一季度持仓释放哪些信号? 2025-04-08, 汇金入市,坚定看多 2025-04-03, 港股 2025 年二季度投资展望: 从估值修 复到盈利兑现 2025-04-02, 2025 年二季度 A 股投资展望: 风格切换, 均衡配置 2025-03-23, 港股市场 2025 年以来行情拆解 2025-02-21, 南向资金与国际资金结构同频还是分歧? 2025-02-13, ...

策略研究 · 周度报告 地缘风险缓和、港股反弹回升 2025年06月29日 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:周美丽 相关研究 2025-06-22, 2025 年港股中期投资展望:时移世易, 见机而作 2025-06-10,稳定币概念股投资展望 2025-05-29，上市公司并购重组迎来哪些新变化? 2025-05-07, 关键时间节点的发布会：一揽子金融政策 稳市场稳预期 2025-04-25，4 月中央政治局会议解读："持续稳定和 活跃资本市场"聚焦哪些方面? 2025-04-23，公募基金一季度持仓释放哪些信号? 2025-04-08, 汇金入市,坚定看多 2025-04-03, 港股 2025 年二季度投资展望: 从估值修 复到盈利兑现 2025-04-02, 2025 年二季度 A 股投资展望: 风格切换, 均衡配置 2025-03-23, 港股市场 2025 年以来行情拆解 2025-02-21, 南向资金与国际资金结构同频还是分歧? 2025-02-13, 地方两会对 ...

Group 1 - Foreign enterprises continue to favor China despite international trade frictions, attracted by its status as the world's second-largest consumer market [2][4] - Otis Elevator Company highlights the significant growth potential in China, with over 11 million elevators in use, and government support for upgrading old elevators [2][4] - The report from the Ministry of Commerce indicates that profits of foreign-invested industrial enterprises in China are expected to rise from 1.6 trillion RMB to 1.8 trillion RMB from 2019 to 2024, maintaining a profit margin above the national average [4] Group 2 - China possesses a complete industrial supply chain, which is a unique advantage for foreign companies like Boeing, where 50% of production materials are sourced locally [4] - Schneider Electric has established a robust green supply chain in China, with over 1,600 suppliers and 30 factories, making it a crucial market for the company [4] - The investment in R&D in China is projected to reach 36.13 billion RMB in 2024, reflecting an 8.3% increase from the previous year, supporting foreign enterprises in building efficient supply networks [5] Group 3 - Companies like West Superconducting Materials have successfully collaborated with multinational firms, enhancing their product quality and establishing themselves as global leaders [6] - The trend of "Chinaization" in investment strategies is shifting from manufacturing to include R&D and design, as companies adapt to local market needs [8] - The Chinese government's commitment to reform and opening up is instilling confidence in foreign investments, with a reported 10.4% increase in new foreign-invested enterprises in early 2025 [9]

Core Viewpoint - The document outlines the fundraising management system of Zhuzhou CRRC Times Electric Co., Ltd, aiming to standardize the management and utilization of raised funds, enhance their effectiveness, and protect investors' rights [2][3]. Group 1: Fundraising Management Principles - The fundraising refers to funds raised through the issuance of stocks or other equity-like securities for specific purposes, excluding funds raised for equity incentive plans [2]. - The system applies to the management of funds raised domestically and does not cover funds raised in the H-share market, which follows different regulations [2]. - The shareholders' meeting and the board of directors are responsible for decision-making regarding the fundraising plan and its usage [3]. Group 2: Fund Usage Regulations - Funds must be used strictly for the purposes disclosed in the prospectus or other public offering documents, and any changes require approval from the shareholders' meeting and relevant regulatory bodies [4][5]. - The company must establish a special account for fundraising, ensuring that funds are not mixed with other funds or used for unauthorized purposes [6][7]. - The company is required to disclose the usage of funds in a timely manner according to relevant regulations [5][6]. Group 3: Fund Storage and Management - Funds must be stored in a centralized manner, with strict management and accurate disclosure [6][7]. - A tripartite supervision agreement must be signed with the underwriter or independent financial advisor and the commercial bank where the funds are stored [6][7]. - The company must ensure that funds are not used for financial investments or for the benefit of controlling shareholders or related parties [12][13]. Group 4: Project Investment and Changes - Funds raised should primarily be invested in the main business to enhance competitiveness and innovation, and not for financial investments [8][9]. - If a project cannot be completed within the original timeframe, the company must disclose the reasons and any adjustments to the investment plan [18][19]. - Any changes to the investment projects must be approved by the board of directors and disclosed to shareholders [31][32]. Group 5: Supervision and Reporting - The company must maintain accurate records of fund usage and report any significant deviations from the investment plan [37][38]. - Independent financial advisors are required to conduct regular audits and provide reports on the management and usage of the funds [20][21]. - The board of directors must review and disclose the findings of these audits in the annual report [20][21].

Core Points - The establishment of the Risk Control Committee aims to enhance the decision-making mechanism of the board and improve corporate governance while controlling risks [2][3] - The committee is responsible for supervising compliance and risk management, reviewing risk identification, assessment, and control mechanisms, and evaluating risks associated with significant business matters [2][3] Group 1: Committee Structure - The Risk Control Committee consists of three or more directors, including at least one independent non-executive director [2] - The committee members are nominated by the chairman, more than half of the independent non-executive directors, or at least one-third of all directors, and elected by the board [2] - The committee has a chairperson responsible for leading its activities, elected from among its members and approved by the board [2] Group 2: Responsibilities and Authority - The committee formulates, reviews, and amends the company's risk strategy and evaluates the impact of strategic goals and business plans on risk [7] - It is authorized to require the management to establish internal control systems and supervise the implementation of risk management policies [7] - The committee is responsible for reviewing the company's risk reports and assessing the overall risk situation regularly [7] Group 3: Meeting Procedures - The committee holds at least one regular meeting annually and can convene temporary meetings as needed [4][13] - Meeting notifications must include details such as location, date, time, agenda, and contact information [10] - A quorum for meetings requires the presence of more than half of the committee members, and decisions are made by a majority vote [18][20] Group 4: Reporting and Documentation - The committee must report its annual work and plans to the board during the annual meeting [4] - Meeting records are essential documents and must be signed by attending members, with a retention period of 10 years [26] - The committee's resolutions and voting results must be submitted in writing to the board for consideration [27] Group 5: Compliance and Confidentiality - Members of the committee have confidentiality obligations regarding meeting discussions and must not disclose information without permission [28] - The committee operates under the regulations of national laws, listing rules, and the company's articles of association [11]

Core Viewpoint - The legal opinion letter confirms that the procedures for convening and holding the shareholder meetings of Zhuzhou CRRC Times Electric Co., Ltd. comply with relevant laws and regulations, and the voting results are deemed legal and valid [14]. Group 1: Meeting Procedures - The board of directors approved the convening of the 2024 annual shareholder meeting and the 2025 first H-share shareholder meeting [4]. - The meeting notice was published on June 5, 2024, detailing the time, location, and voting methods for the meetings [4][5]. - The meetings were conducted with both on-site and online voting options, with specific timeframes for each [5]. Group 2: Participant Qualifications - Eligible participants included A-share shareholders and H-share shareholders registered by June 20, 2025, along with company directors and other senior management [6][7]. - A total of 397 A-share shareholders attended the 2024 annual meeting, representing 70.55% of the voting shares [6]. - For the 2025 first A-share meeting, 395 shareholders attended, representing 59.60% of the voting shares [6]. Group 3: Agenda and Voting Results - The meetings reviewed various proposals, including the annual report, board work report, and profit distribution plan for 2024 [8][9]. - The voting results showed overwhelming support for the proposals, with A-share votes generally exceeding 99% in favor [8][9][10]. - The proposals for the 2024 annual meeting and the 2025 first H-share meeting were all passed, confirming the legitimacy of the voting process [14].

Core Viewpoint - The legal opinion issued by Guangdong Hosheng Law Firm confirms that Guangzhou Baiyun Electric Equipment Co., Ltd.'s differentiated dividend distribution plan for 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [10]. Summary by Sections Company's Dividend Distribution Plan - The company plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares held, with no stock dividends or capital reserve transfers [4][5]. Basis for Special Ex-Dividend Treatment - The company intends to use between 20 million yuan and 30 million yuan of its own funds to repurchase shares at a price not exceeding 15.63 yuan per share, with a repurchase period of 12 months from the approval date [4][5]. Details of the Differentiated Dividend Plan - The total share capital is 492,559,946 shares, with 2,526,438 shares repurchased, resulting in a base of 490,033,508 shares for the cash dividend distribution [5][6]. Calculation of Ex-Dividend Price - The ex-dividend reference price is calculated as (previous closing price - cash dividend) ÷ (1 + change in circulating shares ratio). The actual cash dividend per share is 0.1000 yuan, leading to an ex-dividend reference price of approximately 9.3700 yuan per share [6][8]. Impact of the Differentiated Dividend on Ex-Dividend Price - The impact of the differentiated dividend on the ex-dividend reference price is minimal, with an absolute value change of less than 1% [8][9]. Conclusion - The legal opinion concludes that the differentiated dividend distribution aligns with the Company Law, Securities Law, and other relevant regulations, ensuring the protection of the interests of the company and all shareholders [10].

Group 1 - China Shipbuilding plans to absorb China Shipbuilding Industry Corporation through a share swap, with the review scheduled for July 4, 2025 [1] - Aijian Group's stock has experienced a cumulative increase of over 20% in three consecutive trading days, but the company confirms it has not engaged in stablecoin-related business [2] - Keheng Co. has signed a strategic cooperation agreement with Beijing Pure Lithium New Energy Technology, focusing on all-solid-state lithium-ion battery production and related markets [3] Group 2 - Tianfeng Securities' subsidiary has received approval from the Hong Kong Securities and Futures Commission for a license to provide virtual asset trading services [4] - Heertai's controlling shareholder reduced his stake by 1.44 million shares, accounting for 0.1558% of the company's total shares [5] - Beifang Navigation announced the completion of a share reduction plan by its directors and executives [6] Group 3 - Shanda Diwei's actual controller plans to transfer 24.59% of the company's shares to Shandong High-speed Group, potentially changing the controlling shareholder [7] - Chip Microelectronics is preparing for an overseas H-share issuance and listing to enhance its international strategy [8] - Ningbo Yunsheng's high-performance rare earth permanent magnet materials project has partially commenced production, with 5,000 tons operational as of June 2025 [9] Group 4 - Huahai Qingke plans to invest up to 500 million yuan in a wafer recycling expansion project in Kunshan, aiming for a monthly capacity of 200,000 wafers [10] - Qin'an Co. is planning to acquire 99% of Yigao Company through a combination of share issuance and cash payment, with stock suspension starting June 30, 2025 [11] - Shijia Photon is also planning to acquire control of Fuke Xima Technology through share issuance and cash payment, with stock suspension starting June 30, 2025 [12] Group 5 - Guangzhi Technology has terminated its plan to acquire 100% of Xiandao Electric Science and Technology through share issuance and cash payment [13] - Jinsheng New Materials is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [14] Group 6 - Guihang Co. plans to reduce its stake by up to 1% through centralized bidding [15] - Wufangzhai intends to repurchase shares worth between 35 million and 70 million yuan for employee stock ownership plans [16] - Conglin Technology plans to repurchase shares worth between 20 million and 40 million yuan to stabilize stock prices [17] Group 7 - Green Power has signed a strategic cooperation agreement with Asia United Infrastructure Holdings to develop renewable energy opportunities in regions involved in the Belt and Road Initiative [18] - Defu Technology's subsidiary has signed supply agreements for lithium battery copper foil products with leading companies in the photovoltaic and consumer battery industries [19]

Investment Rating - The report suggests a strong long-term infrastructure construction demand in the U.S. and recommends focusing on companies like GE Vernova, Siemens Energy, Mitsubishi Heavy Industries, Hitachi, Mitsubishi Electric, and Schneider Electric [5] Core Insights - The report highlights the ongoing negotiations between OpenAI and Microsoft, indicating a mutually beneficial relationship despite some tensions [15] - The U.S. Federal Energy Regulatory Commission (FERC) has introduced a new method for managing transmission system capacity, aiming to release more capacity without costly new construction [18] - The report notes that the average spot price of electricity in major U.S. regions has increased by 12.5% week-on-week, while natural gas prices have also risen significantly due to geopolitical factors and extreme weather [3] - The report emphasizes the importance of small modular reactors (SMR) as a preferred energy solution for AI data centers, especially with the support of the Trump administration [54][55] Summary by Sections Global Infrastructure and Construction Equipment - OpenAI and Microsoft are renegotiating their partnership, with both parties acknowledging the strategic importance of AI infrastructure [15] - The U.S. is expected to invest over 825 billion yuan in grid infrastructure by 2025, maintaining a high level of activity [18] Global Electrical and Intelligent Equipment - The gas turbine price index increased by 5.3% year-on-year in May 2025, indicating a tightening supply-demand relationship [22] - The report anticipates that the U.S. gas turbine market will grow primarily due to the development of AI data centers [25] Global Energy Industry - The average spot price of electricity in the U.S. has risen by 12.5% week-on-week, while natural gas prices have increased by 17.4% [3] - The report mentions that the U.S. is expected to increase its nuclear power capacity significantly by 2029, driven by the demand from data centers [55] Global New Materials - The report states that the actual market price of uranium was $52.17 per pound in April 2025, reflecting a year-on-year decrease of 27.2% [4] Global Defense and Aerospace - The price index for aircraft engines and parts remained stable in May 2025, with a year-on-year increase of 1.7% [4] Key Company Updates - GE Vernova is investing $70 million to build the world's first BWRX-300 SMR engineering and service center near the Darlington new nuclear project site in Ontario [52] - Siemens Canada announced plans to gradually close a factory in Ontario to enhance global competitiveness [52] - ABB has expanded its large robot product line, introducing a compact mobile robot [52]

6月24日，第十六届夏季达沃斯论坛在天津举办。联合国"人人享有可持续能源"组织理事会成员约翰·德 夫特里奥斯（左起），埃及规划、经济发展和国际合作部部长拉尼娅·马沙特，中国国家电网有限公司 总经理庞骁刚，沙特国际电力和水务公司董事长穆罕默德·阿布纳扬，隆基绿能创始人李振国及新南威 尔士大学国际政治经济学教授伊丽莎白·瑟本出席，就加速推动安全、清洁、公平的能源转型展开讨 论。视觉中国供图 "新时代"，正在成为一段时间以来讨论世界经济的高频词：4月22日国际货币基金组织（IMF）发布最 新一期《世界经济展望报告》当天，IMF首席经济学家皮埃尔-奥利维耶·古兰沙发文称，"过去80年来， 大多数国家赖以生存的全球经济体系正在重置，世界正在迈入一个新时代"。6月24日至26日，以"新时 代企业家精神"为主题的世界经济论坛第十六届新领军者年会（又称"夏季达沃斯论坛"）在天津举行。 二者出发点略有不同。在IMF因美国关税政策及其不确定性而大幅下调今年世界经济增长预期后，古兰 沙更多表达了他对经济体系拉响风险警报的担忧；相较之下，世界经济论坛第十六届新领军者年会更进 一步，侧重探讨应对全球挑战的创新解决方案和新增长模式。世界 ...