触及重大违法强制退市情形 公开资料显示，江苏吴中医药发展股份有限公司，成立于1994年，1999年在上交所主板上市，以医药为 核心、房地产为重要产业、投资为辅，产品涵盖抗病毒/抗感染、免疫调节、消化系统、心血管类等多 个领域。 *ST苏吴7月13日披露的《关于叠加实施退市风险警示的公告》显示，公司财务造假行为将触及重大违 法强制退市情形，可能被实施重大违法强制退市。公司股票自7月14日起将被上交所叠加实施退市风险 警示。 又有上市公司或被强制退市。7月13日，江苏吴中医药发展股份有限公司(以下简称"*ST苏吴 （600200）")披露公告称，收到中国证监会下发的《行政处罚事先告知书》，公司因连续多年财务造 假，拟被处以1000万元罚款，同时触及上市规则中重大违法强制退市情形，后续将根据最终作出的行政 处罚决定，依规实施退市。 近年来，上市公司财务造假屡禁不止、性质恶劣，严重扰乱资本市场秩序，损害投资者合法权益。从处 罚力度来看，中国证监会的拟处罚决定展现出对财务造假等重大违法"零容忍"的坚决态度。 连续4年财务造假 连续4年财务造假，*ST苏吴触及重大违法强制退市情形。 根据《行政处罚事先告知书》认定的事实， ...

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 ...

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]

2025年7月1日，A股迎来重磅投资新工具——国内首只*跟踪沪深300自由现金流指数场外基金——华宝 沪深300自由现金流ETF联接基金（A类024367；C类024368）盛大发售。该基金以"真金白银"的自由现 金流为选股核心，深度聚焦沪深300指数中自由现金流最强的50家"现金奶牛"，剔除金融、地产行业， 前五大行业（石油石化、煤炭、通信等）占比达59%，为投资者在波动市场中提供了兼具防御性与收益 潜力的稀缺"现金牛"配置工具。 *注：300现金流ETF及其联接基金是国内首只跟踪沪深300自由现金流指数的场内及场外基金。 一、价值投资大师的"黄金指标"落地A股 "自由现金流是企业真正的生命力。"这一被巴菲特、芒格等投资大师奉为圭臬的核心理念，正成为A股 市场的投资新共识。不同于传统红利策略仅关注股息率，自由现金流指标聚焦企业支付必要开支后可自 由支配的"真金白银"，既能衡量盈利质量，又能评估股东回报潜力。数据显示，2017年以来，沪深300 自由现金流全收益指数年化收益率达14.17%，累计涨幅194.87%，大幅跑赢沪深300指数及传统红利策 略指数，印证了该策略在A股市场的有效性。 数据来源于Wind ...

Core Insights - The Chinese automotive industry has made significant breakthroughs in recent years, particularly in the areas of new energy vehicles, showcasing technological innovation and market promotion that contribute to the global transition towards low-carbon and electric vehicles [2][3] Group 1: Technological Innovations - The automotive power system innovation is a core support for the low-carbon and electrification transition, with notable advancements in hybrid dedicated transmission efficiency and engine thermal efficiency reaching 46%, an increase of over 13 percentage points since 2020 [3] - Diesel engine thermal efficiency has surpassed 48%, improving by 4.3% compared to 2020, achieving international advanced levels [3] - Peak power density of drive motors has reached over 7000 kW/kg, with high-performance motor controllers based on silicon carbide devices achieving a power density of 45 kW/L, nearly a 50% increase since 2020 [3] Group 2: System Integration and Material Innovation - The automotive power system is evolving towards higher efficiency, integration, and intelligence, with a focus on multi-domain fusion and the integration of core drive units, high-voltage systems, battery management systems, and thermal management systems [3][4] - Material innovations such as silicon carbide, carbon fiber, and high-strength steel are being rapidly adopted, enhancing vehicle lightweighting and performance [4] - Advanced manufacturing processes like laser welding and 3D printing are improving production efficiency and product quality [4] Group 3: Artificial Intelligence and Smart Technologies - The application of artificial intelligence in automotive power systems is accelerating, transitioning from traditional electromechanical control to full-link intelligent control [4] - AI algorithms enable millisecond-level torque distribution, enhancing stability under extreme conditions, while intelligent thermal management systems optimize energy distribution [4] Group 4: Future Trends in Power Systems - The automotive power system is expected to undergo systemic reconstruction, focusing on control separation and soft-hard decoupling, enhancing user experience and R&D efficiency [9][10] - The shift from mechanical to intelligent electric drive is making power enhancement more cost-effective, allowing luxury car acceleration experiences to be available in mass-market models [9] - The integration of power systems and chassis is anticipated to improve vehicle space utilization and overall performance [10][11]

文 | 刘婧琼 编辑 | 阿至 封面来源 | 企业提供 36氪获悉，航空混合电推进系统研制商北京电擎科技有限公司（以下简称"电擎科技"）宣布完成数千万元A1轮融资，此轮融资由浔商创投、杉杉创投联 合领投，北航投资跟投，所筹资金将用于实验能力和生产能力建设、团队扩充。 电擎科技成立于2016年2月，专注于航空航天大功率、高密度电能域系统产品的研发与制造，为北京市"专精特新"企业。团队核心成员毕业于国防七子院 校，曾就职于航天科工、航天科技、航发集团等体制内航天院所、动力系统实验室、头部商业航天公司，拥有超15年航空航天电能域系统研究经验，并具 备"空天电能+新能源混动"整体解决方案全链条研发经验。 据电擎科技技术负责人介绍，电擎科技推行"1+N"的产品体系，"1"为定制化的大功率航空混合电推进系统，是国内首个混合动力系统级整体解决方案， 将从今年起正式面向市场发售并批量交付；"N"为高功率密度涡轮发电系统、综合能源管理系统等标准化部件系统，已实现批量商业化。 300kW涡电系统 首发兆瓦级航空发电系统，提供低成本、高性能的航空混动系统 混合动力，现已成为全球航空界共识性的下一代技术演进方向，传统航发巨头罗罗、赛 ...

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") has gained significant market attention following its successful IPO approval on the ChiNext board, marking a benchmark for spin-off listings in the A-share market due to its clear independent main business and leading market position [1] Group 1: Company Overview - United Power is the only entity within the Huichuan Technology system that operates electric drive and power systems for new energy vehicles, showcasing a complete and independent product development, production, and sales system [3][4] - The company has achieved rapid revenue growth, with revenues of 29.03 billion, 50.27 billion, 93.65 billion, and 161.78 billion from 2021 to 2024, reflecting a compound annual growth rate of approximately 79.39% [4][8] - As of May 2025, United Power has an order backlog of 78.59 billion, indicating strong short-term performance support [4] Group 2: Market Position - United Power holds a leading position in the new energy vehicle core component market, with a market share of approximately 10.7% for electric control products, 10.5% for motors, 6.3% for drive assemblies, and 4.5% for on-board chargers [5] - The company is recognized as the largest independent third-party power system supplier in China, which is a core support for its successful IPO [4][5] Group 3: Technological Leadership - United Power has invested heavily in R&D, with expenditures of 57.18 million, 62.56 million, and 90.84 million over the past three years, totaling 210.58 million [8] - The company has established a robust R&D team of over 1,800 personnel, with more than half holding master's or doctoral degrees, focusing on high-power density, high efficiency, and low noise technologies [8] - United Power has developed 26 core product technologies and 6 platform technologies, holding 98 invention patents and 407 utility model patents, achieving breakthroughs in key technologies such as IGBT/SiC power modules [8][9] Group 4: Industry Impact - The successful listing of United Power is expected to significantly influence the development of China's new energy vehicle industry chain, enhancing the domestic supply chain and promoting technological upgrades [9] - The company’s expansion and technological advancements are anticipated to stimulate regional economic growth and support the transformation of traditional industries [9]

6月12日晚，深交所官网显示，苏州汇川联合动力系统股份有限公司（下称"联合动力"）（首发）符合 发行条件、上市条件和信息披露要求。该公司由A股上市公司汇川技术分拆新能源汽车相关业务而来， 是汇川技术体系内运营新能源汽车电驱和电源系统的唯一主体，具备独立且完善的车规级产品研发、生 产、销售体系，是新能源汽车动力系统的龙头企业之一。 2024年4月新"国九条"发布后，分拆上市的审核环境整体趋冷。不过，分拆上市并未完全陷入停滞，沪 深北交易所在新"国九条"后均有新增受理相应项目。新"国九条"旨在遏制盲目分拆和套利行为，并非叫 停分拆，其根本目的还是优化资本市场资源配置，推进资本市场高质量发展。如果分拆子公司具有较高 的"清晰度"，具备业务独立性、技术先进性、分拆必要性和估值合理性，分拆后会形成更加专业的市场 定位，而非与母公司业务重合，也不存在高度依赖关联交易等问题，审核仍在正常推进。目前，在实质 审核进展上做出突破的案例，均符合当前从严监管分拆上市背景下审核要求。 业务清晰度高独立性较强 从此次过会的联合动力来看，其控股股东汇川技术早在2010年9月便成功登陆创业板，截至目前，公司 市值达1700亿元，为国内工控 ...

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. has successfully passed the IPO review on the Shenzhen Stock Exchange's ChiNext board, aiming to raise approximately 4.857 billion yuan to enhance its position as a leading provider of intelligent electric vehicle components and solutions [1] Group 1: Company Overview - The company focuses on electric drive systems and power systems, including core components such as electric control, motors, and onboard chargers [1] - United Power is a leader in the new energy vehicle power system industry, providing solutions to over 40 vehicle manufacturers and more than 170 vehicle models [1] - The company plans to deliver over 4.5 million power system products in 2024, participating in the entire lifecycle of new energy vehicles [1] Group 2: Market Position - In the passenger vehicle sector, the company holds approximately 10.7% market share in electric control products, ranking first among third-party suppliers [2] - The company also has a 10.5% market share in motors, ranking first among third-party suppliers, and a 6.3% share in drive assemblies, ranking fourth [2] Group 3: Financial Information - The company reported revenues of approximately 5.027 billion yuan, 9.365 billion yuan, and 16.178 billion yuan for the years 2022, 2023, and 2024, respectively [3] - Net profits for the same years were -180 million yuan, 186 million yuan, and 936 million yuan, indicating a significant turnaround in profitability [3] - As of the end of 2024, total assets are projected to be approximately 18.072 billion yuan, with equity attributable to shareholders at around 4.836 billion yuan [4]

新能源汽车产业的爆发式增长，有力拉动了核心动力系统的需求。在此背景下，第三方动力系统龙头企业苏州 汇川联合动力系统股份有限公司（简称 " 联合动力 " ）将于 6月12日正式上会，冲刺创业板上市 。 第三方动力系统龙头，市占率领先年收入超 160亿 联合动力的 起源 可追溯至 2009年。彼时，工业自动化龙头汇川技术前瞻性地布局新能源汽车领域，初期采用 事业部制运营。伴随国内新能源汽车行业的迅猛发展，该事业部于2016年独立为联合动力 。公司的目标也随之 升级：从完善母公司的业务布局，转向 把握行业机遇，成为全球领先的智能电动汽车部件及解决方案提供商。 公司专注于新能源汽车动力系统， 主要产品涵盖 电驱系统和电源系统 。电驱系统是车辆的动力输出核心，负 责驱动汽车行驶；电源系统则高效管理电力供应，保障充电与用电安全。二者共同构成了新能源汽车的关键零 部件。 依托系统集成、功能组件整合、关键部件设计及材料分析等核心技术，联合动力构建了覆盖动力域、兼具平台 化、自主化和灵活集成特点的完备产品体系 。 在电驱系统产品端，公司基本实现了对乘用车的全覆盖 ，产品适配 从微型 A00 级到豪华 D 级的全谱系乘用 车， ...