格隆汇8月25日丨奥克斯电气(02580.HK)发布公告，公司拟全球发售约2.07亿股股份(视乎发售量调整权 及超额配股权行使与否而定)，中国香港发售股份1035.82万股，国际发售股份约1.97亿股；2025年8月25 日至8月28日招股，预期定价日为8月29日；发售价将为每股发售股份16.00-17.42港元，每手买卖单位为 200股，中金公司为独家保荐人；预期股份将于2025年9月2日开始在联交所买卖。 ...

市场主体较为活跃。上半年,全省新设经营主体超150万户，同比增长8.1%。市场要素活跃度提升。工业 用电量增长4.1%,增速比一季度提高0.8个百分点,其中6月份当月增长8.4%。货运量、货物周转量分别增 长1.2%、5.4%,客运量、旅客周转量分别增长4.0%、6.5%,中外资银行业机构本外币存、贷款余额分别增 长5.6%、4.8%,增速比一季度均有所提高。企业预期有所好转。6月份,制造业采购经理指数(PMI)比上月 回升，重返扩张区间。 蓬勃发展的市场主体是广东经济的重要基石。大型企业引领产业升级与技术创新，中小企业和个体工商 户则凭借灵活性注入市场活力，共同推动经济发展。上半年广东经济运行整体回升向好，为全年经济延 续稳定运行态势打下坚实基础。 【深圳商报讯】（驻穗记者 姚嘉莉）今年上半年广东经济运行整体回升向好，新质生产力带动作用明 显，市场活力满满。记者从广东省统计局近日发布的今年上半年广东经济运行情况分析报告中看到，随 着更加积极的宏观政策措施持续落实落细、落地见效，供需两端有望继续改善，预计全年经济有望稳定 增长。 分析报告指出，今年上半年，广东支柱产业发挥稳定支撑,电子、电气、汽车三大行业增速 ...

Economic Growth - Malaysia's GDP grew by 4.4% year-on-year in Q2, maintaining a steady growth trend despite a complex external environment, slightly below the earlier forecast of 4.5% but above market expectations of 4.3% [1] - Seasonally adjusted GDP increased by 2.1% quarter-on-quarter, significantly higher than the 0.7% growth in Q1, indicating economic resilience [1] Domestic Demand - Strong domestic demand was a key driver of economic growth, with household consumption rising by 5.3% year-on-year and public consumption increasing by 6.4% in Q2 [1] - Government policies, such as raising minimum wages and adjusting civil servant salaries, enhanced consumer purchasing power, contributing to a thriving consumption market [1] - Private and public investments grew by 10.2% and 6.8%, respectively, further supporting economic expansion [1] Sector Performance - The services sector grew by 5.1% year-on-year, driven by active performance in wholesale and retail, as well as food and beverage sub-sectors [2] - Manufacturing sector growth slowed but still achieved a 3.7% year-on-year increase, with electrical, electronic, and optical products showing sustained growth [2] - Agriculture and construction sectors also reported growth rates of 2.1% and 12.1%, respectively [2] Labor Market - Total employment in Malaysia increased by 2.9% year-on-year, reaching 16.86 million, with an unemployment rate stable at 3%, down 5.7% from the previous year [2] - Labor force participation rate rose to 70.8%, indicating a robust labor market that supports household consumption and sustainable economic growth [2] Trade Performance - Despite challenges, Malaysia's trade performance showed some highlights, with a significant 72.6% drop in net exports due to reduced commodity exports, particularly in mining [2] - Strong performance in electrical and electronic product exports partially offset the overall decline in exports [2] - Malaysia's important position in regional supply chains and trade cooperation with other countries provided some buffer against export market pressures [2] Inflation and Monetary Policy - Malaysia's inflation remained moderate in Q2, with the overall inflation rate decreasing from 1.5% in Q1 to 1.3%, and core inflation holding steady at 1.8% [3] - The decline in fuel prices and a slowdown in food price increases were the main reasons for the drop in inflation rates, providing stability for consumer purchasing power and room for monetary policy adjustments [3] - The central bank expects overall inflation to remain moderate, ranging between 1.5% and 2.3% for the year [3] Future Outlook - Analysts predict that Malaysia's economy may face challenges in the second half of the year, with potential further slowdown in exports [3] - However, continued domestic demand growth and stable investment activities are expected to provide some support for the economy [3] - The recovery of the tourism sector and the advancement of infrastructure projects are anticipated to inject new momentum into the economy [3]

Summary of Conference Call Records Industry Overview - The records focus on the **high-end industry in China**, particularly its development, challenges, and the impact of internal competition (involution) on industrial upgrading [1][5][15]. Key Points and Arguments 1. **Structural Policies**: China has implemented structural easing policies to guide funds towards high-end industries, resulting in significant growth in industrial loans for high-tech sectors, while support for the real estate sector remains weak [3][2]. 2. **Economic Challenges**: The Chinese economy faces weak overall demand, leading to low capacity utilization rates, particularly in high-end industries, which are even lower than traditional industries [5][6]. 3. **Involution Impact**: Involution has led to price reductions as companies compete for orders, which can suppress further development of high-end industries if driven by insufficient demand rather than economies of scale [6][7]. 4. **Export Trends**: Over the past decade, the export share of high-end industries such as computers, pharmaceuticals, and electrical equipment has significantly increased, while traditional industries like rubber and textiles have seen a decline [8][10]. 5. **High vs. Low Growth Groups**: High-growth groups (emerging industries) have shown strong performance in fixed asset investment and industrial value added, but their export growth has lagged behind low-growth groups (traditional industries) in recent years due to involution [10][9]. 6. **Quality Indicators**: Total Factor Productivity (TFP) is used as a quality measure, indicating that a decline in the export delivery value as a proportion of revenue correlates with stronger TFP [11][4]. 7. **Future Directions**: High-end manufacturing is not the endpoint of industrial upgrading; the next level involves research and development, branding, and high-value-added services [12][13]. 8. **Need for Anti-Involution Policies**: To counteract the negative effects of involution, policies promoting demand and improving capacity utilization are essential for healthy economic development [15][16]. Additional Important Content - **Price Dynamics**: Price decreases should be analyzed to determine their causes; if due to demand insufficiency, they may hinder industrial upgrading [7]. - **Labor Market Effects**: Anti-involution policies should also address labor market issues, as stagnant wage growth can lead to reduced consumer spending on higher-quality goods, further impacting industrial upgrading [16]. - **Evaluation of Policies**: The effectiveness of anti-involution policies can be assessed through macroeconomic indicators such as profit changes, inflation levels, and the speed of industrial upgrading [17].

Core Viewpoint - Shenzhen Yushun Electronics Co., Ltd. is facing significant financial challenges, including negative net profits and a risk of delisting due to its financial performance, prompting the company to undertake a major asset restructuring to improve its asset quality and profitability [2][10]. Group 1: Financial Performance - The company reported a negative net profit for the fiscal year 2024, with the net profit after deducting non-recurring gains and losses also being negative, and operating revenue falling below 300 million yuan [2][10]. - As of August 4, 2025, the company's price-to-book ratio was 25.85 times, significantly higher than the industry average of 3.81 times, indicating a substantial deviation in valuation metrics compared to comparable companies [12]. Group 2: Stock Trading and Risks - The company's stock experienced abnormal trading fluctuations, with a cumulative price increase deviation exceeding 12% over three consecutive trading days [4]. - Starting May 6, 2025, the Shenzhen Stock Exchange implemented a delisting risk warning for the company's stock due to its financial performance, with potential termination of listing if certain conditions are met in 2025 [2][10]. Group 3: Asset Restructuring - The company is in the process of a significant asset restructuring, which involves acquiring 100% equity of several technology firms to enhance its asset quality and profitability [11]. - The restructuring is currently in the approval stage and carries various risks, including potential suspension or termination of the transaction, funding and debt repayment risks, and goodwill impairment risks [2][11]. Group 4: Market Comparison - The company’s current static price-to-earnings ratio and price-to-book ratio are significantly higher than those of comparable companies in the industry, such as Helitai and OFILM, which may indicate overvaluation [12]. - Investors are advised to be aware of the risks associated with the stock market and to make informed investment decisions based on the company's disclosed information [3][12].

Economic Growth - Malaysia's GDP grew by 4.5% year-on-year in Q2, exceeding market expectations and slightly higher than the previous quarter's 4.4% [1] - The growth was primarily driven by strong domestic consumption, with significant contributions from the services and agriculture sectors [1] Sector Performance - The services sector was the main driver of economic growth in Q2, growing by 5.3% compared to 5.0% in Q1, supported by wholesale and retail trade, transportation, and business services [1] - Agriculture showed notable improvement with a 2.0% growth in Q2, up from 0.6% in Q1, largely due to increased palm oil production [1] - The construction industry continued its strong growth, achieving an 11% increase in Q2, despite a slowdown from 14.2% in Q1, driven by non-residential and specialized construction activities [2] - Manufacturing growth slowed to 3.8% in Q2 from 4.1% in Q1, but key sectors like electrical, electronic, and food processing remained robust [2] - The mining and quarrying sector faced challenges, contracting by 7.4% in Q2, worsened from a 2.7% decline in Q1, primarily due to falling oil and gas production [2] Domestic Consumption - Strong domestic consumption was a key factor in Q2 economic growth, supported by a stable labor market and low unemployment rates, which bolstered household spending [2] - Government cash assistance programs, such as SARA and STR, provided additional support to household spending, alleviating economic pressure on families [3] Trade and Policy Challenges - Despite exceeding growth expectations, Malaysia's economy faces challenges from global trade uncertainties, with exports unexpectedly declining by 3.5% in June [3] - Potential tariffs from the U.S. on Malaysian exports, particularly a proposed 25% tariff effective August 1, could significantly impact the export market [3] - The slowdown in major export markets may also affect export demand, alongside domestic policy adjustments that could pressure economic growth [3] Future Outlook - The central bank anticipates a slowdown in economic growth in the second half of the year but expects the annual growth rate to exceed 4.5% [4] - Continued domestic demand growth and government policy support are expected to provide some buffer for the economy [4] - The central bank is closely monitoring trade and tariff developments and is likely to implement further interest rate cuts later in the year to support economic growth [4]

Group 1: Trade Performance - In the first half of the year, China's goods trade import and export reached 21.79 trillion yuan, a year-on-year increase of 2.9% [1] - China's exports amounted to 13 trillion yuan, reflecting a year-on-year growth of 7.2%, showcasing the resilience and shock resistance of foreign trade [3] - The number of foreign trade enterprises with import and export performance reached 628,000, marking a historical breakthrough and an increase of 43,000 compared to the same period last year [4] Group 2: Foreign Investment - As of June 30, actual foreign investment in China during the "14th Five-Year Plan" period reached 708.73 billion USD, exceeding the target of 700 billion USD six months ahead of schedule [9] - The number of newly established foreign-funded enterprises reached 229,000, an increase of 25,000 compared to the "13th Five-Year Plan" period [9] - The actual use of foreign capital in the chemical pharmaceutical manufacturing industry, aerospace equipment manufacturing, and medical instruments manufacturing increased by 53%, 36.2%, and 17.7% respectively [10] Group 3: Innovation and Technology - Jiangsu Suzhou Green Harmonic Drive Technology Co., Ltd. achieved a technological breakthrough in precision harmonic reducers, with annual R&D investment accounting for 10% to 15% of revenue [2] - The export value of industrial robots from Jiangsu province reached 960 million yuan, with a year-on-year increase of 101.2% [2] - The company has obtained over 200 national patent authorizations, indicating a strong focus on innovation [2] Group 4: Global Trade Relations - China achieved growth in trade with over 190 countries and regions, with the number of trading partners exceeding 500 billion yuan reaching 61, an increase of 5 compared to the same period last year [5] - Exports to traditional markets such as the EU, Japan, and the UK showed stable growth, while exports to emerging markets like ASEAN, Central Asia, and Africa saw double-digit growth [5] - The China-Europe Railway Express has operated over 110,000 trains, connecting 128 cities in China with 229 cities in Europe, enhancing trade relations [14] Group 5: Economic Development Initiatives - The third Chain Expo saw 102 companies sign intentions to participate, indicating strong interest from foreign enterprises in investing in China [8] - The implementation of measures to encourage foreign investment reinvestment has been initiated, with nearly 500 issues faced by foreign enterprises resolved this year [12] - The establishment of a high-standard free trade zone network is ongoing, with 23 free trade agreements signed with 30 countries and regions [17]

Group 1: Company Filings - Three companies submitted applications to the Hong Kong Stock Exchange (HKEX) from July 14 to July 20, with no companies passing the hearing [1] - Hunan Maijizhi Biotechnology Co., Ltd. focuses on developing innovative biopharmaceuticals for allergic and autoimmune diseases, with a strong pipeline of eight candidate products [2] - Aux Electric Co., Ltd. is one of the top five global air conditioning providers, with a market share of 7.1% in 2024 [3] - Shanghai Zhida Technology Development Co., Ltd. specializes in electric vehicle charging stations, holding a global market share of approximately 9.0% [4] Group 2: Financial Performance - Hunan Maijizhi reported revenues of RMB 8.72 million, RMB 24,000, and RMB 0 for the first three months of 2023, 2024, and 2025, respectively, with R&D expenses of RMB 166 million, RMB 150 million, and RMB 24 million [2] - Aux Electric's revenues for 2022, 2023, and the first quarter of 2025 were RMB 19.528 billion, RMB 24.832 billion, and RMB 9.352 billion, with profits of RMB 1.442 billion, RMB 2.487 billion, and RMB 925 million [3] - Zhida Technology's revenues for 2022, 2023, and the first quarter of 2025 were approximately RMB 697 million, RMB 671 million, and RMB 156 million, with losses of RMB 25.147 million, RMB 58.116 million, and RMB 23.6 million [4] Group 3: IPO Market Insights - The IPO market in Hong Kong saw a significant increase, with 43 companies successfully listed in the first half of 2025, raising HKD 106.7 billion, a 688% increase from the previous year [7] - Over 200 companies have submitted applications to list in Hong Kong, with expectations for 90 to 100 companies to go public in the second half of 2025, raising over HKD 200 billion [8] - Foreign capital is increasingly participating as cornerstone investors in Hong Kong IPOs, with foreign investors accounting for 59.3% of all cornerstone investments in the first half of 2025 [9]

上半年，广东地区生产总值68725.40亿元，同比增长4.2%。这一增速比上年同期和全年分别高出0.3个、0.7个百分点。 上半年，全国GDP同比增长5.3%。作为经济第一大省的广东，4.2%的增速说明了什么？广东省统计局分析，上半年广东经济延续回升向好态 势，运行总体平稳、稳步有升。但外部不稳定不确定性因素较多，仍存有效需求偏弱、部分企业经营困难等挑战。 广东省委党校教授、省政府原参事陈鸿宇认为，在全球经济变动和全国经济正在经历深刻调整、转型的大背景下，上半年广东经济展现出稳中 有进、逐步改善态势，背后是广东在经济结构上的转型调整，已使其内生动力逐步"站稳"，尤其是新动能的力量已在凝聚之中。 从关键细分指标着眼，或许更能管窥上半年广东经济的真实面貌和未来趋势。例如，消费是广东经济增长的压舱石；支柱产业发挥稳定支撑， 电子、电气、汽车三大行业增速均超过7%；机器人、无人机、新能源汽车等高技术产品产量均保持两位数增速。 从这些关键数据不难看出，上半年广东经济呈现出边际改善、动能焕新和韧性支撑的三大信号。而从这些特征和趋势看，"半年稳"将有望支撑 广东经济实现"全年好"。 分析人士认为，在日益复杂多变的外部环境下 ...

据港交所文件：奥克斯电气有限公司向港交所提交上市申请书，中金公司为独家保荐人。 相关链接 ...