格隆汇9月28日丨广和通(300638.SZ)公布，公司正在进行申请发行境外上市外资股（H股）并在香港联 合交易所有限公司（简称"香港联交所"）主板挂牌上市的相关工作，香港联交所上市委员会于2025年9 月25日举行上市聆讯，审议公司本次发行上市的申请。公司本次发行上市的保荐人已于2025年9月26日 收到香港联交所向其发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函并 不构成对上市的批准，也不表示将获得批准。如有需要，香港联交所可能会对申请提出进一步意见或附 加条件。 ...

Market Overview - The market experienced fluctuations with the ChiNext Index dropping over 1% and a total trading volume of 1.37 trillion yuan, a decrease of 173.3 billion yuan from the previous trading day [1] - Over 2,500 stocks declined, while the wind power sector showed strength with multiple stocks hitting the daily limit [1][3] - The Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index by 0.79%, and the ChiNext Index by 1.17% [1] Wind Power Sector - The wind power sector continued its strong performance, with stocks like Weili Transmission and Jixin Technology hitting the daily limit [1][3] - The National Energy Administration reported that as of August, the cumulative installed capacity for wind power reached 580 million kilowatts, a year-on-year increase of 22.1% [3] - Analysts expect domestic wind power installation demand to remain resilient, highlighting investment opportunities in key component suppliers and submarine cable companies [3] Semiconductor Industry - The semiconductor supply chain showed signs of recovery, with stocks like Saiwei Microelectronics hitting the daily limit and reaching historical highs [1][3] - Despite some activity, most semiconductor stocks still experienced slight declines overall [11] Automotive Sector - The automotive sector was active, with stocks like Shuguang and Sailyus hitting the daily limit [1][4] - Sailyus announced plans to issue up to 331 million overseas listed shares, which has been approved by the China Securities Regulatory Commission [4][22] - Some electric vehicle manufacturers are gradually improving profitability, with companies like Leap Motor and Xiaopeng Motors expected to reach breakeven by 2025 [7] Nonferrous Metals Sector - The nonferrous metals sector remained active, with stocks like Jingyi and Shengtun Mining showing significant gains [3][31] - The China Nonferrous Metals Industry Association expressed strong opposition to "involution" competition in the copper smelting industry [4][31] - The Grasberg mine in Indonesia, which accounts for about 3% of global copper supply, announced a force majeure due to a landslide, impacting global supply [4][31] Military Industry - The military sector rebounded, with stocks like Hangyu Technology and Hangya Technology showing notable gains [7][25] - Analysts predict a new upward cycle for the defense industry from 2025 to 2027, with 2025 marking a significant turning point [25]

Core Viewpoint - Guanghetong (300638.SZ) is in the process of applying for the issuance of overseas listed foreign shares (H shares) and plans to list on the Main Board of the Hong Kong Stock Exchange [1] Summary by Sections Issuance Plan - The company intends to issue no more than 155,342,200 overseas listed ordinary shares for listing on the Hong Kong Stock Exchange [1] Regulatory Compliance - The company must report any significant events to the China Securities Regulatory Commission (CSRC) through the filing management information system from the date of the issuance notice until the completion of the overseas listing [1] - Within 15 working days after the completion of the overseas issuance and listing, the company is required to report the issuance and listing situation to the CSRC [1] - The company is obligated to strictly comply with relevant laws, regulations, and rules during the overseas issuance and listing process [1] Timeline for Compliance - If the company does not complete the overseas issuance and listing within 12 months from the date of the issuance notice, it must update the filing materials if it intends to continue the process [1]

Core Viewpoint - The company has approved a plan to issue H shares to a specific investor, Hebei Construction Investment Group, to raise funds for wind power and gas power projects, as well as for general working capital [1][2][3] Group 1: H Share Issuance Details - The type of shares to be issued is H shares with a par value of RMB 1 per share [1] - The issuance price is set at HKD 4.93 per share [2] - A total of 307,000,000 H shares will be issued [2] - The total amount of funds raised is expected to be HKD 1,513,510,000 [2] - Approximately 80% of the funds will be allocated to wind power and gas power projects, while 20% will be used for working capital and other general purposes [2] Group 2: Approval and Compliance - The issuance plan has been reviewed and approved by the company's strategic and investment committee, audit committee, and independent directors, confirming its compliance with relevant laws and regulations [3][4][5] - The plan requires approval from the company's shareholders' meeting [4][5] Group 3: Related Transactions - The company has signed a subscription agreement with Hebei Construction Investment Group for the purchase of the H shares [4][5] - The shares subscribed by Hebei Construction Investment Group will be subject to a 36-month lock-up period [2] Group 4: Shareholder Meeting Proposals - The company proposes to authorize the board to handle all matters related to the H share issuance [6][7] - The board seeks shareholder approval for Hebei Construction Investment Group to be exempt from making a mandatory offer following the share issuance [8][9] - An independent board committee will be established to provide opinions on the subscription agreement and related matters [10]

Group 1 - The company, Shandong Tianyue Advanced Technology Co., Ltd., is in the process of applying for the issuance of overseas listed foreign shares (H-shares) and listing on the Main Board of the Hong Kong Stock Exchange [1] - The total number of H-shares for global offering is 47,745,700 shares, with 16,711,000 shares (approximately 35.00%) allocated for public offering in Hong Kong and 31,034,700 shares (approximately 65.00%) for international offering [1] - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, is approximately HKD 1.938 billion, calculated based on an H-share price of HKD 42.80 per share [1] Group 2 - The H-shares are scheduled to be listed and traded on the Hong Kong Stock Exchange on August 20, 2025, with the Chinese stock name "天岳先进" and the English stock name "SICC," stock code "2631" [1] - After the completion of the issuance and listing, there will be changes in the shareholding structure of shareholders holding more than 5% of the company's shares [2]

Core Points - The company, Shandong Tianyue Advanced Technology Co., Ltd., is in the process of issuing H-shares for overseas listing on the Hong Kong Stock Exchange [1] - The final price for the H-shares has been set at HKD 42.80 per share, excluding various transaction fees [1] - The H-shares are expected to be listed and begin trading on August 20, 2025 [2] Summary by Sections - **Company Announcement**: The company assures that the announcement contains no false statements or omissions and takes legal responsibility for its accuracy [1] - **H-share Issuance Details**: The issuance is limited to qualified overseas investors and certain domestic institutional investors as per relevant regulations [1] - **Listing Date**: The expected listing date for the H-shares on the Hong Kong Stock Exchange is August 20, 2025 [2]

Core Viewpoint - The company, Lens Technology, is proceeding with the issuance of H shares for overseas listing on the Hong Kong Stock Exchange, with a final offering price set at HKD 18.18 per share [1][2]. Group 1: H Share Issuance Details - The H share issuance is limited to qualified overseas investors and certain domestic institutional investors as per relevant Chinese laws and regulations [1]. - The final price for the H shares has been determined at HKD 18.18 per share, excluding various transaction fees [2]. - The H shares are expected to be listed and commence trading on July 9, 2025, on the main board of the Hong Kong Stock Exchange [2].

Core Insights - The bond custody scale maintained rapid growth in April 2025, with a year-on-year growth rate of 15.5%, an increase of 0.6 percentage points from March. The newly added custody scale was 1.7 trillion yuan, showing a marginal decline month-on-month but remaining at a historically high level [2][5]. Group 1: Bond Market Overview - Government bonds and interbank certificates of deposit saw a seasonal increase, while treasury bonds experienced a seasonal decrease. The total supply of government bonds (including treasury and local government bonds) approached 1 trillion yuan in April, which is consistent with seasonal patterns, and remains higher than the same period last year [5]. - Major institutional investors included banks and asset management accounts. Commercial banks increased their holdings by 797.5 billion yuan, while insurance companies added 167.3 billion yuan, primarily increasing local government bonds. Asset management accounts increased by 1.1 trillion yuan, mainly in interbank certificates of deposit [5][6]. Group 2: Future Outlook - It is expected that bond supply in May will increase compared to April. The ability of banks to absorb this supply will depend on the liquidity provided by the central bank. Insurance companies are anticipated to adjust their bond allocation rhythm in line with local government bond supply [6]. - Asset management accounts are expected to see a recovery in funding increments, with a potential for continued stable growth in wealth management scale if liquidity remains loose [6]. Group 3: New Stock Issuance - Upcoming new stock issuances include companies like Xin Heng Hui and Hua Zhi Jie, with issuance dates in June 2025. The issuance prices range from 0.80 yuan to 11.50 yuan, with various underwriting firms involved [7]. Group 4: Industry News - In April 2025, the import value of automotive parts reached 1.7 billion USD, reflecting a month-on-month increase of 10% but a year-on-year decrease of 28.1% [11]. - According to Counterpoint, the global new energy vehicle battery installation volume is expected to grow by 22% year-on-year in 2024, with Chinese manufacturers capturing over 70% of the market share [12]. Group 5: Company Announcements - Jiuan Medical plans to register and issue medium-term notes and short-term financing bonds, with a total registration amount not exceeding 3.5 billion yuan [13]. - Zhongke Electric intends to invest up to 8 billion yuan in an integrated lithium-ion battery anode material project in Oman, with a planned annual production capacity of 200,000 tons [15]. - Aeston is planning to issue H-shares and list on the Hong Kong Stock Exchange [16]. - Li New Energy is set to invest approximately 1.25 billion yuan in three independent energy storage projects [18].