2026年3月2日星期一 ➢ 美以空袭伊朗；中国两会前瞻。A股午后 上涨。上证指数收涨0.39%报4162.88点， 深证成指跌0.06%，创业板指跌1.04%。算 力硬件股集体调整，资源股走强。港股单 边 走 强 。 香 港 恒 生 指 数 收 涨 0.95% 报 26630.54点；恒生科技指数涨0.56%；恒生 中国企业指数涨0.51%。科技金融股多数回 暖，生物医药股活跃。大市成交额2884.21 亿港元。外盘方面，欧洲三大股指收盘涨 跌不一，美国三大股指全线收跌，道指跌 1.05%报48977.92点，标普500指数跌0.43% 报6878.88点，纳指跌0.92%。美国和以色 列联手打击伊朗，伊朗最高领袖哈梅内伊 身亡，国际油价应声飙涨。中国两会本周 拉开帷幕，政策重心料聚焦科技本土化、 扩大内需和建设金融强国。 资料来源：彭博 | 26630.54 | 0.95 | 3.90 | 8859.49 | 0.51 | -0.61 | | --- | --- | --- | --- | --- | --- | | 5137.84 | 0.56 | -6.86 | 118.17 | -0.54 | -4 ...

格隆汇2月27日丨兆威机电(02692.HK)发布公告，公司拟全球发售2674.83万股H股，中国香港发售股份 267.49万股，国际发售股份2407.34万股(以上可予重新分配)；2026年2月27日至3月4日招股，预期定价 日为3月5日；发售价将不高于每股发售股份73.68港元，H股的每手买卖单位将为100股，招商证券国际 及Deutsche Bank为联席保荐人；预期H股将于2026年3月9日开始于联交所买卖。 按2024年收入计，公司是中国最大的一体化微型传动与驱动系统产品提供商，是全球第四大一体化微型 传动与驱动系统产品提供商(根据弗若斯特沙利文报告)，市场份额分别为3.9%及1.4%。根据弗若斯特沙 利文报告，全球一体化微型传动与驱动系统市场高度分散。公司设计、制造微型传动与驱动系统产品以 及该等系统的配套部件，并主要向位于中国的客户，其次向海外客户出售该等产品及部件。公司的产品 正赋能这些产业在精密度、效率和控制力方面实现全新突破。产品类型方面，公司提供微型传动与驱动 系统、精密部件以及根据特定客户需求定制的模具。微型传动与驱动系统是向客户提供的高度集成系 统，通常包括：(1)传动系统，这是向客 ...

Core Viewpoint - Zhaowei Electromechanical is the largest provider of integrated micro drive and drive system products in China and the fourth largest globally, with market shares of 3.9% and 1.4% respectively according to Frost & Sullivan [4] Company Overview - Zhaowei Electromechanical offers micro drive and drive systems, precision components, and customized molds based on specific customer needs [4] - The micro drive and drive systems are highly integrated systems that typically include a drive system, micro motor system, and/or electronic control system, which together convert and transmit power to actuators for key functions such as power transmission, control, speed change, and steering [4] - The company's clients span multiple industries, including automotive, industrial, consumer electronics, medical devices, and telecommunications [4] Product Offerings - The company has launched three major platform-based proprietary product lines: high-performance servo motor series, roller motors, and dexterous hands [4] - The high-performance servo motor series is noted for its strong output capability, dynamic performance, and efficiency, suitable for various applications including high-end consumer technology products [4] Production Capacity - Zhaowei Electromechanical has established production bases in Shenzhen, Dongguan, and Suzhou, with utilization rates for the Shenzhen base at 82.2%, 80.4%, 80.8%, and 81.0% for the years 2022, 2023, 2024, and the first nine months of 2025 respectively [7] - The Dongguan base's utilization rates were 83.9%, 77.5%, 81.4%, and 85.3% for the same periods [7] - The company is set to utilize part of the facilities at the newly established Suzhou production base by mid-2025 [7] Market Growth - The integrated micro drive and drive system market in China has grown from RMB 20.3 billion in 2020 to RMB 33.2 billion in 2024, with a compound annual growth rate (CAGR) of 13% [7] - The market is projected to reach RMB 72.6 billion by 2029, with the CAGR from 2025 to 2029 expected to increase to 17.3% driven by industrial upgrades and technological advancements [7] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2024 and 2025 were approximately RMB 1.15 billion, RMB 1.20 billion, RMB 1.52 billion, RMB 1.06 billion, and RMB 1.26 billion respectively [8] - The net profit for the same periods was approximately RMB 150 million, RMB 180 million, RMB 225 million, RMB 159 million, and RMB 182 million respectively [8]

Core Viewpoint - Shenzhen Zhaowei Electromechanical Co., Ltd. (Zhaowei) is positioned as a leading provider of integrated micro drive and drive system products in China and ranks fourth globally, with market shares of 3.9% and 1.4% respectively [5]. Company Overview - Zhaowei specializes in micro drive and drive systems, precision components, and customized molds based on specific customer needs [5]. - The company's offerings include highly integrated systems that typically consist of a drive system, micro motor system, and/or electronic control system, which together convert and transmit power to actuators for key functions such as power transmission, control, speed variation, and steering [5]. Product Portfolio - Zhaowei has launched three major platform-based proprietary product lines: high-performance servo motor series, drum motors, and dexterous hands [5]. - The high-performance servo motor series is noted for its strong output capability and dynamic performance, suitable for various applications including high-end consumer technology products [5]. - The drum motor drive system is a compact, efficient electric drum that integrates the motor, gearbox, and electronic control system, designed for high peak operational demands and modular assembly [6]. - The dexterous hand product, which is the first commercial high-freedom dexterous hand in China, utilizes a highly integrated micro drive module to simulate human grasping and fine motor control [6]. Market Insights - The integrated micro drive and drive system market in China has grown from RMB 20.3 billion in 2020 to an estimated RMB 33.2 billion by 2024, with a compound annual growth rate (CAGR) of 13% [7]. - Projections indicate that the market will reach RMB 72.6 billion by 2029, with the CAGR from 2025 to 2029 expected to increase to 17.3% [7]. Financial Performance - Zhaowei's revenue for the fiscal years 2022, 2023, and 2024 is reported as approximately RMB 1.15 billion, RMB 1.20 billion, and RMB 1.52 billion respectively, with profits of RMB 150 million, RMB 180 million, and RMB 225 million for the same periods [7][8]. - For the nine months ending September 30, 2024, the revenue was approximately RMB 1.06 billion, with a profit of RMB 159 million, and for the same period in 2025, revenue is projected at RMB 1.26 billion with a profit of RMB 182 million [7][8]. Production Capacity - Zhaowei has established production bases in Shenzhen, Dongguan, and Suzhou, with utilization rates for the Shenzhen base at 82.2%, 80.4%, 80.8%, and 81.0% for the years 2022 to 2025 respectively [6]. - The Dongguan base's utilization rates were 83.9%, 77.5%, 81.4%, and 85.3% for the same periods [6].

Shenzhen Zhaowei Machinery & Electronics Co., Ltd. 深圳市兆威機電股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而 刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下 知悉、接納並向深圳市兆威機電股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）、本公司的聯席保薦 人、整體協調人、顧問及包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，不會向 香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港 公司註冊處處長登記的本公司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士刊發。 香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本聆訊後 ...

Group 1 - The humanoid robot industry is seeing increased visibility in mass production with the advancement of Tesla's Optimus [1] - The robotics sector has regained attention, with companies like Wuzhou Xinchun achieving three consecutive trading limits, and others like Sanhua Intelligent Control and Zhejiang Rongtai performing well [2] - Several companies in the robotics supply chain are pursuing dual listings in A+H shares, including Shenzhen Zhaowei Electromechanical Co., Ltd., which submitted its prospectus to the Hong Kong Stock Exchange [3][6] Group 2 - Zhaowei Electromechanical, founded in April 2001 and listed on the Shenzhen Stock Exchange in December 2020, focuses on micro drive and transmission systems [8][10] - As of December 31, 2025, Zhaowei's major shareholders hold 62.40% of the company's issued share capital, with Li Haizhou and his spouse being the primary stakeholders [8] - The company reported revenues of RMB 11.52 billion, RMB 12.06 billion, RMB 15.25 billion, and RMB 12.55 billion for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [15] Group 3 - Zhaowei's revenue from micro drive and transmission systems accounted for 63.3% of total revenue in 2024, while precision components contributed 30.7% [11] - The company has developed a collaborative innovation system integrating transmission, micro-motor, and control systems, targeting industries such as automotive, consumer technology, and robotics [13][30] - The global market for integrated micro drive and transmission systems is projected to grow from RMB 78.2 billion in 2020 to RMB 111.3 billion in 2024, with a compound annual growth rate (CAGR) of 9.2% [30][33] Group 4 - Zhaowei's market share in the global integrated micro drive and transmission systems sector is approximately 1.4%, making it the fourth largest provider globally [27][37] - The company has established partnerships with major firms such as Huawei, Bosch, BYD, and Xiaomi, but faces credit risks related to customer receivables [22][30] - The revenue from automotive products increased from RMB 493 million in 2022 to RMB 895 million in 2024, while revenue from consumer and medical technology products decreased during the same period [18][19]

Company Overview - Zhaowei Electric (003021) has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being China Merchants Securities International and Deutsche Bank [1] - The company is the largest provider of integrated micro drive and drive system products in China and the fourth largest globally, with market shares of 3.9% and 1.4% respectively based on 2024 revenue [1] Product and Innovation - The company designs and manufactures micro drive and drive system products along with their supporting components, including micro drive systems, precision parts, and custom molds [1] - Zhaowei Electric employs a "1+1+1" collaborative innovation system to create a "dual-engine" growth model, focusing on customized product development with leading clients and promoting standardized, large-scale development of platform-based self-owned brand products [1] - The company has launched three major platform-based self-owned brand products: high-performance servo motors, drum motors, and dexterous hands [1][2] Market Potential - The global integrated micro drive and drive system market is projected to grow from RMB 124.3 billion in 2025 to RMB 204.9 billion by 2029, with a compound annual growth rate (CAGR) of 13.3% [2] - The Chinese market is expected to increase from RMB 38.4 billion in 2025 to RMB 72.6 billion by 2029, with a CAGR of 17.3% [2]

Core Viewpoint - Shenzhen Zhaowei Electromechanical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as the largest provider of integrated micro-drive and drive system products in China and the fourth largest globally, with market shares of 3.9% and 1.4% respectively [1]. Company Overview - The company designs and manufactures integrated micro-drive and drive system products, primarily serving customers in China and overseas. Its products enable breakthroughs in precision, efficiency, and control across various industries [4]. - The integrated micro-drive and drive systems typically include a drive system, micro-motor system, and/or electronic control system, forming a unified system that converts and transmits power to actuators [4]. Innovation and Growth Strategy - The company employs a "1+1+1" collaborative innovation system, fostering a dual-engine growth model by developing customized products with leading clients and promoting standardized, scalable development of its own brand products [5]. - The company has launched three platform-based proprietary brand products: high-performance servo motors, drum motors, and dexterous hands, with applications in high-end consumer technology and other sectors [5][6]. Financial Performance - The company reported significant revenue growth, with revenues of approximately RMB 1.152 billion, RMB 1.206 billion, and RMB 1.525 billion for the years 2022, 2023, and 2024 respectively. For the nine months ending September 30, 2025, revenue increased from RMB 1.057 billion in 2024 to RMB 1.255 billion [8]. - The net profit for the years 2022, 2023, and 2024 was approximately RMB 150 million, RMB 180 million, and RMB 225 million respectively, with a profit of RMB 182 million reported for the nine months ending September 30, 2025 [9]. - Gross profit figures for the same periods were approximately RMB 335 million, RMB 349 million, and RMB 476 million, with RMB 410 million for the nine months ending September 30, 2025 [10]. Industry Overview - The integrated micro-drive and drive system market is a core component of the industrial "four basics" and is characterized by a highly fragmented landscape. The market size is projected to grow from RMB 782 billion in 2020 to RMB 1,113 billion in 2024, with a compound annual growth rate (CAGR) of 9.2% [11]. - The Chinese market for integrated micro-drive and drive systems is expected to grow from RMB 203 billion in 2020 to RMB 332 billion in 2024, with a CAGR of 13.0% [12]. Future projections indicate growth to RMB 384 billion by 2025 and RMB 726 billion by 2029, with a CAGR of 17.3% [12].

Group 1: Recent IPOs - Haitian Flavor Industry, a leading condiment company from Foshan, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 10.129 billion with a market capitalization of HKD 212.3 billion [1] - Black Eye Technology, a mobile game developer from Hong Kong, filed for an IPO on NASDAQ, planning to issue 1.5 million shares to raise about USD 6 million [2] - Jiamei New Materials, a nylon product manufacturer from Fuzhou, submitted an IPO application to NASDAQ, aiming to raise approximately USD 6 million [3] - Hope Sea Inc, a comprehensive supply chain solutions provider from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange, focusing on cross-border supply chain solutions for electronic products [4] - Wolong Nuclear Materials, a high-speed copper cable manufacturer from Shenzhen, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [5] - Banou, a hot pot enterprise from Beijing, filed for an IPO on the Hong Kong Stock Exchange, claiming to be the largest brand in China's quality hot pot market with a 3.1% market share [6] - Xin'ao Co., a private natural gas company from Langfang, submitted an IPO application to the Hong Kong Stock Exchange, leveraging over 30 years of operational experience [7] - Anmai Biotech, a Shanghai-based biotechnology company, filed for an IPO on the Hong Kong Stock Exchange, focusing on T-cell connectors for cancer and autoimmune disease treatments [8] - Vision Electronics, a commercial display equipment company from Guangzhou, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [9] - Haizhi Technology, an AI company from Beijing, filed for an IPO on the Hong Kong Stock Exchange, ranking fifth among industrial AI providers in China by revenue [10] - Diguantong, a fintech platform from Macau, filed for an IPO on the Hong Kong Stock Exchange, aiming to connect global capital with China's micro-economy [11] - Yuxin Technology, a fintech solution provider from Beijing, submitted an IPO application to the Hong Kong Stock Exchange, focusing on full-stack technology solutions for financial institutions [12] - Zhaowei Electromechanical, a provider of integrated micro-drive systems from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange [13] - Meige Intelligent, a wireless communication module provider from Shenzhen, submitted an IPO application to the Hong Kong Stock Exchange, ranking fourth globally in wireless communication module revenue [14] - Jiyi Technology, a cross-border e-commerce service provider from Suzhou, filed for an IPO on the Hong Kong Stock Exchange, leading in cross-border e-commerce operations in China [15] Group 2: Upcoming IPOs - Xiangjiang Electric, a home appliance manufacturer, is set to launch an IPO from June 17 to June 20, aiming to raise approximately HKD 212 million [16] - Cao Cao Mobility, a travel technology platform, plans to launch an IPO from June 17 to June 20, targeting to raise about HKD 1.853 billion [17] - Saint Bella, a comprehensive home care brand group, will conduct an IPO from June 18 to June 23, aiming to raise around HKD 628 million [18] - Zhou Li Fu, a jewelry company, is set to launch an IPO from June 18 to June 23, targeting to raise approximately HKD 1.123 billion [19] - Yingtong Holdings, a perfume brand management company, plans to conduct an IPO from June 18 to June 23, aiming to raise about HKD 1.127 billion [20] Group 3: Regulatory Approvals - Ten companies, including Tianyu Semiconductor and Shuangdeng Group, received approval from the China Securities Regulatory Commission for overseas listings and "full circulation" of unlisted shares [21]