内容概要：近年来，衡阳市立足"一核两电三色四新"特色产业格局，着力构建先进制造业引领、传统产 业升级与新兴产业培育协同发展的现代化产业体系。2025年，衡阳将在延续这一产业格局的基础上，创 新实施"稳五进三"发展战略，推动产业能级全面提升。其中，"一核"聚焦核技术应用产业，打造国家级 核技术应用示范基地；"两电"涵盖电气设备和电子信息两大支柱产业，培育千亿级产业集群；"三色"指 代有色金属（有色）、盐卤化工（白色）、钢管及深加工（黑色）三大传统优势产业；"四新"则布局新 能源汽车、现代物流、文旅康养、生态农业等新兴增长点。作为核心战略的"稳五进三"，"稳五"旨在巩 固输变电装备、有色金属、盐卤化工、电子信息、核技术应用五大优势产业；"进三"重点突破智能计量 衡器、资源循环利用、数字经济三大新兴产业，为衡阳高质量发展注入新动能。 相关企业：特变电工衡阳变压器有限公司、金杯电工衡阳电缆有限公司、恒飞电缆股份有限公司、湖南 长高森源电力设备有限公司、湖南水口山有色金属集团有限公司、湖南株冶有色金属有限公司、五矿铜 业（湖南）有限公司、耒阳市焱鑫有色金属有限公司、衡阳建滔化工有限公司、衡阳爱洁科技股份有限 公司、湖南 ...

电机控制器，作为电动汽车的核心部件之一，是汽车动力性能的决定性因素。它从整车控制器获得整车的需求，从动力电池包获得电 能，经过自身逆变器的调制，获得控制电机需要的电流和电压，提供给电动机，使得电机的转速和转矩满足整车的要求。 中国新能源汽车电机控制器发展现状及未来趋势 中国新能源汽车电机控制器市场在产品类型和技术路线上呈现显著分化，高压电机控制器与低压电机控制器分别对应不同的市场需求与 技术趋势。从产品类型来看，高压电机控制器已占据主导地位， 2024 年其收入份额为 96.59% ，预计到 2031 年将进一步攀升至 98. 93 % ，成为市场绝对主流。 从产品市场应用情况来看，新能源汽车电机控制器主要用于 纯电动汽车 和插电式电动汽车；纯电动汽车（ BEV ）仍是当前电机控制器 需求的主力， 2024 年收入占比达到 63.46% ，但插电式电动汽车（ PHEV ）的增速与技术创新正逐步改写市场格局，市场份额逐步扩 大。 中国市场核心厂商包括比亚迪、特斯拉汇川联合动力、联合汽车电子、华为、中车时代电气和蔚来驱动科技等，按收入计， 2024 年中 国市场前三大厂商占有大约 57.37% 的市场份额，预计未 ...

限公司向不特定对象发行可转换 公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【108】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未 ...

证券代码：603926 证券简称：铁流股份 铁流股份有限公司 编号：2025-003 ?特定对象调研 □分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 ?现场参观 □一对一沟通 □其他（电话会议） 东北证券 赵宇阳、王浩然 财通证券 韩家宝 参与单位名称 黑皇资产 陈自强 及人员姓名 卓惟资产 叶岸斐 君榕资产 熊晓峰 錾义投资 陆懿晨 时间 2025 年 6 月 9 日 地点 浙江省杭州市临平区临平街道兴国路 398 号 上市公司 董事会秘书 周莺 接待人员 证券事务代表 梅雪 提问 1：公司主要产品的生产工艺流程？ 回复：公司生产的汽车离合器位于发动机与变速箱之间，主 要由盖总成、从动盘、分离轴承组成，其模具开发、生产制造、 MAS 检测都由公司全流程控制，从而保障了产品的可靠性与稳定 性。公司采用国内领先的 5200 吨超大型精密数字化冲压线，集成 模具寿命预测系统、在线检测与先进工艺仿真技术，实现全链条 质量可追溯。融入日本先进热处理技术，选用高品质碳素结构钢 及合金结构钢，结合领先的真空渗碳及氮碳共渗复合处理工艺， 精确控制渗层梯度，既提升表面硬度，又确保芯部强 ...

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") is experiencing rapid growth in the capital market, driven by its association with major clients like Li Auto and Xiaomi, despite showing signs of financial weaknesses as it prepares for its IPO [2][6]. Company Overview - United Power was established in 2016, spun off from the industrial control leader Huichuan Technology, and focuses on the development, production, and sales of electric motors, electronic controls, power supplies, and powertrains for electric vehicles [6]. - The company reported revenues of 50.27 billion, 93.65 billion, and 161.78 billion yuan for the years 2022, 2023, and 2024, respectively, with an average annual growth rate of nearly 80% [6]. Financial Performance - In 2023, United Power achieved a net profit of 1.86 billion yuan, a year-on-year increase of 203.19%, and is projected to reach 9.36 billion yuan in net profit for 2024, representing a growth of 403.55% [6]. - The company's revenue heavily relies on its top five clients, which accounted for 71.73%, 76.03%, and 67.81% of total revenue during the reporting period [6]. Client Dependency - Li Auto contributed nearly 50% of the revenue from the top five clients, while Xiaomi accounted for 7.94% [6]. - As of 2024, United Power's accounts receivable balance was 56.84 billion yuan, a year-on-year increase of 57.83%, which is lower than the revenue growth rate for the same period [6]. Cash Flow Concerns - The high accounts receivable levels indicate potential collection risks, as seen in the case of former key client WM Motor, which faced bankruptcy and left United Power with 215 million yuan in bad debt [10]. - Prior to its IPO application, United Power's operating cash flow was negative until it turned positive just before the filing [11]. Sales Trends - Sales data for Li Auto and Xiaomi in the first five months of 2025 showed a decline, raising concerns about the impact on United Power's cash flow and overall performance [11]. - In the first quarter of 2025, United Power's revenue and net profit growth rates were 49.81% and 91.04%, respectively, both significantly lower than the previous year's figures [11].

IPO Review and Registration Progress - Three IPO applications were accepted last week, including Senhe High-Tech aiming for the Beijing Stock Exchange to raise 490 million yuan, Yisiwei targeting the Sci-Tech Innovation Board with a planned raise of 1.214 billion yuan, and Zhixin Co. applying for an IPO on the Shanghai Main Board with a target of 1.329 billion yuan [2][3] - Senhe High-Tech specializes in the R&D, production, and sales of environmentally friendly precious metal mining agents, with sales revenue from these agents accounting for over 95% of its main business income during the reporting period [2] - Yisiwei focuses on automotive manufacturing machine vision equipment, holding the largest market shares in China’s automotive manufacturing and complete vehicle manufacturing machine vision markets at 13.7% and 22.5% respectively [3] - Zhixin Co. develops and produces automotive welding parts and related molds, with over 70% of its revenue coming from its top five customers [3] Recent IPO Approvals and Upcoming Listings - Huaxin Precision passed its IPO review on June 6, focusing on precision stamping products, with a projected revenue of 1.421 billion yuan in 2024, a 19.49% increase year-on-year [4] - Three companies are set to undergo IPO reviews this week, including Sanxie Electric, which reported steady revenue growth from 287 million yuan in 2022 to 420 million yuan in 2024 [4][5] - United Power, a subsidiary of Huichuan Technology, achieved a revenue of 16.178 billion yuan in 2024, a 72.74% increase, with over 85% of its revenue derived from electric drive systems [5] - Daoshengtianhe, a wind power industry chain company, reported a revenue of 3.238 billion yuan in 2024, a slight increase of 1.13% [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, Zhongce Rubber and Youyou Green Energy, with the latter seeing a significant first-day increase of 68.64% [9][10] - This week, Jiao Da Tie Fa is scheduled to be listed on June 10, with a projected revenue of 335 million yuan in 2024 [10] - Two new stocks are set for subscription this week, including Huazhi Jie and New Henghui, with planned fundraising of approximately 486 million yuan and 519 million yuan respectively [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to support high-quality unprofitable technology companies in going public, emphasizing the importance of information disclosure and market intermediary verification [12] - The China Listed Companies Association released guidelines for audit committees to enhance compliance and governance among listed companies [13]

Group 1 - The core viewpoint is that rare earths, a strategic resource for China, are becoming increasingly important in international competition, especially after China's recent export controls on heavy rare earth elements [2][3]. - China's export control on seven categories of heavy rare earth elements is a strategic move aimed at countering external pressures, particularly affecting the U.S. military's reliance on Chinese rare earths for high-end equipment [2][3]. - The global market for heavy rare earths is characterized by a 90% share, with limited alternatives, indicating a significant shift in pricing logic and supply-demand dynamics [3]. Group 2 - Market reactions to the rare earth sector have been slow, with many investors remaining cautious due to past volatility and perceived speculative nature of the market [4]. - The current market logic has shifted from short-term speculation to recognizing the long-term strategic value of rare earths, driven by export controls and intensified international competition [4]. - Institutional investors have already begun to act in the rare earth sector, indicating that while retail investors hesitate, significant capital is being deployed in anticipation of future price increases [6][8]. Group 3 - To navigate the market effectively, it is crucial to focus on institutional behavior rather than being swayed by price fluctuations, as these may present opportunities rather than risks [12]. - Understanding the true intentions of institutional investors through data analysis is more important than speculating on price movements, especially as the rare earth narrative evolves towards long-term strategic value [12].

证券代码：301581 证券简称：黄山谷捷 3、在激烈的市场竞争中，公司如何平衡市场份额与利润率？ 答：作为新能源汽车产业链企业，我们将以"抢占市场，降 本增效"为本，加强技术创新和工艺改进，进一步提升企业运营 质量和水平，保持市场份额和利润率的平衡。 4、作为新上市公司，公司管理层如何回报投资者？ 黄山谷捷股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 ☑特定对象调研□分析师会议 □媒体采访□业绩说明会 □新闻发布会□路演活动 ☑现场参观 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名 西南证券 郑连声 易方达基金 胡硕倬 中银基金 阎安琪 中邮证券 付秉正 华福证券 卢宇峰 时间 2025 年 5 月 28 日（星期三）上午 9:00 地点 黄山谷捷股份有限公司会议室 上市公司接待人 员姓名 黄山谷捷董事长胡恩谓 黄山谷捷副总经理、董事会秘书程家斌 黄山谷捷财务负责人汪琦 黄山谷捷证券事务代表 毕杰 投资者关系活动 主要内容介绍 本次调研为现场调研。公司代表带领投资者参观了公司，介 绍了公司的基本情况，并与调研人员进行了互动交流，主要内容 如下： 1、公司如何 ...

Group 1 - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 26, 2025, via an online platform, allowing for interaction with investors [1] - The company reported a revenue of 665.68 million yuan for 2024, representing a year-on-year growth of 16.62%, and a net profit attributable to shareholders of 25.61 million yuan, also showing a year-on-year increase [2] - The company plans to enhance internal management through digital transformation and improve supply chain efficiency while maintaining a focus on R&D investment to increase product competitiveness [2][3] Group 2 - The company aims to deepen its involvement in the specialized vehicle sector, particularly in the development and promotion of new energy vehicles, including alcohol-hydrogen and pure electric vehicles [3] - The commercial vehicle industry is currently undergoing a transformation, with a reported decline in sales of 3.9% year-on-year, totaling 3.873 million units in 2024, while exports increased by 17.5% [3] - The long-term outlook for the commercial vehicle industry remains positive, driven by policy guidance, technological changes, and globalization trends, despite short-term pressures from economic cycles [3]

长沙晚报掌上长沙5月13日讯（全媒体记者 刘琼萍）今日，省工信厅公布了2025年度全省先进级智能工厂拟认定 名单，全省共有174家企业入选，其中长沙29家企业上榜，入选数量在全省名列前茅，彰显出长沙在制造业智能化 转型中的强劲实力。 据悉，此次评选工作由省工信厅联合省发展改革委、省财政厅、省国资委、省市场监管局、省数据局等共同开 展。经企业申报、市州推荐、综合审查、专家评审等程序，拟认定三一集团有限公司等174家企业为2025年度先进 级智能工厂。 此次长沙上榜企业亮点纷呈，集中在工程机械、汽车制造、电子元器件及显示器件制造等优势产业领域。楚天科 技股份有限公司楚天科技定制化医药装备智能工厂、博世汽车部件（长沙）有限公司云边端协同的新能源汽车电 机智能工厂，以及中联重科股份有限公司挖掘机数字化全流程管理智能工厂等，均是其中的典型代表。 以中联重科"挖掘机数字化全流程管理智能工厂"为例，该工厂规划建设了60条高度柔性化的智能产线，引入了360 多台自动物流AGV和240多台工业机器人，同时集成11个信息化系统，深度融合人工智能、工业互联网、智能制 造技术及智能装备。这些先进技术与设备的应用，解决了挖掘机全流程柔 ...