峰岹科技股价报217.65元，较前一交易日下跌5.41元，跌幅2.43%。盘中最高触及227.98元，最低下探至 216.73元，成交量为12686手，成交金额2.80亿元。 峰岹科技是一家专注于电机驱动芯片研发的半导体企业，产品广泛应用于消费电子、工业控制等领域。 公司业务涵盖芯片设计、算法开发等环节，在电机驱动控制芯片领域具有技术积累。 根据公开信息，峰岹科技于2025年7月在港交所上市，发行价为120.5港元/股，成为当月港股发行价最 高的新股。上市首日股价涨幅达16.02%，8月19日盘中最高触及180.00港元。 8月21日数据显示，峰岹科技主力资金净流入751.69万元，占流通市值的0.06%。近五个交易日主力资金 累计净流出223.02万元，占流通市值的0.02%。 风险提示：股市有风险，投资需谨慎。 本文源自：金融界 作者：A股君 ...

Group 1 - The company, Xinle Energy, stated on August 20 that its integrated circuit products mainly include special power management chips, motor drive chips, and integrated circuit micro-modules [2]

以8月4日港华智慧能源港股收盘价和同日日终港元兑人民币汇率为基准，弘康人寿持有港华智慧能源股票的账面 余额约为人民币6.6亿元，占弘康人寿2025年二季度末总资产的比例为1.31%。 公开信息显示，港华智慧能源是在香港上市的公用事业企业，业务主要涵盖城市燃气服务等。天风证券的研报 称，近港华智慧能源近年来营收增长明显，归母净利润在2024年创下近5年新高。 不但在二级市场上扫货，也有险资直接在一级市场出手。近日，泰康人寿披露举牌公告称，公司以基石投资者身 份参与峰岹科技H股首次公开发行，通过受托人泰康资产香港管理的账户出资2500万美元进行认购，占峰岹科技 上市发行H股总量的8.69%。 险资举牌越战越勇。近日，弘康人寿通过港股通二级市场，买入港股上市公司港华智慧能源股票，持股比例达到 5%，触发举牌。 中国保险行业协会披露信息显示，今年以来，险资举牌已经达到22次。梳理举牌标的可以发 现，险资偏好较低估值、较低波动、较高分红、较高业绩确定性等资产。 | 今年以来险资举牌一览 记者 叶麦穗 编辑 | | | --- | --- | | 险企 | 举牌公司 | | 平安人寿 | 邮储银行H股2次、农业银行H股2 ...

Group 1 - Insurance capital has made 21 equity stakes this year, surpassing last year's total, indicating a shift towards equity assets in response to low interest rates [1] - Major insurance companies like Taikang Life and China Life are strategically investing in IPOs, with Taikang Life participating in the H-share IPO of Fengcai Technology with an investment of 179 million yuan, accounting for 8.69% of the offering [1] - China Life has invested in the green energy sector, participating in the IPO of Huadian New Energy, which raised 18.171 billion yuan, making it the largest A-share IPO this year [2] Group 2 - The trend of insurance capital investing in technology and green energy is driven by the need for better investment returns amid increasing pressure from interest rate spreads [3] - Insurance capital is expected to focus on hard technology and green energy sectors, with projections indicating a potential increase in holdings from 8%-10% to 15%-20% over the next three years, translating to an influx of 200-300 billion yuan [4] - The investment strategies may diversify, with a greater emphasis on ESG investments and a preference for dual-listed companies in the A+H share market [4]

Core Viewpoint - Insurance capital continues to actively invest in listed companies, with significant participation in the IPO of Fengcai Technology, indicating a trend of increasing engagement from insurance funds in the capital market [2][5][8]. Group 1: Insurance Capital Activities - Taikang Life announced its participation as a cornerstone investor in Fengcai Technology's H-share IPO, investing $25 million, which represents 8.69% of the total H-shares issued [2][4]. - As of July 21, 2025, there have been 16 listed companies targeted by insurance capital, with a total of 20 instances of shareholding increases, matching the total for the entire previous year [2][8]. - The trend of insurance capital increasing its stake in listed companies is expected to continue, focusing on firms with high dividends, capital appreciation potential, and high return on equity (ROE) [2][8]. Group 2: Market Trends and Performance - Fengcai Technology, established in 2010, specializes in motor drive chips and has recently achieved a dual listing on both the A-share and H-share markets, with its H-shares rising over 30% from the issue price on the first day of trading [5][12]. - In 2024, Fengcai Technology reported revenues of 600 million yuan, a year-on-year increase of 45.94%, and a net profit of 222 million yuan, up 27.18% [5][12]. - The insurance sector has seen a notable recovery in shareholding activities over the past two years, with 20 instances of shareholding increases in 2024 alone, surpassing the total from the previous three years combined [8][9]. Group 3: Investment Strategies and Preferences - Insurance companies are increasingly favoring high-dividend stocks, particularly in the banking sector, as they provide a stable income stream and help mitigate the impact of declining interest rates [11][13]. - The new accounting standards have created a dilemma for stock investments, prompting insurance firms to seek long-term equity investments or high-dividend strategies to manage profit volatility [9][10]. - The focus on banking stocks is driven by their average dividend yield exceeding 5%, which is significantly higher than the cost of liabilities for insurance companies, making them attractive as "quasi-fixed income" assets [13].

Core Viewpoint - The insurance industry is experiencing a significant wave of equity stakes, with a notable increase in the number of share acquisitions by insurance companies, indicating a strategic shift in asset allocation towards high-dividend stocks and long-term equity investments [2][10][15]. Group 1: Recent Activities - Recently, Taikang Life participated as a cornerstone investor in the IPO of Fengcai Technology, investing $25 million for an 8.69% stake [3]. - In July alone, insurance companies have made three significant equity acquisitions, with Taikang Life being the latest [4]. - As of July 20, insurance companies have made a total of 20 equity acquisitions this year, surpassing the total for 2023 and matching the total for 2024 [2][7]. Group 2: Investment Trends - The current wave of equity acquisitions began in 2024 and has shown no signs of slowing down, with banks being the most frequently targeted sector [8][9]. - The insurance sector has seen three waves of equity acquisition trends over the past decade, with the current wave driven by the need for stable cash returns in a low-interest-rate environment [10][11]. - High-dividend stocks are particularly attractive to insurance companies, as they provide better yields compared to long-term bonds [11][12]. Group 3: Financial Performance - As of March 31, 2023, Xintai Life had total assets of 315.79 billion yuan, with equity assets accounting for 19.07% of total assets [5]. - Li'an Life reported total assets of 126.19 billion yuan as of March 31, 2023, with equity assets making up 16.29% of total assets [6]. - The financial performance of insurance companies is being optimized through strategic equity acquisitions, which can enhance the stability of profit reports under new accounting standards [15][19]. Group 4: Regulatory Environment - Recent regulatory changes are encouraging insurance companies to adopt long-term investment strategies, with a new five-year assessment framework introduced to evaluate performance [17][18]. - The Ministry of Finance's new guidelines aim to enhance the role of insurance funds in providing long-term capital to the market, promoting stability and healthy development [19].

Group 1 - Fengcai Technology officially listed on the Hong Kong Stock Exchange on July 9, becoming the first company from Shenzhen to adopt the "A+H" listing model in 2023 [1][3] - The company, established in 2010 and listed on the Sci-Tech Innovation Board in April 2022, specializes in semiconductor chips for motor drive, providing high-quality control chips and consulting services for various motor systems [4][6] - The funds raised from the listing will be used to enhance R&D capabilities, strategic investments and acquisitions, enrich product offerings, and expand overseas sales networks [6] Group 2 - The "A+H" listing model is gaining popularity among companies, allowing them to leverage dual capital platforms for strategic, market, and funding considerations, enhancing international brand influence and facilitating global expansion [7] - The Hong Kong IPO market has seen a significant recovery, with multiple companies, including Fengcai Technology, listing on the same day, marking one of the busiest days for IPOs in recent years [6] - The policy framework from the central government supports the listing of companies in the Guangdong-Hong Kong-Macao Greater Bay Area on both Hong Kong and Shenzhen exchanges, promoting financial integration and high-quality economic development [7][11] Group 3 - Nanshan District, where Fengcai Technology is located, has established a comprehensive service mechanism to support the growth of listed companies, focusing on policy support, technological innovation, and talent development [11][15] - The district has implemented initiatives like the "X-Day" platform to provide financial services and support for innovative projects, enhancing the financing environment for startups [17][19] - Nanshan aims to create a global service center to assist Chinese companies in international markets, offering a range of services from consulting to logistics [19]

Company Overview - Fengcai Technology (Shenzhen) Co., Ltd. was established in 2010 and specializes in motor drive chip semiconductors, providing high-quality drive and control chips for various motor systems, as well as consulting services in motor technology [1] Stock Performance - Fengcai Technology has experienced a decline in stock price, with a cumulative drop of -17.13% over five consecutive trading days [1] - The performance of the Jiashi Fund's Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which is among the top ten shareholders of Fengcai Technology, shows a year-to-date return of 2.90%, ranking 1496 out of 3221 in its category [1] Fund Management - The fund manager of Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF is Tian Guangyuan, who has a background in quantitative research and has held various managerial positions in different funds since joining Jiashi Fund in April 2017 [3] Company Structure - Jiashi Fund Management Co., Ltd. was founded in March 1999 and is led by Chairman An Guoyong and General Manager Jing Lei. The company has three shareholders: Zhongcheng Trust Co., Ltd. (40%), Lixin Investment Co., Ltd. (30%), and DWS Investments Singapore Limited (30%) [4]

Group 1 - The company, Fortior, plans to globally offer 16,299,500 H-shares, with 1,630,000 shares available in Hong Kong and 14,669,500 shares for international offering, with the pricing expected to be up to HKD 120.50 per share [1] - The company specializes in the design and development of BLDC motor drive control chips, establishing a strong market position in the industry [2] - As of December 31, 2023, the company holds a 4.8% market share in China's BLDC motor control and drive chip market, ranking sixth among competitors [2] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately USD 112 million (or about HKD 879 million) [3] - Assuming the maximum offer price of HKD 120.50 per share, cornerstone investors will subscribe for a total of 7,295,700 shares [3] - The estimated net proceeds from the global offering are approximately HKD 1.846 billion, with planned allocations for R&D, product expansion, overseas market promotion, strategic investments, and working capital [4]

Core Viewpoint - The Shenzhen Stock Exchange has issued disciplinary actions against Huimang Microelectronics (Shenzhen) Co., Ltd. and related parties for various violations during the IPO process, leading to the termination of their application for listing on the Growth Enterprise Market [1][8]. Group 1: Violations by Huimang Microelectronics - The company failed to adequately disclose irregularities in its internal controls over distribution revenue, with reported distribution revenue constituting 91.37%, 94.58%, 95.85%, and 96.78% of total revenue during the reporting periods [6][7]. - There were discrepancies between the actual execution of credit policies for distributors and what was disclosed, including defects in original documents related to revenue recognition [2][6]. - The company did not ensure the accuracy of the disclosed production cycle, which was stated to be approximately 6 months, while some products exceeded this timeframe, affecting inventory valuation assessments [4][7]. Group 2: Disciplinary Actions - The Shenzhen Stock Exchange decided to issue a written warning to CITIC Securities Co., Ltd. for its role as the sponsor, and to publicly criticize the responsible representatives Chen Yuda and Wang Bin [5][6]. - The accounting firm, Dahua Certified Public Accountants, received a written warning, and the signing accountants He Jingjing and Jing Yibo were also publicly criticized for their inadequate oversight [5][6]. - The actual controller and CEO of Huimang Microelectronics, Xu Rubai, along with the CFO, Li Yonggang, were also publicly criticized for failing to ensure the accuracy and completeness of the IPO application documents [7][8].