Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Zhongzhou Securities by acquiring 4.735 million shares at a price of HKD 2.882 per share, totaling approximately HKD 13.6463 million [1] - After the acquisition, E Fund's total shareholding in Zhongzhou Securities has reached 112 million shares, representing a holding percentage of 9.39% [1]

Core Points - The company received approval from the China Securities Regulatory Commission for the public issuance of corporate bonds [1] - The total face value of the bonds to be issued will not exceed 2.5 billion yuan [1] - The approval is valid for 24 months from the date of registration [1] Summary by Categories - **Regulatory Approval** - The company has been granted approval to issue corporate bonds to professional investors [1] - The approval is documented under the regulatory license number 1556 [1] - **Issuance Details** - The total face value of the bonds is capped at 2.5 billion yuan [1] - The issuance must adhere to the prospectus submitted to the Shanghai Stock Exchange [1] - The company can issue the bonds in multiple tranches within the validity period [1]

茲載列本公司於上海證券交易所網站發佈之《中原證券股份有限公司關於向專 業投資者公開發行公司債券獲中國證監會註冊批覆的公告》，僅供參閱。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Central China Securities Co., Ltd. （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） （股份代號：01375） 海外監管公告 本公告乃由中原證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 获中国证监会注册批复的公告 承董事會命 中原證券股份有限公司 董事長 張秋雲 中國，河南 2025年8月4日 於本公告日期，本公司董事為張秋雲女士、李文強先生、馮若凡先生、唐進先生及田聖春先 生，陳志勇先生*、曾崧先生*及賀俊先生*。 中原证券股份有限公司（以下简称"公司"）董事会及全体董事保证本公告 内容不存在任何虚假记载、 ...

一、同意你公司向专业投资者公开发行面值总额不超过 25 亿元公司债券的 注册申请。 二、本次发行公司债券应严格按照报送上海证券交易所的募集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，你公司在注册有效期内可以 分期发行公司债券。 获中国证监会注册批复的公告 中原证券股份有限公司（以下简称"公司"）董事会及全体董事保证本公 告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担法律责任。 公司于近日收到中国证券监督管理委员会《关于同意中原证券股份有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可〔2025〕1556 号）， 批复内容如下： 证券代码： 601375 证券简称： 中原证券 公告编号：2025-021 中原证券股份有限公司 关于向专业投资者公开发行公司债券 2025 年 8 月 5 日 四、自同意注册之日起至本次公司债券发行结束前，你公司如发生重大事项， 应及时报告并按有关规定处理。 公司将按照法律法规、批复要求及公司股东大会的授权，办理本次公开发行 公司债券相关事宜，并及时履行信息披露义务。 特此公告。 中原证券股份有限公司董事会 ...

Core Points - Zhongyuan Securities has received approval from the China Securities Regulatory Commission for the public issuance of corporate bonds [1] - The total face value of the bonds to be issued will not exceed 2.5 billion yuan [1] Summary by Category Company Actions - Zhongyuan Securities announced the approval for the issuance of corporate bonds aimed at professional investors [1] - The registered application for the bond issuance has been officially sanctioned by the regulatory authority [1] Financial Details - The maximum total face value for the corporate bonds is set at 2.5 billion yuan [1]

Core Points - The company has received approval from the China Securities Regulatory Commission for the public issuance of corporate bonds totaling up to 2.5 billion yuan [1] - The bond issuance must strictly adhere to the prospectus submitted to the Shanghai Stock Exchange [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue bonds in multiple tranches within this period [1] - The company is required to report any significant events that occur from the date of registration until the completion of the bond issuance [1]

Group 1 - The core viewpoint of the report is that Ningde Times (300750.SZ) is rated as "buy" due to its strong position in the global electric vehicle market and expected recovery in revenue by 2025 [2] - The global electric vehicle market is experiencing high growth, with China's power battery market share continuing to increase [2] - Sales of electric vehicles and production of power batteries in China are consistently growing [2] - The company's power battery business is expected to see a recovery in revenue by 2025 despite a decline in prices [2] - The performance of the company's energy storage battery segment is slightly declining, but its revenue share is expected to increase by 2025 [2] - The company's profitability is improving on a quarter-on-quarter basis, with overall stability expected by 2025 [2] - The company is accelerating its global capacity layout [2]

中原证券8月1日发布研报称，给予光迅科技（002281.SZ）买入评级。评级理由主要包括：1）国外业务 毛利率较高，数据中心光模块毛利率明显提升；2）国内业务占比较高，细分市场均排名前列；3）重视 研发创新，具备领先的垂直集成技术能力、一站式的产品提供能力、大规模柔性制造能力；4）算力基 础设施产业链景气度高，光模块产业持续受益。风险提示：国际贸易争端风险；AI发展不及预期；行 业竞争加剧；供应链风险。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company, Guangxun Technology, is expected to see significant growth in revenue and net profit in the first half of 2025, driven by rapid growth in computing power investments and a leading market share among domestic cloud service providers [2][3][6]. Financial Performance - The company forecasts a net profit of 3.23 to 4.07 billion yuan for H1 2025, representing a year-on-year increase of 55.0% to 95.0% [2]. - For Q2 2025, the expected net profit is between 1.73 to 2.57 billion yuan, with a year-on-year growth of 32.1% to 96.2% [2]. - In Q1 2025, the sales gross margin was 25.61%, an increase of 3.08 percentage points year-on-year and 5.47 percentage points quarter-on-quarter [4]. Market Position and Product Offering - The company has a strong vertical integration capability and offers a full range of optical communication modules and related products, which are widely used in data centers, backbone networks, metropolitan area networks, broadband access networks, wireless communications, and the Internet of Things [3][5]. - In 2024, the revenue share from access and data communication products was 61.67%, while transmission products accounted for 37.50% [3]. - The company ranked sixth among global optical module manufacturers according to LightCounting, with a market share of 4.7% in the data communication optical device market and 5.7% in the telecom optical device market [4]. Research and Development - The company emphasizes R&D innovation, with R&D expenses increasing by 55.14% year-on-year in Q1 2025 [5]. - It possesses comprehensive solutions and flexible manufacturing capabilities, with annual shipment volumes ranking among the top three in the industry [5]. Industry Outlook - The demand for optical modules is expected to grow significantly due to the increasing investments in AI and computing power, with the global data communication optical module market projected to grow at a CAGR of 27% from 2024 to 2029 [5]. - The company is well-positioned to benefit from the high demand in the optical module industry, particularly in the context of the ongoing AI commercialization wave [5]. Profit Forecast and Investment Recommendation - The company is projected to achieve net profits of 11.77 billion yuan, 15.09 billion yuan, and 18.11 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35.45X, 27.65X, and 23.03X [6]. - The initial coverage of the stock has been rated as "Buy" [6].

Core Viewpoint - The photovoltaic industry is experiencing significant price increases in polysilicon, monocrystalline silicon wafers, and solar cells, while photovoltaic module prices are lagging behind. The market for polysilicon has not yet shown substantial recovery, requiring more positive factors for further performance [1][3]. Group 1: Policy and Industry Dynamics - The central financial committee proposed to regulate low-price disorderly competition in the photovoltaic industry, guiding companies to enhance product quality and promote the orderly exit of outdated production capacity [1]. - The Ministry of Industry and Information Technology held discussions with photovoltaic companies, emphasizing the need for comprehensive governance of low-price competition [1]. - Specific policies for capacity reduction in the photovoltaic industry are expected to be gradually introduced in the second half of the year, which will accelerate the industry's recovery [1]. Group 2: Market Performance and Trends - In June 2025, the domestic newly installed photovoltaic capacity was 14.36 GW, a year-on-year decline of 38.45%, while the cumulative new capacity for the first half of the year reached 212.21 GW, a year-on-year increase of 107.07% [2]. - In July, domestic polysilicon production was approximately 107,800 tons, a month-on-month increase of 5.7%, but a year-on-year decrease of 41.5% for the cumulative production from January to July [3]. - The price of polysilicon, monocrystalline silicon wafers, and solar cells has significantly increased, while the price of photovoltaic modules has not yet responded similarly [3]. Group 3: Investment Recommendations - The industry is currently at a historically low valuation level, and as capacity reduction progresses, supply and demand are expected to improve [4]. - It is recommended to focus on "capacity clearance" and "new technology iteration" as key investment themes, particularly in leading companies in polysilicon, photovoltaic glass, BC cells, and perovskite cells [4].