有业内人士表示，目前尚未得知银行及保险、信托机构此次获批的额度，待国家外汇局 披露完整数据之后 ，可以知悉此次QDII额度发放的整 体情况。 | 序号 | 机构名称 | 本次获批额度 累计获批额度 | | | --- | --- | --- | --- | | 1 | 易方达基金管理有限公司 | 0.5 | 77.8 | | 2 | 中国国际金融股份有限公司 | 0.5 | 27.5 | | 3 | 中信证券资产管理有限公司 | 0.5 | 13.3 | | 4 | 上海光大证券资产管理有限公司 | 0.5 | 6.4 | | 5 | 华泰证券(上海)资产管理有限公司 | 0.5 | 10 | | 6 | 财通证券资产管理有限公司 | 0.5 | 0.5 | | 7 | 长信基金管理有限责任公司 | 0.5 | 7.5 | | 8 | 富国基金管理有限公司 | 0.5 | 22.3 | | و | 中欧基金管理有限公司 | 0.5 | 9.1 | | 10 | 博时基金管理有限公司 | 0.5 | 37.7 | | 11 | 睿远基金管理有限公司 | 0.5 | 0.5 | | 12 | 汇添富基金管理股份有 ...

Core Viewpoint - The report outlines the financial advisory opinion of China International Capital Corporation regarding the equity change of Baowu Magnesium Industry Technology Co., Ltd, confirming compliance with relevant laws and regulations, and the accuracy of disclosed information [1][2][3]. Group 1: Financial Advisory and Compliance - The financial advisor, China International Capital Corporation, has been appointed by Baosteel Metal Co., Ltd to provide advisory services for the equity change [1]. - The advisory opinion is based on thorough investigation and adherence to industry standards, ensuring that the equity change complies with the Company Law, Securities Law, and relevant disclosure regulations [2][3]. - The financial advisor asserts that the disclosed information is true, accurate, and complete, with no misleading statements or significant omissions [2][3]. Group 2: Company Information - Baosteel Metal Co., Ltd is located at 3962 Yunchuan Road, Baoshan District, Shanghai, with a registered capital of 555,499,008.4 RMB [5][6]. - The controlling shareholder of Baosteel Metal is China Baowu Steel Group Corporation, with the actual controller being the State-owned Assets Supervision and Administration Commission of the State Council [6][7]. - The company engages in various activities including the sale of metal materials, import and export of goods, and technology services [5][6]. Group 3: Equity Change Details - Baosteel Metal plans to acquire 49,589,578 shares of Baowu Magnesium Industry, representing 5% of the total share capital [4][5]. - The acquisition includes shares held by Mei Xiaoming (40,795,963 shares, 4.11%) and Zhu Yuehai (8,793,615 shares) [4]. - The report confirms that the equity change has been disclosed in accordance with the Securities Law and relevant guidelines [5][6].

Group 1 - The core point of the article is that Yinuo Medical has submitted a listing application to the Hong Kong Stock Exchange, with Citibank and CICC acting as joint sponsors [1] Group 2 - Yinuo Medical is seeking to go public, indicating potential growth and investment opportunities in the healthcare sector [1] - The involvement of major financial institutions like Citibank and CICC suggests strong backing and credibility for Yinuo Medical's listing efforts [1]

Group 1 - The core viewpoint emphasizes the importance of financial support for technological innovation as a key strategy for implementing the innovation-driven development strategy and serving the real economy [1][2] - The National Development Bank has focused on technology finance, providing financial services tailored to the needs of emerging industries and traditional industry upgrades, while actively participating in innovative financial tools in the bond market [1][2] - The launch of the "Technology Board" in the bond market represents a significant step in financial tool innovation, with the National Development Bank successfully issuing technology innovation bonds to support various sectors including artificial intelligence and renewable energy [2][3] Group 2 - The National Development Bank's Anhui branch has issued a total of 646 billion yuan in technology loans, contributing to the establishment of Anhui as a hub for technological innovation and emerging industries [5][6] - The Anhui branch has collaborated with local authorities to support major technology projects, providing 192 billion yuan in credit and facilitating 354 billion yuan in syndicated financing [5][6] - The bank's support for the new energy vehicle industry includes 2.7 billion yuan in loans to Chery Group, aimed at enhancing the competitiveness of the sector and promoting domestic production of key components [6][7] Group 3 - The collaboration between leading technology companies and policy banks is crucial for reducing financing costs and optimizing capital structures, thereby enhancing long-term competitiveness [7][10] - The financial support provided by the National Development Bank has enabled companies like iFlytek to undertake significant projects in artificial intelligence, including the establishment of a research base and the development of advanced models [8][9] - The ongoing efforts to address mismatches in risk and term in the banking sector are essential for effectively supporting the innovation and development of technology-driven enterprises [9][10]

Group 1 - The core viewpoint of the news highlights the significant rise in the Southern Securities ETF (512900) and the strong performance of the China Securities Company Index, indicating a bullish trend in the securities market [1] - The approval of Guotai Junan Securities (Hong Kong) to provide virtual asset trading services marks a pivotal moment for traditional Chinese financial institutions to engage in the virtual asset market [1] - Hong Kong is positioning itself as a global hub for virtual assets, leveraging its mature financial infrastructure and international regulatory framework, which is expected to accelerate the development of the virtual asset industry [1] Group 2 - The current regulatory environment encourages consolidation within the securities industry, with mergers and acquisitions seen as effective means for brokers to achieve external growth and enhance overall industry competitiveness [2] - The Southern Securities ETF closely tracks the China Securities Company Index, which categorizes companies into various industry levels, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the index include major players such as CITIC Securities, Dongfang Wealth, and Guotai Haitong, reflecting the concentration of market power within a few key firms [2]

Core Viewpoint - The report outlines the verification opinion of China International Capital Corporation regarding the listing and circulation of restricted shares for Beijing Qingyun Technology Group Co., Ltd. after its initial public offering on the Sci-Tech Innovation Board [1][10]. Group 1: Listing of Restricted Shares - The restricted shares being listed are part of the company's initial public offering, totaling 11,855,468 shares, which accounts for 24.8024% of the company's total share capital [2][10]. - The shares will be available for circulation starting from July 1, 2025, after a lock-up period of three full accounting years plus an additional six months [2][12]. Group 2: Changes in Share Capital - Following the initial public offering, the company's total share capital increased from 47,462,175 shares to 47,785,987 shares due to the vesting of restricted stock options [2]. - The total share capital will further increase to 47,799,688 shares after the second vesting period of the restricted stock options in 2024 [2]. Group 3: Commitments from Shareholders - Shareholders have committed to not transferring or managing their shares for 36 months post-listing, with specific conditions for reducing their holdings thereafter [3][6]. - The commitments include conditions on share price and operational status of the company, ensuring that any reduction in holdings does not significantly disrupt the market [7][9]. Group 4: Compliance and Verification - The verification opinion confirms that the listing of restricted shares complies with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [10]. - The report indicates that all shareholders have adhered to their commitments, and there are no issues affecting the listing of the restricted shares [10].

中金公司认为，证券行业"扶优限劣"的监管框架持续优化，将加速推动行业格局分化。具备综合实力优势且业 务布局均衡的头部券商，以及在细分领域形成特色竞争力并积极推进战略转型的中小券商，有望在行业高质量 发展环境下持续受益。 聚焦功能性发挥引导 《规定》将"引导证券公司更好发挥功能作用、提升专业能力"列为立法目的首条、明确监管导向，同时将"功 能发挥状况（含服务实体经济及国家战略情况）"纳入原有评价框架（第二条、第八条），并授权中国证券业 协会开展"功能发挥情况"专项评价，评价结果直接应用于证券公司分类评价。 中金公司认为，此次《规定》修订凸显功能发挥促进导向，在服务实体经济与国家战略领域表现突出的优质头 部券商或优先受益。 开源证券非银分析师高超认为，《规定》根据服务实体经济和国家战略成效考察功能发挥状况，将评价框架从 传统的"风险管理+合规状况+业务发展"三支柱，升级为"风险管理能力+持续合规状况+业务发展和功能发挥状 况"的新体系。 西部证券非银分析师孙寅称，当前考核标准聚焦券商开展金融"五篇大文章"成效，体现监管部门对行业功能性 价值的重视，也有助于推动证券公司聚焦主责主业。 引导行业差异化发展 《规定》取 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - From June 16 - 20, 2025, the China Securities REITs Total Return Index closed at 1124.63 points, up 0.88% week - on - week, with the market rising for seven consecutive weeks since April 30, 2025. The China Securities REITs (Closing) Index closed at 893.99 points, up 0.87% week - on - week. The total market value of China's REITs market reached 206.6 billion yuan, up 1.21% month - on - month after exceeding 200 billion yuan in early June, mainly driven by the rental housing and warehousing logistics sectors [1][8]. - In terms of major asset classes, the transportation infrastructure sector of REITs declined this week, while other assets rose, outperforming stocks, bonds, and futures [1][8]. 3. Summary by Related Catalogs 3.1 Secondary Market 3.1.1 Price - Among the seven REITs sectors this week, the highway sector fell 1.10%, while other asset types had positive growth. The rental housing sector led with a 4.41% increase, and REITs with expansion plans continued to be favored. The municipal environmental protection sector rose 3.27%, ranking second, mainly driven by the 8.10% increase of the Guotai Junan Jinan Energy Heating REIT [13]. 3.1.2 Liquidity - The overall market trading remained highly active this week, with an average daily trading volume of 569 million yuan, an average daily trading volume of 118 million shares, and an average daily turnover rate of 0.60%, up 3.80%, - 0.79%, and 0 pct respectively week - on - week [21]. - The sectors with the highest average daily turnover rates this week were rental housing (0.85%), municipal environmental protection (0.83%), and energy facilities (0.78%). The high trading activity in the consumer facilities sector this week was mainly driven by the Huaan Bailian Consumer REIT [24]. 3.1.3 Valuation - The rental housing sector's valuation yield is currently at a historical low, with a relatively consistent valuation among projects, averaging 2.67%. The consumer sector REITs are still in a high - valuation state, with the ChinaBond valuation yield of the Jiashi Wumei project turning negative. The valuations of the industrial park infrastructure, municipal environmental protection, transportation infrastructure, and warehousing logistics sectors are more differentiated [29]. 3.2 Primary Market 3.2.1 Initial Offerings - Since 2025, 8 projects have been listed, raising 13.4 billion yuan. As of June 20, 2025, there are about 12 - 15 potential issuance projects this year, with an expected total issuance scale of over 20 billion yuan, and the market total scale is expected to exceed 220 billion yuan [3][37]. - Four REITs were approved this week. On June 18, the 2025 Lujiazui Forum announced that the CSRC would approve the registration of the first two data center REITs in the country. On June 19, the Huaxia Huadian Clean Energy REIT and the Chuangjin Hexin Shounong Industrial Park REIT were also officially approved [3][39]. 3.2.2 Other News This Week - Multiple cultural and tourism public REITs projects were launched. On June 12, a tender was issued for the Qingcheng Mountain - Dujiangyan Scenic Area Infrastructure REITs project. The Lijiang Tourism Development Investment Group Co., Ltd. announced a tender to issue cultural and tourism infrastructure public REITs based on the Yulong Snow Mountain, with an intended issuance scale of no less than 2.5 billion yuan [50].

Core Viewpoint - The company, Beijing Guolian Vision Information Technology Co., Ltd., has utilized its own funds to pay for part of the investment projects and plans to replace these amounts with raised funds, ensuring compliance with regulatory requirements and optimizing fund usage efficiency [1][5]. Fundraising Basic Information - The company raised a total of RMB 2,466,066,635.50 through a non-public offering of 32,990,858 shares at a price of RMB 74.75 per share, with a net amount of RMB 2,415,959,147.71 after deducting issuance costs [1][2]. Investment Project Details - The total amount allocated for investment projects from the raised funds is RMB 246,606.67 million, with RMB 241,595.93 million earmarked for specific projects [2][3]. Reasons for Using Own Funds - The company faced operational challenges that necessitated the use of its own funds for initial payments, including payroll and tax obligations, to comply with banking regulations and streamline payment processes [2][3]. Replacement Process - The company plans to regularly replace the amounts paid with raised funds, ensuring that these funds are treated as part of the investment project expenditures [3][4]. Impact on the Company - This approach is expected to enhance fund usage efficiency, reduce financial costs, and align with the interests of the company and its shareholders, without affecting the normal operation of funds or the implementation of investment projects [4][5]. Approval Procedures - The board of directors and the supervisory board have reviewed and approved the use of own funds for investment projects, confirming that necessary procedures were followed to ensure proper fund management [5][6]. Sponsor Institution's Conclusion - The sponsor institution, China International Capital Corporation, has verified that the company's actions comply with relevant regulations and has no objections to the use of own funds for project payments [5][6].

Group 1 - The company has approved a share repurchase plan using its own funds ranging from RMB 25 million to RMB 50 million, with a maximum repurchase price of RMB 53.31 per share, aimed at employee stock ownership plans or equity incentives [1][2] - As of August 16, 2024, the company has repurchased a total of 1,291,428 shares, which will not participate in profit distribution, leading to a differentiated dividend distribution for the fiscal year 2024 [2] - The actual number of shares participating in the profit distribution is 38,708,572 shares, calculated by deducting the repurchased shares from the total share capital of 40 million shares [2][3] Group 2 - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares (including tax) based on the adjusted total share capital after accounting for repurchased shares [2] - The cash dividend per share is calculated to be RMB 0.1, with the reference price for ex-dividend trading set at RMB 39.62 per share, reflecting minimal impact from the repurchased shares on the market price [3] - The sponsor institution confirms that the differentiated dividend distribution complies with relevant regulations and does not harm the interests of the company or its shareholders [3]