中国国际金融股份有限公司 关于北京同益中新材料科技股份有限公司 股东向特定机构投资者询价转让股份 相关资格的核查意见 中国国际金融股份有限公司（以下简称"中金公司"）受北京同益中新材料 科技股份有限公司（以下简称"同益中"）股东国家产业投资基金有限责任公司 （以下简称"国家产业投资基金""出让方"）委托，组织实施本次同益中股东 向特定机构投资者询价转让（以下简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办法（试行）》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管指引第 4 号——询价转让和配售》（以下 简称"《询价转让和配售指引》"）等相关规定，中金公司对参与本次询价转让出 让方的相关资格进行了核查。 本次询价转让的委托情况、出让方相关资格的核查情况及核查意见如下： 一、本次询价转让概述 金公司组织实施本次询价转让。 二、关于参与本次询价转让股东相关资格的核查情况 （1）基本情况 企业名称 国家产业投资基金有限责任公司 统一社会信用代码 91110108MA01GC0U3L 成立日期 2018 年 12 月 24 ...

Core Viewpoint - The report from CICC suggests increasing resilience in asset allocation for the second half of 2025, advocating for a focus on safety assets such as gold, high-dividend stocks, and intermediate bonds while waiting for opportunities to increase allocation in growth-style stocks that represent the new technology wave [1] Group 1 - The recommendation emphasizes enhancing resilience in asset allocation strategies [1] - Suggested assets for increased allocation include gold, high-dividend stocks, and intermediate bonds [1] - The report indicates a cautious approach, aiming for steady progress while waiting for favorable conditions to invest in growth-style stocks [1]

中国国际金融股份有限公司 关于成都智明达电子股份有限公司 股东向特定机构投资者询价转让股份 相关资格的核查意见 中国国际金融股份有限公司（以下简称"中金公司"）受成都智明达电子股 份有限公司（以下简称"智明达"）股东王勇（以下简称"出让方"）委托，组 织实施本次智明达股东向特定机构投资者询价转让（以下简称"本次询价转 让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办法（试行）》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管指引第 4 号——询价转让和配售》（以下 简称"《询价转让和配售指引》"）等相关规定，中金公司对参与本次询价转让出 让方的相关资格进行了核查。 本次询价转让的委托情况、出让方相关资格的核查情况及核查意见如下： 一、本次询价转让概述 金公司组织实施本次询价转让。 二、关于参与本次询价转让股东相关资格的核查情况 （一）核查过程 根据相关法规要求，中金公司已于 2025 年 6 月 9 日完成全部出让方相关资 格的核查工作，包括核查出让方提供的身份证、《承诺及声明函》等，并通过公 开信息渠道检索等方式对出让方资格进行核 ...

Group 1 - The core viewpoint of the articles indicates a significant recovery in the IPO business of securities firms in 2025, contrasting with the low activity in 2024 [1][2] - As of June 10, 2025, securities firms have sponsored 46 IPOs in the A-share market, a 15% increase from 40 in the same period last year, raising a total of 33.371 billion yuan, which is approximately 28.5% higher than the previous year's 25.977 billion yuan [1][2] - The Hong Kong IPO market has seen an extraordinary increase, with total fundraising reaching 77.667 billion HKD, a staggering 709% increase from 9.596 billion HKD in the same period last year [1][6] Group 2 - In 2025, 23 securities firms collectively raised 33.371 billion yuan from A-share IPOs, with six firms raising over 2 billion yuan each [2][5] - CITIC Securities and Guotai Junan Securities led the A-share market with six IPOs each, while CITIC Jianan Securities topped the fundraising amount with 7.934 billion yuan [4][5] - The average underwriting fee collected by the 23 firms was 0.97 billion yuan, with four firms exceeding 200 million yuan in underwriting income [5] Group 3 - The Hong Kong IPO market has seen 31 companies go public this year, with major firms like CATL and Mixue Ice City leading the charge [6][8] - CICC Hong Kong has sponsored eight companies, leading the market share at 16.67%, followed by CMB International and CITIC Securities Hong Kong with 10.42% and 8.33% respectively [7][8] - The surge in Hong Kong IPOs is attributed to a combination of market performance, regulatory reforms, and the increasing demand for Chinese companies to list abroad [8]

Group 1 - The core viewpoint of the article highlights that CIMC Group is experiencing increased demand for container orders due to the easing of US-China tariffs, with a positive outlook for the industry driven by global trade growth and container turnover rates [1][3][4] - CIMC Group's smart transformation initiatives, which began in 2019, have significantly reduced reliance on manual labor and improved production efficiency, allowing the company to capitalize on industry peaks and enhance manufacturing capabilities [1][6][8] Group 2 - CIMC Yangshan is actively developing new business areas, focusing on energy transition and low-carbon industries, and has established capabilities in integrated equipment and customized services [2][8] - The company has reported that the current global container fleet exceeds 53 million TEU, which supports stable replacement demand annually [5]

点评：盖文国正式任职中银证券合规总监，表明公司合规管理迎来新领导，这或对中银证券的内部治理 和风险控制产生积极影响，投资者可能更关注其后续执行效果。 NO.3 前5个月私募证券基金备案量增逾45% 私募发行市场显著回暖。数据显示，截至5月底，今年以来新备案私募证券投资基金数量较去年同期增 长超45%。值得注意的是，不仅增量资金进场脚步加快，存量资金也积极谋攻。据统计，截至5月底， 股票主观多头策略型私募基金的平均仓位环比4月底小幅提升，其中高仓位私募占比明显增加。在业内 人士看来，伴随着政策效果逐步显现，增量资金加速进场，A股和港股的结构性机会将持续演绎，尤其 是中国优质科技企业的价值重估有望延续。 日前，证监会核准中央汇金成为三大AMC公司旗下8家金融机构的实控人。8家金融机构包括：3家券商 ——信达证券、东兴证券、长城国瑞证券；2家基金——东兴基金、信达澳亚基金；3家期货——东兴期 货、信达期货、长城期货。至此，中央汇金旗下基金公司达到6家，包括东兴基金、信达澳亚基金、中 金基金、银河基金、国泰基金、申万菱信基金。中央汇金旗下券商共计8家，分别为银河证券、中金公 司、中信建投、信达证券、东兴证券、申万宏源 ...

Group 1 - Hong Kong stocks have shown resilience, outperforming A-shares and maintaining competitiveness in global markets despite challenges such as unexpected tariffs [1][2] - The market's earnings growth is projected at 4-5% for the year, but a 30% tariff could reduce this growth by 2 percentage points to 2% [1][10] - The Hang Seng Index is expected to fluctuate between 23,000-24,000 points under baseline conditions, with optimistic scenarios reaching 25,000-26,000 points, while pessimistic scenarios could see it drop to around 20,500 points [10] Group 2 - The current credit cycle in China is characterized by a shift from recovery to stagnation, with private sector credit contraction remaining a core issue [3][6] - Key factors influencing the credit cycle include tariffs, fiscal policy, and advancements in AI technology, with expectations for these factors to remain stable in the near term [6][7] - The market is experiencing a dichotomy, with excess liquidity leading to structural opportunities in sectors like new consumption and technology, while traditional sectors face challenges [8][9] Group 3 - The influx of southbound capital into Hong Kong is expected to continue, with estimates of 200-300 billion HKD in net inflows for the year, driven by the search for stable returns and structural opportunities [11] - The structural changes in the Hong Kong market are attributed to improved liquidity and the listing of high-quality companies, which helps attract more capital [11] - The potential risks for Hong Kong stocks include external risks and the impact of fiscal policies on consumption and cyclical sectors, although these are not considered baseline scenarios [12]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of China International Capital Corporation (CICC), noting its recent stock price increase and market position within the securities industry [1][2] - As of June 9, CICC's closing price was 34.43 yuan, reflecting a 1.38% increase, with a rolling PE ratio of 25.58, marking an 18-day low, and a total market capitalization of 166.2 billion yuan [1] - In comparison to the industry, CICC's PE ratio is below the average of 26.92 and the median of 24.59, ranking 27th among its peers [1][2] Group 2 - As of the first quarter of 2025, 41 institutions held shares in CICC, including 36 funds, with a total holding of approximately 2.12 billion shares valued at 73.13 billion yuan [1] - CICC's main business segments include investment banking, equity sales and trading, proprietary investment and trading, wealth management, and investment management, among others [1] - The latest financial results for the first quarter of 2025 show CICC achieved operating revenue of 5.72 billion yuan, a year-on-year increase of 47.69%, and a net profit of 2.04 billion yuan, up 64.85% year-on-year [1]

Core Viewpoint - The article discusses the termination of the IPO review for Beijing Tianxing Medical Co., Ltd. by the Shanghai Stock Exchange, primarily due to the withdrawal of the sponsor, China International Capital Corporation (CICC) [1] Group 1: Company Overview - Beijing Tianxing Medical Co., Ltd. is a leading domestic company in the field of sports medicine medical devices, with a net profit exceeding 60 million yuan [4] - As of September 30, 2024, the company has obtained 20 Class III medical device registration certificates and 17 Class II medical device registration certificates, along with CE certifications for 15 products [4] Group 2: Financial Performance - The company's revenue for the reporting periods was 73.01 million yuan, 147.97 million yuan, 241.19 million yuan, and 222.93 million yuan [5] - The net profit attributable to the parent company for the periods ending September 30, 2024, December 31, 2023, December 31, 2022, and December 31, 2021, was 64.08 million yuan, 63.58 million yuan, 40.34 million yuan, and -110.25 million yuan respectively [6] - The gross profit margin for the company during the reporting periods was 68.68%, 71.45%, 75.05%, and 69.71% [7] Group 3: Market Position - The company occupies approximately 4% of the sports medicine medical device market in China, ranking first among domestic enterprises [6] Group 4: Customer Base - The top five customers contributed significantly to the company's revenue, with the largest customer accounting for 18.39% of the revenue in the first nine months of 2024 [8] Group 5: Use of IPO Proceeds - The total amount to be raised from the IPO is 880 million yuan, which will be used for projects related to the company's main business, including a smart factory project and product development [8] Group 6: Shareholder Changes - The company had 12 new shareholders added in the year prior to the IPO application, indicating a shift in ownership structure [13]

Group 1 - CrowdStrike Holdings Inc-A (CRWD.O) maintains a hold rating with a target price of $414, driven by improved operational efficiency and the importance of identity security in the AI era, despite slightly lower revenue expectations for Q1 FY26 [1] - Lululemon Athletica Inc (LULU.O) also holds a neutral rating with a target price of $280, as same-store sales in the Americas weaken and competition in China increases, leading to a valuation downgrade [1] - Nvidia (NVDA.O) is rated outperform, with Q1 FY26 revenue exceeding expectations by 69%, driven by data center growth, and projected revenue of $45 billion for Q2 FY26 [1] Group 2 - Suzano SA ADR (SUZ.N) maintains a hold rating, with expectations of cost reduction and stable profits from a joint venture with Kimberly Clark, despite regulatory risks [2] - Zscaler (ZS.O) is rated buy with a target price of $317, as significant revenue and order growth is noted, alongside a strong position in the SASE market [3] - Bilibili (BILI.O) is rated buy, with Q1 revenue exceeding expectations and a significant improvement in adjusted net profit, driven by strong growth in advertising and gaming [6] Group 3 - Broadcom (AVGO.O) maintains an outperform rating with a target price of $275, as Q2 FY25 results meet expectations and AI revenue exceeds $4.4 billion, with a forecast of 60% growth in AI revenue for FY25 and FY26 [6][7] - Charters Industrial (GTLS.N) holds a rating of hold, with expectations of $300 million in annual synergies from a merger with FOSS, despite potential risks from cost inflation and demand downturns [8] - Hesai Technology (HSAI.O) shows strong Q1 performance with significant revenue and profit growth, and partnerships with top global OEMs [9] Group 4 - Palo Alto Networks (PANW.O) is rated buy with a target price of $203, as the company focuses on platform strategy and anticipates increased customer spending on platform products [10] - Pinduoduo (PDD.O) maintains a buy rating with a target price of $131, despite Q1 results falling short of expectations, as long-term growth strategies remain promising [11] - EHang Intelligent (EH.O) is rated outperform, with expectations of revenue growth despite a decline in Q1 due to reduced sales of EH216 series [12] Group 5 - MOMO Inc (MOMO.O) is rated outperform with a target price of $9, as Q1 results exceed expectations and overseas business shows rapid growth [13] - MOMO Inc also receives a buy rating with a target price of $8, with an increase in revenue and adjusted net profit expectations based on a 7x P/E ratio for 2025 [14]