Core Viewpoint - The company intends to utilize part of its temporarily idle raised funds for cash management to enhance fund efficiency and generate additional returns while ensuring the safety of the raised funds and the implementation of investment projects [1][2][6]. Fundraising Basic Situation - The company was approved to publicly issue 60,000,000 A shares at a price of RMB 33.76 per share, raising a total of RMB 2,025,600,000, with a net amount of RMB 1,908,220,754.68 after deducting related fees [1]. - Additionally, the company was authorized to issue shares to specific targets, raising RMB 1,199,999,955.00, with a net amount of RMB 1,181,933,181.59 after deducting issuance costs [2]. Cash Management Plan - The company plans to use up to RMB 4 billion from the idle funds raised from the initial public offering and up to RMB 8.5 billion from the funds raised from the specific target issuance for cash management [3][4]. - The investment will focus on low-risk, high-liquidity financial products, including but not limited to structured deposits and time deposits, with a maximum investment period of one year [3][4]. Decision Validity and Disclosure - The decision to use idle funds for cash management is valid for 12 months from June 15, 2025, and the company will comply with information disclosure obligations as per regulatory requirements [4][5]. - The income generated from cash management will be prioritized for supplementing investment project funding and daily operational liquidity [4]. Impact on Daily Operations - The cash management plan will not affect the normal operation of the company's investment projects or its main business activities, while also potentially enhancing overall performance and shareholder returns [4][5]. Risk Control Measures - The company has established a risk control framework for cash management, including selecting quality banks and monitoring investment performance to mitigate potential risks [5][6]. - The company will ensure compliance with relevant regulations and maintain a separation of decision-making, execution, and supervision functions in cash management activities [5][6]. Review Procedures - The board of directors approved the cash management plan, which does not require shareholder meeting approval, ensuring adherence to necessary procedures [6][7].

Core Viewpoint - The independent financial advisor, China International Capital Corporation (CICC), conducted a review of insider trading activities related to the major asset acquisition and related party transactions of Xin'ao Natural Gas Co., Ltd. The review found no direct evidence of insider trading among the identified insiders during the self-examination period, indicating that their trading activities do not pose substantial legal obstacles to the transaction [1][13]. Group 1: Insider Trading Review - The self-examination period for insider trading activities spans from September 19, 2024, to April 25, 2025, which is six months prior to the suspension of trading and one day before the disclosure of the restructuring report [1]. - The review included senior management and other relevant personnel involved in the transaction [2]. - The review identified specific trading activities of individuals within the insider group, detailing their cumulative buy and sell transactions during the self-examination period [2][3]. Group 2: Individual Commitments - Each insider provided a commitment stating that their trading activities were based on personal judgment of market conditions and did not involve insider information [4][5][6]. - Insiders confirmed they were unaware of the restructuring details prior to specific dates, ensuring their trading actions were not influenced by undisclosed information [4][5][6]. - The commitments included assurances against leaking insider information or engaging in prohibited trading behaviors [4][5][6]. Group 3: Institutional Trading Activities - CICC reported its trading activities in Xin'ao shares, asserting compliance with legal regulations and internal information barriers to prevent insider trading [9][10]. - The firm emphasized that its trading decisions were based on independent investment research and were not related to the restructuring [10][12]. - CICC committed to adhering to relevant laws and regulations until the completion or termination of the restructuring [10][12]. Group 4: Conclusion of the Review - The independent financial advisor concluded that there was no direct evidence of insider trading among the identified insiders during the self-examination period, and the trading activities did not constitute a legal barrier to the transaction [13].

? 召开时间：2025 年 5 月 26 日（星期一）下午 16:00-17:00 ? 召开地点：上海证券交易所上证路演中心（https://roadshow.sseinfo.com） 证券代码：601995 证券简称：中金公司 公告编号：临 2025-014 中国国际金融股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩暨 现金分红说明会的公告 中国国际金融股份有限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。 重要内容提示： ? 召开方式：上证路演中心视频直播和网络互动 ? 预征集提问安排：投资者可于 2025 年 5 月 19 日（星期一）至 5 月 23 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 investorrelations@cicc.com.cn 进行提问 中国国际金融股份有限公司（以下简称"公司"）已在上海证券交易所网站 （www.sse.com.cn）披露了《2024 年年度报告》及《2025 年第一季度报告》。 为便于广大投资者更加全面深入地 ...

Summary of Key Points Core Viewpoint - The report indicates that Xinghuan Information Technology (Shanghai) Co., Ltd. has complied with relevant regulations and maintained effective governance and internal controls during the 2024 continuous supervision period, despite facing challenges in revenue and profitability due to macroeconomic factors. Group 1: Company Governance and Internal Control - The company has a complete and compliant governance structure, with effective execution of internal control systems [1][2] - The board of directors, supervisors, and senior management have fulfilled their responsibilities according to regulations [1][2] Group 2: Information Disclosure - The company has established a comprehensive information disclosure system that meets regulatory requirements, and has fulfilled necessary disclosure obligations without any false records or omissions [2][3] Group 3: Independence and Related Party Transactions - The company maintains independence in its operations, with no violations regarding the use of funds by related parties [3][4] Group 4: Use of Raised Funds - The company has established a management system for raised funds, ensuring proper storage and use in compliance with regulations, with no misuse of funds reported [4][5] Group 5: Related Transactions, External Guarantees, and Major Investments - The company has sound internal control systems for related transactions, external guarantees, and major investments, with no significant violations or harm to minority shareholders' interests [4][5] Group 6: Operating Conditions - The company reported a net loss of 343.4628 million yuan, with a decline in revenue attributed to cautious purchasing decisions by clients and extended acceptance processes [5] - Despite the challenges, the company has improved operational efficiency, reducing sales and management expenses, while continuing to invest in R&D for big data and AI [5][6] Group 7: Compliance and Cooperation - The company and its major stakeholders have adhered to commitments, with no violations noted during the supervision period [6] - The company provided active cooperation during the supervision process [6]

证券代码：601995 证券简称：中金公司 公告编号：临 2025-014 中国国际金融股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩暨 现金分红说明会的公告 中国国际金融股份有限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。 负责人（代）徐翌成先生，管理委员会成员、董事会秘书孙男先生以及相关人员。 三、投资者参加方式 重要内容提示： 召开时间：2025 年 5 月 26 日（星期一）下午 16:00-17:00 预征集提问安排：投资者可于 2025 年 5 月 19 日（星期一）至 5 月 23 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 investorrelations@cicc.com.cn 进行提问 中国国际金融股份有限公司（以下简称"公司"）已在上海证券交易所网站 （www.sse.com.cn）披露了《2024 年年度报告》及《2025 年第一季度报告》。 为便于广大投资者更加全面深入地了解公司2024年度及2025年第一季度的业绩 和经营等情况， ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

近年来，在监管机构的积极引导下，投教工作百花齐放：短视频、直播、互动游戏等新形式层出不穷； 投教基地、社区讲座、线上平台等多渠道协同发力。但在"精准滴灌"等方面，行业仍需发力。在一年一 度的"5·15全国投资者保护宣传日"，南都湾财社推出"对话投教护航人"系列报道，以深度展现行业机构 在投教领域的创新实践、典型经验。 中国中金财富证券有限公司（下称"中金财富"）近年来通过大数据等技术手段，为投资者画像，进而开 展分层分类投教。"通过深入地分析投资者的行为偏好与认知特点，推动内容生产从'泛泛而谈'转向'精 准施策'。"该公司相关负责人近日在接受南都湾财社记者专访时强调。 为投资者"画像"，开展分层分类投教 南都湾财社：近年来，在监管部门持续深入推动下，投教工作内容与形式不断创新，投教服务方式更加 丰富，但也存在一些挑战。从行业角度来看，您认为目前投教内容生产和传播过程中最突出的短板是什 么？ 中金财富：从行业整体视角来看，当前投资者教育内容生产和传播领域既充满机遇，也面临一些共性挑 战。 一方面，随着投资者群体的多元化发展，市场对投教内容的需求愈发精细且场景化。当前，行业在内容 供给上已具备一定丰富度，但如何进 ...

智通财经5月14日电，利弗莫尔证券显示，诺比侃人工智能科技（成都）股份有限公司向港交所提交上 市申请书，独家保荐人为中金公司。 ...

Market Overview - The Hong Kong stock market experienced a significant rise on May 14, with all three major indices increasing by over 2%. The Hang Seng Index rose by 2.3% to 23,640.65 points, the Hang Seng China Enterprises Index increased by 2.47% to 8,593.07 points, and the Hang Seng Tech Index gained 2.13% to 5,381.78 points [2]. Financial Sector Performance - Major financial stocks saw a substantial surge, particularly in the insurance and Chinese brokerage sectors. Notable gains included China Pacific Insurance rising nearly 8%, with China Life and China Taiping both increasing by over 6%. In the brokerage sector, Hongye Futures surged over 12%, while other firms like Xingsheng International and GF Securities rose by 9% and 6%, respectively [4][9]. Technology Sector Performance - Large technology stocks collectively performed well, with Baidu increasing by over 4%, Alibaba and JD.com both rising by over 3%, and Tencent gaining nearly 3%. Internet healthcare stocks also showed strength, with JD Health and ZhongAn Online both rising over 5% [4][6]. Automotive Sector Performance - The automotive sector continued its upward trend, with Leap Motor increasing by over 6% to reach a new high. Other notable gains included BYD and Li Auto, both rising over 4%, while XPeng and NIO increased by over 3% [5][10]. Regulatory Impact - The China Securities Regulatory Commission (CSRC) recently released a plan to promote the high-quality development of public funds, which is expected to drive capital flows towards the brokerage sector. The new regulations may lead fund managers to allocate more resources to sectors with lower current allocations, particularly those with higher benchmark weights [9].

重要声明 本报告依据《公司债券发行与交易管理办法》《关于中国国检测试控股集团 股份有限公司向不特定对象发行可转换公司债券之债券受托管理协议》（以下简 称"《受托管理协议》"）《中国国检测试控股集团股份有限公司向不特定对象发 行可转换公司债券募集说明书》（以下简称"《募集说明书》"）等相关规定，由 本次债券受托管理人中国国际金融股份有限公司（以下简称"中金公司"）编制。 中金公司编制本报告的内容及信息均来源于中国国检测试控股集团股份有限公 司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 股票代码：603060 股票简称：国检集团 债券代码：113688 债券简称：国检转债 中国国检测试控股集团股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2025 年度） 债券受托管理人 二〇二五年五月 中国国际金融股份有限公司（以下简称"中金公司"）作为中国国检测试控 股集团股份有限公司（以下简 ...