Core Viewpoint - The financial advisory opinion from China International Capital Corporation regarding the equity change report of Chongqing Chuan Yi Automation Co., Ltd. confirms that the equity change complies with relevant laws and regulations, and the information disclosed is accurate and complete [1][2][6]. Group 1: Financial Advisory Opinion - The financial advisor has no conflicts of interest with the equity change and has conducted due diligence to ensure the accuracy of the information provided [1][2]. - The financial advisor believes that the equity change aligns with legal requirements and that the information disclosed is truthful and complete, with no significant omissions [1][2][6]. - The financial advisor has verified that the contents of the equity change report comply with the relevant regulations [6][7]. Group 2: Company Information - The information disclosure obligor, Guojin Instrument (Chongqing) Co., Ltd., is a limited liability company with its legal representative being Zhou Kaizhu, registered in Chongqing [7][8]. - The controlling shareholder and actual controller of the information disclosure obligor is China Machinery Industry Group Co., Ltd., which holds 100% of the shares [9][10]. Group 3: Equity Change Details - The equity change involves Guojin Instrument acquiring 98,841,678 shares from the Four Union Group at a price of 24.206 yuan per share, representing 19.26% of the total shares of Chuan Yi [18][19]. - After the transaction, Guojin Instrument will hold a total of 153,510,000 shares, corresponding to 29.91% of the voting rights, making it the controlling shareholder of Chuan Yi [19][20]. Group 4: Financial Status - The financial status of the controlling shareholder, China Machinery Industry Group, shows total assets of approximately 33.37 billion yuan and net profit of approximately 599 million yuan for the year ending 2024 [13][19]. - The financial advisor confirms that the funds for the equity change will come from the self-owned or self-raised funds of the information disclosure obligor and its controlling shareholder, with no involvement from the listed company [22][23]. Group 5: Future Plans - The information disclosure obligor has no plans to change the main business or make significant adjustments in the next 12 months [23][24]. - There are no plans for asset sales, mergers, or significant changes in the management structure of the listed company in the near future [24][25].

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：中金基金管理有限公司 基金管理人财务顾问：中国国际金融股份有限公司 特别提示 中金亦庄产业园封闭式基础设施证券投资基金（"本基金"）由中金基金管理有限公司（"基金管理人"） 依照有关法律法规及约定发起，根据中国证券监督管理委员会（"中国证监会"）颁布的《公开募集基础 设施证券投资基金指引（试行）》《公开募集证券投资基金销售机构监督管理办法》《公开募集证券投 资基金运作管理办法》《公开募集证券投资基金信息披露管理办法》，上海证券交易所（"上交所"）颁 布的《上海证券交易所公开募集基础设施证券投资基金（REITs）业务办法（试行）》《上海证券交易 所公开募集基础设施证券投资基金（REITs）规则适用指引第2号一一发售业务（试行）》（"《发售指 引》"），中国证券业协会（"证券业协会"）颁布的《公开募集基础设施证券投资基金网下投资者管理 细则》（"《网下投资者管理细则》"）等适用法律法规、监管规定及自律规则等相关规定，以及上交所 有关基金发售上市规则和最新操作指引等组织实施发售工作。 中国国际金融股份有限公司（"中金公司"）担任本基金管理人财务顾问。 本 ...

2025年中金公司中期投资策略会 CICC Investment Strategy Conference 2H25 扫描末尾二维码 查看更多会议信息 重磅嘉宾(按发言顺序) 海尔集团董事局主席、首席执行官 Chairman of the Board Chief Executive Officer, Haier Group 彭文生 中金公司首席经济学家、研究部负责人 中金研究院院长 Chief Economist, Head of Research Department Dean of CICC Global Institute, CICC Eswar S. Prasad 美国康奈尔大学经济学教授 美国布鲁金斯学会高级研究员 Professor of Economics, Cornell University Senior Fellow, Brookings Institution 总量主题论坛 6月11日 浦江楼3层长安+洛阳+开封厅 中国云观经济展望/美国云观经济展望 14:00 - 14:40 张文朗 中金公司首席宏观分析师、董事总经理 刘政宁 中金公司执行总经理、中金美国证券首席经济学家 14:40-1 ...

Core Viewpoint - Henan Jiachen Intelligent Control Co., Ltd. has completed the guidance work for public offering of shares and listing on the Beijing Stock Exchange, with China International Capital Corporation as the guiding institution [1] Group 1: Company Overview - Henan Jiachen Intelligent Control was established in 2009, focusing on the research, production, and sales of electrical control system products and overall solutions, including motor drive control systems, complete machine control systems, and vehicle networking products [2][3] - The company has a high customer concentration, with the top five customers accounting for 87.06%, 87.71%, and 82.02% of revenue in the years 2022, 2023, and 2024 respectively, with the largest customer, Hangcha Group, contributing 52.82%, 44.69%, and 42.16% of revenue in the same years [3] Group 2: Financial Performance - The company's projected operating revenues for 2022, 2023, and 2024 are 336.18 million, 376.30 million, and 381.54 million respectively, while the net profits attributable to the parent company are expected to be 56.62 million, 49.27 million, and 57.37 million for the same years [3] Group 3: Previous IPO Attempts - The company previously applied for an IPO on the Sci-Tech Innovation Board in 2022 but withdrew its application on May 30, 2023, leading to the termination of the review process by the Shanghai Stock Exchange [4] - The previous IPO fundraising projects included the construction of a production base for intelligent drive control systems for new energy vehicles, a research and development center, and working capital, with a total planned fundraising amount of 536 million [5][6] Group 4: Current Fundraising Plans - For the current public offering, the company plans to use 260 million for the "Electrical Control System Production Base Construction Project" and the "Research and Development Center Construction Project" [7] - The total investment for the electrical control system production base is 165.29 million, and for the research and development center, it is 94.89 million, totaling 260.17 million [8] Group 5: Shareholding Structure - The chairman, Yao Xin, holds a total of 68.54% of the company's shares and controls 70.10% of the voting rights, making him the controlling shareholder and actual controller of the company [8]

Core Viewpoint - Huihan Co., Ltd. is experiencing growth in revenue and net profit, driven by its focus on automotive and ICT technologies, with a strong emphasis on R&D and strategic partnerships, particularly with SAIC Group and CATL [1][3][9] Company Overview - The company's underlying technology encompasses automotive and ICT technologies, with products including vehicle networking smart terminals, IoT smart module software, and technical services [2] - Its vehicle networking smart terminal products, such as TBOX and eCall terminals, are widely used in smart vehicles and safety applications, serving major automotive manufacturers like SAIC, Chery, Geely, BYD, Great Wall, GAC, Li Auto, and NIO [2] - The IoT smart module products are applied in automotive electronics and industrial IoT markets, including energy management solutions for clients in the new energy sector [2] Financial Performance - From 2021 to 2024, the company's revenue compound annual growth rate (CAGR) is 34.31%, while net profit CAGR is 43.65%, indicating a positive growth trend [3] Partnership with SAIC Group - The collaboration with SAIC Group began in 2012, with the company being selected as a TBOX supplier during the early stages of automotive intelligence [4] - SAIC recognized the company's technological capabilities and invested in it in 2015, leading to a stable and mutually beneficial relationship [4] eCall System - The eCall system is a vehicle emergency call system designed to enhance road rescue efficiency, featuring both automatic and manual triggering methods [5] - It integrates with GPS to provide critical accident information to emergency services, significantly improving response times [5][6] - The company is a drafting unit for the national standard AECS, reflecting its industry recognition [6] R&D Approach - The company emphasizes forward-looking R&D, adopting a "platform-based, modular" approach to develop its technology and products [7] - R&D expenses have been steadily increasing, indicating a commitment to innovation and adaptation to market demands [6][7] Collaboration with CATL - The company provides digital battery management solutions to CATL and other clients, facilitating comprehensive lifecycle management of batteries [8] - These solutions are integrated with BMS systems and are already in mass production for leading manufacturers in the automotive and energy sectors [8] Competitive Advantages - The company maintains a strong focus on technological innovation and product iteration, possessing core technologies and comprehensive capabilities across various operational aspects [9] - It has established a stable and high-quality customer base, enhancing its competitive edge in the market [9]

Core Viewpoint - Recent tariff events have led to significant market volatility, prompting the construction of VIX indicators for major A-share indices and the use of Spline interpolation to create implied volatility surfaces, which revealed effective timing strategies across various indices, particularly with a 22.3% annualized absolute return for the China Securities 1000 Index [1][43]. Group 1: VIX and Market Timing - The VIX is a benchmark indicator for measuring the expected volatility of the S&P 500 index over the next 30 days, reflecting market participants' consensus on short-term risk [2][6]. - The VIX's effectiveness as a timing indicator is limited in the A-share market due to differing market dynamics compared to the US, where VIX peaks often correlate with market bottoms [2][7]. - A-share indices do not exhibit the same clear relationship between VIX peaks and market bottoms, leading to weaker overall timing effectiveness [2][7]. Group 2: Implied Volatility and Timing Strategies - Implied volatility (IV) provides a richer data dimension compared to VIX, allowing for more nuanced insights into market sentiment through the construction of an implied volatility surface [3][15]. - The study found that the ratio of deep out-of-the-money put options' IV to call options' IV can serve as a timing indicator, with varying effectiveness based on the expiration dates of the options [3][20]. - Spline interpolation was employed to create a more stable IV surface, enhancing the reliability of the timing indicators derived from it [3][23]. Group 3: Performance of Timing Strategies - The timing strategy based on IV sentiment indicators showed significant effectiveness, particularly for the China Securities 1000 Index, achieving an annualized absolute return of 18% and an excess return of 24% [4][31]. - The strategy's success is attributed to a high win rate rather than the profit-loss ratio, with the China Securities 1000 Index options demonstrating the best performance among tested indices [4][31]. - The use of index futures in conjunction with the timing strategy further enhanced returns, with an annualized absolute return of 22.3% and an excess return of 28.5% when using the China Securities 1000 index futures as the trading vehicle [4][38].

Core Viewpoint - The 2024 annual report on the cultural construction practices of securities companies highlights the importance of promoting and practicing Chinese financial culture as a core element for the industry, aiming to enhance business growth and support the creation of first-class investment banks [1][7]. Group 1: Cultural Construction - Securities companies are focusing on strengthening the professional ethics of their employees and actively implementing the "Five Musts and Five Must Nots" practice requirements to create a new pattern where culture leads business and brand drives growth [1][2]. - Guotai Junan Securities is exploring the establishment of an IT-specific subculture system to enhance the cultural foundation for high-quality financial technology development [2]. - Industrial Securities is deepening its integrity culture through comprehensive measures, including revising compliance documents and conducting employee education to reinforce the foundation of integrity culture [2][3]. Group 2: International Expansion - Chinese securities firms are accelerating their international expansion, particularly in Southeast Asia and the Middle East, aiming to make international business a new engine for performance growth [4]. - China Galaxy Securities reported an international business revenue of 2.173 billion yuan, a year-on-year increase of 8.29%, establishing itself as a significant performance pillar [4]. - CICC has achieved a global layout breakthrough with the operation of its Vietnam representative office and the establishment of its UAE branch, leading the market in serving Chinese enterprises' global IPOs with a total financing scale of 4.424 billion USD [4]. Group 3: Investor Education - The securities industry is expanding innovative forms of investor education, integrating it into customer service, compliance operations, and brand building [5][6]. - Dongfang Securities launched the "Dongfang Star Investor Education" brand, enhancing internal employee training and promoting industry culture through various external activities [6]. - Huolong Securities created an engaging educational IP character inspired by traditional culture, using animated storytelling to teach investment principles in an interactive manner [6].

智通财经5月26日电，利弗莫尔证券显示，北京先通国际医药科技股份有限公司-B向港交所提交上市申 请书，联席保荐人为中信证券、中金公司。 ...

中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 01 策略 Strategy 市场走到哪一步了？ >>点击图片查看全文<< 当前港股情绪修复至去年10月高点，短期内缺乏情绪、利率和基本面的催化剂。基本面上，虽然关税谈判进展超预期，但政策发力的紧迫性下降，经 济内生动能不足、外部不确定性仍存，短期或难以提供强有力支撑。资金面上，南向资金流入放缓，主动外资持续流出，虽然5月初香港金管局将美 元投放成港币注入流动性，总结余较4月底增加近1,300亿港币，但配售和IPO的增加会导致资金流动性稀释，资金面上也难有太多支撑。因此，更多 催化剂出现以前，市场可能在当前位置震荡，甚至不排除有一些回撤和波动。但是，我们强调，"低迷时积极介入、亢奋时适度获利"依然是一个恰当 的策略。如果因为资金调仓、谈判进展、金融限制、个股与整体基本面等因素出现回撤和波动，现有持仓筹码调整充分后，可以提供一个在更低成本 介入的机会，同时抓准结构性方向主线，互联网科技成长与分红轮动依然是一个整体策略。 图表：短期不必悲观，长期需要谨慎 资料来源：Bloomberg，中金公司研究部 >>点击图片跳转报告原文<< 2025.05.18 ...

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