Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that the overall profitability of the refining industry is expected to improve due to stable oil prices since the third quarter, with a positive outlook for the petrochemical industry chain's profit recovery by 2026, maintaining a "outperform" rating for Rongsheng Petrochemical [1] Industry Summary - The implementation of the "anti-involution" policy in China is accelerating an industry reshuffle focused on eliminating inefficient capacity, regulating market competition, and improving supply quality [1] - Approximately 48.8 million tons of small-scale capacity, under 2 million tons, have yet to exit the market, accounting for about 5% of the current refining capacity [1] - There is 145 million tons of refining capacity between 200 million and 300 million tons per year, representing about 15% of the total [1] - Continuous advancement and implementation of anti-involution policies are expected to create a new development landscape for the refining industry [1] - The elimination of outdated facilities and optimization of capacity will further increase industry concentration, with resources concentrating towards leading enterprises [1] Company Summary - Rongsheng Petrochemical operates the world's largest integrated refining and chemical project with a capacity of 40 million tons per year at its green petrochemical base [1] - The company is expected to benefit continuously from the current competitive landscape characterized by limited increments and capacity reductions [1]

Core Viewpoint - The recent transaction between CICC and Shenwan Hongyuan Securities marks the first interbank market contract-based credit derivative transaction linked to Total Loss Absorbing Capacity (TLAC) non-capital bonds, facilitated by Shanghai Clearing House, which supports the development of a multi-tiered bond market [1][2]. Group 1 - The transaction enhances the price discovery, risk management, and credit release functions of credit derivatives, improving the issuance efficiency of TLAC non-capital bonds in the primary market and increasing trading activity in the secondary market [1]. - This initiative is a significant step in expanding the types of underlying assets for interbank contract-based credit derivatives, which now include a wide range of instruments such as interbank certificates of deposit, financial bonds, panda bonds, sci-tech bonds, green bonds, and non-financial corporate debt financing tools [2]. - Shanghai Clearing House aims to continue fostering the credit derivatives market under the guidance of the People's Bank of China, focusing on product innovation and mechanism optimization to support various institutions in managing risks effectively [2].

Group 1 - The core point of the article is that Haiwei Electronics has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - Haiwei Electronics is the second-largest manufacturer of capacitor films in China, producing capacitor base films and metallized films [1] - The company is the only enterprise in China with the capability to independently design and develop production lines for capacitor base films [1] Group 2 - The products of Haiwei Electronics are key components of film capacitors, which are widely used in new energy vehicles, new energy power systems, industrial equipment, and household appliances [1] - In 2024, Haiwei Electronics is projected to hold a 10.9% revenue share in the Chinese capacitor base film market [1] - The market for capacitor base films in China continues to grow, particularly in the fields of new energy vehicles and new energy power systems [1] Group 3 - The company's clients include film capacitor manufacturers and new energy vehicle companies such as BYD [1]

Core Viewpoint - The AI server power supply market is projected to become a trillion-yuan market, with rapid growth expected between 2025E and 2027E, driven by advancements in technology and increasing demand for efficient power solutions [1] Market Size and Growth - The market size for modules/chips is expected to have a CAGR of 110% and 67% respectively, indicating significant growth potential in the coming years [1] Key Beneficiaries - Core beneficiaries in this market include components such as PSU (Power Supply Unit), PDU (Power Distribution Unit), BBU (Battery Backup Unit), and DC-DC converters (PDB + VRM), which are expected to see increased market share and performance [1] Technological Advancements - The penetration of GaN (Gallium Nitride) and SiC (Silicon Carbide) technologies, the implementation of 800V HVDC (High Voltage Direct Current) and SST (Solid State Transformer) architectures, along with the widespread adoption of smart power management, are key factors driving market growth [1] Market Dynamics - Leading manufacturers are anticipated to increase their market share and performance, while second-tier manufacturers may benefit from overflow orders as the market expands [1]

Economic Indicators - In July, the profits of high-tech manufacturing increased by 18.9%, reversing a 0.9% decline in June, significantly contributing to the overall profit growth of industrial enterprises [1] - The profits of industrial enterprises above designated size fell by 1.5% year-on-year in July, but the decline narrowed by 2.8 percentage points compared to June [1] Company News - Macro Technology reported a revenue of 550 million yuan for the first half of the year, a year-on-year increase of 35%, with net profit rising by 10587.74% to 87.3751 million yuan [4] - Deep Property A achieved a revenue of 637 million yuan, up 374.85% year-on-year, with net profit increasing by 1732.32% to 103 million yuan [4] - Huaxi Securities reported a revenue of 2.073 billion yuan, a 46.72% increase year-on-year, with net profit rising by 1195.02% to 512 million yuan [5] - Mairui Medical's revenue decreased by 18.45% to 16.743 billion yuan, with net profit down 32.96% to 5.069 billion yuan, proposing a cash dividend of 13.10 yuan per 10 shares [5] - Baosteel's revenue was 151.372 billion yuan, down 7.28% year-on-year, while net profit increased by 7.36% to 4.879 billion yuan, with a proposed cash dividend of 0.12 yuan per share [5] Strategic Developments - The Ministry of Industry and Information Technology announced plans to establish new satellite communication businesses and expand access for private enterprises [1] - Shanghai government released implementation opinions to accelerate the renovation of urban villages, focusing on areas with urgent public needs and safety concerns [2] - Jilin Province will implement a tax refund policy for overseas travelers starting September 1 [3] Investment Opportunities - Huayu Automotive plans to acquire a 49% stake in Shanghai SAIC Qingtao Energy Technology Co., marking its entry into the solid-state battery sector [6] - Debang Lighting intends to gain control of Zhejiang Jiali Industrial Co., a well-known automotive lighting manufacturer, through a cash acquisition [6] - Guanghe Technology announced plans to invest approximately 2.6 billion yuan in a cloud manufacturing base project [7] - China General Nuclear Power Group plans to acquire multiple nuclear power companies for a total price of 9.375 billion yuan [7] Industry Insights - CICC's report highlights the transformative impact of drones in agriculture, suggesting investment opportunities in the integration of low-altitude economy and agricultural technology [8] - CITIC Securities anticipates a recovery in the white liquor industry, with a potential bottoming out in the third quarter of this year, presenting a favorable investment outlook [8]

Group 1 - The core point of the article is the change of signing accountants for Qingdao Double Star Co., Ltd.'s asset acquisition project, which is being reviewed by China International Capital Corporation as the independent financial advisor [1][2][4] - Ernst & Young Huaming's signing accountant, Song Jinjun, has left the firm, leading to the appointment of Wang Chong and Wang Qian as the new signing accountants [1][3] - Wang Qian has been a practicing CPA since 2015 and joined Ernst & Young Huaming in 2016, with her certification number being 110002431512 [1][2] Group 2 - Lixin CPA's signing accountant, Lan Hepeng, has been replaced by Yang Baoxuan and Wang Hui due to internal adjustments within the firm [2][5] - Wang Hui became a CPA in 2021 and joined Lixin CPA in 2018, with her certification number not specified in the document [2][5] - The independent financial advisor has verified the commitments made by the new signing accountants, confirming that the changes will not adversely affect Qingdao Double Star's issuance application or the transaction [4][6]

Group 1 - The Chinese private equity investment industry is entering a new phase in 2025, with significant changes observed in fundraising, investment, and exit strategies over the past year [2][5]. Group 2 - In fundraising, state-owned capital continues to dominate, with RMB funds accounting for 98.5% of total fundraising in 2024, and state-owned LPs contributing over 93% of the total amount. However, foreign currency fund fundraising saw a dramatic decline of 70% year-on-year, with only 4.5 billion yuan raised at the beginning of 2025 [3][4]. Group 3 - The investment landscape has shifted towards early-stage and technology sectors, with semiconductor, IT, machinery manufacturing, and biotechnology accounting for 64.9% of total investments in 2024. Notably, semiconductor investments grew by 12.2% despite market challenges [3][4]. Group 4 - The exit environment is improving, with a 12% year-on-year increase in overseas IPOs and total exits reaching 2.214 billion yuan in 2024. The Hong Kong stock market has become a primary exit channel for VC/PE, with a significant rise in M&A activities and S fund transactions [4][5]. Group 5 - Policy and regulatory efforts are creating a resonance effect in the private equity investment industry, leading to increased activity. The top GP management scale now accounts for over 70%, while smaller GPs are being phased out. Corporate venture capital (CVC) activity is on the rise, driven by favorable market conditions [5][6].

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的內容概不負責，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的任何損失承擔任何責任。 China International Capital Corporation Limited 中 國 國 際 金 融 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03908） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國國際金融股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司2023 年面向專業投資者非公開發行公司債券（第二期）（品種一）2025年票面利率調整及債券回 售實施的第二次提示性公告，僅供參閱。 承董事會命 中國國際金融股份有限公司 董事會秘書 孫男 中國，北京 2025年8月27日 於本公告日期 ，本公司執行董事為陳亮先生；非執行董事為張薇女士及孔令岩先生； 以及獨立非執行董事為吳港平先生、陸正飛先生、彼得 • 諾蘭先生及周禹先生。 债券代码:252379 债券简称:23 中金F3 中国国际金 ...

中国国际金融股份有限公司 关于华勤技术股份有限公司 使用自有资金方式支付募投项目部分款项并以募集资金等额置换 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"或"保荐机构"）作为华勤技术股 份有限公司（以下简称"华勤技术"或"公司"）首次公开发行股票并在主板上市的保荐机 构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等有关法律、行政法规、部门规章及业务规则的要求，对公司使用自有资金方式支 付募投项目部分款项并以募集资金等额置换的事项进行了认真、审慎核查，具体情况如 下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2023 年 6 月 20 日出具的《关于同意华勤技术股 份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1340 号），并经上海 证券交易所同意，公司首次公开发行人民币普通股 72,425,241 股，每股面值为人民币 元，扣除发行费用后，实际募集资金净额为人民币 573,068.36 万元，其中超募资金为 人民币 23,068.36 万元。大华会计师事 ...

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management to enhance fund efficiency and returns while ensuring the safety of the funds and not affecting ongoing investment projects [1][2][7] Fundraising Basic Situation - The company raised a total of RMB 585,195.95 million from its initial public offering, with a net amount of RMB 573,068.36 million after deducting issuance costs, including an oversubscription of RMB 23,068.36 million [1] - The funds have been deposited into a dedicated account, and a tripartite/four-party supervision agreement has been signed with the sponsor and the commercial bank [2] Cash Management of Idle Funds - The company intends to use up to RMB 100,000 million of temporarily idle raised funds for cash management, allowing for rolling use within this limit [3] - The source of funds for this cash management will be the temporarily idle raised funds [3] - Investment will be made in low-risk, highly liquid products such as time deposits and fixed-income certificates, with returns going back to the company [4] Investment Period and Risk Control - The investment period is set for twelve months from the date of board approval, with the management authorized to handle related matters within the specified limits [4][6] - The company will implement strict risk control measures to ensure the safety of the cash management funds [5] Impact on the Company - The use of idle funds for cash management will not affect the progress of investment projects or the normal operations of the company, and it aims to improve fund efficiency and shareholder returns [5][6] - The board and supervisory committee have approved the cash management plan, confirming its legality and compliance [6][7]