1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The sentiment in the equity market remained high this week, putting more pressure on the capital side of the REITs market. The liquidity continued to weaken, and the index回调幅度较大. The consumer sector showed relatively strong resistance [2]. - Three REITs projects submitted responses to the exchange inquiries this week. Compared with the prospectuses, all three projects lowered the valuations of their underlying assets by 3% to 15%, and made more cautious forecasts and evaluations regarding rent, occupancy rates, and collection rates [2]. 3. Summary According to the Table of Contents 3.1 First - level Market - As of August 15, 2025, 14 REITs had been successfully issued this year (6 in Q1, 4 in Q2, and 4 in July), with a total issuance scale of 27.87 billion yuan, a year - on - year decrease of 4.8% [3]. - This week, 3 new - issue public REITs made progress. The China International Capital Corporation Vipshop Outlet REIT completed the book - building process, with a final issuance price of 3.48 yuan per share, and is expected to raise 3.48 billion yuan based on an issuance volume of 1 billion shares. The Huaxia Kaide Commercial REIT and the CITIC Construction Investment Shenyang International Software Park REIT entered the feedback stage. One REIT expansion project, the Guotai Junan Dongjiu New Economy REIT, also entered the feedback stage [3]. - Currently, in the approval process: (1) For new - issue REITs, 9 have been submitted, 5 have responded to inquiries, and 1 has been registered and is awaiting listing. (2) For expansion REITs, 9 have been submitted, 3 have responded to inquiries, and 3 have passed the review [3]. 3.2 Second - level Market 3.2.1 Market Review - As of August 15, 2025, the CSI REITs Total Return Index (932047.CSI) closed at 1080.91 points, down 1.49% for the week, underperforming the CSI 300 by 3.87 percentage points and the CSI Dividend by 0.39 percentage points. The CSI REITs Total Return Index has risen 11.68% since the beginning of the year, outperforming the CSI 300 and the CSI Dividend by 4.88 and 12.18 percentage points respectively [3]. - By project attribute, equity - type REITs fell 1.24% this week, and concession - type REITs fell 1.53%. By asset type, the data center (+4.72%), consumer (-0.75%), warehousing and logistics (-1.27%), and transportation (-1.34%) sectors performed relatively well. Among individual bonds, 6 rose and 67 fell this week. The Southern Wanguo Data Center REIT (+5.59%), Southern Runze Technology Data Center REIT (+4.26%), and Huaxia China Resources Commercial REIT (+0.62%) led the gainers, while the Industrial and Commercial Bank of China Inner Mongolia Energy Clean Energy REIT (-8.57%), China Merchants Expressway REIT (-4.59%), and China International Capital Corporation Xiamen Anju REIT (-4.56%) were the biggest losers [3]. 3.2.2 Liquidity - The average daily turnover rates of equity - type and concession - type REITs this week were 0.67% and 0.52% respectively, down 15.36 and 1.65 basis points from last week. The trading volumes during the week were 545 million and 144 million shares respectively, down 16.98% and 3.07% week - on - week. The data center sector had the highest activity level [3]. 3.2.3 Valuation - Based on the ChinaBond valuation yields, the yields of equity - type and concession - type REITs were 3.74% and 4.72% respectively. The transportation (5.98%), warehousing and logistics (5.21%), and park (4.28%) sectors ranked among the top [3]. 3.3 This Week's News and Important Announcements - On August 14, 2025, the central bank issued the "Guiding Opinions on Financial Support for New - style Industrialization", stating that it would strengthen digital empowerment of finance, promote the in - depth integration of the digital economy and the real economy, and actively use REITs and other means to broaden the sources of funds for digital infrastructure construction [35]. - There were multiple important announcements this week, including share unlocking announcements for several REITs such as the Hua'an Bailian Consumer REIT and dividend announcements for the China Aviation Jingneng Photovoltaic REIT, Huaxia China Resources Commercial REIT, etc. [35]

在"加快经济社会发展全面绿色转型"、坚定推进"双碳"目标的时代浪潮下，金融机构的ESG实践正成为 关键落点。8月16日，中国国际金融股份有限公司（以下简称"中金公司"）的"'投资+投行+研究+公 益'的创新模式"入围第三届21世纪"活力·ESG"社会责任案例。 本次案例征集由21世纪经济报道发起，旨在树立ESG典型示范，引导企业深耕可持续发展理念，助推企 业高质量发展。活动参考《上市公司可持续发展报告指引》等国内外标准，设置环境友好、社会责任、 公司治理三大维度，通过多项议题的定性定量双维评审，从众多申报案例中遴选优秀实践。 作为证券行业头部机构，中金公司连续多年系统披露ESG报告，持续深化责任实践。其"投资+投行+研 究+公益"的模式成效显著：2024年，其参与绿色金融领域项目交易规模超4500亿元，落地覆盖绿色投 资领域基金规模约370亿元，在帮扶及乡村振兴项目的总投入超过3500万元，开展社会公益活动103次， 生动诠释了金融机构服务国家战略、支持社会民生的担当，为行业提供了可鉴范本。 "四轮驱动"聚合力，金融主责厚植社会价值 金融是国家经济发展的核心竞争力。中央金融工作会议指出，金融要为经济社会发展提 ...

Group 1 - The company received a notice from China International Capital Corporation (CICC) regarding the change of its continuous supervision sponsor representative [1] - The original sponsor representatives were Hu Anju and Peng Wenting, with Peng Wenting no longer serving due to a job change [1] - Li Jinhua has been appointed as the new sponsor representative to continue the supervision duties, ensuring no disruption to the company's operations [1] Group 2 - The continuous supervision period will last until the obligations set by the China Securities Regulatory Commission and Shenzhen Stock Exchange are fulfilled [1] - The company expressed gratitude for the contributions made by Peng Wenting during her tenure as a sponsor representative [1] - Li Jinhua has a strong background in investment banking and has participated in several IPO projects, demonstrating a good compliance record [2]

Core Points - CICC Capital, established in 2017, has become one of China's leading private equity investment management institutions [2][5] - Recent reports indicate that former chairman Ding Wei has gone missing, allegedly taken by disciplinary inspection authorities for review [2][5] - Ding Wei's resignation from Chang'an Automobile was announced on August 12, citing "personal reasons" [2] Group 1 - Ding Wei, aged 65, joined CICC in 2002 and led the investment banking division, earning a reputation as a "noble investment bank" [5] - Ding Wei had a brief departure from CICC between 2011 and 2016, returning in May 2016 [5] - He served as general manager at the inception of CICC Capital and became chairman two years later, officially retiring in August 2020 [5] Group 2 - Despite retirement, Ding Wei acquired Xiamen Borun Capital through equity transfer in October 2020 and remains the legal representative [5] - In April 2022, the Beijing Securities Regulatory Bureau issued a warning letter to Ding Wei for management failures related to subsidiary business and investment behaviors [5]

本文源自：金融界 作者：智投君 8月15日，沪深两融数据显示，中金公司获融资买入额3.65亿元，居两市第47位，当日融资偿还额3.70亿 元，净卖出457.95万元。 最近三个交易日，13日-15日，中金公司分别获融资买入2.07亿元、2.21亿元、3.65亿元。 融券方面，当日融券卖出1.35万股，净买入2.54万股。 ...

Core Viewpoint - The article highlights a continued decline in domestic demand as evidenced by various economic indicators, necessitating increased policy support to stimulate demand and improve economic conditions [2][10]. Group 1: Domestic Demand and Consumption - In July, the total retail sales of consumer goods increased by 3.7% year-on-year, a slowdown of 1.1 percentage points compared to June [4]. - The "trade-in" policy's impact weakened, with retail sales growth for related categories dropping from 11.5% to 5%, contributing to a slowdown in overall retail sales growth [4]. - Restaurant consumption growth was at 1.1%, showing slight improvement but remaining at a low level [4]. Group 2: Fixed Asset Investment - From January to July, fixed asset investment saw a cumulative year-on-year growth of 1.6%, a decline of 1.2 percentage points from the previous period, with a significant monthly drop of 5.3% in July, the largest since April 2020 [5]. - Investment in construction and other expenses primarily dragged down fixed asset investment, while equipment and tool investment maintained a relatively high growth rate [5]. Group 3: Real Estate Market - The real estate sector continues to show weakness, with new housing sales area and amount in July declining by 7.8% and 14.1% year-on-year, respectively [7]. - The average price of new homes in 70 cities remained stable, while second-hand home prices showed a year-on-year decline of 10.3% [7]. - Real estate investment saw a year-on-year decline of 17.0% in July, indicating a lack of investment willingness and capability among developers [32]. Group 4: Manufacturing and Production - Manufacturing investment from January to July grew by 6.2%, but the monthly growth rate fell to -0.3% in July, reflecting weak demand and profit conditions [8]. - Industrial value-added growth in July was 5.7%, down from 6.8% in June, indicating a slowdown in production despite being better than demand-side data [9]. Group 5: Policy and Market Outlook - The article suggests that the current economic data indicates a need for policy intervention to support demand, especially in light of the weak performance in fixed asset investment and retail sales [10]. - The expectation of improved liquidity and supportive policies may help stabilize market sentiment, particularly in sectors like AI, defense, and innovative pharmaceuticals [11].

Core Viewpoint - The company plans to utilize part of its idle raised funds for cash management and to store the remaining funds in agreed deposits, aiming to enhance the efficiency of fund usage and increase returns for the company and its shareholders [1][9]. Fundraising Overview - The company was approved to issue no more than 270,863,302 shares, raising a total of RMB 3,764,999,897.80, with a net amount of RMB 3,720,704,715.84 after deducting related expenses [1]. - The funds have been verified by an accounting firm, confirming their availability [1]. Fund Management and Investment Projects - The company has signed a fund supervision agreement with banks and the sponsor to ensure strict management and usage of the raised funds [2]. - Adjustments have been made to the implementation of fundraising projects based on strategic planning and operational conditions, with a summary of fund usage provided [2]. Cash Management Plan - The company intends to use up to RMB 30,000.00 million of idle funds for cash management, with a usage period not exceeding 12 months [6]. - Investment products will be carefully evaluated, focusing on high safety and liquidity, including guaranteed financial products and fixed deposits [6]. Agreement on Fund Storage - The remaining funds will be stored in agreed deposits to improve efficiency and increase returns, with adjustments made based on the investment plan and fund usage [8]. - The decision to manage idle funds and store remaining funds has been approved by the board of directors [7][9]. Sponsor's Verification Opinion - The sponsor has confirmed that the company's actions comply with relevant regulations and do not alter the intended use of the raised funds, ensuring the normal operation of fundraising projects [9].

Market Overview - Hong Kong stock market opened lower and closed down 0.98% due to concerns over the upcoming US-Russia summit, while A-shares surged, with the Shanghai Composite Index returning to around 3700 points and a trading volume exceeding 2.2 trillion yuan, marking the 29th trading day in A-share history to surpass 2 trillion yuan [1][5] - The anticipated US-Russia summit is expected to yield limited results, with no plans for signed agreements, and discussions likely to focus on underlying strategies rather than public outcomes [2][3] Sector Focus - The banking sector in Hong Kong is underperforming, primarily due to a perceived lack of value compared to insurance stocks, which are increasingly favored by institutional investors [3] - The sentiment in the market remains positive, with over ten stocks in the Hong Kong Stock Connect rising more than 10%, particularly in the robotics sector, driven by upcoming events like the World Humanoid Robot Games [4] - The semiconductor and AI-related sectors are experiencing significant growth, with companies like Hongteng Precision rising over 33% due to their involvement in NVIDIA's supply chain [5] Individual Company Highlights - Xiexin Technology has entered a strategic partnership with Taibao Asset Management, aiming to explore tokenization solutions for real-world assets and develop compliant digital asset products [10][12] - The solar industry is showing signs of recovery, with significant price increases in photovoltaic glass and a reduction in production, indicating a potential shift towards better market conditions [7][8] - GCL-Poly Energy has secured a procurement contract for silicon materials worth up to 450 million yuan, reflecting the ongoing demand and price increases in the solar component market [10][11]

Summary of Key Points Core Viewpoint - The company plans to utilize temporarily idle raised funds for cash management to enhance fund efficiency and maximize shareholder returns while ensuring that it does not affect the construction and use of fundraising projects [4][5][8]. Fundraising Basic Situation - The company raised a total of RMB 198,616.94 million from its initial public offering (IPO) and RMB 142,131.35 million from the issuance of convertible bonds, with all funds received and verified by an accounting firm [2][3]. Fund Usage Situation - The net proceeds from the IPO are allocated to various projects, including a total investment of RMB 77,000 million for specific projects [3]. - The company has established a special account for the management of raised funds and signed a tripartite supervision agreement with the sponsor and the bank [3]. Cash Management Basic Situation - The purpose of cash management is to improve the efficiency of idle funds, ensuring safety and not affecting project progress [4]. - The company plans to invest up to RMB 460 million in low-risk, high-liquidity financial products, with a maximum investment period of one year [4][5]. Information Disclosure - The company commits to timely information disclosure in accordance with the regulations of the Shanghai Stock Exchange, ensuring that the use of raised funds remains unchanged [5]. Impact on Daily Operations - The cash management of idle funds will not affect the ongoing projects funded by the raised capital and is expected to enhance the company's operational efficiency and market competitiveness [6][8]. Review Procedures - The board of directors approved the cash management plan, which does not require shareholder meeting approval, ensuring compliance with relevant regulations [7][8]. Sponsor's Verification Opinion - The sponsor has confirmed that the company has followed necessary approval procedures and that the cash management will not adversely affect the investment projects or shareholder interests [8].

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 August 15, CICC's closing price was 38.02 yuan, reflecting a 3.15% increase, with a rolling price-to-earnings (PE) ratio of 28.25, marking a new low in 117 days and a total market capitalization of 183.53 billion yuan [1] - In comparison to the industry, CICC's PE ratio is below the average of 34.03 and the median of 26.91, ranking 28th among its peers [1][2] Group 2 - CICC's main business segments include investment banking, equity sales and trading, proprietary investment and trading, wealth management, and investment management, along with other activities approved by the China Securities Regulatory Commission [1] - The company achieved a revenue of 5.721 billion yuan in the first quarter of 2025, representing a year-on-year increase of 47.69%, and a net profit of 2.042 billion yuan, up 64.85% year-on-year [1] - As of the first quarter of 2025, 47 institutions held shares in CICC, with a total holding of 54.6217 million shares valued at 1.931 billion yuan [1]