Core Viewpoint - In the first half of 2025, a total of 74 companies in the A-share market terminated their IPO applications, indicating a significant trend in the market dynamics and investor sentiment [1]. Group 1: Termination Overview - Among the 74 terminated IPOs, 51 companies withdrew before the review meeting, 18 withdrew after the review, and 5 withdrew after submitting their registration [1]. - The breakdown by market segment shows that the Shanghai Main Board had 14 terminations, the Sci-Tech Innovation Board had 3, the Shenzhen Main Board had 9, the Growth Enterprise Market had 21, and the Beijing Stock Exchange had 27 [1]. Group 2: Specific Company Terminations - Notable companies that terminated their IPO applications include: - Qingdao Haiguan Chemical Co., Ltd. on June 20, 2025, for the Shanghai Main Board [2]. - Beijing Tianxing Medical Co., Ltd. on June 6, 2025, for the Sci-Tech Innovation Board [2]. - Qingdao Qinghe Artificial Turf Co., Ltd. on May 30, 2025, for the Shanghai Main Board [2]. - A total of 4 companies withdrew due to the actions of their sponsoring institutions, including: - Kaiyuan Securities Co., Ltd. and Beijing Tianxing Medical Co., Ltd. [4]. Group 3: Detailed Company List - The article provides a detailed list of companies that terminated their IPO applications, including their names, abbreviations, intended market segments, and termination dates [2][3]. - For example, companies like Jiangsu Yicheng Automotive Parts Co., Ltd. and Shenzhen Haobo Window Control Technology Co., Ltd. also appear in the termination list, indicating a diverse range of industries affected [2][3]. Group 4: Regulatory Context - The terminations are often linked to the actions of the sponsoring institutions, which play a crucial role in the IPO process, as seen in the cases of Beijing Tianxing Medical Co., Ltd. and Ningbo Zhongchun High-Tech Co., Ltd. [7][9]. - The regulatory framework governing these terminations is outlined in the Shanghai Stock Exchange's rules, emphasizing the importance of compliance and due diligence in the IPO process [7][9].

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for JD Group with a target price of HKD 156.59, citing sustained high growth in the e-commerce sector supported by national subsidies, despite increased investment in food delivery impacting overall profit levels [1] Financial Projections - The company forecasts revenues for 2025, 2026, and 2027 to be CNY 1,289.1 billion, CNY 1,369.9 billion, and CNY 1,432.3 billion respectively [1] - Adjusted net profit attributable to the parent company is projected to be CNY 23.3 billion, CNY 43.4 billion, and CNY 50.9 billion for the same years [1] Profitability Concerns - Increased investment in food delivery services is expected to drag down overall profit levels, with a potential further decline in profit growth anticipated in the second half of the year as the base for national subsidies levels off [1]

出品 | 妙投APP 作者 | 段明珠 头图 | AI生图 "沪上白富美"汇添富迎来"娘家人"。 14日汇添富宣布更换董事长，老将李文离岗不离家，仍在汇添富但"另有安排"；鲁伟铭接棒，后者同时还是东方证券总裁，而东方证券是汇添富第一大股 东。 其实汇添富领导层交接是业内早有预期的事。 预兆一：不卷。有点讽刺，但在各家公募卷ETF欲生欲死时，汇添富的犹犹豫豫有点与众不同。最明显的是，去年各家抢发A500ETF，汇添富在同一批中也 硬是要落到最后一名。当时就有推测，汇添富可能面临高管变动，所以路线上有些纠结。 预兆二：大股东换帅。2024年11月，东方证券换帅，金文忠到龄退休，55岁龚德雄接任；12月鲁伟铭出任副董事长，同时任命了5位副总裁；大投行、大财 富、大机构体系并线推进的逐步落实。"爸爸"做了新的家庭规划，"孩子们"也理应要配合。 预兆三：预先埋棋。2025年1月，鲁伟铭加入汇添富基金担任党委书记。此刻汇添富管理层会变已基本明晰，外界也有传言，李文卸任后会挂名名誉董事长 的职位（1967年人，未到退休年龄）。 所以，此次汇添富换帅是既定安排，旨在实现平稳的权力交接，而非突发事件。 但高层变动，背后必定有意 ...

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Alibaba (09988.HK) with a target price of HKD 161.59, highlighting the company's increased investment in instant retail to capture market share in near-field e-commerce, despite anticipated profit pressure in the next two years [1] Group 1: Financial Projections - The company forecasts FY2026-2028 revenues of CNY 1,022.9 billion, CNY 1,098.5 billion, and CNY 1,185.2 billion respectively [1] - Adjusted net profits are projected to be CNY 132.1 billion, CNY 169.7 billion, and CNY 193.7 billion for the same period [1] Group 2: Business Strategy and Market Position - Alibaba is focusing on enhancing its instant retail capabilities to strengthen its position in the e-commerce sector [1] - The company is expected to maintain a robust trend in its core e-commerce business while benefiting from its leading position in the AI-driven cloud market [1]

Group 1 - The number of A-share investors has exceeded 240 million as of June 30 this year, indicating a new bull market is emerging in the A-share market [1][4][5] - The Shanghai Composite Index broke through the 3500-point mark in July, with trading volume maintaining over 1 trillion yuan for 30 consecutive trading days [1][3] - The market sentiment is optimistic, driven by ample liquidity and favorable external conditions, suggesting that the A-share market may continue to rise [3][9] Group 2 - In 2024, the total number of new investors reached 12.74 million, with individual investors accounting for 12.72 million, marking a 5.69% increase from the previous year [5] - The A-share merger and acquisition market has seen a significant increase, with over 200 disclosed M&A events in 2024, nearly quadrupling compared to the same period last year [7] - Major securities firms are dominating the M&A advisory market, with CITIC Securities leading with 25 projects and a total transaction amount of 101.27 billion yuan [7][8] Group 3 - The valuation levels of the A-share market are considered relatively low compared to global indices, enhancing the attractiveness of Chinese assets amid global market instability [9] - Investment strategies are suggested to focus on stable dividend assets, resource-related sectors benefiting from price increases, and new technology growth areas such as AI and solid-state batteries [10]

东方证券股份有限公司关于 深圳市联得自动化装备股份有限公司 提前赎回联得转债的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为深圳市联得自动化装备 股份有限公司（以下简称"联得装备"、"公司"）首次公开发行股票并上市的保荐机 构，根据《证券发行上市保荐业务管理办法》、《深圳证券交易所创业板股票上 市规则》、《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》等有关规定的要求，对联得装备公司提前赎回联得转债事项进行了核查， 并出具核查意见如下： 自2025年6月25日至2025年7月15日期间，深圳市联得自动化装备股份有限公 司（以下简称"公司"）股票已有15个交易日的收盘价不低于"联得转债"当期 转股价格（23.58元/股）的130%（即30.654元/股），已触发"联得转债"的有条件 赎回条款（即"在转股期内，如果公司股票在任何连续30个交易日中至少15个交 易日的收盘价格不低于当期转股价格的130%（含130%）"）。公司于2025年7月15 日召开第五届董事会第八次会议，审议通过了《关于提前赎回"联得转债"的议 案》，结合当前市场及公司自身情况，经过综合考虑，公司董事会决定 ...

瑞财经 王敏 7月15日，汇添富基金管理股份有限公司（以下简称"汇添富基金"）发布关于董事长变更的公告。 2024年，鲁伟铭从东方证券获得的薪酬为99万元。 汇添富基金成立于2005年2月3日，法定代表人为李文，注册资本为1.33亿元，经营范围包含基金募集、基金销售、资产管理 等。该公司由东方证券股份有限公司持股47%，东航金控有限责任公司持股26.5%，上海上报资产管理有限公司持股 26.5%。 截至2024年12月31日，汇添富基金总资产143.53亿元，净资产107.78亿元；2024年度实现营业收入（主营业务收入）48.28亿 元，主营业务利润20.47亿元，净利润15.47亿元。 公告显示，鲁伟铭，1971年生，经济学硕士，经济师。他于1994年7月至1998年3月担任中国国泰证券有限公司交易部业务 员、交易部经营处项目经理。 鲁伟铭1998年加入东方证券，历任东方证券总裁助理、副总裁、总裁等职务，2022年6月起担任东方证券执行董事，2024年 12月起担任东方证券副董事长，2025年1月起担任汇添富基金党委书记。 | 姓名 | 职务 | 性別 年龄 | | | | | 年度内 | | 报告期内从 ...

Core Viewpoint - The company intends to use the raised funds to provide loans to its wholly-owned subsidiary for the implementation of investment projects, ensuring compliance with regulatory requirements and safeguarding shareholder interests [1][7][8]. Fundraising Overview - The company issued convertible bonds totaling RMB 520 million on June 18, 2025, with a net amount of RMB 511.58 million after deducting issuance costs of RMB 8.42 million [1]. - The total investment amount for the projects funded by these bonds is RMB 748.34 million, with RMB 520 million allocated from the raised funds [2]. Loan Provision Details - The company plans to provide loans to its wholly-owned subsidiary, Langfang Quan Jingshen, for the "Langfang Zhenhua Quan Jingshen Auto Parts Project" [2][3]. - The loan amount will not exceed RMB 172.61 million, and the subsidiary can repay or renew the loan based on its operational conditions [2][5]. Subsidiary Information - Langfang Zhenhua Quan Jingshen Auto Parts Co., Ltd. is wholly owned by the company, with a registered capital of RMB 85 million and a business scope that includes automotive parts research and manufacturing [3]. Financial Data - As of the end of 2024, the subsidiary reported total assets of RMB 418.47 million, net assets of RMB 81.83 million, operating income of RMB 242.33 million, and net profit of RMB 4.60 million [5]. Impact on the Company - The loan provision aligns with the company's development strategy and regulatory requirements, ensuring the smooth execution of investment projects without altering the intended use of raised funds [6][7]. - The company maintains control over the subsidiary's operations during the loan period, minimizing financial risks [6]. Fund Management Post-Loan - The raised funds will be managed in a dedicated account, with a four-party supervision agreement established among the company, the subsidiary, the sponsor, and the bank [6]. Approval Process - The board of directors and the supervisory board have approved the loan provision, confirming compliance with necessary legal procedures [7][8].

智通财经APP获悉，开源证券发布研报称，OCI和股票自营、海外业务高增或带来券商中报超预期，预 计2025H1上市券商业绩同比增速有望超50%(扣非口径)，环比增速可期。2024年新国九条、央行等金融 部委组合拳稳股市的长效影响延续，个人投资者和中长资金持续流入，交易活跃度中枢抬升逻辑验证， 券商港股业务和投行业务逐步改善，当下估值仍在低位，机构欠配显著，继续推荐券商板块机会。关注 业绩预告、稳定币主题以及基准回补等催化。 经纪+权益自营+海外驱动中报同比高增，债券自营+投行支撑Q2环比 (1)预计经纪业务、权益自营和海外业务同比高增是券商中报净利润增长核心驱动因素。2025H1市场日 均股基交易额1.6万亿，同比+66%，驱动证券行业经纪业务同比高增。市场震荡上涨+交易量活跃利好 券商权益自营投资以及相关衍生品业务(2024年初市场波动导致部分券商衍生品业务亏损)，2025H1沪深 300/万得全A上涨0.3%/5.8%(2024H1为+0.9%/-8.0%)。上半年港股市场景气度较高，2025上半年香港市 场现货ADT 2402亿港元，同比+118%，北向ADT 1713亿人民币，同比+32%，南向ADT ...

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Tencent Holdings, setting a target price of HKD 599.06 [1] Financial Performance - Tencent's revenue for Q2 is expected to reach HKD 181.9 billion [1] - The gaming segment continues to show growth, with the evergreen game "Delta Action" exceeding expectations in quarter-on-quarter growth [1] Future Projections - Projected IFRS net profit for Tencent from 2025 to 2027 is estimated at HKD 218.8 billion, HKD 248.2 billion, and HKD 274.9 billion respectively [1] - Projected non-IFRS net profit for the same period is estimated at HKD 265.7 billion, HKD 298.5 billion, and HKD 330.6 billion respectively [1] - The launch of the mobile game "Fearless Covenant" in Q4 is expected to drive a new gaming cycle [1]