Group 1 - The core point of the article is that Shanghai Ningquan Asset Management Co., Ltd. has reduced its stake in Dongfang Securities (03958.HK) by selling 320,000 shares at an average price of HKD 8.75 per share, amounting to approximately HKD 2.8 million [1][3]. - After the reduction, Shanghai Ningquan's total shareholding in Dongfang Securities is now 71,641,600 shares, which represents a decrease in ownership from 7.01% to 6.97% [1][3]. - The transaction took place on August 19, 2025, and the disclosure was made on August 26, 2025 [2].

Group 1 - The core point of the news is that Shanghai Ningquan Asset Management Co., Ltd. has reduced its stake in Dongfang Securities by selling 320,000 shares at an average price of HKD 8.75 per share, amounting to approximately HKD 2.8 million [1][2]. - After the reduction, Shanghai Ningquan's total shareholding in Dongfang Securities is now 71,641,600 shares, which represents a decrease in ownership percentage from 7.01% to 6.97% [1][2].

东方证券股份有限公司 关于上海三友医疗器械股份有限公司 使用部分闲置募集资金暂时补充流动资金的 核查意见 东方证券股份有限公司（以下简称"东方证券"或"独立财务顾问"）作为 上海三友医疗器械股份有限公司（以下简称"三友医疗"或"公司"）发行股份 及支付现金购买资产并募集配套资金暨关联交易的独立财务顾问，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》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等法律 范运作》 法规的相关规定，对三友医疗本次拟使用部分闲置募集资金暂时补充流动资金事 项进行了专项核查，具体核查情况如下： 一、募集资金基本情况 经上海证券交易所并购重组审核委员会 2024 年 12 月 30 日审核同意，并经 中国证券监督管理委员会于 2025 年 1 月 17 日《关于同意上海三友医疗器械股份 有限公司发行股份购买资产并募集配套资金注册的批复》 （证监许可〔2025〕109 号）同意注册，公司获准向特定对象发行人民币普通股 13,032,886 股，每股面值 人民币 1.00 元，每股发行价为人民 ...

东方证券股份有限公司 东方证券股份有限公司（以下简称"东方证券"、"保荐机构"）作为深圳光大 同创新材料股份有限公司（以下简称"光大同创"、"公司"）首次公开发行股票并 在创业板上市的保荐机构，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》《上市公司募集资金监管规则》及《深圳证券交易 所上市公司自律监管指引第 13 号——保荐业务》等有关规定，对光大同创拟使 用自有资金支付募投项目人员费用并以募集资金等额置换事项进行了审慎核查， 并发表独立意见如下： 一、募集资金基本情况 公司首次公开发行股票已经中国证券监督管理委员会"证监许可〔2023〕361 号"文同意注册，公司公开发行人民币普通股（A 股）股票 19,000,000 股，发行 价格为 58.32 元/股，募集资金总额为人民币 1,108,080,000.00 元，扣除发行费用 （ 不 含 增 值 税 ） 人 民 币 103,717,534.12 元 后 ， 募 集 资 金 净 额 为 人 民 币 金到账情况进行了审验，并于 2023 年 4 月 13 日出具了[2023]3138 号《验资报告》。 关于深圳光大同创新材料股份 ...

项目总投资额 拟使用募集资金投 公司首次公开发行股票已经中国证券监督管理委员会"证监许可〔2023〕361 号"文同意注册，公司公开发行人民币普通股（A 股）股票 19,000,000 股，发行 价格为 58.32 元/股，募集资金总额为人民币 1,108,080,000.00 元，扣除发行费用 （ 不 含 增 值 税 ） 人 民 币 103,717,534.12 元 后 ， 募 集 资 金 净 额 为 人 民 币 金到账情况进行了审验，并于 2023 年 4 月 13 日出具了[2023]3138 号《验资报告》。 公司已对募集资金采取专户存储管理，设立了募集资金专项账户并与银行签 订了《募集资金三方监管协议》。 二、募集资金投资项目的具体情况 序号 项目名称 东方证券股份有限公司 关于深圳光大同创新材料股份有限公司部分募投项目结项 并将节余募集资金永久补充流动资金的核查意见 东方证券股份有限公司（以下简称"东方证券"、 "保荐机构"）作为深圳光大 同创新材料股份有限公司（以下简称"光大同创"、"公司"）首次公开发行股票并 在创业板上市的保荐机构，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 ...

东方证券股份有限公司 关于浙江天成自控股份有限公司 2019 年非公开发行 股票募集资金投资项目结项并将节余募集资金永久补 充流动资金的核查意见 东方证券股份有限公司（下称 "保荐机构"）作为浙江天成自控股份有限公 司（下称"天成自控"或"公司"）持续督导工作的保荐机构，根据《证券发行 上市保荐业务管理办法》 《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》《上市公司募集资金监管规则》及《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法规和规范 性文件的要求，对天成自控 2019 年非公开发行股票募集资金投资项目结项并将 节余募集资金永久补充流动资金事项进行了核查，具体核查情况说明如下： 注：根据公司 2019 年度非公开发行股票预案，公司拟将本次非公开发行股票募集资金 中的 30,000.00 万元用于航空座椅核心零部件生产基地建设项目，扣除发行费用 1,343.21 万 元后，可投入募集资金净额为 28,656.79 万元。 二、募集资金存放情况 公司按照《上市公司募集资金监管规则》《上海证券交易所上市公司自律监 管指引第 1 号——规范 ...

Core Viewpoint - Shanghai Huide Science & Technology Co., Ltd. is seeking to issue A-shares to specific investors, with the underwriting by Dongfang Securities Co., Ltd. The company has met the necessary legal and regulatory requirements for this issuance [1][8]. Group 1: Company Overview - Shanghai Huide Science & Technology Co., Ltd. was established on June 25, 2007, and is headquartered in Jinshan District, Shanghai. The company specializes in the research, production, and sales of polyurethane materials [2][3]. - The registered capital of the company is approximately 141.13 million yuan [2]. - The main products include polyurethane resin, polyurethane elastomers, and polyester polyols, which are used in various industries such as automotive manufacturing and new energy [3][18]. Group 2: Financial Data - As of March 31, 2025, the total assets of the company amounted to 2.25 billion yuan, while total liabilities were approximately 675 million yuan [4]. - The company reported a net profit of approximately 19.34 million yuan for the first quarter of 2025, with a year-on-year increase compared to previous years [4]. - The average annual net profit attributable to shareholders over the last three years was approximately 83.45 million yuan, with total cash dividends amounting to about 98.69 million yuan during the same period [3][4]. Group 3: Issuance Details - The company plans to raise up to 580 million yuan through this issuance, with the funds primarily allocated to a project for producing 305,000 tons of polyurethane new materials annually [17][18]. - The issuance will be directed towards no more than 35 specific investors, including qualified institutional investors and natural persons [17][12]. - The issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing date [12][13]. Group 4: Regulatory Compliance - The underwriting institution, Dongfang Securities, has conducted thorough due diligence and confirmed that the company meets all necessary conditions for the issuance as per the Company Law and Securities Law [8][9]. - The company has adhered to all relevant regulations and has not engaged in any activities that would disqualify it from issuing shares [10][11]. - The company is not listed as a dishonest entity under the relevant memorandums regarding joint punishment for dishonest enterprises [19].

Core Viewpoint - Shanghai Huide Science & Technology Co., Ltd. is applying for a specific issuance of A-shares to raise funds for its polyurethane new materials project, with a total fundraising amount not exceeding RMB 580 million [12][15]. Company Overview - Shanghai Huide Science & Technology Co., Ltd. was established on June 25, 2007, with a registered capital of RMB 141.132667 million [1]. - The company specializes in the research, production, and sales of polyurethane series products, including synthetic leather polyurethane, polyurethane elastomers, and polyester polyols [3][4]. Main Business - The main business of the company focuses on polyurethane products, particularly synthetic leather polyurethane, which is a key raw material for the synthetic leather industry [3][4]. - The company emphasizes technological innovation and product development, aiming to provide comprehensive solutions combining products and technology to meet customer needs [3]. Financial Data - As of March 31, 2025, the total assets of the company were RMB 2.2508343 billion, and total liabilities were RMB 675.1484 million [5]. - The company's revenue for the first quarter of 2025 was RMB 610.6983 million, with a net profit of RMB 19.3376 million [6]. - The operating profit for the same period was RMB 20.5180 million, showing a significant decrease compared to previous years [6]. Issuance Details - The issuance will be directed towards no more than 35 specific investors, including securities investment funds, securities companies, and qualified foreign institutional investors [12][22]. - The shares will have a par value of RMB 1.00 each, and the final issuance price will be determined based on the average trading price of the company's shares over the 20 trading days prior to the issuance date [12][14]. Use of Proceeds - The proceeds from the issuance will be used for the construction of a new polyurethane materials project with an annual production capacity of 305,000 tons [15][17]. - If the actual net proceeds are less than the planned investment, the company will adjust the investment projects accordingly [15]. Risk Factors - The company faces risks related to raw material price fluctuations, as the cost of key materials constitutes about 60% of its main business costs [8]. - There are also risks associated with the demand in downstream industries, particularly in the synthetic leather sector, which is influenced by macroeconomic conditions and consumer trends [8].

Investment Rating - The industry rating is "Outperform the Market" [3][21]. Core Viewpoints - The report indicates that the market is expected to continue its upward trend driven by liquidity, with a focus on internal issues and potential interest rate cuts due to economic slowdown [1][8]. - The insurance sector is favored for investment, with stocks being the preferred asset class for insurance institutions in the second half of 2025 [9]. - The report highlights the importance of monitoring the performance of brokerage and financial IT sectors, suggesting specific companies for investment [1][11]. Summary by Sections Industry Trends - The report notes a significant increase in market activity, with the Shanghai Composite Index at 4378 points (up 4.18%) and the brokerage index at 7664.69 points (up 3.12%) [6]. - The ten-year government bond yield has risen to approximately 1.78% due to policy impacts [9]. Investment Recommendations Insurance Sector - The insurance sector is currently undervalued, presenting opportunities for valuation recovery. Recommended stocks include China Ping An, China Pacific Insurance, and New China Life Insurance [11]. Brokerage Sector - Focus on mid-sized brokerage firms benefiting from market conditions, such as East Money Information. Large firms with diversified revenue structures like Huatai Securities are also recommended [12]. - Emphasis on platform companies like Tonghuashun and Jiufang Zhitu, which are expected to benefit from AI developments [12]. Market Influences - The report discusses the impact of U.S. Federal Reserve interest rate expectations and domestic economic policies on market dynamics [1][7]. - The report also highlights the need to monitor currency fluctuations and geopolitical tensions that may affect market stability [7][9].

*注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 本文源自：金融界 8月25日，上证指数涨1.51%，收报3883.56点，恒生指数涨1.94%，收报25829.91点。 东方证券AH溢价达55.93%，位居AH股溢价率第65位。当日收盘，东方证券A股报12.25元，涨幅 1.07%，H股报8.58港元，上涨0.82%。 资料显示，东方证券股份有限公司(以下简称"公司")是一家经中国证券监督管理委员会批准设立的综合 类证券公司,其前身是于1998年3月9日开业的东方证券有限责任公司,总部设在上海。公司于2015年3月23 日成功登陆上交所(证券代码:600958),2016年7月8日H股成功发行并上市(股份代号:03958),成为行业内第 五家A+H股上市券商。经过20余年的发展,在全国89个城市设有179家分支机构,提供证券、期货、资产 管理、理财、投行、投资咨询及证券研究等全方位、一站式专业综合金融服务的上市证券金融控股集 团。 作者：行情君 ...