Market Overview - On July 23, the Hong Kong stock market experienced a significant rally, with the Hang Seng Index rising by 1.62% to close at 25,538.07 points, and the Hang Seng Technology Index increasing by 2.48% [2][3] - The total market turnover for the day was 333.07 billion HKD, with a net outflow of 1.32 billion HKD from southbound funds [2] Tencent Holdings - Tencent Holdings saw a notable increase of 4.94%, closing above 550 HKD per share, marking a new high in over four years, with a market capitalization of 50,594.48 billion HKD [6][5] - The company responded to news regarding the discontinuation of the WeChat real-time intercom feature, stating that a new voice input function has been added to enhance user experience [8] Technology Sector - Internet technology stocks collectively surged, with Kuaishou-W rising by 7.08% and Baidu Group-SW increasing by 6.08% [3] - The Hang Seng Technology Index's performance reflects a year-to-date increase of 28.59% [3] Chinese Brokerage Stocks - Chinese brokerage stocks showed strong performance, with notable gains from Guolian Minsheng (5.46%), Xingsheng International (5.17%), and Zhongzhou Securities (4.85%) [11] - The securities industry is currently benefiting from multiple favorable factors, including a 33% year-on-year increase in new A-share accounts and a significant rise in IPO numbers and financing scale in the Hong Kong market [13] Insurance Sector - The insurance sector was active, with China Life rising by 3.34%, contributing to a year-to-date increase of 51.44% [15] - According to research from China International Capital Corporation, the net profit growth rate for the Chinese insurance industry is expected to be 7.4% year-on-year in the first half of 2025 [18] New Energy Vehicle Sector - NIO-SW experienced an increase of 8.97%, driven by the announcement of dynamic test drive experiences for its new model, the L90, which is set to launch soon [20] Cement Sector - The cement sector faced a downturn, with Huaxin Cement dropping by 9.37% and other related stocks also declining due to a collective pullback in the Yajiang Hydropower Station-related sector [21]

来源：新浪期货 新浪期货 根据交易所数据，截至7月23日收盘主力合约工业硅2509,涨跌+0.58%,成交量168.20万手，持仓数据显示前20席位呈现净 空，差额头寸为46920手。 工业硅期货全合约总计成交217.20万手，比上一日新增69.18万手。全合约前20席位多头持仓38.64万手，比上一日减少1.94万手。 全合约前20席位空头持仓45.64万手，比上一日减少1.84万手。 根据合并数据显示，多头前三席位为国泰君安期货，总持仓61187、中信期货，总持仓37624、中信建投，总持仓30510；空头前三 席位为国泰君安期货，总持仓50350、永安期货，总持仓47575、浙商期货，总持仓42249； 主力合约前20席位中，多头增仓前三名分别是：浙商期货、持仓10508、增仓5231，国泰君安期货、持仓49426、增仓3682，东方 财富期货、持仓5098、增仓1593；多头减仓前三名分别是：海通期货、持仓4294、减仓-10092，中信建投、持仓16032、减 仓-5075，广发期货、持仓8028、减仓-3336； 主力合约前20席位中，空头增仓前三名分别是：中辉期货、持仓3167、增仓681，永安 ...

中国证券业协会（以下简称"协会"）近期密集发布了即将于今年9月生效的《证券公司全面风险管理规范（修订稿）》（以下简 称《规范》）与未来三年分批实施的《证券公司并表管理指引（试行）》（以下简称《指引》）。 公司治理 自2020年3月，证监会公布中金公司、招商证券、中信证券、华泰证券、中信建投、国泰君安等6家证券公司实施并表监管试点 （以下简称"试点机构"），到《指引》发布已历经5年的实践。试点机构通过不断加强并表管理，都显著积累了更多的人才、技 术和系统等资源，全面提升了经营稳健性与合规风控能力。对很多排名靠前的券商而言，这次《指引》的发布可谓"千呼万唤始 出来"，是他们多年来厉兵秣马、翘首企盼的春风。 笔者曾参与2019年底的并表监管试点评审，并在此之后与多家券商就并表管理及试点券商的实践进行过交流。《指引》并非简 单将当年的评审规则从试点机构套用到对全行业的并表监管上，而是扩大了并表管理边界，从狭义的以风险为主体的并表管理 拓展为广义的全要素并表管理，从局部试点延展至全面规范。《指引》旨在引导证券公司完善并表管理架构和模式，加强对子 公司及业务条线的"垂直化"管理，更全面、及时、有效地识别并管控风险，从而促 ...

Core Viewpoint - The article highlights the development and current status of the Sci-Tech Innovation Board (STAR Market) in China, marking its sixth anniversary with a total of 589 listed companies and providing insights into the performance of various underwriting institutions, law firms, and accounting firms involved in IPO services. Group 1: STAR Market Overview - As of July 22, the STAR Market has 589 listed companies, with the number of new listings per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1]. Group 2: Underwriting Institutions Performance - A total of 53 underwriting institutions have handled the IPOs for the 589 STAR Market companies. The top five institutions by the number of IPOs are: 1. Guotai Junan: 95 IPOs 2. CITIC Securities: 84 IPOs 3. CITIC Jianzhong: 56 IPOs 4. CICC: 53 IPOs 5. Huatai United: 51 IPOs [2][3]. Group 3: Law Firms Performance - There are 67 law firms that provided legal services for the IPOs of the 589 STAR Market companies. The top five law firms are: 1. Shanghai Jintiancheng: 62 cases 2. Beijing Zhonglun: 56 cases 3. Beijing Deheng: 46 cases 4. Beijing Jindu: 36 cases 5. Beijing Guofeng: 35 cases [7]. Group 4: Accounting Firms Performance - A total of 29 accounting firms provided audit services for the IPOs of the 589 STAR Market companies. The top five accounting firms are: 1. Tianjian: 108 cases 2. Lixin: 88 cases 3. Rongcheng: 68 cases 4. Tianzhi International: 41 cases 5. Dahua: 35 cases [8].

Core Viewpoint - The lithium battery equipment industry is gradually emerging from its bottom phase, with solid-state batteries expected to achieve commercial application by 2027, leading the equipment sector [1] Group 1: Industry Trends - Since September 2024, the operating rates of leading domestic battery manufacturers have shown improvement [1] - From 2025 onwards, leading lithium battery equipment companies continue to receive overseas orders, with significant domestic recovery expected, leading to potential upward adjustments for the entire year [1] Group 2: Solid-State Battery Developments - Recent catalysts for solid-state batteries include successful technological advancements by overseas companies such as Quantum Scape and Solid Power, which have seen their stock prices reach new highs, attracting significant attention from the capital market [1] - The release of the "Solid-State Battery Determination Method" in May 2025 has established industry standards, while the revised safety requirements for electric vehicle batteries have strengthened safety protocols, laying a solid foundation for the development of the solid-state battery industry [1] Group 3: Investment Opportunities - The gradual establishment of pilot lines for solid-state batteries by leading manufacturers and the mid-term acceptance of the solid-state battery special project by the Ministry of Industry and Information Technology indicate that the solid-state battery equipment industry is likely to benefit first [1] - Companies to watch include Xianlead Intelligent (300450), Xianhui Technology, and Haimeixing, as well as Eastway Technology and Jiao Cheng Ultrasonic, which focus on composite current collector equipment [1]

Core Insights - The Hong Kong IPO market is experiencing a surge in activity, with financing scale returning to the global forefront, driven primarily by Chinese securities firms [1][2] - Major Chinese securities firms, including CICC and CITIC Securities, have shown outstanding performance, collectively holding over 40% market share in the IPO space [1][2] - The first half of the year saw 51 companies successfully listed on the Hong Kong main board, a 27.5% increase from 40 companies in the same period last year, with IPO fundraising amounting to HKD 125.4 billion, a significant rise of 591.94% year-on-year [1] Company Performance - CICC led the underwriting projects with 18 deals, capturing a market share of 16.36%, followed by CITIC Securities with 11 deals (10.00%), Huatai Securities with 10 deals (9.09%), and招商证券 with 8 deals (7.27%) [2] - The top four Chinese securities firms account for a total market share of 42.72%, highlighting the "Matthew Effect" in the Hong Kong IPO market [2] Competitive Advantages - Chinese securities firms possess inherent advantages over foreign counterparts in client insight and maintenance, as they have established long-term relationships with A-share clients, allowing for better understanding of business models and regulatory preferences [2][3] - The integrated "domestic-Hong Kong" teams enable seamless coordination and efficient execution of A+H listing strategies, significantly enhancing the efficiency of H-share listings and refinancing [2] Future Strategies - CICC plans to continue enhancing its integrated domestic and international operations, focusing on key sectors such as TMT, consumer goods, advanced manufacturing, and biotechnology to capitalize on the ongoing A+H listing trend [3] - CITIC Securities is accelerating its international development, achieving record high international business revenue, and aims to enhance its core competencies in business capability, client market, and operational management [4] - GF Securities intends to strengthen resource accumulation in key sectors, enhance client development, and focus on digital transformation in investment banking [4]

Core Viewpoint - The company has completed the investment project "Guangdong Qingyan High-end Environmental Equipment R&D and Manufacturing Base" and plans to permanently supplement its working capital with the remaining funds from the fundraising [1][4][8]. Fundraising Basic Information - The company raised a total of RMB 516.21 million by issuing 27.01 million shares at a price of RMB 19.09 per share, with a net amount of RMB 443.49 million after deducting issuance costs [1][2]. Fundraising Usage - The raised funds were planned for investment in specific projects, including RMB 100 million for working capital and a total project investment of RMB 388 million [2][3]. Fundraising Management - As of June 30, 2025, the remaining balance of the raised funds was RMB 32.02 million, which includes interest and investment income after deducting bank fees [3][4]. Project Completion and Surplus Funds - The project has been completed and accepted, meeting the conditions for closure, with a surplus of RMB 70.19 million in raised funds after accounting for payments due [5][6]. Reasons for Surplus Funds - The surplus was primarily due to effective cost control and management during the project, as well as a slowdown in equipment procurement, which will now be funded by the company's own resources [6][7]. Plan for Surplus Funds - The company intends to use the surplus funds of RMB 70.19 million to permanently supplement its working capital, which will enhance the efficiency of fund usage [6][7]. Impact of Surplus Funds on the Company - The decision to use surplus funds for working capital is based on operational needs and is expected to improve fund efficiency without adversely affecting normal operations or shareholder interests [7][8]. Review Procedures and Opinions - The board of directors and the supervisory board have approved the closure of the project and the use of surplus funds, confirming compliance with relevant laws and regulations [7][8].

Summary of Key Points Core Viewpoint - The company, Shanghai Waigaoqiao Group Co., Ltd., is utilizing temporarily idle raised funds for cash management to enhance fund efficiency and increase returns for shareholders while ensuring that the main business and investment projects are not affected [1][5][6]. Fundraising Basic Information - The company raised a total of RMB 2,474,685,295.88 through the issuance of 224,563,094 shares, with a net amount of RMB 2,447,598,658.01 after deducting issuance costs [1][2]. Fund Investment Plan - The total investment for the fundraising projects is RMB 340,393.49 million, with specific allocations as follows: - New Development H2: Total investment RMB 98,000.00 million, raised funds RMB 56,485.53 million - D1C-108~116 General Factory Project: Total investment RMB 78,700.00 million, raised funds RMB 47,007.90 million - F9C-95 Factory Project: Total investment RMB 89,453.49 million, raised funds RMB 67,974.47 million - Supplementing Working Capital: Total investment RMB 74,240.00 million, raised funds RMB 73,291.97 million [2]. Cash Management Purpose - The cash management aims to improve the efficiency of the raised funds, reduce financial costs, and increase company returns without affecting the main business or investment projects [3][5]. Cash Management Details - The company plans to use up to RMB 50,300.00 million of temporarily idle funds for cash management, with a maximum duration of 12 months, allowing for the funds to be recycled [3][4]. - The cash management products will include safe and liquid principal-protected financial products or deposit products, with a term not exceeding 12 months [3][4]. Approval Process - The board of directors and the supervisory board have approved the cash management proposal, ensuring compliance with relevant laws and regulations, and confirming that it does not harm the interests of the company or shareholders [6][7].

Group 1: Capital Market Reforms - The global economic and trade order is undergoing profound adjustments, with a new round of technological revolution and industrial transformation accelerating, making service technology innovation the main line of current capital market reforms [1] - The Science and Technology Innovation Board (STAR Market) has introduced "1+6" reform measures this year, providing a more inclusive system for equity financing of high-quality unprofitable technology companies [1][3] - The launch of the "Technology Board" in the bond market further addresses the bottlenecks in serving technology innovation [1][3] Group 2: Dual-Engine Financing Model - The STAR Market provides "capital" while the "Technology Board" offers "cash flow," creating a relay race where equity and debt financing alternate to support hard technology companies [1][4][6] - As of now, the STAR Market has gathered nearly 590 hard technology companies with a total market value exceeding 7.9 trillion yuan, while the Technology Board has issued over 730 billion yuan in technology innovation bonds since its launch in May [3][4] Group 3: Investment Banking Service Transformation - Investment banks need to enhance their comprehensive service capabilities, forming a matrix of services around equity financing, debt financing, mergers and acquisitions, asset securitization, and REITs [2][7] - The recent policies from various regulatory bodies aim to guide investment banks in providing full lifecycle financial services to high-quality technology innovation enterprises [7][10] Group 4: Future Outlook - The acceptance of technology innovation bonds by issuers and investors is expected to facilitate smoother financing for various technology companies, with an increase in patient capital and strategic investment [10] - Future development of the Technology Board will require continuous iteration in institutional design, product structure, funding sources, and ecosystem construction to ensure that patient capital flows into new productive forces [10]

Core Viewpoint - Yunnan Copper Co., Ltd. is planning to acquire a 40% stake in Liangshan Mining Co., Ltd. from Yunnan Copper (Group) Co., Ltd. through a share issuance, while also raising matching funds by issuing shares to China Aluminum Corporation and China Copper Corporation [1] Group 1: Insider Information Management - The company has established an Insider Information Management System in accordance with relevant laws and regulations, including the Securities Law of the People's Republic of China and the Shenzhen Stock Exchange Listing Rules [1][3] - The system is designed to manage insider information and ensure compliance with legal requirements during the transaction process [3] Group 2: Execution of Insider Information Management - During the planning and execution of the transaction, the company implemented strict confidentiality measures, informing all parties involved to keep transaction-related information confidential until legal disclosure [2] - Access to sensitive information was limited to core participants registered as insider information holders, ensuring that only authorized personnel were aware of the details [2] - The company submitted necessary documentation, including a transaction progress memorandum and insider information holder registration forms, to the Shenzhen Stock Exchange [2] Group 3: Independent Financial Advisor's Opinion - The independent financial advisor, CITIC Construction Investment Securities, confirmed that the company's Insider Information Management System complies with relevant laws and regulations [3] - The advisor noted that the company has effectively managed the registration and reporting of insider information holders and has taken appropriate confidentiality measures [3]