Core Viewpoint - 2025 is expected to be a significant year for the penetration of liquid cooling in NVIDIA's AI chip market, driven by increased power consumption per chip and the maturation of the liquid cooling supply chain [1] Group 1: Market Trends - The market size for liquid cooling is anticipated to grow significantly due to the rising power consumption of individual chips [1] - The adoption of liquid cooling solutions in ASIC cabinet configurations is expected to accelerate, enhancing market penetration [1] Group 2: Industry Developments - Domestic manufacturers are introducing ultra-node solutions that will further boost the adoption of liquid cooling technologies [1] - The overall maturity of the liquid cooling industry is projected to facilitate rapid penetration in both the ASIC market and the domestic market, expanding market opportunities [1]

Core Viewpoint - China Uranium Industry Co., Ltd. has been approved for its initial public offering (IPO) on the Shenzhen Stock Exchange, marking it as the 48th company to pass the review this year [1][2]. Company Overview - China Uranium is focused on the comprehensive utilization of natural uranium and radioactive associated mineral resources, primarily engaged in the mining, sales, and trade of natural uranium resources, as well as the comprehensive utilization and sales of products like monazite and uranium-molybdenum [1]. Shareholding Structure - As of the signing date of the prospectus, China National Nuclear Corporation holds 1,197,043,120 shares of China Uranium, representing a 65.77% stake, making it the controlling shareholder [2]. - The actual controller of China Uranium is China National Nuclear Corporation, which indirectly controls 79.48% of the shares through various subsidiaries and partnerships [2]. IPO Details - China Uranium plans to publicly issue no less than 202,222,223 shares and no more than 321,176,470 shares on the Shenzhen Stock Exchange, accounting for 10% to 15% of the post-issue share capital [2]. - The company aims to raise 4.11 billion yuan, which will be allocated to natural uranium capacity projects, comprehensive utilization projects of radioactive associated mineral resources, and to supplement working capital [2]. Regulatory Review - During the listing committee meeting, key inquiries were made regarding the future price trends of natural uranium, the stability of major customers and suppliers, and the impact of these factors on revenue composition and gross margin trends [2].

Core Viewpoint - The overall performance of the securities industry has shown a recovery in the first half of the year, with major firms expressing optimism about sustaining this momentum into the second half [3][4]. Performance Overview - The 42 listed securities firms collectively achieved operating revenue of approximately 251.87 billion yuan, a year-on-year increase of over 10% [3]. - The net profit attributable to shareholders reached about 104.02 billion yuan, with a year-on-year growth rate of 65% [3]. - Several firms, including Shenwan Hongyuan and China Merchants Securities, indicated plans to capitalize on opportunities in the second half to maintain their growth trajectory [3]. Business Strategy - Wealth management, proprietary investment, and investment banking remain the core business lines, while digital transformation and international expansion are emerging as key focus areas [6]. - Firms are emphasizing a customer-centric approach in wealth management, with strategies to enhance service offerings [6]. - In proprietary investment, firms are adopting a conservative approach with a focus on absolute returns [6]. Investment Banking Focus - Smaller firms are concentrating on regional development and industry-specific strategies, with a focus on local economic initiatives [7]. - Digital transformation and internationalization are seen as essential for improving operational efficiency, with several firms planning to enhance their overseas financial services [7]. Dividend Plans - A total of 28 out of 42 listed firms plan to implement mid-term cash dividends, with a cumulative total of 18.80 billion yuan, reflecting a year-on-year increase of 39.8% [9]. - Notably, China CITIC Securities leads with a proposed cash dividend of 4.30 billion yuan [9]. - Companies are committed to maintaining stable and sustainable dividend policies to enhance investor confidence [10].

Core Viewpoint - Shaanxi Hydropower Development Group's IPO process has been halted as the company voluntarily withdrew its listing application, leading to the termination of the review by the Shanghai Stock Exchange [1] Company Overview - Shaanxi Hydropower is the sole operating entity for clean energy generation under the Shaanxi Investment Group, focusing on investments and operations in solar, wind, and hydropower projects [3] - The company submitted its IPO application on December 30, 2023, aiming to raise 1 billion yuan by issuing up to 428 million shares for the "Shaanxi Investment Fugu 250 MW Solar Power Delivery Project" [3] Shareholder Structure - The controlling shareholder of Shaanxi Hydropower is Shaanxi Investment Group, which holds a total of 73.71% of the company's shares through direct and indirect means [3] - The underwriting team for the IPO includes prominent firms such as CITIC Securities and Western Securities, with a total of four representatives [3] Financial Performance - In 2024, Shaanxi Hydropower reported revenue of 1.06 billion yuan, a decline of 1.85% from 2023, with a significant drop in net profit from 282 million yuan to 170 million yuan, representing a year-on-year decrease of 39.72% [4] - In contrast, Shaanxi Energy, a related entity, achieved a revenue of 23.156 billion yuan and a net profit exceeding 3 billion yuan in 2024, highlighting a significant disparity in operational scale [4] Regulatory Environment - The China Securities Regulatory Commission has emphasized stricter listing standards for the main board, requiring companies to demonstrate industry representation, stable operating performance, and substantial scale [4] - Shaanxi Hydropower's revenue is heavily reliant on State Grid Shaanxi Electric Power Company, with over 90% of its income derived from this source, limiting its competitiveness in the national clean energy sector [4] Industry Competition - The presence of direct competition from Shaanxi Energy, which holds a 14.61% stake in Shaanxi Hydropower, raises concerns regarding potential conflicts of interest [6] - Similar challenges were faced by Guangxi Beibu Gulf Land-Sea New Energy Co., which withdrew its IPO application due to difficulties in meeting the main board's "blue-chip" criteria [6] Future Prospects - The integration of Shaanxi Hydropower into Shaanxi Energy could provide a viable path for achieving listing goals, allowing for a complementary structure between thermal and clean energy operations [7]

Core Viewpoint - The company, Lianyun Technology, has received approval from the China Securities Regulatory Commission for its initial public offering (IPO) on the Sci-Tech Innovation Board, with a share price of 11.25 yuan and total fundraising of 1.125 billion yuan, netting approximately 1.033 billion yuan after expenses [1] Group 1: Financial Overview - The company reported a significant increase in revenue, total profit, and net profit attributable to shareholders for the first half of 2025, driven by a recovery in downstream demand and the growing need for data storage due to advancements in AI technology [11] - The net cash flow from operating activities improved significantly compared to the previous year, primarily due to increased sales collections [11] - The company maintained a high R&D expenditure, with R&D costs accounting for over 40% of revenue, amounting to approximately 249.31 million yuan in the first half of 2025, reflecting a 25.53% increase year-on-year [19] Group 2: Business Risks - The company faces core competitiveness risks due to the highly competitive and rapidly evolving nature of the integrated circuit design industry, particularly in the solid-state drive (SSD) controller chip sector [2][3] - There is a risk of operational performance volatility, influenced by changes in revenue and ongoing increases in R&D expenses, which could lead to decreased product prices and sales volumes if market demand declines [3][4] - High customer concentration poses a risk, as the company's performance is closely tied to the operational status of its major clients, which could lead to reduced orders if these clients face market challenges [3][4] Group 3: Industry Context - The data storage controller chip industry is relatively concentrated, with major players including Samsung and Western Digital, and the company must navigate rapid technological changes and competitive pricing pressures from new entrants [8] - The AIoT signal processing and transmission chip market presents significant challenges, as it is dominated by established international firms, and the company is still in the early stages of market penetration [8] - Macro-environmental risks include international trade restrictions affecting semiconductor equipment, which could impact the company's operations and financial health if trade policies change unfavorably [9] Group 4: Competitive Advantages - The company has established a robust R&D platform and a multi-departmental coordination system, enabling efficient resource sharing and reduced development costs [12] - It has accumulated extensive experience and technology in the data storage field, successfully launching over ten products and expanding into embedded storage [13][14] - The company has built a strong customer base, partnering with leading clients in the SSD market and establishing stable relationships with major PC brands [14][15] Group 5: Intellectual Property and Compliance - The company has a comprehensive intellectual property management system, with 86 authorized patents and ongoing efforts to protect its innovations [20] - Fundraising and usage of proceeds comply with relevant regulations, ensuring no misuse of funds or harm to shareholder interests [20]

Group 1: Market Overview - The A-share market has seen a structural trend with a significant increase in trading activity and investor engagement, leading to a historic opportunity for investment advisory services [1][2] - In August, 2.65 million new accounts were opened in the A-share market, marking a 34.97% month-on-month increase and a 165% year-on-year increase, with a total of 17.21 million new accounts opened in the first eight months of the year [1] Group 2: Growth in Investment Advisory Services - The number of investment advisors has increased significantly, nearing 90,000, reflecting a strong demand for professional advisory services despite a decrease in overall industry personnel [1] - The brokerage industry has seen a 55% year-on-year increase in commission income from brokerage services, reaching 74.56 billion yuan in the first half of 2025 [2] Group 3: Investor Behavior and Demand - Investors are increasingly seeking professional investment guidance, with many new clients signing up for advisory services to optimize their asset allocation and portfolio structure [3][4] - There is a notable shift in investor inquiries, focusing on specific market conditions, valuation assessments, and investment strategies [3] Group 4: Performance of Wealth Management - The wealth management transformation among brokerages is showing positive results, with a significant increase in client engagement and service offerings [9][11] - The number of signed clients for investment advisory services at Guoxin Securities increased by 63% from the end of 2024 to August 2025, reflecting the growing demand for professional advisory services [7] Group 5: Technology and Client Engagement - Companies are enhancing client engagement through regular communication and interactive platforms, utilizing technology to provide tailored investment solutions [10][11] - The use of AI and technology in advisory services is being emphasized to improve service delivery and meet diverse client needs [11]

Core Viewpoint - The company, Lianyun Technology (Hangzhou) Co., Ltd., has successfully completed its initial public offering (IPO) on the Sci-Tech Innovation Board, raising a total of 1.125 billion yuan with a net amount of approximately 1.033 billion yuan after deducting issuance costs [1][8]. Continuous Supervision Work - The sponsor, CITIC Securities, has established a comprehensive and effective continuous supervision work system, including a work plan and a supervision agreement with Lianyun Technology [1][2]. - Continuous supervision includes regular communication, site inspections, and due diligence to monitor the company's operational status [1][3][4]. Financial Performance - For the first half of 2025, the company's operating income reached approximately 609.72 million yuan, representing a year-on-year increase of 15.68% [14]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, increased significantly by 99.18% to approximately 35.09 million yuan [14]. - The company's cash flow from operating activities showed a significant improvement, with a net cash flow of approximately -17.97 million yuan, compared to -137.93 million yuan in the same period last year [14]. Research and Development - The company has maintained a high R&D expenditure, accounting for over 40% of its operating income, with a focus on developing advanced PCIe Gen5 controller chips and expanding into embedded storage controller chips [8][9]. - As of June 2025, the company had a R&D team of 583 people, representing 81.08% of its total workforce, and had applied for 25 invention patents in the first half of 2025 [19][17]. Market Position and Competition - Lianyun Technology holds a significant position in the SSD controller chip market, with a growing market share, while also facing competition from major players like Samsung and Western Digital [12][16]. - The company is expanding into the AIoT signal processing and transmission chip market, which is characterized by high technical barriers and competition from established international firms [12][16]. Risk Factors - The company faces several risks, including core competitiveness risks due to rapid technological changes and high R&D costs, operational risks related to customer concentration, and financial risks associated with inventory and accounts receivable [8][9][11]. - The macroeconomic environment poses additional risks, including international trade restrictions and potential impacts on the semiconductor industry [13]. Use of Raised Funds - As of June 30, 2025, the company has complied with regulations regarding the use of raised funds, with a remaining balance of approximately 779.72 million yuan after deducting issuance costs and temporary cash management [20].

Core Viewpoint - The company plans to use its own funds to pay for part of the fundraising project expenses and will subsequently replace these with equivalent amounts from the raised funds, ensuring compliance with regulatory requirements and maintaining the integrity of the fundraising process [1][5]. Fundraising Basic Situation - The company issued 4.946 million convertible bonds at a face value of 100 RMB each, raising a total of 494.60 million RMB, which is stored in a designated account [2]. - After deducting issuance costs, the net amount available for investment is 485.61 million RMB [2]. Fundraising Investment Project Situation - The funds raised will be allocated to the following projects: - Digital Banking Service Platform Construction Project: 339.22 million RMB allocated, with 39.25 million RMB (11.57%) utilized as of June 30, 2025 - Supplementing Working Capital: 146.39 million RMB fully utilized [2]. Reasons for Using Own Funds - The company needs to cover personnel costs such as salaries and social security, which must be paid through a basic deposit account as per regulations. Using the fundraising account directly for these payments would not comply with the requirements [2][3]. Impact on the Company - The use of self-funds for project payments and subsequent replacement with raised funds will not affect the normal implementation of the fundraising project and does not constitute a change in the direction of the raised funds or harm shareholder interests [4][5]. Review Procedures and Opinions - The board of directors approved the proposal to use self-funds for project payments, and the audit committee confirmed that the necessary decision-making procedures were followed, ensuring no adverse effects on the fundraising project [4][5]. Sponsor's Verification Opinion - The sponsor has verified that the company's actions comply with relevant regulations and will not impact the fundraising project's investment plan or shareholder interests [5].

中信建投证券股份有限公司 年 月 日 | 中信建投证券股份有限公司 | | | | | | --- | --- | --- | --- | --- | | 关于湖南裕能新能源电池材料股份有限公司 | | | | | | 保荐人名称：中信建投证券股份有限公司 上市公司简称：湖南裕能 | | | | | | 保荐代表人姓名：张帅 联系电话：010-56051435 | | | | | | 保荐代表人姓名：胡德波 联系电话：010-65608237 | | | | | | 一、保荐工作概述 | | | | | | 项目 工作内容 | | | | | | （1）是否及时审阅公司信息披露文件 | | | 是 | | | （2）未及时审阅公司信息披露文件的次数 | | | 0次 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止关联方占 | | | | | | 用公司资源的制度、募集资金管理制度、内控制度、内部审计制度、 | 是 | | | | | 关联交易制度） | | | | | | （2）公司是否有效执行相关规章制度 | | 是 | | | | （1）查询公司募集资金专户次数 每月一次 | | | | ...

Core Viewpoint - Anhui Xindong Link Micro System Co., Ltd. has successfully completed its initial public offering (IPO) on the Sci-Tech Innovation Board, raising a total of RMB 147.63 million with a net amount of RMB 135.44 million after deducting issuance costs [1] Group 1: IPO Details - The company issued 55.21 million shares at a price of RMB 26.74 per share, with a par value of RMB 1.00 per share [1] - The IPO was approved by the China Securities Regulatory Commission (CSRC) under document number "Zheng Jian Xu Ke [2023] 1012" [1] - The shares were listed on the Shanghai Stock Exchange on June 30, 2023 [1] Group 2: Continuous Supervision - The sponsor, CITIC Securities, has established and effectively executed a continuous supervision work plan in accordance with CSRC regulations [2] - During the supervision period, the company did not encounter any violations or breaches of commitments [2][4] - The sponsor conducted regular communication, site visits, and due diligence to monitor the company's operations [2][3] Group 3: Financial Performance - For the first half of 2025, the company reported operating revenue of RMB 253.13 million, an increase of 84.34% compared to the same period in 2024 [9] - The net profit attributable to shareholders reached RMB 147.52 million, reflecting a growth of 210.65% year-on-year [9] - The company's total assets as of June 30, 2025, were RMB 2.46 billion, a 3.28% increase from the end of 2024 [9] Group 4: Core Competitiveness - The company possesses core technologies in MEMS inertial sensor chip design, MEMS process development, and packaging/testing standards, with proprietary intellectual property rights [10] - The company has established a stable cooperative relationship with multiple wafer manufacturers and packaging vendors, enhancing its production capabilities [11] - As of June 30, 2025, the company had 98 R&D personnel, accounting for 44.95% of its total workforce, with a significant portion holding master's or doctoral degrees [11] Group 5: Use of Raised Funds - The company raised a total of RMB 147.63 million from the IPO, with a net amount of RMB 135.44 million after deducting issuance costs [12] - As of June 30, 2025, the balance of the raised funds was RMB 928.91 million, with specific allocations for project investments and working capital [12][13] - The use of raised funds complies with relevant regulations and has been disclosed appropriately [13]