中信建投证券股份有限公司 关于中国电器科学研究院股份有限公司 股东向特定机构投资者询价转让股份的核查报告 上海证券交易所： 中信建投证券股份有限公司（以下简称"中信建投证券"或"组织券商"） 受委托担任广州凯天投资管理中心(有限合伙)（以下简称"出让方"）以向特 定机构投资者询价转让（以下简称"询价转让"）方式减持所持有的中国电器 科学研究院股份有限公司（以下简称"公司"或"中国电研"）首次公开发行 前已发行股份的组织券商。 经核查，组织券商就本次询价转让的股东、受让方是否符合《上海证券交 易所科创板上市公司自律监管指引第 4 号——询价转让和配售》（以下简称 "《询价转让和配售指引》"）要求，本次询价转让的询价、转让过程与结果 是否公平、公正，是否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让出让方 截至 2025 年 7 月 18 日，出让方所持公司股份的数量、占公司总股本比例 情况如下： 序号 股东名称 持股数量（股） 持股占总股本比例 （二）本次询价转让数量 本次拟询价转让股数上限为 6,067,500 股，受让方获配后，本次询价转让情 况如下： | | ...

Core Viewpoint - The establishment of Beijing Securities marks a significant return of the brand after 20 years, as it is now under the control of Beijing State-owned Assets Management Company, which holds an 85.01% stake in the company [2][3][4]. Group 1: Company Background - Beijing Securities, previously known as Credit Suisse Securities, has been rebranded after the acquisition by Beijing State-owned Assets Management Company [2][4]. - The original Beijing Securities was established in 1997 but was restructured in 2005 due to severe financial losses, leading to its disappearance from the market until now [5][6]. Group 2: Financial Performance - Beijing Securities has reported continuous losses over the past three years, with net profits of -255 million yuan in 2022, -199 million yuan in 2023, and -162 million yuan in 2024, totaling a cumulative loss of 616 million yuan [12][13]. - The immediate challenge for Beijing Securities is to turn its financial performance around before any potential mergers can be considered [12]. Group 3: Industry Context - With the addition of Beijing Securities, the number of brokerages under the Beijing State-owned Assets Management Company has increased to five, including Shouchuang Securities, First Capital Securities, CITIC Securities, and Financial Street Securities [6][8]. - Analysts suggest that the most likely merger candidates within the Beijing State-owned system are Shouchuang Securities and First Capital Securities due to their shared ownership history [9][10].

目前网传消息并不统一，各家情况也不一样，而由于公司内部投行，研究所，经纪条线，奖金分化很 大，有些是没有奖金。 券商们的年终奖发放之路可谓坎坷。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 时行工作室 金融民工望年终奖，如旱苗盼雨却波折不断。 在金融行业的江湖里，年终奖一直是从业者们心心念念的大事，它不仅是对一年辛勤工作的犒赏，更像 是一场年度大考后的成绩单，承载着期望与梦想。然而，今年的情况却格外扑朔迷离。 当我们向中信建投证券的营业部员工求证后，得到的答案让人有些失落。对方表示，年终奖方案已出， 却并非人人有份，经纪业务线的员工大多只能眼巴巴看着，只有营业部总经理和分公司的副总和经理能 从中分得一杯羹，而且职级工资档的升降级也还未落地。 往年年初便会发放的年终奖，今年却如石沉大海，直到半年过去，多数人还在苦苦等待。 不过，7月16日一丝曙光出现了。 注册地位于金融街的某AMC券商总部终于发放了年终奖，这本是件值得高兴的事，可当员工们看到年 终奖的数额时，笑容瞬间僵在了脸上。 2024年的年终奖仅发了0.9个月，不少应届生的年终奖甚至不足1万元，而且这已经是 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司2025年 面 向 專 業 投 資 者 公 開 發 行 短 期 公 司 債 券（第 二 期）發 行 結 果 公 告》，僅 供 參 閱。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 中國北京 2025年7月24日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 生 及 金 劍 華 先 生；本 公 司 非 執 行 董 事 為 李 岷 先 生、閆 小 ...

Core Viewpoint - The Xiamen Securities Regulatory Bureau has disclosed three administrative penalty decisions related to securities professionals engaging in illegal trading activities, highlighting a broader crackdown on such violations across the industry in 2024 [1][4]. Group 1: Administrative Penalties - Three individuals from Longcheng Guorui Securities and Jinyuan Tongyi Securities were penalized for illegal trading activities, with penalties including fines and confiscation of illegal gains [2][4]. - Zheng Han, born in 1973, incurred a total transaction amount of 5.7667 million yuan with a loss of 48,600 yuan, resulting in a fine of 40,000 yuan due to no illegal gains [2][3]. - Chen Zhongbin, born in 1986, had a transaction amount of 1.9246 million yuan with a profit of 4,069.91 yuan, leading to confiscation of the profit and a fine of 40,000 yuan [2][3]. - Wang Jian, born in 1995, had a transaction amount of 9.7917 million yuan with a profit of 5,579.29 yuan, also facing confiscation of the profit and a fine of 40,000 yuan [2][3]. Group 2: Regulatory Actions - In 2024, the regulatory authorities intensified their crackdown on illegal trading by securities professionals, with 59 cases of violations being addressed across the industry [4]. - A total of 10 administrative penalties were issued in the first half of 2025, involving various securities firms including Zhongshan Securities, Guodu Securities, and others [4]. - The penalties affected not only regular employees but also department heads and senior management, indicating a comprehensive approach to enforcement [4]. Group 3: Specific Cases - Yang Jiangquan, a former executive at Guodu Securities, was fined 150,000 yuan for holding and selling shares of Chengda Biological, resulting in a loss of 1.309 million yuan [5].

Core Viewpoint - The North Exchange (北交所) has shown significant growth in the first half of 2025, with the North 50 Index rising by 39.45%, positioning it among the top global stock indices. The outlook for the second half remains cautiously optimistic, with a focus on dividend, consumption, and innovation as key investment themes [1][6]. Market Performance and Drivers - The North Exchange's strong performance in the first half of 2025 was primarily driven by policy benefits, followed by liquidity improvements and valuation recovery. However, the market is currently experiencing a degree of valuation bubble that needs to be addressed through earnings growth [2][5]. - The market is expected to maintain a high level of volatility and correlation with domestic markets, influenced by the characteristics of small and innovative companies listed on the North Exchange [4][5]. Investment Opportunities - The North Exchange is positioned for continued growth, focusing on supporting innovative small and medium enterprises, particularly in advanced manufacturing and modern services. This aligns with national strategies to foster strategic emerging industries [3][6]. - Investment strategies should balance defensive and offensive positions, with dividends serving as a shield and domestic demand and innovation as the spear. The emphasis on stabilizing growth policies and enhancing domestic consumption is expected to create opportunities in cyclical core assets [7]. Future Outlook - The North Exchange is anticipated to continue its robust development, with significant potential for expansion and improvement in company quality. The market is likely to see increased attention from institutional investors, which could lead to substantial growth [3][4]. - Future reforms and measures, such as high-quality expansion of companies and the introduction of specialized indices, are expected to attract more market interest and investment [3][4].

Core Insights - The China Securities Association released the bond underwriting statistics for the first half of 2025, highlighting the performance of various securities firms in different categories of bonds [1][3]. Green Bonds - In the first half of 2025, 40 securities firms acted as lead underwriters for green bonds, managing a total of 71 bonds/products with a combined amount of 594.44 billion yuan. Among them, 19 asset securitization products accounted for 255.94 billion yuan [3]. - CITIC Construction Investment ranked first in green bond underwriting with an amount of 129.92 billion yuan, being the only firm to exceed 100 billion yuan. CITIC Securities and Guotai Junan followed in second and third places with 67.40 billion yuan and 62.72 billion yuan, respectively [3]. Technology Innovation Bonds - A total of 68 securities firms underwrote 380 technology innovation bonds in the first half of 2025, with a total amount of 3813.91 billion yuan, representing a year-on-year growth of 56.48% [4]. - The top three firms in terms of the number of underwritten bonds were CITIC Securities (46.73), CITIC Construction Investment (38.63), and Guotai Junan (34.67) [5][6]. Low-Carbon Transition Bonds - In the low-carbon transition bond category, 17 securities firms underwrote 14 bonds with a total amount of 83.5 billion yuan in the first half of 2025 [8]. - Caixin Securities led in the number of underwritten bonds, while Guotai Junan and Guoxin Securities tied for the highest underwriting amount at 10 billion yuan each [8]. Rural Revitalization Bonds - For rural revitalization bonds, 30 securities firms managed 37 bonds/products with a total amount of 266.24 billion yuan in the first half of 2025 [11]. - CITIC Securities ranked first in both the number of underwritten bonds (3.25) and the underwriting amount (35.98 billion yuan) [11][12]. Support for Small and Micro Enterprises Bonds - In the small and micro enterprise support bond category, 32 securities firms underwrote 30 bonds with a total amount of 118.2 billion yuan [13]. - Wenkang Securities led with an underwriting amount of 11 billion yuan, followed by Changjiang Securities with 10 billion yuan [13][15].

Core Viewpoint - The China Securities Association released the bond underwriting statistics for the first half of 2025, highlighting significant growth in green bonds and technology innovation bonds, with various securities firms showing differentiated strengths in different categories [1][3]. Green Bonds - In the first half of 2025, 40 securities firms acted as main underwriters for green bonds, managing a total of 71 bonds/products with a combined amount of 594.44 billion yuan. Among these, 19 were asset-backed securities totaling 255.94 billion yuan [3][4]. - CITIC Construction Investment led the green bond underwriting with an amount of 129.92 billion yuan, making it the only firm to exceed 100 billion yuan. CITIC Securities and Guotai Junan followed with 67.40 billion yuan and 62.72 billion yuan, respectively [3][5]. Technology Innovation Bonds - A total of 68 securities firms underwrote 380 technology innovation bonds in the first half of 2025, with a total amount of 3813.91 billion yuan, representing a year-on-year growth of 56.48% [7]. - The top three firms in terms of the number of underwritten bonds were CITIC Securities (46.73), CITIC Construction Investment (38.63), and Guotai Haitong (34.67) [7][9]. Low-Carbon Transition Bonds - In the low-carbon transition bond category, 17 firms underwrote 14 bonds with a total amount of 83.5 billion yuan in the first half of 2025. Financial Securities led in the number of underwritten bonds [11]. - Guotai Haitong and Guoxin Securities both had underwriting amounts of 10 billion yuan, ranking first in this category [11]. Rural Revitalization Bonds - For rural revitalization bonds, 30 firms underwrote 37 bonds/products with a total amount of 266.24 billion yuan. CITIC Securities ranked first in both the number of underwritten bonds (3.25) and the amount (35.98 billion yuan) [15][16]. Support for Small and Micro Enterprises - In the small and micro enterprise support bond category, 32 firms underwrote 30 bonds with a total amount of 118.2 billion yuan. Wukuang Securities led with an underwriting amount of 11 billion yuan [18].

Core Viewpoint - The announcement of a share reduction plan by major shareholder Harbin Institute of Technology Education Development Foundation indicates potential liquidity changes for New Light Optoelectronics, which has been experiencing continuous losses over the past three years [1] Financial Performance - New Light Optoelectronics reported a net profit attributable to shareholders of -67.96 million in 2024, a decrease of 73.51% compared to -39.17 million in 2023 [2] - The company has recorded net losses for three consecutive years: -24.67 million in 2022, -39.17 million in 2023, and -67.96 million in 2024 [1][2] - The net profit excluding non-recurring gains and losses was -82.37 million in 2024, down 30.16% from -63.28 million in 2023 [2] - Operating cash flow was -6.57 million in 2024, a significant decline from 0.68 million in 2023 [2] Shareholder Actions - The Harbin Institute of Technology Education Development Foundation plans to reduce its holdings by up to 1% through centralized bidding and up to 2% through block trading within three months after the announcement [1] - The foundation holds 5,820,000 shares, representing 5.82% of the total share capital, all of which are tradable shares obtained through donation [1] Company Background - New Light Optoelectronics was listed on the Sci-Tech Innovation Board on July 22, 2019, with an initial public offering of 25 million shares at a price of 38.09 yuan per share [4] - The total amount raised during the IPO was 9.52 billion, with a net amount of 8.65 billion after expenses [5] - The company primarily engages in the manufacturing of computer, communication, and other electronic equipment [5]

Group 1: Market Trends - The paper sector continues its upward trend, with Nine Dragons Paper (02689.HK) leading the gains, rising over 9% after announcing a price increase of 30 CNY/ton for corrugated paper and recycled cardboard starting August 1, reflecting an optimized supply-demand structure in the industry [1] - The brokerage sector saw collective strength, with major Chinese brokerages like Dongfang Securities (03958.HK) and Zhongyuan Securities (01375.HK) rising over 6% and 5% respectively, indicating significant capital inflow into the sector [1] - Urban Beauty (02298.HK) surged 13% as its online GMV for 2024 is projected to reach 1.57 billion CNY, marking a 100% year-on-year increase, showcasing the effectiveness of its new retail transformation [1] Group 2: Company Performance - China Duty Free Group (01880.HK) soared 17% after Macquarie's report indicated a narrowing year-on-year revenue decline from 19.5% in Q4 2024 to 11% in Q1 2025, with a stable gross margin of 33% [1] - The gaming sector experienced a broad increase, with companies like 澳博控股 (00880.HK) and 银河娱乐 (00027.HK) rising over 3%, supported by UBS data showing Macau's average daily gaming revenue in July at 683 million MOP, a 14% year-on-year increase [2] - 雍禾医疗 (02279.HK) saw a 13% increase after forming a strategic partnership with Meituan Health to build a medical-grade hair health service system [2] Group 3: Real Estate and Financing - The Hong Kong real estate sector collectively strengthened, with Country Garden (02007.HK) leading with nearly a 10% rise, driven by improved financing conditions as indicated by the People's Bank of China's report showing a recovery in real estate loan growth [3] - Meilan Airport (0357.HK) rose 10% as CITIC Securities highlighted the significance of Hainan's trade opening, which is expected to benefit the local tourism industry [3] Group 4: Gold Sector Decline - The gold sector faced pressure, with companies like 潼关黄金 (00340.HK) and 大唐黄金 (08331.HK) dropping over 4%, attributed to a decline in spot gold prices below 3,380 USD/oz, driven by reduced safe-haven appeal due to easing trade tensions [4] Group 5: US Market Highlights - Futu Holdings (FUTU.US) rose 2.82% after announcing a long-term strategic partnership with Huaxia Fund to promote the integration of traditional finance and blockchain technology [5] - Japanese automotive stocks surged, with Toyota (TM.US) and Honda (HMC.US) rising over 13% following news of a trade agreement reducing tariffs on Japanese cars [6] - Nuclear power stocks in the US saw significant gains, with Oklo Inc (OKLO.US) rising 9.21%, reflecting a growing interest in nuclear energy [5]