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]

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 永 續 次 級 債 券（第 四 期）發 行 結 果 公 告》 《關 於 延 長 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）簿 記 建 檔 時 間 的 公 告》及《中 信 建 投 証 券 股 份 有 限 公 司2025年 面 向 專 業 投 資 者 ...

Group 1 - The core viewpoint of the article highlights the trading performance of glass futures, with the main contract 2509 experiencing a price increase of 7.12% as of July 21, 2025, and a total trading volume of 4.83 million contracts [1][3] - The total trading volume for all glass futures contracts reached 4.83 million contracts, with an increase of 1.99 million contracts compared to the previous day [1][4] - The top 20 positions in the glass futures market show a net short position, with a difference of 199,388 contracts [1][3] Group 2 - The top three long positions are held by Guotai Junan with a total holding of 92,492 contracts, followed by Fangzheng Futures with 71,301 contracts, and CITIC Futures with 64,371 contracts [1][4] - The top three short positions are also led by Guotai Junan with 210,469 contracts, followed by Yong'an Futures with 115,224 contracts, and CITIC Futures with 113,332 contracts [1][4] - The long positions in the top 20 show a decrease of 74,200 contracts, while the short positions decreased by 14,270 contracts compared to the previous day [1][3]

Core Viewpoint - Hongfuhuan (301086.SZ) has released a performance forecast for the first half of 2025, indicating a significant decline in net profit compared to the same period last year, attributed to increased competition and rising labor costs [1][2]. Financial Performance Summary - The net profit attributable to shareholders is expected to be between 19.15 million and 23.72 million yuan, representing a decrease of 50.34% to 59.91% year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses is projected to be between 17.41 million and 21.98 million yuan, reflecting a decline of 46.45% to 57.58% compared to the previous year [1][2]. - In the same period last year, the net profit attributable to shareholders was 47.77 million yuan, and the net profit after deducting non-recurring gains and losses was 41.05 million yuan [1][2]. Reasons for Performance Changes - The company cites intensified industry competition and a decline in overall gross margin as primary reasons for the profit decrease [2]. - Increased labor costs due to the addition of employee positions for production, management, and business expansion needs have also contributed to the decline [2]. - The estimated impact of non-recurring gains and losses on net profit is approximately 1.74 million yuan [2]. Company Background - Hongfuhuan was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on October 20, 2021, with an initial offering price of 96.66 yuan per share [3]. - The stock opened at 129.70 yuan on its first trading day and reached a high of 129.74 yuan, but has since experienced a decline and is currently in a state of loss [3]. - The company raised a total of 1.45 billion yuan through its initial public offering, with a net amount of 1.31 billion yuan after deducting issuance costs [3]. - The funds raised are intended for projects related to functional electronic materials, smart devices, and the construction of an industrial automation equipment production base [3].