中信建投证券股份有限公司 关于康泰医学系统（秦皇岛）股份有限公司继续延长使用暂时闲 置募集资金进行现金管理授权期限的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为康泰医学系统（秦皇岛）股份有限公司（以下简称"康泰医学"或"公司"） 向不特定对象发行可转换公司债券的保荐人，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》 《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，对康泰医学继续延长使用暂时闲置 募集资金进行现金管理授权期限的事项进行了核查，并发表核查意见。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意康泰医学系统（秦皇岛）股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2022〕960 号） 同意，公司向不特定对象发行 7,000,000 张可转换公司债券，每张面值为 100 元， 募集资金总额人民币 700,000,000.00 元。扣除承销及保荐费、相关发行费用合计 人 民 币 11,729,716.98 元 （ 不 含 增 值 税 ） 后 ， 实 际 募 集 资 金 净 额 为 ...

中信建投证券股份有限公司 关于浙江长盛滑动轴承股份有限公司 股东向特定机构投资者询价转让股份 相关资格的核查意见 （北京市朝阳区安立路 66 号 4 号楼） 中信建投证券股份有限公司（以下简称"中信建投证券"）受浙江长盛滑动 轴承股份有限公司（以下简称"长盛轴承"）股东嘉善百盛投资管理合伙企业（有 限合伙）（以下简称"百盛投资"）、陆晓林（百盛投资、陆晓林以下合称"出 让方"）委托，组织实施本次长盛轴承首发前股东向特定机构投资者询价转让（以 下简称"本次询价转让"）。 根据《上市公司股东减持股份管理暂行办法》《深圳证券交易所创业板股票 上市规则（2025 年修订）》《深圳证券交易所上市公司自律监管指引第 18 号— —股东及董事、高级管理人员减持股份（2025 年修订）》《深圳证券交易所上市 公司自律监管指引第 16 号——创业板上市公司股东询价和配售方式转让股份 （2025 年修订）》（以下简称"《询价转让和配售指引》"）等相关规定，中信 建投证券对参与本次询价转让股东的相关资格进行核查，并出具本核查意见。 一、 本次询价转让的委托 中信建投证券收到出让方关于本次询价转让的委托，委托中信建投证券组织 实施本 ...

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！ 智通财经8月5日讯（记者 高艳云）近期，沪指在3600点关口附近持续震荡，市场情绪有所波动。包括 招商证券、中信证券、中信建投、银河证券等在内的多家头部券商陆续发布研报，表达对市场中长期向 好的坚定信心。 中信证券官方微信公众号直言"坐稳扶好"，同时发文指出"牛市，也会换挡""3600点以上，波动加大"。 撰文用语还颇为"鸡汤"，道理与逻辑十足，比如"记住，对于大部分普通人来说，要掌握的不是牛市赚 钱的技能，而是终其一生、穿越各种周期性波动的、财富稳健增长的能力。"值得注意的是，该文又是 一篇"10万+"，且转发过万。 中信建投资深策略分析师夏凡捷直言，全球货币宽松和A股资金面充裕的环境不变，投资者的牛市预期 不变，新赛道的结构性景气不变。阶段性震荡整固，有利于A股慢牛行情行稳致远。 银河证券首席策略分析师杨超称，市场交投活跃度整体仍处于较高水平，预计市场维持在震荡偏高中枢 运行，关注结构性机会。中长期来看，市场向好趋势不改。 华泰证券分析师何康认为，目前赚钱效应已回调至7月中旬位置，市场抛压相对可控，短期A股或进入 波动率放大的平台期 ...

Core Viewpoint - The article highlights the strong performance of the stock market in July, with major indices showing significant gains and a record number of investment advisors participating in the New Fortune Best Investment Advisor evaluation, indicating a bullish market sentiment and opportunities for investors [1][9][27]. Market Performance - In July, the Shanghai Composite Index reached a new high of 3636.17 points, while the ChiNext Index saw an 8.14% increase [1]. - The overall market sentiment was positive, with a notable increase in the number of investment advisors participating in the evaluation, totaling 39,893 from 90 securities firms, marking a record high [1]. Investment Advisor Performance - The top three advisors in the stock trading group achieved an average return of 108.4%, showcasing exceptional performance [2]. - The top ten advisors in the stock trading group had an average return of 89.79%, with the top 300 advisors averaging 43.98%, both significantly outperforming the Shanghai Composite Index's 8.97% increase [7][16]. ETF Group Performance - The top three advisors in the ETF group achieved an average return of 85.03%, reflecting strong performance in passive investment products [8]. - The average returns for the top 10, 100, and 200 advisors in the ETF group were 63.87%, 41.24%, and 36.25%, respectively, all exceeding the performance of major indices [15][16]. Advisor Insights - Advisors discussed the current market phase, with varying opinions on whether it is in the early, mid, or late stages of a bull market. They emphasized the importance of focusing on individual stocks rather than indices [17][18][19]. - Key sectors to watch include innovative pharmaceuticals, robotics, and military industries, with a focus on earnings reports and policy catalysts [17][19][20]. Institutional Strength - The competition among securities firms is highlighted, with Guangfa Securities and CITIC Securities leading in advisor numbers, indicating strong institutional capabilities [27][38]. - The article emphasizes the growing importance of professional advisory services in the securities industry as market reforms deepen [38].

Summary of Key Points Core Viewpoint - The urea futures market shows a significant increase in trading volume and changes in positions, indicating a shift in market sentiment with a net short position among the top 20 participants [1][3]. Group 1: Market Data - As of August 5, 2025, the main urea futures contract (2509) closed with a price increase of 2.67%, with a trading volume of 208,500 contracts and a total open interest showing a net short position of 10,090 contracts [1]. - The total trading volume for all urea contracts reached 292,600 contracts, an increase of 8,710 contracts from the previous day [1][4]. Group 2: Position Changes - Among the top 20 positions, long positions totaled 198,000 contracts, an increase of 2,629 contracts, while short positions totaled 219,900 contracts, an increase of 4,745 contracts [1]. - The top three long positions were held by Guotai Junan (16,591 contracts), Dongzheng Futures (14,451 contracts), and Yong'an Futures (13,481 contracts) [1][4]. - The top three short positions were held by Guotai Junan (29,651 contracts), Dongzheng Futures (19,068 contracts), and CITIC Futures (16,660 contracts) [1][4]. Group 3: Individual Member Changes - The top three members increasing their long positions were Guotai Junan (9,470 contracts, +1,881), Huatai Futures (2,448 contracts, +481), and Qisheng Futures (2,545 contracts, +469) [1][3]. - The top three members decreasing their long positions were Zhongyuan Futures (2,782 contracts, -1,469), Rongda Futures (3,760 contracts, -1,010), and Huishang Futures (2,218 contracts, -863) [1][3]. - The top three members increasing their short positions were Yong'an Futures (3,445 contracts, +1,414), CITIC Jiantou (3,702 contracts, +706), and Xinhu Futures (1,979 contracts, +463) [1][3]. - The top three members decreasing their short positions were CITIC Futures (11,758 contracts, -2,719), Guotai Junan (16,344 contracts, -1,480), and Dongzheng Futures (11,086 contracts, -1,002) [1][3].

Core Insights - The main contract for soda ash (contract 2509) closed at a price increase of 2.01% as of August 5, with a trading volume of 993,600 lots and a net short position among the top 20 positions of 109,594 lots [1][3]. Trading Volume and Positions - Total trading volume for all soda ash contracts reached 2,509,000 lots, with an increase of 58,500 lots compared to the previous day [1]. - Among the top 20 positions, long positions totaled 1,098,100 lots, a decrease of 61,200 lots from the previous day, while short positions totaled 1,400,800 lots, a decrease of 45,600 lots [1]. Major Players - The top three long positions were held by Guotai Junan (total position 105,247), CITIC Futures (total position 83,012), and Dongzheng Futures (total position 69,631) [1]. - The top three short positions were held by Guotai Junan (total position 191,270), CITIC Futures (total position 178,585), and Yong'an Futures (total position 178,125) [1]. Changes in Positions - The top two long position increases were from Zheshang Futures (holding 10,995, increase of 2,285) and Yong'an Futures (holding 19,138, increase of 1,700) [1]. - The top three long position decreases were from Dongzheng Futures (holding 26,779, decrease of 11,134), Guotai Junan (holding 51,087, decrease of 9,304), and Guangfa Futures (holding 17,311, decrease of 8,281) [1]. - The top three short position increases were from Dongzheng Futures (holding 51,092, increase of 1,111), Guotou Futures (holding 10,925, increase of 991), and CITIC Jiantou (holding 11,792, increase of 717) [1]. - The top three short position decreases were from Guotai Junan (holding 97,325, decrease of 22,495), Yong'an Futures (holding 73,093, decrease of 10,406), and Guangfa Futures (holding 10,463, decrease of 6,574) [1].

Core Viewpoint - In the first seven months of 2025, A-shares saw 59 companies listed, a year-on-year increase of 18.00%, with a total fundraising net amount of 544.21 billion yuan, up 63.83% from the previous year [2] Group 1: Listing and Fundraising - A total of 59 new companies were listed, comprising 14 on the Shanghai Main Board, 8 on the Sci-Tech Innovation Board, 8 on the Shenzhen Main Board, 22 on the Growth Enterprise Market, and 7 on the Beijing Stock Exchange [2] - The net fundraising amount of these companies reached 544.21 billion yuan, compared to 332.18 billion yuan in the same period last year [2] Group 2: Fees Charged by Intermediaries - The total fees charged by IPO intermediaries for these 59 companies amounted to 43.90 billion yuan, with underwriting and sponsorship fees at 30.22 billion yuan, legal fees at 4.48 billion yuan, and audit fees at 9.20 billion yuan [2] - The ranking of underwriting and sponsorship fees by board is as follows: Growth Enterprise Market, Shanghai Main Board, Sci-Tech Innovation Board, Shenzhen Main Board, and Beijing Stock Exchange [3] Group 3: Average Fees by Board - The average underwriting and sponsorship fee is highest in the Sci-Tech Innovation Board at 68.96 million yuan, while the lowest is in the Beijing Stock Exchange at 22.63 million yuan [6] - The average legal fee is highest in the Sci-Tech Innovation Board at 8.30 million yuan, and the lowest in the Beijing Stock Exchange at 3.63 million yuan [6] - The average audit fee is highest in the Shanghai Main Board at 21.17 million yuan, and the lowest in the Beijing Stock Exchange at 5.29 million yuan [6] Group 4: Top Intermediaries - CITIC Securities ranked first in total underwriting and sponsorship fees at 3.28 billion yuan, followed by Guotai Junan and CITIC Jianzhong at 3.28 billion yuan and 3.17 billion yuan respectively [8] - The top three law firms by total fees are Shanghai Jintiancheng, Beijing Zhonglun, and Zhejiang Tiance, with total fees of 66.14 million yuan, 46.18 million yuan, and 35.24 million yuan respectively [11] - The top three accounting firms by total fees are Rongcheng, Tianjian, and Ernst & Young Huaming, with total fees of 1.77 billion yuan, 1.53 billion yuan, and 1.33 billion yuan respectively [14]

Group 1 - Chinese brokerage stocks experienced a general rise, with notable increases in shares such as GF Securities (up 2.46% to HKD 17.93), Dongfang Securities (up 2.42% to HKD 17.28), and CITIC Securities (up 1.52% to HKD 12.7) [1] - As of August 1, 27 listed brokerages have released their semi-annual performance forecasts, with 24 reporting profits, 23 showing profit increases, and 1 turning from loss to profit [1] - The brokerage sector is expected to see significant investment opportunities in the second half of the year, driven by strong semi-annual performance forecasts, deepening capital market reforms, and expectations of increased market liquidity [1] Group 2 - Guotai Junan predicts that the performance of listed brokerages in the first half of 2025 will exceed expectations, with a projected year-on-year increase in net profit attributable to shareholders of 61.23% [2] - Investment business is expected to contribute the most to revenue growth, accounting for 60.51% of the adjusted operating income increase, primarily due to improved returns in the equity market compared to the first half of 2024 [2] - The brokerage business is anticipated to contribute 32.40% to the adjusted revenue increase, driven by a significant year-on-year rise in market trading volume in the first half of 2025 [2]

智通财经APP获悉，中资券商股普涨，截至发稿，广发证券(01776)涨2.46%，报17.93港元；东方证券 (03958)涨2.42%，报17.28港元；光大证券(06178)涨1.64%，报10.55港元；中信建投(06066)涨1.52%，报 12.7港元；申万宏源(06806)涨1.49%，报3.4港元。 消息面上，根据同花顺统计数据显示，截止8月1日，已有27家上市券商公布半年度业绩预告数据。总体 上看，数据显示，24家发布业绩预告的上市券商均实现盈利，其中23家预增，1家实现扭亏。分业务来 看，经纪及两融业务方面，受多项利好政策推动，市场成交实现高增，两融维持高位；投行业务方面， 市场再融资规模实现高增，IPO整体有所恢复。中信建投认为，基于良好的半年度业绩预告，叠加资本 市场改革深化、流动性宽松及市场指数中枢上移预期，券商板块下半年投资机遇凸显。 国泰海通指出，预计2025H1上市券商业绩好于预期，归母净利润同比+61.23%。从上市券商2025H1各 项业务收入对营收增量贡献度看，预计投资业务对调整后营业收入增长的贡献最大为60.51%，主因是 权益市场相较2024H1收益率明显改善，且202 ...

Summary of Conference Call Notes Industry or Company Involved - The conference call focuses on the Chinese economy and the implications of recent government policies, particularly in the context of the A-share market and various sectors such as real estate, consumer goods, and technology. Core Points and Arguments 1. **Optimistic Economic Outlook**: The Politburo meeting expressed an optimistic view on the economic situation without mentioning increased external shocks or introducing strong stimulus policies. Emphasis was placed on urban renewal in real estate and the implementation of existing policies [1][3] 2. **Focus on Domestic Demand**: The policy shift aims to expand commodity consumption and cultivate new growth points in service consumption, alongside high-quality infrastructure projects to stimulate domestic demand [1][5] 3. **Cash Subsidies Over Price Subsidies**: The government is moving towards direct cash subsidies (e.g., childcare subsidies) to enhance consumer purchasing power, avoiding market distortions caused by price wars. This approach is expected to prevent distorted price perceptions in the long term [1][7][8] 4. **Policy Combination for Economic Recovery**: Attention is drawn to a combination of policies aimed at countering "involution" and promoting inflationary effects, which may boost prices and achieve re-inflation [1][9] 5. **Market Performance and Strategy**: The market may experience high-level fluctuations in the short term, with a recommendation to maintain a high position in investments, particularly in sectors like innovative pharmaceuticals, semiconductors, AI applications, and new consumer trends [1][10][11] 6. **Concerns in Downstream Industries**: Downstream sectors face uncertainties regarding the effectiveness of market-oriented measures for private enterprises, the alignment of demand-side policies, and the impact of rising upstream prices on costs [2][13][14] 7. **Supply-Side Reform Impact**: Supply-side reforms are expected to enhance production efficiency and economic quality, with a focus on upstream resource sectors such as photovoltaic materials, steel, fiberglass, and energy metals [1][12] 8. **Mid-term Involution Dynamics**: The phenomenon of "involution" is anticipated to recur in the mid-term, depending on the implementation of subsequent policies across various industries [2][15] 9. **Investment Recommendations**: Investors are advised to focus on upstream sectors, particularly those with volatile futures prices, while monitoring the rollout of policies related to "involution" for informed investment decisions [2][16] Other Important but Possibly Overlooked Content - The government is cautious about project approvals to improve the efficiency of fund usage, indicating a more prudent approach to fiscal policy [4] - The introduction of cash subsidies marks a significant shift in the government's approach to stimulating consumption, which could have lasting effects on consumer behavior and market dynamics [7][8] - The potential for a strong market response to the upcoming policies and the importance of aligning supply-side reforms with market needs are critical for future economic stability [12][15]