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）募 集 說 明 書》 《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 公 告》及《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）信 ...

Core Viewpoint - The gaming platform community is expected to benefit significantly from the high prosperity of the gaming industry in 2023 [1] Demand and Supply Analysis - From January to May 2023, the domestic mobile game market size grew by 20% year-on-year [1] - From January to June 2023, the number of domestic game licenses increased by 21% year-on-year, with June reaching the highest monthly total since 2022 [1] Community Engagement and Revenue Potential - Increased user activity in gaming communities is anticipated, which can enhance advertising revenue without increasing ad load [1] - The stable operation of evergreen games and the launch of new mid-to-small scale games are expected to boost download volumes and revenue for gaming platforms, contributing to overall performance growth [1]

Core Viewpoint - The gaming industry is experiencing a new cycle of prosperity, with both supply and demand sides showing strong growth, benefiting community platforms significantly [1][2][4]. Demand Side - From January to May, the domestic mobile game market in China grew by 20% year-on-year, reaching a market size of 1,411 billion yuan, with mobile games accounting for 1,052 billion yuan of this total [2][4]. - In May alone, the gaming market size was 281 billion yuan, reflecting a 10% year-on-year increase, while the mobile game market size was 212 billion yuan, up 12% year-on-year [2]. Supply Side - The number of domestic game licenses issued from January to June reached 757, marking a 21% year-on-year increase, with June alone seeing 147 licenses issued, a 41% year-on-year increase and the highest monthly figure in 22 years [4][5]. - The frequency of issuing import licenses has been reduced to once a month, with 55 licenses issued from January to June, remaining stable year-on-year [5]. Community Platforms - Major gaming community platforms such as TapTap, Haoyou Kuaibao, and others are expected to benefit from the high user activity in the gaming sector [7]. - TapTap has a monthly active user base of 44.05 million, while Haoyou Kuaibao has around 50 million users, indicating strong engagement in gaming communities [8]. Game Performance - Long-standing games like NetEase's "Identity V" have seen over 50% year-on-year revenue growth, while new games from mid-sized developers have also performed well, exceeding expectations [4][5]. - The top games in revenue rankings are predominantly those launched before 2024, indicating the sustained popularity of established titles [4].

（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《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 永 續 次 級 債 券（第 四 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 公 開 發 行 永 續 次 級 債 券（第 四 期）票 面 利 率 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 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。 中國北京 20 ...

Group 1 - The core point of the article is the significant disparity in underwriting fees for bond issuance, particularly highlighted by the recent case of Guangfa Bank's 35 billion yuan secondary capital bond project, where some institutions bid as low as 700 yuan for underwriting fees, raising concerns in the market [1][4][5] - Different projects exhibit vast differences in underwriting fees, with projects that are difficult to issue commanding higher fees, while those that are easier to issue or essentially non-issue have lower fees [2][17] - The underwriting fee structure is influenced by the issuer's requirements and the competitive landscape among underwriters, with top-tier institutions often willing to accept lower fees to gain market share [5][9][10] Group 2 - The underwriting fee for Guangfa Bank's bond project was notably low, with the total underwriting fee for all six winning institutions amounting to only 63,448 yuan, indicating a trend of "losing money to gain market share" among leading firms [5][6][7] - Regulatory bodies have been increasingly scrutinizing low underwriting fees, with recent guidelines prohibiting institutions from quoting fees below cost, which has led to investigations into firms that engage in such practices [12][13] - The competitive nature of the bond underwriting market has led to a situation where firms prioritize volume over profitability, often resulting in a mix of high and low fees across different projects [10][19]

Core Viewpoint - The report highlights the performance and investment strategy of the招商创业板大盘交易型开放式指数证券投资基金 for the second quarter of 2025, indicating a net asset value growth of 5.31% compared to the benchmark growth of 4.13% during the same period [14]. Fund Overview - The fund is a trading open-ended index fund, primarily tracking the创业板大盘指数, with a total fund share of 267,863,172.00 shares at the end of the reporting period [2][20]. - The fund aims to minimize tracking deviation and error, with an expected daily tracking deviation of no more than 0.2% and an annual tracking error of no more than 2% [2]. Investment Strategy - The fund employs a full replication method to construct an index investment portfolio based on the composition and weight of the underlying index [2]. - The management strategy includes macroeconomic analysis and risk management principles, focusing on interest rate expectations and asset allocation strategies to manage bond investments [3][4]. Financial Performance - The fund's net asset value growth rate for the past three months was 5.31%, while the benchmark's growth rate was 4.13% [14]. - Over the past year, the fund achieved a return of 35.21%, outperforming the benchmark return of 31.82% [10]. Asset Allocation - As of the end of the reporting period, the fund's assets were primarily allocated to stocks (99.26%), with a minimal allocation to bonds (0.02%) [15]. - The manufacturing sector represented the largest portion of the fund's investments, accounting for 70.45% of the total asset value [15]. Shareholder Activity - The total subscription during the reporting period was 70,000,000.00 shares, while total redemptions amounted to 112,000,000.00 shares, resulting in a decrease in total fund shares [20]. Compliance and Governance - The fund management adheres to relevant laws and regulations, ensuring compliance in all trading activities and maintaining a fair investment decision-making process [12][13].

Group 1 - The core point of the article is the differentiated dividend distribution plan approved by the board of Wuhan Changying Tongguang Technology Co., Ltd. and the rationale behind it [1][5] - The company plans to repurchase shares using excess funds, with a total repurchase amount between RMB 20 million and RMB 40 million, at a price not exceeding RMB 33.13 per share, within a 12-month period [1][2] - The differentiated dividend distribution will result in a cash dividend of RMB 0.5 per 10 shares, with a total cash dividend amounting to RMB 5,967,004.95, accounting for 33.26% of the profit attributable to shareholders for the fiscal year 2024 [2][3] Group 2 - The number of shares eligible for profit distribution is calculated by deducting the shares held in the repurchase account from the total shares, resulting in 119,258,828 shares eligible for the dividend [3][4] - The reference price for ex-dividend trading is calculated as RMB 33.36 per share, based on the previous closing price of RMB 33.41 and the cash dividend [4] - The differentiated dividend distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and all shareholders [5]

Core Viewpoint - Ding Luming, a prominent analyst at CITIC Securities, announced his departure from the sell-side research role after 16 years to enter the private equity industry, marking a significant career transition [2][4]. Group 1: Career Background - Ding Luming has been with CITIC Securities since 2014, holding various key positions including Executive General Manager of the Research Development Department and Chief Analyst for the Financial Engineering Team [4]. - He is well-known in the industry for creating the "quantitative fundamental" research system and has accurately predicted major market trends and turning points [4]. - Ding has received multiple accolades, including being ranked 1st in the New Fortune Best Analyst awards in 2013 and 1st in the Crystal Ball Best Analyst awards in 2009 and 2013 [4]. Group 2: New Venture - After leaving CITIC Securities, Ding Luming founded Shanghai Ruicheng Private Fund Management Co., Ltd., which was officially registered on July 14, 2025, with a registered capital of 10 million yuan [4][5]. - Ding holds a 51% stake in Shanghai Ruicheng, while the second-largest shareholder is Hainan Ruicheng Enterprise Management Center (Limited Partnership) with a 49% stake [5][6]. - The company is classified as a private securities investment fund manager and is located in Hongkou District, Shanghai [5]. Group 3: Industry Trends - The private equity sector has seen a trend of seasoned analysts transitioning from brokerage firms, with several notable departures from CITIC Securities in 2025 [6]. - Notably, former Chief Strategist Chen Guo also left CITIC Securities earlier in the year to join Dongfang Wealth, highlighting a shift in talent within the industry [6].

Group 1 - The core viewpoint of the article highlights the trading activity and positions in lithium carbonate futures, indicating a recent increase in both trading volume and open interest [1][3][4] - As of July 17, the main contract for lithium carbonate (2509) saw a price increase of 2.47%, with a total trading volume of 1,041,500 contracts, which is an increase of 46,930 contracts from the previous day [1][3] - The top 20 positions show a net short position with a difference of 96,986 contracts, where the long positions totaled 376,900 contracts and short positions totaled 511,100 contracts [1][3] Group 2 - The top three long positions are held by CITIC Futures with a total holding of 62,897 contracts, Guotai Junan Futures with 50,803 contracts, and Dongzheng Futures with 27,753 contracts [1][3] - The top three short positions are held by Guotai Junan Futures with 127,955 contracts, CITIC Futures with 92,225 contracts, and GF Futures with 40,412 contracts [1][3] - The article provides detailed changes in positions, indicating that Guotai Junan Futures increased its long position by 3,137 contracts, while CITIC Futures reduced its long position by 1,808 contracts [1][3][4]

Core Insights - The main contract for polysilicon (2509) closed at a price increase of 7.24% as of July 17, with a trading volume of 506,000 contracts and a net long position of 17,683 contracts among the top 20 positions [1][3]. Trading Volume and Positions - Total trading volume for all polysilicon contracts reached 1,095,400 contracts, an increase of 132,600 contracts from the previous day [1][4]. - The top 20 positions showed a total long position of 286,600 contracts, up by 32,200 contracts from the previous day [1][4]. - The total short position among the top 20 positions was 247,300 contracts, which increased by 33,300 contracts compared to the previous day [1][4]. Major Players - The top three long positions were held by Guotai Junan Futures (46,504 contracts), CITIC Futures (38,778 contracts), and Zheshang Futures (36,788 contracts) [1][4]. - The top three short positions were held by CITIC Futures (29,949 contracts), Guotai Junan Futures (25,716 contracts), and CITIC Jiantou (24,825 contracts) [1][4]. Changes in Positions - Among the top 20 positions, the largest increases in long positions were from Guotai Junan Futures (5,499 contracts), Haitong Futures (2,941 contracts), and Guomao Futures (2,673 contracts) [1][4]. - The largest decreases in long positions were from Yong'an Futures (-1,516 contracts), Wukuang Futures (-229 contracts), and Baocheng Futures (-55 contracts) [1][4]. - The largest increases in short positions were from CITIC Jiantou (3,711 contracts), Dongwu Futures (2,673 contracts), and CITIC Futures (2,039 contracts) [1][4]. - The largest decreases in short positions were from Yong'an Futures (-465 contracts), Zhaoshang Futures (-360 contracts), and Shenyin Wanguo (-202 contracts) [1][4].