Core Viewpoint - The competitive landscape of brokerage investment banking is changing, with policy dividends becoming a significant driver for the recovery of IPO activities in both A-shares and Hong Kong stocks [1][15]. Summary by Sections IPO Market Recovery - In the first half of 2025, there has been a noticeable recovery in IPO activities, with A-share IPO financing totaling 37.355 billion yuan, a year-on-year increase of 14.96%, and the number of IPOs rising by 15.91% to 51 [2]. - Hong Kong's IPO financing has seen explosive growth, reaching 1,047.21 billion HKD (approximately 95.663 billion yuan), a staggering year-on-year increase of 785.99%, with 40 IPOs, up 33.33% [2]. Policy Impact - The introduction of the "1+6" policy measures by the China Securities Regulatory Commission (CSRC) aims to deepen the reform of the Sci-Tech Innovation Board, which includes the establishment of a growth layer for innovative companies, thus facilitating the listing of unprofitable tech firms [2][15]. - This policy is expected to create new opportunities for brokerage investment banks and private equity direct investment businesses [4]. Changes in Brokerage Performance - Despite an overall decline in average revenue for brokerage investment banking in 2024, leading firms have managed to grow through bond underwriting, cross-border mergers, and services related to the Beijing Stock Exchange [5]. - The competitive landscape among brokerages is shifting, with a notable increase in the number of firms successfully sponsoring IPOs, including new entrants like Dongxing Securities and China Galaxy [12]. Market Dynamics - The number of IPO projects accepted by major exchanges has surged, with 67 projects accepted in June alone, compared to only 30 in the first half of 2024 [8][9]. - The current environment is characterized by a recovery phase compared to the previous year's "small year" for IPOs, with a significant increase in the acceptance rate of IPO applications [9][12]. Hong Kong IPO Market - The Hong Kong IPO market has seen a significant uptick, with 28 brokerages participating in new stock issuances, and leading firms like CICC and CITIC Securities capturing a substantial market share [18]. - As of June 26, 2025, the total IPO financing in Hong Kong has exceeded 1,000 billion HKD, surpassing the total for the previous three years and accounting for one-third of the average annual IPO financing from 2018 to 2021 [19]. Future Outlook - The overall market activity is expected to increase in the latter half of 2025, driven by a series of capital market reforms and a favorable macroeconomic environment [16][22]. - The positive market factors are anticipated to provide a window for high-quality large IPO projects, suggesting a continued prosperous outlook for the Hong Kong IPO market [22].

Core Insights - The IPO business in A-shares and Hong Kong has shown signs of recovery in 2025, with A-share IPO financing amounting to 37.355 billion yuan, a year-on-year increase of 14.96%, and the number of IPOs reaching 51, up 15.91% [2][4]. In Hong Kong, the IPO financing total has surged to 104.721 billion HKD (approximately 95.663 billion yuan), reflecting a staggering year-on-year growth of 785.99% [2]. A-share Market Developments - The China Securities Regulatory Commission (CSRC) has introduced new policies to deepen the reform of the Sci-Tech Innovation Board, including the establishment of a growth layer and the reactivation of listing standards for unprofitable companies [2][11]. - The number of IPO projects accepted by the Shanghai, Shenzhen, and Beijing exchanges has significantly increased, with 67 projects accepted in June alone, compared to only 30 in the first half of 2024 [6][7]. Brokerages and Investment Banks - Brokerages are experiencing a structural recovery in their investment banking businesses, with top firms leveraging bond underwriting and cross-border mergers to achieve growth despite an overall decline in average revenues [4][12]. - The competitive landscape among brokerages is shifting, with a notable increase in the number of successful IPOs from smaller firms, while larger firms maintain stable project volumes [9][10]. Hong Kong Market Dynamics - The Hong Kong IPO market has seen a significant uptick, with 28 brokerages participating in new stock issuances, and Chinese brokerages leading in the number of deals [13][14]. - The total IPO financing in Hong Kong has surpassed 100 billion HKD, exceeding the total amounts raised in the previous three years and accounting for one-third of the average annual IPO financing from 2018 to 2021 [14][15]. Future Outlook - The overall market activity is expected to increase in 2025 due to a series of capital market reforms, which will enhance the trading environment and boost investment banking revenues [12]. - Positive market factors are anticipated to provide a favorable environment for high-quality IPO projects, suggesting a continued prosperous outlook for the Hong Kong IPO market in the latter half of 2025 [16].

因工作需要，中信建投基金管理有限公司决定邵彦棋先生不再担任中信建投稳祥债券型证券投资基金、 中信建投稳益90天滚动持有中短债债券型证券投资基金、中信建投中债0-3年政策性金融债指数证券投 资基金、中信建投中债3-5年政策性金融债指数证券投资基金、中信建投景和中短债债券型证券投资基 金、中信建投添鑫宝货币市场基金、中信建投凤凰货币市场基金的基金经理助理。上述调整自2025年6 月26日起生效。 特此公告。 中信建投基金管理有限公司 2025年6月28日 中信建投景晟债券型证券投资基金 基金经理变更公告 公告送出日期:2025年06月28日 1 公告基本信息 ■ 2 新任基金经理的相关信息 ■ 3 离任基金经理的相关信息 ■ 4 其他需要说明的事项 上述基金经理变更事项已按规定向中国证券投资基金业协会办理相关手续。 中信建投基金管理有限公司 公告送出日期:2025年06月28日 1 公告基本信息 ■ 2 新任基金经理的相关信息 ■ 2025年06月28日 中信建投稳丰63个月定期开放债券型证券投资基金基金经理变更公告 3 离任基金经理的相关信息 ■ 4 其他需要说明的事项 上述基金经理变更事项已按规定向中国证券投 ...

（五）公司董事、监事和董事会秘书的出席情况 此外，公司聘请的律师、年审会计师及香港中央证券登记有限公司代表出席 本次股东大会。 证券代码：601066 证券简称：中信建投 公告编号：临 2025-034 号 中信建投证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 6 月 27 日 （二）股东大会召开的地点：北京市朝阳区景辉街 16 号院 1 号楼泰康集团 大厦 13 层会议室 （三）出席会议的普通股股东及其持有股份情况（本公司暂无优先股股东）： 其中：A 股股东人数 1,005 境外上市外资股股东人数（H 股） 2 其中：A 股股东持有股份总数 5,116,696,623 境外上市外资股股东持有股份总数（H 股） 461,050,559 比例（%） 71.908813 其中：A 股股东持股占股份总数的比例（%） 65.964908 境外上市外资股股东持股占股份总数的比例（%） 5.943905 注： ...

Dividend Announcement - The company, CITIC Securities Co., Ltd., has announced a final dividend of 1.65 RMB per 10 shares for the fiscal year ending December 31, 2024 [1][3] - The dividend will be distributed in Hong Kong dollars at a rate of 1.81 HKD per 10 shares, based on an exchange rate of 1 RMB to 1.09524 HKD [1][2] Key Dates - The record date for the dividend is set for July 10, 2025, with the ex-dividend date on July 3, 2025 [1] - The dividend payment date is scheduled for August 21, 2025 [1] Tax Information - The withholding tax rates applicable to different types of shareholders are outlined, with a standard rate of 10% for non-resident enterprises and individual shareholders from countries with tax treaties with China [2] - For individual shareholders from countries without tax treaties, a withholding tax rate of 20% will apply [2]

Core Viewpoint - Xi'an Juguang Technology Co., Ltd. (hereinafter referred to as "Juguang Technology" or "the company") has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 report, prompting a detailed review of its acquisition of Swiss SUSS Micro Optics SA (SMO) and subsequent financial performance [1][2]. Group 1: Acquisition and Financial Performance - The company completed the acquisition of 100% equity in SMO for approximately RMB 455 million, with SMO contributing RMB 194 million in revenue during the reporting period, significantly below the profit forecast made during the acquisition assessment [1][2]. - Post-acquisition, revenue from laser optical components and automotive application solutions increased by 38.71% and 66.63% year-on-year, respectively, but gross margins decreased by 12.27 percentage points and 84.88 percentage points [1][2]. - The company recognized goodwill impairment of RMB 34.25 million for the automotive application solutions business line, while no impairment was recorded for the laser optical business line [1][2]. Group 2: Customer and Market Analysis - The company provided details on the top five customers of SMO, including their backgrounds, sales amounts, and reasons for changes in sales [3][4]. - The decline in gross margins for both laser optical components and automotive application solutions was attributed to industry development, channel inventory, product price changes, and competitive landscape [5][6]. Group 3: Future Projections and Market Trends - The data communication market is expected to grow significantly, driven by increased demand for optical modules, with projections indicating a compound annual growth rate (CAGR) of 17% from 2022 to 2033 [11][12]. - The semiconductor market is also projected to grow at a CAGR of 12.28% from 2023 to 2032, indicating strong demand for micro-nano optical components [11][12]. - The automotive lighting market, particularly for micro-lens array (MLA) technology, is anticipated to reach a market size of approximately RMB 1.18 billion by 2025, with a CAGR of 89% from 2021 to 2025 [14][15].

Group 1 - Chengdu Xingrong Environment Co., Ltd. is a leading large-scale water and environmental service provider in China, focusing on water supply and drainage, waste disposal, and resource recycling [6][8] - The company has a total asset of 4,844,846.86 million yuan as of the end of 2024, reflecting an increase of 11.24% from 2023 [6] - The company's operating income for 2024 is reported at 904,866.98 million yuan, an increase of 11.90% compared to 2023 [6] Group 2 - The company has issued bonds under the management of CITIC Securities, with the latest bond interest rate adjusted to 3.64% as of August 7, 2023 [3][6] - The total liabilities of the company amount to 2,889,555.87 million yuan, which is a 12.16% increase from the previous year [6] - The company has established a special repayment working group to ensure timely payment of bond principal and interest [9][10] Group 3 - The company has successfully completed the interest payment for the bonds on August 6, 2024, without any defaults [11] - The company has a net profit of 205,483.74 million yuan for 2024, representing an 8.75% increase from 2023 [6] - The company has maintained a stable cash flow and has not experienced any significant adverse changes affecting its debt repayment capacity [8][9]

中信建投证券股份有限公司 关于海南葫芦娃药业集团股份有限公司 使用闲置募集资金临时补充流动资金的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为海南葫芦娃药业集团股份有限公司（以下简称"葫芦娃"或"公司"）首次 公开发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第1号——规范 运作》以及《上海证券交易所上市公司自律监管指引第11号——持续督导》等相 关法规和规范性文件的要求，对葫芦娃使用闲置募集资金临时补充流动资金事项 进行了核查，情况如下： 二、募集资金投资项目的基本情况 上述募集资金投资项目及其使用情况具体如下： 单位：万元 截至2025年5月 募集资金计划 一、募集资金的基本情况 （一）募集资金金额与到账时间 经中国证券监督管理委员会证监许可20201086号文核准，公司向社会公众 公开发行人民币普通股（A股）40,100,000股，发行价格为每股人民币5.19元，募 集资金总额为人民币208,119,000.00元，扣除各项发行费用人民币57,079,347.77 元后的募集资金净额为人民币 ...

EF001 免責聲明 | 公告全部或任何部份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。 | 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 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | 中信建投証券股份有限公司 | | 股份代號 | 06066 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | (更新)截至2024年12月31日止年度之末期股息 | | 公告日期 | 2025年6月27日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 提供以下資訊： (i) 派息金額及公司預設派發貨幣、及 | | (ii) 匯率。 | | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 10 股 1.65 RMB | | 股東批准日期 | 2025年6月27日 | | ...

第 2 頁 共 2 頁 v 1.1.1 EF001 EF001 免責聲明 | 代扣所得稅信息 | | | | | --- | --- | --- | --- | | | | 宣派末期股息所適用之代扣所得稅（包括股東類型及適用的稅率）摘要載列於下表。 | | | | H股個人股東為與中國簽訂高於10%但低於20%股息稅率的稅收協定的國家居民, 本公司 | | | | | 將按相關稅收協定規定的實際稅率代扣代繳個人所得稅。 | | | | | 股東類型 稅率 | | 有關代預扣所得稅之更多補充 （如適用） | | | 非居民企業 | | | | | （非中國內地登記地址） 10% | | 非居民企業H股股東，包括以香港 | | | | | 中央結算（代理人）有限公司，其 | | | | | 他代理人或受託人，或其他組織或 團體，本公司將按10%的稅率代扣 | | | | | 代繳企業所得稅。 | | | 非個人居民 | | | | | （非中國內地登記地址） 10% | | H股個人股東為香港或澳門居民或 | | | | | 其他與中國簽訂10%股息稅率的稅 | | | | | 收協定的國家居民，本公司將按 | ...