Company Overview - Company Name: Shenzhen Qiangda Circuit Co., Ltd [1] - Stock Code: 301628.SZ [1] - IPO Application Date: June 21, 2022 [1] - Listing Date: October 31, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Manufacturing of Computers, Communications, and Other Electronic Devices [1] - IPO Sponsor: China Merchants Securities [1] - IPO Underwriters: China Merchants Securities [1] - IPO Legal Advisor: Guangdong Xinda Law Firm [1] - IPO Audit Firm: Zhonghui Certified Public Accountants [1] Performance Evaluation - Disclosure Issues: The issuer did not disclose information regarding subcontractors and was required to clarify its innovation characteristics [1] - Regulatory Penalties: No penalties were imposed [1] - Public Supervision: No penalties were imposed [1] - Listing Cycle: The average listing cycle for A-share companies in 2024 is 629.45 days, while Qiangda Circuit's cycle is 863 days, exceeding the average [1] - Multiple Applications: The company is not categorized as having multiple applications [1] Financial Metrics - Issuance Costs: The underwriting and sponsorship fees amount to 47.155 million yuan, with a commission rate of 8.88%, higher than the average of 7.71% [2] - First Day Performance: The stock price increased by 387.93% on the first day of listing [2] - Three-Month Performance: The stock price rose by 245.28% within three months of listing [3] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 24.98, which is 73.60% of the industry average of 33.94 [4] - Actual Fundraising Ratio: The expected and actual fundraising amount is 531 million yuan [5] Short-Term Performance - Revenue Growth: In 2024, the company's revenue increased by 11.19% year-on-year [6] - Net Profit Growth: The net profit attributable to shareholders increased by 23.70% year-on-year [6] - Non-recurring Net Profit Growth: The non-recurring net profit attributable to shareholders increased by 14.95% year-on-year [6] - Subscription Rate: The abandonment rate is 0.44% [6] Overall Score - Total Score: The IPO project received a total score of 87, classified as B-level [6] - Negative Factors: The score was negatively impacted by the need for improved disclosure quality, a listing cycle exceeding two years, high issuance costs, and an abandonment rate of 0.44% [6]

Group 1 - The new regulations for existing PPP projects are expected to accelerate construction progress and alleviate operational debts for construction companies [1] - The cumulative growth rate of funds in place for fixed asset investment from January to July is 1.0%, showing improvement compared to previous months [1] - The growth rate of budgetary funds increased by 9.4% in the same period, indicating a positive trend in fiscal revenue [1] Group 2 - New signed orders in the construction industry are under pressure, with a year-on-year decrease of 1.6% in the first half of 2025 [2] - The cumulative investment in projects that have commenced construction from January to July reached 24.2 trillion yuan, with a growth rate of 8.8% [2] Group 3 - The physical workload in key sectors such as energy, transportation, and water conservancy is showing marginal weakness, with production declines in cement, steel, glass, and asphalt [3] - The price of steel increased by 2.1% month-on-month, while cement and asphalt prices decreased [3] Group 4 - The growth rate of broad infrastructure investment from January to July is 7.3%, slightly slowing down compared to previous months [4] - Fixed asset investment completion reached 28.8 trillion yuan, with a year-on-year increase of 1.6% [4] - Specific sectors like electricity and water supply are seeing significant investment growth, while transportation and water management are maintaining lower growth rates [4] Group 5 - The report suggests focusing on state-owned enterprises with strong fundamentals and low valuations under a more proactive fiscal policy [5] - It highlights three paths for industry maturation: competition among existing players, regional investment opportunities, and the development of new productive forces [5] - Recommended companies for investment include China State Construction, China Railway, and China Communications Construction [5]

Core Insights - The report from China Merchants Securities indicates that Wuliangye's Q2 2025 revenue and net profit attributable to shareholders reached 15.83 billion yuan and 4.63 billion yuan, respectively, showing a year-on-year change of +0.1% and -7.6% [1] Group 1: Financial Performance - In Q2 2025, the company maintained stable revenue despite external pressures, while profit growth turned negative, aligning with previous expectations [1] - The top five distributors accounted for a significant 60% of sales, indicating a shift towards larger distributors [1] - The gross profit margin faced pressure due to increased expenses, leading to a decline in profitability [1] Group 2: Market Strategy and Outlook - The company is undergoing adjustments and is focusing on the upcoming double festival pressure test [1] - Product lines such as 1618 and 39-degree offerings have shown stable growth in the banquet market, with expectations for incremental contributions after the establishment of a dedicated team in the second half of the year [1] - For Q3, the company anticipates a greater emphasis on price control, with expected adjustments in financial reports being larger than in Q2 [1] Group 3: Earnings Forecast - Considering the H1 performance and outlook for the second half of the year, the EPS forecasts for 2025-2027 have been revised down to 7.56, 7.63, and 7.63 yuan, respectively [1] - The company continues to maintain a "strongly recommended" rating despite the adjustments [1]

专题：第二届新浪财经金麒麟最佳投资顾问评选 新浪财经主办、银华基金独家合作的"第二届金麒麟最佳投资顾问评选"活动火热进行中！ 我国财富管理行业迈入超级大年，随着居民理财意识逐渐升华，中国财富管理行业已经迎来高增长周 期，投资顾问作为财富管理"最后一公里"的引路人，其触达客户、沟通客户、服务客户的属性直接影响 着全民资产配置的走向。在此背景下，投资顾问面临哪些机遇和挑战？他们该如何"修炼内功"？ 基于此，新浪财经与银华基金共同打造"金麒麟最佳投资顾问评选"品牌活动，寻找优秀投资顾问，赋能 投顾IP建设，共建展业平台！金麒麟最佳投资顾问评选活动旨在为投资顾问提供一个展示形象、扩围服 务、提升能力的舞台，为优秀投资顾问与大众投资人搭建沟通对话的桥梁，助推中国财富管理行业健康 发展。 招商证券财富管理部总经理潘卫东受邀成为本次大赛评审委员会评委。 潘卫东表示，非常荣幸以评委身份参与本次大赛。在AI浪潮奔涌的金融新纪元，财富管理服务模式、 经营逻辑正经历深刻重构——从经验驱动到数据驱动，最终迈向智能驱动，这一跃迁将为行业注入全新 动能。 招商证券将以AI为引擎，以专业资产配置能力为内核， 整合策略、算法、场景、服务全链 ...

Core Viewpoint - Guangdong Tapai Group Co., Ltd. is committed to a high dividend policy and stable operational performance, with a focus on maintaining a strong market position and managing production capacity effectively [2][5]. Group 1: Dividend Policy and Financial Planning - For the fiscal year 2024, the company plans to distribute a cash dividend of 4.5 yuan per 10 shares, representing 99.74% of the net profit for the year, as part of its three-year shareholder return plan (2024-2026) [2]. - The high dividend policy is influenced by the "New National Nine Articles" guidelines on market value management and aims to convey a commitment to stable operations and positive returns, thereby stabilizing the stock price [2]. - The company anticipates capital expenditures to remain between 200 million to 400 million yuan annually, primarily for self-built emerging industries, with cash flow expected to cover dividends and capital expenditures without hindering growth [2]. Group 2: Operational Performance and Market Conditions - In the third quarter, cement sales remained flat year-on-year due to seasonal factors and adverse weather conditions, with a notable decrease in sales compared to June [3]. - The cement prices in the Pearl River Delta region have been under pressure since May, nearing cost levels, but are expected to stabilize and recover as the traditional sales season begins in September [3]. Group 3: Cost Management and Efficiency - The company's management expenses decreased by 17.63% year-on-year, primarily due to a reduction in labor costs, as the impact of shutting down inefficient enterprises last year led to lower severance costs [4]. Group 4: Capacity Planning and Business Goals - Following the elimination of low-efficiency capacity, the company does not plan to add new capacity, believing that current production levels will meet future demand [5]. - The operational target for 2025 is to produce and sell over 16.3 million tons of cement, with a net profit exceeding 530 million yuan, building on a 10.90% year-on-year increase in cement and clinker sales in the first half of the year [5]. Group 5: Production Policies and Investment Strategy - The company plans to implement staggered production policies in 2025, with kiln shutdowns scheduled for 95 days in Guangdong, 160 days in Guangxi, and 170 days in Fujian, which is expected to support cement prices [6]. - The board has approved a securities investment budget of 1.3 billion yuan for 2025, focusing on low-risk investments such as government bonds and local bonds, while maintaining a cautious investment approach to ensure controlled risks and stable returns [6].

Group 1 - The report is a tracking document for Century Hengtong Technology Co., Ltd. for the first half of 2025, prepared by China Merchants Securities Co., Ltd. [1] - The sponsor has reviewed the company's information disclosure documents timely, with no instances of delayed reviews [1] - The company has established and effectively executed regulations to prevent related party transactions and manage fundraising [1] Group 2 - There were no issues identified by the sponsor during the review process, indicating a stable operational environment for the company [1] - The company has fulfilled its commitments, with no unfulfilled promises reported [1] - The report notes a change in the responsible sponsor representatives, with Wu Wenjia and Liu Xianguang taking over the ongoing supervision duties [1][2]

Fund Overview - The fund is named "招商深证 100 交易型开放式指数证券投资基金" (招商深证 100 ETF) and was established on November 7, 2019 [2] - The fund aims to closely track the underlying index, minimizing tracking deviation and error, primarily using a full replication method [2][3] - As of June 30, 2025, the total fund shares amounted to 86,937,760 [2] Financial Performance - The fund reported a realized loss of 689,812.47 RMB and a total profit of -562,080.83 RMB for the reporting period [3][4] - The weighted average net value profit rate was -1.03%, and the fund share net value growth rate was -0.89% [3] - The fund's net asset value at the end of the period was 49,204,563.30 RMB, with a share net value of 0.5660 RMB [3][4] Investment Strategy - The fund employs a passive investment strategy, primarily replicating the 深证 100 index (price) [2][3] - The fund management utilizes various strategies for bond investments, including duration control and credit risk assessment [2][3] - The fund also engages in hedging through stock index futures and government bond futures to manage systemic risks [2][3] Market Context - During the reporting period, the A-share market showed a slight upward trend, with the 沪深 300 index increasing by 0.03% and the 中证 500 index rising by 3.31% [6] - The fund's net value growth rate of -0.89% outperformed the benchmark growth rate of -2.58% [7] - The market outlook remains optimistic, with expectations of sufficient policy reserves and better-than-expected performance in consumption and exports [7]

Core Viewpoint - The report outlines the performance and financial metrics of the China Securities Index Fund for the first half of 2025, highlighting a challenging market environment with a negative return on investment and various operational strategies to manage risks and enhance returns [1][7]. Fund Overview - The fund is named "China Securities Index Fund" and operates as a contract-based open-end fund, with a total share of 1,713,012,778.28 as of June 30, 2025 [2]. - The fund aims to passively track the China Securities Index, maintaining a tracking error of no more than 0.35% and an annual tracking error of no more than 4% [2]. Financial Performance - The fund reported a realized loss of approximately 4.51 million RMB and a total profit loss of about 63.29 million RMB for the reporting period [3]. - The weighted average net value profit rate was -3.49%, and the fund's share net value growth rate was -2.88% [3]. - The cumulative net value growth rate since inception is -29.10% [3]. Market Environment - The securities sector experienced a volatile adjustment phase, with a decline of 3.34% in the first half of 2025, influenced by intensified trade tensions between China and the U.S. [7]. - Market sentiment improved towards the end of the second quarter, leading to a recovery in trading volumes and expectations for brokerage income [7][8]. Investment Strategy - The fund maintained a stock position of approximately 94.5% during the reporting period, effectively tracking the benchmark index [7]. - The fund's management employs risk management strategies, including the use of stock index futures to enhance investment efficiency [2][5]. Future Outlook - The report anticipates potential benefits for the brokerage sector from expected interest rate cuts by the Federal Reserve and supportive domestic policies [8]. - The brokerage sector's valuation remains low, with a price-to-book ratio of approximately 1.44, indicating potential for valuation recovery [8].

Core Viewpoint - The company has decided to postpone certain fundraising investment projects to ensure the efficient use of raised funds and align with long-term strategic goals [1][3][4] Fundraising Overview - The company raised a total of RMB 165,224 million from the initial public offering, with a net amount of RMB 157,569 million after deducting fees [1][2] - The funds are managed in a dedicated account to protect investor interests, with a tripartite agreement signed with the sponsor and the bank [2] Investment Project Adjustments - Due to the actual net amount being lower than initially disclosed, the company adjusted the investment amounts for several projects, including: - Cluster Database Management System Upgrade: from RMB 35,201.86 million to RMB 33,069.60 million - New Generation Cloud Database Product Construction: from RMB 25,291.14 million to RMB 17,126.86 million - Dream China Database Industrial Base: from RMB 80,023.57 million to RMB 69,300.10 million - Dream Research Institute Construction: from RMB 60,274.88 million to RMB 20,072.49 million - The total adjusted investment amounts to RMB 157,569.05 million [2][3] Postponement Details - The "Dream China Database Industrial Base" project’s expected operational date has been extended from September 2025 to September 2026 due to practical progress considerations [3][4] - The postponement is a cautious decision based on the project's actual needs and does not affect the project's content or the intended use of funds [3][4] Impact of Postponement - The postponement is not expected to have a significant adverse impact on the company's normal operations or the implementation of investment projects, aligning with the company's long-term development strategy [3][4][5] - The decision has been approved by the company's board and supervisory committee, adhering to relevant legal and regulatory requirements [4][5]

招商中证消费电子主题交易型开放式 指数证券投资基金 2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中信建投证券股份有限公司 送出日期：2025 年 8 月 28 日 招商中证消费电子主题交易型开放式指数证券投资基金 2025 年中期报告 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中信建投证券股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核 了本报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容， 保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 1 页 共 49 页 招商中证消费电子 ...