Core Viewpoint - The news discusses the verification opinion of招商证券 regarding the partial lifting of the lock-up period for shares of苏州银行, allowing these shares to be listed and traded on the market. Group 1: Share Issuance and Changes - 苏州银行's total share capital before the IPO was 3,000,000,000 shares, which increased to 3,333,333,334 shares after the IPO, including 3,000,000,000 restricted shares and 333,333,334 unrestricted shares [2][3] - As of July 18, 2025, 苏州银行's total share capital is 4,470,662,011 shares, with 81,703,527 shares still under lock-up [3][10] - The current lifting of the lock-up involves 7,262,540 shares from 871 shareholders, representing 0.1624% of the total share capital, which will be tradable starting August 4, 2025 [3][10] Group 2: Shareholder Commitments - Shareholders, including directors and senior management, have committed to a lock-up period of 36 months post-IPO, with additional conditions for share transfers during and after this period [4][5] - Specific commitments include restrictions on share transfers and conditions for selling shares after the lock-up period, ensuring that any sales do not exceed 25% of their holdings annually for two years after the lock-up [5][6] - New shareholders who acquired shares during the IPO process also committed to a minimum lock-up period of three years, with limits on the percentage of shares they can sell annually thereafter [8][9] Group 3: Financial Integrity and Compliance - As of the verification date, there are no instances of non-operational use of funds by shareholders or any violations of commitments regarding share transfers [10] - The verification confirms that the lifting of the lock-up period complies with relevant regulations and that shareholders have adhered to their commitments regarding share restrictions [15]

Group 1 - The company, Guangdong Provincial Institute of Building Science Group Co., Ltd., has received approval for its initial public offering (IPO) and listing on the ChiNext board [1][2] - The total number of shares to be publicly issued is 10,466,000, representing approximately 25% of the company's total shares post-issuance [2] - The initial strategic placement will consist of 31,398,000 shares, accounting for 30% of the total issuance, with the underwriter's related subsidiaries participating with 5% of the issuance [2] Group 2 - The offering will be conducted through a combination of strategic placement, offline inquiry-based placement, and online pricing issuance for public investors [1][2] - The final distribution of shares between offline and online offerings will be determined based on the allocation mechanism, with the results published on August 5, 2025 [2] - The company and its underwriter will hold an online roadshow to provide investors with information regarding the company and the IPO process [3]

一、本次解除限售股份的基本情况 招商证券股份有限公司关于浙江华统肉制品股份有限公司非公开发 行限售股份解除限售上市流通的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐人"）作为浙江华 统肉制品股份有限公司（以下简称"华统股份""本公司"或"公司"）的持续 督导保荐人，根据《深圳证券交易所股票上市规则》《证券发行上市保荐业务管 理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》《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，对华统股份非公开发行限售股份解除限售上市流通的事项进行了核查， 核查情况及核查意见如下： 经中国证券监督管理委员会《 《关于核准浙江华统肉制品股份有限公司非公开 （证监许可《 2022〕1036 号）核准，华统股份向特定对象上海 发行股票的批复》 华俭食品科技有限公司《 （以下简称《 "上海华俭"）非公开发行人民币普通股《 （A 股） 股票 132,200,000 股，本次发行新增股份于 2022 年 8 月 1 日在深圳证券交易所上 市。限售期为自本次发行结束新股上市之日起三十六个月。 本次发行后至本核查意见出具日， ...

该行预计毛戈平在明星产品驱动下，其收入将从2024年39亿元增长至2027年98亿元，实现36%的年均复 合增长率(CAGR)，主要受益于明星单品的成熟放量及各业务板块间的协同效应。其中，护肤品业务预 计将以43.5%的CAGR增长，占总收入比重提升至42.8%。线下渠道预计以26.2%的CAGR增长，年净增 约40个专柜(至2027年增加到498个)；同时，单店坪效提升至630万元，依托高端护城河与高接触式服 务，满足稳定消费需求。在线渠道预计以46.4%的CAGR增长，占比提升至56.8%，通过扩大覆盖范围与 明星单品带动高投资回报率。 招商证券国际发表研究报告，首次覆盖毛戈平，给予"增持"评级，目标价为102.4港元，基于2026年中 期预测市盈率38.5倍。该行指出，若毛戈平复制雅诗兰黛的发展路径，在未来完成区域性品牌收购并建 立泛亚洲高端定位，有望进一步提升估值至50倍市盈率水平，从而更好地支持其护肤品业务占比与利润 率表现。 ...

为持续向投资者普及ETF基础知识，招商证券携手十大基金公司，联合全景网共同举办2025年招商证 券"招财杯"ETF实盘大赛系列直播，旨在帮助投资者提升资产配置与风险管理能力，促进ETF市场的健 康发展。 2025年7月24日，"招财杯"ETF实盘大赛系列直播邀请到了银华基金指数投资分析师辛迪，一起探讨 《创新药板块崛起，后市还有哪些机会？》。 辛迪表示，经过近几年的快速发展，我国已成为全球创新药领域的重要力量，尤其在研发管线规模、靶 点覆盖及国际化合作方面表现突出，而众多创新药企也将开始进入成果兑现阶段，中国创新药行业或正 在进入厚积薄发的"收获期"。 "总体而言，政策、资本、产业因素共振，中国创新药行业长期成长逻辑坚实。"辛迪进一步表示，"我 认为创新药估值仍有非常充足的上扬空间。" 部分企业业绩超预期，创新药或步入"收获期" 辛迪：从基本面来看，我们认为创新药仍是当前医药板块中产业趋势最为明确且具备未来成长空间的子 行业，全年维度创新药作为医药板块的投资主线不会变化，创新药大时代已然到来。此外，7月中报业 绩预告/快报陆续披露，GLP-1景气赛道、困境反转的原料药等表现亮眼，从半年报情况看，部分企业 H1 ...

Core Viewpoint - The recent adjustment of the predetermined interest rate for life insurance products to 1.99% marks the first downward revision since the implementation of the dynamic adjustment mechanism, which helps the industry mitigate long-term interest spread loss risks in a low-interest-rate environment [1][2][5]. Group 1: Interest Rate Adjustments - The China Insurance Industry Association announced a new predetermined interest rate of 1.99%, down from 2.34% and 2.13% in the previous two quarters, triggering the dynamic adjustment mechanism for the first time [2][3]. - Major insurers such as China Life, Ping An, and Taikang have announced that starting in September, the maximum predetermined interest rates for ordinary life insurance products will be reduced from 2.5% to 2.0%, and for participating insurance from 2.0% to 1.75% [1][3]. Group 2: Competitive Landscape - The gap between the maximum predetermined interest rates for participating insurance and ordinary insurance has narrowed to 25 basis points (BP), enhancing the competitive advantage of insurance products [3][5]. - The adjustment of the maximum predetermined interest rates for various insurance products reflects a clear shift towards floating yield products, indicating a strategic transformation by leading insurers [5]. Group 3: Market Impact and Product Transition - The adjustment is expected to stabilize market expectations and industry development, reducing the impact on insurers' daily operations, especially during the year-end sales peak [4]. - The transition to new products is anticipated to be swift, with a one-month timeframe for switching, which may lessen the short-term impact of product suspensions on premium growth compared to previous years [4].

Core Viewpoint - The company Jida Zhengyuan (003029.SZ) is expected to report a net loss attributable to shareholders ranging from 38 million to 45 million yuan for the first half of 2025, indicating a worsening financial performance compared to the previous year's loss of 31.19 million yuan [1][2]. Financial Performance Summary - The projected net loss attributable to shareholders for the current reporting period is between 38 million and 45 million yuan, compared to a loss of 31.19 million yuan in the same period last year [1][2]. - The net loss after excluding non-recurring gains and losses is expected to be between 39 million and 47 million yuan, compared to a loss of 33.95 million yuan in the previous year [1][2]. - Basic earnings per share are projected to be a loss of 0.20 to 0.23 yuan per share, compared to a loss of 0.16 yuan per share last year [2]. Historical Financial Data - In 2022, 2023, and 2024, the net profits attributable to shareholders were -33.72 million yuan, -157 million yuan, and -139 million yuan, respectively [2]. - The net profits attributable to shareholders after excluding non-recurring gains and losses for the same years were -36.34 million yuan, -166 million yuan, and -143 million yuan, respectively [2]. - The operating revenue for 2024 was approximately 406.67 million yuan, showing a decrease of 0.32% from 407.96 million yuan in 2023, and a significant drop from 491.18 million yuan in 2022 [3]. Capital Raising Activities - The company raised a total of 508.28 million yuan through its initial public offering, with a net amount of 458.18 million yuan after deducting issuance costs [4]. - The funds raised are intended for technology research projects, the construction of a new generation application security support platform, and the establishment of a marketing network and technical service system [4]. - In a subsequent issuance, the company raised approximately 179.71 million yuan, with a net amount of about 176.63 million yuan after costs, through the issuance of 11,439,127 shares at a price of 15.71 yuan per share [4][5].

Group 1 - The core viewpoint of the article is that招商证券 has conducted a thorough review of the convertible bond repurchase matters related to山东赫达, confirming compliance with relevant regulations and the company's decision-making processes [1][6][7] - 山东赫达 issued 6 million convertible bonds with a total fundraising amount of 600 million RMB, netting 592.75 million RMB after deducting related expenses [1][2] - The bonds, named "赫达转债," began trading on the Shenzhen Stock Exchange on July 19, 2023, under the code "127088" [2] Group 2 - The repurchase rights for bondholders are triggered if there are significant changes in the investment projects funded by the raised capital, as outlined in the募集说明书 [2][3] - The repurchase price for the bonds is set at 100.088 RMB per bond, which includes accrued interest and tax considerations [3][4] - The repurchase process includes a public announcement period and a specific declaration period from August 4 to August 8, 2025, during which bondholders can exercise their repurchase rights [5][6] Group 3 - The company will continue to trade the bonds during the repurchase period but will suspend conversion to shares [6] - 招商证券 has no objections to the repurchase matters, affirming that all necessary decision-making procedures have been followed [6][7]

Group 1 - The second "Golden Unicorn Best Investment Advisor" selection is underway, focusing on identifying outstanding investment advisors in wealth management [1] - The weekly ranking data from July 14 to July 20 shows that Wang Weilong from Bank of China Securities achieved the highest weekly return of 20.22% in stock simulation trading [1][2] - In the ETF simulation trading group, Sun Baoyan from Xinda Securities topped the list with a weekly return of 10.81% [2][3] Group 2 - In the public fund simulation configuration group, Sun Baoyan also led with a weekly return of 10.91%, followed by He Weidong from Dongxing Securities with 5.88% [3][5] - The social service evaluation highlights top advisors based on their IP homepage and simulated portfolio heat values, with Mei Xingxia from Dongfang Securities leading in IP homepage heat value [11]

Group 1 - The State Council, led by Premier Li Qiang, is promoting free preschool education as a significant welfare initiative affecting many families, emphasizing the need for local governments to develop detailed plans and ensure timely funding [2] - The China Capital Market Society was established, with the CSRC Chairman Wu Qing as the head, marking the creation of an official think tank for the capital market [4] - The CSRC is revising the Corporate Governance Guidelines to enhance the regulatory framework for listed companies, focusing on preventing significant adverse impacts from competition and improving related party transaction oversight [5] Group 2 - The China Pesticide Industry Association is launching a three-year campaign to address issues like illegal production and disorderly competition in the pesticide industry, aiming for improved market order and product quality by 2027 [8] - The market sentiment is high, with the CSRC's commitment to stabilizing the market, indicating a potential influx of new funds as the market shows signs of recovery [17] - The A-share market is expected to challenge 2024 highs, driven by the "anti-involution" policy and positive feedback from increased public and private fund positions [26] Group 3 - The recent market rally is characterized by a rotation strategy, with a focus on sectors that have lagged behind, such as steel and construction, which are now benefiting from themes like "anti-involution" and infrastructure projects [23] - The AI industry is anticipated to enter a "computing power-driven" phase, with domestic chip and infrastructure development expected to gain momentum [22] - The current market environment suggests a preference for "rotation and supplementary gains," with an emphasis on identifying sectors that have historically performed well under similar conditions [25]