Core Viewpoint - The company, Wuxi Shengjing Microelectronics Co., Ltd., is implementing a differentiated dividend distribution plan due to the repurchase of shares, which will not participate in profit distribution, ensuring compliance with relevant regulations and protecting shareholder rights [1][6]. Summary by Sections 1. Reason for Differentiated Dividend - The company has approved a share repurchase plan using its own and raised funds, with a total repurchase amount between RMB 30 million and RMB 50 million, at a price not exceeding RMB 51.58 per share, within a 12-month period [1]. 2. Differentiated Dividend Plan - The company plans to distribute a cash dividend of RMB 0.10 per share (tax included) for the fiscal year 2024, with adjustments to be made if the total share capital changes due to various corporate actions [2][3]. 3. Calculation of Differentiated Dividend Indicators - The cash dividend per share has been adjusted to RMB 0.1001 based on the principle of maintaining the total distribution amount unchanged, with a total cash dividend payout of approximately RMB 10.07 million [3][4]. 4. Impact on Ex-Dividend Price - The reference price for ex-dividend trading is calculated based on the previous closing price minus the cash dividend, with the impact of the differentiated dividend on the reference price being minimal, less than 1% [5][6]. 5. Compliance and Verification - The sponsor institution has verified that the differentiated dividend distribution complies with relevant laws and regulations, confirming that it does not harm the interests of the company or its shareholders [6].

光大证券股份有限公司关于 南亚新材料科技股份有限公司 光大证券股份有限公司（以下简称"光大证券"或"保荐机构"）作为南 亚新材料科技股份有限公司（以下简称"南亚新材"或"公司"）2022 年度向 特定对象发行 A 股股票并在科创板上市及进行持续督导的保荐机构，根据《证 券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《科 创板上市公司持续监管办法（试行）》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》等有关规定，对公司 2022 年度向特定对象发行股 票限售股上市流通的事项进行了核查，核查情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2023 年 6 月 29 日出具的《关于同意南亚 新材料科技股份有限公司向特定对象发行股票注册的批复》（证监许可 〔2023〕1441 号），同意南亚新材向特定对象发行股票的注册申请。公司本次 新增股份 6,190,000 股，本次发行新增股份的登记托管手续已于 2024 年 2 月 7 日在中国证券登记结算有限责任公司上海分公司办理完成。至此公司总股本由 露于上海证券交易所网站（www.sse.com.cn）的《向 ...

2025 年 7 月 31 日 总量研究 全面增持利率品，杠杆久期均回升 ——主动型债券基金 25Q2 持仓分析 要点 1、 25Q2 债券型基金市场总览 截至 2025 年二季度末，全市场公募开放式债券型基金共计 3862 只，较 2025 年一季度末环比增加 54 只/1.4%；市场规模合计 10.93 万亿元，环比增加 0.86 万亿元/8.6%；基金份额合计 9.60 万亿份，净申购 5656.70 亿份，申购比例 6.3%。 除可转债基金外，各类型债券型基金 25Q2 均表现为净申购，市场规模扩张。 2、主动型债券基金季度表现 3、主动型债券基金重仓信用债分析 城投债：截至 25Q2 末，主动债基重仓城投债市值为 724.06 亿元，环比减持 17.94 亿元。分区域来看，浙江省持仓市值居前，广东、广西等区域被增持，湖南、四 川等区域被减持。剩余期限方面，重仓城投债平均剩余期限为 2.43 年，环比减 少 0.17 年，其中西藏、河北等区域剩余期限显著拉长，北京、广东等地有所缩 短。收益率方面，重仓城投债平均估值收益率为 1.93%，环比下行 25.63BP， 其中青海、辽宁等地收益率较高，各省份平 ...

2025 年 7 月 31 日 总量研究 "抢进口"效应减弱，难掩美国经济隐忧 ——2025 年二季度美国经济数据点评 | | 要点 | | --- | --- | | 作者 | 事件： | | 分析师：高瑞东 | 2025 年 7 月 30 日，美国经济分析局公布 2025 年二季度 GDP 数据初值： | | 执业证书编号：S0930520120002 | | | 010-56513066 | 【1】二季度实际 GDP 年化季率初值+3.0%，预期+2.4%，前值-0.5%； | | gaoruidong@ebscn.com | 【2】二季度实际个人消费支出季率初值+1.4%，预期+1.5%，前值+0.5%； | | 分析师：周欣平 | 【3】二季度核心 PCE 物价指数年化季率初值+2.5%，预期+2.3%，前值+3.5%。 | | 执业证书编号：S0930525070005 | | | 010-57378026 | | | zhouxinping@ebscn.com | | | 相关研报 | 核心观点： | | 关税滞胀效应显现，美国经济增速转负—— | | | 2025 年一季度美国经济数据点评（2 ...

2)项目成本降低：一方面，自2024年6月以来欧洲央行已实施八次降息，欧洲海风融资利率不断降低； 另一方面，随着供应链与技术愈加成熟，欧洲海风开发成本已从2010年的5418美元/kW降低至2023年的 3138美元/kW，平准化度电成本(LCOE)已从2010年的0.205美元/kWh降低至2023年的0.067美元/kWh。随 着项目融资、开发成本持续降低，开发商对欧洲海风项目投资意愿得到增强。 智通财经APP获悉，光大证券发布研报称，根据WindEurope，2024年欧洲海风新增装机量为2.6GW，预 计2030年将达到11.8GW。此前俄乌冲突曾引发欧洲天然气危机，当前向可再生能源转型已成为欧洲各 国的战略共识，发展海上风电的重要性持续提高；随着项目融资、开发成本持续降低，开发商对欧洲海 风项目投资意愿得到增强；此外，欧洲多个国家通过行政手段设立政策目标、改革项目拍卖制度等，持 续推动海风加速发展。欧洲海风景气度持续提高，未来随着需求不断释放，国内积极布局欧洲市场的海 风企业有望充分受益。 光大证券主要观点如下： 受益于战略地位提高、项目成本降低、政策驱动等，欧洲海风建设迎来加速 根据WindEur ...

Group 1 - Chinese brokerage stocks have experienced a significant decline, with notable drops in shares such as China Merchants Securities down 4.99% to HKD 16.36, Everbright Securities down 4.54% to HKD 10.52, and CITIC Securities down 4.19% to HKD 27.45 [1] - The Hong Kong Securities Index has risen 49.92% year-to-date, while the average increase for the 13 A+H component brokerage stocks in A-shares is only 4.63%, indicating a substantial narrowing of the AH premium rate [1] - The current AH premium rate for the entire market has fallen below 125%, with the brokerage sector experiencing an even more pronounced decline in AH premium [1] Group 2 - The brokerage index has shown a steady increase in July, approaching the rebound high from the fourth quarter of the previous year, with the average P/B ratio rising from a low of 1.40 to over 1.50, marking a new high for the year [2] - The brokerage index has shifted from a relatively weak position to a significantly stronger one, although the likelihood of a rapid recovery similar to the third quarter of last year is considered low [2] - A steady recovery and oscillating upward trend for the brokerage index is anticipated in the short to medium term, with expectations for a healthy rotation within the sector [2]

智通财经APP获悉，中资券商股高位回落，截至发稿，招商证券(06099)跌4.99%，报16.36港元；光大证 券(06178)跌4.54%，报10.52港元；中信证券(06030)跌4.19%，报27.45港元；中信建投证券(06066)跌 3.66%，报12.64港元。 申万宏源此前指出，香港证券指数年初至今上涨49.92%，而对应的13家A+H成分股券商A股同期涨幅均 值仅4.63%。券商AH溢价率已经显著收窄：根据恒生沪深港通AH溢价指数，当前全市场AH溢价率已经 下行至125%以下，而券商板块AH溢价率收窄更甚。该行认为外资增持中国资产、机构（险资、公募） 青睐投资高股息、低估值的港股，致使券商H股涨幅明显好于A股。重视下半年券商A股的补涨逻辑。 中原证券表示，7月券商指数稳步连续走高，在持续刷新年内新高的同时，逐步逼近去年四季度的反弹 高点，整体格局进一步转强。板块平均P/B由月初的最低1.40倍逐步修复至月末的1.50倍以上，创年内估 值新高。目前券商指数已由前期的相对弱势显著转强，但预计再度出现去年三季度末快速修复行情的概 率偏低，中短周期内券商指数保持稳步修复、震荡上涨的趋势值得期待，板块内 ...

Core Viewpoint - The Yarlung Tsangpo River downstream hydropower project has officially commenced construction, representing a significant milestone in China's energy and infrastructure sectors, with a total investment of approximately 1.2 trillion yuan [1] Group 1: Project Overview - The project is located in Linzhi City, Tibet Autonomous Region, and involves the construction of five tiered power stations using a diversion and tunnel water intake method [1] - The primary focus of the generated electricity will be on external consumption, while also addressing local demand in Tibet [1] Group 2: Market Impact - The Yarlung Tsangpo River downstream hydropower project is expected to have a long-term impact on multiple industries, including infrastructure, energy, and materials [1] - The strategic value of the project encompasses national energy security, border stability, and global climate governance [1] Group 3: Investment Opportunities - Companies involved in infrastructure-related chemical products, such as soda ash, PVC, and water-reducing agents, are likely to benefit from this project [1]

Group 1 - The humanoid robot concept is gaining traction, with companies like Changying Precision rising over 10%, Obit Zhongguang nearly 9%, and others like Ruikeda and Bojie shares increasing around 8% [1] - Yushu Technology launched its new humanoid robot Unitree R1 on July 25, priced starting at 39,900 yuan, featuring 26 joints and a weight of approximately 25 kg, integrating multimodal models for voice and image [1] - Tesla's CEO Elon Musk announced during the earnings call that the third version of the Optimus humanoid robot prototype will be released by the end of this year, with mass production expected to start in 2026, targeting an annual production of 1 million units within five years [1] Group 2 - According to Everbright Securities, 2025 is projected to be a breakthrough year for humanoid robot mass production, with the potential for tens of thousands of units to drive the downstream industry chain into a phase of significant growth [1] - The anticipated data collection and training from mass production is expected to address data scarcity issues, facilitating the evolution of humanoid robots towards more generalized and practical applications [1] - The company maintains a positive outlook on the humanoid robot industry based on current hardware technology trends and the progress of various manufacturers [1]

光大证券发布研报称，2024年全球零售跨境支付市场规模达39.9万亿美元，据FXC Intelligence预测， 2032该规模将增至64.5万亿美元，2024-2032年复合年增长率达6.2%。从场景贡献结构看：B2B支付占据 主导地位，贡献79%份额；电子商务支付占5%；服务支付占11%；C2C支付占5%。值得注意的是，在 人民币跨境清算、多币种结算等业务层级中，第三方支付机构已深度嵌入支付全链路服务生态，发挥着 重要作用。预计稳定币将驱动人民币跨境支付基础设施全球扩展、以及应用场景多元化，则第三方支付 公司营收增长空间可期。 ...