Core Viewpoint - The carbon fiber industry is currently at the bottom of its cycle, with prices stabilizing after a significant decline, and the implementation of "anti-involution" policies is expected to improve industry conditions [3][4][7]. Industry Overview - As of July 24, 2025, domestic carbon fiber prices are at 83.75 yuan/kg, down 8.2% year-on-year, indicating a challenging environment for producers, with an average gross profit of -0.83 thousand yuan/ton [3]. - The total carbon fiber production capacity in China is 159,500 tons, with expected new capacities of approximately 46,530 tons from 2025 to 2028 [4]. Demand Dynamics - Global carbon fiber demand is projected to reach 156,100 tons in 2024, a 35.7% increase year-on-year, with significant growth in the wind power sector (120% increase) and the sports leisure sector (51.6% increase) [5][6]. - In China, the total demand for carbon fiber in 2024 is expected to be 84,000 tons, with a year-on-year growth of 21.7% [5]. Domestic Replacement Progress - The domestic carbon fiber industry has made significant strides in technology and production capabilities, moving towards self-sufficiency and reducing reliance on imports [6]. - The industry has developed a complete production system for various grades of carbon fiber, including high-performance types [6]. Future Outlook - With the stabilization of carbon fiber prices, leading manufacturers with scale and cost advantages are expected to see improved profitability [7]. - The growth in end-user demand from sectors like low-altitude economy and aerospace will benefit companies capable of mass-producing high-end carbon fibers [7].

Core Viewpoint - Ningbo Bohui Chemical Technology Co., Ltd. has decided to exercise the early redemption option for its convertible bonds, known as "Bohui Convertible Bonds," due to the stock price meeting the conditions specified in the offering document [3][5]. Group 1: Redemption Conditions - The "Bohui Convertible Bonds" can be redeemed if the company's stock price has been at least 130% of the conversion price (8.00 CNY/share) for at least 15 out of the last 30 trading days [3][5]. - The redemption period aligns with the conversion period, starting six months after the issuance and lasting until the maturity date [3][5]. Group 2: Redemption Details - The redemption price is set at 100.02 CNY per bond, which includes the principal and accrued interest calculated based on a 1.8% annual interest rate [5][6]. - The redemption will be executed for all bondholders registered with China Securities as of the redemption registration date [6]. Group 3: Implementation Arrangements - The company will publish announcements regarding the redemption results and the delisting of the bonds from the Shenzhen Stock Exchange [6]. - Bondholders are advised to consult their brokerage firms regarding the conversion process, as the minimum conversion unit is one share [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report As of the end of June 2025, the total bond custody decreased on a month - on - month basis. The custody of inter - bank certificates of deposit decreased significantly due to concentrated maturities, while other bonds increased. Different institutions showed distinct trends in bond holding, and the bond market leverage ratio increased slightly [1][11]. 3. Summary by Relevant Catalogs 3.1 Bond Custody Total and Structure - The total bond custody increased less on a month - on - month basis. As of the end of June 2025, the combined bond custody of CCDC and SHCH was 171.29 trillion yuan, with a net increase of 1.30 trillion yuan, 0.87 trillion yuan less than the month - on - month increase at the end of May [1][11]. - Affected by concentrated maturities, the custody of inter - bank certificates of deposit decreased by 0.72 trillion yuan, the largest decline in recent years. The custody of interest - rate bonds, credit bonds, and non - policy financial bonds increased by 1.67 trillion yuan, 0.17 trillion yuan, and 0.20 trillion yuan respectively [1][11]. 3.2 Bond Holder Structure and Changes 3.2.1 Month - on - month Changes in Custody by Institution - Policy banks and insurance institutions increased their holdings of major bond types comprehensively. - Commercial banks increased their holdings of major interest - rate products but continued to reduce their holdings of inter - bank certificates of deposit and major credit products. - Credit unions and overseas institutions reduced their holdings of major bond types comprehensively. - Securities companies and non - legal entity products increased their holdings of major interest - rate and credit products but reduced their holdings of inter - bank certificates of deposit [2][24]. 3.2.2 Month - on - month Changes in Custody by Bond Type - Treasury bond custody continued to increase, with non - legal entity products being the main buyers. - Local government bond custody continued to increase, with commercial banks as the main buyers and policy banks as the main sellers. - Policy financial bond custody continued to increase, with non - legal entity products turning to large - scale buying. - Inter - bank certificate of deposit custody turned to a decrease, with non - legal entity products as the main sellers. - Corporate bond custody continued to decrease, with commercial banks as the main sellers. - Medium - term note custody continued to increase, with non - legal entity products as the main buyers. - Short - term financing and super short - term financing custody continued to decrease, with commercial banks and non - legal entity products as the main sellers. - Non - public directional instrument custody continued to decrease, with non - legal entity products and commercial banks as the main sellers [3][26][27]. 3.2.3 Holder Structure of Major Bond Types - Treasury bonds: Commercial banks held 67.07%, policy banks 11.24%, and non - legal entity products 8.93%. - Policy financial bonds: Commercial banks held 53.65%, non - legal entity products 33.11%. - Local government bonds: Commercial banks held 75.08%, policy banks 9.35%. - Corporate bonds: Non - legal entity products held 53.90%, commercial banks 32.37%. - Medium - term notes: Non - legal entity products held 62.18%, commercial banks 23.01%. - Short - term and super short - term financing: Non - legal entity products held 62.85%, commercial banks 20.05%. - Non - public directional instruments: Non - legal entity products held 59.26%, commercial banks 25.20%. - Inter - bank certificates of deposit: Non - legal entity products held 64.91%, commercial banks 28.17% [32][34][37]. 3.3 Bond Market Leverage Ratio Observation As of the end of June 2025, the estimated balance of repurchase - to - be - acquired pledged repos was 12.151369 trillion yuan, an increase of 1.417041 trillion yuan month - on - month. The leverage ratio was 107.64%, up 0.90 percentage points month - on - month and 0.05 percentage points year - on - year [4][49].

Summary of Key Points Core Viewpoint - The company, Jiangsu Xiangteng New Materials Co., Ltd., has received approval to use its own funds to pay for part of the fundraising investment projects and will subsequently replace these with equivalent amounts from the raised funds, ensuring compliance with relevant regulations and maintaining project efficiency [1][7]. Group 1: Fundraising Overview - The company issued 17,171,722 shares at a price of RMB 28.93 per share, raising a total of RMB 496.78 million, with a net amount of RMB 464.49 million after deducting underwriting and other fees [1][2]. - The company has established a special account for the raised funds and signed a tripartite supervision agreement with the bank and the sponsor [2]. Group 2: Investment Project Details - The total investment for the projects is RMB 501.76 million, with an actual planned use of raised funds amounting to RMB 442.34 million [3]. Group 3: Reasons for Using Own Funds - The company faced challenges in directly using raised funds for payroll and other expenses due to regulatory requirements, necessitating the use of its own funds initially [4][5]. - Payments for social insurance, housing funds, and taxes must be made through a unified bank account, complicating the use of multiple accounts for raised funds [4]. - The need for foreign currency payments for overseas purchases and customs duties further limited the use of the raised funds account [5]. Group 4: Operational Process for Fund Replacement - The company plans to use its own funds for project payments and will replace these with raised funds within six months, following a defined approval and replacement process [6]. - The financial department will manage the replacement process, ensuring compliance with the established procedures [6]. Group 5: Impact on the Company - The use of own funds for project payments is aligned with regulatory requirements and is expected to enhance fund utilization efficiency without affecting the normal implementation of the projects [6][7]. Group 6: Approval Process - The board of directors and the supervisory board approved the proposal to use own funds for project payments on July 24, 2025, without needing shareholder approval [6]. Group 7: Sponsor's Verification Opinion - The sponsor, Everbright Securities, confirmed that the decision-making process was followed correctly and that the use of own funds for project payments complies with relevant laws and regulations [7].

Core Viewpoint - The Xiamen Securities Regulatory Bureau has disclosed three administrative penalty decisions related to securities professionals engaging in illegal trading activities, highlighting a broader crackdown on such violations across the industry in 2024 [1][4]. Group 1: Administrative Penalties - Three individuals from Longcheng Guorui Securities and Jinyuan Tongyi Securities were penalized for illegal trading activities, with penalties including fines and confiscation of illegal gains [2][4]. - Zheng Han, born in 1973, incurred a total transaction amount of 5.7667 million yuan with a loss of 48,600 yuan, resulting in a fine of 40,000 yuan due to no illegal gains [2][3]. - Chen Zhongbin, born in 1986, had a transaction amount of 1.9246 million yuan with a profit of 4,069.91 yuan, leading to confiscation of the profit and a fine of 40,000 yuan [2][3]. - Wang Jian, born in 1995, had a transaction amount of 9.7917 million yuan with a profit of 5,579.29 yuan, also facing confiscation of the profit and a fine of 40,000 yuan [2][3]. Group 2: Regulatory Actions - In 2024, the regulatory authorities intensified their crackdown on illegal trading by securities professionals, with 59 cases of violations being addressed across the industry [4]. - A total of 10 administrative penalties were issued in the first half of 2025, involving various securities firms including Zhongshan Securities, Guodu Securities, and others [4]. - The penalties affected not only regular employees but also department heads and senior management, indicating a comprehensive approach to enforcement [4]. Group 3: Specific Cases - Yang Jiangquan, a former executive at Guodu Securities, was fined 150,000 yuan for holding and selling shares of Chengda Biological, resulting in a loss of 1.309 million yuan [5].

Group 1 - The stock price of Chengda Pharmaceutical (301201.SZ) fell by 13.12% to 27.62 yuan as of the close on July 23, 2023 [1] - Chengda Pharmaceutical was listed on the Shenzhen Stock Exchange's ChiNext board on January 20, 2022, with an initial public offering (IPO) of 24,174,035 shares at a price of 72.69 yuan per share [1] - The highest stock price recorded on the first day of trading was 188.00 yuan, indicating a significant decline since then, as the stock is currently in a state of "breaking" [1] Group 2 - The total amount raised from the IPO was 1,757.21 million yuan, with a net amount of 1,621.45 million yuan after deducting issuance costs [1] - The actual net fundraising exceeded the original planned amount by 1,108.17 million yuan, which was initially set at 513.28 million yuan for various projects and working capital [1] - The total issuance costs for the IPO were 135.76 million yuan, with underwriting fees amounting to 117.93 million yuan [1] Group 3 - On July 3, 2023, Chengda Pharmaceutical announced its 2022 annual equity distribution plan, which includes a cash dividend of 3.00 yuan for every 10 shares and a capital reserve conversion of 6 additional shares for every 10 shares held [2] - The record date for the equity distribution was set for July 6, 2023, and the ex-dividend date was July 7, 2023 [2]

智通财经APP获悉，国泰海通发布研报称，预计2025H1上市券商业绩好于预期，归母净利润同比 +61.23%。从上市券商2025H1各项业务收入对营收增量贡献度看，预计投资业务对调整后营业收入增长 的贡献最大为60.51%，主因是权益市场相较2024H1收益率明显改善，且2025Q2单季度股、债两市收益 率环比/同比均提升。同时，经纪业务同比增长对调整后营收增量的贡献为32.40%，主因2025年上半年 市场交易额同比大幅提升。围绕科技与开放，市场投融资需求有望进一步提升，建议增持港股低估标的 与有并购预期标的。 国泰海通主要观点如下： 利率恢复下行，预计将驱动投资业绩超预期 预计2025H1上市券商业绩好于预期，归母净利润同比+61.23% 从上市券商2025H1各项业务收入对营收增量贡献度看，预计投资业务对调整后营业收入增长的贡献最 大为60.51%，主因是权益市场相较2024H1收益率明显改善，且2025Q2单季度股、债两市收益率环比/同 比均提升。同时，经纪业务同比增长对调整后营收增量的贡献为32.40%，主因2025年上半年市场交易 额同比大幅提升。此外，投行业务收入同比+19.45%至157.07 ...

Financial Performance - The company expects a net loss attributable to shareholders of between 9.5 million and 13 million yuan for the first half of 2025, compared to a profit of 8.0365 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be a loss of between 9.4 million and 12.9 million yuan, down from a profit of 8.1718 million yuan year-on-year [1] - For the year 2024, the company reported an operating income of 640 million yuan, a decrease of 10.36% compared to 713.96 million yuan in 2023 [2][3] - The net profit attributable to shareholders for 2024 was 12.27 million yuan, a decline of 65.18% from 35.23 million yuan in 2023 [2][3] - The net profit after deducting non-recurring gains and losses for 2024 was 11.22 million yuan, down 66.52% from 33.53 million yuan in 2023 [2][3] - The basic earnings per share for 2024 was 0.18 yuan, a decrease of 68.42% from 0.57 yuan in 2023 [3] Cash Flow and Assets - The net cash flow from operating activities for 2024 was 94.65 million yuan, an increase of 678.77% compared to a negative cash flow of 16.35 million yuan in 2023 [2][3] - Total assets at the end of 2024 were approximately 1.073 billion yuan, a decrease of 2.94% from 1.106 billion yuan at the end of 2023 [3] - The net assets attributable to shareholders at the end of 2024 were approximately 897 million yuan, a slight decrease of 0.47% from 901 million yuan at the end of 2023 [3] IPO and Fundraising - The company raised a total of 496.78 million yuan from its initial public offering, with a net amount of 442.33 million yuan after deducting issuance costs [4] - The actual net fundraising amount was 5.94 million yuan less than the originally planned amount of 501.76 million yuan [4] - The funds raised are intended for projects including the production of optoelectronic film devices, the establishment of a research and development center, and to supplement working capital [4]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 本周小结：铜价短期震荡 截至2025年7月18日，SHFE铜收盘价78410 元/吨，环比7月11日-0.03%；LME铜收盘价9795 美元/吨，环 比7月11日+1.36%。（1）宏观：美国6月CPI继续反弹，市场预计美联储7月不降息概率为94%，美元短期 或偏强。（2）供需：线缆开工率虽有回升但低于去年同期，7-9月国内空调排产环比下降，需求Q3偏弱； 美国铜套利行为或被提前终止，美国以外铜市场短期面临供应压力，铜价短期震荡。但矿端、废铜后续仍 维持紧张，随着电网、空调需求Q4回升以及贸易冲突逐步消化，Q4铜价有望上行。 冶炼：TC现货价维持在-43美元/吨附近 1）产量：2025年6月SMM中国电解铜产量113.49 ...

Group 1 - The core point of the article is that Ningbo Bohui Chemical Technology Co., Ltd. plans to purchase assets through its wholly-owned subsidiary for the development of intelligent computing services, with a total procurement amount not exceeding RMB 390 million [3][10]. - The company has approved the asset purchase proposal in its board meetings and will submit it for shareholder approval as the transaction amount exceeds 50% of its net assets [4][10]. - The assets to be purchased include servers, data center facilities, and related technology services, aimed at providing intelligent cloud services [6][10]. Group 2 - The counterparty for the asset purchase is Hangzhou Xinfengwei Network Technology Co., Ltd., which is not related to the company [5][6]. - The payment for the assets will be made in stages, with the first two payments due shortly after board approval, and the remaining balance due after shareholder approval [7][8]. - The transaction does not involve any equity assets or liabilities and is not classified as a major asset restructuring or related party transaction [4][10].