Summary of Key Points Core Viewpoint - The company intends to utilize part of the excess raised funds to invest in a new project, specifically the Wuhan Guanggang Semiconductor Electronic Bulk Gas Station project, to enhance operational efficiency and strengthen its competitive position in the electronic ultra-pure gas supply sector. Group 1: Fundraising Overview - The company successfully completed its initial public offering, raising a total of RMB 3,255,615,848.10, with a net amount of RMB 306,781.46 million after deducting issuance costs [1][2] - The excess funds amount to RMB 191,781.46 million, which will be allocated for new project investments [2][3] Group 2: New Project Details - The project will involve the construction of three ultra-pure nitrogen production units and associated systems in Wuhan, with a total investment of RMB 50,345.11 million [3][4] - The funding allocation for the project includes RMB 37,245.47 million for equipment, RMB 8,182.64 million for civil engineering and installation, and RMB 4,916.99 million for other expenses [4] Group 3: Strategic Importance - This project is crucial for establishing a regional center for electronic bulk gases in Central China, aligning with the company's mission to enhance its core competitiveness in the domestic electronic ultra-pure gas market [4][5] - The project is expected to have a stable financial return and low risk, supported by the company's existing resources and capabilities [5] Group 4: Approval and Oversight - The board of directors and the supervisory board have approved the use of excess funds for the new project, which will also be submitted for shareholder approval [6][7] - The company will open a dedicated account for the excess funds and ensure compliance with relevant regulations to safeguard the funds [5][7]

国泰海通证券股份有限公司 关于合肥新汇成微电子股份有限公司 首次公开发行部分限售股上市流通的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 合肥新汇成微电子股份有限公司（以下简称"汇成股份"或"公司"）首次公开 发行股票并在科创板上市及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》 《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》等法律法规的相关规定，对汇成股份首 次公开发行部分限售股上市流通事项进行了核查，核查情况及核查意见如下: 一、本次上市流通的限售股类型 中国证券监督管理委员会于 2022 年 6 月 15 日出具《关于同意合肥新汇成微 （证监许可〔2022〕1256 号）， 电子股份有限公司首次公开发行股票注册的批复》 同意公司首次公开发行股票的注册申请。公司首次向社会公开发行人民币普通股 （A 股）166,970,656 股，并于 2022 年 8 月 18 日在科创板上市交易，发行完成 后总股本为 834,853,281 股，其中有限售条件流通股 718,870,676 股，占发行后总 股本次限售 ...

国泰海通证券股份有限公司 关于欧派家居集团股份有限公司 使用闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 欧派家居集团股份有限公司（以下简称"欧派家居"或"公司"）2022 年公开 发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《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》《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，对欧派家居拟使用 2022 年公开发 行可转换公司债券闲置募集资金进行现金管理的事项进行了审慎核查，具体核查 情况如下： 一、投资情况概述 （一）投资目的 为提高募集资金使用效率，在确保不改变募集资金用途且不影响募集资金投 资项目正常运行的情况下，公司已于 2024 年 7 月 25 日召开了第四届董事会第 十六次会议和第四届监事会第十一次会议，审议通过了《关于使用闲置募集资金 进行现金管理的议案》，批准公司使用总额度不超过人民币 5 亿元的暂时闲置募 集资金适时进行现金管理，有效期自 2024 年 8 月 19 ...

Core Viewpoint - The company intends to utilize part of its idle raised funds for cash management to enhance fund efficiency and ensure shareholder interests are protected [3][6][8] Fundraising Overview - The company was approved to publicly issue 45,340,000 shares at a price of 9.37 RMB per share, raising a total of 424.84 million RMB, which has been fully deposited into a dedicated account [2][3] - The net proceeds will be allocated to specific projects, including a comprehensive production building and facilities, a complex formulation workshop, and R&D for high-end generic drugs, with a total investment of 738.25 million RMB [3] Cash Management Plan - The company plans to use up to 80 million RMB of idle funds for cash management within 12 months from the board's approval [4][6] - The investment will focus on low-risk, high-liquidity products with a maturity of no more than 12 months, such as structured deposits and time deposits [5][6] Implementation and Oversight - The board has authorized the chairman to make investment decisions within the approved limits, with the finance department responsible for execution [5][7] - The company will adhere to relevant regulations for information disclosure and will not alter the intended use of the raised funds [5][8] Impact on Operations - The cash management strategy will not affect the implementation of fundraising projects or the company's main business operations, aiming to improve overall performance and shareholder returns [6][8] Review and Approval Process - The board and its audit committee have approved the cash management plan, confirming it aligns with regulatory requirements and does not harm shareholder interests [7][8] - The sponsor institution has verified that the necessary approval procedures were followed and supports the cash management initiative [8]

Core Viewpoint - The company intends to utilize part of its idle A-share fundraising for cash management to enhance fund efficiency and returns for shareholders while ensuring that it does not affect the ongoing investment projects funded by the A-share fundraising [6][11]. Summary by Sections A-share Initial Public Offering Fundraising Overview - The company raised a total of RMB 175,809.60 million from the issuance of 25,260,000 A-shares at a price of RMB 6.96 per share, with a net amount of RMB 158,377.68 million after deducting issuance costs [1]. A-share Fundraising Investment Project Status - The company has terminated several projects, including the "Coating Line Upgrade Project" and "New Marketing Construction Project," reallocating RMB 46,095.80 million of the A-share fundraising to new high-end manufacturing projects [2][3]. Cash Management of Idle A-share Fundraising - The company plans to use up to RMB 63,000.00 million of idle A-share funds for cash management, investing in low-risk, high-liquidity financial products such as time deposits and structured deposits [6][7][9]. Approval Process - The cash management proposal has been approved by the company's board of directors, supervisory board, and independent directors, confirming that it will not harm the interests of shareholders, especially minority shareholders [9][10][11]. Impact on the Company - The cash management initiative is expected to improve fund utilization efficiency without affecting the normal implementation of A-share fundraising investment projects, thereby potentially increasing returns for the company and its shareholders [6][11].

Group 1 - On June 18, Guotai Junan Securities announced that it received approval from the China Securities Regulatory Commission (CSRC) to publicly issue technology innovation corporate bonds with a total face value of no more than 15 billion yuan [1] - Since June, five securities firms, including CITIC Securities and Guotai Junan Securities, have received approval from the central bank and CSRC to issue technology innovation bonds, with a total approved amount not exceeding 93.8 billion yuan [1][2] - The approved amounts for the securities firms include 15 billion yuan for CITIC Securities, 9.8 billion yuan for CICC, 15 billion yuan for Guotai Junan Securities, 6 billion yuan for CITIC Jianzhong, and 10 billion yuan for Huatai Securities [1] Group 2 - The issuance of technology innovation bonds in the interbank market by securities firms represents a significant expansion of their direct financing channels, allowing them to choose the most suitable market for financing based on their characteristics and needs [2] - Following the announcement by the central bank and CSRC on May 7 to support the issuance of technology innovation bonds, securities firms have actively sought to issue these bonds [2] - As of June 18, 29 securities firms have issued 33 technology innovation bonds, with a total issuance scale of 28.47 billion yuan, indicating strong interest from institutional investors [3] Group 3 - The funds raised from the issuance of technology innovation bonds are primarily used to support businesses in the technology innovation sector, including investments in technology innovation stocks, bonds, ETFs, and industry funds [3][4] - For example, CITIC Securities plans to allocate no less than 50% of the funds for investments that meet capital market requirements and at least 20% for providing market-making and risk hedging services for technology innovation board stocks and funds [4] - The expansion of the bond issuance scope allows securities firms to provide comprehensive services to technology innovation enterprises, enhancing their role as both issuers and underwriters of technology innovation bonds [4]

Core Viewpoint - The performance of listed securities companies in the first half of 2025 shows significant growth, particularly among small and medium-sized brokers, which are expected to continue this trend into the second half of the year [1][2][3]. Group 1: Performance Overview - As of July 17, 2025, 31 A-share listed brokers have disclosed their mid-year performance forecasts, with all reporting positive growth in net profit attributable to shareholders [2]. - Among these, 27 brokers expect a year-on-year increase in net profit of over 50%, representing more than half of the total listed brokers [2]. - Major brokers like Guotai Junan and China Galaxy have projected substantial increases in net profit, with Guotai Junan expecting between 15.283 billion to 15.957 billion yuan, a growth of 205% to 218% [3]. Group 2: Small and Medium-sized Brokers - Many small and medium-sized brokers are forecasting net profit growth exceeding 100%, indicating greater performance elasticity [4]. - Huaxi Securities anticipates a net profit between 445 million to 575 million yuan, reflecting a growth of 1025.19% to 1353.90% year-on-year [4]. - Guolian Minsheng Securities also expects a net profit increase exceeding 1000%, attributing this to market opportunities and the integration with Minsheng Securities [4]. Group 3: Business Drivers - The primary drivers of growth for most brokers include increased brokerage income, investment returns, and a recovery in investment banking revenues [6]. - The securities industry is experiencing a favorable operating environment, with a strong growth trend in mid-year performance, suggesting potential for valuation recovery [6]. - The industry is entering a new phase of high-quality development, with a clear strategic direction for top-tier investment banks [6].

Core Insights - The China Securities Association released the bond underwriting statistics for the first half of 2025, highlighting significant growth in technology innovation bonds, rural revitalization bonds, and private enterprise bonds [1][2]. Group 1: Bond Underwriting Performance - The total underwriting amount for rural revitalization bonds reached 26.624 billion yuan, marking a year-on-year increase of 134.32% [3]. - In the technology innovation bond sector, 68 securities firms underwrote 380 bonds, totaling 381.391 billion yuan, which is a 56.48% increase compared to the previous year [2][3]. - The leading underwriters for technology innovation bonds were CITIC Securities, CITIC Jiantou, and Guotai Junan, with underwriting amounts of 3.598 billion yuan, 2.684 billion yuan, and 1.914 billion yuan respectively [3]. Group 2: Performance of Smaller Firms - Smaller securities firms have shown strong performance in niche areas, with Caixin Securities leading in low-carbon transition bonds and Wenkang Securities excelling in small and micro-enterprise support bonds [4]. - In the low-carbon transition bond sector, 17 firms underwrote 14 bonds, totaling 8.35 billion yuan [4]. - For small and micro-enterprise support bonds, 32 firms underwrote 30 bonds, amounting to 11.82 billion yuan, with Wenkang Securities ranking first in both number and amount of underwritings [4]. Group 3: Other Bond Categories - In the "Belt and Road" bond category, 18 firms underwrote 10 bonds, with a total amount of 7.9 billion yuan [5]. - For private enterprise bonds, 48 firms underwrote 229 bonds, totaling 239.394 billion yuan, which is a 30% increase year-on-year [5]. - A total of 68 firms participated in issuing local government bonds, with a combined winning bid amount of 140.459 billion yuan [6].

海通安裕中短债A/C成立于2021年9月30日，截至2025年5月7日，其今年来收益率为0.56%、 0.46%，累计收益率为10.79%、9.59%，累计净值为1.7341元、1.7216元。 海通现金宝货币成立于2022年5月31日，截至2025年5月7日，累计收益率为3.93%。截至2025年3月 31日规模147.35亿元。 | 基金名称 | 海通安泰债券型集合资产管理计划 | | --- | --- | | 基金简称 | 海迪安泰 | | 基金主代码 | 0681888 | | 基金管理人名称 | 上海海通证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》等法律法规、《海迪 | | | 安泰债券型集合资产管理计划资产管理合同》、《海通安泰债券型 | | | 集合资产管理计划招募说明书》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他经 | 李夏 | | 理姓名 | | | 离任基金经理姓名 | 李佳闻 | | 基金名称 | 海通安润 90天滚动持有中短债债券型集合资产管理计划 | | --- | --- | | 基金间称 | 海通安润 90 ...

Core Viewpoint - The export performance in July was slightly better than expected, driven by technical rush shipments ahead of tariff implementation, but a general decline is anticipated in the future due to various risks including the 232 tariffs and export regulations from ASEAN countries [1][15]. Group 1: Export Performance - In July 2025, China's export growth rate was 7.2%, up from 5.9% in the previous month, while import growth was 4.1%, an increase from 1.1% [4]. - The export growth to ASEAN and Latin America showed significant improvement, recording 16.6% and 7.7% respectively, while exports to the US decreased by 21.7% [8]. - The overall trade surplus decreased, indicating a shift in trade dynamics [4]. Group 2: Product and Regional Analysis - Equipment exports remained strong, while consumer electronics showed a decline due to prior rush shipments; labor-intensive imports decreased [11]. - The demand for capital goods from China is expected to remain resilient in the medium term, despite geopolitical tensions and a trend towards de-globalization [2][16]. Group 3: Future Trends and Risks - Future export trends are expected to moderate, with potential short-term declines in August due to the tapering of rush shipments and the impact of new tariffs [16]. - Key risks include the potential for increased tariffs on exempt products and the enforcement of stricter re-export regulations by Vietnam and other Southeast Asian countries [16].