Core Viewpoint - The independent financial advisor, Guotai Junan Securities, has conducted a thorough review of the restricted stock release and listing for Western Gold Co., Ltd., confirming compliance with relevant regulations and the completion of performance commitments [1][9]. Summary by Sections 1. Type of Restricted Stock Listing - The restricted stock being listed is part of the asset purchase and fundraising through share issuance, specifically related to the acquisition of assets [1]. - The China Securities Regulatory Commission approved the issuance of shares for asset purchase and fundraising not exceeding 400 million yuan [1][2]. 2. Shareholder Lock-up Period and Release - Yang Shengrong's 11,629,124 shares with a 12-month lock-up period were released on October 16, 2023, while another 11,629,124 shares with a 24-month lock-up were not released due to unmet performance commitments, but were later unlocked following the completion of compensation [2]. - The company signed a compensation agreement with Xinjiang Nonferrous Metals and Yang Shengrong, agreeing to repurchase a total of 6,682,313 shares at a nominal price of 1 yuan [2]. 3. Changes in Share Capital - Following the issuance of 36,363,636 shares, the total share capital increased to 925,429,336 shares, which was later reduced to 922,853,531 shares after the cancellation of certain restricted shares [3]. - The company’s total share capital was further reduced to 910,999,123 shares after additional cancellations related to performance commitments [3]. 4. Commitments Related to Restricted Stock - Xinjiang Nonferrous Metals and Yang Shengrong made commitments regarding the transfer of shares, including a 6-month extension of the lock-up period if the stock price falls below the issuance price [4][5]. - Yang Shengrong's shares are subject to a performance-based unlocking schedule, with specific conditions tied to the audited net profits of the target companies [6][7]. 5. Listing of Restricted Shares - A total of 203,195,683 shares will be released for trading on September 9, 2025, with the details of the shareholding structure provided [7][8]. - The independent financial advisor confirmed that the release of restricted shares complies with relevant laws and regulations, and that there are no violations of lock-up commitments by the shareholders [9].

Core Viewpoint - The report outlines the ongoing supervision and compliance of Shenzhen Zhongke Feice Technology Co., Ltd. (hereinafter referred to as "the Company") by Guotai Junan Securities Co., Ltd. following its initial public offering on the Sci-Tech Innovation Board, emphasizing the importance of adherence to regulations and the establishment of effective governance and internal control systems [1][2][3]. Group 1: Continuous Supervision Work - The Company has established and effectively executed a continuous supervision work system, with specific work plans tailored to the supervision requirements [1]. - A continuous supervision agreement has been signed between the sponsor and the Company, clarifying the rights and obligations of both parties during the supervision period [1][2]. - The sponsor conducts regular communication, visits, on-site inspections, and due diligence to monitor the Company's business situation [1][2][3]. Group 2: Compliance and Governance - The sponsor supervises the Company's compliance with laws, regulations, and business rules, ensuring that commitments made by the Company are fulfilled [3][4]. - The Company has been urged to establish and effectively implement internal control systems, including financial management and auditing procedures [3][4]. - The sponsor ensures that the Company adheres to information disclosure requirements, reviewing documents to confirm their accuracy and completeness [5][6]. Group 3: Financial Performance - For the first half of 2025, the Company's operating revenue reached 702.17 million yuan, a year-on-year increase of 51.39%, driven by technological advancements and increased market recognition [13][15]. - The net loss attributable to shareholders was 18.35 million yuan, showing a narrowing of losses compared to the previous year, attributed to revenue growth and a decrease in the proportion of R&D expenses relative to revenue [15]. - The net cash flow from operating activities was -442.36 million yuan, reflecting increased procurement costs and high R&D investments [15]. Group 4: R&D and Competitive Position - The Company focuses on high-end semiconductor quality control, providing comprehensive yield management solutions through equipment and intelligent software [16][17]. - Significant R&D investments have been made to enhance product offerings and maintain technological leadership, with over 600 patents held as of June 2025 [17]. - The Company has established a strong customer base across various semiconductor sectors, ensuring a diverse product portfolio [16][17]. Group 5: Risk Factors - The Company faces risks related to core competitiveness, operational challenges, financial uncertainties, and industry volatility, which could impact future performance [11][12][13]. - The semiconductor industry is subject to cyclical fluctuations, and any downturn could adversely affect the Company's demand and revenue [11]. - Potential changes in government policies and market conditions may also pose risks to the Company's operations and financial stability [12][13].

Core Viewpoint - The independent financial advisor, Guotai Junan Securities, has conducted a thorough review of the restricted stock release and listing for Western Gold Co., Ltd., confirming compliance with relevant regulations and the fulfillment of performance commitments by shareholders [1][9]. Summary by Sections Restricted Stock Listing Type - The restricted stock being listed is part of the asset purchase and fundraising through share issuance, specifically related to the acquisition of assets from Xinjiang Nonferrous Metals Industry Group Co., Ltd. [1]. Stock Issuance Approval - On July 21, 2022, the China Securities Regulatory Commission approved Western Gold's issuance of shares to purchase assets and raise no more than CNY 400 million [1]. Share Registration - A total of 245,317,800 shares were registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1]. Lock-up Period and Release - Yang Shengrong's shares with a 12-month lock-up period (11,629,124 shares) were released on October 16, 2023. The 24-month lock-up shares (11,629,124 shares) were not released as the performance targets were not met, but have now been unlocked following the completion of performance commitments [2]. Changes in Share Capital - After the issuance of 36,363,636 shares, the total share capital increased to 925,429,336 shares. Following the cancellation of certain restricted shares, the total share capital was reduced to 922,853,531 shares [3]. Commitments Related to Restricted Shares - Xinjiang Nonferrous and Yang Shengrong made commitments regarding the transfer of shares and performance compensation, including a 6-month extension of the lock-up period if certain stock price conditions are not met [4][5]. Listing of Restricted Shares - A total of 203,195,683 shares will be listed for trading on September 9, 2025, with the breakdown of restricted and unrestricted shares detailed [7][8]. Independent Financial Advisor's Opinion - The independent financial advisor confirmed that the shareholders have adhered to their lock-up commitments, and the release of restricted shares complies with relevant laws and regulations [9].

伴随上市公司半年报的披露， A 股 42 家上市券商 2025 年上半年的成绩单也正式出炉。 整体来看，42家上市券商的归母净利润均实现正增长。其中，经纪业务净收入同比增长44%，自营业务净收入同 比增长54%，这两项业务成为推动整体业绩增长的两大核心动力。 不过，在行业整体向好的大趋势下，浙商证券、中原证券、南京证券、西部证券、财通证券等券商的营收却出现 下滑，这一现象引发了市场的关注。 受访人士分析认为，券商在细分业务上的表现出现分化，根源在于券商的资源储备和核心能力存在差异。以自营 业务为例，头部券商和中小券商在投研能力上的差距，直接导致了两者在自营业务的盈利能力和风控能力上的分化。 中小券商若想扭转当前局面，必须打造自身的经营特色，与头部券商开展"不对称竞争"。 42家归母净利润增加 从具体指标来看，在42家上市券商中，有37家券商的营收实现同比增长，其中10家券商的营收突破100亿元大 关；而42家券商的归母净利润则全部实现同比增长，更有8家券商的归母净利润超过50亿元。 大中小券商业绩分化显著。头部券商中，中信证券、国泰海通、华泰证券表现突出，分别以330.39亿元、238.72 亿元、162.1 ...

Core Viewpoint - The wealth management performance of securities firms has shown significant growth in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [1][3]. Group 1: Brokerage Business Performance - In the first half of 2025, 42 listed securities firms generated a total of 74.563 billion yuan in brokerage fee income, representing a year-on-year growth of approximately 50% [1][3]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][3]. - The brokerage income of mid-sized and small securities firms showed strong growth, with firms like Guojin Securities and Guoyuan Securities experiencing increases of over 60% [5][6]. Group 2: Revenue Structure and Growth - The core revenue source for brokerage business remains the agency trading of securities, which accounted for about 84% of total brokerage income, growing approximately 55% year-on-year [8]. - The income from selling financial products also saw a 30% increase, indicating progress in the wealth management transformation of securities firms [7][9]. Group 3: Client Acquisition and High-Net-Worth Focus - Securities firms are increasingly targeting high-net-worth clients, with firms like Guotai Junan reporting significant growth in their high-net-worth client base and assets under management [12]. - The number of new clients for several firms has increased, with CITIC Securities adding over 830,000 new clients in the first half of 2025 [11]. Group 4: Institutional Business Development - Expanding institutional business is a key strategy for securities firms to diversify their revenue sources, with firms like Caifutong Securities reporting significant growth in institutional client assets [13][14]. - The focus on providing comprehensive services to institutional clients is evident, with firms enhancing their offerings in areas like equity incentives and share buybacks [14]. Group 5: Growth in Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services [16][17]. - For instance, Huatai Securities reported a fund advisory business scale of 21.037 billion yuan, indicating a robust demand for these services [17]. Group 6: International Market Expansion - The trend of large and medium-sized securities firms expanding into overseas markets continues, with CITIC Securities making strides in global wealth management [19]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [19].

报告导读： 科创债 / 信用债"囤券"的几点规律：现金 VS 现券，弹性 VS 静态，久期 VS 票息，哑铃 VS 子弹。 博弈信用债 / 科创债 ETF 的"囤券"——配置策略和节奏主要考虑 4 个问题：保留现金还是配置债券，寻求弹性还是静态，向久期还是信用下沉要收益，持 仓债券的期限结构是哑铃还是子弹。 复盘历史：（ 1 ）保留现金一般是信用债 ETF 申购规模扩张 / 配债不及时的短期现象，在行情偏弱时，选择持有现金 的概率也不高。（ 2 ）在目前的普遍低利率和低利差环境下，信用债 ETF 主动博取静态收益的性价比不高，选择此类策略一般是利率快速上行时期的权宜之 计，只要利率恢复震荡或开始有下行迹象，信用债 ETF 都会拉长久期寻求弹性策略。（ 3 ）大部分 ETF 产品上市后普遍倾向于快速提升久期，只有久期增 速减缓的阶段，基本上不存在久期缩短的阶段，其提升速度因市场环境而异，在利率行情较好时或快速主动提升久期。（ 4 ）信用评级根据环境变化动态适 配，高评级在债市走强或走弱阶段主导，或因为信用下沉在该阶段（债市偏强）性价比低于拉长久期，或因为在债市偏弱时为组合提供更高的流动性安全边 际。在债市震荡和 ...

Core Viewpoint - The article announces a two-day online training event focused on the 2025 research framework, covering various sectors including consumption, finance, and technology [2][3][6]. Group 1: Event Details - The training will take place on September 4 and 5, starting at 9:00 AM each day [2]. - The first day will focus on consumption and finance, featuring sessions on food and beverage research, textile and apparel research, non-bank financial research, banking research, and more [2][3]. - The second day will cover cycles, pharmaceuticals, and technology, including coal mining, construction engineering, basic chemicals, transportation, steel, and petrochemicals research [3]. Group 2: Speakers and Topics - Various analysts will lead the sessions, including Liu Xinqi for non-bank financial research and Liu Yuan for banking research [3]. - The training will also feature insights from analysts specializing in different sectors, such as Huang Tao for coal and Li Pengfei for steel [3]. Group 3: Accessibility and Materials - The training will be available in a video format across six platforms for those who missed the live sessions [6]. - Participants can access a training materials package, enhancing the learning experience [6][7].

Group 1 - The report details the changes in the registered capital and issued shares of Cathay Securities Co., Ltd. as of August 31, 2025, indicating no change in the registered capital for security code 02611 and a decrease of 782,867 shares for security code 601211 [1][2] - The total registered capital at the end of the month is RMB 17,628,925,829, with issued shares for security code 02611 remaining at 3,505,759,848 and for security code 601211 at 14,123,165,981 [1][2] - The report confirms that there are no changes in the stock options, warrants, or convertible bonds for the company, indicating stability in these areas [1][2] Group 2 - The report specifies that there were no repurchased shares held as treasury shares for security code 02611, while for security code 601211, the total issued shares decreased by 782,867, with 115,303,000 shares still held as treasury shares [1][2] - The document emphasizes that the concept of "registered capital" does not apply to the company as it is registered in the People's Republic of China, and the information provided pertains to the issued capital [1][2] - The report includes a confirmation section, indicating that the submission was made by a director and joint company secretary, ensuring the authenticity of the information provided [2]

国泰海通证券股份有限公司 关于杭州热威电热科技股份有限公司 使用部分暂时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"保荐人"）作为杭州热 威电热科技股份有限公司（以下简称"热威股份"、"公司"或"发行人"）首次公开 发行股票并在主板上市的保荐人，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》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》《上海证券交易所股票上市规则》等有关法律法规和规范性文件的要 求，就杭州热威电热科技股份有限公司使用暂时闲置募集资金进行现金管理的事 项进行了审慎核查，并发表如下核查意见： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意杭州热威电热科技股份有限公 司首次公开发行股票注册的批复》（证监许可[2023]1482 号），公司于 2023 年 8 月 30 日首次公开发行人民币普通股（A 股）40,010,000 股，发行价格为人民币 人民币 11,860.40 万元后，募集资金净额为 80,562.70 万元。 上述募集资金已于 2023 年 9 月 5 日全部到账，并由天健会计师事务所（特 ...

国泰海通证券股份有限公司 关于杭州热威电热科技股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为杭州热 威电热科技股份有限公司（以下简称"热威股份"、"公司"或"发行人"）首次公开 发行股票并在主板上市的持续督导保荐机构，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》等有关规定，对公司使用 部分闲置募集资金暂时补充流动资金的事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意杭州热威电热科技股份有限公 司首次公开发行股票注册的批复》（证监许可[2023]1482 号），公司于 2023 年 8 月 30 日首次公开发行人民币普通股（A 股）40,010,000 股，发行价格为人民币 人民币 11,860.40 万元后，募集资金净额为 80,562.70 万元。 上述募集资金已于 2023 年 9 月 5 日全部到账，并由天健会计师事务所（特 殊普通合伙）审验并出具"天健验〔2023〕47 ...