Core Viewpoint - The company intends to conduct forward foreign exchange trading to mitigate the risks associated with currency fluctuations that could adversely affect its operating performance [1][2]. Group 1: Overview of Forward Foreign Exchange Trading - The company has overseas procurement and sales, primarily using USD and JPY for settlements, and aims to stabilize foreign earnings and reduce financial costs through forward foreign exchange trading [1]. - The proposed foreign exchange trading will be limited to the currencies used in the company's production and operations [2]. Group 2: Business Scale and Feasibility Analysis - The trading amount will not exceed USD 80 million and will be within 50% of the company's audited net assets from the previous year, with a duration of 12 months from the board's approval [2]. - Engaging in forward foreign exchange trading is deemed feasible as it helps lock in exchange rates, thereby reducing the impact of currency fluctuations on the company's profitability [2]. Group 3: Risk and Control Measures - The company acknowledges the risks associated with forward foreign exchange trading, including potential losses if the exchange rate is unfavorable compared to customer quotes [3]. - A comprehensive internal control system has been established to manage risks effectively, ensuring that the trading activities align with the company's operational needs [3][4]. Group 4: Accounting Policies - The company will adhere to relevant accounting standards for financial instruments and hedge accounting to accurately reflect the impact of forward foreign exchange transactions on its financial statements [5][6]. Group 5: Board and Sponsor Opinions - The board approved the forward foreign exchange trading proposal on August 22, 2025, confirming that the process complied with legal and regulatory requirements [6]. - The sponsor believes that the trading activities will help mitigate foreign exchange market risks and that the company is only engaging in low-risk transactions, ensuring that risks remain manageable [6].

Summary of Key Points Core Viewpoint - The company has announced a delay in certain fundraising projects, which has been approved by its board of directors, ensuring that the investment content, total investment, and implementation methods remain unchanged, and that the delay will not adversely affect the company's normal operations or long-term development plans [6]. Fundraising Overview - The company raised a total of RMB 299,999,974.96 by issuing 10,305,736 shares at a price of RMB 29.11 per share, with a net amount of RMB 296,056,578.74 after deducting issuance costs [1]. - The funds are stored in a dedicated account, and a tripartite supervision agreement has been signed with the sponsor and the bank [2]. Fund Usage Status - As of June 30, 2025, the company has invested RMB 16,460.16 million out of a planned RMB 30,000 million for the integrated circuit etching equipment project, representing an investment ratio of 55.60% [3]. Delay Details - The company has adjusted the timeline for the integrated circuit etching equipment silicon material expansion project to October 2026 due to various uncontrollable factors, including external market conditions and downstream demand [4][5]. - The company plans to gradually invest in the project while ensuring that the investment content and total amount remain unchanged [5]. Measures for Completion - The company will closely monitor industry trends and market changes, optimize resource allocation, and strengthen supervision of fundraising projects to ensure timely completion [5]. Approval Process - The board of directors approved the delay in the fundraising project on August 22, 2025, confirming that the matter does not require shareholder approval and has followed necessary procedures [6].

Core Viewpoint - Cathay Securities reports that Xiaomi's Q2 performance shows significantly better-than-expected automotive profitability, with future capacity ramp-up needing observation [1] Group 1: Smartphone Performance - The smartphone segment remains resilient, outperforming the market, with notable success in high-end product offerings, leading to a positive long-term outlook on gross margins [1] Group 2: Home Appliances and Internet Revenue - Smart home appliances continue to reach new highs in innovation, while internet services contribute stable revenue [1] Group 3: Financial Forecasts - The company has revised its revenue forecasts for fiscal years 2025-2027 to 489.1 billion, 641.8 billion, and 758.4 billion yuan, up from previous estimates of 486.1 billion, 631.1 billion, and 756.9 billion yuan [1] - Adjusted net profit forecasts have also been increased to 45.4 billion, 68.1 billion, and 83.6 billion yuan, compared to prior predictions of 44.1 billion, 58.4 billion, and 72.8 billion yuan [1] - Target price has been raised to 77.5 HKD, maintaining a "buy" rating [1]

Group 1 - The State Council approved the "Development Plan for Open Innovation of the Biopharmaceutical Industry Chain in the China (Jiangsu) Pilot Free Trade Zone," aiming to enhance the global competitiveness of the biopharmaceutical sector [2] - In July, the total electricity consumption in China reached 10,226 billion kWh, a year-on-year increase of 8.6%, with significant growth in the first industry at 20.2% [2] - The National Energy Administration reported that from January to July, total electricity consumption accumulated to 58,633 billion kWh, reflecting a year-on-year growth of 4.5% [2] Group 2 - The National Health Commission released guidelines to improve the ear and hearing health service system, emphasizing the establishment of a collaborative network among various healthcare institutions [3] - The pork market has seen a slight decline in prices due to increased supply, with the national average pig-to-grain price dropping below 6:1, entering a warning zone [3] - The National Development and Reform Commission plans to conduct central frozen pork reserve storage to stabilize the pork market [3] Group 3 - The State Administration of Foreign Exchange will pilot green foreign debt business in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green projects [4] - The U.S. and EU have reached an agreement on a trade framework covering various sectors, including agriculture, automotive, and digital trade [4] Group 4 - Kuaishou reported a total revenue of 35 billion yuan in Q2, with an adjusted net profit of 5.6 billion yuan [6] - Digital Vision achieved a net profit of 1.67 million yuan in the first half of the year, marking a year-on-year increase of 2,747.64% [6] - China Petroleum & Chemical Corporation (Sinopec) saw a 39.8% decline in net profit for the first half of the year and plans to distribute a semi-annual cash dividend of 0.088 yuan per share [6] Group 5 - The dairy industry is expected to experience strong profit elasticity due to the ongoing decline in raw milk prices and a potential recovery in beef and live cattle prices [7] - The gaming industry in China showed steady growth in July, driven by new and mature products, indicating a robust growth momentum [8]

Core Viewpoint - The article discusses the rise of investment scams disguised as stock recommendation services, highlighting the experiences of victims and the tactics used by fraudsters to lure investors into losing significant amounts of money [3][6][20]. Group 1: Victim Experiences - Investor Liu reported losing 200,000 yuan after following a scammer known as "the Godfather" for nine months, who promised high returns but ultimately admitted to the fraud [4][5]. - Liu's preliminary statistics indicated over 300 victims from the "Zhongyue Youpei" app, with total losses exceeding 30 million yuan [6]. - Another victim, Mr. Dong, was misled by a scammer posing as a securities consultant, resulting in a loss of 30,000 yuan after being promised high returns through a fake trading platform [9][24]. Group 2: Scam Tactics - The scams often involve long-term engagement with victims, using high return promises and personal guidance to build trust before "harvesting" their investments [12][26]. - Common tactics include using social media and messaging apps to connect with potential victims, presenting themselves as "stock gods" or financial advisors, and creating a false sense of legitimacy [8][11][20]. - Fraudsters frequently employ terms like "insider stocks," "institutional cooperation," and "quantitative trading" to entice investors, while the actual trading activities are fabricated [13][14]. Group 3: Regulatory and Industry Response - Regulatory bodies have issued warnings about the prevalence of such scams, emphasizing that any entity offering paid stock analysis without proper licensing is engaging in illegal activities [28]. - Securities firms have begun to actively monitor and shut down fraudulent websites and apps, with one firm reporting over a thousand fake sites closed in the first half of 2025 [27]. - Experts suggest a multi-faceted approach to combat these scams, including investor education, regulatory enforcement, and enhanced monitoring of online platforms [29].

Core Viewpoint - The company is utilizing its own funds to pay for investment projects and will subsequently replace these funds with raised capital, ensuring efficient use of funds and smooth project implementation [1][6][7] Fundraising Overview - The company issued 16,229,100 shares at a par value of 1.00 RMB per share, raising a total of approximately 1.31 billion RMB after deducting issuance costs [1][2] - The total expected investment for the projects funded by the raised capital is approximately 434.36 million RMB [2][3] Investment Project Details - The company has established a dedicated account for the raised funds, which are fully stored in this account and are subject to a tripartite/four-party supervision agreement with the sponsor and the bank [2] - The net amount raised from the initial public offering is 1,308,998,865.06 RMB, with excess funds available for investment [3] Reasons for Using Own Funds - The company’s U.S. subsidiary, Bepharm Scientific Inc, initially paid for automation equipment costing 1.5 million USD due to delays in foreign investment filing [4][5] - Payments for salaries, bonuses, and other operational costs must be made from the company's basic deposit account, not from the raised funds account, to comply with banking regulations [4] - Frequent small payments for project-related expenses would complicate fund management if made directly from the raised funds account, thus necessitating the use of own funds initially [5] Operational Process for Fund Replacement - The company will submit payment requests for project-related expenses, initially using its own funds, and will replace these with raised funds within six months following the payment [6] - A detailed record will be maintained to ensure compliance with the investment project requirements [6] Impact on Daily Operations - The use of own funds followed by replacement with raised funds is expected to enhance the efficiency of fund utilization and project implementation without affecting the normal operation of investment projects [6][7] Review Procedures - The board of directors has approved the use of own funds for project expenses, ensuring compliance with relevant regulations and confirming that this does not alter the intended use of raised funds [6][7]

Overview - The article presents a series of quantitative research and investment strategies conducted by Guotai Junan Securities, focusing on asset allocation, market timing, and stock selection methodologies [2]. Group 1: Asset Allocation - The quantitative team discusses the applications of quantitative methods in asset allocation, emphasizing the transition from classic to innovative models [2]. Group 2: Market Timing - Various models for market timing are introduced, including sentiment factors based on price limits and profit effects, as well as gold timing strategies [2]. Group 3: Stock Selection - The article outlines new paradigms for stock investment, including how to outperform the CSI 300 index under new public fund regulations and the importance of understanding the corporate lifecycle [2].

Core Viewpoint - The company, Qingdao Hitech Moulds Technology Co., Ltd., is proceeding with the early redemption of its convertible bonds, "Haitai Convertible Bonds," following the necessary approvals and conditions being met [1][9]. Summary by Sections Convertible Bond Basic Information - The company issued 3,965,716 convertible bonds on June 27, 2023, with a total fundraising amount of RMB 396,571,600, net of issuance costs [1][2]. - The bonds were listed on the Shenzhen Stock Exchange on July 17, 2023, under the name "Haitai Convertible Bonds" and code "123200" [2]. - The conversion period for the bonds is from January 3, 2024, to June 26, 2029 [2]. Conversion Price Adjustment - The conversion price was adjusted from RMB 26.69 to RMB 26.43 per share, effective from May 29, 2024, due to the company's profit distribution plan [2]. - Further adjustments to the conversion price are scheduled for September 20, 2024, and June 20, 2025, reflecting the company's annual profit distribution [3]. Conditional Redemption Terms and Triggering Conditions - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within any 30-day period or if the remaining unconverted bonds are less than RMB 30 million [4]. - The bond's coupon rates are set to increase progressively from 0.50% in the first year to 3.00% in the sixth year [4]. Redemption Implementation Arrangements - The redemption price is set at RMB 100.260 per bond, which includes accrued interest calculated based on the bond's face value and interest rate [6]. - The redemption will be executed for all bondholders registered by the redemption date of September 29, 2025 [6][7]. Company’s Decision on Early Redemption - The company's board approved the early redemption of the "Haitai Convertible Bonds" on August 21, 2025, based on current market conditions [8][9]. Sponsor's Verification Opinion - The sponsor, Guotai Junan Securities, confirmed that the early redemption process complies with relevant regulations and has been duly approved by the company's board [9].

证券代码：301022 证券简称：海泰科债 （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年八月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）《公 司债券受托管理人执业行为准则》《青岛海泰科模塑科技股份有限公司向不特定 对象发行可转换公司债券之债券受托管理协议》（以下简称"《受托管理协议》"） 《青岛海泰科模塑科技股份有限公司向不特定对象发行可转换公司债券募集说 明书》（以下简称"《募集说明书》"）等相关规定、公开信息披露文件以及青 岛海泰科模塑科技股份有限公司（以下简称"发行人"或"公司"）提供的相关 资料等，由本次债券受托管理人国泰海通证券股份有限公司（以下简称"国泰海 通"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国泰海通所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，国泰海 通不承担任何责任。 债券代码：123200 债券简称：海泰转债 国泰海通证券股份有限公司 关于青岛海泰科模塑科技股份有限公司 向不特定对象发行可转换公司债券 债券受托管理人 ...

Core Viewpoint - The company intends to conduct foreign exchange hedging to mitigate risks associated with currency fluctuations that could impact its financial performance [1][4]. Summary by Sections Overview of Foreign Exchange Hedging - The purpose of the hedging is to reduce the impact of exchange rate fluctuations on the company's operating results, as its export business primarily uses foreign currencies like USD for settlement [1]. - The company plans to use its own funds for hedging activities, with a maximum balance of $6 million at any time, and the collateral and premiums will not exceed 50% of the latest audited net profit [1][2]. - The hedging activities will include various instruments such as forward foreign exchange contracts, foreign exchange swaps, and options [2]. Approval Process - The company's board of directors approved the hedging proposal during a meeting on August 21, 2025, and this matter does not require shareholder approval according to relevant regulations [2][3]. Risk Analysis and Control Measures - The company acknowledges inherent risks in foreign exchange hedging, including market judgment risks and potential operational risks due to inadequate internal controls [3][4]. - To mitigate these risks, the company will implement strict internal controls, professional training for staff, and a reporting system for unusual situations [4]. Impact on the Company and Accounting Treatment - Engaging in foreign exchange hedging is expected to enhance the company's ability to manage currency risk, thereby protecting profits and shareholder equity [4]. - The company will follow relevant accounting standards for the recognition and measurement of financial instruments related to the hedging activities [4]. Sponsor Institution's Review Opinion - The sponsor institution believes that the proposed hedging activities align with the company's operational needs and that adequate risk management measures are in place [5].