Core Viewpoint - The company, Guangzhou Ankai Microelectronics Co., Ltd., has reported a significant decline in net profit and operating income due to intensified competition in the semiconductor industry and increased R&D investments aimed at enhancing product competitiveness [1][24]. Financial Performance - The company's net profit attributable to shareholders was -56.7682 million yuan, a year-on-year decrease of 311.48% [22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -62.3942 million yuan, a year-on-year decrease of 945.74% [22]. - Operating income for the period was 52.70919 million yuan, down 7.94% from the previous year [22]. R&D and Market Position - The company has increased its R&D investment, which accounted for 25.24% of operating income, up 5.81 percentage points year-on-year [22][29]. - The company is focusing on enhancing the intelligence level of its IoT camera chips and strengthening its core competitiveness in related technologies [1][24]. Industry Context - The semiconductor industry is experiencing heightened competition, with numerous domestic and international players, including HiSilicon, Ambarella, and NXP [11][12]. - The company faces challenges in product layout and market position compared to leading competitors, particularly in the high-definition and high-performance product segments [12][24]. Business Model and Operations - The company operates on a "Fabless + Chip Testing" model, outsourcing wafer production and chip packaging, which presents risks related to supply chain stability and production capacity [14][20]. - The company has established stable relationships with its suppliers, but any disruptions in the supply chain could adversely affect production and delivery [14][20]. Future Outlook - The company plans to continue investing in R&D to maintain market competitiveness and address the evolving demands of the IoT market [1][24]. - The successful implementation of its fundraising projects is critical for future growth, with a total investment of 55.3859 million yuan allocated for IoT chip R&D upgrades and industrialization [19][16].

中航成飞（302132）今日20cm涨停，成交额97.39亿元，换手率18.29%，盘后龙虎榜数据显示，深股通 专用席位买入2.72亿元并卖出2.67亿元。国泰海通证券上海江苏路净买入6.86亿元。 ...

Core Viewpoint - The article highlights three unexpected aspects of China's export growth in April 2025, indicating resilience in exports despite challenges, with a focus on the strong performance in exports to the U.S., the effectiveness of re-export trade, and the growth in exports to non-U.S. markets [1][5][6]. Summary by Sections Export Growth Performance - In April 2025, China's export growth rate was 8.1% year-on-year in dollar terms, down from 12.4% previously, while imports saw a slight decline of -0.2% compared to -4.3% before [2]. - Month-on-month, exports increased by 0.6% from March, showing strong resilience despite potential over-extraction in March and the impact of tariffs in April [2]. Trade Surplus and Economic Support - The trade surplus in April was stronger than the average for the first quarter of 2025, providing support for the economy [3]. Export Structure Analysis - The export structure showed significant differentiation: exports to the U.S. fell sharply by -21.0%, while exports to ASEAN and Latin America rose significantly by 20.8% and 17.3%, respectively [4]. - Despite tariff exemptions for mobile phones and computers, export growth in these categories declined, possibly due to prior over-extraction [4]. Unexpected Aspects of Export Growth - The resilience of exports to the U.S. was unexpected, with a month-on-month decline of only about 19 percentage points from seasonal norms, indicating a high dependency of U.S. importers on Chinese goods [5]. - Re-export trade showed unexpected strength, with a combined export growth rate of 4.7% to the U.S., ASEAN, and Latin America, suggesting that re-export trade effectively offset declines in direct exports to the U.S. [5]. - Exports to regions outside the U.S., ASEAN, and Latin America grew by 10.4%, surpassing previous averages, indicating that Chinese exporters are actively seeking new markets [6]. Future Outlook - Short-term export growth may face challenges due to potential cooling in small package exports and capacity constraints in re-export trade, but April's performance demonstrates strong resilience [6].

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 差异化分红事项的核查意见 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 开发行股票并上市及向不特定对象发行可转换公司债券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》《上海证券交易所科创板股票上市规则》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《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》《上海证券交易所上市 公司自律监管指引第 7 号——回购股份》等有关规定，对汇成股份 2024 年度利 润分配所涉及的差异化分红（以下简称"本次差异化分红"）相关事项进行了审 慎核查，具体情况如下： 一、本次差异化分红的原因 《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金或 自筹资金通过上海证券交易所交易系统以集中竞价交易方式回购公司已发行的 部分人民币普通股（A 股）股票。回购的股份将在未来适宜时机用于股权激励计 划及/或员工持股计划，或用于转换上市公司发行的可转换为股票的公司债券。 调整后的回购 ...

Core Viewpoint - In April, A-shares experienced a significant repurchase wave, with over 240 listed companies announcing repurchase plans totaling approximately 73.5 billion yuan, marking an explosive growth in both the number of companies and the amount proposed compared to March [1][2][3] Group 1: Repurchase Activity - A total of 241 companies announced share repurchase plans in April, a more than fourfold increase from 44 in March, with a proposed repurchase amount of approximately 735.25 billion yuan, up 257.14% from March's 205.87 billion yuan [2][3] - Notable companies leading the repurchase include Ningde Times (80 billion yuan), Xugong Machinery (36 billion yuan), and Midea Group (30 billion yuan) [2][3] - The repurchase activity was spurred by market volatility and a call from the State-owned Assets Supervision and Administration Commission to support central enterprises and listed companies [3][4] Group 2: Market Impact - The repurchase wave positively impacted the capital market, with the Shanghai Composite Index rebounding after a drop of 7.34% on April 7, recording a cumulative increase of 7.93% from April 8 to May 9 [8] - The total repurchase transaction amount in April exceeded 26 billion yuan, a 73% increase from March [9] Group 3: Financing and Policy Support - Approximately 105 of the 241 companies obtained loan commitment letters for repurchase financing, with the total loan amount capped at about 19.956 billion yuan, an increase of 68.35% from March [5] - The People's Bank of China extended the maximum loan term for repurchase financing from one year to three years, reducing the self-funding requirement from 30% to 10% [5] Group 4: Individual Company Actions - Xugong Machinery led the repurchase with a total of 21.42 billion yuan completed by May 7, showcasing a strong commitment to shareholder returns [10][11] - Zijin Mining completed its repurchase plan in just three trading days, reflecting confidence in its future prospects, with a total repurchase amount of 10 billion yuan [11]

Summary of Key Points Core Viewpoint - The document outlines the changes in the issued shares and treasury shares of Cathay Securities Co., Ltd., including details on share repurchase and stock issuance as per the Hong Kong Stock Exchange regulations. Group A: Changes in Issued Shares - As of May 8, 2025, the total issued shares (excluding treasury shares) were 14,058,238,879, which increased to 14,123,948,848 by May 9, 2025, reflecting a change of 65,709,969 shares [1]. - The total issued shares (excluding treasury shares) at the end of May 9, 2025, were 14,056,548,259, with treasury shares amounting to 67,400,589 [1]. Group B: Share Repurchase - The company repurchased a total of 1,690,620 shares on the Shanghai Stock Exchange, with a total expenditure of RMB 29,335,624.4 [2]. - No shares were repurchased for cancellation, indicating that all repurchased shares are intended to be held as treasury shares [2]. Group C: Compliance and Confirmation - The company confirms that all share issuance and treasury share transactions have been authorized by the board and comply with applicable listing rules and regulations [1][2]. - The document includes a confirmation that the repurchase activities were conducted according to the local regulations of the respective stock exchange [2].

Core Points - Shanghai Zhengfan Technology Co., Ltd. issued 9,437,854 shares at a price of RMB 19.39 per share, raising a total of RMB 182,999,989.06, with net proceeds after expenses being undisclosed [1] - The underwriting and continuous supervision of the stock issuance is handled by Guotai Junan Securities Co., Ltd. and later by Haitong Securities Co., Ltd. until December 31, 2024 [1][2] - The company has a registered capital of RMB 283.606254 million and is listed on the Shanghai Stock Exchange with the stock code 688596.SH [2] Summary of Underwriting Work - The underwriting institution is responsible for ensuring compliance with regulations and monitoring the company's governance and internal control systems [3] - The issuer has cooperated well with the underwriting institution, providing timely communication and necessary documentation for effective supervision [3][4] - The issuer's fundraising has been stored in a dedicated account and used according to legal requirements, with no violations reported [4] Evaluation of Securities Service Institutions - The securities service institutions engaged by the issuer have complied with legal requirements and provided timely professional reports and advice during the continuous supervision phase [4] Conclusion on Information Disclosure - The underwriting institution has reviewed the issuer's information disclosure documents and confirmed compliance with relevant regulations, ensuring that all disclosures are accurate and timely [4] Use of Raised Funds - The underwriting institution has audited the use of raised funds, confirming that they have been stored and used in accordance with regulations, with no violations noted [4]

Profit Distribution Matters - The company plans to distribute a cash dividend of 2.80 yuan (including tax) for every 10 shares to all shareholders, amounting to a total cash dividend of 81,784,031.28 yuan (including tax) based on a total share capital of 292,085,826 shares as of the announcement date [1][2] - The company reported a net profit attributable to shareholders of 527,748,576.32 yuan for the fiscal year 2024, with retained earnings of 1,055,820,501.18 yuan as of December 31, 2024 [1][2] Board Approval and Future Adjustments - The profit distribution proposal was approved in meetings held on April 28, 2025, by both the Board of Directors and the Supervisory Board, and it will be submitted for approval at the 2024 annual general meeting [2] - Any changes in total share capital due to convertible bond conversions, share buybacks, or other corporate actions will result in adjustments to the per-share distribution ratio while maintaining the total distribution amount [2] Impact Analysis - The profit distribution plan considers the company's current development stage and future funding needs, indicating it will not significantly impact the company's operating cash flow or long-term development [2] - The proposal complies with relevant laws and regulations, ensuring it does not adversely affect the safety of bond principal and interest payments or the company's debt repayment capacity [2][3]

国泰海通证券股份有限公司 关于实朴检测技术（上海）股份有限公司 保荐人名称：国泰海通证券股份有限公司 被保荐公司简称：实朴检测 保荐代表人姓名：曾军 联系电话：021-23180000 保荐代表人姓名：石冰洁 联系电话：021-23180000 一、保荐工作概述 项目 工作内容 （1）是否及时审阅公司信息披露文件 是 （2）未及时审阅公司信息披露文件的次数 0 的情况 （1）是否督导公司建立健全规章制度（包 括但不限于防止关联方占用公司资源的制 是 度、募集资金管理制度、内控制度、内部审计 制度、关联交易制度） （2）公司是否有效执行相关规章制度 是 （1）查询公司募集资金专户次数 2 （2）公司募集资金项目进展是否与信息披 是 露文件一致 （1）列席公司股东大会次数 0 （2）列席公司董事会次数 0 （3）列席公司监事会次数 0 （1）现场检查次数 2 （2）现场检查报告是否按照本所规定报送 是 项目 工作内容 公司2024年存在关联交易未履行必要的审 议程序及信息披露程序情形，保荐机构在 获悉此事后对公司进行了专项现场检查。 （3）现场检查发现的主要问题及整改情况 公司已履行关联交易审议程序，追认上述 关 ...

Core Viewpoint - The eighth New Fortune Best Investment Advisor Selection has attracted a record number of participants, with 39,893 qualified advisors from 90 securities firms, marking a significant increase in engagement within the industry [1][3]. Group 1: Participation Statistics - A total of 40,350 professionals registered for the competition, with 39,893 meeting the eligibility criteria, setting a new record for participation [1]. - Eleven securities firms had over 1,000 advisors participating, with GF Securities leading at 4,385 participants, followed by China Galaxy Securities and CITIC Securities with 3,860 and 3,477 respectively [3][5]. - The top 10 firms accounted for 25,913 participants, representing 65% of the total [3][5]. Group 2: Regional Distribution - Participants came from 31 regions across China, with Guangdong, Shanghai, Shandong, Zhejiang, and Beijing contributing the highest numbers, totaling 6,192, 2,942, 2,608, 2,537, and 2,401 respectively, which together account for 41.81% of the total [14]. - The advisors were distributed across 325 cities, with the top 20 cities contributing 19,848 participants, or 49.75% of the total [14]. Group 3: Evaluation Phases - The evaluation process consists of two main phases: the first phase, "Investment Management Capability Evaluation," runs from May 1 to October 31, 2025, focusing on stock trading and ETF groups [16][17]. - The second phase, "Service Capability Evaluation," will commence in November, with final results to be announced by the end of December 2025 [17]. Group 4: Technological Integration - The competition will utilize the Go-Goal platform, which includes an AI-driven tool called "Xiao Er Q&A" to assist advisors in their investment strategies, particularly in ETF selection and configuration [19]. - The focus on ETFs has increased due to the removal of the public fund allocation group, indicating a shift in investment strategies within the advisory community [19].