Core Viewpoint - The report indicates that Zhongjuxin Technology Co., Ltd. has successfully established a compliant corporate governance structure and internal control system, ensuring effective operation and adherence to regulatory requirements since its IPO [1][2][6]. Group 1: Corporate Governance and Internal Control - The company has established a governance structure that meets the requirements for listed companies, with effective execution of its articles of association and meeting rules [2]. - The internal control system is well-defined, with clear responsibilities and compliance in place, including an internal audit system [2][4]. - Meetings of the board, supervisory board, and shareholders have been conducted legally and in compliance with regulations, with complete records maintained [2]. Group 2: Information Disclosure - The company has a comprehensive information disclosure system that complies with relevant regulations, ensuring no false statements or omissions in disclosures [3]. Group 3: Independence and Related Party Transactions - The company maintains good independence from its controlling shareholders and has no instances of fund misappropriation by related parties [3][4]. Group 4: Use of Raised Funds - The company has established a management system for raised funds, ensuring compliance with decision-making procedures and proper disclosure of fund usage [4]. Group 5: Operational Status - The company is reported to have a good operational status, with normal business operations and no significant changes in its business model or market environment [6].

海通证券股份有限公司关于 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》等有关法律、法规要求，海通证券作为持续督导保荐机构，对公司首次公 开发行部分限售股及部分战略配售限售股上市流通事项进行了专项核查，现将本 次核查的情况报告如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2024 年 1 月 17 日出具的《关于同意灿芯 半导体（上海）股份有限公司首次公开发行股票注册的批复》 灿芯半导体（上海）股份有限公司首次公开发行部分限售股 及部分战略配售限售股上市流通的核查意见 上海证券交易所： 经中国证券监督管理委员会《关于同意灿芯半导体（上海）股份有限公司 首次公开发行股票注册的批复》（证监许可〔2024〕106 号）批复，灿芯半导体 （上海）股份有限公司（以下简称"灿芯股份"、"公司"或"发行人"）首次 公开发行股票 3,000.00 万股，每股面值人民币 1 元，每股发行价格人民币 19.86 元，募集资金总额为人民币 59,580.00 万元，扣除发行费用后，实际募集资金净 额为人民币 52,129.49 万元。本次发行证券已于 2024 年 4 月 11 ...

海通证券股份有限公司 关于湖南华联瓷业股份有限公司 变更部分募集资金用途的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为湖南华联 瓷业股份有限公司（以下简称"华瓷股份"或"公司"）首次公开发行股票并上市持 续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引 第2号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公 司自律监管指引第13号——保荐业务》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第1号-主板上市公司规范运作》等有关规定， 对公司变更募集资金投资项目的事项进行了核查，具体情况如下： 一、变更募集资金投资项目的概述 （一）募集资金到位情况 经中国证券监督管理委员会《关于核准湖南华联瓷业股份有限公司首次公开 发行股票的批复》（证监许可20212802号）核准，公司向社会公开发行人民币 普通股（A股）62,966,700股，公司本次公开发行股票募集资金总额为人民币 税），实际募集资金净额为人民币532,679,111.08元。上述募集资金到位情况经天 健会计师事务所（特殊普通合伙）天健验字20212-40号验资报告予以验 ...

海通证券股份有限公司 关于杭州山科智能科技股份有限公司 募投项目结项并将节余募集资金永久补充流动资金的核查 意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作（2023 年 12 月修订）》等法规和规范性文件要求， 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为杭州山科智能 科技股份有限公司（以下简称"山科智能"或"公司"）首次公开发行股票并在创业 板上市的持续督导机构，对山科智能首次公开发行股票募投项目结项并将节余募 集资金永久补充流动资金的事项进行了核查，核查情况如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会证监许可20202123 号核准，公司向社会公开发 行了人民币普通股(A 股)股票 1,700 万股，发行价为每股人民币为 33.46 元，共 计募集资金总额为人民币 56,882.00 万元，扣除券商承销佣金及保荐费 3,945.04 万元后，主承销商海通证券于 2020 年 9 月 22 日汇入公司募集资金监管账户招商 银 ...

Group 1: Market Overview - In March 2025, the A-share market experienced fluctuations, with sectors such as non-ferrous metals, home appliances, and coal performing well. The central bank signaled potential interest rate cuts, but external factors like the U.S. imposing tariffs affected market stability [2][8] - The A-share index closed at 3335.75 points, up 0.45% for the month, while the Shenzhen Component Index fell 1.01% to 10504.33 points. Value stocks outperformed growth stocks during this period [8][9] Group 2: Bond Market - The bond market saw significant volatility in March 2025, with interest rates initially rising before declining. As of March 31, the yields for 1-year, 10-year, and 30-year government bonds were 1.54%, 1.81%, and 2.02%, respectively, reflecting increases of 8 basis points, 10 basis points, and 12 basis points compared to the previous month [3][9] - The overall bond market indices showed mixed results, with the total net price index for government bonds down 0.73% and corporate bonds up slightly by 0.01% [9] Group 3: Overseas Market - The U.S. stock market declined significantly in March 2025, with the Dow Jones Industrial Average down 4.20%, the S&P 500 down 5.75%, and the Nasdaq down 8.21%. This was attributed to escalating trade tensions and tariffs imposed by the U.S. government [10] - In contrast, commodity prices showed some resilience, with oil prices experiencing slight increases and gold prices reaching historical highs due to heightened demand for safe-haven assets [10] Group 4: Fund Performance Review - In March 2025, equity funds (including index funds) saw a decline of 0.21%, while mixed funds increased by 0.15%. Notably, actively managed equity funds outperformed index funds, rising by 0.47% [11][12] - Bond funds recorded an overall increase of 0.10%, with actively managed bond funds also performing better than their index counterparts. Funds with higher equity asset allocations, particularly in banking and non-ferrous metals, showed favorable results [14] - Money market funds experienced a decline in annualized yield, dropping to 1.47% [15] Group 5: QDII Funds - QDII equity mixed funds fell by 1.17% in March 2025, while QDII bond funds increased by 0.12%. Funds focused on Hong Kong stocks and gold themes performed particularly well during this period [16]

Core Viewpoint - The significant decline in brokerage commission income reflects the changing landscape of the public fund industry, emphasizing the importance of research capabilities among brokerages [2][4][21]. Summary by Sections Brokerage Commission Income - In 2024, the total brokerage commission income from fund distribution reached 10.7 billion yuan, a 36% decrease from 16.8 billion yuan in 2023 and a 51% drop from 22 billion yuan in 2021, marking three consecutive years of decline [2][5][21]. - The income trend from 2019 to 2024 shows a "U-shaped" curve, peaking at 22 billion yuan in 2021 before declining [5][21]. Top Brokerage Rankings - The top five brokerages by commission income in 2024 are CITIC Securities, GF Securities, Changjiang Securities, CITIC Construction Investment, and Guolian Minsheng, with Changjiang Securities moving up to third place [2][10]. - Only four brokerages surpassed 500 million yuan in commission income in 2024, with CITIC Securities leading at 757 million yuan, followed by GF Securities at 648 million yuan [7][11]. Changes in Market Dynamics - The competition among top brokerages has intensified, with Guolian Minsheng entering the top five for the first time, showing a 348% year-on-year increase in commission income [10][13]. - The threshold to enter the top ten for commission income is now over 320 million yuan, with 31 brokerages earning over 100 million yuan [9][10]. Research Capabilities and Market Trends - The decline in commission income has led to a greater focus on research capabilities as a key differentiator for brokerages, with fund managers increasingly selecting brokerages based on their research strength [21][22]. - The regulatory environment is shifting, with new rules on commission rates for public funds set to take effect, further impacting brokerage income [22][23]. Future Outlook - The merger of Guotai Junan and Haitong Securities is expected to disrupt the rankings in the coming year, similar to the impact of the Guolian Minsheng merger [15][26]. - Brokerages are encouraged to diversify their client base and explore international markets to mitigate the effects of declining commission income [26].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Xiamen Municipal Environmental Energy Co., Ltd.'s application for an initial public offering (IPO) and listing on the main board after the company and its sponsor, Haitong Securities Co., Ltd., submitted a request to withdraw the application [1][2]. Company Overview - Xiamen Environmental Energy's main business includes waste-to-energy power generation from municipal solid waste, hazardous waste disposal, medical waste disposal, kitchen waste disposal, leachate treatment, ecological landfill, marine sanitation, and garbage compression transfer, forming a profit model primarily based on income from municipal waste treatment, hazardous waste disposal, and comprehensive environmental treatment [2]. Shareholding Structure - As of the signing date of the prospectus, Xiamen Municipal Group directly holds 83.99% of the company's shares, with an additional 2.96% held indirectly through Xiamen Municipal Songhu, totaling 86.95% ownership. The actual controller of the company is the Xiamen State-owned Assets Supervision and Administration Commission, which directly holds 100% of Xiamen Municipal Group [2]. Fundraising Plans - Xiamen Environmental Energy initially planned to raise 1.096 billion yuan (approximately 109,650.56 million yuan) for various projects, including the third phase of the Eastern (Xiang'an) waste-to-energy power plant, the first phase of the Ninghua County waste-to-energy power plant construction project, the establishment of the Xiamen Environmental Energy R&D center, and to supplement working capital [3][4]. Investment Breakdown - The total investment for the projects is approximately 1.658 billion yuan (165,866.96 million yuan), with the planned fundraising amount of 1.096 billion yuan allocated as follows: - Eastern (Xiang'an) waste-to-energy power plant phase III: 789.34 million yuan (30 million yuan to be raised) - Ninghua County waste-to-energy power plant phase I: 339.82 million yuan (26.7 million yuan to be raised) - Xiamen Environmental Energy R&D center: 200.55 million yuan (fully funded by the raised amount) - Supplementing working capital: 328.95 million yuan (fully funded by the raised amount) [4].

中国经济网北京3月31日讯复洁环保(688335.SH)近日披露2024年年度报告。 复洁环保首次公开发行股票募集资金总额为8.41亿元，扣除发行费用后，募集资金净额为7.64亿元。复 洁环保最终募集资金净额较原计划多2.63亿元。复洁环保于2020年8月11日发布的招股说明书显示，该 公司计划募集资金5.00亿元，分别用于低温真空脱水干化成套技术装备扩建项目、环保技术与设备研发 新建项目、补充流动资金。 复洁环保首次公开发行股票的保荐机构为海通证券，保荐代表人为钮嘉、金涛。复洁环保上市发行费用 为7749.21万元，其中保荐及承销费用5838.14万元。 复洁环保2023年半年度权益分派实施公告显示，本次转增股本以方案实施前的公司总股本101,860,511股 为基数，以资本公积金向全体股东每股转增0.45股，共计转增45,837,230股，本次分配后总股本为 147,697,741股。 复洁环保2022年半年度权益分派实施公告显示，该次转增股本以方案实施前的公司总股本72,521,508股 为基数，以资本公积金向全体股东每股转增0.4股，共计转增29,008,603股，本次分配后总股本为 101,530, ...

| | | | 2 | 华泰联合 | 3 | | --- | --- | --- | | 2 | 中信证券 广司 | TITU 3 | | 4 | 、东兴证券TONWOOD TREE | | | 4 | 申万宏源 | 2 | | 4 | 中信建投 | 2 | | 7 | 华安证券 | 1 | | 7 | 广发证券 | 1 | | 7 | 国元证券 | 1 | | 7 | 平安证券 | 1 | | 7 | 申港证券 | 1 | | | 天风证券 | 1 | | 7 | 招商证券 | 1 | | 76 | 中金公司 | FOT 1 . | | 1 | 中国银河TONW( | on TREE | | 7 | 中泰证券 | 1 | | 7 | 中银国际 | 1 | | | 信计 | 27 | 二、律师事务所业绩排名 2025年1-3月，共有16家律师事务所为这27家新上市公司IPO提供了法律服务。 文/梧桐数据中心 随着3月28日开发科技（920029）在北交所上市，2025年1-3月A股合计新上市公司27家，其中沪市主板4家、科创板5家、深市主板3家、创业板12家、北交所3家。 相较去年同期的30家，同比下降10% ...

Core Viewpoint - The report provides a comprehensive overview of the Hai Futong CSI 2000 Enhanced Strategy ETF's performance and management strategies for the year 2024, highlighting its investment objectives, strategies, and financial results. Fund Overview - The fund is named Hai Futong CSI 2000 Enhanced Strategy ETF, managed by Hai Futong Fund Management Co., Ltd., and its contract became effective on March 27, 2024 [2]. - The fund aims to achieve a net asset value growth rate that does not deviate from its benchmark (CSI 2000 Index) by more than 0.35% on a daily average and seeks to outperform the benchmark [2][4]. Investment Strategies - The fund employs a combination of quantitative investment analysis and fundamental research to manage its portfolio actively [2]. - Key investment strategies include stock investment, bond investment, convertible bonds, asset-backed securities, stock index futures, and options [2][4]. Financial Performance - As of December 31, 2024, the fund reported a realized loss of approximately 6.35 million RMB and a total profit of about 6.75 million RMB [3]. - The weighted average net value profit rate for the period was -21.66%, while the fund's net asset value growth rate was 18.89% [3][4]. - The fund's net asset value at the end of the reporting period was approximately 12.28 million RMB, with a per share net value of 1.1889 RMB [3]. Market Context - The report indicates that the Chinese economy showed signs of weak recovery driven by policy measures, with a projected GDP growth of 5% for 2024 [9]. - The A-share market experienced fluctuations, with the Shanghai Composite Index rising by 12.7% and the CSI 300 Index increasing by 14.7% during the year [10]. Management Insights - The fund management team actively adjusted investment models to adapt to market changes, incorporating industry and style models to identify investment opportunities [11]. - The fund's net value growth rate of 18.89% significantly outperformed the benchmark's return of 10.32% during the reporting period [12]. Compliance and Governance - The fund management company emphasizes compliance with legal regulations and internal controls to ensure the protection of investors' interests [15]. - The management has implemented measures to enhance compliance culture and risk awareness among employees [15].