中信证券股份有限公司关于天津创业环保集团股份有限公司 部分募投项目终止及部分募投项目延期的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为天津创业 环保集团股份有限公司（以下简称"创业环保"或"公司"）2021 年非公开发行股票 持续督导阶段的保荐人，根据《证券发行上市保荐业务管理办法》、 《上市公司募 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 集资金监管规则》 等相关法律、法规的规定，对创业环保本次部分募投项目终止及部分募投项目延 期的事项进行了审慎核查，核查情况及意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 5 月 30 日签发的证监发行字 [2022]1122 号文《关于核准天津创业环保集团股份有限公司非公开发行股票的批 复》，公司于 2022 年 9 月向特定投资者非公开发行人民币普通股 143,189,655.00 股，每股发行价格为人民币 5.80 元，募集资金总额为 830,499,999.00 元，扣除发 行费用人民币 19,743,434.08 元后，募集资金净额共计人民币 810,756,564.92 元（以 下简 ...

证券代码：688499 证券简称：利元亨 公告编号：2025-051 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 广东利元亨智能装备股份有限公司（以下简称"公司"）于近日收到中信证 券股份有限公司（以下简称"中信证券"）出具的《关于更换保荐代表人的函》。 中信证券为公司首次公开发行股票、向不特定对象发行可转换公司债券项目的保 荐人，原委派持续督导的保荐代表人为王国威先生和郑晓明先生。 王国威先生因工作变动，不再担任公司的持续督导保荐代表人。为保证持续 督导工作的有序进行，中信证券委派保荐代表人王荣鑫先生（简历详见附件）接 替王国威先生负责公司后续的持续督导工作，相关业务已交接完毕。 本次变更后，公司首次公开发行股票、向不特定对象发行可转换公司债券项 目的持续督导保荐代表人为郑晓明先生和王荣鑫先生，本次变更不影响中信证券 对公司的持续督导工作。 公司董事会对王国威先生在担任公司保荐代表人期间所做的工作表示衷心 感谢！ 特此公告。 广东利元亨智能装备股份有限公司董事会 广东利元亨智能装备股份有限公司 关于变更持续督导保荐代表 ...

Company Overview - Honghe Electronic Materials Technology Co., Ltd. specializes in the research, production, and sales of mid-to-high-end electronic-grade fiberglass cloth and yarn, achieving integrated production and operation of electronic yarn and cloth, making it a global leader in this sector [1][2] - The company was established on August 13, 1998, and was listed on the Shanghai Stock Exchange on July 19, 2019, with a registered capital of 879,727,500 RMB [1] Main Business and Products - The company focuses on high-performance fiberglass and composite materials, which are essential raw materials for manufacturing core copper foil substrates in electronic products, widely used in smartphones, tablets, laptops, high-speed servers, communication base stations, automotive electronics, and IC substrates [1][2] - Honghe has successfully developed various high-end ultra-thin fabrics and fibers, breaking international monopolies and reaching internationally leading quality and performance levels [2][3] Financial Data and Indicators - As of March 31, 2025, the company reported total assets of 251,517.57 million RMB, with total liabilities of 103,400.76 million RMB, resulting in total equity of 148,116.81 million RMB [3] - The company’s revenue for the first quarter of 2025 was 24,599.51 million RMB, with a net profit of 3,087.32 million RMB [3] - The gross profit margin for the main business was reported at 28.82% for 2022, with fluctuations in subsequent years [7] Market Position and Clientele - The company has established long-term stable partnerships with major global PCB manufacturers, including Shengyi Technology, Unimicron Technology, Panasonic, and Doosan Electronics, positioning itself within the leading PCB industry chain [2][3] Fundraising and Investment Plans - The company plans to raise up to 994.61 million RMB through a specific issuance of A-shares, with the funds allocated for projects including the construction of high-performance fiberglass yarn production lines and a research center for high-performance special fiberglass [12][16] - The total investment for these projects is estimated at 1,092 million RMB, with the net proceeds from the fundraising expected to cover a significant portion of this amount [16]

Group 1 - The core viewpoint of the news is that Honghe Electronic Materials Technology Co., Ltd. is issuing A-shares to specific investors, with CITIC Securities acting as the sponsor and underwriter for this issuance [1][9][10]. - The issuance will involve the issuance of ordinary shares (A-shares) with a par value of 1.00 yuan per share, and the issuance price will not be lower than the par value [10][12]. - The company was established in August 1998 and listed on the Shanghai Stock Exchange in July 2019, with a registered capital of 879,727,500 yuan [4][9]. Group 2 - As of March 31, 2025, the total share capital of the company is 879,727,500 shares, with 100% being unrestricted shares [4][9]. - The top ten shareholders of the company hold a total of 749,175,096 shares, accounting for 85.17% of the total shares [4][9]. - The company’s financial performance shows a net profit of 2,280.09 million yuan for the year 2024, recovering from a loss of 6,309.45 million yuan in 2023 [5][9]. Group 3 - The company’s total assets as of March 31, 2025, amount to 251,517.57 million yuan, with total liabilities of 103,400.76 million yuan, resulting in a debt-to-asset ratio of 41.11% [5][9]. - The company reported operating income of 24,599.51 million yuan for the first quarter of 2025, with a net profit of 3,087.32 million yuan [5][9]. - The company’s liquidity ratios include a current ratio of 1.52 and a quick ratio of 1.24 as of March 31, 2025 [5][9]. Group 4 - The company’s main products include electronic fabrics, which are essential materials for producing copper-clad laminates and printed circuit boards, indicating a correlation with the electronics industry cycle [16]. - The company faces competition risks in the market, particularly if competitors increase their investments in the same market segment [16]. - The prices of the main raw materials, such as electronic yarn and glass balls, are influenced by market supply and demand, as well as international factors like exchange rates and trade disputes [16].

Core Viewpoint - The article discusses the phenomenon of "deposit migration" among residents in China, driven by declining deposit rates and improving capital market performance, indicating a potential shift of funds from banks to non-bank financial institutions and the stock market [1][2][3]. Group 1: Reasons for Deposit Migration - The continuous decline in deposit rates is a significant factor driving deposit migration, as residents seek higher returns in capital markets [2]. - Historical patterns show that deposit migration is a common response to changing market conditions, with previous instances occurring in 2006-2007, 2009, 2012-2015, and currently in 2024-2025 [2][3]. - The current low interest rate environment, with savings rates dropping to 0.2%-0.3% for demand deposits and some fixed deposits below 2%, has intensified residents' anxiety over returns, prompting a search for better investment opportunities [2]. Group 2: Potential Scale of Funds Released - Estimates suggest that the current round of deposit migration could release over 5 trillion yuan, with 90 trillion yuan in deposits maturing by 2025, and 5%-10% of these funds potentially seeking higher returns [6][7]. - The concept of "excess savings" accumulated since 2018, exceeding 30 trillion yuan, indicates a significant pool of funds that could be redirected towards consumption or investment [6][7]. Group 3: Impact on A-shares - The relationship between deposit migration and A-shares is complex, with historical data indicating that stock market performance often precedes deposit migration [9][10]. - Past trends show that significant stock market gains typically occur before residents begin to move their deposits, suggesting that the migration is a reaction to established market conditions rather than a catalyst for market growth [9][10]. Group 4: Flow of Funds - The initial phase of deposit migration is expected to favor stable assets such as bank wealth management products and money market funds, with a gradual shift towards equity assets as market conditions stabilize [11][12]. - The potential for indirect entry into the equity market through "fixed income plus" products is highlighted, allowing residents to maintain a balance between stable returns and equity exposure [13]. Group 5: Conditions for Future Migration - Four key conditions for a new round of deposit migration are identified: continued decline in deposit rates, expansion of liquidity, emerging asset profitability, and supportive policies [14]. - The pace of fund migration is anticipated to accelerate as the stock market shows sustained performance, with evidence of increased margin trading and insurance company investments in equities [14][15].

中信证券股份有限公司 经中国证券监督管理委员会《关于核准海思科医药集团股份有限公司非公开 发行股票的批复》（证监许可〔2022〕869 号）核准，公司于 2023 年 2 月 10 日 非公开发行人民币普通股（A 股）股票 40,000,000 股，发行价格为 20.00 元/股， 募 集 资 金 总 额 为 人 民 币 800,000,000.00 元 ， 扣 除 各 项 发 行 费 用 人 民 币 上述募集资金到位情况已经信永中和会计师事务所（特殊普通合伙）审验，于 募集资金验资报告》（XYZH/2022CDAA5B0008）。公司开立了募集资金专项账户， 对上述募集资金进行专户存储，并与保荐机构、存放募集资金的商业银行签署了 募集资金监管协议。 二、募投项目情况 鉴于公司 2020 年度非公开发行股票募集资金投资项目中的新药研发项目均 已取得药品注册证书/补充申请批准通知书且需支付的部分合同尾款也已基本支 付完毕，补充流动资金及偿还银行贷款也已实施完毕，公司决定将 2020 年度非 公开发行股票募集资金投资项目予以整体结项。公司于 2025 年 1 月 3 日召开第 五届董事会第二十一次会议、第五届监事 ...

Core Viewpoint - The article discusses the phenomenon of "deposit migration" in China, where residents are shifting their savings from banks to non-bank financial institutions and capital markets due to declining deposit interest rates and improving stock market performance [3][4][6]. Group 1: Reasons for Deposit Migration - The continuous decline in deposit interest rates is a significant factor driving deposit migration, as residents seek higher returns in capital markets [3][4]. - Historical patterns show that deposit migration has occurred multiple times since 2005, with low interest rates being a key driver, but capital market performance being the core motivator [3][4]. - As of 2022, the interest rates for savings accounts have dropped to 0.2%-0.3%, prompting residents to look for better investment opportunities [3][4]. Group 2: Potential Scale of Funds Released - Estimates suggest that the current round of deposit migration could release over 5 trillion yuan into the capital markets, based on excess savings and maturing deposits [6][7]. - Specifically, over 30 trillion yuan in excess savings has been accumulated since 2018, with 5 trillion yuan formed post-2022 likely to be more flexible for investment [7]. - By 2025, over 90 trillion yuan in deposits are expected to mature, with 5%-10% potentially seeking higher returns, translating to a possible outflow of 4.5 trillion to 9 trillion yuan [7]. Group 3: Impact on A-shares - The relationship between deposit migration and A-shares is complex, with historical data indicating that stock market performance often precedes significant deposit migration [8][10]. - Past trends show that deposit migration typically accelerates in the later stages of a bull market, suggesting caution as this could indicate a market peak [10]. - Current data indicates that the ratio of household deposits to total stock market value remains high, suggesting ample room for wealth reallocation into equities [10]. Group 4: Asset Allocation Trends - Initially, funds from deposit migration are expected to flow into stable assets such as bank wealth management products and money market funds, reflecting residents' risk aversion [11][12]. - Over time, as market conditions stabilize, a gradual shift towards equity assets is anticipated, supported by favorable policies and market performance [14][18]. - By 2025, it is projected that approximately 70% of the migrating funds will be allocated to stable assets, with 25% directed towards equities [12][14]. Group 5: Conditions for Future Deposit Migration - Four key conditions for a new round of deposit migration have been identified: declining deposit rates, liquidity expansion, emerging asset profitability, and supportive policies [15][17]. - Historical patterns indicate that deposit migration often follows a significant stock market rally, with a lag as residents confirm market trends [16][17]. - The current environment shows that all conditions for a potential new wave of deposit migration are in place, suggesting an increasing likelihood of funds flowing into the capital markets [17][18].

Market Overview - The Shanghai Composite Index rose by 1.45% on August 22, with 24 out of 28 sectors experiencing gains, led by the electronics and communications sectors, which increased by 4.82% and 3.77% respectively [1] - The non-bank financial sector also saw an increase of 2.76% [1] - Conversely, the banking and textile sectors faced declines of 0.30% and 0.20% respectively [1] Capital Flow - The net inflow of capital in the two markets reached 25.419 billion yuan, with 12 sectors experiencing net inflows [1] - The electronics sector had the highest net inflow of 15.132 billion yuan, corresponding to its 4.82% increase [1] - The computer sector followed with a net inflow of 10.334 billion yuan and a daily increase of 3.50% [1] Non-Bank Financial Sector - The non-bank financial sector saw a net inflow of 8.427 billion yuan, with 75 out of 83 stocks in the sector rising [2] - Among the stocks, Dongfang Caifu led with a net inflow of 1.970 billion yuan, followed by CITIC Securities and Everbright Securities with inflows of 1.135 billion yuan and 0.873 billion yuan respectively [2] - The sector had 13 stocks with net outflows exceeding 10 million yuan, with Zhongyin Securities, Lakala, and China Pacific Insurance leading in outflows [2] Individual Stock Performance - The top performers in the non-bank financial sector included: - Dongfang Caifu: +3.92% with a turnover rate of 6.78% and a net inflow of 1.969 billion yuan [2] - CITIC Securities: +4.27% with a turnover rate of 2.22% and a net inflow of 1.134 billion yuan [2] - Everbright Securities: +10.01% with a turnover rate of 5.54% and a net inflow of 0.873 billion yuan [2]

Market Overview - The A-share market continued its strong performance on August 22, with the Shanghai Composite Index rising over 1% to surpass 3800 points, marking a 10-year high. The ChiNext Index increased by over 3%, and the Sci-Tech 50 Index surged over 8%, reaching a new high in over three and a half years [1] - The total trading volume in the Shanghai and Shenzhen markets reached 25.793 trillion yuan, an increase of nearly 120 billion yuan compared to the previous day [1] Technology Sector Performance - Semiconductor and technology stocks experienced significant gains, with notable performers including Cambrian (20% limit up), Haiguang Information, and Shengmei Shanghai, all reaching new highs [1][3] - Cambrian's stock price closed at 1243.2 yuan per share, with a market capitalization exceeding 520 billion yuan [3] Hong Kong Market Highlights - In the Hong Kong market, Huahong Semiconductor rose nearly 18%, ZTE increased over 15%, and Xiaopeng Motors gained over 13%. NIO and SMIC also saw gains exceeding 10% [2] AI Industry Chain Activity - AI-related stocks were notably active, with companies like Shunwang Technology, Yuntian Lifei, and Zhongke Shuguang hitting the 20% limit up [9] - The DeepSeek model was announced to support the next generation of domestic chips, indicating a potential boost for the domestic AI chip ecosystem [11] Brokerage Sector Insights - The brokerage sector saw strong performance, with firms like Everbright Securities and Xinda Securities hitting the limit up, and Guangfa Securities rising over 7% [6][7] - Analysts suggest that the current configuration value of the brokerage sector is supported by policy, funding, and internal transformation, enhancing the profitability outlook [8] Semiconductor Industry Outlook - The global semiconductor industry entered an upward cycle in Q2 2023, driven by AI infrastructure, particularly in North America, while domestic growth is more reliant on the recovery of consumer electronics [4][5] - The semiconductor cycle is expected to continue its upward trend, with AI being the primary growth driver, as both cloud and terminal AI applications are anticipated to accelerate [5]

证券之星消息，8月22日证券板块较上一交易日上涨3.34%，光大证券领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。证券板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601788 | 光大证券 | 20.78 | 10.01% | 216.39万 | | 43.65 乙 | | 601059 | 信达证券 | 19.72 | 9.98% | 144.41万 | | 27.90亿 | | 000776 | 广发证券 | 22.42 | 7.27% | 140.29万 | | 30.52亿 | | 601198 | 东兴证券 | 12.54 | 4.76% | 130.91万 | | 16.16亿 | | 601881 | 中国银河 | 18.86 | 4.43% | 117.78万 | | 21.85 亿 | | 600030 | 中信证券 | 32.20 | 4.27% | 270.49万 | | ...