中信证券股份有限公司 关于江西宏柏新材料股份有限公司 开展外汇套期保值业务的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为江西宏柏新材 料股份有限公司（以下简称"宏柏新材"、"上市公司"或"公司"）2023年度向不特 定对象发行可转换公司债券的保荐人，上述可转换公司债券已于2024年完成发行，目前 处于持续督导阶段。根据《证券发行上市保荐业务管理办法》《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》《上海证券交 易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求， 保荐人对宏柏新材开展外汇套期保值业务进行了审慎核查，并出具核查意见如下： 包括但不限于美元、欧元等。公司进行的外汇套期保值业务品种具体包括但不限于远期 结售汇、外汇互换、外汇期货、外汇期权业务及其他外汇衍生产品等业务。交易对手为 有外汇衍生品交易业务经营资质的银行等金融机构。 本次授权外汇套期保值业务的有效期自公司2025年第三次临时股东大会审议通过之 日起十二个月，交易额度在有效期内可以滚动使用。上述额度和授权期限内董事会提请 股东大会授权董事长根 ...

Core Viewpoint - The company, Sinocelltech Group Limited, is preparing for a specific issuance of A-shares in 2025, aiming to raise up to 900 million RMB to enhance its liquidity and support its ongoing research and development in the biopharmaceutical sector [1][18][24]. Company Overview - Sinocelltech Group Limited was established on April 23, 2007, and became a joint-stock company on March 19, 2019, with a registered capital of 445.34 million RMB [2][3]. - The company focuses on the research and development of innovative biopharmaceuticals, particularly in the treatment of malignant tumors, autoimmune diseases, infectious diseases, and genetic disorders [3][4]. Business Operations - The company has developed a high-efficiency, high-throughput technology platform for biopharmaceutical research and production, with a diverse pipeline including monoclonal antibodies, recombinant proteins, and innovative vaccines [3][4][5]. - As of the date of the report, the company has one recombinant protein drug and four antibody drugs approved for market, with three vaccine products included for emergency use, and several others in clinical research [3][7]. Financial Performance - The company reported revenues of 102.32 million RMB, 188.73 million RMB, and 251.27 million RMB for the years 2022, 2023, and 2024 respectively, indicating a significant growth trajectory [7][8]. - The total assets as of December 31, 2024, were approximately 344.96 million RMB, with total liabilities of about 325.11 million RMB, resulting in shareholders' equity of 19.85 million RMB [8][9]. Issuance Details - The upcoming issuance will involve the sale of up to 25 million shares at a price of 36.00 RMB per share, which is not less than 80% of the average trading price over the 20 trading days prior to the pricing date [17][18]. - The funds raised will be used entirely to supplement the company's working capital [18][24]. Regulatory Compliance - The company has undergone due diligence and has been deemed compliant with relevant laws and regulations governing securities issuance and listing [22][24]. - The issuance is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [24].

债券简称：23 绿电 G1 债券代码：148562 中信证券股份有限公司 关于天津中绿电投资股份有限公司 修订《公司章程》及其议事规则的 临时受托管理事务报告 发行人 天津中绿电投资股份有限公司 （住所：天津市经济技术开发区新城西路 52 号 6 号楼 202-4 单元） 受托管理人 （住所：广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 签署日期：2025 年 8 月 声明 本报告依据《公司债券发行与交易管理办法》 （以下简称"管理办法"）、 《深 圳证券交易所公司债券上市规则》 （以下简称"上市规则"）、 《天津中绿电投资股 份有限公司 2023 年面向专业投资者公开发行公司债券受托管理协议》 （以下简称 "《受托管理协议》"）《天津中绿电投资股份有限公司 2023 年面向专业投资者公 开发行公司债券债券持有人会议规则》 截至本报告出具日，发行人公司债券"23 绿电 G1"仍在存续期，除此以外 发行人无其他存续公司债券。 二、取消监事会及监事的基本情况 经发行人 2025 年第二次临时股东大会审议，发行人将取消监事会，由董事 会审计委员会行使《公司法》规定的监事会职权，中信证券作为发行人已发 ...

Group 1 - The company reported a revenue of 1.08 billion yuan and a net profit of 400 million yuan for the first half of 2025, showing a decline year-on-year. The net cash flow from operating activities increased to 722 million yuan [1] - The decline in revenue was primarily due to a decrease of approximately 86.1 million yuan in light asset output business income, while revenue from live performances and e-commerce fees remained stable compared to the previous year. The net profit decrease was attributed to the decline in light asset output income and a 7.98% increase in total operating costs [1] Group 2 - The company is focusing on enhancing its projects, with the Hangzhou project achieving a record of 22 performances in a single day during the May Day holiday. Plans for overall project upgrades in Hangzhou are underway, emphasizing cultural elements and expanding play areas [2] - The Shanghai project turned profitable in the first half of the year, while the Foshan project is set to open in early 2024, showing long-term growth potential despite short-term revenue decline [2] - The company is also enhancing its marketing strategies and optimizing performance across various projects, including the development of new attractions and partnerships with travel agencies [2] Group 3 - The overall visitor structure is becoming more diversified and younger, with stable average spending per visitor. The company plans to distribute a cash dividend of 0.2 yuan per share for 2024, doubling the total cash dividend to 525 million yuan compared to 2023 [3] Group 4 - The company has established a management system for internet celebrities and signed contracts with artists to enhance brand exposure and convert traffic into sales [4] Group 5 - In the first half of the year, the company signed two new light asset projects in Qingdao and Taizhou, with a total order value of 520 million yuan. The company is also exploring international expansion, including a project in Thailand [5] Group 6 - The company is adapting to a rational consumer market by enhancing content, building marketing matrices, and optimizing pricing strategies. The company aims for high-quality development over the next 3-5 years, focusing on project upgrades and international market exploration [6]

Core Viewpoint - Jingrui Electronic Materials Co., Ltd. has demonstrated strong performance in the first half of 2025, focusing on semiconductor and new energy applications, with significant growth in revenue and net profit [1][2]. Group 1: Company Overview - Jingrui Electronic Materials is a leading domestic electronic materials company, specializing in high-purity wet electronic chemicals, photoresists, and lithium battery materials [1]. - The company aims to achieve technological leadership, maximum production capacity, and a leading market share in the high-purity wet electronic chemicals sector [1]. Group 2: Financial Performance - The company's revenue for the first half of 2025 reached approximately 768 million yuan, a year-on-year increase of 10.68% [2]. - Net profit attributable to shareholders was 69.75 million yuan, reflecting a remarkable year-on-year growth of 1501.66% [2]. - The net profit after deducting non-recurring gains and losses was 32.69 million yuan, up 1434.73% year-on-year [2]. - Operating cash flow net amount was 172.98 million yuan, showing a year-on-year increase of 44.48% [2]. Group 3: Product Performance - Revenue from photoresist products in the first half of 2025 was 105.87 million yuan, with a year-on-year growth of 12.36% [3]. - Sales volume of positive photoresists grew over 12%, with sales revenue increasing by over 18% [3]. - High-purity hydrogen peroxide achieved a market share exceeding 40%, with a year-on-year shipment increase of over 55% [3]. Group 4: Market Position and Competition - The company has established four production bases, achieving nearly 300,000 tons of domestic maximum capacity and integrated production [1]. - Despite increased competition from domestic peers in high-purity chemicals, the company maintains a significant advantage in high-purity hydrogen peroxide with metal impurity content below 1 ppt [3]. Group 5: Future Outlook - The company is assessing future production expansion based on market conditions, customer needs, and strategic considerations [3]. - The progress of the restructuring project for Hubei Jingrui has been reported to the Shenzhen Stock Exchange, with further updates expected [3].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with total revenue of 3.188 billion yuan, a year-on-year increase of 18.20%, and a net profit of 617 million yuan, up 23.71% from the previous year [1][13]. Financial Performance - Total revenue for the first half of 2025 reached 3.188 billion yuan, representing an 18.20% increase year-on-year [1][13]. - In Q2 2025, revenue was 1.647 billion yuan, showing a quarter-on-quarter growth of 6.87% [1]. - Net profit attributable to shareholders was 617 million yuan, with a year-on-year growth of 23.71%, outpacing revenue growth by 5.51 percentage points [1][13]. - The net profit margin for the first half of 2025 was 19.4%, an increase of nearly 1 percentage point year-on-year [1]. Business Segments - The emerging business segment saw significant growth, particularly in the fields of chemical macromolecules and biological macromolecules, with new orders for conjugated drugs increasing by over 100% year-on-year [2]. - The company maintained a competitive advantage in small molecule business while expanding its emerging business in overseas markets [3]. - The CDMO (Contract Development and Manufacturing Organization) business for biological macromolecules experienced rapid growth, with overseas orders accounting for over 35% of total orders [12][13]. Cost Management - The company is focused on cost reduction and efficiency improvement, with a commitment to optimizing overall expense ratios throughout the year [7]. Capacity Expansion - The company plans to increase capital expenditures, particularly in emerging business areas, to meet growing demand [8]. - The production capacity for the peptide CDMO business is expected to continue rising, with significant projects moving into the validation batch stage [4][5]. Market Outlook - The pharmaceutical industry is showing signs of recovery, and the company is optimistic about future demand, particularly in the innovative drug sector [11]. - The company aims to enhance its capabilities and expand its market reach, especially in overseas markets [3][12].

北京天星医疗股份有限公司向港交所提交上市申请书，联席保荐人为中信证券、建银国际。 ...

Core Insights - The forum hosted by CITIC Securities focused on the development, opportunities, and outlook of the equity market, covering various cutting-edge industries such as pharmaceutical innovation, embodied intelligence, autonomous driving, and hard technology innovation [1][2] - CITIC Securities highlighted the significant role of the equity market in promoting the transformation of economic dynamics and supporting high-level technological self-reliance in China [1] Group 1: Market Trends - The equity investment market is gradually returning to a state of heightened activity, with expectations that it will serve as an "engine" for the transformation of economic dynamics and a "catalyst" for optimizing resource allocation [1] - The trend of "localization as the main body and state-owned capital as the main guide" in fundraising continues to strengthen, with patient capital's market position expected to enhance further [2] Group 2: Investment Strategies - The investment approach is increasingly focused on "early-stage and small-scale" investments, particularly in the "new quality innovation" sectors [2] - Post-investment management is evolving, with service content shifting from virtual to real, continuously upgrading the ways to empower enterprises [2] Group 3: Market Outlook - The Chinese equity market is anticipated to progress through a "refining fire" of valuation reshaping and institutional clearing, supported by stable economic operation, top-level policy driving, and technological innovation [2] - The dual support of policy protection and technological innovation is expected to usher in a new era of high-quality development for the equity market [2]

2023年8月27日，证监会在官网发布《证监会统筹一二级市场平衡 优化IPO、再融资监管安排》（以下 简称"8·27新政"），距今已满两年时间。尽管2024年"9·24"行情以来A股市场回暖明显，但IPO（首次公 开募股）收紧态势仍然没有明显放松。 据数据统计，2025年以来，截至8月22日，券商投行获首发承销保荐收入30.8亿元，同比增长22.6%，仍 在近年低位徘徊。 《每日经济新闻》记者注意到，虽然目前行业只是初步显露触底回升的迹象，但随着二级市场持续走 高，一些投行人士的信心开始恢复。所谓"春江水暖鸭先知"，据业内最近反馈，投行人才市场需求已经 有所回暖，尤其是手中有资源的承揽岗位。此外，几家头部券商投行业务条线涨薪的消息也在业内广为 流传。 业内反馈：投行人才需求趋于回暖 近年来，随着裁员降薪、加强考核、业务转型，各大券商投行纷纷进入"自救模式"，人员净流出在所难 免。 不过，上述中型券商资深投行人士认为："目前投行涨薪应该不是行业普涨，毕竟创收还不太行。"此 外，上述猎头机构相关负责人反馈，目前投行人才需求主要集中在一些大机构。 投行人士：行业尚处于弱复苏阶段 所谓"春江水暖鸭先知"，前期曾陷入" ...

8月26日，A股中场歇脚，三大指数震荡整理，午前一度集体转涨，沪指盘中再探阶段新高，收盘走势 分化，沪指跌0.39%报3868.38点。两市成交额2.68万亿元，连续10个交易日突破2万亿。 券商板块随市小幅回调，尾盘下行幅度有所扩大，A股顶流券商ETF（512000）场内价格收跌1.24%， 全天成交额15.28亿元。 板块个股多数回调，权重股方面，东方财富收跌1.06%，单日成交额近150亿元，中信证券、国泰海通 跌逾1%；华鑫股份、天风证券、湘财股份、锦龙股份等涨幅居前。 就后市走势，华泰证券认为，充裕流动性仍是当前A股行情的主要基底。近期居民存款搬家的叙事构成 了国内流动性改善的积极信号，后续或仍有空间。短期来看，判断市场顶部的意义和胜率都不算高，节 奏上后续即便出现调整，幅度也不会太深，市场进入上行趋势的共识在逐步增强。 当前A股券商板块处于低估低配，公募新规下补涨逻辑持续；截至目前，43家上市券商中仅4只个股突 破去年9月后至今高位，且A股券商相对于H股券商已明显滞涨。 数据显示，近期市场资金借道ETF持续增仓券商板块。上交所数据显示，券商ETF（512000）已连续6 个交易日吸金，合计获净流入 ...