Core Viewpoint - Nazhen Technology has submitted a listing application to the Hong Kong Stock Exchange, with Citigroup and CITIC Securities as joint sponsors [1] Group 1: Company Overview - Nazhen Technology is a leading global supplier of optical communication and optical connection solutions [1] - According to Frost & Sullivan, in 2024, Nazhen Technology ranks fifth globally in optical module revenue and third in China [1] - The company is one of the few globally that possesses both optical module and optical chip R&D and mass production capabilities [1] Group 2: Product Development - Nazhen Technology is among the first in China to successfully develop and mass-produce 800G optical modules and has delivered 1.6T optical module product samples [1] - The company is also one of the first globally to successfully develop 50G PON optical modules [1] - Nazhen Technology has successfully developed and mass-produced DFB laser chips, including 75MW high-power CWDFB laser chips, and is currently developing 100G/200G EML laser chips [1] - The company is one of the first in China to successfully develop and mass-produce 10G EML laser chips [1] Group 3: Focus Areas - The company focuses on broadband access and wireless coverage products, having mass-produced mainstream rate optical network terminals [1] - Nazhen Technology is actively researching next-generation products, such as FTTR+X gateways with embedded edge computing capabilities [1]

Core Insights - The report from CITIC Securities indicates that the overseas energy transition is driving an increase in the share of renewable energy, which in turn boosts the demand for flexible adjustment resources in the energy storage market, particularly in Europe and the United States [1] - The domestic energy storage industry chain is seen to have significant advantages, with the global market share of battery cells and energy storage systems continuously rising [1] - Many overseas energy storage companies are highly dependent on the Chinese industry chain and are facing operational difficulties due to policy uncertainties [1] - The current timing suggests that there is notable investment value in the overseas energy storage market, with a recommendation to focus on leading manufacturers involved in battery cells, PCS (Power Conversion System), and system integration within the overseas energy storage industry chain [1]

Core Viewpoint - The report from CITIC Securities indicates that the overseas energy transition is driving an increase in the share of renewable energy, which in turn is boosting the demand for flexible adjustment resources in the energy storage market, particularly in Europe and the United States [1] Industry Summary - The overseas energy storage market is expected to experience significant demand growth, driven by the transition to renewable energy sources [1] - The domestic energy storage industry chain in China is noted to have clear advantages, with the global market share of battery cells and energy storage systems continuing to rise [1] - Many overseas energy storage companies are highly dependent on the Chinese industry chain, facing operational challenges due to policy uncertainties [1] Investment Recommendations - CITIC Securities suggests that the current timing presents investment value in the overseas energy storage market, recommending a focus on leading companies involved in battery cells, PCS (Power Conversion Systems), and system integration within the overseas energy storage industry chain [1]

中信证券研报表示，2025年8月，北京和上海相继发布房地产市场优化政策，政策内容集中在限购、公 积金贷款支持等方面。我们认为，房地产政策的进一步优化，不仅有利于释放短期需求，更说明面对巩 固市场止跌回稳的要求，政策并不会无所作为，而会结合现实情况积极出台相关措施。 ...

Core Viewpoint - 应世生物 has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and Jianyin International as joint sponsors, focusing on addressing tumor resistance issues in cancer treatment [1] Company Overview - 应世生物 is a biotechnology company specializing in cancer treatment, particularly targeting the FAK and integrin pathways, which are believed to play a crucial role in tumor cell survival and treatment failure [1] Product Pipeline - The product pipeline includes the core product ifebemtinib, a highly selective FAK inhibitor, along with the second-generation FAK inhibitor IN10028 and three innovative antibody-drug conjugates (ADCs) [1] - ifebemtinib has received breakthrough therapy designation from the NMPA and fast track designation from the FDA, indicating its potential as a cornerstone therapy for cancer treatment [1] Future Plans - 应世生物 plans to submit an IND application for IN10028 in 2025 and aims to initiate the first human clinical trial in the first quarter of 2026 [1]

Core Viewpoint - The equity market has continued to perform well since August, while the bond market has experienced volatility, leading to a widening of the yield spread [1] Group 1: Market Trends - The shift in bond market sentiment is evolving from short-term stock-bond dynamics to a longer-term focus on market liquidity and the restructuring of household wealth [1] - Recent trading behaviors of institutions such as bond funds, wealth management products, and insurance capital indicate that there is currently insufficient data to support a rapid flow of household deposits and fixed-income investments into the stock market [1] Group 2: Future Outlook - There is no need for excessive concern regarding the redemption of underlying liabilities in the bond market and liquidity contraction in the short term [1] - If the equity market can maintain its current stable upward trend, the restructuring of household wealth allocation may become a long-term trend, characterized more as a "slow variable" rather than an "instant remedy" [1]

Group 1 - The core viewpoint of the article is that Hunan Energy Group Development Co., Ltd. is undergoing a transaction involving the issuance of shares and cash payment to acquire stakes in several hydropower companies, while ensuring compliance with insider information regulations [1][2] Group 2 - The company has established an insider information registrant management system in accordance with relevant laws and regulations, clearly defining the scope of insider information, circulation procedures, confidentiality measures, and accountability [1] - The company has implemented necessary confidentiality measures for the restructuring process and has registered insider information personnel accordingly, restricting access to transaction planning information [2] - CITIC Securities, as the independent financial advisor, confirmed that the company adhered to the insider information registrant management system and took adequate confidentiality measures during the transaction [2]

Group 1 - The core transaction involves Hunan Energy Group Development Co., Ltd. issuing shares and paying cash to acquire 90% equity in Copper Bay Hydropower, 90% equity in Qingshui Pond Hydropower, 88% equity in Xiaoxi Hydropower, and 85% equity in Gaotan Hydropower, while also raising supporting funds from up to 35 qualified investors [7][15][16] - The total assessed value of the acquired assets is 151,244.52 million yuan, based on asset-based valuation methods [7][11] - The transaction is structured to ensure that the acquired assets align with the company's core business in the electric power and heat production and supply industry [8][9] Group 2 - The independent financial advisor, CITIC Securities, has confirmed that the transaction complies with relevant laws and regulations, and the disclosed information is accurate and complete [2][3] - The transaction is expected to enhance the company's operational capabilities and market position within the energy sector, leveraging synergies from the acquired hydropower assets [8][10] - The funding raised through the issuance of shares will be used for cash consideration in the transaction and to supplement working capital [15]

中信证券股份有限公司 关于上市公司股票价格波动的核查意见 中信证券股份有限公司（以下简称"独立财务顾问"）作为湖南能源集团发 展股份有限公司（以下简称"上市公司"）拟通过发行股份及支付现金购买湖南 能源集团电力投资有限公司持有的湖南湘投铜湾水利水电开发有限责任公司 开发有限责任公司 88%股权、湖南湘投沅陵高滩发电有限责任公司 85%股权， 同时向不超过 35 名符合条件的特定投资者发行股份募集配套资金（以下简称"本 次交易"）的独立财务顾问，对上市公司股价在本次交易首次公告日前 20 个交 易日内剔除大盘因素或同行业板块因素影响后累计涨跌幅进行了审慎核查，核查 情况如下： 一、上市公司股票价格波动情况 上市公司于 2025 年 03 月 19 日披露《关于筹划重大资产重组的停牌公告》 （公告编号：2025-008，以下简称"停牌公告"）。本次交易停牌公告披露前 20 个交易日上市公司股票收盘价、深证成指(399001.SZ)以及 WIND 电力行业指数 （886065.WI）的累计涨跌幅情况如下： 停牌前第 21 个交易日 停牌前最后 1 个交易日 二、独立财务顾问核查意见 经核查，本独立财务顾问认为，上市 ...

中信证券股份有限公司 关于担任湖南能源集团发展股份有限公司资产重组 独立财务顾问的承诺函 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）接受 湖南能源集团发展股份有限公司（以下简称"湖南发展"或"上市公司"）的委 托，担任湖南发展本次发行股份及支付现金购买资产并募集配套资金暨关联交易 （以下简称"本次交易"）的独立财务顾问。中信证券在充分尽职调查和内部核 查的基础上作出以下承诺： 发表有关核查意见是独立进行的； 供方已承诺上述有关资料、信息均为真实、准确和完整的，保证所提供的资料、 信息不存在任何虚假记载、误导性陈述或者重大遗漏，并对所提供资料、信息的 真实性、准确性和完整性承担相应的法律责任。本独立财务顾问不承担由此引起 的任何风险和责任； 上有理由确信所发表的专业意见与本次交易各方现阶段披露的文件内容不存在 实质性差异； 确信披露文件的内容与格式符合要求； 立财务顾问出具核查意见的交易方案符合法律、法规和中国证券监督管理委员会 及深圳证券交易所的相关规定，基于所获取的信息及履行的尽职调查，所披露的 信息真实、准确、完整，未发现虚假记载、误导性陈述或者重大遗漏； 本独立财务顾问内核机构审查， ...