国金证券股份有限公司 关于上海润达医疗科技股份有限公司 使用闲置募集资金暂时补充流动资金的核查意见 国金证券股份有限公司（以下简称"本保荐机构"）作为上海润达医疗科技股 份有限公司（以下简称"润达医疗"、"公司"）公开发行可转换公司债券的保荐机 构，根据《证券发行上市保荐业务管理办法》、 《上海证券交易所上市公司自律监 管指引第 12 号——可转换公司债券》等相关规定，对润达医疗不提前赎回"润达 转债"事项进行了认真、审慎的核查。核查的具体情况如下： 一、募集资金基本情况 公司《公开发行可转换公司债券募集说明书》披露的募集资金项目以及截至 拟使用募集资金金额 已累计投资金额 序号 项目 | | | 经中国证券监督管理委员会《关于核准上海润达医疗科技股份有限公司公开 发行可转换公司债券的批复》（证监许可【2020】586 号）核准，同意润达医疗 向社会公开发行面值总额 55,000.00 万元可转换公司债券，期限 6 年，共计募集 资金 550,000,000.00 元，扣除承销费用 9,900,000.00 元（不含增值税）后实际收 到的金额为 540,100,000.00 元，上述款项已由主承销商国金证券股 ...

Group 1 - The central financial work conference emphasizes the importance of technology finance as a key element in promoting high-quality financial development and outlines five major areas of focus, including technology finance, green finance, inclusive finance, pension finance, and digital finance [1][2]. - Guojin Securities is actively implementing actions to align with the "five major articles," focusing on integrating AI with wealth management and services, and aims to create an "AI-friendly organization" to enhance its commitment to technological innovation [1][4]. - The company has developed a comprehensive service model that includes investment diagnosis, strategy generation, trading signal tracking, and post-investment support, utilizing over 300 quantitative strategies and dynamic risk control mechanisms [2][3]. Group 2 - Guojin Securities is committed to digital transformation in wealth management, aiming to provide more convenient services, smarter trading, and comprehensive investment education to enhance customer experience and service efficiency [2][4]. - The company is leveraging AI technology to improve its investment advisory services, enhancing customer engagement and satisfaction through personalized asset allocation solutions [3][4]. - Guojin Securities is pioneering the construction of an AI research and investment system, achieving breakthroughs in data processing efficiency and alternative factor exploration, thereby creating a path for intelligent transformation in the industry [4][5].

Core Viewpoint - Despite the easing of tariffs between China and the U.S., the average tariff rate on Chinese goods remains high at around 42%, with significant portions of goods facing rates as high as 57% [2][3] Tariff Analysis - The average tariff rate on U.S. imports from China is approximately 42%, with 40% of goods facing a rate of about 39.5% and 32% facing around 57% [2] - The breakdown of tariffs includes: - Base tariff + Fentanyl tariff + Equalization tariff: 36,011,281 (7.78%) - Base tariff + Fentanyl tariff + Equalization tariff + 301 List (1-3): 146,373,663 (31.64%) - Base tariff + Fentanyl tariff + Equalization tariff + 301 List (4): 187,165,284 (40.46%) - Other categories account for 123,359,456 (26.66%) [3] Trade Dynamics - Following the tariff easing in May, there has been a recovery in direct trade between China and the U.S., with indices for the CCFI West and East routes increasing by 21% and 23% respectively [4] - However, the number of container ships from China to the U.S. showed weak performance in late May, indicating a time lag in the recovery process [4] Import Trends - The U.S. has been "rushing imports" since November last year, with approximately $220 billion worth of goods imported from November 2024 to March 2025, equivalent to one month’s import volume prior to this period [7] - As inventory levels rise and shipping costs increase, U.S. import demand has started to decline, with the growth rate of goods imports dropping from 31.1% in March to 2.2% in April [7] Export Orders - The PMI export order index for China in May and the number of container ships heading to the U.S. in early June suggest that the momentum for "rushing exports 2.0" may be starting to wane [7]

Core Viewpoint - The company, 波长光电, is actively expanding its semiconductor optical business and has established a joint laboratory with Zhejiang University to enhance its research and development capabilities in this field [2][3]. Group 1: Semiconductor Business Progress - The company's semiconductor optical business generated approximately 17.7 million yuan in revenue in 2024, with ongoing efforts to deepen customer cooperation and enhance technical exchanges [2]. - The product offerings in the semiconductor sector include parallel light source systems for mature processes, optical lenses for advanced lithography equipment, and various optical components for detection equipment [2]. Group 2: Collaboration with Zhejiang University - The collaboration with Zhejiang University aims to establish a joint laboratory focusing on extreme optical technology and instruments, particularly in semiconductor detection [3]. - This partnership leverages both parties' strengths in precision optical design and manufacturing capabilities to foster talent and research in the precision optics field [3]. Group 3: Capacity Expansion and Financial Planning - The company has established an advanced manufacturing process center and acquired high-precision processing and testing equipment to meet the demands of its semiconductor business [4]. - Current production capacity and funding are deemed sufficient for short-term business growth, with potential plans for capital market financing if business development exceeds expectations [4]. Group 4: Financial Performance and Outlook - In Q1 2025, the company reported a main revenue of 99.23 million yuan, a year-on-year increase of 20.87%, while net profit decreased by 39.55% to 6.51 million yuan [7]. - The company anticipates a recovery in overall gross margin in 2025 due to stabilization in raw material prices and shifts in product demand towards smaller and lighter infrared imaging products [5]. - The gross margin for infrared imaging products is expected to improve, contributing positively to the overall financial performance [5].

Group 1 - The merger and acquisition (M&A) market is experiencing growth this year, supported by favorable policies, leading to increased participation from securities firms seeking new development opportunities [1][2] - The slowdown in IPO activities has pressured the performance of securities firms, making the deepening of M&A activities a strategy to improve their operational performance and enhance competitiveness [1][3] - Securities firms play a crucial role in facilitating M&A transactions, especially for technology-driven companies, by providing services that support the development of new productive forces [2][4] Group 2 - Securities firms offer specialized services in valuation, transaction execution, and post-merger integration, which are essential for creating reasonable M&A proposals and pricing systems [3][4] - The increase in M&A activities is expected to boost the financial advisory income of securities firms, contributing to overall revenue growth and reducing reliance on traditional brokerage and proprietary trading businesses [4][5] - Firms are focusing on leveraging their unique advantages, such as organizational structure and regional strengths, to capture opportunities in the M&A market [5][6] Group 3 - Companies are encouraged to explore M&A opportunities in high-end manufacturing, ICT, new materials, renewable energy, and healthcare sectors, emphasizing the importance of industry expertise [6] - Collaboration between M&A and other business lines is being promoted to enhance resource integration and facilitate the entry of small and medium-sized non-listed companies into the capital market [6]

Core Viewpoint - The ongoing share buyback trend among listed securities firms indicates a strong market signal regarding undervaluation, confidence in long-term development, and an active optimization of capital structure [1][6]. Group 1: Share Buyback Activities - Zhongtai Securities plans to repurchase shares worth 300 million to 500 million RMB to reduce registered capital, joining other firms in the buyback trend [1]. - As of May 31, 2023, five securities firms had announced buyback plans, with four already executing them, totaling over 1.2 billion RMB [3][5]. - The total amount of buybacks by six firms this year is approximately 1.219 billion RMB [5]. Group 2: Market Signals - The buyback actions from securities firms convey three significant signals: a judgment of undervaluation, confidence in company fundamentals, and an increase in cancellation buybacks reflecting industry optimization [6]. - The buyback trend is seen as a response to external market volatility, with over 200 listed companies, including securities firms, announcing buyback plans to stabilize the market [3]. Group 3: Investment Opportunities - The securities sector has become active, with the Wind Securities Index rising by 4.57% since June 2, although it has decreased by 6.99% since the beginning of the year [9]. - Analysts suggest that the current valuation of the securities sector is attractive, with a low price-to-book ratio and potential for dual improvement in valuation and performance [10]. - The ongoing policy support and liquidity improvements are expected to enhance the sector's performance, with a focus on mergers and acquisitions as a key theme for the industry [11].

根据《国金证券股份有限公司2025年面向专业投资者公开发行科 技创新公司债券（第一期）发行公告》，公司2025年面向专业投资者 公开发行科技创新公司债券（第一期）（以下简称"本期债券"）发 行规模不超过3亿元，发行期限为2年期。 本期债券发行价格为每张人民币100元，全部采用网下面向专业 投资者簿记建档的方式发行。 本期债券发行工作已于2025年6月12日结束，实际发行规模3亿元， 期限2年，票面利率为1.80%。 证券代码：600109 证券简称：国金证券 公告编号：临 2025－50 债券代码：243133 债券简称：25 国金 K1 国金证券股份有限公司 （第一期）发行结果公告 本公司董事会及全体董事保证本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、准确性和完整性承担个别及连带责任。 根据中国证券监督管理委员会《关于同意国金证券股份有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可202477 号），国金证券股份有限公司（以下简称"公司"）获准向专业投资 者公开发行公司债券面值总额不超过150亿元，批复有效期自同意注 册之日起24个月内有效，公司在注册有效期内可以 ...

2025年面向专业投资者公开发行科技创新公司债券 国金证券股份有限公司 | 证券代码：600109 | 证券简称：国金证券 | | 公告编号：临 2025－50 | | --- | --- | --- | --- | | 债券代码：243133 | 债券简称：25 国金 | K1 | | 特此公告。 国金证券股份有限公司 董事会 二〇二五年六月十三日 根据中国证券监督管理委员会《关于同意国金证券股份有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可[2024]77 号），国金证券股份有限公司（以下简称"公司"）获准向专业投资 者公开发行公司债券面值总额不超过150亿元，批复有效期自同意注 册之日起24个月内有效，公司在注册有效期内可以分期发行公司债券。 根据《国金证券股份有限公司2025年面向专业投资者公开发行科 技创新公司债券（第一期）发行公告》，公司2025年面向专业投资者 公开发行科技创新公司债券（第一期）（以下简称"本期债券"）发 行规模不超过3亿元，发行期限为2年期。 本期债券发行价格为每张人民币100元，全部采用网下面向专业 投资者簿记建档的方式发行。 本期债券发行工作已于2025年6月 ...

③资管业务：公司的另一项弱势业务，25Q1收入排名第17。资管新规后银河金汇资管结构优化，2024年集合资 管规模占比提升至72%，资管产品体系多元化。2024年公司资管业务净收入4.9亿元，在规模企稳、结构优化的 情况下，预计25-27年收入为5.4/6.2/6.6亿元，同比增长10%/16%/6%。 ④信用业务：公司两融业务市占率约5%，25Q1利息净收入排名第2。2024年公司利息净收入38亿元，在两融余 额提升的情况下，预计25-27年收入为39/41/43亿元，同比增长1%/6%/6%。 ⑤投资交易：25Q1中国银河投资净收入排名第5，金融资产规模十年复合增长率为35%。公司在固定收益投资 方面具备优势，2024年债市表现好，中债-新综合财富指数上涨7.6%，公司大规模加仓债券，投资净收入增长 50%至115亿元，预计未来金融资产规模稳步增长，25-27年收入为124/138/147亿元，同比增长8%/11%/7%。 盈利预测、估值和评级 国金证券股份有限公司夏昌盛,舒思勤,洪希柠近期对中国银河（601881）进行研究并发布了研究报告《业务结 构优化的头部央企，向国际投行进军》，首次覆盖中国银河给予 ...

Group 1 - The market for elderly care robots is expected to exceed 15 billion yuan in the short term, driven by the ongoing aging process in China [1] - The elderly care robot industry chain is highly correlated with humanoid robots, indicating significant growth potential [1] - The rapid development of the elderly care robot sector will continue to catalyze upgrades in related industry chains, particularly in high-precision sensors, reducers, and lead screws [1]