北京金杜（成都）律师事务所 关于国金证券股份有限公司 2023 年年度股东大会 之法律意见书 致：国金证券股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受国金证券股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中 华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香 港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法 规、规章和规范性文件及现行有效的公司章程有关规定，指派律师现场出席了公 司于 2024 年 6 月 12 日召开的 2023 年年度股东大会（以下简称本次股东大会）， 并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第一次临时股东大会审议通过的《国金证券股份有限公司 章程》（以下简称《公司章程》）； 2.公司于 2024 年 4 月 25 日刊登于上海证券交易所网站等中国 ...

证券代码：600109 证券简称：国金证券 公告编号：临 2024－52 债券代码：115450 债券简称：23 国金 05 国金证券股份有限公司 关于"23 国金 05"公司债券兑息完成的公告 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。 国金证券股份有限公司（以下简称"本公司"）于 2023 年 6 月 9 日发行了国金证券股份有限公司 2023 年面向专业投资者公开发行 公司债券(第四期)（债券简称：23 国金 05、债券代码：115450）,发 行总额为人民币 10 亿元，票面利率为 3.05%，发行期限为 3 年。详 见 公司于 2024 年 6 月 4 日 登 载 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）的《国金证券股份有限公司 2023 年面向 专业投资者公开发行公司债券(第四期)2024 年付息公告》。 2024 年 6 月 11 日，本公司"23 国金 05"公司债券兑息完成， 兑息总额为人民币 30,500,000.00 元。 特此公告。 国金证券股份有 ...

关于公司董事辞职的公告 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。 证券代码：600109 证券简称：国金证券 公告编号：临 2024－51 国金证券股份有限公司 二〇二四年六月八日 近日，国金证券股份有限公司（以下简称"公司"）董事会收到 董事董晖先生提交的辞呈。因个人原因，董晖先生申请辞去公司第十 二届董事会董事及董事会专门委员会委员职务。 根据《公司法》、公司《章程》等有关规定，董晖先生的辞职未 导致公司董事会成员低于法定人数，不会影响公司董事会的正常运 行，董晖先生的辞呈送达董事会时生效。公司将尽快完成增补董事的 相关工作。 特此公告。 国金证券股份有限公司 董事会 ...

2024 年付息公告 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。 重要内容提示： | 证券代码：600109 | 证券简称：国金证券 | 公告编号：临 | 2024－49 | | --- | --- | --- | --- | | 债券代码：115450 | 债券简称：23 国金 | 05 | | 国金证券股份有限公司 2023 年面向专业投资者公开发行公司债券(第四期) 国金证券股份有限公司 2023 年面向专业投资者公开发行公司债 券(第四期)（以下简称"本期债券"），将于 2024 年 6 月 11 日开始支 付自 2023 年 6 月 9 日至 2024 年 6 月 8 日期间的利息。为保证本次付 息工作的顺利进行，现将有关事宜公告如下： 一、本期债券的基本情况 1、债券名称：国金证券股份有限公司 2023 年面向专业投资者公 开发行公司债券(第四期) 2、债券简称：23 国金 05 3、债券代码：115450.SH 4、发行人：国金证券股份有限公司 5、发行总额：10 亿元 6、债券期限：3 年 7、票面利 ...

Financial Data and Key Metrics Changes - The AI industry is driving high computing power demand, which is expected to accelerate the development of server liquid cooling technology [1][9] - NVIDIA reported Q1 FY2025 revenue of $26.044 billion, a 262% year-over-year increase, with a gross margin of 78.4% [10][9] - The liquid cooling server market in China is projected to grow at a CAGR of 54.7% from 2022 to 2027, reaching $8.9 billion by 2027 [34][28] Business Line Data and Key Metrics Changes - Liquid cooling technology can significantly reduce the Power Usage Effectiveness (PUE) of data centers, with cold plate liquid cooling accounting for 90% of the market in China [21][3] - The market for liquid cooling servers in China reached $6.6 billion in the first half of 2023, a 283.3% year-over-year increase [34][28] Market Data and Key Metrics Changes - The liquid cooling server market in China is expected to achieve a market size of $154 billion in 2023, with a projected growth rate of 53.2% [34][28] - By 2025, the single cabinet power density is expected to evolve towards 20kW, necessitating the adoption of liquid cooling solutions [19][28] Company Strategy and Development Direction - The industry is witnessing a dual drive from policy and demand, with stricter PUE requirements and the rapid development of AI driving the need for liquid cooling [2][15] - Major telecom operators in China are increasing the adoption of liquid cooling technology, with liquid cooling servers accounting for over 90% of certain procurement projects [12][19] Management Comments on Operating Environment and Future Outlook - The management emphasizes the urgent need for energy efficiency improvements in data centers due to rising electricity consumption, which is projected to exceed 5% of total national consumption by 2024 [15][17] - The rapid development of AI is expected to create significant demand for high-density computing solutions, further driving the adoption of liquid cooling technologies [19][28] Other Important Information - The liquid cooling technology is categorized into cold plate, immersion, and spray cooling, with cold plate being the most widely adopted due to its cost-effectiveness and compatibility [21][3] - The liquid cooling market is expected to reach $1.02 trillion by 2027, driven by the maturation of the AI ecosystem and increasing demand for high-performance computing [34][28] Q&A Session Summary Question: What is the expected growth rate of the liquid cooling market? - The liquid cooling market in China is projected to grow at a CAGR of 54.7% from 2022 to 2027, reaching $8.9 billion by 2027 [34][28] Question: How is the AI industry impacting server cooling technologies? - The rapid development of the AI industry is leading to increased power consumption and higher density in server cabinets, making liquid cooling solutions essential [19][28]

Financial Data and Key Metrics Changes - In 2023, the global HBM market value was approximately $4.36 billion, and it is expected to quadruple to $16.9 billion in 2024, driven by strong AI demand [2][30]. - HBM's share of the overall DRAM market is projected to increase from 8.4% in 2023 to 20.1% by the end of 2024 [2][30]. Business Line Data and Key Metrics Changes - The production capacity for HBM TSV is planned to reach approximately 250K/m by the end of 2023, accounting for about 14% of total DRAM capacity [2][30]. - The overall DRAM industry is expected to see a supply growth of approximately 260% in HBM capacity [2]. Market Data and Key Metrics Changes - The HBM market is dominated by three major suppliers: SK Hynix, Samsung, and Micron, with SK Hynix and Samsung each expected to hold a market share of 47-49% in 2024, while Micron's share is projected to be 3-5% [32][33]. - The demand for HBM is anticipated to grow significantly, with a forecasted growth rate of nearly 200% in 2024 and a potential doubling in 2025 [19]. Company Strategy and Development Direction - The focus is on domestic and HBM-related upstream and downstream industry chain manufacturers, as the demand for AI training and inference is expected to surge [3]. - HBM is anticipated to drive up prices in mainstream DRAM due to its advanced processing requirements, benefiting storage module companies [3]. Management's Comments on Operating Environment and Future Outlook - Management highlighted that 2023 is seen as the year of AI training, while 2024 is expected to be the year of AI inference, driven by the launch of AI application products [3]. - The ongoing trend of domestic production in the semiconductor industry is expected to create significant demand for HBM, indicating a robust growth outlook for related companies [3]. Other Important Information - HBM technology utilizes TSV and stacking bonding techniques, which are critical for enhancing data transfer speeds and reducing energy consumption [4][20]. - The transition to HBM4 is anticipated to involve mixed bonding technology, which could further enhance performance and efficiency [22]. Q&A Session Summary Question: What are the expected growth rates for HBM in the coming years? - The HBM market is projected to grow nearly 200% in 2024 and potentially double again in 2025, reflecting strong demand driven by AI applications [19]. Question: How does HBM impact the DRAM market? - HBM is expected to exert upward pressure on mainstream DRAM prices due to its advanced processing requirements and the limited supply of traditional DRAM as manufacturers shift focus to HBM production [3].

Financial Data and Key Indicator Changes - The company's revenue for 2023 is projected to be 602.3 billion RMB, reflecting a growth rate of 42.04% compared to 2022 [5] - The net profit attributable to the parent company for 2023 is expected to reach 30.04 billion RMB, with a growth rate of 80.72% [5] - The earnings per share (EPS) for 2024 is forecasted at 10.319 RMB, indicating a significant increase from previous years [5] Business Line Data and Key Indicator Changes - The launch of new models such as the Qin L and Sea Lion 06 DM-i is expected to enhance the company's market position, particularly in the mid-to-low-end market segment [3] - The introduction of DM-i 5.0 technology is anticipated to improve the company's gross margin and average selling price (ASP) due to better cost control [3] Market Data and Key Indicator Changes - The company has seen strong sales performance, with monthly sales exceeding 300,000 units in March and April [3] - The company is expanding its presence in international markets, with new entries into Mexico and continued growth in Thailand, Brazil, and Israel [3] Company Strategy and Development Direction - The company aims to strengthen its position in the high-end market with new models showcased at the Beijing Auto Show [3] - The strategy includes optimizing the vehicle structure and enhancing gross margins through the introduction of new models [3] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong performance in 2024, driven by new vehicle cycles and overseas market expansion [3] - The company anticipates a turning point in net profit during Q2-Q3 of 2024, supported by scale effects and structural optimization [3] Other Important Information - The company maintains a "Buy" rating with projected net profits of 355.3 billion RMB, 440.6 billion RMB, and 530.9 billion RMB for 2024, 2025, and 2026 respectively [3] - Risks include intensified industry competition and potential market demand shortfalls [3] Q&A Session Summary Question: What are the expectations for the new vehicle models? - The new models are expected to outperform competitors in terms of pricing, size, and technology, positioning them as potential bestsellers in the market [3] Question: How does the company plan to address competition? - The company plans to leverage its cost control capabilities and innovative technologies to maintain a competitive edge in both traditional and electric vehicle markets [3]

国金证券股份有限公司（以下简称"本公司"）于 2023 年 5 月 26 日发行了国金证券股份有限公司 2023 年面向专业投资者公开发行 公司债券(第三期)（债券简称：23 国金 04、债券代码：115414）,发 行总额为人民币 10 亿元，票面利率为 3.08%，发行期限为 3 年。详 见 公 司 于 2024 年 5 月 17 日 登 载 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）的《国金证券股份有限公司 2023 年面向 专业投资者公开发行公司债券(第三期)2024 年付息公告》。 2024 年 5 月 27 日，本公司"23 国金 04"公司债券付息完成， 付息总额为人民币 30,800,000.00 元。 特此公告。 国金证券股份有限公司 董事会 证券代码：600109 证券简称：国金证券 公告编号：临 2024－48 债券代码：115414 债券简称：23 国金 04 国金证券股份有限公司 关于"23 国金 04"公司债券付息完成的公告 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 ...

Financial Data and Key Indicator Changes - In 2023, the company achieved revenue of 1.939 billion RMB, a year-on-year increase of 62% and a net profit of 730 million RMB, up 81% year-on-year [1][4][20] - For Q1 2024, revenue reached 732 million RMB, representing a 155% increase year-on-year, with net profit soaring to 279 million RMB, a 203% increase [1][4][20] - The company's revenue growth rate is projected to continue, with estimates of 3.737 billion RMB in 2024, 5.870 billion RMB in 2025, and 7.223 billion RMB in 2026 [2][4] Business Line Data and Key Indicator Changes - The company has two core business segments: optical device solutions and advanced optical packaging, with a total of sixteen product lines [1][8] - In 2023, revenue from active optical devices was 746 million RMB, accounting for 38.48% of total revenue, while passive optical devices generated 1.183 billion RMB, making up 61.04% [20] - The share of active optical devices has rapidly increased from 8.23% in 2021 to 38.48% in 2023, driven by technological upgrades and rising client demand [20] Market Data and Key Indicator Changes - The global demand for optical modules is expected to grow significantly, with the market size projected to reach 15 billion USD in 2024 [1][8] - Major cloud service providers have increased their capital expenditures, with a total of 44.289 billion USD in Q1 2024, a 31% increase year-on-year [1][4] - The company is positioned in the upstream of the optical communication industry chain, benefiting from the growing data volume and the shift towards optical communication as a mainstream transmission method [29][31] Company Strategy and Development Direction - The company is focusing on the development of optical engines, which are expected to become a new growth driver due to increasing bandwidth requirements in data centers [1][2] - The strategic layout includes investments in high-speed optical engine projects, with 786 million RMB raised for this purpose [1][4] - The company aims to leverage its technological advancements in passive and active packaging to enhance its competitive edge in the optical device market [1][8] Management's Comments on Operating Environment and Future Outlook - Management highlighted the explosive growth in demand for computing power driven by AI, which is expected to sustain high growth in the optical communication industry [1][5] - The company anticipates continued strong performance in 2024, with optimistic guidance for capital expenditures from major cloud providers [1][4] - The management expressed confidence in the company's ability to meet the increasing demand for high-speed optical devices, particularly in the context of AI advancements [1][5] Other Important Information - The company has implemented an equity incentive plan to bind executives and core employees, aiming to enhance team cohesion and competitiveness [15][16] - The company's gross margin reached 54.30% in 2023, an increase of 2.68 percentage points year-on-year, indicating strong profitability [23][25] - The company maintains a stable R&D expense ratio, with 143 million RMB spent in 2023, representing 7.39% of revenue [27][29] Q&A Session Summary Question: What are the growth prospects for the company in the AI-driven market? - The company expects to benefit significantly from the AI trend, with revenue growth driven by increased demand for optical modules and devices [1][5] - Management noted that the rapid development of AI models is creating a mismatch between supply and demand, leading to a high growth cycle for optical modules [38]

Financial Data and Key Metrics Changes - The report highlights the significant growth potential of synthetic biology, particularly in pharmaceuticals, chemicals, and energy sectors, driven by technological advancements and policy support [2][3][16]. Business Line Data and Key Metrics Changes - Synthetic biology is noted for its ability to enhance the production pathways of chiral drugs and natural products, offering efficient and cost-effective solutions [20][16]. - The industry is witnessing advancements in fermentation technology, which is crucial for the industrialization of synthetic biological products [12][18]. Market Data and Key Metrics Changes - The global market for biofuels is projected to exceed $120 billion by 2024, with an annual growth rate of 5.4% from 2021 to 2030, indicating a strong demand for sustainable energy solutions [28][30]. - The report emphasizes the increasing market share of biofuels in North America, Brazil, and Europe, while noting the potential for expansion in China [30][32]. Company Strategy and Development Direction - The focus is on the development of upstream enabling technologies such as DNA synthesis and high-throughput testing, which are critical for the growth of synthetic biology [2][3][12]. - Companies like川宁生物, 华恒生物, and 凯赛生物 are highlighted as key players with significant growth potential in the synthetic biology space [2][3][16]. Management Comments on Operating Environment and Future Outlook - Management emphasizes the importance of policy support in driving the development of synthetic biology, with governments worldwide actively promoting biotechnological advancements [16][20]. - The report suggests that synthetic biology will play a crucial role in addressing environmental challenges and reducing reliance on fossil fuels [16][28]. Other Important Information - The report identifies risks such as slower-than-expected industrialization progress, fluctuations in raw material costs, and increased market competition as potential challenges for the industry [2][3][16]. - The advancements in AI technology are noted to accelerate the implementation of next-generation fermentation technologies [2][3][12]. Q&A Session Summary Question: What are the key applications of synthetic biology in pharmaceuticals? - Synthetic biology is crucial for the production of chiral drugs and natural products, providing efficient and environmentally friendly production methods [20][16]. Question: How does synthetic biology contribute to environmental sustainability? - The industry offers alternatives to traditional petrochemical processes, significantly reducing carbon emissions and promoting the use of renewable resources [16][28]. Question: What are the growth prospects for biofuels in the coming years? - The biofuel market is expected to grow significantly, with projections indicating a market size exceeding $120 billion by 2024, driven by increasing demand for sustainable energy [28][30].