Core Viewpoint - Yongda Co., Ltd. announced the appointment of a new independent financial advisor for its major asset restructuring project, indicating ongoing developments in its restructuring efforts [1] Group 1 - Yongda Co., Ltd. has engaged Guojin Securities Co., Ltd. as its independent financial advisor for a significant asset restructuring [1] - The original independent financial advisors, Mr. Li Jun and Mr. Yi Lin, were responsible for the continuous supervision of the restructuring process [1] - Mr. Yi Lin has been replaced by Mr. Jin Binglin from Guojin Securities as the lead independent financial advisor due to work changes [1]

原保荐代表人江岚女士因退休离职，无法继续担 任金禄电子首次公开发行 A 股股票并在创业板 上市的持续督导期间的保荐代表人，为保证持续 督导工作有序进行，国金证券已于 2025 年 7 月 委派保荐代表人罗倩秋女士接替江岚女士继续 履行持续督导工作。 券作为保荐人受到中国证监会和深圳证券交易 所监管措施的具体情况如下：2025 年 6 月 4 日， 四川证监局对国金证券出具"[2025]38 号" 《关 于对国金证券股份有限公司采取责令改正措施 的决定》，认定国金证券在投行内控管理方面存 其保荐的公司采取监管措施的事项及整改情况 时、对外报送材料流程审批管理不到位、保荐工 作报告未完整披露质控内核关注情况等问题，对 国金证券采取责令改正的行政监管措施。我公司 收到上述监管函件后高度重视，引以为戒，认真 查找和整改问题，建立健全和严格执行投行业务 内控制度、工作流程和操作规范，诚实守信、勤 勉尽责，切实提升投行业务质量。 （本页以下无正文） | 国金证券股份有限公司关于 | | | --- | --- | | 金禄电子科技股份有限公司 | | | 保荐机构名称：国金证券股份有限公司 | 被保荐公司简称：金禄电子 ...

Group 1 - The core viewpoint of the article is that global market risk appetite has significantly improved following the TACO (Trump Always Chickens Out) trades, leading to new highs in various stock markets, including developed and emerging markets [1][2] - The primary driver of the recent global stock market rally is the increased dollar liquidity, which is closely linked to U.S. monetary policy and cross-border capital flows [2][3] - The dollar index has declined by 2.4% in the past quarter and 10% year-to-date, contributing to the warming of non-U.S. stock markets [3][6] Group 2 - The actual interest rates on U.S. Treasury bonds have decreased, which influences both U.S. and non-U.S. stock markets, providing a foundation for risk sentiment to be released [6][7] - Global central banks have accelerated their monetary supply, with a notable increase in the growth rate of global central bank money supply by nearly 7 percentage points in the past quarter [7][10] - The cost of offshore dollar financing has decreased, indicating a more favorable liquidity environment for non-U.S. equity markets [10][12] Group 3 - There is a noticeable trend of foreign capital inflow into non-U.S. equity markets, with A-shares seeing a 0.75% increase in foreign ownership value compared to the end of last year [13][19] - Various Asian markets, including Japan, South Korea, and Vietnam, have experienced net foreign inflows since July, contrasting with the net outflows observed over the past 12 months [19][20] - The article discusses how to measure market bubbles, particularly in the U.S. stock market, where concerns about the effectiveness of capital expenditures by tech giants are prevalent [20][22] Group 4 - The "Buffett Indicator" for the U.S. stock market has reached a historical high of 2.1, indicating a significant divergence from the economic output [25][28] - A comparison of current TTM P/E ratios shows that U.S. stocks, Indian stocks, and Vietnamese stocks have higher valuations, while Korean, A-shares, and British stocks are relatively lower [28][29] - The article highlights that the risk premium levels in developed markets are at historical lows, while emerging markets still exhibit higher risk premiums [31][32] Group 5 - The article concludes that the high valuation levels in global equity markets are reflective of abundant dollar liquidity and the potential vulnerabilities in both U.S. and non-U.S. markets due to economic cycles and TACO trades [39][40]

Group 1 - The core viewpoint of the report is that Guojin Securities has given Enjie Co., Ltd. (002812.SZ) an "overweight" rating due to strong performance indicators and industry dynamics [2] - In the first half of the year, the company shipped between 4.5 to 5 billion square meters, with a quarter-on-quarter increase of over 20% in Q2, significantly exceeding industry growth rates [2] - A recent meeting among eight key production enterprises focused on price discipline, scientific capacity release, and halting expansion, which is expected to solidify the bottom and promote industry recovery [2]

Group 1 - The core viewpoint of the report is that Guojin Securities has given a "buy" rating to Haixing Electric (603556.SH) based on its strong performance in smart distribution and renewable energy sectors [2] Group 2 - In the smart distribution business, Haixing Electric is deepening its overseas strategic layout while maintaining a solid domestic foundation [2] - The renewable energy business is showing gradual results from incubation, with improvements in system integration and solution capabilities [2]

Core Viewpoint - Guojin Securities issued a report on August 19, giving a "buy" rating to Guoci Materials (300285.SZ) based on several growth factors [2] Group 1: Growth Drivers - The company is experiencing a structural upgrade in its product offerings, particularly in electronic materials and biomedical sectors [2] - Catalytic materials and precision ceramics businesses are showing continuous growth in volume [2] - The company has made extensive layouts for new products, which are expected to provide sustained growth momentum [2]

Group 1 - The Shanghai Stock Exchange announced the listing of Guojin Securities Co., Ltd.'s 2025 public issuance of corporate bonds (fifth phase) for professional investors on August 18 [1] - The bonds will be listed on the Shanghai Stock Exchange starting from August 19, 2025, under the name "25 Guojin 05" and the code "243506" [2] - The trading methods for these bonds include matched transactions, click transactions, inquiry transactions, bidding transactions, and negotiated transactions, and they are eligible for pledge-style repurchase according to China Clearing rules [2]

Core Viewpoint - The company, Beijing Jiuzhou Yigu Environmental Technology Co., Ltd., is entering into related party transactions with Hebei Jingche Rail Transit Vehicle Equipment Co., Ltd. for the sale of products necessary for its operations, which is deemed necessary and beneficial for the company and its shareholders [1][5][6] Related Party Transaction Overview - The company plans to sign two sales contracts with Hebei Jingche, with a total estimated contract amount not exceeding 30 million yuan over the past 12 months, which does not exceed 1% of the company's latest audited total assets or market value [2][3] - The related party, Hebei Jingche, is a wholly-owned subsidiary of Beijing Rail Transit Technology Equipment Group Co., Ltd., which is in turn wholly owned by Beijing Infrastructure Investment Co., Ltd., the largest shareholder of the company [2][3] Transaction Details - The first contract stipulates that the company will receive 40% of the total price upon signing and 50% after successful on-site acceptance [4] - The pricing for the transactions will adhere to fair pricing principles, ensuring that the terms are consistent with market practices [4][5] Purpose and Impact of the Transaction - The related party transactions are based on the company's daily operational needs and are expected to benefit the company and all shareholders, particularly minority shareholders [5][6] - The transactions are conducted under normal market conditions and will not affect the company's independence or create significant reliance on the related party [5][6] Review Process for Related Party Transactions - The board of directors and independent directors have reviewed and approved the related party transactions, ensuring compliance with relevant regulations and that the transactions do not harm the interests of the company or its shareholders [5][6]

Core Viewpoint - The agreement between the controlling shareholders of Beijing Haohan Deep Information Technology Co., Ltd. will not be renewed upon expiration, leading to a change in equity structure and control dynamics within the company [1][3][12]. Group 1: Agreement Signing and Termination - The original agreement was signed in December 2013 and was set to expire 36 months after the company's initial public offering (IPO) on August 18, 2022, with an automatic extension clause [2][3]. - The agreement was adhered to during its validity, with no violations reported by the parties involved [2][3]. Group 2: Reasons for Non-Renewal - The decision not to renew the agreement is based on the fact that the parties are no longer core management team members and have transitioned to independent roles within the company [3][4]. - The company has established a stable governance structure and internal control system, making the agreement unnecessary for operational decision-making [4][8]. Group 3: Changes in Voting Rights - Following the expiration of the agreement, the combined voting rights of Zhang Yue and Lei Zhenming will no longer be calculated together, resulting in a decrease in their respective voting power from 36.32% to 24.87% and 11.45% [5][6]. - The change in voting rights exceeds the 5% threshold, necessitating disclosure under relevant regulations [6]. Group 4: Identification of Actual Controller - After the termination of the agreement, Zhang Yue will be recognized as the sole actual controller of the company, maintaining significant influence over shareholder decisions [6][7]. - The governance structure remains intact, ensuring that the operational continuity and stability of the company are not adversely affected [7][8]. Group 5: Impact of Agreement Termination - The termination of the agreement is expected to enhance decision-making efficiency and promote a more market-oriented governance approach [8]. - The company will continue to uphold its financial independence and operational integrity, with no adverse effects anticipated on its business operations [8][12]. Group 6: Compliance with Regulations - The termination of the agreement complies with relevant laws and regulations, ensuring that the company's governance remains robust and effective [11][12]. - The actions taken are in line with the commitments made by the shareholders regarding shareholding and reduction policies [9][10].

Core Viewpoint - The company, Beijing Jiuzhou Yigu Environmental Technology Co., Ltd., is seeking to engage in a factoring business transaction with a related party, which is expected to enhance its cash flow and operational efficiency [1][4][6]. Summary by Sections Daily Related Transactions - The subsidiary, Jiuzhou Yigu Environmental Technology (Guangzhou) Co., Ltd., plans to sign a financing agreement with Beijing Rural Commercial Bank Co., Ltd. Economic and Technological Development Zone Branch for a financing amount of RMB 1.5 million [1][2]. - The financing interest rate will be determined based on the latest one-year Loan Prime Rate (LPR) minus 70 basis points, with a platform service fee of 0.1% per annum [1][4]. Related Party Information and Relationship - The related party is Beijing Rural Commercial Bank Co., Ltd. Economic and Technological Development Zone Branch, established on January 2, 2004, and operates independently with good credit status [2][3]. - The chairman of the company, Mr. Shao Gang, serves as a director at the bank, establishing the relationship as a related transaction, with Mr. Shao abstaining from voting [3][4]. Main Content of Related Transactions - The financing application is made by Jiuzhou Yigu Environmental Technology (Guangzhou) Co., Ltd., with the bank providing non-recourse factoring financing of RMB 1.5 million [3][4]. Pricing Policy and Basis for Related Transactions - The pricing for the factoring financing is based on the market price, ensuring fairness and objectivity, and is not expected to adversely affect the company's financial status or independence [4][5]. Purpose of Related Transactions and Impact on the Company - Engaging in factoring business is expected to accelerate capital turnover, enhance asset liquidity, and improve overall financial efficiency, positively impacting the company's cash flow [4][5][6]. Review Process for Related Transactions - The proposal for the related party transaction was approved by the company's audit committee and independent directors, confirming compliance with legal and regulatory requirements [5][6]. Sponsor's Review Opinion - The sponsor, Guojin Securities, has no objections to the company's application for the factoring business, affirming that it will not negatively impact the company's independence or financial results [6][7].