Group 1 - The domestic coal production in China is expected to remain high in May, with domestic coal prices experiencing significant adjustments, leading to a loss of cost competitiveness for some domestic and foreign supply [1] - The narrowing price advantage of imported coal has prompted some end-users to shift towards purchasing domestic coal, providing certain support to port coal prices [1] - The market has been in a "high supply + high inventory + weak demand" situation for nearly six months, indicating a sensitivity to positive factors [1] Group 2 - There is a potential for a slight increase in coal prices towards the end of May and early June, driven by traders speculating on power plants' demand for replenishing stocks during the summer peak [1] - Despite the potential price increase, the overall inventory levels remain high compared to the previous year, suggesting that any price rise will be limited and short-lived [1]

Group 1 - The core viewpoint of the news is the strategic hiring by Guojin Securities, particularly the recruitment of key personnel like Miao Yiling, who will serve as the Chief Strategist and Deputy Director, enhancing the firm's research capabilities [1][2][3] - Miao Yiling has a notable career history, having previously worked at Guotai Junan Securities, Kaiyuan Securities, and Minsheng Securities, where he developed a unique research methodology combining macro perspectives and industry depth [2][3] - Guojin Securities has been actively expanding its research team since early 2024, aiming to build a "golden triangle" of macroeconomic, strategy, and fixed income research, with several high-profile analysts joining the firm [4][5] Group 2 - The overall commission income in the securities industry has declined by 32.3%, prompting firms to focus on research as a key differentiator [4] - Guojin Securities has seen its research income grow steadily from 2021 to 2023, but it faced a significant decline in 2024 due to a reduction in public fund commissions, resulting in a drop to 211 million yuan [4] - The securities industry has experienced frequent talent movement since 2025, with several prominent analysts transitioning to different firms, reshaping the competitive landscape [5][6]

Group 1 - The Beijing Stock Exchange's listing committee approved Shanghai Balanshi Automotive Testing Equipment Co., Ltd. for IPO, marking the 28th company approved this year [1] - Balanshi specializes in the R&D, production, and sales of automotive maintenance and testing equipment, including tire changers, balancing machines, and lifting equipment [1][3] - The company plans to issue up to 21 million shares, potentially increasing to 24.15 million shares if the overallotment option is fully exercised, with a fundraising target of approximately 299.93 million yuan [3] Group 2 - The major shareholders of Balanshi include Cai Xilin (18.27%), Shanghai Jingjia (12.17%), and Feng Dingbing (11.45%), with no single shareholder having decisive control over the company [1] - Cai Xilin and Sun Lina are the actual controllers of the company, collectively controlling 46.66% of the shares through various holdings and agreements [2] - The company has no controlling shareholder, as the top three shareholders' stakes do not exceed 30% individually [1][2] Group 3 - The company aims to use the raised funds for projects including the intelligent transformation and expansion of automotive maintenance equipment, the establishment of an intelligent factory for lifting equipment, and the construction of a research and development center [3] - The listing committee raised inquiries regarding the stability of the company's performance growth and competitive advantages in international markets [4]

《上海证券交易 上市流通的核查意见 国金证券股份有限公司（以下简称"国金证券"、"保荐人"）作为永臻科技 股份有限公司（以下简称"公司"、"永臻股份"）首次公开发行股票并上市的保 荐人，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》 国金证券股份有限公司 关于永臻科技股份有限公司 首次公开发行部分限售股及战略配售限售股 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 所上市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的 要求，对永臻股份首次公开发行部分限售股及战略配售限售股上市流通的事项进 行了核查，具体情况如下： 一、本次限售股上市类型 根据中国证券监督管理委员会于 2023 年 11 月 29 日出具的《关于同意永臻 科技股份有限公司首次公开发行股票注册的批复》 （证监许可〔2023〕2698 号）， 并经上海证券交易所同意，永臻科技股份有限公司首次公开发行人民币普通股 （A 股）59,314,100 股，并于 2024 年 6 月 26 日在上海证券交易所主板上市交易。 公司首次公开发行股票完成后，总股本为 237,256,326 股，其中有限 ...

国金证券股份有限公司 关于 宏辉果蔬股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问：国金证券股份有限公司 四川省成都市青羊区东城根上街 95 号 二〇二五年六月 国金证券股份有限公 司 财务顾问核查意见 四、对信息披露义务人及其实际控制人所控制的核心企业及其主营业务情况 八、信息披露义务人及其实际控制人拥有境内、境外其他上市公司 5%以上 国金证券股份有限公司 财务顾问核查意见 第一节 特别声明 本部分所述词语或简称与本核查意见"释义"所述词语或简称具有相同含义。 根据《中华人民共和国公司法》 《中华人民共和国证券法》 《上市公司收购管理办 《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》 法》 《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告 书》等法律法规及规范性文件的有关规定，国金证券股份有限公司按照行业公认 的业务标准、道德规范，本着诚实信用和勤勉尽责的原则，对《详式权益变动报 告书》所披露的内容出具核查意见。 本财务顾问特作如下声明： 《详式权益变动报告书》进行了核查，确信内容与格式符合规定，并保证所发表 的专业意见与信息披露义务 ...

Group 1 - The company plans to apply for a credit limit of RMB 35 million from Shenzhen High-tech Investment Micro-loan Co., Ltd. to broaden financing channels and reduce financing costs [2][10] - Shenzhen Panhai Tonglian Precision Mould Co., Ltd. will pledge a patent as collateral for a loan of RMB 20 million, while Shenzhen Panhai Tonglian Intelligent Manufacturing Co., Ltd. will apply for a loan of RMB 15 million [2][9] - The financing will be used for the company's daily business operations, with a loan term of 360 days [2][10] Group 2 - The controlling shareholder and actual controller, Yang Hu, and his spouse, Wang Xiaolin, will provide counter-guarantees for the financing, which constitutes a related party transaction [3][10] - The company has obtained approval from its board and shareholders for the credit limit application, which falls within the previously approved total credit limit [3][10] - The related party transaction is exempt from further review and disclosure as it is classified as a transaction where the listed company receives benefits unilaterally [3][10] Group 3 - The company’s debtors include its subsidiaries, which are engaged in the design, research, and sales of precision molds and components [4][9] - The company’s financial structure is deemed reasonable, and the application for credit is expected to have a positive impact on its operations [10] - The underwriting institution has confirmed that the counter-guarantees provided by Yang Hu and Wang Xiaolin do not require the company to pay any fees, benefiting the company without incurring additional costs [10]

券商中国记者获悉，原民生证券策略首席分析师牟一凌今日（6月20日）已入职国金证券，拟任公司首席策 略官、常务副所长，以及策略组负责人。 牟一凌于2013年毕业参加工作，2015年开始进入证券行业，曾任职于原国泰君安证券、开源证券、民生证券等 机构研究所。近几年，牟一凌凭借在"旧能源"及实物资产的独到研究，迅速被市场所熟知，并于2024年上榜新 财富最佳分析师。 就在上周，市场上传出牟一凌从民生证券离职的消息，牟一凌本人也向券商中国记者确认已退工。6月13日上 午，牟一凌在朋友圈发布了民生证券策略团队的合影，并配文"独家记忆"。据悉，民生证券策略团队成员包括 纪博文、吴晓明、王况炜、方智勇、梅锴、沈心怡、季宏坤等。 过去几年，牟一凌凭借其兼具逻辑性与前瞻性的研究，尤其是在"周期研究"与其对实物资产的逻辑构建上的突 出表现，逐渐成为市场上关注度最高的券商策略分析师之一。 早在2020年6月，牟一凌在市场追捧核心资产的背景下发现了风格切换的迹象，提出了"顺周期"的概念，并不 断强调要"布局周期股时机已到"，此后周期大戏愈演愈烈，也验证了当时便是配置周期较好的时间窗口。 2021年1月，港股市场人气火爆，市场上甚至开 ...

Core Viewpoint - The Federal Reserve is expected to maintain the federal funds target rate range at 4.25%-4.50% during the June 2025 meeting, aligning with market expectations, while concerns over "stagflation" risks remain high, making the threshold for restarting the rate cut cycle quite elevated [1][3][4]. Group 1: Economic Predictions and Monetary Policy - The Federal Reserve's latest economic forecasts indicate a downward revision in growth predictions and an upward adjustment in inflation and unemployment rate forecasts, reflecting a more hawkish stance [3][4]. - The Fed has lowered the GDP growth forecast for 2025 and 2026 by 0.3 percentage points and 0.2 percentage points, respectively, while raising the core PCE inflation forecast for the same years by 0.3 percentage points and 0.2 percentage points [3]. - The unemployment rate forecast for 2025, 2026, and 2027 has been increased by 0.1 percentage points, indicating a more cautious outlook on the labor market [3]. Group 2: Investment Recommendations - Gold is expected to continue reaching historical highs due to factors such as potential U.S. "hard landing," dollar depreciation, and renewed Fed rate cuts, which are favorable for gold prices [2]. - The pharmaceutical sector, particularly innovative drugs, is anticipated to see upward opportunities in both A-shares and Hong Kong stocks during the Fed's rate cut cycle, driven by policy guidance and improving profit margins [2]. - The U.S. stock market faces significant adjustment risks due to "stagflation," which may pressure both earnings and valuations, necessitating a reassessment of valuation levels [2]. Group 3: Tariff Impacts and Inflation Concerns - The impact of tariffs is expected to become more pronounced in the summer, with the Fed acknowledging that high tariffs are likely to increase inflation and exert pressure on economic activity [4]. - The Fed's monetary policy guidance suggests that rate cuts may not come quickly unless there is a significant deterioration in the labor market or increased economic downward pressure [4]. - The potential for a "liquidity trap" scenario is highlighted, where rising tariffs could exacerbate "stagflation" risks, leading to a possible second round of rate hikes [5].

根据金元顺安基金管理有限公司（以下简称"本公司"）与国金证券股份有限公司（以下简称"国金证 券"）签署的销售服务协议，自2025年6月23日起，国金证券将销售本公司旗下部分基金。具体公告如 下： 一、适用基金 ■ 二、业务范围 自2025年6月23日起，投资者可在国金证券办理上述基金的开户、认购、申购、赎回、定期定额投资及 基金转换等业务。今后本公司发行的其它开放式基金均适用于上述业务，本公司不再另行公告，具体业 务的办理请参照本公司及国金证券的相关业务规则和流程。 2、投资者可到国金证券销售网点申请开办基金定投业务并约定每期固定的申购金额，每期申购金额限 制如下：基金的定期定额投资最低限额为10元，具体办理事宜请以国金证券的安排为准。 3投资者可通过以下途径咨询有关详情： （1）国金证券股份有限公司 公司网站：www.gjzq.com.cn 三、费率优惠 客户服务电话：95310 经与国金证券协商一致，本公司决定旗下基金参加国金证券的费率优惠。具体折扣费率、业务办理的流 程、费率优惠期限以国金证券页面公示为准。基金原费率请详见基金合同、招募说明书（更新）等法律 文件，以及本公司发布的最新业务公告。如本公司新 ...

证券代码：600109 证券简称：国金证券 公告编号：临 2025－56 国金证券股份有限公司 关于完成公司董事会换届选举的公告 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。 选举公司第十三届董事会非独立董事的议案》《关于选举公司第十三 届董事会独立董事的议案》，同意选举冉云先生、姜文国先生、赵煜 先生、陈简先生、邓菁晖女士、尹林先生为公司第十三届董事会非独 立董事，同意选举刘运宏先生、唐秋英女士、雷家骕先生、李宏先生 为公司第十三届董事会独立董事。2025 年 6 月 16 日，公司第四届第 四十八次职工代表大会审议通过了《选举金鹏先生担任公司第十三届 董事会职工董事》，同意选举金鹏先生为公司第十三届董事会职工董 事。公司 2024 年年度股东会决议公告与本公告同日披露在中国证券 报 、上 海证 券 报、 证 券日 报、 证 券时 报 和上 海证 券 交易 所 网站 （http://www.sse.com.cn）。 根据相关规定、公司 2024 年年度股东会决议以及职工代表大会 决议，自 2025 年 6 月 18 ...