Group 1 - The independent financial advisor, Guotai Junan Securities Co., Ltd., conducted a review of Shanghai Aopumai Biotechnology Co., Ltd.'s acquisition and financing activities, confirming compliance with the relevant regulations [1][2] - The review found no instances of direct or indirect paid hiring of third parties by the independent financial advisor during the financial advisory process for the merger and acquisition [1][2] - The hiring of third-party institutions and individuals by the listed company was deemed legal and compliant with the regulations set forth by the China Securities Regulatory Commission [2] Group 2 - The listed company did not engage in any other direct or indirect paid hiring of third-party institutions or individuals beyond those mentioned [2] - The independent financial advisor's review opinion aligns with the regulations regarding the hiring of third parties in investment banking activities [2]

Core Viewpoint - The transaction by Shanghai Aopumai Biotechnology Co., Ltd. to acquire 100% equity of Pengli Bio-pharmaceutical Technology (Shanghai) Co., Ltd. through a combination of share issuance and cash payment does not constitute a major asset restructuring as per the relevant regulations [1][2][4]. Group 1: Transaction Details - The transaction involves the acquisition of 100% equity of Pengli Bio-pharmaceutical by issuing shares and cash to multiple investors [1][2]. - The company plans to raise supporting funds by issuing shares to no more than 35 specific investors [2]. Group 2: Regulatory Compliance - The independent financial advisor, Guotai Junan Securities Co., Ltd., conducted a review and confirmed that the transaction does not lead to a change in control of the company [4]. - The current controlling shareholder is Mr. Xiao Zhihua, and the actual controllers are Mr. Xiao and Mrs. He Yunfen, indicating stability in control post-transaction [4].

Core Summary - In 2025, the securities industry is expected to experience a dual increase in profitability and valuation due to favorable policies and liquidity support, with a focus on the improvement of brokerage services, proprietary asset allocation, and international business as sources of performance differentiation [4][5] Group 1: Policy and Liquidity Support - The major highlight for the securities sector in 2025 is the favorable policies and liquidity support, particularly the implementation of the "Plan to Promote Long-term Funds into the Market," which sets clear investment scale and ratio requirements for public funds, insurance funds, and pension funds [4][12] - The People's Bank of China implemented a "combination punch" of interest rate cuts and reserve requirement ratio reductions in May 2025, which is expected to drive residents' deposits and bank wealth management products towards equity assets [4][34] Group 2: Wealth Management - The trend of residents moving their deposits to equity assets is accelerating, supported by the new public fund regulations and the full rollout of the personal pension system, which is expected to bring incremental investments to public funds [4][32] - The public fund fee structure is being reformed to focus on investor returns, aiming to enhance the investment value and attract more long-term capital into the market [4][35] Group 3: Proprietary Business - The proprietary investment performance is expected to be differentiated due to regulatory restrictions on derivatives and limited space for bond market allocation, with equity allocation becoming the core of proprietary performance [4][21] - The securities firms are encouraged to increase their allocation to high-quality equity assets, while the fixed income segment is expected to shift from a "lying win" strategy to a more diversified "fixed income+" investment approach [4][5] Group 4: International Business - The internationalization of securities firms is seen as an inevitable trend, with large firms accelerating their global market penetration, particularly in Southeast Asia and the Middle East, driven by the demand for cross-border financing and mergers [4][5] - The regulatory environment is being optimized to create a market-oriented, legal, and international business environment, facilitating the expansion of international business for securities firms [4][5] Group 5: Investment Analysis - The overall outlook for the securities sector is positive, with expectations of profitability and valuation increases, driven by differentiated competition in proprietary investment, wealth management, and international expansion [4][5] - Recommended investment targets include leading firms with strong comprehensive capabilities, firms with significant earnings elasticity, and those with robust international business competitiveness [4][5]

国泰海通证券股份有限公司 关于 中科院成都信息技术股份有限公司发行股份 及支付现金购买资产并募集配套资金 暨关联交易 之部分限售股份解除限售的核查意见 独立财务顾问 （中国（上海）自由贸易试验区商城路 618 号） 签署日期：二〇二五年六月 国泰海通证券股份有限公司（以下简称"国泰海通证券"、"本独立财务顾问"） 作为中科院成都信息技术股份有限公司（以下简称"中科信息"、"上市公司"或"公 司"）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，根据《证券发行上市保荐业务管理办法》 《上市公司重 大资产重组管理办法》 《深圳证券交易所创业板股票上市规则》 《深圳证券交易所 上市公司自律监管指引第 2 号—创业板上市公司规范运作》等相关法律法规的 规定，对本次交易部分限售股份解除限售情况进行了审慎核查，具体核查情况如 下： 一、公司本次解除限售股份情况 （一）本次解除限售股份的发行及上市情况 管理委员会（以下简称"中国证监会"）于 2021 年 9 月 23 日出具的《关于同意中 科院成都信息技术股份有限公司向成都中科唯实仪器有限责任公司等发行股份 购买资产并募集配套资 ...

国泰海通证券股份有限公司 关于苏州市味知香食品股份有限公司 关于差异化权益分派特殊除权除息的业务申请的核查意见 国泰海通证券股份有限公司（以下简称"保荐机构"、"国泰海通"）作为 苏州市味知香食品股份有限公司（以下简称"味知香"、"公司"）持续督导的 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市 《上海证券交易所上市公司自律监管指引第 7 号——回购股份》 规则》 《上海证券 交易所上市公司自律监管指南第 2 号——业务办理》等有关规定，就味知香差异 化权益分派特殊除权除息的业务申请事项进行了审慎核查，发表核查意见如下： 一、审议通过的差异化权益分派方案 公司将按照以下公式计算除权除息开盘参考价： 除权（息）参考价格=（前收盘价格-现金红利）÷（1+流通股份变动比例） 公司于 2025 年 4 月 25 日召开第三届董事会第六次会议审议通过了《关于公 司 2024 年度利润分配方案的议案》，公司 2024 年度拟以实施权益分派股权登记 日登记的总股本扣除公司回购专用证券账户股份为基数分配利润，公司拟向全体 股东（公司回购专用证券账户除外）每 10 股派送现金红利人民币 3.60 元（ ...

Core Viewpoint - Multiple institutions believe that the long-term positive fundamentals of the Chinese economy remain unchanged, with significant policy effects boosting investor confidence, particularly in the technology sector and new consumption areas [3][4]. Group 1: Economic Outlook - Dongwu Securities emphasizes that the foundation for China's high-quality development and the transition from old to new growth drivers is solid, supported by a large market and comprehensive industrial production system [3]. - The fiscal policy in China still has ample space, and a moderately loose monetary policy ensures sufficient liquidity, with policies aimed at expanding domestic demand showing significant effects [3]. Group 2: A-share Market Trends - According to Kaiyuan Securities, the A-share market is currently in a second phase of an upward trend, focusing on fundamentals for future performance [4]. - CITIC Securities predicts that Chinese equity assets may experience a significant annual uptrend in the coming year, shifting from small-cap stocks to core asset trends [4]. Group 3: Investment Strategies - Guotai Junan suggests that more stable monetary conditions and disruptive business models are creating investment opportunities, with emerging technology sectors as the main focus and cyclical financial sectors as potential "dark horses" [6]. - Recommendations include focusing on stable consumer goods, technology, military sectors, and companies with high export ratios to Europe [6]. - Zheshang Securities highlights that dividend sectors will benefit from adjustments in public fund regulations, while technology sectors may see strong excess returns in specific time frames [6].

Group 1 - The core viewpoint of the news is that brokerages are optimistic about the performance of A-shares in the second half of the year, with a focus on the technology sector as the preferred investment direction [1][5] - Multiple brokerage chief analysts discussed the revaluation of Chinese assets, suggesting that the long-term value reassessment of Chinese assets has just begun, with expectations of foreign capital inflow strengthening [2][4] - The "transformation bull" pattern in the Chinese stock market is becoming clearer, driven by policy support and capital market reforms, which are expected to boost investor confidence [2][4] Group 2 - In terms of asset allocation, the technology sector is unanimously favored by brokerages, with recommendations for a "dividend + growth" strategy focusing on consumption policy opportunities [4] - Investment opportunities are categorized into three types: high-dividend financials, emerging technology growth, and cyclical consumption revival, with emerging technology identified as the main focus [4] - The Hong Kong stock market is gaining attention, with expectations that the AI industry cycle will lead to upward momentum, particularly benefiting the technology sector [4][5]

Core Viewpoint - The article discusses the recent trend of share buybacks among A-share listed companies, particularly focusing on the rapid progress made by several securities firms in implementing their buyback plans amidst market fluctuations and regulatory support [1][2][3]. Group 1: Buyback Trends - In April 2025, over 240 companies announced share buyback plans, a significant increase from 44 in March, with a total proposed buyback amount of approximately 735.25 billion yuan, up 257.14% from the previous month [2]. - Notable securities firms such as Guotai Junan, Guojin Securities, and Dongfang Securities have reported swift progress in their buyback initiatives, with some already meeting the minimum requirements of their plans [3][4]. Group 2: Specific Buyback Progress - Guotai Junan Securities approved a buyback plan with a budget between 1 billion and 2 billion yuan, and as of May 31, 2025, it had repurchased 32.488 million shares, accounting for 0.18% of its total share capital, with a total expenditure of 557 million yuan [3]. - Dongfang Securities initiated a buyback plan of 250 million to 500 million yuan and reported having repurchased 240 million yuan worth of shares within a month, nearing its minimum target [3]. - Guojin Securities announced a buyback plan of 50 million to 100 million yuan and had repurchased 675,110 shares for a total of 55.73 million yuan by May 31, 2025 [3]. Group 3: Slow Progress by Some Firms - Some firms, such as Guotou Securities and Zhongtai Securities, have not yet initiated their buyback plans, despite having approved them earlier. Guotou Securities had a buyback budget of 200 million to 400 million yuan, while Zhongtai Securities planned to use 300 million to 500 million yuan for its buyback [4][5]. - Both firms still have time to implement their buyback actions, with deadlines extending into the latter half of 2025 [6]. Group 4: Market Implications - The article highlights that under supportive policies, the scale of buybacks and share repurchases by listed companies is expected to continue increasing, which could enhance investor sentiment and stabilize market expectations [6]. - Regulatory bodies have emphasized the importance of genuine buyback actions to avoid misleading practices that could disrupt market expectations and harm investor interests [6].

Group 1 - The core viewpoint of the strategy meetings is a positive outlook for the A-share market in the second half of the year, with a focus on the ongoing valuation recovery of Chinese assets and a preference for technology sectors [1][2][3] - Analysts from Huatai Securities emphasize the importance of China's economic development strategy in response to prolonged trade conflicts, which is expected to enhance consumer income and spending [2][3] - The consensus among various securities firms is that the A-share market is likely to outperform overseas markets, driven by a "transformation bull" market characterized by policy measures aimed at stabilizing asset prices and boosting demand [3][4] Group 2 - The technology sector is highlighted as a key investment focus, with analysts suggesting a "barbell" strategy combining dividend and growth stocks, while also considering opportunities in the consumer sector [5][6] - Citic Securities identifies three long-term trends: the enhancement of China's independent technological capabilities, the European focus on self-reliance in defense and resources, and the acceleration of domestic demand through improved social security [6] - The Hong Kong stock market is expected to benefit from the AI narrative, with analysts noting that the technology sector in Hong Kong is well-positioned to capitalize on the ongoing industrial transformation driven by AI advancements [7][8]

Summary of Key Points Core Viewpoint The report outlines the verification opinions of Guotai Junan Securities Co., Ltd. regarding Puyuan Precision Technology Co., Ltd.'s use of its own funds and letters of credit to pay for part of the fundraising projects, which will later be replaced with equivalent amounts from the raised funds. This process is deemed compliant with relevant regulations and beneficial for operational efficiency. Group 1: Fundraising Overview - The company successfully issued 30,327,389 shares at a price of RMB 60.88 per share, raising a total of RMB 184,633.14 million, with a net amount of RMB 166,612.72 million after deducting issuance costs [1][2] - In a simplified procedure, the company issued 5,300,676 shares at RMB 54.71 per share, raising RMB 289.99 million, with a net amount of RMB 286.79 million after costs [2] - The company plans to issue 2,166,377 shares at RMB 23.08 per share for asset acquisition, raising RMB 49.99 million, with a net amount of RMB 44.29 million after costs [2] Group 2: Investment Projects - The total investment for the initial public offering (IPO) projects is RMB 76,763.12 million, with RMB 75,000.00 million allocated from the raised funds for various projects, including high-end digital oscilloscopes and RF instruments [3][4] - The simplified issuance project has a total investment of RMB 32,489.63 million, with RMB 29,000.00 million planned from the raised funds for projects in Malaysia and Xi'an [4] - The asset acquisition project has a total investment of RMB 5,296.04 million, with RMB 5,000.00 million planned from the raised funds for the Beijing laboratory center and related fees [4] Group 3: Use of Own Funds and Replacement Process - The company uses its own funds and letters of credit for initial payments on fundraising projects due to operational efficiency and regulatory constraints on direct payments from raised funds [5] - A detailed process is established for replacing the amounts paid with raised funds within six months, ensuring compliance with regulations and proper documentation [5] - The board and supervisory committee have approved this approach, confirming it does not harm the company's or shareholders' interests and complies with relevant laws [6][7]