Summary of Key Points Core Viewpoint - The company intends to use part of the excess raised funds to permanently supplement its working capital, which is deemed beneficial for improving fund utilization efficiency and reducing financial costs [1][5][9]. Group 1: Fundraising Overview - The company successfully completed its initial public offering (IPO) on April 1, 2022, issuing 30,327,389 shares at a price of RMB 60.88 per share, raising a total of RMB 184,633.14 million [1][7]. - After deducting issuance costs of RMB 18,020.43 million, the net amount raised was RMB 166,612.72 million, with excess funds amounting to RMB 91,612.72 million [1][3][7]. Group 2: Fund Utilization Plan - The planned allocation of the raised funds includes various projects, with a total investment of RMB 76,763.12 million, of which RMB 5,000 million is designated for working capital [3][5]. - The company has previously used RMB 27,400 million of excess funds for working capital, representing 29.91% of the total excess funds [3][6]. Group 3: Approval and Compliance - The board of directors and the supervisory board have approved the use of RMB 27,400 million of excess funds for working capital, which will be submitted for shareholder approval [6][8]. - The company commits that the total amount used for working capital will not exceed 30% of the excess funds within any 12-month period, ensuring compliance with regulatory requirements [6][9].

国泰海通证券股份有限公司 关于上海索辰信息科技股份有限公司 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为上海 索辰信息科技股份有限公司（以下简称"索辰科技"或"公司"）首次公开发行 股票并在科创板上市的保荐人，根据《中华人民共和国公司法》《中华人民共和 国证券法》 《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市 规则》 （以下简称"《上市规则》" ）和《上海证券交易所上市公司自律监管指引第 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： 一、本次现场检查的基本情况 国泰海通证券股份有限公司 （二）保荐代表人 程韬、陈佳一 程韬、陈佳一 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理及内部控制、信息披露、独 立性、与关联方的资金往来、募集资金使用情况、关联交易、对外担保、重大对 外投资、公司经营状况以及承诺履行情况等方面进行了现场检查。 （六）现场检查手段 员及有关人员访谈； 二、对现场检查相关事项的意见 （一）保荐人 （三）现场检查时间 （四）现场检查人员 营性资金往来情况。 经核查，保荐人认为：公司具备 ...

Core Viewpoint - The recent legislative developments in the U.S. and Hong Kong regarding stablecoins signify a growing recognition and potential legitimization of stablecoins, primarily dollar-pegged, which may enhance the dollar's dominance in the cryptocurrency space [1][2]. Group 1: Stablecoin Market Overview - Stablecoins are typically pegged to stable assets like fiat currencies (mainly the dollar), precious metals, or other cryptocurrencies to maintain value stability [2]. - Since 2020, the stablecoin market has seen significant growth, with a current market capitalization of nearly $245 billion, driven by factors such as efficiency in payments, increased demand from the expanding cryptocurrency market, and geopolitical risks [2]. - The potential implementation of regulatory frameworks could provide new momentum for market development, enhancing the "social consensus" around stablecoins and attracting more investment [2]. Group 2: Impact on Global Currency System - The expansion of stablecoins, particularly dollar-pegged ones, reinforces the dollar's position in the global currency system, potentially impacting the value of more volatile fiat currencies [3]. - While the growth of the dollar stablecoin market may increase demand for U.S. Treasury bonds, its overall effect on short-term bonds is limited, as short-term rates are primarily influenced by Federal Reserve policies rather than market supply and demand [3]. - The current challenges facing U.S. fiscal policy, including persistent deficits and high interest payments, remain critical issues that stablecoin development cannot resolve [3].

本报记者 周尚伃 见习记者 于宏 作为重要的"市场风向标"之一，券商营业部龙虎榜的交易动向和排名情况一直备受市场关注。今年前5 个月，券商营业部龙虎榜位次变动较大，尤其是龙虎榜成交额前100名券商营业部（以下简称"百强营业 部"），与去年末相比，有39家新晋营业部。 值得一提的是，作为今年以来龙虎榜的一大看点，券商以分公司引领区域业务发展的战略成效有所显 现。 头部券商仍占主导地位 东方财富Choice数据显示，今年前5个月，共有5169家券商营业部合计登上龙虎榜5.38万次（除去机构 专用、深股通及沪股通专用席位），合计成交金额达1.18万亿元，其中，百强营业部成交金额合计 8060.02亿元，占比68.29%。 从整体榜单来看，综合实力雄厚的头部券商旗下营业部依然占据主导地位。除上述5个东方财富证券旗 下营业部外，榜单前十名席位还包括中金公司上海分公司、国泰海通总部、中信证券上海分公司、开源 证券西安西大街证券营业部、国泰海通上海浦东新区海阳西路证券营业部，分别位列第5名、第6名、第 7名、第8名、第10名。从成交额来看，龙虎榜前十名营业部今年前5个月的成交金额均超过210亿元。 纵观百强营业部，国泰海通 ...

⾯对下半年⼤国博弈加剧、全球产业链重构的复杂环境，投资者如何精准锚定⽅ 向，把握财富机遇？ 国泰海通2025中期策略会将于6⽉4⽇启幕，当⽇13:30⾄17:00，君弘推出特别直播带 您现场直击！ 全球视野解析市场脉动，专业领航发掘投资价值，共同迈向"转型⽜"。 △欢迎扫描二维码预约视频直播 精彩内容 君弘特别直播现场直击 策略会现场实况大公开 首席访谈专区实时陪伴守候 首席投顾&分析师&资产配置官 轮番上阵 展望市场走势、热门板块机会， 解读主题投资、资产配置思路， 专业护航投资 君弘视频直播带您现场直击国泰海通2025年中期策略会，投资者可以跟随镜头聆听宏观、策 略、新股研究、量化投资、固定收益研究等多位首席分析师演讲，获取最新出炉的下半年投资 观点。 02 亮点二：深度解读，"首席对话" 深度解析 理财方案 新鲜出炉的A股研究观点如何适配个人投资？普通投资者该如何调整决策，提高投资胜率？除了获取首 席分析师演讲中的核心观点，本次君弘中期策略会直播特设的"首席对话"访谈专区，将由首席投顾、首 席宏观&策略配置官等与投资者在线对话，深度解析下半年A股投资观点、大类资产配置思路、主题赛 道的投资逻辑，助力投资 ...

国泰海通证券股份有限公司 关于深圳市首航新能源股份有限公司 深圳证券交易所： 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》《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》要求，国泰海通证券股份有限公司（以下简称"国 泰海通"或"本保荐人"）作为深圳市首航新能源股份有限公司（以下简称"首 航新能"或"公司"）首次公开发行股票并在创业板上市的保荐人，对公司进行 了 2025 年度持续督导培训，报告如下： （六）培训对象：公司控股股东及实际控制人、董事、监事、高级管理人员、 部分关键岗位人员 本次培训前，国泰海通编制了培训材料，并提前要求首航新能参与培训的相 关人员了解培训相关内容。 二、本次培训的主要内容 本次培训主要内容为：1、上市公司信息披露简介，主要包括信息披露的内 容、渠道、法律体系、基本原则以及一般规定；2、募集资金存放和使用关注要 点，主要包括募集资金管理的总体要求、专户存储规范、资金使用流程、变更审 批程序以及监督管理机制等关键环节。本次培训通过演示培训讲义、解读法规条 文及案例分析、解答培训对象的问题等形式，加深了 ...

国泰海通证券股份有限公司 关于宁波利安科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 国泰海通证券股份有限公司（以下简称"保荐机构"）作为宁波利安科技股 份有限公司（以下简称"利安科技"或"公司"）首次公开发行股票并创业板上 市及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》《深圳证券 交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业 《深圳证券交易所上市公司自律监管指引第 13 号——保荐 板上市公司规范运作》 业务》等法律法规的相关规定，对宁波利安科技股份有限公司首次公开发行部分 限售股上市流通事项进行了核查，核查情况及核查意见如下： 一、本次上市流通的限售股类型 中国证券监督管理委员会于 2024 年 1 月 11 日出具《关于同意宁波利安科技 股份有限公司首次公开发行股票注册的批复》 （证监许可202453 号），同意公司 首次公开发行股票的注册申请。公司首次向社会公开发行人民币普通股（A 股） 完成后总股本为 56,237,600 股，其中有限售条件流通股 42,177,600 股，占发行后 总股本的比例为 75%，无限售条件流通股 14,060,00 ...

Group 1 - The financial sector showed strength on June 3, with the securities company index rising by 1.01%, driven by significant gains in stocks such as Guotai Junan, which increased over 4% [1] - The Securities ETF (159841) rose by 0.85% with a trading volume exceeding 100 million yuan, marking 10 consecutive days of net inflow, accumulating over 150 million yuan [2] - The latest scale of the Securities ETF reached 6.069 billion yuan, making it the largest among similar products in the Shenzhen market [2] Group 2 - Huatai Securities noted that the concentration in the securities industry is accelerating due to reforms in the capital market and restructuring of the competitive landscape, with the industry's revenue and net profit CR10 expected to reach 74% and 63% respectively by 2024, an increase of 22 and 11 percentage points since 2010 [2] - The asset concentration in the industry is also increasing, with leading brokerages expanding their balance sheets more rapidly and maintaining higher leverage [2] - Wengang Securities indicated that the introduction of long-term funds and improved market stability are positively impacting brokerage and proprietary trading businesses, with the brokerage sector's PB at 1.25X, positioned at the 22.41% percentile over the past decade [3]

｜2025年6月3日 星期二｜ NO.1 国泰海通撤销33家原海通证券分公司 近日，国泰海通发布了关于撤销原海通证券33家分公司的公告。这也意味着，整合后的证券业"航母"加 速内部融合，全国分支机构布局全面优化。数据显示，截至5月30日，国泰海通证券从业人数为18779 人，居行业第一。而在2024年底，国泰君安证券从业人数为11365人，海通证券为7985人，两公司总计 员工为19350人。此前，1月18日发布的《国泰君安证券股份有限公司关于公司换股吸收合并海通证券股 份有限公司并发行A股股票募集配套资金的公告》中即已明确，"吸收合并完成后，海通证券依法解 散，原海通证券分支机构变更为国泰君安分支机构"。 6月2日，天风证券（601162）发布公告，控股股东湖北宏泰集团已完成增持计划，累计增持公司A股股 份1.79亿股，占总股本的2.06%，增持金额约为5.02亿元。 NO.4 今年前五个月基金业绩出炉，最高赚超70% 今年前五个月基金业绩出炉，最高赚超70%。具体来看，在主动权益类基金（不含QDII）中，北交所主 题基金表现十分抢眼，中信建投北交所精选两年定开混合基金今年以来收益率达到69.3%，暂列第一 ...

Core Viewpoint - The market is expected to experience a volatile upward trend led by small and mid-cap stocks after the holiday [1][2]. Market Indicators - The liquidity shock indicator for the CSI 300 index was 0.13, lower than the previous week (1.13), indicating current market liquidity is 0.13 standard deviations above the average level over the past year [2]. - The PUT-CALL ratio for the SSE 50 ETF options increased to 1.15, up from 0.94 the previous week, reflecting rising caution among investors regarding the short-term performance of the SSE 50 ETF [2]. - The five-day average turnover rates for the SSE Composite Index and Wind All A were 0.76% and 1.30%, respectively, indicating a decrease in trading activity, positioned at the 50.17% and 63.97% percentile since 2005 [2]. Macro Factors - The RMB exchange rate fluctuated last week, with onshore and offshore rates showing weekly declines of -0.08% and -0.48%, respectively [2]. - The US stock market showed a volatile upward trend, with the Dow Jones, S&P 500, and Nasdaq indices posting weekly returns of 1.6%, 1.88%, and 2.01% respectively [2]. - The US core PCE price index rose by 2.5% year-on-year, the lowest since March 2021, with a month-on-month increase of 0.1% [2]. Real Estate Sector - The total land acquisition amount for the top 100 enterprises from January to May 2025 reached 405.19 billion, a year-on-year increase of 28.8%, with the growth rate expanding by 2.2 percentage points compared to the previous month [2]. Technical Analysis - The Wind All A index broke below the SAR reversal indicator on May 23, indicating a bearish trend [2]. - The current market score based on the moving average strength index is 160, positioned at the 64.8% percentile since 2021 [2]. - The market has not yet formed a bottom, as the moving average strength index has not shown a significant decline [2]. Performance Overview - For the week of May 26 to May 30, the SSE 50 index fell by 1.22%, the CSI 300 index decreased by 1.08%, while the CSI 500 index rose by 0.32% and the ChiNext index dropped by 1.4% [3]. - The overall market PE (TTM) stands at 18.9 times, positioned at the 50.5% percentile since 2005 [3]. Factor and Industry Observations - Factor crowding remains stable, with small-cap factor crowding at 0.98, low valuation factor crowding at 0.11, high profitability factor crowding at -0.28, and high growth factor crowding at -0.04 [3]. - The industry crowding is relatively high in machinery, comprehensive, retail, environmental protection, and non-ferrous metals sectors, with transportation and non-ferrous metals showing significant increases in crowding [3].