Core Viewpoint - The company is implementing a differentiated dividend distribution plan, which includes a cash dividend of 2.55 RMB per 10 shares, while excluding shares held in the repurchase account from profit distribution [2][4]. Group 1: Reasons for Differentiated Dividend - The company held a board meeting on April 24, 2024, to approve a share repurchase plan, with a total repurchase amount not less than a specified amount per share, aimed at employee stock ownership plans or equity incentives [1]. - The repurchase price cap was adjusted from 23 RMB to 22.76 RMB per share, effective June 14, 2024, with a total of 6,124,910 shares repurchased by April 7, 2025 [1]. Group 2: Dividend Distribution Plan - The company plans to distribute a cash dividend of 2.55 RMB per 10 shares (tax included) to all shareholders, with no capital reserve transfer or bonus shares [2]. - The total share capital is 409,861,106 shares, and after excluding the repurchased shares, the base for calculating the cash dividend is 403,736,196 shares, resulting in a total cash dividend distribution of approximately 102,952,729.98 RMB (tax included) [2]. Group 3: Calculation Basis for Dividend - The profit distribution will be based on the total share capital minus the shares held in the repurchase account as of the equity registration date [2]. - The cash dividend per share is calculated as approximately 0.251 RMB per share, based on the formula provided [3]. Group 4: Impact on Ex-Dividend Price - The ex-dividend reference price is calculated as (previous closing price - cash dividend) / (1 + change in circulating shares ratio), with the circulating shares ratio being 0 due to no changes in circulating shares [3][4]. - The calculated ex-dividend reference price is approximately 17.215 RMB per share, based on the previous closing price of 17.47 RMB [4][5]. Group 5: Verification by Sponsoring Institutions - The sponsoring institutions have verified that the differentiated dividend distribution complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [5].

智通财经APP获悉，开源证券发布研报称，OCI和股票自营、海外业务高增或带来券商中报超预期，预 计2025H1上市券商业绩同比增速有望超50%(扣非口径)，环比增速可期。2024年新国九条、央行等金融 部委组合拳稳股市的长效影响延续，个人投资者和中长资金持续流入，交易活跃度中枢抬升逻辑验证， 券商港股业务和投行业务逐步改善，当下估值仍在低位，机构欠配显著，继续推荐券商板块机会。关注 业绩预告、稳定币主题以及基准回补等催化。 经纪+权益自营+海外驱动中报同比高增，债券自营+投行支撑Q2环比 (1)预计经纪业务、权益自营和海外业务同比高增是券商中报净利润增长核心驱动因素。2025H1市场日 均股基交易额1.6万亿，同比+66%，驱动证券行业经纪业务同比高增。市场震荡上涨+交易量活跃利好 券商权益自营投资以及相关衍生品业务(2024年初市场波动导致部分券商衍生品业务亏损)，2025H1沪深 300/万得全A上涨0.3%/5.8%(2024H1为+0.9%/-8.0%)。上半年港股市场景气度较高，2025上半年香港市 场现货ADT 2402亿港元，同比+118%，北向ADT 1713亿人民币，同比+32%，南向ADT ...

Core Insights - The Chinese M&A market showed a decline in activity in H1 2025, with a total of 2,319 announced transactions, a decrease of 25.74% quarter-on-quarter and 28.47% year-on-year, while the total transaction value reached $127.07 billion, reflecting a 47.94% increase year-on-year despite a decrease in the number of transactions [5][8]. Group 1: M&A Market Data Analysis - In H1 2025, the number of completed M&A transactions was 1,397, with a total transaction value of $88.87 billion, marking a 10.09% increase year-on-year [14]. - In June 2025, there were 421 announced M&A transactions, a 30.34% increase month-on-month but a 19.66% decrease year-on-year, with a total transaction value of $12.55 billion, down 56.22% month-on-month and 20.01% year-on-year [11]. - The M&A market is characterized by a significant presence of local state-owned enterprises (SOEs), particularly in sectors like energy, mining, and chemicals [5][34]. Group 2: Private Equity Fund Exits - In H1 2025, 171 private equity funds successfully exited through M&A, with total returns reaching 43.07 billion yuan, a historical high [21]. - Notable exits included the acquisition of 100% equity in Longsheng New Energy by Searis Group for 3.51 billion yuan [21][26]. Group 3: Major M&A Cases - In H1 2025, there were 19 completed M&A transactions exceeding $1 billion, with the largest being the merger of Guotai Junan Securities and Haitong Securities, valued at approximately $13.49 billion [28]. - Other significant transactions included the acquisition of Chengdu Aircraft Industrial Group by AVIC for $2.38 billion and Baidu's acquisition of Guangzhou Yiling Network Technology for $2.1 billion [29][31]. Group 4: Cross-Border M&A Trends - In H1 2025, there were 52 completed cross-border transactions, a decrease of 40.23% quarter-on-quarter and 29.73% year-on-year, with a total transaction value of $4.84 billion [36]. - Notable cross-border deals included Midea Group's acquisition of Teka Group for $1.14 billion and Zijin Mining's acquisition of Newmont Golden Ridge for $1 billion [39][40]. Group 5: Industry and Regional Analysis - The electronics information sector led the number of transactions in H1 2025, with 473 deals, accounting for 18.5% of the total [47]. - Guangdong province ranked first in the number of completed M&A cases, while Shanghai led in transaction value [43].

Core Viewpoint - The article highlights the significant increase in net profits for several Chinese brokerage firms in the first half of 2025, with many firms reporting over 100% growth compared to the previous year [2][4]. Group 1: Performance Overview - As of July 14, 2025, 28 brokerage stocks and related companies have released their performance forecasts, with 26 firms expecting profit increases and 2 firms turning losses into profits [2]. - Notable firms with substantial profit growth include Huaxi Securities and Guolian Minsheng, both of which reported year-on-year profit increases exceeding 10 times [3][4]. Group 2: Specific Profit Figures - Huaxi Securities anticipates a net profit of approximately 445 million to 575 million yuan, reflecting a year-on-year growth of 1025.19% to 1353.9% [4]. - Guolian Minsheng expects a net profit of 1.129 billion yuan, marking a year-on-year increase of about 1183% [4]. - Other notable performances include: - Guosheng Securities (parent company Guosheng Jinkong) forecasting a net profit of 150 million to 220 million yuan, a growth of 236.85% to 394.05% [4]. - Jianghai Securities (parent company Hatou Co.) projecting a net profit of 380 million yuan, up 233.10% [4]. - Northeast Securities reporting a net profit of approximately 431 million yuan, a growth of 225.90% [5]. Group 3: Leading Firms by Net Profit - The top five brokerages by net profit for the first half of 2025 are: 1. Guotai Junan: Expected net profit of 15.283 billion to 15.957 billion yuan, a growth of 205% to 218% [6]. 2. Guosen Securities: Projected net profit of 4.78 billion to 5.53 billion yuan, a growth of 52% to 76% [8]. 3. CITIC Securities: Anticipated net profit of 4.43 billion to 4.573 billion yuan, a growth of 55% to 60% [8]. 4. Shenwan Hongyuan: Expected net profit of 4.1 billion to 4.5 billion yuan, a growth of 92.66% to 111.46% [8]. 5. CICC: Projected net profit of 3.453 billion to 3.966 billion yuan, a growth of 55% to 78% [8].

Group 1 - The company has raised a total of RMB 1,806,856,851.88 through the issuance of 24,860,441 shares at a price of RMB 72.68 per share, with a net amount of RMB 1,780,262,125.56 after deducting issuance costs [1][2] - The raised funds are allocated for projects in the AIGC and smart mobility sectors, with a total investment of RMB 180,815.69 million, of which RMB 180,685.69 million is planned to be funded by the raised capital [2][3] - The company has pre-invested RMB 38,453.54 million of its own funds into the projects from December 22, 2023, to May 31, 2025, and plans to replace this with the raised funds [2][4] Group 2 - The company has incurred issuance costs totaling RMB 2,659.47 million, of which RMB 416.01 million was paid from its own funds prior to the capital being raised, and it intends to replace this amount with the raised funds [4][5] - The board of directors has approved the use of raised funds to replace pre-invested self-raised funds and issuance costs, confirming that this does not alter the intended use of the funds or harm shareholder interests [6][7] - The independent auditor, Deloitte, has verified the pre-invested funds and issuance costs, confirming compliance with relevant regulations and reflecting the actual expenditures accurately [7][8]

国泰海通证券股份有限公司 关于天津金海通半导体设备股份有限公司 全资子公司对外出租厂房暨关联交易的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 天津金海通半导体设备股份有限公司（以下简称"金海通"或"公司"）首次公 开发行股票并在主板上市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规则》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》等相关法律、法规和规范性文件的规定，对金海 通全资子公司对外出租厂房暨关联交易的事项进行了核查，核查情况与意见如 下： 一、关联交易概述 为提高江苏金海通的资产利用率，江苏金海通拟与鑫益邦签订《厂房租赁 合同》，江苏金海通拟将其位于南通市崇川区齐心路22号的部分厂房租赁给鑫益 邦，鑫益邦向江苏金海通支付租金及水电费。双方约定租赁期自2025年7月至 米每月租金为24元，租赁面积为3,000平方米，合计月租金为72,000元，年租金 为864,000元，租赁期内水电费按实际使用量核算并结算。 公司董事吴华先生系鑫益邦法定代表人及执行董事，根据《上海证券交易 所股票上市规则》的相关规定，鑫益邦为公司关 ...

Core Viewpoint - The China Interbank Market Dealers Association has initiated a self-discipline investigation into six main underwriters due to concerns over their bidding fees for a bond issuance project by Guangfa Bank [1] Group 1: Regulatory Actions - The Dealers Association released a notice to strengthen the self-regulation of underwriting practices in the interbank bond market, particularly targeting non-compliant behaviors such as low underwriting fees and low-price underwriting [1] - The investigation is based on the self-discipline rules of the interbank bond market, which allows for disciplinary actions against institutions that violate these rules during their business operations [1] Group 2: Bond Issuance Details - Guangfa Bank announced a competitive procurement project for selecting underwriters for its 2025-2026 secondary capital bond issuance, with a total project scale of 35 billion yuan [1] - The selected underwriters include China Galaxy Securities, Guangfa Securities, Industrial Bank, Guotai Junan Securities, CITIC Construction Investment Securities, and CITIC Securities, with estimated service fees ranging from 700 yuan to 35,000 yuan [1] - The total estimated underwriting service fee for the project amounts to 63,448 yuan, with a 6% VAT applicable [1]

本文来自格隆汇专栏：梁中华宏观研究 作者：汪浩、梁中华 ·概 要 · 特朗普关税博弈再起，扰动全球资产价格，本周全球大宗商品价格基本都上涨，全球股市分化，新兴市场优于发达市场。美国经济依然具有韧性，特朗普 不断督促鲍威尔降息，但是新一轮关税对通胀的压力下，美联储降息仍有掣肘，同时关税冲击经济，欧央行保留进一步降息稳经济的选项，日本央行加息 可能延迟至2026年。 全球大类资产表现。本周（2025.7.4-2025.7.11），全球大类资产价格中，大宗商品价格基本都上涨，全球股市分化。上证综指上涨1.09%，恒生指数上涨 0.93%，新兴市场股票指数上涨0.45%，发达市场股票指数下跌0.13%，标普500下跌0.31%，日经225下跌0.61%。 大宗商品价格基本都上涨，其中， COMEX铜上涨10.30%，IPE布油期货上涨3.09%，南华商品指数上涨1.01%，标普-高盛商品指数上涨0.87%，伦敦金现上涨0.53%。债市方面，国内10Y国 债期货价格下跌0.25%，中债总全价指数下跌0.19%，10年期美债收益率较前一周上升8BP至4.43%，10年期美债期货持平前一周。外汇市场方面，美元指 数较前一周 ...

Group 1 - The Shanghai Stock Exchange has officially released the "Self-Regulatory Guidelines for Listed Companies on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier," enhancing the inclusiveness and adaptability of the Sci-Tech Innovation Board to better serve technological innovation and new productivity development [1][2] - The new policies are expected to guide capital towards national strategic needs, promoting a virtuous cycle of "technology-industry-finance" and solidifying the foundation for new productivity development [1][2] - The establishment of the Sci-Tech Growth Tier targets high-potential companies that have not yet reached profitability, providing them with a dedicated capital channel to accelerate core technology breakthroughs and industrialization processes [2][5] Group 2 - The reforms are anticipated to significantly enhance the attractiveness of the Sci-Tech Innovation Board for quality companies and long-term capital, providing more precise funding support and resource allocation for technological innovation enterprises [4] - The introduction of the "1+6" policy is seen as a major upgrade to the Sci-Tech Innovation Board's system, improving its inclusiveness for long-cycle, high-investment fields such as artificial intelligence and innovative pharmaceuticals [5] - Recent data indicates that nearly 86% of listed companies on the Sci-Tech Innovation Board have received support from private equity and venture capital, reflecting a shift in investment focus towards hard technology [5]

Core Insights - The recent outperformance of small-cap stocks is attributed to a significant influx of retail investor capital compared to institutional investors, indicating a rapid recovery in market risk appetite since September 2024, despite a lag in fundamental improvements [1][11] - The overall return of large-cap styles will depend on the emergence of a fundamental turning point and the return of institutional capital, with potential catalysts being the confirmation of an upward trend in the AI industry cycle or unexpected macro policy enhancements [1][11] Group 1: Misconceptions about Small-Cap Outperformance - Misconception 1: Macro liquidity easing is beneficial for small-cap stocks. Historical data shows that small-cap performance is not solely determined by macro liquidity conditions, as both small and large-cap stocks have outperformed in various liquidity environments [2] - Misconception 2: The influx of quantitative private equity funds is driving small-cap outperformance. The actual scale of private equity fund inflows has not been as significant as perceived, and quantitative funds are more likely to act as "discoverers" of excess returns rather than creators [4] - Misconception 3: Trading congestion is an effective timing indicator for small-cap stocks. Historical trends indicate that high trading activity does not necessarily lead to a downturn in small-cap stocks, as they can continue to outperform even during periods of high trading volume [6] Group 2: Drivers of Small-Cap Performance - The current small-cap outperformance may be primarily driven by changes in the micro-funding structure, particularly the irrational trading behavior of retail investors entering the market [8] - In both Hong Kong and A-share markets, the correlation between retail investor inflows and small-cap index performance suggests that retail participation is a significant factor in the recent small-cap outperformance [9] - The switch between small and large-cap styles may require a turning point in economic trends, with historical patterns indicating that institutional capital tends to lead market shifts when macro policies or industry trends experience breakthroughs [11]