Core Viewpoint - The report highlights significant deficiencies in corporate governance and internal controls at Zhejiang Pawa New Energy Co., Ltd, as identified during a site inspection by Guotai Junan Securities Co., Ltd, the company's sponsor for its IPO on the Sci-Tech Innovation Board [1][2][4]. Group 1: Corporate Governance and Internal Control - The company has faced regulatory scrutiny, receiving warning letters from the Zhejiang Securities Regulatory Bureau and being criticized by the Shanghai Stock Exchange for issues related to internal controls, including inflated revenue and improper management of company seals [2][4][5]. - A total of 180 million yuan was overpaid to certain suppliers due to unfair pricing practices, indicating serious governance issues [2][16]. - The company received a qualified audit report for 2024, reflecting ongoing concerns about its internal control systems and governance practices [2][4][10]. Group 2: Information Disclosure - The company has been penalized for inaccurate disclosures regarding performance forecasts and financial reports, leading to warnings issued to key executives [4][14]. - Specific instances of inaccurate disclosures include the failure to correct performance forecasts and timely announcements, which resulted in regulatory actions against the company and its executives [4][14][17]. - The company has been advised to enhance its information disclosure practices to ensure compliance with relevant regulations [4][12]. Group 3: Financial Performance - The company reported losses during the reporting period, with key financial metrics declining due to market conditions, increased competition, and rising costs [10][11]. - The decline in gross profit margins and the need for impairment provisions on inventory and fixed assets have further pressured the company's financial performance [10][11]. - The company is under pressure to improve its operational strategies to mitigate ongoing financial losses and enhance overall performance [10][12]. Group 4: Related Party Transactions and Independence - The inspection revealed concerns regarding the company's independence and transactions with related parties, necessitating a review of its financial dealings and governance structures [6][8]. - The company has been urged to maintain transparency in its dealings with related parties to avoid potential conflicts of interest [6][8]. Group 5: Recommendations and Future Actions - The sponsor has recommended that the company strengthen its internal controls and governance frameworks, as well as improve its compliance with regulatory requirements [12][13]. - Continuous monitoring and rectification of identified issues are essential for the company to ensure sustainable growth and protect investor interests [12][13].

国泰海通证券股份有限公司 关于广东利扬芯片测试股份有限公司 股东向特定机构投资者询价转让股份的核查报告 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"或"组织券商"）受委 托担任黄兴、海南扬致企业管理合伙企业（有限合伙）、海南扬宏企业管理合伙 企业（有限合伙）、黄主、谢春兰（以下合称"出让方"）以向特定机构投资者 询价转让（以下简称"本次询价转让"）方式减持所持有的广东利扬芯片测试股 份有限公司（以下简称"公司"或"利扬芯片"）首次公开发行前已发行股份的 组织券商。 经核查，国泰海通就本次询价转让的股东、受让方是否符合《上海证券交易 所科创板上市公司自律监管指引第 4 号——询价转让和配售（2025 年 3 月修订）》 （以下简称"《询价转让和配售指引》"）要求，本次询价转让的询价、转让过 程与结果是否公平、公正，是否符合《询价转让和配售指引》的规定作出如下报 告说明。 一、本次询价转让概况 （一）本次询价转让出让方 截至 2025 年 6 月 20 日，出让方所持首发前股份的数量、占公司总股本比例 情况如下： 序号 股东名称 持股数量（股） 持股占总股本比例 海南扬致企业管理合伙企 业（有 ...

本次交易相关主体买卖股票情况的自查报 国泰海通证券股份有限公司 关于 上海奥浦迈生物科技股份有限公司 告 之 专项核查意见 独立财务顾问 二〇二五年六月 上海奥浦迈生物科技股份有限公司（以下简称"上市公司"、"奥浦迈"） 拟发行股份及支付现金购买资产并募集配套资金（以下简称"本次交易"）。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则第 26 号—上市公司重大资产重组》《监管规则适用指引—上市类 第 1 号》等文件的规定，国泰海通证券股份有限公司（以下简称"独立财务顾问" "国泰海通"）作为本次交易的独立财务顾问，对上市公司本次交易相关内幕信 息知情人买卖股票的自查报告进行了核查，具体情况如下： 一、本次交易的内幕信息知情人买卖股票情况自查期间 根据上市公司披露的公告文件，奥浦迈于 2025 年 1 月 17 日发布《上海奥浦 迈生物科技股份有限公司关于筹划重大资产重组的停牌公告》，首次披露上市公 司正在筹划本次交易，经向上交所申请，上市公司股票于 2025 年 1 月 17 日开市 起停牌。2025 年 6 月 6 日，上市公司披露了《重组报告书（草案）》。 根据《公开发 ...

Core Viewpoint - The merger between Guotai Junan and Haitong Securities is progressing significantly, with a focus on the fate of their respective fund management companies, Huaan Fund and Haifutong Fund, which could reshape the asset management landscape in China [1][2]. Group 1: Merger Progress - The merger, described as the largest and most complex case of listed brokerage integration in China's capital market, has received overwhelming approval from shareholders and has submitted key applications to the China Securities Regulatory Commission (CSRC) [2]. - The integration involves multiple core business licenses, with the strategies for the public fund subsidiaries being particularly critical [2][4]. Group 2: Fund Management Comparison - Huaan Fund has a significantly larger management scale, with total assets under management (AUM) of 721.746 billion yuan and non-money market fund AUM of 418.909 billion yuan, ranking 13th in the industry. In contrast, Haifutong Fund has an AUM of 171.923 billion yuan and non-money market fund AUM of 124.931 billion yuan, ranking 37th [5][6]. - In terms of profitability, Huaan Fund reported a net profit of 519 million yuan in the first half of 2024, while Haifutong Fund's net profit was only 134 million yuan, approximately one-fourth of Huaan's [7]. Group 3: License and Strategic Considerations - Haifutong Fund holds three critical licenses: social security fund domestic manager, basic pension insurance investment manager, and enterprise annuity investment manager, with the social security license being particularly rare [8]. - The potential strategy leans towards a "dual foundation merger" while retaining the Haifutong brand to maximize the value of high-quality licenses [10]. Group 4: Integration Challenges - The integration process will face challenges such as the cost of rebranding Huaan Fund's assets, which exceeds 700 billion yuan, and the need to replace brand identifiers across 283 products, potentially taking over a year [10]. - There are concerns regarding the power structure post-merger, as both fund managers are industry leaders with distinct backgrounds, leading to speculation about potential new executive appointments [10]. - Employee redundancy is another issue, with Huaan Fund employing 529 people and Haifutong Fund 354, necessitating careful management of overlapping roles [11]. Group 5: Market Implications - If the merger proceeds, the combined assets of Huaan and Haifutong Funds would total 893.669 billion yuan, positioning them among the top tier in the industry [13]. - The outcome of this merger will serve as a significant case study for future restructuring in China's financial sector, highlighting the balance between scale and licensing advantages [13].

Global Asset Performance - Global stock markets mostly declined last week, while commodity prices generally increased. The Nikkei 225 rose by 1.50%, emerging market stock index increased by 0.05%, S&P 500 fell by 0.15%, developed market stock index decreased by 0.30%, Shanghai Composite Index dropped by 0.51%, and Hang Seng Index fell by 1.52% [1][3] - Commodity prices saw significant increases, with IPE Brent crude futures up by 2.85%, S&P-Goldman Commodity Index rising by 2.30%, South China Commodity Index increasing by 2.29%, and COMEX copper up by 1.74%. However, London gold spot price decreased by 1.91% [1][3] - In the bond market, domestic 10Y government bond futures prices rose by 0.30%, and the total price index of China bonds increased by 0.16%. The 10-year U.S. Treasury yield fell by 3 basis points to 4.38% [1][3] Economic Indicators in the U.S. - U.S. industrial output fell both year-on-year and month-on-month in May 2025, with a year-on-year growth rate of -0.13% compared to 0.55% in the previous month, and a month-on-month growth rate of -0.21% compared to -0.10% [6][10] - The industrial capacity utilization rate in the U.S. decreased to 77.43%, while the manufacturing capacity utilization rate slightly increased to 76.73% [6] - The Philadelphia Fed Manufacturing Index for June remained unchanged at -4.0, showing improvement from April's -26.4 [8] - New private housing starts in the U.S. fell by 4.56% year-on-year in May, and retail and food service sales also declined by 3.29% year-on-year [10] Inflation and Monetary Policy - The Federal Reserve maintained its interest rate target range at 4.25%-4.5% during the June meeting, marking the fourth consecutive meeting without a change. However, inflation expectations have increased, with the Fed lowering its economic growth forecasts for 2025 and 2026 [24] - The European Central Bank (ECB) indicated that its anti-inflation measures are nearly complete, with a cautious stance on future rate cuts, although market expectations suggest a potential rate cut later in the year [25] - The Bank of Japan decided to keep its policy rate unchanged at around 0.5% and will slow the pace of bond purchase reductions starting in the fiscal year 2026 [26]

Core Viewpoint - The article discusses the historical and recent trends of the AH premium, indicating a long-term downtrend in the AH premium center due to various factors including market structure, liquidity differences, and the influx of quality assets into the Hong Kong market [1][2]. Group 1: Historical Context of AH Premium - The AH premium has historically existed due to differences in market systems, liquidity, and industry structure, with the premium index fluctuating around 115 before the launch of the Stock Connect in late 2014, and rising to an average of 134 post-launch [2][3]. - The differences in listing systems between A-shares and H-shares, such as the introduction of a registration system in A-shares and a more market-driven pricing mechanism in H-shares, contribute to the persistent AH premium [3][4]. Group 2: Recent Changes in AH Premium - Since early 2024, the AH premium has been on a downward trend, with a notable drop to a new low of 128 as of June 16, 2025, which is the lowest since June 2020 [2][8]. - The issuance discount for new Hong Kong listings from mainland companies has narrowed significantly, with the average discount dropping from 17.6 in 2023 to 6.5 in 2024, indicating a shift in market dynamics [8][9]. Group 3: Factors Influencing the Downtrend - The liquidity gap between Hong Kong and A-share markets is narrowing, with significant inflows of southbound capital into Hong Kong, increasing the proportion of southbound holdings from 13.5% in early 2024 to 20.6% [15][16]. - The concentration of quality assets in the Hong Kong market, driven by policies encouraging mainland companies to list in Hong Kong, is expected to further reduce the valuation gap between A-shares and H-shares [16][18]. Group 4: Future Outlook - The proportion of emerging industries in the Hong Kong market is anticipated to rise, with a notable decline of 19.6 percentage points in the market capitalization-weighted AH premium rate, primarily driven by traditional sectors [18][20]. - The article suggests that even if the AH premium returns to historical averages, the impact on emerging industries represented by the Hang Seng Technology Index will be limited [18].

一、适用基金及业务范围 ■ 二、其他提示 为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司（以下简称"融通基金"）与国泰海 通证券股份有限公司（以下简称"国泰海通证券"）签署的销售协议，从2025年6月23日起，融通基金旗 下部分开放式基金新增国泰海通证券为销售机构，并开通定期定额投资业务。现将有关事项公告如下： 客户服务电话：4008888666 2.融通基金管理有限公司 网址：www.rtfund.com 客户服务电话：400-883-8088（免长途话费）；0755-26948088 投资者通过上述销售机构办理定期定额投资业务，相关的定期定额投资业务具体程序和业务规则详见上 述销售机构的相关规定。 1.投资者欲了解基金的详细情况，请仔细阅读各基金《基金合同》和《招募说明书》等法律文件。 三、咨询方式 1.国泰海通证券股份有限公司 网址：www.gtja.com 2025年6月23日 MACD金叉信号形成，这些股涨势不错！ 四、风险提示 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保 证最低收益。基金的过往业绩及其净值高低并不预示其未来业绩表现。投资 ...

公司于2025年4月28日召开公司第二届董事会第十五次会议、第二届监事会 第十一次会议，会议审议通过了《关于公司2024年度利润分配方案的议案》， 并同意将该利润分配方案提交公司2024年年度股东大会审议。 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"）作为上 海宣泰医药科技股份有限公司（以下简称"宣泰医药"或"公司"）首次公开发行 股票并上市保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号— —持续督导》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作》《上海证券交易所上市公司自律监管指引第7 号——回购股份》等有关规定， 对宣泰医药2024 年度利润分配所涉及的差异化分红（以下简称"本次差异化分红" ）相关事项进行了审慎核查，具体情况如下： 一、本次差异化分红的原因 公司于2024年2月19日召开第二届董事会第八次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过上海 证券交易所股票交易系统以集中竞价交易方式回购公司已发行的部分人民币普 通股（A股） ...

6月18日，证监会发布了《关于在科创板设置科创成长层 增强制度包容性适应性的意见》。此次改革包括 新设科创成长层、试点引入资深专业机构投资者制度、试点IPO预先审阅机制，扩大第五套标准适用范围 等。 对于券商而言，改革带来了更多的业务机遇，或许意味着科创板IPO的边际放松，利好券商投行、投资等业务 发展，部分在科创板保荐承销业务拥有优势的投行将更加受益。 申万宏源非银分析师罗钻辉称，科创板自2019年设立以来，第五套上市标准（允许符合国家战略、突破关键核 心技术且市场认可度高的企业，在无盈利情况下以预计市值40亿元门槛上市）一直是未盈利硬科技企业登陆资 本市场的重要路径。2023年，采用科创板第五套标准申报的未盈利企业的 IPO进程进入实质性暂停。2025年3 月，证监会党委召开扩大会议指出要增强制度包容性、适应性，支持优质未盈利科技企业发行上市，稳妥恢复 科创板第五套标准适用。 罗钻辉认为，随着本轮政策落地，科创类企业上市融资有望提速，科创板、创业板融资规模有望修复。截至 2024年末，科创板、创业板融资规模分别为248亿元、552亿元，处于2019年来最低水平。改革将吸引更多科技 创新类企业上市融资，促使 ...

Core Viewpoint - The rapid expansion era of securities analysts in China has come to an end, with a significant slowdown in the growth of analyst numbers, indicating a shift towards quality and differentiated competitiveness in the industry [4][6]. Analyst Team Size - As of June 19, the total number of securities analysts reached 5,787, with a net increase of only 41 since the beginning of the year, a stark contrast to previous years [2][4]. - Currently, 20 securities firms have analyst teams of over 100, and 44 firms have teams of over 50. The top three firms by analyst count are CICC with 341, Guotai Junan Securities with 287, and CITIC Securities with 267 [5]. Industry Restructuring - The merger of Guotai Junan and Haitong Securities led to a significant increase in analysts from 174 to 287, while the merger of Guolian and Minsheng Securities saw a slight decrease in their analyst numbers [8]. - Oriental Fortune Securities has increased its analyst count by 24, focusing on recruitment to adapt to the pressures of public fund commission reforms [8]. Focus on Insurance Asset Management - Following the public fund commission reform, many research institutions are prioritizing services for insurance asset management, which has become a key revenue source [11][12]. - Insurance asset management has seen a rise in commission scale, and with the recent reforms, the fee rates for insurance funds have become more competitive compared to public funds [12].