Group 1 - In the first five months of 2025, a total of 43 new companies were listed in the A-share market, representing a year-on-year increase of 13.16% compared to 38 companies in the same period last year [2] - The total net fundraising amount for these 43 new listings was 24.939 billion yuan, which is a 2.13% increase from 24.418 billion yuan in the same period last year [2] - The top three underwriting institutions for IPOs were Guotai Junan, Huatai United, and CITIC Securities, each handling 5 listings [2] Group 2 - A total of 21 law firms provided legal services for the 43 new listed companies, with Shanghai Jintiancheng leading with 8 cases, followed by Beijing Zhonglun with 6 cases, and Beijing Hairun Tianrui with 3 cases [4] - In the accounting sector, 15 accounting firms provided auditing services for the new listings, with Rongcheng leading with 8 cases, followed by Lixin with 7 cases, and Zhonghui with 6 cases [4]

Core Viewpoint - The brokerage industry is experiencing significant performance growth alongside notable operational differentiation, with a 83% year-on-year increase in profits for Q1, while proprietary trading and asset management businesses have seen declines of 38% and 55% respectively, indicating a critical period of transformation and differentiation within the sector [1]. Group 1: Institutional Business - The era of simple expansion in fixed income proprietary trading is over, and the current focus is on transformation, with three key directions: enhancing strategic trading capabilities, increasing client demand business investment, and exploring cross-border asset allocation [1]. - In equity business, the gradual increase in high-dividend OCI has become a consensus within the industry, suggesting a shift in investment strategies [1]. - Leading brokerages with comprehensive advantages and stronger cross-border asset allocation capabilities are expected to outperform [1]. Group 2: Wealth Management & Asset Management - The asset management sector is undergoing accelerated transformation, with public funds entering a new phase of development driven by continuous policy guidance since 2023 [1]. - The "Action Plan for High-Quality Development of Public Funds" aims to promote high-quality expansion of the industry and encourage differentiated development among fund companies, which will benefit leading brokerages with controlling stakes in public funds [1]. Group 3: Investment Recommendations - The brokerage industry is currently in a critical period of transformation and change, with recommendations to continue favoring leading comprehensive brokerages that possess balanced business structures and stronger professional capabilities [1].

二、募集资金投资项目情况 公司首次公开发行股票募集资金净额为人民币 122,466.93 万元，计划募集资 金金额为人民币 120,000 万元，超额募集资金金额为人民币 2,466.93 万元。公司 首次公开发行股票募集资金投资项目如下： | 序号 项目名称 | 总投资额 | | 募集资金投入金额 | | | --- | --- | --- | --- | --- | | （万元） （万元） | | | | | | 合计 120,000.00 120,000.00 | | | | | | 十八次会议以及 2021 年 12 月 16 日召开的 2021 年第三次临时股东大会审议通过 | | | | | | 了《关于使用部分超募资金用于永久补充流动资金的议案》，同意公司使用超募 | | | | | | 740 29.9968%，用于 资金中的 万元用于永久补充流动资金，占超募资金总额的 | | | | | | 公司与主营业务相关的生产经营活动。具体内容详见 2021 年 12 月 1 | | 日披露于上 | | | | 海证券交易所网站（www.sse.com.cn）的《北京亿华通科技股份有限公司关于使 | ...

国泰海通证券股份有限公司 关于江苏迈信林航空科技股份有限公司 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"、"组织券商"）受委托担 任苏州航飞投资中心（有限合伙）（以下简称"航飞投资"）和苏州航迈投资中 心（有限合伙）（以下简称"航迈投资"）（上述 2 家股东以下合称"转让方"） 以向特定机构投资者询价转让（以下简称"询价转让"）方式减持所持有的江苏迈 信林航空科技股份有限公司（以下简称"公司"或"迈信林"）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）本次询价转让转让方 截至 2025 年 5 月 20 日转让方所持首发前股份的数量及占公司总股本比例情 况如下： 本次拟询价转让股数上限为 3,794,061 股，受让方 ...

Market Overview - The A-share market experienced an overall increase on May 29, with the Shanghai Composite Index closing at 3363.45 points, up 0.7%, the Shenzhen Component Index at 10127.2 points, up 1.24%, and the ChiNext Index at 2012.55 points, up 1.37%. The North Star 50 Index rose by 2.73%. Total trading volume reached 12136.01 billion yuan, an increase of 1795.28 billion yuan compared to the previous trading day [1]. Capital Flow - The net inflow of main funds in the A-share market was 74.33 billion yuan, with an opening net outflow of 19.58 billion yuan and a closing net inflow of 23.89 billion yuan [2]. - The net inflow for the CSI 300 was 12.91 billion yuan, while the ChiNext saw a net inflow of 42.65 billion yuan, and the STAR Market experienced a net outflow of 17.3 billion yuan [4]. Sector Performance - Among the 23 sectors, the computer industry led with a net inflow of 191.73 billion yuan, followed by the electronics sector with 124.39 billion yuan, and the pharmaceutical and biological sector with 112.04 billion yuan. The non-bank financial sector saw a net inflow of 47.51 billion yuan, while the communication sector had 34.87 billion yuan [6][7]. - The sectors with the largest net outflows included food and beverage with -21.56 billion yuan, basic chemicals with -12.02 billion yuan, and banking with -8.89 billion yuan [7]. Individual Stock Activity - The stock with the highest net inflow was Shanzhi Gaoke, with 7.11 billion yuan [8]. - Institutional investors showed significant interest in several stocks, with Wangzi New Materials receiving a net buy of 41.11 million yuan, and Sifang Precision receiving 36.17 million yuan [11][12]. Institutional Focus - Recent institutional ratings highlighted several stocks, including Huichuan Technology with a target price of 73.00 yuan, indicating an upside potential of 8.83%, and Longying Precision with a target price of 24.70 yuan, suggesting a 19.73% upside [14].

Core Viewpoint - The company has decided to terminate part of its fundraising projects and will continue to manage the remaining funds in a dedicated account, ensuring compliance with regulatory requirements and aligning with its strategic development needs [1][8]. Fundraising Overview - The company raised a total of 1,500 million RMB by issuing 15,000,000 shares at a price of 58.58 RMB per share, with actual funds amounting to 874.81 million RMB after deducting issuance costs [1]. - As of May 19, 2025, the cumulative investment in the semiconductor testing equipment project was 478.61 million RMB out of a planned total of 746.81 million RMB [1]. Project Termination Details - The project for producing 1,000 sets of semiconductor testing sorting machine components was planned with a total investment of 110.66 million RMB, but the implementation has been slower than expected due to external economic factors [2][3]. - The company has decided to extend the project's completion date to November 2025, with independent directors and the sponsor institution agreeing to this decision [2][8]. Reasons for Project Termination - The company aims to strengthen its supply chain management and ensure timely delivery of components, which has led to the decision to self-manufacture rather than rely on external suppliers [3][4]. - The initial assumptions regarding market demand and industry policies have not changed significantly, indicating that the project's necessity and feasibility remain intact [4][5]. Future Use of Remaining Funds - The remaining funds will be kept in a dedicated account, and the company plans to seek new investment opportunities while evaluating existing projects for potential additional investments [7][8]. Impact of Project Termination - The decision to terminate the project and manage the remaining funds aligns with the company's strategic goals and does not harm shareholder interests, promoting stable and healthy development of the main business [7][8]. Review Procedures - The termination of the project and management of remaining funds have been approved by the company's board and supervisory committee, pending shareholder approval [8].

Group 1: Core Viewpoints - Each market cycle has a leading industry, with AI technology expected to dominate the current cycle, similar to past cycles led by real estate, technology innovation, and renewable energy [2][4] - The macroeconomic environment in China is showing signs of improvement after a period of deflation, coinciding with a transition to new economic drivers led by AI [2][3] Group 2: Fundamentals - The Hong Kong technology sector is poised to benefit significantly from the AI narrative, with leading companies experiencing strong capital expenditure and cloud revenue growth [3] - Current valuations of Hong Kong technology stocks remain relatively low compared to historical levels, indicating potential for significant upward adjustment [3] - By 2025, the profitability of the Hong Kong technology sector is expected to show strong certainty, with improved return on equity (ROE) anticipated for the Hang Seng Technology Index [3] Group 3: Capital Flow - Foreign capital outflows from the Hong Kong market are narrowing, while domestic institutional investment is accelerating, particularly through southbound capital flows [4] - The proportion of foreign investment in Chinese equity assets is currently low, suggesting potential for recovery in foreign capital inflows [4] - The Hang Seng Technology Index is highlighted as a more attractive investment, with a focus on internet giants benefiting from AI applications and sectors like hard technology and mid-to-high-end manufacturing [4]

报告导读： ①历史上每轮行情都有主导产业，如 05-07 地产、 12-15 科创、 19-21 新能 源，当前新旧动能转换中， AI 产业周期或引领港股向上。②基本面：资本开支高增、汇聚 稀缺资产的港股科技更受益于 AI 产业叙事，业绩有望加速释放。③资金面：南下大幅流入 背景下定价权强化，未来仍有增量空间，低位配置中国资产的外资逐渐改善中。④未来贸 易环境虽对港股仍有扰动，不过政策发力驱动基本面修复，下半年继续看好港股，结构上 恒生科技更优。 本文摘自：2025年5月27日发布的 恒生科技牛——2025年下半年港股策略展望 吴信坤 ，资格证书编号： S0880525040061 杨 锦 ，资格证书编号： S0880525040083 余培仪 ，资格证书编号： S0880525040084 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给 ...

Core Viewpoint - The strategic cooperation agreement between Suzhou government and Guotai Junan Securities marks a significant step towards enhancing financial services for the local economy, focusing on innovation, capital market development, and financial technology applications [1][2]. Group 1: Strategic Cooperation - The agreement aims for comprehensive collaboration in areas such as financial services for the real economy, industrial upgrading, and talent cultivation [1]. - Guotai Junan Securities will leverage its expertise in capital markets to support Suzhou's "1030" industrial system and enhance regional service capabilities [2][3]. Group 2: Company Background and Achievements - Guotai Junan Securities, formed from a merger, boasts total assets exceeding 1.7 trillion yuan and net assets over 340 billion yuan, positioning it as a leader in the industry [2]. - The company has a long-standing presence in Suzhou, with 11 branches serving nearly 280,000 clients and facilitating the listing of 21 local companies on the capital market [3][4]. Group 3: Economic Impact and Future Plans - The partnership is expected to contribute to Suzhou's economic growth, with the city providing robust support for Guotai Junan's operations [4][5]. - Suzhou's economic indicators highlight its significance, contributing 2% of the national economic output and housing 271 listed companies, showcasing its role as a hub for innovation and industry [5].

ETF Industry News - Major indices experienced fluctuations with the Shanghai Composite Index down 0.02%, Shenzhen Component down 0.26%, and ChiNext down 0.31. Multiple transportation sector ETFs saw gains, including the Logistics Express ETF (516530.SH) up 1.23%, Logistics ETF (516910.SH) up 1.15%, and Transportation ETF (561320.SH) up 0.93 [1] - The logistics industry is expected to maintain rapid growth in 2024, despite a decline in package value and ticket prices due to trends towards smaller packages. Rail passenger volume is projected to grow at a double-digit rate in 2024, while road freight and passenger transport will continue to increase [1] - In the ETF market, as of the end of April, the Shanghai Stock Exchange had 680 ETFs with a total market value of 2.96 trillion yuan and total shares of 1.75 trillion. The Shenzhen Stock Exchange had 467 ETFs with a total market value of 1.09 trillion yuan and total shares of 866.68 billion [3][4] - The top three brokers in terms of ETF trading volume on the Shanghai Stock Exchange in April were Huatai Securities, China Galaxy, and CITIC Securities, with market shares of 10.94%, 8.52%, and 7.94% respectively [4] - The overall performance of ETFs showed that strategy-based ETFs had the best average return of 0.43%, while thematic ETFs had the worst average return of -0.37% [11] - The top three performing stock ETFs for the day were Communication ETF (515880.SH) with a return of 1.42%, 800 Cash Flow ETF (563990.SH) with 1.37%, and 180 Governance ETF (510010.SH) with 1.24% [13] - The top three stock ETFs by trading volume were A500 ETF Fund (512050.SH) with 2.798 billion yuan, A500 Index ETF (159351.SZ) with 2.533 billion yuan, and CSI 300 ETF (510300.SH) with 2.130 billion yuan [17]