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 差异化权益分派特殊除权除息事项的核查意见 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 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及持续督导的保荐机构，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》《上海证券交易所上市公司自律监管指引第 7 号——回购 股份》等相关规定，对公司 2024 年度利润分配所涉及的差异化权益分派特殊除 权除息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及方案 （一）本次差异化分红原因 公司已于 2024 年 2 月 5 日召开第二届董事会第七次会议，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》，同意公司以超募资金通过上 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）股票，回购资金总额不低于人民币 2,000 万元（含），不超过人 民币 4,000 万元（含），回购股份将在未来适宜时机全部用于公司员工 ...

Group 1 - The article highlights that ETFs (Exchange-Traded Funds) are becoming a key driver for brokerage firms' wealth management transformation and business innovation [1] - As of the end of April, the Shanghai Stock Exchange had 846 fund products with a total asset management scale of 3.1 trillion yuan, while the Shenzhen Stock Exchange had 756 fund products with a total asset management scale of 1.13 trillion yuan [2] - The total number of ETF products in the market reached 1,181 as of May 27, showing a year-on-year growth of 23.28%, with total shares of 2.75 trillion, up 28.85% year-on-year [5] Group 2 - Leading brokerages are leveraging their comprehensive strength and rich business experience to rank high in ETF trading volume, with Huatai Securities, China Galaxy, and CITIC Securities leading the Shanghai market in April [2] - The brokerage with the highest market share in ETF holdings as of the end of April was China Galaxy, with a market share of 24.57%, followed by Shenwan Hongyuan Securities at 17.87% [3] - Huatai Securities led the market in the number of ETF trading accounts, holding an 11.8% market share as of the end of April [4] Group 3 - The rapid expansion of the ETF market is expected to drive growth in brokerage retail business and create favorable conditions for expanding institutional services and market-making activities [5] - Brokerages are actively increasing their presence in the ETF market, with firms like China Merchants Securities focusing on expanding quality product offerings and creating an ETF ecosystem [5]

国泰海通证券股份有限公司 关于华海清科股份有限公司 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"国泰海通"或"保荐机构"）作为 华海清科股份有限公司（以下简称"华海清科"或"公司"）首次公开发行股票 并在科创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》 《上海证券交易所科创板股票上市规则》《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》等法律法规的相关规定，对华海清科首次公开发 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 根据中国证券监督管理委员会于 2022 年 4 月 27 日出具的《关于同意华海清 科股份有限公司首次公开发行股票注册的批复》（证监许可2022890 号），同 意公司首次公开发行股票的注册申请。华海清科股份有限公司（以下简称"公司"） 首次向社会公开发行人民币普通股 26,666,700 股，并于 2022 年 6 月 8 日在上海 证券交易所科创板上市，发行完成后总股本为 106,666,700 股，其中有限售条件 流通股 82,769,851 股，无限售条件流通股 ...

债券简称：19 深圳能源绿色债 01、 债券代码：1980049.IB、 国泰海通证券股份有限公司 关于深圳能源集团股份有限公司涉及信息披露事务负责人 发生变动的临时债权代理事务报告 债权代理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年五月 重要声明 根据发行人披露的《深圳能源集团股份有限公司关于聘任董事会秘书的公 告》，2025 年 5 月 20 日，公司董事会八届三十四次会议审议通过了《关于聘任 董事会秘书的议案》。 本报告依据《公司债券发行与交易管理办法》 《2018 年深圳能源集团股份有 限公司绿色公司债券债权代理协议》等相关规定和约定、公开信息披露文件以及 深圳能源集团股份有限公司（以下简称公司、深圳能源或发行人）出具的相关说 明文件以及提供的相关资料等，由债权代理人国泰海通证券股份有限公司（以下 简称国泰海通证券）编制。 公司董事会近日收到董事会秘书周朝晖先生提交的书面辞职报告。周朝晖先 生因工作变动不再担任公司董事会秘书职务，离任后将继续在公司全资子公司深 圳市能源运输有限公司担任执行董事、总经理职务。周朝晖先生原定任期至公司 第八届董事会任期届满时止。 根据相关法律、 ...

Core Viewpoint - Shenzhen Stock Exchange has imposed disciplinary actions against Guotai Haitong Securities Co., Ltd. and related parties due to significant internal control deficiencies and inaccurate audit opinions regarding the financial information of Zhongding Hengsheng Gas Equipment (Wuhu) Co., Ltd. during its IPO process [1][11]. Group 1: Internal Control Deficiencies - The issuer, Zhongding Hengsheng, exhibited major internal control deficiencies, failing to adequately verify the reliability of financial information, leading to inaccurate audit opinions [1][3]. - The financial data discrepancies were significant, with asset total and net asset differences of 43% and 36% respectively for 2020, and revenue and net profit differences of 20% and 24% [2][3]. Group 2: R&D Expense Control Issues - The issuer did not sufficiently verify the effectiveness of internal controls over R&D expenses, with discrepancies in R&D project documentation and improper handling of R&D materials [4][5]. - In 2022, the issuer reported R&D expenses of 12.21 million yuan, but the internal controls were found to be non-compliant [4]. Group 3: Revenue Recognition Problems - The issuer's revenue recognition practices were found to be non-compliant, with instances of recognizing revenue before the complete delivery of products [6][7]. - The main product sales revenue for the reporting period exceeded 90% of total revenue, yet the basis for revenue recognition was deemed insufficient [6]. Group 4: Misuse of Funds by Actual Controllers - The actual controllers of the issuer misappropriated 67.54 million yuan for personal investments, with inadequate tracking of the funds' flow and usage [7][8]. - The investigation revealed that the controllers' fund usage was not properly scrutinized, leading to a lack of transparency [7]. Group 5: Disciplinary Actions - Guotai Haitong and its representatives received a six-month ban from signing any IPO application documents due to their failure to comply with regulatory requirements [11][12]. - The accounting firm, Rongcheng CPA, and its signing accountants also faced similar disciplinary actions for their inadequate audit practices [12][13].

Core Viewpoint - The A-share market is expected to continue its consolidation next week, influenced by technical indicators and upcoming holiday-related risk aversion among investors [1][2]. Market Analysis - The liquidity shock indicator for the CSI 300 index was 1.13 on Friday, lower than the previous week (2.63), indicating current market liquidity is 1.13 times above the average level of the past year [2]. - The put-call ratio for the SSE 50 ETF options decreased to 0.94 from 1.03, suggesting a decline in investor caution 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 0.85% and 1.40%, respectively, indicating a decrease in trading activity, positioned at the 58.47% and 68.54% percentiles since 2005 [2]. Macro Factors - The RMB exchange rate fluctuated last week, with onshore and offshore rates increasing by 0.2% and 0.52%, respectively [2]. - Historical data shows that from May 2005 onwards, the probability of the SSE Composite Index, CSI 300, CSI 500, and ChiNext Index rising in the latter half of May was 45%, 45%, 50%, and 47%, with average gains of -0.1%, -0.02%, 0.67%, and 1.71% [2]. Event-Driven Factors - The US stock market experienced a downward trend last week, with the Dow Jones, S&P 500, and Nasdaq indices reporting weekly returns of -2.47%, -2.61%, and -2.47%, respectively [2]. - The People's Bank of China conducted a 500 billion yuan MLF operation on May 23, with a one-year term, resulting in a net injection of 375 billion yuan for May, marking the third consecutive month of increased liquidity [2]. Technical Analysis - The Wind All A index broke below the SAR point on May 23, but the moving average strength index remains above average, indicating no bottoming pattern has emerged [2]. - The current market score based on the moving average strength index is 154, positioned at the 62.5% percentile since 2021 [2]. Performance Overview - For the week of May 19-23, the SSE 50 index fell by 0.18%, the CSI 300 index also decreased by 0.18%, the CSI 500 index dropped by 1.1%, and the ChiNext index declined by 0.88% [3]. - The overall market PE (TTM) stands at 19.0 times, which is at the 50.6% percentile since 2005 [3]. Factor Crowding Observations - The crowding degree for low valuation factors has decreased, with small-cap factor crowding at 0.91, low valuation factor crowding at 0.25, high profitability factor crowding at -0.23, and high profitability growth factor crowding at -0.03 [3]. - Industry crowding is relatively high in machinery equipment, comprehensive, retail, environmental protection, and automotive sectors, while transportation and non-ferrous metals sectors have seen a significant increase in crowding [3].

Core Insights - The article predicts the adjustment list for major market index constituents as of June 2025, utilizing refined financial loss identification rules and a review mechanism for securities [1][2] - It highlights significant Alpha return characteristics in the sample combinations of stocks added or removed during index adjustments, particularly through liquidity shock factor grouping [1][2] Market Index ETF Scale - As of April 2025, the scale of various ETFs such as SSE 50, STAR 50, CSI 300, CSI 500, CSI 1000, and ChiNext Index are 170.6 billion, 166.4 billion, 1077.3 billion, 144.1 billion, 140.9 billion, and 115.6 billion respectively [1] - The overall scale of these index ETFs has increased nearly fourfold compared to the end of 2021, indicating a growing trend towards index-based investment [1] Index Adjustment Rules and Historical Testing - The article outlines that the CSI and National Index series are adjusted twice a year, with a high prediction accuracy and coverage rate of around 90% for the CSI 300 index adjustments [2] - It emphasizes the significant Alpha return characteristics observed in the sample combinations during the prediction and announcement periods of index adjustments [2] Arbitrage Strategy Research - Since the second half of 2019, single adjustment absolute returns have been 18.36%, with long-short returns at 23.89% and excess returns at 15.10% [2] - Annual adjustment absolute returns reached 40.09%, with long-short returns at 50.84% and excess returns at 33.47% [2]

Market Overview - Global stock markets experienced a correction last week, with a risk preference retreating from high levels. The MSCI Global Index fell by 1.9%, with developed markets down by 2.1% and emerging markets down by 0.5% [3][10] - The Hang Seng Index showed the best performance among emerging markets, increasing by 1.1%, while the Korean Composite Index was the weakest, declining by 1.3% [3][10] Sector Performance - In the US market, defensive sectors such as utilities and consumer staples performed well, while technology sectors faced adjustments. The S&P 500 saw a decline of 2.6% [10] - In the European market, utilities and communication services led with gains of 2.6% and 2.3%, while consumer discretionary and energy sectors lagged behind [10] - The Hong Kong market saw significant gains in the materials and healthcare sectors, with increases of 6.1% and 5.6%, respectively [10] Valuation Trends - Developed markets' overall valuation decreased, with the latest PE and PB ratios at 21.9x and 3.5x, respectively, placing them at the 86% and 97% percentile levels since 2010 [21] - Emerging markets' valuations improved, with PE and PB ratios at 15x and 1.9x, respectively, at the 72% and 85% percentile levels since 2010 [22] Earnings Expectations - Earnings expectations for global markets were mostly revised downwards, with Hong Kong showing a notable upward revision. The Hang Seng Index's 2025 EPS forecast was adjusted from 2214 to 2222 [27] - The S&P 500's 2025 EPS forecast was revised down from 264 to 263, with the consumer discretionary sector seeing the largest upward revision of +0.2% [27][28] Liquidity Conditions - Global liquidity conditions tightened marginally last week, with macro liquidity indicators showing a mixed trend across regions. The US and China saw interest rates decline, while European rates slightly increased [30] - The tightening of liquidity was reflected in the increase of long-term bond yields in major countries, with the UK, Japan, and the US seeing the largest increases [30] Economic Outlook - The economic outlook showed divergence, with the US economy experiencing a marginal decline in sentiment, as indicated by a drop in the manufacturing PMI to 48.7% [35] - In contrast, the European economy maintained stability, with the Eurozone manufacturing PMI at 49% and service PMI at 50.1%, indicating continued expansion [43]

差异化权益分派特殊除权除息事项的核查意见 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"）的持续督导机构， 根据《中华人民共和国公司法》 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 《中华人民共和国证券法》 《上海证券交易所交易 规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规 定，对公司 2024 年度利润分配所涉及的差异化权益分派特殊除权除息事项进行 了审慎核查，具体情况如下： 一、本次差异化分红方案及原因 （一）本次差异化分红方案 根据公司于 2025 年 3 月 19 日公告的《天津金海通半导体设备股份有限公司 关于 2024 年度利润分配方案的公告》和公司于 2025 年 4 月 8 日召开的 2024 年 年度股东大会审议通过的《关于 2024 年度利润分配方案的议案》，公司 2024 年 度利润分配方案如下： 公司拟以实施权益分派时股权登记日登记的总股本扣减公司回购专用账户 的股数为基数，向全体股东（公司回购专用证券账户除外）每 10 股派发现金红 利 1.70 元（ ...

Core Viewpoint - The China Securities Association (CSRC) has updated the classification list of sponsor representatives, with the D category (suspended business) now including 15 individuals, a decrease of one from the initial public list. The update adds eight new representatives from six securities firms, highlighting ongoing regulatory scrutiny in the industry [1][2]. Group 1: Regulatory Actions - The D category list includes representatives who have faced administrative penalties from the CSRC within the last three years, as well as those deemed unsuitable for related business activities [2][3]. - The newly added representatives have been involved in significant financial fraud cases, with some projects being withdrawn but still resulting in penalties [3]. - The CSRC has emphasized the importance of holding intermediary institutions accountable for their responsibilities, with a focus on enhancing the quality of their operations [7]. Group 2: Industry Impact - The updated classification list aims to clarify the responsibilities and risks for sponsor representatives, promoting diligence and self-regulation within the industry [6]. - As of now, the CSRC has publicly listed 8,552 sponsor representatives, a reduction of 168 from the previous year, indicating a tightening of compliance within the sector [6]. - Approximately 300 sponsor representatives have been identified as having violated self-regulatory rules or regulatory provisions, reflecting ongoing challenges in maintaining industry standards [6][7].