普利制药于2017年3月28在深圳证券交易所创业板上市。公开发行股票3,052.9405万股，发行价格11.49 元/股。上市保荐机构为海通证券股份有限公司(现更名为"国泰海通")，保荐代表人及联系人为赵鑫、汪 晓东。 中国经济网北京5月19日讯普利制药(股票简称"普利退（300630）"，300630.SZ)今日收报0.82元，跌幅 8.89%。 普利制药本次发行新股募集资金总额为35,078.29万元，扣除发行费用3,643.00万元后，募集资金净额为 31,435.29万元。发行费用共计3,643万元，承销和保荐费用为2,500万元。 根据中国证券监督管理委员会《关于同意海南普利制药股份有限公司向不特定对象发行可转换公司债券 注册的批复》(证监许可〔2021〕106号)，本公司由主承销商海通证券股份有限公司向不特定对象发行 可转换公司债券850万张，每张面值为人民币100元。本次发行的募集资金总额为85,000.00万元，扣除承 销及保荐费1,000.00万元(不含税)后实际收到的金额为84,000.00万元，已由主承销商海通证券股份有限 公司于2021年2月22日汇入公司募集资金监管账户。另减除律师费 ...

A股快速轮动、冲高回落后，进入5月下旬，市场将作何表现呢？ 智通财经搜集了10家券商的观点，大部分券商认为，随着资本市场基础制度改革提速和资金情绪略有回 升，叠加经济基本面有望脉冲式改善，接下来A股指数有望进一步缓步推高，并向上挑战震荡区间上 限。 国泰海通证券表示，展望后市仍然保持乐观，随着资本市场基础制度改革提速，继续看好中国股市。同 时贴现率下降是如今中国股市上升的重要动力，A股指数有望进一步缓步推高。 中信证券：回归基准是通过基准的行业配比向基金持仓配比演化而不是相反 当前，市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准 是通过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视 野下，这与追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少 博弈性持仓，长期来看最大的影响是活跃头寸的占比下降。 "二季度经济基本面有望脉冲式改善。二季度从'抢转口'到'抢出口'，外需从初步显现下行压力，到可能 脉冲式上行。尽管基本面改善尚无法外推，但短期数据验证有望保持强势，至少排除了下行风险。5月 政策兑现成为主要矛盾阶 ...

国泰海通证券研报表示，面向未来，仍然保持乐观，中国A/H指数有望进一步缓步推高：1)遍历冲击 后，投资人对经济形势的认识已然充分。2)中国股市的无风险利率下降，海外预期降低、固收预期降 低，股市是解决社会资本开支下降与资产管理需求上升的关键破局点。3)围绕投资者为本、投融资相协 调的资本市场改革拉开序幕并提速，中国市场的底色向"可投资、重回报"转变，股市风险溢价降低。因 此，贴现率下降是如今中国股市上升的重要动力。 ...

Group 1 - The article analyzes the performance benchmark adjustments of public funds from 2022 to May 7, 2025, highlighting that the new benchmark in 2024 yielded lower returns compared to the old benchmark [1] - A total of 208 funds were sampled, with 21 in 2022, 47 in 2023, 82 in 2024, and 58 in 2025, categorized into three main types: equity indices, pure bond indices, and cash [1] - The positioning of pure products has become clearer, with short-term bond funds shifting their benchmarks significantly towards cash, while long-term bond funds remained unchanged [1] Group 2 - Mixed product adjustments vary, with funds having less than 20% equity significantly lowering their cash and equity weight, aiming to outperform pure bonds [2] - Funds with 20%-80% equity reduced cash weight and shifted more towards equity, while those with over 80% equity decreased pure bond weight and increased equity, focusing more on style/sector within equity [2]

中信证券：关于回归基准配置的几个误区和几个事实 我们认为市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准是通 过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视野下，这与 追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少博弈性持仓，长期 来看最大的影响是活跃头寸的占比下降。 此外，用前瞻眼光去看，未来如果外资逐步回流，市场生态也会相较过去3年发生重大转变，不能用后视镜视 角静态去看行业配比，好公司和差公司之间的差异会远远超过所谓的"好行业"和"差行业"。 申万宏源：公募持仓向业绩比较基准靠拢未必是普遍趋势 《推动公募基金高质量发展行动方案》是长期改革，而其短期映射，成为结构性行情的主要线索。在我们看 来，主动公募产品调整业绩比较基准，是集中梳理产品策略的一次机遇。而持仓向业绩比较基准靠拢却未必是 普遍趋势。 如何去有效地设定基准是长期而言实现客户利益、赢得竞争并避免被被动型产品替代的最关键问题。对于主动 权益型产品而言，沪深300、中证800以及A500作为全市场基金基准都有较大的局限性，能够反映新质生产力 ...

Core Viewpoint - The report summarizes the sponsorship and underwriting process for the initial public offering (IPO) of Liaoning Dingjide Petrochemical Co., Ltd, detailing the issuance of 33.36667 million shares at a price of RMB 21.88 per share, raising a total of RMB 730.0627 million, with a net amount of RMB 656.9027 million after deducting issuance costs [1][2][3]. Group 1: Sponsorship and Issuance Details - The IPO was approved by the China Securities Regulatory Commission (CSRC) and listed on the Shanghai Stock Exchange on August 18, 2022 [1][2]. - The registered capital of Liaoning Dingjide Petrochemical Co., Ltd is RMB 134.511667 million, with a legal representative named Wu Chunye [2][3]. - The company’s actual controller is Zhang Zaiming, and the securities code is 603255 [2]. Group 2: Sponsorship Responsibilities - During the due diligence phase, the sponsoring institution coordinated with various intermediaries, conducted thorough investigations, and prepared necessary documentation for the IPO [3][4]. - In the ongoing supervision phase, the sponsor focused on preventing resource misappropriation by major shareholders and ensuring compliance with corporate governance standards [3][4]. Group 3: Major Events and Issues - A change in the designated sponsor representative occurred in February 2023, with Zhang Yuheng replacing Ding Shangjie due to a job change [4][5]. - The company faced issues related to non-operating fund occupation by related parties in 2024, which were not promptly reported to the sponsor [5][6]. - The sponsor conducted a special inspection regarding fund occupation and provided training to the company's management to enhance internal control [5][6]. Group 4: Fund Usage and Compliance - The sponsor reviewed the usage of raised funds, confirming compliance with CSRC and stock exchange regulations, with all funds being used appropriately [6]. - The report indicates that the company has completed the use of all funds raised from the IPO as of the report date [6].

Core Viewpoint - Jilin Zhongyan High Polymer Materials Co., Ltd. has successfully completed its initial public offering (IPO) and is under continuous supervision by Guotai Junan Securities Co., Ltd. from September 20, 2023, to December 31, 2026, ensuring compliance with regulatory requirements and effective corporate governance [3][4]. Group 1: Company Overview - The company has issued shares with a par value of RMB 1 each, raising a net amount of RMB 799.71 million [3]. - The company operates in the PEEK (Polyether Ether Ketone) materials sector, which is characterized by high technical barriers and limited competition in large-scale industrial production [9][17]. Group 2: Financial Performance - For the year 2024, the company reported a revenue of RMB 277.09 million, a decrease of 5.05% compared to RMB 291.84 million in 2023 [16]. - The gross profit margin for the company was 40.08%, slightly up from 39.48% in the previous year, indicating stable profitability despite revenue decline [10][16]. - The net assets attributable to shareholders increased to RMB 135.45 million, reflecting an 8.80% growth from RMB 124.50 million in 2023 [16]. Group 3: Risk Factors - The company faces core competitiveness risks due to the reliance on key technical personnel, whose departure could adversely affect operations [10]. - Operational risks are present as the company expands its business scale, necessitating enhanced management capabilities to adapt to changing environments [10]. - Financial risks include potential declines in gross margin due to increased competition and rising raw material costs, which could impact profitability [11][16]. Group 4: Research and Development - The company has significantly increased its R&D investment, with total R&D expenditures reaching RMB 3.19 million in 2024, accounting for 11.52% of revenue, up from 7.91% in 2023 [23]. - The company has developed new medical-grade PEEK products and completed various biocompatibility evaluations, transitioning from research to development phases [24]. Group 5: Market Position - The company is recognized as a national high-tech enterprise and has established itself as a leader in the domestic PEEK market, surpassing international competitors in sales volume [17][22]. - The company has a diverse product range, including 89 specifications of PEEK products, which enhances its market resilience and competitive advantage [19].

国泰海通证券股份有限公司 关于峰岹科技（深圳）股份有限公司 差异化分红事项的核查意见 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 峰岹科技（深圳）股份有限公司（以下简称"峰岹科技"或"公司"）首次公开 发行股票并在科创板上市的持续督导保荐机构，根据《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 规定，对峰岹科技 2024 年年度利润分配所涉及的差异化分红进行了核查，核查 情况及核查意见如下： 一、本次申请特殊除权除息处理的原因 五次会议，审议通过了《关于使用超募资金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集中竞价交易方式回购公司发行的人民币 普通股（A 股）。回购的股份将在未来适宜时机全部用于员工持股计划或股权激 励计划。回购的价格不超过人民币 178 元/股（含），回购的资金总额不低于人民 币 2,000 万元（含），不超过人民币 3,000 万元（含）。回购期限自董事会审议通 过回购股份方案之日起 12 个月内。 公司于 2024 年 1 月 31 日至 2024 年 9 月 10 日间累计回购公司股份 ...

Core Viewpoint - The accumulation of OCI (Other Comprehensive Income) floating profits in banks has been largely consumed, primarily due to passive consumption from a weak bond market rather than active selling by banks. The pressure on net interest margins is mainly observed in large banks, and with the alleviation of the "lack of liabilities" issue in Q2, a clearer bottom for net interest margins is expected [1][15]. Group 1: OCI Floating Profit Consumption - Most banks have consumed over half of their OCI floating profit accumulation, with some banks even turning to floating losses. Among the six major banks, one has consumed about half of its floating profit accumulation, while others have consumed around one-third. In total, 25 out of 33 listed banks have consumed more than half of their OCI floating profits, with 7 turning to floating losses [2][5]. - The low performance of bond market investment returns has significantly dragged down the revenue performance of listed banks. In Q1, non-interest income reduced the revenue growth of joint-stock banks and city commercial banks by 3.81 percentage points and 6.42 percentage points, respectively, while the contribution to rural commercial banks dropped from 7.30 percentage points to 4.52 percentage points [2][5]. Group 2: Net Interest Margin Pressure - The pressure on net interest margins and the resistance to recovery are primarily seen in large banks, which have passively shifted to interbank certificates of deposit and interbank fixed deposits due to a "lack of liabilities" in Q1. The average net interest margin for large banks narrowed by 0.10 percentage points to a low of 1.39% in Q1 [15]. - The alleviation of the "lack of liabilities" pressure and the stabilization of interbank deposit scale and prices are expected to lead to a significant easing of net interest margin narrowing pressure for large banks in Q2, reflecting the effectiveness of previous measures to reduce funding costs [15]. Group 3: Retail Loan Risks - Risks in retail loans remain, with no consistent trend of alleviation observed. Banks with a higher proportion of retail loans face greater difficulty in reducing non-performing loan rates compared to their peers, and the speed of provision consumption is faster [9]. - An analysis of three state-owned banks with retail loan ratios exceeding 50% shows a divergence in the direction and magnitude of changes in provision coverage ratios, the proportion of loans under scrutiny, and non-performing loan rates [9].

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