国泰海通证券股份有限公司、德邦证券股份有限公司 关于海南矿业股份有限公司 差异化权益分派事项的核查意见 国泰海通证券股份有限公司（以下简称"联合保荐人"或"国泰海通"）、德邦 证券股份有限公司（以下简称"联合保荐人"或"德邦证券"）作为海南矿业股份有 限公司（以下简称"海南矿业"或"公司"）持续督导工作的保荐人，根据《证券发 行上市保荐业务管理办法（2023年修订）》《上海证券交易所上市公司自律监 管指引第7号——回购股份（2023年12月修订）》等有关规定，对海南矿业差 异化权益分派特殊除权除息事项进行了审慎核查，发表核查情况说明如下： 一、本次差异化权益分派的原因 于以集中竞价交易方式回购股份方案的议案》，回购的股份将在未来适宜时间 用于股权激励或员工持股计划，回购价格不超过人民币9.71元/股（含），回购 资金总额不低于人民1.5亿元（含），不超过人民币3亿元（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2023年11月20日实施了首次回购。2024年3月4日，公司完成该次回 购方案，合计回购公司股份48,271,626股，占公司当时总股本的比例为2.37%。 截至2025年4 ...

Group 1 - The brokerage industry has been actively repurchasing shares this year, with six brokerages announcing buyback plans as of May 12, including Guotai Junan, Dongfang Securities, Guojin Securities, and Caitong Securities, which have already implemented buybacks totaling 284 million yuan [1][2] - Brokerages state that the buybacks reflect confidence in their ongoing development and recognition of their value, aiming to maintain market value, protect shareholder rights, and enhance investor confidence [1][3] - Dongfang Securities announced its first buyback of 1.6641 million A-shares on May 7, representing 0.0196% of its total share capital, with a total payment of 15.611 million yuan [1][2] Group 2 - Guotai Junan reported that as of April 30, 2025, it had repurchased 16.9238 million A-shares, accounting for 0.096% of its total share capital, with a total expenditure of 284 million yuan [2] - Guojin Securities and Caitong Securities also disclosed their buyback progress, with Guojin repurchasing 2.1589 million shares (0.0582% of total capital) for 17.1238 million yuan, and Caitong repurchasing 23.0551 million shares (0.5% of total capital) for 169 million yuan [2] - The regulatory environment encourages listed companies to enhance market value management through buybacks, as highlighted in the new "National Nine Articles" policy [3][4] Group 3 - Brokerages are also utilizing dividends as a method to strengthen market value management, with Guoxin Securities maintaining a cash dividend ratio exceeding 40% for four consecutive years [3] - Guotai Junan emphasizes a "long-term, stable, and sustainable" shareholder value return mechanism, with a proposed dividend of 0.28 yuan per share for 2024, significantly higher than the previous year [3] -招商证券 has established a market value management system and will assess the feasibility of share buybacks when stock prices decline irrationally [4]

Core Viewpoint - The company, Guangzhou Ankai Microelectronics Co., Ltd., has reported a significant decline in net profit and operating income due to intensified competition in the semiconductor industry and increased R&D investments aimed at enhancing product competitiveness [1][24]. Financial Performance - The company's net profit attributable to shareholders was -56.7682 million yuan, a year-on-year decrease of 311.48% [22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -62.3942 million yuan, a year-on-year decrease of 945.74% [22]. - Operating income for the period was 52.70919 million yuan, down 7.94% from the previous year [22]. R&D and Market Position - The company has increased its R&D investment, which accounted for 25.24% of operating income, up 5.81 percentage points year-on-year [22][29]. - The company is focusing on enhancing the intelligence level of its IoT camera chips and strengthening its core competitiveness in related technologies [1][24]. Industry Context - The semiconductor industry is experiencing heightened competition, with numerous domestic and international players, including HiSilicon, Ambarella, and NXP [11][12]. - The company faces challenges in product layout and market position compared to leading competitors, particularly in the high-definition and high-performance product segments [12][24]. Business Model and Operations - The company operates on a "Fabless + Chip Testing" model, outsourcing wafer production and chip packaging, which presents risks related to supply chain stability and production capacity [14][20]. - The company has established stable relationships with its suppliers, but any disruptions in the supply chain could adversely affect production and delivery [14][20]. Future Outlook - The company plans to continue investing in R&D to maintain market competitiveness and address the evolving demands of the IoT market [1][24]. - The successful implementation of its fundraising projects is critical for future growth, with a total investment of 55.3859 million yuan allocated for IoT chip R&D upgrades and industrialization [19][16].

中航成飞（302132）今日20cm涨停，成交额97.39亿元，换手率18.29%，盘后龙虎榜数据显示，深股通 专用席位买入2.72亿元并卖出2.67亿元。国泰海通证券上海江苏路净买入6.86亿元。 ...

5月9日晚间，红塔证券公告称，公司收到董事长景峰的函件，提议进行股份回购注销，以优化资本结构并 提升股东价值。今年以来，A股证券板块已有多家公司提出回购计划。 此前在4月8日，国务院国资委表示，全力支持央企控股上市公司不断加大增持回购力度。随后，以央企国企为 主的证券公司开始陆续酝酿回购方案。据券商中国统计，目前公布回购计划的6家券商（含券商母公司，下 同）中，已有4家进行了回购操作，其中国泰海通已累计回购近3亿元。 已有6家推出回购方案 根据公告，红塔证券5月9日收到董事长景峰提交的《关于提议红塔证券进行股份回购注销的函》，提议以自有 资金在上交所以集中竞价方式回购股份，回购金额在1亿元至2亿元，回购的股份将用于减少注册资本，优化资 本结构，提升股东价值。 景峰称，此举是基于对公司持续发展的信心和对公司价值的高度认可，为积极响应监管机构号召，维护公司市 场价值及股东权益，增强投资者对公司的投资信心，同时促进公司稳定健康发展。这一想法同多家券商不谋而 合。 在红塔证券之前，今年已有6家券商公布了回购方案。行动最早的国金证券，其在4月8日国务院国资委发声 后，第一时间公告的新一轮回购股份方案——此前在2024年 ...

Core Viewpoint - The article highlights three unexpected aspects of China's export growth in April 2025, indicating resilience in exports despite challenges, with a focus on the strong performance in exports to the U.S., the effectiveness of re-export trade, and the growth in exports to non-U.S. markets [1][5][6]. Summary by Sections Export Growth Performance - In April 2025, China's export growth rate was 8.1% year-on-year in dollar terms, down from 12.4% previously, while imports saw a slight decline of -0.2% compared to -4.3% before [2]. - Month-on-month, exports increased by 0.6% from March, showing strong resilience despite potential over-extraction in March and the impact of tariffs in April [2]. Trade Surplus and Economic Support - The trade surplus in April was stronger than the average for the first quarter of 2025, providing support for the economy [3]. Export Structure Analysis - The export structure showed significant differentiation: exports to the U.S. fell sharply by -21.0%, while exports to ASEAN and Latin America rose significantly by 20.8% and 17.3%, respectively [4]. - Despite tariff exemptions for mobile phones and computers, export growth in these categories declined, possibly due to prior over-extraction [4]. Unexpected Aspects of Export Growth - The resilience of exports to the U.S. was unexpected, with a month-on-month decline of only about 19 percentage points from seasonal norms, indicating a high dependency of U.S. importers on Chinese goods [5]. - Re-export trade showed unexpected strength, with a combined export growth rate of 4.7% to the U.S., ASEAN, and Latin America, suggesting that re-export trade effectively offset declines in direct exports to the U.S. [5]. - Exports to regions outside the U.S., ASEAN, and Latin America grew by 10.4%, surpassing previous averages, indicating that Chinese exporters are actively seeking new markets [6]. Future Outlook - Short-term export growth may face challenges due to potential cooling in small package exports and capacity constraints in re-export trade, but April's performance demonstrates strong resilience [6].

国泰海通证券股份有限公司 关于合肥新汇成微电子股份有限公司 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 为合肥新汇成微电子股份有限公司（以下简称"汇成股份"或"公司"）首次公 开发行股票并上市及向不特定对象发行可转换公司债券的持续督导保荐机构，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，对汇成股份 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 《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或 自筹资金通过上海证券交易所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。回购的股份将在未来适宜时机用于股权激励计 划及/或员工持股计划，或用于转换上市公司发行的可转换为股票的公司债券。 调整后的回购 ...

Core Viewpoint - In April, A-shares experienced a significant repurchase wave, with over 240 listed companies announcing repurchase plans totaling approximately 73.5 billion yuan, marking an explosive growth in both the number of companies and the amount proposed compared to March [1][2][3] Group 1: Repurchase Activity - A total of 241 companies announced share repurchase plans in April, a more than fourfold increase from 44 in March, with a proposed repurchase amount of approximately 735.25 billion yuan, up 257.14% from March's 205.87 billion yuan [2][3] - Notable companies leading the repurchase include Ningde Times (80 billion yuan), Xugong Machinery (36 billion yuan), and Midea Group (30 billion yuan) [2][3] - The repurchase activity was spurred by market volatility and a call from the State-owned Assets Supervision and Administration Commission to support central enterprises and listed companies [3][4] Group 2: Market Impact - The repurchase wave positively impacted the capital market, with the Shanghai Composite Index rebounding after a drop of 7.34% on April 7, recording a cumulative increase of 7.93% from April 8 to May 9 [8] - The total repurchase transaction amount in April exceeded 26 billion yuan, a 73% increase from March [9] Group 3: Financing and Policy Support - Approximately 105 of the 241 companies obtained loan commitment letters for repurchase financing, with the total loan amount capped at about 19.956 billion yuan, an increase of 68.35% from March [5] - The People's Bank of China extended the maximum loan term for repurchase financing from one year to three years, reducing the self-funding requirement from 30% to 10% [5] Group 4: Individual Company Actions - Xugong Machinery led the repurchase with a total of 21.42 billion yuan completed by May 7, showcasing a strong commitment to shareholder returns [10][11] - Zijin Mining completed its repurchase plan in just three trading days, reflecting confidence in its future prospects, with a total repurchase amount of 10 billion yuan [11]

又一家券商用"真金白银"传递市场信心。 除了红塔证券外，近期还有多家券商也发布了回购计划。 具体来看，景峰提议使用自有资金通过上海证券交易所交易系统以集中竞价方式回购公司部分人民币普通股 （A股）股票，回购价格上限不高于董事会审议通过回购股份方案决议前30个交易日公司股票交易均价的150%，回 购资金总额不低于1亿元（含），不超过2亿元（含），回购期限自股东会审议通过回购股份方案之日起12个月内。 关于提议回购股份的原因和目的，红塔证券表示，基于对公司持续发展的信心和对公司价值的高度认可，为积 极响应监管机构号召，维护公司市场价值及股东权益，增强投资者对公司的投资信心，同时促进公司稳定健康发 展，故提议红塔证券以自有资金通过上海证券交易所交易系统以集中竞价方式回购公司部分股份，回购的股份将用 于减少公司注册资本，优化公司资本结构，提升公司股东价值。 5月9日，红塔证券公告称，董事长景峰提交了《关于提议红塔证券进行股份回购注销的函》，提议以自有资金 回购公司部分股份。 5月6日晚间，东方证券发布公告称，公司将以集中竞价交易方式首次回购公司A股股份，拟回购金额为2.5亿元 至5亿元。回购股份价格不超过人民币13. ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q1 2025, the scale of open - ended bond funds decreased, with significant drops in pure - bond funds and continuous shrinkage in partial - debt hybrid funds for 13 quarters, while the scale of ordinary bond funds and convertible bond funds increased [2][3]. - The performance of convertible bond funds improved quarter - on - quarter, while the performance of pure - bond funds, ordinary bond funds, and partial - debt hybrid funds declined [2][10][11]. - In terms of asset allocation, the bond positions of pure - bond funds showed different trends, and the pure - bond and convertible bond positions of debt - containing funds decreased quarter - on - quarter, with different changes in stock positions [2][18][23]. 3. Summary by Relevant Catalogs 3.1 Scale 3.1.1 Management Scale - As of Q1 2025, the scale of open - ended bond funds decreased by 435.5 billion yuan to 6.44 trillion yuan (-6.3%). Pure - bond funds decreased by 490.2 billion yuan to 3.81 trillion yuan (-11.4%), index bond funds and partial - debt hybrid funds decreased by 4.9% and 4.8% respectively, and ordinary bond funds and convertible bond funds increased by 8.2% [2][3]. - In terms of scale proportion, long - term pure - bond funds accounted for the largest proportion (46.1%, -1.0% quarter - on - quarter), followed by ordinary bond funds (22.4%, +3.0% quarter - on - quarter), and index bond funds (17.4%, +0.3% quarter - on - quarter) [3]. 3.1.2 Fund Quantity - As of Q1 2025, there were 2,696 open - ended bond funds, an increase of 44 funds (+1.7%) compared with the end of Q4 2024. Pure - bond funds increased by 24, with long - term pure - bond funds increasing by 23. Index bond funds and ordinary bond funds increased by 8 and 12 respectively, while convertible bond funds and partial - debt hybrid funds remained unchanged [6]. - The fund type with the largest increase in quantity was long - term pure - bond funds (23), and the one with the largest increase in proportion was index bond funds (3.5%) [6]. 3.2 Performance - In Q1 2025, bond yields fluctuated upward. The yields of pure - bond funds decreased significantly quarter - on - quarter, with the median yields of long - term, medium - short - term, and short - term pure - bond funds being -0.19%, 0.14%, and 0.25% respectively, down 2.05%, 0.97%, and 0.63% quarter - on - quarter [2][10]. - The yields of debt - containing funds showed different trends. The yields of convertible bond funds increased quarter - on - quarter, with a median yield of 3.70% (+0.77% quarter - on - quarter), while the yields of ordinary bond funds and partial - debt hybrid funds decreased, with median yields of 0.21% and 0.07% respectively, down 1.52% and 1.04% quarter - on - quarter [2][11]. 3.3 Asset Allocation 3.3.1 Large - scale Asset Allocation - For pure - bond funds, the bond positions of short - term pure - bond funds decreased by 3.0% to 108.5%, while those of medium - short - term and long - term pure - bond funds increased by 0.4% and 1.4% to 108.28% and 108.34% respectively [18]. - For debt - containing funds, the pure - bond and convertible bond positions decreased quarter - on - quarter, and the stock positions changed differently. For ordinary bond funds, pure - bond and convertible bond positions decreased by 0.2% and 1.8% to 88.8% and 10.4% respectively, and the stock position increased by 0.6% to 17.7%. For convertible bond funds, the convertible bond position decreased by 4.4% to 87.4%, and the stock position increased by 0.6% to 17.7%. For partial - debt hybrid funds, the pure - bond, convertible bond, and stock positions decreased by 1.6%, 1.8%, and 2.4% to 78.7%, 6.0%, and 19.8% respectively [23]. 3.3.2 Bond Variety Allocation - In Q1 2025, most bond - type funds reduced their allocations of policy - financial bonds and inter - bank certificates of deposit. All types of pure - bond funds increased their allocations of short - term financing bonds and reduced their allocations of policy - financial bonds, commercial - financial bonds, medium - term notes, and inter - bank certificates of deposit [29]. - For debt - containing funds, the average credit - bond positions of ordinary bond funds and partial - debt hybrid funds decreased. The average convertible - bond positions of all types of debt - containing funds decreased. Ordinary bond funds significantly reduced their holdings of medium - term notes and convertible bonds, and partial - debt hybrid funds significantly reduced their holdings of policy - financial bonds and convertible bonds [29].