【 摘要 】国泰海通证券策略团队认为，港股是本轮牛市主战场，结构上恒生科技更优。中金公 司年中策略报告指出，预计A股下半年节奏上或为"前稳后升"。 一、焦点锐评 1．伊朗与以色列或爆发全面战争，避险情绪升温 当地时间6月13日凌晨，以色列对伊朗发动袭击。以空军对伊朗境内数十个与核计划和其他军事 设施相关的目标发动空袭。以色列总理内塔尼亚胡称，以色列已摧毁被以军称为伊朗最大的地区 铀浓缩设施。随后伊朗开始反击，以色列城市特拉维夫遭袭击，包括10处核设施。同日伊朗正式 退出与美国的核谈判。伊朗最高领袖哈梅内伊称，伊朗将采取武力行动，彻底摧毁以色列政权。 中东紧张局势下，金融市场瞬间作出剧烈反应。国际原油价格飙升。美国原油期货基准合约一度 涨超10%。避险资产现货黄金上涨超1%，突破3420美元/盎司。 【解读】近期伊朗与以色列的冲突已从长期的代理人战争（如黎巴嫩真主党、也门胡塞武装）升 级为直接军事对抗，核心矛盾围绕伊朗核计划、地区影响力争夺及美国战略博弈展开。中东作为 全球30%石油出口和20%液化天然气贸易的核心区域，冲突直接冲击能源供应链。伊朗锌矿出口 占全球 12%、铜矿储量全球第三，冲突可能导致物流中断 ...

国泰海通证券股份有限公司 关于北京千方科技股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"保荐机构"、"国泰海通"）作为北 京千方科技股份有限公司（以下简称"千方科技"、"公司"）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》、 《深圳证券交易所股票上市规则》、 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》、《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》、《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》等有关规定，就千 方科技拟使用部分闲置募集资金进行现金管理事项进行了审慎核查，发表核查意 见如下： 一、2020 年非公开发行股票募集资金情况 公司收到中国证券监督管理委员会《关于核准北京千方科技股份有限公司非 公开发行股票的批复》（证监许可20201338 号）后，采用非公开发行股票的方 式向特定投资者共计发行人民币普通股 90,562,440 股，每股发行价格 20.98 元， 募集资金总额人民币 1,899,999,991.20 元，扣除各项发行费用（不含税）后的 实际募集资金净 ...

Core Viewpoint - Zhuhai Port Co., Ltd. announced the resignation of its chairman, Chen Shaoxing, which is not expected to significantly impact the company's operations or debt repayment capacity [11][12]. Group 1: Bond Issuance Details - The company has applied for the registration of perpetual bonds totaling no more than 1.5 billion yuan, including various types of perpetual debt instruments [1]. - The bond issuance was approved by the China Securities Regulatory Commission on April 20, 2022, allowing for the issuance of up to 600 million yuan in perpetual corporate bonds [2]. - The actual issuance size was 600 million yuan with a coupon rate of 3.80% [2]. Group 2: Bond Terms and Conditions - The bond has a renewal option allowing the issuer to extend the term by one cycle (up to 3 years) at the end of the initial period [4]. - The initial coupon rate is determined based on a benchmark rate plus an initial spread, with subsequent rates adjusted based on market conditions [3]. - The issuer can defer interest payments without limit on the number of deferrals, provided they announce the deferral in advance [5]. Group 3: Management Changes - Chen Shaoxing, aged 50, resigned from his positions as chairman, director, and head of the strategic committee effective June 4, 2025, due to work adjustments [11]. - The company has not yet appointed a new chairman, but will disclose this information once determined [11]. Group 4: Impact on Debt Repayment Capacity - The resignation of Chen Shaoxing is not expected to lower the board's membership below the legal minimum and will not affect the company's normal operations or significantly impact its debt repayment ability [12].

智通财经6月13日电，国泰海通证券研报表示，车企如果能够严格压缩零部件供应商账期，零部件的价 格差异将更加明显，长期有利于竞争格局的改善。维持行业"增持"评级，推荐有望受益于行业格局改善 的优质零部件公司。 国泰海通证券：多家车企压缩供应商账期 汽车零部件行业格局有望改善 ...

Core Viewpoint - The report outlines the verification opinions regarding the listing and circulation of strategic placement restricted shares of Chongqing Zhixiang Jintai Biopharmaceutical Co., Ltd. following its initial public offering on the Sci-Tech Innovation Board [1][5]. Summary by Sections 1. Type of Restricted Shares - The company issued 91,680,000 shares during its IPO, with a total share capital of 366,680,000 shares post-IPO. The restricted shares amount to 2,639,915 shares, representing 0.7200% of the total share capital, with a lock-up period of 24 months starting from June 20, 2023 [1][2]. 2. Changes in Share Capital - Since the formation of the restricted shares, there have been no changes in the company's share capital due to profit distribution or capital reserve transfers [2]. 3. Commitments Related to Restricted Shares - The shareholder, Haitong Innovation Securities Investment Co., Ltd., has committed to a lock-up period of 24 months from the IPO date. After the lock-up period, any reduction in shareholding will comply with the relevant regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange [2][3]. 4. Listing and Circulation of Restricted Shares - The restricted shares will be listed and available for circulation on June 20, 2025. The total number of shares for circulation is 2,639,915, which is the entire amount of strategic placement shares [3][4]. 5. Verification Opinions from the Sponsor - The sponsor, Guotai Junan Securities Co., Ltd., confirms that all commitments made by the restricted share shareholders have been strictly adhered to, and the listing and circulation of the restricted shares comply with relevant regulations [4][5].

Core Viewpoint - The ongoing share buyback trend among listed securities firms indicates a strong market signal regarding undervaluation, confidence in long-term development, and an active optimization of capital structure [1][6]. Group 1: Share Buyback Activities - Zhongtai Securities plans to repurchase shares worth 300 million to 500 million RMB to reduce registered capital, joining other firms in the buyback trend [1]. - As of May 31, 2023, five securities firms had announced buyback plans, with four already executing them, totaling over 1.2 billion RMB [3][5]. - The total amount of buybacks by six firms this year is approximately 1.219 billion RMB [5]. Group 2: Market Signals - The buyback actions from securities firms convey three significant signals: a judgment of undervaluation, confidence in company fundamentals, and an increase in cancellation buybacks reflecting industry optimization [6]. - The buyback trend is seen as a response to external market volatility, with over 200 listed companies, including securities firms, announcing buyback plans to stabilize the market [3]. Group 3: Investment Opportunities - The securities sector has become active, with the Wind Securities Index rising by 4.57% since June 2, although it has decreased by 6.99% since the beginning of the year [9]. - Analysts suggest that the current valuation of the securities sector is attractive, with a low price-to-book ratio and potential for dual improvement in valuation and performance [10]. - The ongoing policy support and liquidity improvements are expected to enhance the sector's performance, with a focus on mergers and acquisitions as a key theme for the industry [11].

Fundraising Overview - The company raised a total of RMB 182,622.31 million from the public offering of 46,245,205 shares at a price of RMB 39.49 per share, with a net amount of RMB 167,009.02 million after deducting fees [1][4] - The company has an excess raised fund of RMB 67,009.02 million [1] Project Investment Status - The company announced the use of raised funds for the "Multimodal Large Model Technology and Application R&D Project," with a total investment of RMB 100,006.17 million allocated for this project [1][2] Change of Project Implementation Location - The implementation location for the "Multimodal Large Model Technology and Application R&D Project" is being changed from Yanqing District to Daxing District, while still maintaining the original location in Haidian District [1][2] - The new location in Daxing District is strategically positioned with ample office space and proximity to key transportation hubs, enhancing operational efficiency and project management [1][2] Impact of Location Change - The change in location aligns with the company's long-term development strategy and does not affect the project's content or the intended use of raised funds [3][4] - The company will adhere to relevant regulations and strengthen supervision over the use of raised funds to ensure legality and effectiveness [3][4] Review and Approval Process - The change in project location was approved by the company's board and supervisory committee, confirming compliance with regulatory requirements [3][4]

Group 1 - The core viewpoint is that the implementation of the "Six Merger Guidelines" has significantly boosted the merger and acquisition (M&A) market in Shanghai, with a total of 134 disclosed M&A transactions amounting to 241.9 billion yuan since its release [1] - The Shanghai government has introduced the "Shanghai Action Plan" to support M&A activities, aiming to establish Shanghai as a leading area for M&A by 2027, with a focus on enhancing industrial capabilities and creating a robust M&A ecosystem [2] - The M&A activities are increasingly focused on new productive forces, with over 70% of new transactions related to industries such as integrated circuits, biomedicine, and artificial intelligence, indicating a strong trend towards technological innovation [3] Group 2 - There is a strong demand for industrial transformation and upgrading, with companies seeking to consolidate their market positions through M&A as a means to enhance competitiveness [4] - Companies facing growth bottlenecks are also pursuing external acquisitions to create new growth avenues, indicating a strategic shift in their business models [5] - The M&A ecosystem is being rapidly cultivated, with efforts to improve the service levels of intermediary institutions and support securities companies in enhancing their core competitiveness through M&A [6] Group 3 - The recent revision of the "Major Asset Restructuring Management Measures" is expected to further invigorate the M&A market in Shanghai, with a focus on promoting typical demonstration cases to enhance innovation capabilities and industrial levels [7]

Core Viewpoint - The recent surge in share buybacks among securities firms is aimed at enhancing investor confidence and stabilizing company value, with multiple firms announcing significant repurchase plans [1][4][8]. Group 1: Buyback Plans - On June 10, Zhongtai Securities announced a share buyback plan with an estimated amount of 300 million to 500 million yuan [1][4]. - Other firms, such as Hongta Securities and Guojin Securities, have also proposed buybacks, with amounts ranging from 100 million to 2 billion yuan and 50 million to 100 million yuan, respectively [4][5]. - As of May 31, Guotai Haitong Securities had repurchased 32.49 million shares, accounting for 0.1843% of its total shares, with a total expenditure of 557 million yuan [5][7]. Group 2: Industry Trends - The trend of buybacks is shifting from stock incentive programs to "cancellation-style buybacks," which aim to reduce registered capital and enhance shareholder returns [8]. - Regulatory support has encouraged this trend, as the government aims to improve the investment value of listed companies [8][9]. - The overall sentiment in the securities sector has improved, with the CSI Securities Index rising by 4.52% in June, reflecting positive market reactions to these buyback initiatives [9][10]. Group 3: Market Impact - The concentrated buyback efforts are expected to create a demonstration effect, potentially leading to a positive resonance across the industry [9]. - Analysts suggest that these buybacks signal strong financial health and commitment from firms, which may stabilize stock prices and restore investor confidence [8][9]. - The ongoing buyback plans and optimized dividend policies are anticipated to enhance the investment attractiveness of the securities sector [9].

Summary of Key Points Core Viewpoint - The company, Hangzhou Aike Technology Co., Ltd., has decided to postpone certain fundraising investment projects due to careful consideration of market conditions and project progress, ensuring that the quality of project implementation is maintained [5][6]. Fundraising Basic Information - The company received approval from the China Securities Regulatory Commission for its initial public offering on January 19, 2021, raising a net amount of 234.6215 million yuan from the issuance of 14.789598 million shares [2][3]. Fundraising Investment Project Status - The adjusted fundraising investment plan includes a total investment of 520 million yuan, with the adjusted fundraising amount for the "Intelligent Equipment Industrialization Base (R&D Center) Construction Project" reduced from 208 million yuan to 65.5 million yuan, maintaining the fundraising input at 55 million yuan [3][4]. Postponement Details - The company has adjusted the expected completion date for the "Intelligent Equipment Industrialization Base (R&D Center) Construction Project" to 2026, while ensuring that the investment purpose and scale remain unchanged [5][6]. Reasons for Postponement - The decision to postpone is based on the need for careful planning and resource allocation in response to market dynamics, aiming to enhance product competitiveness and ensure effective use of funds [5][6]. Measures to Ensure Completion - The company will closely monitor market changes and optimize resource allocation to ensure that the postponed projects are completed on schedule [6]. Impact of Postponement - The postponement will not affect the implementation content or the intended use of the raised funds, and it is aligned with the company's future development needs and shareholder interests [6][7]. Review Procedures - The company's board of directors approved the postponement on June 11, 2025, following necessary decision-making procedures, and the matter does not require shareholder meeting approval [6]. Sponsor's Verification Opinion - The sponsor institution has confirmed that the postponement has been duly approved by the board and complies with relevant regulations, ensuring no harm to shareholder interests [6][7].