Market Overview - During the past week (September 15-19), A-share market indices showed mixed performance, with the Shanghai Composite Index declining by 1.30% and the CSI 300 Index down by 0.44%. In contrast, the Shenzhen Component Index and the ChiNext Index increased by 1.14% and 2.34%, respectively, while the STAR 50 Index rose by 1.84% [1] - Market trading activity improved compared to the previous week, with an average daily trading volume of approximately 2.52 trillion yuan. On Thursday, the single-day trading volume peaked at 3.17 trillion yuan but dropped significantly to 2.35 trillion yuan on Friday [1] - Small-cap indices slightly outperformed large-cap indices, with a preference for growth styles. The market exhibited a structural trend influenced by the Federal Reserve's interest rate cuts and technological catalysts, with funds shifting from traditional finance to technology growth and low-cycle sectors [1] Sector Performance - The consumer services, automotive, electronics, coal, and home appliance sectors saw the highest gains, while the semiconductor, lithography machine, and humanoid robot sectors continued to attract capital. Conversely, non-ferrous metals, banking, and non-bank sectors experienced the largest declines [1] Convertible Bond Market - The convertible bond market showed an overall adjustment trend, with the CSI Convertible Bond Index declining by 1.55%. The equal-weighted convertible bond index fell by 1.29%, with a greater decline than the equal-weighted index of convertible bond underlying stocks [1] - The median price of convertible bonds decreased from 132.30 yuan to 129.51 yuan, and the median conversion premium rate contracted to 23.77%. The weighted average conversion premium rates for equity, balanced, and bond-oriented convertible bonds also saw compression [1] Future Outlook - For the remainder of September, the convertible bond market is expected to continue its oscillating pattern, with potential risk aversion as the National Day holiday approaches, leading to a possible decline in market trading sentiment [2] - Following the holiday, a return of funds and increased policy expectations regarding the "14th Five-Year Plan" from the upcoming Fourth Plenary Session in October may boost risk appetite. The convertible bond market is anticipated to receive support and repair opportunities, with a focus on solid underlying stocks with compressed conversion premiums in technology growth and cyclical sectors [2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"）于近日收到保荐机构国泰海通证券股份有 限公司（以下简称"国泰海通证券"）《关于更换思瑞浦微电子科技（苏州）股份有限公司持续督导保荐 代表人的函》。国泰海通证券为公司向特定对象发行股票项目的保荐机构，原指定邓欣女士、何可人先 生为保荐代表人，履行持续督导职责，持续督导期限至2025年12月31日。 鉴于邓欣女士工作变动，无法继续从事对公司的持续督导工作，其后续工作由国泰海通证券指定保荐代 表人陈启明先生（简历详见附件）接替，继续履行持续督导职责。 本次保荐代表人更换后，公司向特定对象发行股票项目持续督导保荐代表人为陈启明先生、何可人先 生。 特此公告。 思瑞浦微电子科技（苏州）股份有限公司董事会 2025年9月20日 陈启明，现任职于国泰海通证券股份有限公司，保荐代表人。现任投资银行部TMT行业一部董事，曾 主持或参与芯原股份再融资、华虹公司科创板IPO、裕太微科创板IPO、创耀科技科创板IPO、思瑞浦科 创板IPO、永冠 ...

国泰海通证券 点击下方图片 查看电话会回放详细议程 推 荐 阅 读 上线了！国泰海通2025研究框架培训视频版｜洞察价值，共创未来 报告来源 | 研究所 711 郑雅斌 金融工程首席分析师 行业核心洞察 宏观+微观双驱，把握 beta+alpha的双重机遇 价值主张 通过数据洞见价值 《解码个业生命唐期· 略要投资的新范式探索》 . Nel . 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听内容 观点来自国泰海通证券已发布的研究报告。 报告名称：解码企业生命周期：股票投资的新范式探索； 报告日期： 20250609；报告作者：郑雅斌S0880525040105；风险提示：企业生命周期阶段依据公 司现金流、上市时间等数据进行量化划分，仅供参考。量化模型基于历史数据构建，可能存在历史统计 规律失效风险、因子失效风险、模型误设风险。 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 ...

Group 1 - The core viewpoint is that the current wave of AI development is transitioning from "computing power-driven" to "application-driven," with a focus on both short-term opportunities and long-term value in technology self-reliance [3][4] - AI applications expected to emerge first include creative generation, digital marketing, coding, and customer service, with existing successful applications like Nano Banana [4] - The competition in AI infrastructure is intensifying, and industries with high automation levels, such as overseas automotive factories, still have areas for AI application, particularly in repetitive tasks [4] Group 2 - The concept of embodied intelligence is highlighted, with the goal of integrating intelligent robots into households, requiring a long-term development cycle [5] - The current challenges in embodied intelligence include a lack of high-quality data for training, which is crucial for the technology's advancement and commercialization [7][8] - The establishment of heterogeneous training grounds across various regions aims to provide high-quality data and promote data standardization and sharing among companies [7] Group 3 - Investment opportunities are identified in data production, processing, and trading, as local governments are beginning to support data-related enterprises [8] - The market is advised to focus on three main areas: AI, technology self-reliance, and financial IT, with significant growth expected in domestic computing power chip replacement and AI applications across various sectors [9][10] - The financial IT sector is seen as a leading indicator for the computer sector, with historical trends showing that each bull market begins with increased activity in this area [10]

证券日报网讯 9月19日晚间，开开实业发布公告称，公司于近日收到持续督导保荐机构国泰海通证券股 份有限公司（简称"国泰海通"）《关于更换上海开开实业股份有限公司持续督导保荐代表人的函》。国 泰海通作为公司向特定对象发行A股股票项目的保荐机构，指定阚泽超先生、倪晓伟先生为公司向特定 对象发行A股股票项目保荐代表人，负责保荐工作及持续督导工作，持续督导期至2026年12月31日。原 保荐代表人阚泽超先生因工作变动原因，无法继续从事对公司的持续督导工作。为保证持续督导工作的 有序进行，国泰海通现委派保荐代表人毛正晔女士接替阚泽超先生继续履行持续督导工作。 （文章来源：证券日报） ...

Company Overview - Full Name: Shanghai Yinuosi Biotechnology Co., Ltd [1] - Abbreviation: Yinuosi [1] - Stock Code: 688710.SH [1] - IPO Application Date: December 29, 2022 [1] - Listing Date: September 3, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Research and Experimental Development [1] - IPO Sponsor: Haitong Securities [1] - Lead Underwriters: Haitong Securities [1] - Legal Advisor: Guohao Law Firm (Shanghai) [1] - Audit Firm: Lixin Certified Public Accountants (Special General Partnership) [1] Disclosure and Evaluation - Disclosure Issues: The actual controller, China National Pharmaceutical Group, has inconsistencies in the main business of its subsidiary related to the issuer, requiring clarification on the completeness of similar business entities [1] - Regulatory Penalties: No penalties [2] - Public Supervision: No penalties [2] - Listing Cycle: Yinuosi's listing cycle is 614 days, shorter than the average of 629.45 days for A-share companies in 2024 [2] - Multiple Applications: Yinuosi is not categorized as having multiple applications [2] Financial Metrics - Issuance Costs: The underwriting and sponsorship fees amount to 44.4235 million yuan, with a commission rate of 6.61%, lower than the average of 7.71% [3] - First Day Performance: The stock price increased by 41.61% on the first day of listing [3] - Three-Month Performance: The stock price rose by 108.39% within three months of listing [4] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 15.40 times, which is 83.83% of the industry average of 18.37 times [5] - Actual Fundraising: Expected fundraising is 1.664 billion yuan, but actual fundraising is only 672 million yuan, a decrease of 59.63% [6] Short-term Performance - Revenue Growth: In 2024, the company's revenue increased by 9.94% year-on-year [7] - Net Profit Decline: The net profit attributable to the parent company decreased by 24.00% year-on-year, and the non-recurring net profit dropped by 28.12% year-on-year [7] - Abandonment Rate: The abandonment rate is 0.23% [7] Overall Score - Total Score: Yinuosi's IPO project received a total score of 86, classified as B-level [7] - Negative Factors: The score is impacted by the need for improved disclosure quality, significant reduction in actual fundraising, decline in net profit in the first accounting year, and the abandonment rate of 0.23% [7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 时行工作室 9月11日，国泰海通公告显示，公司A股限制性股票激励计划中共有24名激励对象，因解除劳动合同 （12人）或绩效考核未完全达标（12人）等情况，其所获授的全部或部分限制性股票已于2025年8月15 日被回购注销，共计78.29万股。公司已完成注册资本市场主体变更登记，并换发营业执照，相关章程 条款亦已完成备案。 这一举措体现了公司对激励计划的严格管理，也显示出在重组整合过程中，公司试图通过规范激励与绩 效约束来平衡规模与效率。 在薪酬方面，截至6月底，公司共有员工2.71万人，经过计算，员工人均月薪约为5.4万元。而同期，公 司在半年内计提并发放董事、监事和高级管理人员税前报酬总额为785万元。 而薪酬结构的背后，是一家刚刚完成重组整合的大型券商，正经历一场体量与效率的再平衡。 今年3月14日，国泰海通完成合并重组股权交易交割。 重组完成后，公司于4月3日迅速选举新一届董事会、聘任管理层，同时在上半年完成10名董事高管离 任、9名董事和5名高管上任的人事调整。 | 姓名 | 担任的职务 | 变动情形 | | ...

Core Viewpoint - The Federal Reserve's decision to cut interest rates by 25 basis points on September 18 marks the beginning of a new preventive rate-cutting cycle, with expectations for further cuts in October and December [1][2][4]. Summary by Relevant Categories Interest Rate Outlook - Most brokerages anticipate an additional 50 basis points of cuts within the year, but the long-term reduction may not meet prior market expectations [1][2][4]. - The Fed's internal decision-making shows significant divergence, leading to uncertainty in future rate paths [1][4][9]. Economic Projections - The prevailing view is a soft landing for the U.S. economy, although some brokerages warn that excessive monetary easing could lead to stagflation risks [1][4][9]. - The Fed's dot plot indicates a lower rate of future cuts than previously expected, with projections of 75 basis points this year and 25 basis points in the following two years [3][10]. Market Reactions - Short-term risk assets are expected to experience increased volatility, while mid-term outlooks remain positive for U.S. equities [3][6]. - The market had already priced in the rate cut, leading to initial gains in bonds and equities followed by corrections [6][10]. Sector Impacts - Sectors such as real estate and manufacturing are anticipated to benefit first from the rate cuts, with a favorable sentiment in A-shares and increased sensitivity in Hong Kong stocks due to improved overseas liquidity [7][8][12]. - The Fed's decision is expected to create more room for China's monetary policy adjustments, potentially leading to further easing domestically [2][12]. Divergence in Analyst Opinions - Analysts express mixed views on the Fed's approach, with some highlighting a hawkish tone in the risk management narrative, suggesting that continuous rate cuts may not be guaranteed [4][11]. - The Fed's focus on employment risks over inflation risks indicates a cautious approach to future monetary policy adjustments [9][12].

Core Viewpoint - The bond issuance by securities firms has significantly accelerated since July, with a total issuance of 1.14 trillion yuan in 2023, surpassing the previous year's total of 693.7 billion yuan, indicating strong capital replenishment needs in the industry [2][10]. Group 1: Bond Issuance Trends - In September alone, at least four securities firms announced new short-term financing bond issuances, totaling over 8 billion yuan, contributing to a cumulative issuance of over 110 billion yuan in the first half of September [1][9]. - The total bond issuance by securities firms from July 1 to September 17 reached approximately 543.8 billion yuan, accounting for about 47% of the annual total [2]. - As of September 17, 2023, 71 securities firms have issued bonds, with a total issuance of 1.14 trillion yuan, reflecting a year-on-year increase of approximately 64.7% [10]. Group 2: Types of Bonds and Their Purposes - Securities company bonds remain the mainstay, with 415 bonds issued totaling over 750 billion yuan, while short-term financing bonds accounted for nearly 370 billion yuan [11]. - The average coupon rate for the issued bonds is 1.89%, with a general downward trend in interest rates compared to the previous year [13][14]. - The primary purposes of the raised funds include liquidity support and refinancing existing debts, with some firms committing to limit the use of funds for capital-consuming businesses [21][24]. Group 3: Market Dynamics and Future Outlook - The increase in bond issuance is driven by a recovery in the A-share market, which has led to a rise in margin trading balances from approximately 1.85 trillion yuan at the end of June to about 2.26 trillion yuan at the end of August, marking a 22.2% increase [9]. - The current low-interest-rate environment makes bond financing more attractive compared to equity financing, providing larger funding support while avoiding equity dilution [25]. - If the A-share market remains active, the trend of bond issuance by securities firms is expected to continue in the near future [25].

Core Viewpoint - The company, Suzhou Huichuan United Power System Co., Ltd., has received approval for its initial public offering (IPO) of 288.57491 million shares at a price of RMB 12.48 per share, with the underwriting managed by Guotai Junan Securities Co., Ltd. [1][2] Issuance Details - The total number of shares for this issuance is 288.57491 million, with the entire offering being new shares and no existing shares being sold by current shareholders [2] - The initial strategic placement was set at 86.572473 million shares, accounting for 30% of the total issuance, with the final strategic placement amounting to 84.935893 million shares, or 29.43% of the total [3][6] Subscription Mechanism - The issuance will utilize a combination of strategic placement, offline inquiry placement, and online issuance to the public, with the stock code being "301656" [1] - The offline initial issuance was 163.239017 million shares, representing 80.16% of the remaining shares after strategic placement, while the online initial issuance was 40.4 million shares, or 19.84% [4] Subscription Results - The online subscription saw a total of 80,827,455 shares subscribed, amounting to RMB 1,008,726,638.40, while offline investors subscribed for 122,508,522 shares, totaling RMB 1,528,906,354.56 [8][9] - The final online issuance rate was 0.0328%, with a subscription multiple of 3,047.16 times [4] Underwriting and Fees - Guotai Junan Securities fully underwrote the shares that were not subscribed, totaling 303,040 shares, with an underwriting amount of RMB 3,781,939.20 [10] - The total issuance costs amounted to RMB 73.449 million, including various fees such as underwriting, auditing, and legal expenses [11]