Summary of Key Points Core Viewpoint - The company has completed certain fundraising projects and plans to permanently supplement its working capital with the remaining funds from these projects, which aligns with its operational needs and regulatory requirements [1][9]. Group 1: Fundraising Overview - The company was approved to publicly issue 36.67 million shares at a price of RMB 43.67 per share, raising a total of RMB 1,601,378,900.00, with a net amount of RMB 1,442,913,368.76 after deducting related fees [1][2]. - The funds are managed in a dedicated account under the supervision of the sponsor and the bank, ensuring compliance with regulations [1][5]. Group 2: Investment Project Details - The total investment for the fundraising projects is RMB 122,584.90 million, with RMB 75,000.00 million allocated from the raised funds for various projects, including planning and construction, R&D, and working capital [3][4]. - Adjustments were made to the internal investment structure of the "Planning and Construction Project" while keeping the total investment unchanged [4][5]. Group 3: Project Completion and Fund Usage - The "Planning and Construction Project" has reached a usable state, with a total of RMB 32,900.00 million committed, and an expected surplus of RMB 970.32 million, which is 2.95% of the total investment [5][6]. - The surplus funds will be permanently transferred to the company's general bank account to support daily operations, while maintaining the dedicated account until all pending payments are settled [6][7]. Group 4: Approval and Compliance - The board of directors approved the project completions and the use of surplus funds on August 22, 2025, confirming that the decisions align with the company's business needs and legal regulations [7][8]. - The sponsor has verified that the project completions and fund reallocations comply with relevant regulations and do not harm the interests of the company or its shareholders [8][9].

国泰海通证券股份有限公司 关于江西国科军工集团股份有限公司 使用部分超募资金永久补充流动资金的核查意见 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 江西国科军工集团股份有限公司（以下简称"国科军工"或"公司"）首次公开 发行股票并上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》 《上 市公司募集资金监管规则》 《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》等有关法律法规和规范 性文件的要求，对公司本次使用部分超募资金永久补流事项进行了审慎核查，具 体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2023 年 5 月 9 日出具的《关于同意江西国 （证监许可〔2023〕1011 科军工集团股份有限公司首次公开发行股票注册的批复》 号），公司获准向社会公开发行人民币普通股 3,667 万股，每股发行价格为人民 币 43.67 元，募集资金总额为 1,601,378,900.00 元；扣除承销及保荐费用、发行 登记费以及累计发生的其他相关发行费用（共计人民币 158,465,531.24 元，不含 增值税 ...

Core Points - The company achieved operating revenue of 234.31 million yuan, a decrease of 7.29 million yuan compared to the same period last year, representing a year-on-year decline of 3.02% [1] - The net profit attributable to shareholders of the listed company was -49.25 million yuan, a decrease of 38.73 million yuan year-on-year [1] - The decline in revenue and profit is primarily due to intensified competition in the semiconductor industry, leading to price pressure on certain products and a decrease in overall gross margin [1][26] - The company has increased R&D investment to enhance the competitiveness of its IoT camera chip products and other chip offerings, resulting in a year-on-year increase in R&D expenses [1][11] - The company is not facing significant risks in its ongoing operations, and there are no major adverse changes in its main business or core competitiveness expected in the first half of 2025 [1] Financial Performance - The company reported a net profit of -49.25 million yuan, a significant decrease from -5.86 million yuan in the previous year [24] - The basic earnings per share were -0.13 yuan, down from -0.01 yuan year-on-year [25] - The weighted average return on net assets decreased by 3.10 percentage points year-on-year [25] - R&D expenses accounted for 28.78% of operating revenue, an increase of 2.70 percentage points compared to the previous year [25][26] Industry Context - The semiconductor industry is experiencing intensified competition, which is affecting product pricing and overall profitability [1][26] - The company operates in a rapidly evolving market for IoT hardware core SoC chips, where technological advancements and product updates are crucial for maintaining competitiveness [10][12] - The company faces challenges in keeping pace with leading international competitors in terms of R&D capabilities and product technology levels [11][12] Risk Factors - The company is exposed to risks related to core technology personnel turnover and the potential loss of competitive advantages if it fails to innovate and adapt to market demands [12][13] - The reliance on a concentrated customer base poses risks, as significant changes in the financial health of major clients could adversely affect sales [14][15] - The company must navigate potential supply chain disruptions and production challenges due to its fabless model, which relies on external manufacturers for chip production [15][22]

Summary of Key Points Core Viewpoint - The company has decided to postpone and suspend certain fundraising investment projects due to market demand and operational considerations, while ensuring that the essential aspects of the projects remain unchanged [4][6][7]. Group 1: Fundraising Overview - The company raised a total of approximately RMB 1.999 billion through a non-public issuance of 222,469,410 shares at a price of RMB 8.99 per share, with a net amount of approximately RMB 1.981 billion after deducting issuance costs [1]. - The funds are managed in a dedicated account, adhering to regulations and agreements with independent financial advisors and banks [2]. Group 2: Fundraising Utilization - As of June 30, 2025, the company has utilized approximately RMB 1.067 billion of the raised funds, with a remaining balance of approximately RMB 721 million [2]. - The adjusted fundraising plan includes specific projects such as "Commercial Vehicle Intelligent Engine Projects" and "New Energy Electric Drive Bridge Projects" [2]. Group 3: Project Postponement and Suspension - Certain projects, including the "D25 High-Performance Diesel Engine WGT Project" and "New Energy Electric Drive Bridge Product Development Project," have been postponed due to market conditions, with expected completion dates pushed to 2026 [4][6]. - The "New Generation Intelligent Heavy Truck Project" has been suspended due to legal issues affecting the subsidiary responsible for its implementation, which has led to a court-ordered restructuring [6][8]. Group 4: Impact and Decision-Making Process - The postponement and suspension of projects are based on careful consideration of market conditions and operational needs, and they do not alter the fundamental aspects of the projects or the intended use of funds [6][7]. - The decision has been approved by the company's board and audit committee, ensuring compliance with regulatory requirements [7].

Core Viewpoint - The company, Si Rui Pu Microelectronics Technology (Suzhou) Co., Ltd., has adjusted the internal investment structure of certain fundraising projects to optimize the use of raised funds while ensuring compliance with relevant regulations [1][5]. Fundraising Basic Situation - The company raised a total of RMB 1,800,998,982.47 through the issuance of 12,044,399 A-shares, with all funds received by October 23, 2023 [1][2]. - A special account for managing the raised funds has been established, ensuring compliance with regulations and protecting investor rights [2]. Fundraising Investment Project Situation - The net amount of raised funds is allocated to various projects, with a total planned investment of RMB 433,006.29 million for the high-integration analog front-end and mixed-signal product R&D and industrialization project [2][3]. - The adjusted investment amount for the high-integration analog front-end and mixed-signal product R&D and industrialization project is now RMB 178,165.66 million [2][4]. Specific Adjustments to Investment Structure - The internal investment structure for the high-integration analog front-end and mixed-signal product R&D and industrialization project and the testing center construction project has been adjusted, with specific changes in R&D expenses and equipment costs [4][5]. - The adjustments include an increase in R&D expenses from RMB 15,465.39 million to RMB 22,175.39 million, while soft and hardware equipment costs have been reduced [4]. Impact of Adjustments - The adjustments are expected to optimize the investment structure and ensure the smooth implementation of fundraising projects without adversely affecting the company's normal operations [5][6]. - The overall investment scale and fund usage remain unchanged, ensuring compliance with legal regulations and alignment with the company's long-term development plan [5][6]. Review Procedures and Opinions - The adjustments were approved by the company's board of directors and supervisory board, confirming that the decision-making process adhered to relevant regulations [5][6]. - The sponsor, Guotai Junan Securities Co., Ltd., has no objections to the adjustments, affirming that they do not alter the intended use of funds or harm shareholder interests [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 员工借款管理办法的核查意见 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 1 号——规范运作》和《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等法律法规的相关规定，对公司制定《合 肥新汇成微电子股份有限公司员工借款管理办法》 （以下简称" 《员工借款管理办 法》 "）的相关事项进行了核查，核查情况及核查意见如下： 《员工借款管理办法》的目的及适用范围 （一）目的 为更好的吸引与留住优秀人才，解决员工在生活中遇到的临时性资金困难， 应对短期资金需求，以提升员工福利与归属感，促进公司与员工共同发展。 （二）适用范围 公司（含合并报表范围内各级子公司）中高层管理人员（不包含高级管理人 员）及有特殊贡献人员适用本办法； 《员工借款管理办法》全文同日在上海证券交易所网站（ww ...

Core Viewpoint - The second "Golden Kylin Best Investment Advisor" selection is underway, focusing on identifying outstanding investment advisors in wealth management, with various competitions including stock simulation trading and public fund simulation allocation [1]. Group 1: Stock Simulation Trading - The top performer in the stock simulation trading for the week of August 18 to August 24 is Huang Rui from Nanjing Securities, achieving a weekly return of 18.73% [2]. - Lin Yanyu from China Merchants Securities ranks second with a return of 17.90%, while Chen Bingyin from Guosheng Securities comes in third with a return of 16.21% [2]. Group 2: ETF Simulation Trading - In the ETF simulation trading group, Zhang Yefeng from Guotai Haitong Securities leads with a weekly return of 15.68%, followed by Hong Xiaowei from Founder Securities with 15.62%, and Sheng Shaopeng from Everbright Securities with 13.54% [3][4]. Group 3: Public Fund Simulation Allocation - The top performer in the public fund simulation allocation is Hong Xiaowei from Founder Securities with a return of 14.18%, closely followed by Wu Dayao from Guoyuan Securities at 14.15%, and Zhang Kun from GF Securities at 13.38% [6]. - Zhang Yefeng from Guotai Haitong Securities also participated in this category, achieving a return of 10.05% [6]. Group 4: Social IP Service Evaluation - In the social IP service evaluation, Lin Doucan from Huayuan Securities, Li Hui from Western Securities, and Wang Hantang from Huaan Securities are the top three performers [6].

Core Viewpoint - The article discusses the latest data on brokerage firms' ETF business in July, highlighting key metrics such as trading volume and account numbers, with a focus on the leading firms in the market [2]. Group 1: ETF Holdings and Market Share - As of the end of July, the total number of ETF products in the Shanghai market is 719, with a total market value of 33,520.69 billion yuan, and cumulative trading volume for the month reaching 55,841.84 billion yuan, reflecting a 24.40% increase compared to the previous period [4]. - The leading brokerage firms in terms of ETF holdings are China Galaxy with a market share of 23.46%, followed by Shenwan Hongyuan at 17.25%, and CITIC Securities, with market shares of 6.71%, 4.72%, and 4.71% for China Merchants Securities and Guotai Junan respectively [4]. Group 2: ETF Trading Volume Rankings - Huatai Securities leads the Shanghai market with a trading volume market share of 10.80%, followed closely by CITIC Securities at 10.67%. Other notable firms include Dongfang Securities, China Galaxy, and GF Securities, each with a market share exceeding 4% [6]. - Huabao Securities made a significant leap from 7th to 4th place, with a trading volume market share increase from 4.32% to 6.14%, and a year-to-date trading volume share rising from 5.62% to 5.72% [6]. Group 3: Trading Account Activity - In terms of ETF trading account numbers, Huatai Securities holds the top position with an 11.35% market share, followed by Dongfang Wealth at 10.26%, and China Galaxy and Ping An Securities with shares of 5.4% and 5.33% respectively [8]. - Among brokerage offices, Huabao Securities' Shanghai Dongda Ming Road office leads with a trading volume market share of 4.89%, maintaining its position as the monthly trading volume champion throughout the year [8].

Group 1 - A total of 640 buyer institutions completed effective voting, ensuring the opinions of voters are accurately recorded and presented [1] - Original data will be sealed for five years, allowing research institutions to commission third-party audits [1] Group 2 - The rankings of various securities firms in different sectors have been highlighted, with Longjiang Securities, GF Securities, and Guotai Junan Securities frequently appearing at the top [3][4][5][6][7][8][9][10][11][12][14][16][17][18][19][21][23][24] - The New Fortune Best Analyst Awards have been held for 23 years, promoting the improvement of the Chinese securities research industry [24]

依据《上海证券交易所公司债券上市规则》等规定，上交所同意国泰海通证券股份有限公司2025年面向 专业投资者公开发行公司债券（第四期）（品种二）于2025年8月26日起在上交所上市，并采取匹配成 交、点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25GTHT08"，证券代码 为"243545"。根据中国结算规则，可参与质押式回购。 8月25日，上交所发布关于国泰海通证券股份有限公司2025年面向专业投资者公开发行公司债券（第四 期）（品种二）上市的公告。 来源：金融界 ...