国泰海通证券股份有限公司 为提高公司资金使用效率，在不影响公司经营业务正常开展的情况下，合理 利用闲置自有资金进行现金管理，增加资金收益，为公司及股东获取更多的投资 回报。 （二）现金管理额度及期限 公司及子公司使用合计不超过20,000万元的闲置自有资金进行现金管理。上 述额度自公司董事会审议通过之日起12个月内有效，在前述额度和期限范围内可 循环滚动使用。 关于上海维科精密模塑股份有限公司 使用部分闲置自有资金进行现金管理的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市 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》等有关规 定，国泰海通证券股份有限公司（以下简称"保荐机构"）作为上海维科精密模 塑股份有限公司（以下简称"维科精密"或"公司"）首次公开发行股票并在创 业板上市的保荐机构，就公司使用部分闲置自有资金进行现金管理的事项进行了 核查，具体情况如下： 一、本次使用部分闲置自有资金进行现金管理的情况 （一）投资目的 公司与提供委托理财的金融机构不存在关联关系。 二、现金管理风险分析及风险控制措施 （一）投资风险 （三）投资方式 公司将按照相关规定 ...

Summary of Key Points Core Viewpoint - The company, Shanghai Weike Precision Molding Co., Ltd., is utilizing part of its excess raised funds to permanently supplement its working capital and repay bank loans, which aligns with its operational needs and complies with regulatory requirements [1][4][7]. Group 1: Fundraising Overview - The company successfully issued 34,563,717 shares at a price of RMB 19.50 per share, raising a total of RMB 673.99 million, with a net amount of RMB 601.28 million after deducting issuance costs of RMB 72.71 million [1][6]. - The total excess funds raised amounted to RMB 166.28 million, which is 24.7% of the net funds raised [1][6]. Group 2: Use of Excess Funds - The company plans to use RMB 49 million of the excess funds, which constitutes 29.47% of the total excess funds, for permanent working capital supplementation and bank loan repayment [4][5]. - The company has already utilized RMB 49 million of the excess funds for the same purpose as of December 31, 2024 [4][6]. Group 3: Compliance and Approval - The use of excess funds has been approved by the company's board of directors and supervisory board, ensuring compliance with relevant regulations and the company's articles of association [7][8]. - The proposal to use excess funds is subject to approval at the upcoming shareholders' meeting, ensuring transparency and adherence to governance practices [7][8].

Core Viewpoint - The article emphasizes the transformative impact of AI on wealth management in the securities industry, highlighting Guotai Haitong's commitment to digital transformation and customer-centric services through its inaugural 818 Wealth Management Festival [1][2]. Group 1: AI and Digital Transformation - Guotai Haitong is advancing a comprehensive digital transformation in wealth management, focusing on four dimensions: customers, platforms, products, and investment advisory [2]. - The 818 Wealth Management Festival aims to showcase the company's comprehensive service capabilities and the integration of AI in transforming service models [5]. Group 2: AI Investment Carnival - The 818 Wealth Management Festival will feature the first "AI Investment Carnival" in the securities industry, running from August 1 to September 8, providing a blend of online and offline services for various customer segments [7]. - The event will include five themed sub-venues, offering a full range of wealth management services, including macro analysis, market tracking, strategy generation, and product solutions [9]. Group 3: Enhanced Customer Experience - The festival will introduce immersive AI interactive experiences, such as investment personality tests and a desktop robot assistant, to enhance customer engagement and service quality [11]. - The integration of AI capabilities aims to create a new experience in intelligent wealth management, allowing customers to understand their investment preferences and risk profiles better [11]. Group 4: Professional Advisory Services - Guotai Haitong is focusing on building a robust investment advisory team, leveraging AI to enhance service efficiency and promote digital inclusive finance [12]. - A special program during the festival will feature discussions on the Chinese economy and capital market trends, providing insights to help investors navigate investment opportunities [12]. Group 5: Future Directions - The company plans to strengthen its digital wealth management brand influence and explore new service models, emphasizing a combination of public and private domain strategies [13]. - Guotai Haitong aims to establish itself as a leading comprehensive wealth management institution by enhancing customer service experiences and improving long-term investment success rates [13].

Core Viewpoint - The report from Guotai Junan Securities suggests that short-term demand fluctuations do not alter the long-term growth logic of the aviation industry, recommending a contrarian investment approach in aviation [1] Industry Summary - The Chinese aviation industry has a long-term growth logic, with market-driven ticket pricing expected to lead to a recovery in supply and demand, pushing profitability upward [1] - The aviation supply has entered a low growth phase, but short-term demand fluctuations do not change the medium-term stable growth trend [1] - It is anticipated that supply and demand will continue to improve over the next two years, supported by declining oil prices and accelerated profit recovery due to reduced competition [1] - Recent risks associated with peak season competition have been alleviated, reinforcing the recommendation for contrarian investment in the aviation sector [1]

人民财讯7月31日电，国泰海通证券研报表示，通过对比煤炭行业当前与其他周期性行业(如多晶硅、玻 璃)在供给组成上的深层次差异，国泰海通证券认为煤炭行业已经摆脱"现金流压力下的囚徒困境"， 2025年第二季度或将成为中期行业基本面底部区域，维持行业"增持"评级。 ...

事件。 中共中央政治局 7 月 30 日召开会议，决定今年 10 月在北京召开中国共产党第二十届中央委员 会第四次全体会议，主要议程是，中共中央政治局向中央委员会报告工作，研究关于制定国民经济和社会 发展第十五个五年规划的建议。会议分析研究当前经济形势，部署下半年经济工作。中共中央总书记习近 平主持会议。 会议指出 ，要持续防范化解重点领域风险。落实好 中央城市工作 会议精神，高质量开展城 市更新。 投 资建议：维持"增持"评级。 今年四季度面临高基数期，我们判断三季度政策存在政策加力预期，缓释 基本面压力，力争实现止跌回稳目标。若四季度错峰销售不能平稳，"以销定产"逻辑下 2025 年上半年蓝 筹房企开发项目存在销售压力，岁末现金流转进而把压力传导至 2026 年投资端， 2025 年 12 月中央经 济工作会议和 2026 年两会或将成地产重要时点。 2024 年房地产竣工失速下滑，销售与竣工之间差值为 2.36 亿平，我们看好下半年的竣工修复。 落实会议精神，地产政策转型。 7 月政治局会议指出，"落实好中央城市工作会议精神"。中央城市工作会 议指出，"我国城镇化正从快速增长期转向稳定发展期，城市发展正 ...

Group 1 - The core viewpoint of the article is that the US economy shows resilience, supported by a decline in imports, strong consumer spending, and a return of manufacturing investments, leading to a narrowing of interest rate cut expectations from the Federal Reserve [1][2][3] Group 2 - The US GDP growth rate for Q2 2025 was 3.0%, exceeding market expectations of 2.6% and significantly higher than the previous value of -0.5% [1] - Key supports for the GDP growth included a decrease in imports, resilient consumer spending, and private non-residential investment, while private inventory changes, residential investment, and goods and services exports were the main drags [1] - The Federal Reserve's recent meeting revealed internal divisions, with two members advocating for a 25 basis point rate cut, indicating increasing disagreement within the committee [2] - The Fed expressed greater uncertainty regarding economic and inflation outlooks, with tariffs beginning to impact consumer prices, suggesting that inflation data will be influenced by these tariffs [2] - The Fed's stance remains hawkish, with a commitment to data-driven decisions, leading to a further reduction in market expectations for rate cuts throughout the year [2][3] - The expectation for interest rate cuts has narrowed, with only one potential cut anticipated in October, and the risk of no cuts for the entire year has increased [3] - The 10-year US Treasury yield is projected to oscillate between 4.5% and 5.0% in the second half of the year, reflecting a higher interest rate environment [3] - The US stock market is expected to experience some volatility but maintain an overall upward trend, particularly in sectors supported by capital expenditures and performance, such as AI and semiconductors [3]

Group 1 - The A-share private placement market has shown significant recovery this year, with 76 listed companies completing private placements by July 30, raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][3] - The active participation in the private placement market spans various industries, with capital goods, materials, and technology hardware and equipment leading in the number of listed companies involved [3] - Four major banks, including Bank of China and Postal Savings Bank, have raised over 100 billion yuan each through private placements, primarily for liquidity support [3] Group 2 - The growth in the private placement market has directly boosted the investment banking revenue for securities firms, with underwriting and advisory fees making up a significant portion of the issuance costs [4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] - 62 out of the 76 companies that completed private placements disclosed their issuance costs, totaling 904 million yuan [4] Group 3 - Securities firms have actively participated in private placements, with 8 firms and 5 asset management companies involved in 25 companies, totaling 46 subscription instances [5] - Leading firms like GF Securities and Hua'an Asset Management have been prominent in participating in private placements, enhancing their returns and supporting the real economy [5] - The substantial subscriptions by top securities firms signal positive market sentiment, boosting investor confidence and market activity [5]

Group 1 - The A-share market has seen a significant increase in private placements, with 76 companies completing placements and raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][2] - The majority of companies involved in private placements are from the capital goods, materials, and technology hardware sectors, with 21, 10, and 9 companies respectively [2] - Four banks raised over 100 billion yuan each through private placements, aimed at supplementing liquidity, while the remaining companies raised less than 20 billion yuan for various purposes [2] Group 2 - Securities firms are capitalizing on the recovery of the private placement market, benefiting from increased underwriting fees and potential investment returns from subscribed shares [3] - The expansion of private placement business is expected to enhance the revenue of securities firms, with underwriting and advisory fees being a significant portion of the issuance costs [3][4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] Group 3 - Securities firms' participation in private placements is seen as beneficial for both their own profitability and the support of the real economy and industry upgrades [5][6] - The large-scale subscriptions by leading securities firms send positive signals to the market, boosting investor confidence and trading activity [6]

Group 1 - The company issued 4.485 million convertible bonds named "Mingdian Zhuang 02" with a total amount of 448.50 million yuan, approved by the China Securities Regulatory Commission on July 3, 2023 [1][2] - The bonds were listed on the Shenzhen Stock Exchange on July 19, 2023, with an initial conversion price of 14.75 yuan per share starting from January 8, 2024 [2][3] - The board of directors approved a downward adjustment of the conversion price from 14.75 yuan to 12.09 yuan per share, effective May 8, 2024 [3] Group 2 - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares based on a total share capital of 298,794,160 shares for the year 2023 [3][4] - The conversion price will be further adjusted to 11.89 yuan per share on May 30, 2024, and then to 11.91 yuan per share on July 12, 2024, due to stock repurchase and conversion activities [5][6] Group 3 - The company has conditional redemption clauses for the bonds, allowing redemption if the stock price exceeds 130% of the conversion price during the conversion period [6][7] - The board decided not to exercise the early redemption rights for "Mingdian Zhuang 02" to protect investor interests, considering the short conversion period starting January 8, 2024 [7][8] Group 4 - There have been no transactions of "Mingdian Zhuang 02" by major shareholders or executives in the six months prior to the redemption conditions being met, and no plans for future reductions have been reported [8][9] - The sponsor confirmed that the decision not to redeem early has followed necessary procedures and complies with relevant regulations [9]