Group 1 - Cathay Securities will implement a legal switch and client and business migration merger on August 22, 2025, after obtaining support from various regulatory bodies [2][4] - The company assures that its main business and services will continue to operate normally during the transition, although some cross-period services will need to be concluded or suspended [4][6] - Specific adjustments will be made to wealth management and fund business operations, including temporary suspensions of certain account openings and transactions for former clients of Haitong Securities [4][5] Group 2 - Cathay Securities has developed an emergency plan to protect investors' rights, allowing clients to transfer or close accounts if they do not wish to stop participating in certain cross-period services [6] - The company expects a significant increase in net profit for the first half of 2025, projecting between 15.283 billion to 15.957 billion yuan, representing a year-on-year growth of 205% to 218% [6] - The growth in net profit is attributed to substantial increases in revenue from wealth management, institutional, and trading services, as well as the recognition of negative goodwill from the merger [6]

Core Viewpoint - Guotai Haitong plans to implement a legal entity switch and merge customer and business operations with Haitong Securities after the end of trading on August 22, 2025, with the support of various regulatory and financial institutions [1] Group 1 - The transition will involve the migration and consolidation of clients and business from Haitong Securities into Guotai Haitong [1] - During the transition process, the company's main business and services will continue to operate normally, with only minor disruptions expected for certain cross-period services [1] - Some services related to cross-period business will need to be concluded or paused in advance, which may temporarily affect clients participating in related activities on the original Haitong Securities platform [1]

Core Points - The company announced a cash dividend of RMB 0.28 per share (including tax) for A shares [1][2] - The dividend distribution plan was approved at the annual general meeting on May 29, 2025 [1][2] - The record date for the dividend is July 25, 2025, with the ex-dividend date also on July 28, 2025 [1][4] Dividend Distribution Details - The total number of A shares eligible for the dividend is 14,008,645,848 shares after excluding 115,303,000 shares held in the company's repurchase account [2][3] - The calculation for the ex-dividend reference price is based on the formula: (previous closing price - cash dividend) + (subscription price × change in circulating shares) / (1 + change in circulating shares) [2][3] - The actual cash dividend per share remains approximately RMB 0.28 after calculations [2] Tax Implications - Individual shareholders holding shares for over one year are exempt from personal income tax on the dividend, while those holding for one year or less will have tax withheld based on their holding period [5] - For qualified foreign institutional investors (QFII) and renminbi qualified foreign institutional investors (RQFII), a 10% withholding tax applies, resulting in a net dividend of RMB 0.252 per share [6][7] - Hong Kong investors will also face a 10% withholding tax, with the same net dividend of RMB 0.252 per share, and they can apply for tax treaty benefits if applicable [7]

国泰海通证券股份有限公司 关于上海开开实业股份有限公司 使用暂时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"国泰海通"或"保荐机构"）作为上海 开开实业股份有限公司（以下简称"开开实业"或"公司"）向特定对象发行 A 股股 票持续督导保荐机构，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》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，对公司使用暂时闲置募集资金进行现金管理的事 项进行了核查，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（以下简称"中国证监会"）出具的《关于同意 上 海 开开实业股份有限公司向特定对象发行股票注册的批复》（证监许可 2025910 号），并经上海证券交易所同意，公司向特定对象发行人民币普通股（A 股）股票 19,651,945 股，每股发行价格为人民币 8.09 元，募集资金总额为 净额为 155,490,031.03 元。募集资金已于 2025 年 7 月 8 日全部到位，并由上会 会计师 ...

Core Viewpoint - The bond underwriting market in China is experiencing severe price competition, with underwriters willing to accept extremely low fees to secure business, leading to regulatory investigations into several institutions for abnormal pricing practices [1][6][10]. Group 1: Underwriting Fee Trends - The underwriting fees for the 2025-2026 secondary capital bond project by Guangfa Bank were reported as exceptionally low, with fees as low as 700 yuan and an average of around 10,000 yuan per institution, significantly below market averages [3][4][6]. - The total underwriting service fee for the six selected institutions was only 63,448 yuan, raising concerns about the sustainability of such low pricing [3][4]. Group 2: Regulatory Response - The China Interbank Market Dealers Association has initiated self-regulatory investigations into six institutions for their unusually low bids, citing potential violations of self-regulatory rules [6][10]. - Previous instances of low underwriting fees by Guangfa Bank have also drawn market scrutiny, indicating a pattern of aggressive pricing strategies that may undermine market integrity [6][10]. Group 3: Market Dynamics - The intense competition among underwriting firms is driven by a desire to increase market share and rankings, leading to a cycle of low pricing that may not cover operational costs [7][9]. - The top six banks dominate the bond underwriting market, holding a combined market share of 53.7%, which pressures smaller firms to engage in price competition to secure business [9]. Group 4: Industry Concerns - There are significant concerns that continued low pricing in the underwriting market could lead to inadequate due diligence and increased risks of bond defaults, potentially harming the overall market [10]. - Experts suggest that a shift in focus from low pricing to value creation is necessary to restore a healthy competitive environment in the bond underwriting sector [10].

国泰海通证券股份有限公司 关于晋拓科技股份有限公司 首次公开发行限售股上市流通事项的核查意见 限公司首次公开发行股票的批复》（证监许可20221381 号）核准，晋拓科技股 份有限公司（以下简称"公司"）首次公开发行人民币普通股（A 股）6,795.20 万股，并于 2022 年 7 月 25 日在上海证券交易所上市。本次发行证券已于 2022 年 7 月 25 日在上海证券交易所上市。国泰海通证券股份有限公司（以下简称"保 荐机构"或"国泰海通"）担任其持续督导保荐机构，持续督导期间为 2022 年 根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 等有关法律、法规要求，国泰海通作为公司首次公开发行股票并上市的持续督导 保荐机构，对公司首次公开发行限售股上市流通事项进行了专项核查，现将本次 核查的情况报告如下： 限公司首次公开发行股票的批复》（证监许可20221381 号）核准，晋拓科技股 份有限公司（以下简称"公司"）首次公开发行人民币普通股（A 股）6,795.20 万 股，并于 2022 年 7 月 25 日在上海证券交易所上市。 本次上市流通的限售股为公司首次公开发行限售股，限售期 ...

Summary of Key Points Core Viewpoint - The company, Shenzhen Minglida Precision Technology Co., Ltd., has decided to postpone certain fundraising investment projects due to market changes and operational needs, reallocating part of the raised funds to a new project in Mexico [1][10]. Group 1: Fundraising Overview - The company issued 10 million convertible bonds with a total face value of 1 billion yuan, netting approximately 991.61 million yuan after deducting issuance costs [1]. - The funds are managed in a dedicated account with strict regulatory oversight, ensuring compliance with relevant laws and regulations [5][11]. Group 2: Investment Projects - The original investment projects included the construction of precision component production bases in Anhui and Jiangxi, and a smart manufacturing project for key components [3]. - The company plans to redirect 45 million yuan (45% of total raised funds) from the postponed projects to a new project for constructing a precision component production base for electric vehicles in Mexico [4][10]. Group 3: Project Postponement Details - The project for the Jiangxi precision component production base will experience delays in reaching its operational status due to various market and operational factors [9][10]. - The postponement does not alter the investment amounts or project content, ensuring no adverse impact on shareholder interests [10][12]. Group 4: Compliance and Oversight - The company has followed necessary procedures for the project postponement, receiving approval from both the board of directors and the supervisory board [11][12]. - The sponsor, Guotai Junan Securities, has confirmed that the postponement complies with regulatory requirements and does not harm the company's or shareholders' interests [12].

根据中银国际证券股份有限公司（以下简称"本公司"）与国泰海通证券股份有限公司签署的相关协议， 自2025年7月18日起，投资者可在国泰海通证券股份有限公司办理本公司旗下交易型开放式指数证券投 资基金的申购、赎回代办业务。现将有关事项公告如下： 一、适用基金及业务范围 ■ 自2025年7月18日起，投资者可通过国泰海通证券股份有限公司办理上述基金份额的申购、赎回等业 务。 1、国泰海通证券股份有限公司 客服电话：95521 网址：www.gtht.com 二、重要提示 上述适用基金的申购、赎回等业务仅适用于处于正常开放期时的基金，基金特殊期间的有关规定详见对 应基金的基金合同和招募说明书等相关法律文件及本公司发布的最新业务公告。 三、投资者可通过以下途径咨询有关详情： 本公告的解释权归中银国际证券股份有限公司所有。 特此公告 网址： www.bocifunds.com 四、风险提示： 投资者在上述证券公司办理本基金的投资事务，具体办理规则及程序请咨询相应申购赎回代理券商的规 定。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证 最低收益。基金的过往业绩及其净值高低并不预示其 ...

Core Insights - The National Equities Exchange and Quotations (NEEQ) has released the market maker evaluation results for Q2 2025, highlighting the performance of various securities firms in the market-making business [1][2] Group 1: Market Maker Evaluation Results - In Q2 2025, three firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% and received a 100% fee exemption [1][2] - Six firms, including Haitong Securities and Shenwan Hongyuan, ranked between the top 10% and 20%, receiving a 50% fee exemption [2] - Notable changes in rankings include Guangfa Securities moving from the top 10% to the top 5% and Shenwan Hongyuan entering the top 10% to 20% for the first time [2] Group 2: Industry Trends and Insights - The competition among market makers appears to be less intense, with rankings showing relative stability and some fluctuations due to short-term business variations [3] - Smaller securities firms are gaining an advantage in the NEEQ market-making space, as larger firms focus on other areas [3] - Companies like Guoyuan Securities and Guosen Securities are actively enhancing their market-making capabilities to provide liquidity for small and medium enterprises [3][4] Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include trading scale, liquidity provision, and quote quality, with a total score of 100 points [6] - The NEEQ emphasizes the significance of the market maker system in improving market liquidity and facilitating price discovery [6] - Continuous assessment and optimization of the evaluation mechanism are planned to promote the healthy development of the market maker system [6]

Group 1 - The core viewpoint of the article highlights the implementation of the "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Science and Technology Growth Layer," which allows for the entry of unprofitable companies into a new market segment, thereby expanding opportunities for quality technology enterprises [1][4] - Multiple securities firms have quickly responded to the new guidelines by launching functions to enable trading permissions for the Science and Technology Growth Layer, indicating a swift adaptation to regulatory changes [1][2] - The establishment of the Science and Technology Growth Layer is seen as a significant move to support technological innovation and manage unprofitable tech companies more effectively, while also protecting investors' rights [2][3] Group 2 - The entry requirements for individual investors to participate in the Science and Technology Growth Layer remain consistent with existing rules for the Science and Technology Innovation Board, ensuring a stable investment environment [2][3] - A total of 32 unprofitable companies have been allowed to enter the Science and Technology Growth Layer, with a special "U" designation for their stocks, indicating their unprofitable status [3][4] - The inclusion of these companies spans critical technology sectors such as biomedicine, semiconductors, artificial intelligence, and high-end equipment, showcasing the diverse landscape of the technology market [4]