Summary of Key Points Core Viewpoint - The company, ChipLink Integrated Circuit Manufacturing Co., Ltd., is providing a guarantee for a loan application by its subsidiary, ChipLink Pioneer, to ensure its daily operational needs and reduce financing costs through cooperation with a policy bank [1][4]. Group 1: Guarantee Overview - ChipLink Pioneer plans to apply for a one-year working capital loan of RMB 400 million from the Zhejiang Branch of the National Development Bank, with the company providing a guarantee of up to RMB 400 million [1]. - The guarantee will cover all debts, including principal, interest, penalties, and reasonable expenses incurred to realize the creditor's rights [1]. Group 2: Internal Decision-Making Process - The company's board of directors approved the guarantee on July 1, 2025, and it does not require submission to the shareholders' meeting for approval [2]. Group 3: Financial Overview - As of March 31, 2025, the total assets of the company were approximately RMB 14.32 billion, with total liabilities of about RMB 5.50 billion, resulting in net assets of approximately RMB 8.82 billion [3]. - The company reported a revenue of approximately RMB 321.75 million and a net loss of approximately RMB 239.85 million for the same period [3]. Group 4: Necessity of the Guarantee - The guarantee is deemed necessary to support the daily operations of ChipLink Pioneer, which is a stable and continuously operating subsidiary of the company [4]. - The board believes that the risks associated with the guarantee are manageable and will not harm the interests of the company or its shareholders [4]. Group 5: Cumulative Guarantee Information - As of June 24, the company had a total external guarantee balance of approximately RMB 1.49 billion, which includes a joint liability guarantee of RMB 1.2 billion for ChipLink Pioneer [5]. - There are no overdue guarantees or litigation-related guarantees reported [5]. Group 6: Sponsor's Review Opinion - The sponsor, Guotai Junan Securities Co., Ltd., has reviewed the guarantee and found that the approval process complies with relevant regulations and does not harm the interests of the company or minority shareholders [5].

Core Viewpoint - The company, VeriSilicon Microelectronics (Shanghai) Co., Ltd., is focused on providing comprehensive chip customization services and semiconductor IP licensing, leveraging its proprietary semiconductor IP to cater to various applications, including AI, consumer electronics, and automotive sectors [1][2][4]. Group 1: Company Overview - The company was established on August 21, 2001, and became a joint-stock company on March 26, 2019, with its shares listed on the Shanghai Stock Exchange under the stock code 688521.SH since August 18, 2020 [1][3]. - The total share capital of the company is 525,713,273 shares, and it operates primarily in the semiconductor industry, providing services such as chip design, modeling, and technical consulting [1][4]. Group 2: Main Business and Services - The company specializes in semiconductor IP, offering a wide range of processor IPs, including graphics, neural network, video, digital signal, image signal, and display processors, along with over 1,600 mixed-signal and RF IPs [1][5][9]. - The main business includes a one-stop chip customization service that encompasses the entire process from design to manufacturing, packaging, and testing, aimed at reducing design risks and shortening development cycles for clients [5][6]. Group 3: Market Position and Financial Performance - In 2023, the company ranked first in the semiconductor IP licensing market in mainland China and eighth globally, with its licensing revenue ranking sixth worldwide [5]. - The company reported a total revenue of 2.68 billion yuan in 2023, with a significant increase in net profit, turning from a loss of 29.65 million yuan in 2022 to a profit of 7.38 million yuan in 2023 [11][14]. Group 4: Research and Development - The company has consistently invested in R&D, with a focus on chip customization technology, software technology, and semiconductor IP technology, accumulating a substantial number of patents and intellectual property rights [10][12]. - As of December 31, 2024, the company had obtained 205 invention patents, 3 utility model patents, and 12 software copyrights, reflecting its commitment to innovation and technology advancement [10][12]. Group 5: Future Plans and Fundraising - The company plans to raise approximately 1.81 billion yuan through a private placement of shares, with the funds allocated to projects in the AIGC and smart mobility sectors, as well as new IP development [22][26]. - The issuance is set to take place on June 12, 2025, with a share price of 72.68 yuan, and the funds will be used to enhance the company's operational capabilities and long-term profitability [22][24].

国泰海通证券股份有限公司 关于常州中英科技股份有限公司 股东向特定机构投资者询价转让股份的核查报告 深圳证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"组织券商"）受委托担 任常州市中英管道有限公司（以下简称"中英管道"或"出让方"）以向特定机 构投资者询价转让（以下简称"询价转让"）方式减持所持有的常州中英科技股份 有限公司（以下简称"公司"或"中英科技"）首次公开发行前已发行股份的组织券 商。 经核查，国泰海通就本次询价转让的股东、受让方是否符合《深圳证券交易 所上市公司自律监管指引第 16 号——创业板上市公司股东询价和配售方式转让 股份（2025 年修订）》（以下简称"《指引第 16 号》"）要求，本次询价转让 的询价、转让过程与结果是否公平、公正，是否符合《指引第 16 号》的规定作 出如下报告说明。 一、本次询价转让概况 （一）本次询价转让出让方 截至 2025 年 6 月 25 日出让方所持首发前股份的数量及占公司总股本比例情 况如下： 出让方与组织券商协商确定本次询价转让价格下限。本次询价转让价格下限 不低于国泰海通向投资者发送《常州中英科技股份有限公司询价转让股票认购邀 请书 ...

国泰海通（601211）证券指出，2025年中国股市估值逻辑在内不在外，根本动力来自中国产业创新的不 断涌现与股市贴现率的系统性降低，推动增量入市。外部局势的缓和，更强化了内部确定性逻辑的延 展。因此，判断7月底之前股市仍有上升空间：1)中国股市的无风险利率实质性降低，中长期资金和民 间资本入市已进入历史转折点。2)人民币由过去的贬值预期转向稳定甚至略升值的预期，也是中国资产 重估的重要推力。3)及时、得当与合理的宏观政策，更重视投资者回报的资本市场基础制度改革，对于 改变投资人面对风险的保守态度具有关键意义。但也应留意，股市并非今日起涨，也有夯实必要。股指 拉升之后虽然短期仍有一定空间，但下一阶段，股指或横盘震荡不再是短期看点，投资上应更多聚焦结 构表现。 ...

Core Viewpoint - The development of stablecoins and Real World Assets (RWA) may lead to significant changes in the global monetary and financial systems, potentially creating a parallel decentralized system alongside the current centralized one, similar to the impact of AI on the global economy [1] Group 1: Monetary System - The essence of money is a "social consensus" and a "recording tool" that facilitates the exchange of labor and goods, with its value being largely dependent on public trust and recognition [4][5] - The formation of social consensus around a currency requires its scarcity to be maintained; excessive issuance can lead to inflation, undermining trust in the currency [6][7] - Legal tender serves as a centralized recording tool, relying on government trust to maintain its value and scarcity [7] Group 2: Stablecoins - In the context of increasing distrust in centralized monetary systems, stablecoins have emerged as a decentralized alternative, leveraging blockchain technology to create a shared, immutable ledger [10][11] - Stablecoins, particularly those backed by fiat currencies, dominate the market, accounting for 99% of the stablecoin market share since 2014, and can be viewed as digital representations of cash [11][12] - The rise of stablecoins may lead to a reconfiguration of the global monetary system, breaking down national borders and allowing for a more fluid exchange of value across different economies [12][13] Group 3: Real World Assets (RWA) - RWA represents the tokenization of real-world assets on the blockchain, allowing for decentralized trading and ownership of assets like stocks and bonds, similar to asset-backed securities [16][17] - The development of RWA could create a new financial market that operates parallel to traditional centralized markets, enabling direct wealth management on the blockchain without reverting to fiat currencies [17][18] - RWA can also enhance the monetary system by allowing tokenized assets to be used as currency for transactions, thereby expanding the definition of what can be considered money [18]

Market Overview - The FTSE China A50 Index components showed mixed performance with sectors like home appliances, liquor, and non-ferrous metals rising, while sectors such as securities, consumer electronics, and logistics declined [1]. Sector Performance Home Appliances - Gree Electric Appliances had a market capitalization of 259.96 billion, with a trading volume of 25.10 billion and an increase of 0.96 (+2.11%) [3]. - Haier Smart Home reported a market cap of 240.01 billion, with a trading volume of 19.79 billion and an increase of 0.82 (+3.31%) [3]. Liquor Industry - Kweichow Moutai had a market capitalization of 1,770.74 billion, with a trading volume of 36.89 billion and an increase of 4.50 (+0.32%) [3]. - Wuliangye Yibin reported a market cap of 214.25 billion, with a trading volume of 11.55 billion and an increase of 1.20 (+0.69%) [3]. Non-Ferrous Metals - The sector showed positive performance, contributing to the overall rise in the index [1]. Securities - CITIC Securities had a market capitalization of 404.30 billion, with a trading volume of 10.59 billion and a decrease of 0.11 (-0.40%) [4]. - Guotai Junan Securities reported a market cap of 338.49 billion, with a trading volume of 15.74 billion and a decrease of 0.07 (-0.36%) [4]. Consumer Electronics - Industrial Fulian had a market cap of 420.21 billion, with a trading volume of 24.20 billion and a decrease of 0.24 (-1.12%) [4]. - Luxshare Precision reported a market cap of 245.97 billion, with a trading volume of 17.15 billion and a decrease of 0.79 (-2.28%) [4]. Logistics - SF Holding had a market capitalization of 272.79 billion, with a trading volume of 17.11 billion and a decrease of 1.51 (-0.67%) [4]. Energy Sector - China Shenhua Energy had a market cap of 190.41 billion, with a trading volume of 8.45 billion and an increase of 0.60 (+1.47%) [3]. - China Petroleum & Chemical Corporation reported a market cap of 1,573.98 billion, with a trading volume of 6.26 billion and a decrease of 0.04 (-0.46%) [3].

Group 1 - The A-share IPO acceptance market showed significant changes in the first half of 2025, with 177 companies' IPO applications accepted, surpassing the total from the previous year [1] - The competitive landscape among underwriters has undergone important adjustments, with 37 underwriting institutions involved in the 177 companies [1] Group 2 - The merger effect has reshaped rankings, with Guotai Junan and Haitong Securities leading with 26 accepted IPOs, followed by CITIC Securities with 22, and CICC with 10 [3] - Guotai Junan and Guolian Minsheng benefited from mergers, enhancing their business synergy and ranking, with Guotai Junan effectively integrating resources post-merger [3] - Guolian Minsheng's entry into the top five is attributed to complementary business advantages from the merger, enhancing their investment banking capabilities [3] Group 3 - In the first half of 2025, the A-share IPO market demonstrated vitality, with a total of 48 IPO projects, an increase of 5 from the same period last year, and a financing scale of 38.002 billion yuan, up 25.53% year-on-year [4] - CITIC Securities led in underwriting amounts with 8.431 billion yuan, followed by Guotai Junan with 4.797 billion yuan, and Huatai Securities with 3.186 billion yuan [4] - In the Sci-Tech Innovation Board, Guotai Junan dominated with 2.637 billion yuan in underwriting, while CITIC Securities and CICC followed with 1.716 billion yuan and 0.896 billion yuan respectively [4] Group 4 - In terms of underwriting quantity, Guotai Junan ranked first with 7, CITIC Securities second with 6, and Shenwan Hongyuan third with 5 [5] - The ongoing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, along with the continuous improvement of the North Exchange system, are expected to keep the IPO market active [5]

Group 1: Company Actions - Guotai Junan has repurchased 59.22 million A-shares, accounting for 0.3359% of its total share capital, with a total expenditure of 1.051 billion yuan [1] - The highest purchase price was 19.18 yuan per share, while the lowest was 16.49 yuan per share [1] Group 2: Fund Performance - Public funds in the first half of the year distributed a total of 127.51 billion yuan in dividends, marking a year-on-year increase of 37.53% [2] - Bond funds contributed over 85% of the total dividend amount, while QDII funds saw a staggering year-on-year increase of 1163.94% in dividend distribution [2] Group 3: Industry Trends - The total scale of bond ETFs has surpassed 350 billion yuan, reflecting a nearly twofold increase compared to early 2024 [4] - The rise of bond ETFs indicates a shift in market demand for stable asset allocation, potentially altering traditional bond investment patterns [4]

Core Viewpoint - The solid-state battery industry is accelerating its industrialization process, with semi-solid batteries already being deployed in vehicles, indicating a faster development compared to all-solid-state batteries [1] Group 1: Industry Insights - Solid-state batteries offer high energy density and safety, making them suitable for specialized applications in automotive, low-altitude, and humanoid robotics sectors [1] - The application of solid-state batteries is expected to occur earlier in cost-sensitive areas such as humanoid robots and low-altitude applications compared to automotive [1] - The industry is entering a phase of rapid iteration and development, moving from initial stages to more advanced implementations [1] Group 2: Future Outlook - There is a long-term positive outlook for the development of solid-state batteries as their performance continues to improve and industrialization accelerates [1]

Summary of Key Points Core Viewpoint - In the first half of 2025, a total of 51 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 37.3 billion yuan in funds [1]. Group 1: Listing and Fundraising - Among the 51 listed companies, 18 were on the main board, 20 on the ChiNext board, 7 on the Sci-Tech Innovation board, and 6 on the Beijing Stock Exchange [1]. - The top fundraising company was Zhongce Rubber, which raised 4.066 billion yuan, followed by Tianyouwei and Yingshi Innovation, which raised 3.740 billion yuan and 1.938 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - A total of 27 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 2.546 billion yuan [1]. - CITIC Securities ranked first in underwriting fees, earning 316.556 million yuan by sponsoring five companies including Huazhi Jie and Zhongce Rubber [2]. Group 3: Ranking of Securities Firms - Huatai United and CITIC Securities ranked second and third in underwriting fees, earning 254.466 million yuan and 231.965 million yuan respectively [2]. - The top five securities firms collectively earned 1.177 billion yuan, accounting for 46.23% of the total underwriting fees for the first half of 2025 [3]. Group 4: Detailed Underwriting Data - A detailed table lists the number of companies sponsored and the corresponding underwriting fees for various securities firms, with CITIC Securities leading with five companies and 316.556 million yuan [4]. - Other notable firms include Huatai United, CITIC Securities, Guotai Junan, and Shenwan Hongyuan, each sponsoring multiple companies and earning significant fees [5].