Group 1 - The core viewpoint of the article is that Qimingxingchen (启明星辰) has conducted an investor survey, revealing significant insights into its business operations and financial performance [1] - For the first half of 2025, Qimingxingchen's revenue composition shows that information network security accounts for 99.05% of total revenue, while other businesses contribute only 0.95% [1] - As of the report date, Qimingxingchen's market capitalization stands at 21.2 billion yuan [1]

国浩律师（济南）事务所 关于中泰证券股份有限公司 向特定对象发行 A 股股票 之 补充法律意见书（二） 济南市龙奥西路 1 号银丰财富广场 C 座 19、20、25 层邮编：250014 19、20、25/F,BlockC,YinfengFortunePlaza,No.1Long'aoxiRoad,Jinan250014,China 电话/Tel:+8653186112118 传真/Fax:+8653186110945 网址/Website:http://www.grandall.com.cn 二〇二五年八月 | 第一节 | 引言 4 | | --- | --- | | 第二节 | 正文 7 | | | 关于同业竞争 7 | | 第三节 | 签署页 12 | 国浩律师（济南）事务所 补充法律意见书（二） 国浩律师（济南）事务所 关于中泰证券股份有限公司向特定对象发行 A 股股票 之 补充法律意见书（二） 致：中泰证券股份有限公司 国浩律师（济南）事务所（以下简称"本所"）接受中泰证券股份有限公司 （以下简称"中泰证券""发行人""公司"）的委托，担任其向特定对象发行 A 股股票的特聘专项法律顾问。 7-3-3 ...

证券简称：中泰证券 证券代码：600918 中泰证券股份有限公司 ZHONGTAI SECURITIES CO.,LTD. （济南市市中区经七路 86 号） 关于中泰证券股份有限公司 向特定对象发行股票的 审核中心意见落实函的回复 保荐人（主承销商） | 落实函所列问题 | 黑体 | | --- | --- | | 对问题的回复 | 宋体 | 本落实函回复若出现总数与各分项数值之和尾数不符的情况，均为四舍五入 原因造成。 （苏州工业园区星阳街 5 号） 二〇二五年八月 上海证券交易所： 贵所于 2025 年 7 月 24 日出具的《关于中泰证券股份有限公司向特定对象 发行股票的审核中心意见落实函》（上证上审（再融资）〔2025〕218 号）（以 下简称"落实函"）已收悉。中泰证券股份有限公司（以下简称"中泰证券" "发行人"或"公司"）与东吴证券股份有限公司（以下简称"保荐机构"）、 国浩律师（济南）事务所（以下简称"发行人律师"）、容诚会计师事务所（特 殊普通合伙）（以下简称"申报会计师"），按照贵所的要求对落实函中提出 的问题进行了认真研究，现逐条进行说明，请予审核。 如无特别说明，本落实函回复使用的简称 ...

7-2-1 7-2-2 1.关于债权投资 请发行人:结合债权投资客户的违约情况、债务偿付计划、债务重组进展、 经营情况等，说明处于第三阶段的债权投资减值准备计提的具体依据, 相关计提 是否充分，与同行业可比公司计提情况是否存在明显差异。 请保荐机构及申报会计师进行核查并发表明确意见。 请发行人: 结合债权投资客户的违约情况、债务偿付计划、债务重组进展、 经营情况等，说明处于第三阶段的债权投资减值准备计提的具体依据，相关计提 是否充分，与同行业可比公司计提情况是否存在明显差异。 请保荐机构及申报会计师进行核查并发表明确意见。 回复: 一、愤权投资客户的违约情况、债务偿付计划、债务重组进展、经营情况等 截至 2025 年 3 月 31 日，公司第三阶段的债权投资账面余额为 235.836.97 万 元,占债权投资总额的比例为88.05%,对应重组前的减值准备计提比例为61.17%, 对应重组后的减值准备计提比例为 55.67%。截至 2025 年 3 月 31 日，公司第三阶 段的债权投资中前五大债权投资具体情况如下: 单位: 万元 | 发债主体 | 账面余额 | | 減值准备 | | 计提比例 | | 账面价值 ...

证券代码：600918 证券简称：中泰证券 公告编号：2025-045 中泰证券股份有限公司 关于向特定对象发行股票的 审核中心意见落实函回复的提示性公告 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、准确性和完整性承担法律责任。 中泰证券股份有限公司（以下简称"公司"）于2025年7月24日收到上海证 券交易所（以下简称"上交所"）出具的《关于中泰证券股份有限公司向特定对 象发行股票的审核中心意见落实函》（上证上审（再融资）〔2025〕218号） （以下简称《落实函》）。上交所对公司向特定对象发行股票申请文件进行了审 核，发出《落实函》要求公司落实相关事项。 收到《落实函》后，公司会同相关中介机构对《落实函》所列问题进行了认 真研究和逐项落实，并形成说明和回复。具体内容详见公司于2025年8月29日在 上交所网站（www.sse.com.cn）披露的《关于中泰证券股份有限公司向特定对象 发行股票的审核中心意见落实函的回复》等文件。 公司本次向特定对象发行股票尚需通过上交所审核，并获得中国证券监督管 理委员会（以下简称"中国证监会"）同意注册的决定后方可 ...

Core Viewpoint - The case of Li Wei, former chairman of Zhongtai Securities, highlights significant issues of corruption and governance within the Shandong capital market, revealing systemic vulnerabilities in state-owned enterprises and financial regulation [1][2][3][4]. Group 1: Corruption Case Details - Li Wei was sentenced to 15 years in prison and fined 3.5 million RMB for corruption and bribery, with his corrupt activities spanning two decades from 2003 to 2023 [1][2]. - His illegal gains included over 10.03 million RMB from public funds and 39.98 million RMB in bribery, indicating a complex financial interest network [1][2]. Group 2: Impact on the Financial Sector - Li Wei's tenure saw Zhongtai Securities grow significantly, achieving revenues of 15.045 billion RMB in 2015 and becoming the first listed securities firm in Shandong by 2020 [2][4]. - The case has exposed deep-rooted issues in the governance of state-owned enterprises, including concentrated power and weak internal controls, leading to a series of high-profile executive dismissals in the Shandong capital sector since 2015 [3][4]. Group 3: Broader Implications - The fall of Li Wei serves as a warning for the governance of state-owned enterprises in Shandong, prompting expectations for enhanced regulatory oversight from the State-owned Assets Supervision and Administration Commission and financial regulatory bodies [4]. - The incident underscores the ongoing challenges of balancing capital and power in China's financial markets, particularly in the context of market reforms and regulatory scrutiny [4].

证券代码：600918 证券简称：中泰证券 公告编号：2025-044 中泰证券股份有限公司 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、准确性和完整性承担法律责任。 中泰证券股份有限公司 2025 年度第三期短期融资券已于 2025 年 8 月 26 日 发行完毕，现将发行结果公告如下： 名称 中泰证券股份有限公司 2025 年度第三期短期融资券 简称 25 中泰证券 CP003 代码 072510197 期限 267 天 起息日 2025 年 8 月 27 日 兑付日 2026 年 5 月 21 日 计划发行 总额 发行利率 1.76% 发行价格 100 元/百元面值 本期发行短期融资券的相关文件已在以下网站上刊登： 特此公告。 中泰证券股份有限公司董事会 ...

Core Viewpoint - Company focuses on polyurethane composite materials, emphasizing high performance, multifunctionality, and eco-friendliness, while maintaining a diversified product matrix and business structure [2][3]. Business Layout - Company has established a "2+2+2+2" product matrix, focusing on core business while promoting product and customer structure upgrades [2][3]. - The main categories include functional shoe materials and sofa home furnishings, which together account for nearly 70% of revenue, with automotive interiors and electronic products growing rapidly [4][12]. Revenue and Profitability - In the first half of 2025, the company's main revenue was 1.099 billion yuan, a decrease of 2.4% year-on-year, while net profit increased by 0.91% to 93.25 million yuan [12]. - The gross margin for electronic products and automotive interiors is relatively high, while functional shoe materials and sofa home furnishings show a differentiated gross margin based on product type and customer requirements [5][12]. Market Position and Growth Potential - The synthetic leather industry in China is valued at approximately 90 billion yuan, with PU synthetic leather accounting for about 40% of this market [10]. - Company has a market share exceeding 20% in certain mid-to-high-end segments, indicating strong competitive advantages [10]. - The company is recognized as a "national manufacturing single champion demonstration enterprise," highlighting its prominent industry position [10]. Strategic Partnerships - Company maintains strong relationships with international brands such as Nike and Adidas, enhancing its competitive edge in the functional shoe materials category [7][8]. - The company is the only qualified supplier of polyurethane synthetic leather and composite materials for Nike in mainland China, indicating a strategic partnership that has expanded since early 2025 [7]. Future Outlook - The company is optimistic about the growth of its functional shoe materials category, with significant potential for increased market share among major brands [8]. - The automotive interior segment is expected to benefit from the expanding global automotive market and increasing penetration of new energy vehicles, providing ample growth opportunities [9].

中泰证券股份有限公司 2025 年度第三期短期融资券已于 2025 年 8 月 26 日 发行完毕，现将发行结果公告如下： | 名称 | | | | 中泰证券股份有限公司 | 2025 | 年度第三期短期融资券 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | | | | 25 | 中泰证券 CP003 | | | | | | 代码 | | 072510197 | | | 期限 | | 267 | 天 | | | 起息日 | 2025 | 年 8 | 月 | 日 27 | 兑付日 | 2026 | 年 月 | 5 | 日 21 | | 计划发行 总额 | | 39 | 亿元 | | 实际发行总额 | | 39 | 亿元 | | | 发行利率 | | 1.76% | | | 发行价格 | 100 | | 元/百元面值 | | 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 证券代码：600918 证券简称：中泰证券 公告编号：202 ...

Core Viewpoint - Li Wei, former chairman of Zhongtai Securities, was sentenced to 15 years in prison for corruption and bribery, with total illicit gains exceeding 50 million RMB [1][4]. Group 1: Case Details - Li Wei was found guilty of embezzling over 10.03 million RMB from 2007 to 2020 while serving as chairman of Qilu Securities and Zhongtai Securities [4]. - He received over 39.98 million RMB in bribes from 2003 to 2023, leveraging his positions to benefit others in stock purchases, loan processing, and job placements [4]. - The court imposed a combined sentence of 15 years in prison and a fine of 3.5 million RMB, with confiscation of illegal gains [5]. Group 2: Professional Background - Li Wei held leadership roles in Qilu Securities and Zhongtai Securities for over 17 years, significantly impacting the local securities industry [6][7]. - He played a crucial role in the consolidation of local securities firms during the early 2000s, leading to the establishment of Zhongtai Securities as a major player [7]. - Li Wei's career included various financial positions, culminating in his tenure as chairman of Zhongtai Securities from 2003 until 2020 [8]. Group 3: Additional Context - Li Wei's actions were characterized by a pattern of misconduct, including accepting gifts and engaging in nepotism, which led to his eventual downfall [9]. - His case reflects broader issues of corruption within the financial sector, particularly in the context of regulatory oversight and governance [9].