中泰证券股份有限公司 关于深圳新益昌科技股份有限公司 首次公开发行股票并在科创板上市之 持续督导保荐总结报告书 根据中国证券监督管理委员于 2021 年 3 月 23 日核发的《关于同意深圳新益 昌科技股份有限公司首次公开发行股票注册的批复》（证监许可2021928 号）， 并经上海证券交易所同意，深圳新益昌科技股份有限公司（以下简称"新益昌" "发行人"或"公司"）获准向社会公开发行人民币普通股 2,553.36 万股，每股 面值为 1 元，每股发行价格为 19.58 元，募集资金总额为 49,994.79 万元，减除 发行费用（不含增值税）人民币 5,768.66 万元后，募集资金净额为 44,226.13 万 元。公司首次公开发行的股票于 2021 年 4 月 28 日在上海证券交易所科创板上市 交易。 中泰证券股份有限公司（以下简称"保荐机构"或"中泰证券"）作为新益 昌首次公开发行股票并在科创板上市持续督导工作的保荐机构，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 所科创板上市公司自律监管指引第 1 号—规范运作》等规定，中泰证券的持续督 导期持续至 ...

Core Viewpoint - The domestic medical device industry is in a rapid development phase, with short-term negative impacts from medical insurance cost control, but long-term optimism remains due to innovation-driven import substitution and globalization [1][2]. Industry Overview - The impact of COVID-19 is gradually diminishing, while multiple policy disturbances are putting short-term pressure on hospital diagnosis and treatment. Internationalization is expected to bring new growth points [2]. - In 2024, the revenue of listed medical device companies is projected to be 254.27 billion yuan, a year-on-year increase of 0.19%, while the net profit excluding non-recurring items is expected to decline by 13.82% to 27.25 billion yuan. Different sub-sectors show significant divergence in performance [2]. Sub-sector Analysis Low-value Consumables - Revenue is expected to grow by 12.86% in 2024, with net profit increasing by 114.83%. This growth is attributed to the recovery from inventory destocking and accelerated international expansion [2][7]. - In Q1 2025, revenue growth is projected at 2.37%, with net profit growth of 7.19%. The sector is expected to return to normal growth trends as the low base effect diminishes [7]. High-value Consumables - Revenue is projected to grow by 3.58% in 2024, while net profit is expected to decline by 4.09%. The sector is relatively stable, but performance varies across different segments due to the pace of centralized procurement [2][6]. - In Q1 2025, revenue growth is expected to be 0.25%, with a net profit decline of 6.15% [6]. Medical Equipment - Revenue is expected to decline by 1.38% in 2024, with a net profit decrease of 17.93%. The sector faces challenges from anti-corruption measures and delays in bidding processes [2][5]. - In Q1 2025, revenue is projected to decline by 5.27%, with net profit decreasing by 14.10% [5]. In Vitro Diagnostics - Revenue is expected to decline by 6.13% in 2024, with a net profit decrease of 47.04%. The sector is affected by policies such as DRGs and centralized procurement, leading to significant price declines [2][4]. - In Q1 2025, revenue is projected to decline by 15.39%, with a net profit decrease of 40.27% [4]. Investment Recommendations - Despite short-term pressures, the industry shows potential for growth through international expansion and innovative projects. Companies with early overseas layouts and those focusing on unique projects are recommended for investment [4][6].

Group 1 - Hongta Securities announced a proposal for share buyback to optimize capital structure and enhance shareholder value [1] - As of May 11, 2023, 359 listed companies in A-share market have initiated buyback plans, with 265 companies specifically for stock repurchase, totaling a maximum buyback amount of 46.9 billion [1] - The State-owned Assets Supervision and Administration Commission supports central enterprises in increasing buyback efforts, leading to several securities firms, including Guotai Junan and Dongfang Securities, to propose buyback plans [4] Group 2 - The combined buyback amount from six major securities firms is estimated to reach 3.8 billion, with potential total buyback including Hongta Securities reaching up to 4 billion [4] - The People's Bank of China announced a combined usage of stock repurchase and loan increase tools with a total limit of 800 billion, enhancing the convenience and flexibility of these tools [4] - Analysts suggest that the buyback actions by securities firms signal strong confidence in their development, which can instill investor confidence in a volatile market [4] Group 3 - The current wave of buybacks is seen as a combination of policy guidance and market-driven behavior, which is expected to stabilize market confidence in the short term [5] - A series of financial policies, including interest rate cuts and increased liquidity, are contributing to the buyback trend, reinforcing the dual drive of policy and capital [5] - There are concerns regarding the sustainability of buyback funding, especially if economic pressures increase, which could lead to cash flow challenges for some firms [5] Group 4 - The A-share market is expected to experience a rotation of investment themes, with a focus on technology, consumption, and healthcare sectors in the short term [6][7] - Analysts highlight three main investment lines: TMT sector, low-cycle stocks under growth policies, and stable sectors like public utilities and transportation [6] - The overall performance of A-share companies is stabilizing, with improvements noted in both large and small-cap stocks [6]

Core Viewpoint - The report outlines the verification opinions regarding the listing and circulation of restricted shares from the offline placement of Hunan Xiangtou Jintian Titanium Industry Technology Co., Ltd.'s initial public offering, confirming compliance with relevant regulations and the fulfillment of lock-up commitments by shareholders [1][5]. Summary by Sections 1. Type of Restricted Shares for Listing - The restricted shares for listing are from the offline placement of the initial public offering, totaling 5,829,694 shares, which represents 1.26% of the company's total share capital post-IPO [1][2]. 2. Changes in Share Capital - Since the formation of the restricted shares, there have been no changes in the company's share capital due to profit distribution or capital reserve transfers [2]. 3. Commitments Related to Restricted Shares - Shareholders of the restricted shares have committed to a lock-up period of 6 months from the IPO date, with 10% of their allocated shares subject to this restriction. All shareholders have adhered to these commitments [2][3]. 4. Details of Restricted Shares for Listing - The total number of restricted shares for listing is 5,829,694, with a listing date set for May 20, 2025. This amount constitutes 1.26% of the company's total share capital [3][4]. 5. Verification Opinions from Sponsoring Institutions - The sponsoring institutions have confirmed that all shareholders of the restricted shares have complied with their lock-up commitments, and the listing and circulation of these shares meet the requirements of relevant laws and regulations [4][5].

证券代码：600918 证券简称：中泰证券 公告编号：2025-019 中泰证券股份有限公司 关于参加2025年山东辖区上市公司投资者网上集体接待日活动 暨召开2024年度和2025年第一季度业绩说明会的公告 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。 重要内容提示： 中泰证券股份有限公司（以下简称"公司"）已于 2025 年 3 月 22 日、4 月 30 日披露公司 2024 年年度报告、2025 年第一季度报告，为便于广大投资者更全 面深入地了解公司 2024 年度和 2025 年第一季度经营成果、财务状况，公司将参 加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合举办的 "2025 年山东辖区上市公司投资者网上集体接待日活动"暨召开公司 2024 年度 和 2025 年第一季度业绩说明会，就投资者关心的问题及现金分红事项进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年度和 2025 年第一 季度经营成果及财务指标、现金分红事项等情况与投资者进行互动交流和沟通， 在信 ...

5月9日晚间，红塔证券公告称，公司收到董事长景峰的函件，提议进行股份回购注销，以优化资本结构并 提升股东价值。今年以来，A股证券板块已有多家公司提出回购计划。 此前在4月8日，国务院国资委表示，全力支持央企控股上市公司不断加大增持回购力度。随后，以央企国企为 主的证券公司开始陆续酝酿回购方案。据券商中国统计，目前公布回购计划的6家券商（含券商母公司，下 同）中，已有4家进行了回购操作，其中国泰海通已累计回购近3亿元。 已有6家推出回购方案 根据公告，红塔证券5月9日收到董事长景峰提交的《关于提议红塔证券进行股份回购注销的函》，提议以自有 资金在上交所以集中竞价方式回购股份，回购金额在1亿元至2亿元，回购的股份将用于减少注册资本，优化资 本结构，提升股东价值。 景峰称，此举是基于对公司持续发展的信心和对公司价值的高度认可，为积极响应监管机构号召，维护公司市 场价值及股东权益，增强投资者对公司的投资信心，同时促进公司稳定健康发展。这一想法同多家券商不谋而 合。 在红塔证券之前，今年已有6家券商公布了回购方案。行动最早的国金证券，其在4月8日国务院国资委发声 后，第一时间公告的新一轮回购股份方案——此前在2024年 ...

Core Viewpoints - The article emphasizes the importance of macroeconomic policies and market trends, suggesting a focus on three major trends for investment strategies [3][5][9]. Monetary Policy and Economic Outlook - On May 7, three departments announced a series of financial policies aimed at stabilizing market expectations, including a 0.5% reduction in the reserve requirement ratio and a 0.1% cut in policy interest rates [3]. - The current macroeconomic environment faces risks from domestic policy changes and economic fluctuations, particularly in the context of unclear Sino-US trade relations [3]. Equity Market Insights - CITIC Securities recommends focusing on three enduring trends: the enhancement of China's independent technological capabilities, Europe's reconstruction of defense and energy sectors, and the acceleration of domestic demand through improved social security [5]. - According to Zhongtai Securities, A-share earnings showed a recovery in Q1 2025, with a 5.13% year-on-year increase in net profit for the non-financial oil and petrochemical sector [6]. - Galaxy Securities highlights multiple pressures on the US stock market, including aggressive tariff policies and potential stagflation due to conflicting economic indicators [7]. Fixed Income Market Analysis - In the wake of recent monetary easing, Invesco Great Wall Fund favors short- to medium-term credit bonds, anticipating a decline in yields due to increased liquidity [13]. - Bosera Fund predicts a new round of interest rate cuts in the money market, driven by the central bank's policies aimed at stabilizing market confidence [14]. - CICC forecasts that the yield on 10-year government bonds may drop to 1.3%-1.4% as a result of easing monetary conditions [15]. Asset Allocation Strategies - Founder Securities suggests that new regulations for public funds present a favorable opportunity for dividend assets, which have shown higher long-term success rates compared to mainstream indices [17].

Core Viewpoint - The introduction of a "sale coordinator" role in the issuance of the Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is a rare occurrence in the fund issuance process, indicating potential adjustments in response to new market conditions [1][3][5]. Group 1: Role of Sale Coordinator - The sale coordinator is responsible for managing the flow of funds during the fund subscription period, ensuring that the funds are collected and allocated to the fund custodian account [2][4]. - This role is uncommon in the issuance of ETFs and almost non-existent in non-ETF fund issuances, suggesting a unique approach taken by the fund company [1][6]. - The addition of a second sale coordinator, Zhongtai Securities, alongside Changjiang Securities, reflects a possible adaptation to recent developments in the ETF market [6][8]. Group 2: Fund Issuance Process - The Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is open for subscription from May 6 to May 16, with both online and offline cash subscription options available [3]. - The issuance process involves multiple parties, including the fund company, distribution agencies, and custodians, with brokers typically acting as distribution agents [3][4]. - The introduction of the sale coordinator may enhance the efficiency of the fund issuance process, aligning with the broader goal of high-quality development in the public fund industry [9][10]. Group 3: Regulatory Context - The recent regulatory framework emphasizes the importance of fund issuance as a critical component of high-quality development, with specific measures aimed at optimizing the registration process for equity funds [9][10]. - The new measures aim to enhance the scale and proportion of equity investments, reflecting a shift towards prioritizing investor interests in fund operations [10].

Group 1 - The core viewpoint of the articles highlights the significant increase in new personal investor accounts in the A-share market, with nearly 10 million new accounts opened in the first four months of the year, despite a month-on-month decline in April [1][2][3] - In April, 191.58 thousand new personal investor accounts were opened, a decrease of 114.04 thousand from March, but still showing a year-on-year growth of over 30% [2][3] - The total number of new personal investor accounts opened in the first four months reached 936.58 thousand, with a total of 378 million personal investor accounts as of April 30 [2][3] Group 2 - The increase in new accounts is closely linked to the performance of brokerage firms' brokerage businesses, with many firms reporting positive growth in account numbers contributing to their performance [1][3] - The "money-making effect" in the market, particularly after the Spring Festival, has attracted a large number of new investors, leading to a surge in account openings, especially in March [2][3] - Various measures, including the central bank's support and adjustments in insurance fund allocations, have been implemented to stabilize market confidence, which has helped maintain investor enthusiasm for opening new accounts [3][4] Group 3 - The challenge for brokerage firms lies in converting new customer acquisition into long-term retention, as the industry faces declining commission rates [5] - Major brokerage firms have reported significant increases in new accounts, with some firms seeing year-on-year growth rates exceeding 90%, while smaller firms also achieved notable growth [5] - Companies are focusing on enhancing wealth management services and customer engagement strategies to provide comprehensive financial solutions and maintain a competitive edge in the market [5]

关于苏州天禄光科技股份有限公司 首次公开发行股票并在创业板上市持续督导保荐总结报告书 根据中国证券监督管理委员会证监许可20212058 号文批复，并经深圳证 券交易所同意，苏州天禄光科技股份有限公司（以下简称"天禄科技""发行 人"或"公司"）由主承销商中泰证券股份有限公司于 2021 年 8 月 4 日在深圳证 券交易所采取网下向符合条件的投资者询价配售和网上向持有深圳市场非限售 A 股股份或非限售存托凭证市值的社会公众投资者定价发行相结合的方式向社 会公众公开发行人民币普通股（A 股）2,579.00 万股，发行价为每股人民币 用 4,573.69 万元后，募集资金净额为 36,200.30 万元。公司首次公开发行的股票 于 2021 年 8 月 13 日上市交易。 中泰证券股份有限公司 根据中国证监会的规定，保荐机构对天禄科技首次公开发行股票项目的持 续督导期为 2021 年 8 月 13 日至 2024 年 12 月 31 日。持续督导期间，保荐机构 及保荐代表人根据中国证监会的相关规定及深圳证券交易所等监管部门的有关 要求，认真履行持续督导职责，主要保荐工作具体如下： 人、其他关联方违规占用公司资 ...