Core Viewpoint - The event "I am a Shareholder" organized by Dongfang Securities showcased the operational achievements and future potential of Huanxu Electronics, emphasizing its leadership in the global electronic design and manufacturing industry [1][2]. Company Overview - Huanxu Electronics, established in 1976 in Taiwan, officially listed on the Shanghai A-share main board in 2012 and is a leading global manufacturer in the System in Package (SiP) module sector [1]. - The company provides design, miniaturization, material procurement, manufacturing, logistics, and after-sales services for electronic devices/modules across various sectors, including communications, cloud and storage, consumer electronics, industrial, medical, and automotive electronics [1]. Operational Performance - Since its listing, Huanxu Electronics has seen continuous revenue growth, reaching a historical high of $10.1 billion in 2022, up from approximately $2 billion at the time of its IPO [2]. - The company ranks twelfth among global peers in its industry, attributed to its efforts in technological innovation, customer expansion, and global layout [2]. Industry Trends and Challenges - The global supply chain is undergoing reconstruction due to geopolitical factors, prompting companies to focus on supply chain security and stability [2]. - Huanxu Electronics is optimizing its global production layout and enhancing collaboration with clients to improve competitiveness in response to potential market risks [2]. Technological Advancements - The company showcased its SiP module technology, which integrates multiple functional chips into a compact module, widely used in consumer electronics like smartwatches and Bluetooth headsets, highlighting its strong technical capabilities in miniaturization [3]. Future Strategy - Huanxu Electronics aims to combine localized operations with a global framework to leverage regional resource advantages, reduce operational costs, and enhance customer service quality [2]. - The company is committed to innovation-driven and customer-centric principles to continuously enhance its capabilities and create greater value for shareholders [3].

Market Overview - A-shares experienced a collective rise on June 30, with the Shanghai Composite Index up by 0.59%, the Shenzhen Component Index up by 0.83%, and the ChiNext Index up by 1.35% [1][2][3] - Over 4,000 stocks in the market closed in the green, indicating a broad-based rally [1] Performance Metrics - The Shanghai Composite Index recorded a cumulative increase of 2.76% in the first half of the year, while the North Star 50 Index surged nearly 40% [2] Sector Performance - The military equipment sector showed strong performance, with stocks like Changcheng Military Industry, Hunan Tianyan, and Beifang Navigation hitting the daily limit [5] - Other active sectors included gaming, brain-computer interfaces, and photovoltaics, while the financial sector underperformed [5] Capital Flow - Main capital inflows were observed in the defense, media, and electronics sectors, while there were net outflows from non-bank financials, banks, and non-ferrous metals [5] - Notable net inflows included Chengfei Integration (6.95 billion), Dongxin Peace (5.15 billion), and Rongfa Nuclear Power (5.13 billion) [5] - Conversely, Hengbao Co., Tianfeng Securities, and Dongfang Fortune experienced significant net outflows of 7.32 billion, 6.62 billion, and 5.33 billion respectively [5] Institutional Insights - Dongfang Securities highlighted the ongoing development of AI and the expanding potential in the gaming sector [7] - Boxin Securities projected that the market may continue to rebound in the second half of the year, potentially reaching above 3,600 points if trading volume supports the trend [9] - Guocheng Investment noted that the index has completed a bottoming process and may strongly approach 3,700 points in the latter half of the year [9]

利弗莫尔证券显示，上海锦江国际酒店股份有限公司向港交所提交上市申请，保荐人为 东方证券国 际。 ...

- The report introduces a dividend forecast model to predict the impact of dividends on index futures contracts, specifically for the July contracts of SSE 50, CSI 300, CSI 500, and CSI 1000 indices [6][10][19] - The model's construction involves estimating component stocks' net profits, calculating pre-tax dividend totals, assessing the impact of dividends on indices, and predicting the influence on futures contracts based on historical dividend timelines and weights [19][20][22] - The formula for estimating stock weights in the index is provided as: $$\mathrm{w_{it}={\frac{w_{i0}\times\mathrm{\(\1+R\)}}{\sum_{1}^{n}w_{i0}\times\mathrm{\(\1+R\)}}}}$$ where \(w_{i0}\) is the initial weight, and \(R\) is the price change ratio over the period [20] - The theoretical pricing model for futures under discrete dividend distribution is: $$F_t = (S_t - D)(1 + r)$$ where \(F_t\) is the futures price, \(S_t\) is the spot price, \(D\) is the present value of dividends, and \(r\) is the risk-free rate [25] - For continuous dividend distribution, the pricing model is: $$F_t = S_t e^{(r-d)(T-t)}$$ where \(d\) is the annualized dividend yield, and other variables are as defined above [26] - The model predicts dividend points for July contracts as follows: SSE 50 (28.77), CSI 300 (27.38), CSI 500 (13.98), and CSI 1000 (12.41) [6][10][13] - The annualized hedging costs (excluding dividends) for July contracts are: SSE 50 (-3.60%), CSI 300 (1.05%), CSI 500 (6.74%), and CSI 1000 (9.50%) [6][10][13] - The remaining impact of dividends on July contracts is estimated as: SSE 50 (1.06%), CSI 300 (0.70%), CSI 500 (0.24%), and CSI 1000 (0.20%) [13] - The report evaluates the model as a useful tool for identifying arbitrage opportunities and managing hedging costs, particularly in the context of dividend season [6][7][10]

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of Zhejiang Changcheng Mixing Equipment Co., Ltd.'s application for an initial public offering (IPO) and listing on the Growth Enterprise Market [1][3]. Group 1: Company Overview - Changcheng Mixing is a high-tech enterprise specializing in the research, development, production, sales, and service of mixing equipment, customizing products based on customer needs to meet specific application requirements [3]. - As of the signing date of the prospectus, the company has no controlling shareholder [4]. Group 2: Shareholding Structure - A group of seven individuals, including Yu Peiqing and Jin Youxiang, collectively holds 90.47% of the company's shares, with direct holdings of 89.42% [4]. - Yu Peiqing and others have signed a concerted action agreement, which remains effective until three years after the company's IPO and listing [4]. Group 3: IPO Details - The company originally planned to issue no more than 45 million shares, accounting for at least 25% of the total share capital post-issue [5]. - The intended fundraising amount was approximately 434.05 million yuan, aimed at expanding production capacity and establishing a research and development center [5][6]. Group 4: Project Investment - The total investment for the mixing equipment production expansion project is approximately 380.19 million yuan, with 374.25 million yuan expected to be funded from the IPO proceeds [6]. - The research and development center construction project has a total investment of about 70.29 million yuan, with 59.79 million yuan planned to be raised from the IPO [6].

东方证券股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所交易规则》和《上海证券交易所上市公司自律监管指引第 7 号——回购股份》 等相关法律法规、规范性文件以及《昱能科技股份有限公司章程》的规定，上述 公司回购的股份不参与利润分配。因此，公司 2024 年度利润分配实施差异化分 红。 二、本次差异化分红方案 根据公司 2024 年年度股东大会审议通过的《关于 2024 年度利润分配预案的 议案》，公司拟以实施权益分派股权登记日登记的总股本扣减公司回购专用证券 账户中的股份为基数，向全体股东每 10 股派发现金红利 4.00 元（含税）， 不 进行资本公积转增股本，不送红股。本次利润分配在实施权益分派的股权登记日 前公司总股本扣减公司回购专用证券账户中股份这基数发生变动的，按照每股现 金分红金额不变的原则对分配总额进行调整。 公司回购专用证券账户中的股份将不参与公司本次利润分配。 三、本次差异化分红的计算依据 关于昱能科技股份有限公司 差异化权益分派特殊除权除息事项的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为昱能科技股份有限公 司（以下简称"公司"、"昱能科技 ...

FF305 公司名稱： 東方證券股份有限公司 呈交日期： 2025年6月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600958 | 說明 | A股於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | ...

Group 1 - The core viewpoint of the news highlights the significant rise in the Southern Securities ETF (512900) and the strong performance of the China Securities Company Index, indicating a bullish trend in the securities market [1] - The approval of Guotai Junan Securities (Hong Kong) to provide virtual asset trading services marks a pivotal moment for traditional Chinese financial institutions to engage in the virtual asset market [1] - Hong Kong is positioning itself as a global hub for virtual assets, leveraging its mature financial infrastructure and international regulatory framework, which is expected to accelerate the development of the virtual asset industry [1] Group 2 - The current regulatory environment encourages consolidation within the securities industry, with mergers and acquisitions seen as effective means for brokers to achieve external growth and enhance overall industry competitiveness [2] - The Southern Securities ETF closely tracks the China Securities Company Index, which categorizes companies into various industry levels, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the index include major players such as CITIC Securities, Dongfang Wealth, and Guotai Haitong, reflecting the concentration of market power within a few key firms [2]

Core Viewpoint - The company, Shanghai Jinghua Adhesive New Materials Co., Ltd., is implementing a differentiated equity distribution plan, which includes a cash dividend of 0.09 yuan per share for shareholders, excluding shares repurchased by the company [1][2]. Group 1: Reasons for Differentiated Equity Distribution - The company has completed the repurchase of 1,882,800 shares using its own funds through centralized bidding, which will not participate in profit distribution [1][2]. - The cash dividend distribution is based on the total share capital minus the repurchased shares, resulting in a total cash dividend of 25,903,463.49 yuan (including tax) [2]. Group 2: Specific Calculation Basis for Differentiated Equity Distribution - The company calculated the ex-rights and ex-dividend reference price using the formula: Ex-rights (dividend) reference price = (Previous closing price - Cash dividend) ÷ (1 + Change in circulating shares ratio) [2]. - The virtual cash dividend was calculated as 0.0894 yuan per share based on the total participating shares [2]. - The actual cash dividend distributed is confirmed to be 0.09 yuan per share, with the ex-rights reference price calculated as 16.04 yuan per share [2]. Group 3: Compliance with Relevant Conditions - The impact of the differentiated dividend on the ex-rights reference price is less than 1%, indicating minimal effect on the share price [3]. - The company has committed not to undertake actions that could alter the total share capital or the number of shares in the repurchase account during the application and implementation of this equity distribution [3]. Group 4: Sponsor Institution's Review Opinion - The sponsor institution has reviewed the differentiated dividend matter and found it compliant with relevant laws and regulations, confirming that it does not harm the interests of the company or its shareholders [4].

Core Viewpoint - Ningbo Jintian Copper (Group) Co., Ltd. has successfully issued convertible bonds to raise funds for its operations and projects, reflecting its ongoing growth and strategic initiatives in the copper and rare earth permanent magnet materials sectors [1][2][3]. Section 1: Bond Issuance Details - The company issued 14.5 million convertible bonds at a face value of 100 RMB each, raising a total of 1.45 billion RMB [3][4]. - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shanghai Stock Exchange on August 28, 2023 [3][4]. - The bond issuance was part of a broader strategy to adapt to regulatory changes and market conditions [2][3]. Section 2: Financial Performance - For the fiscal year 2024, the company reported a revenue of 124.16 billion RMB, a 12.36% increase from the previous year [12]. - The net profit attributable to shareholders decreased by 10.14% to 338.60 million RMB, indicating challenges in maintaining profitability [12][13]. - The total assets of the company increased by 18.19% year-on-year, reaching approximately 25.80 billion RMB [12]. Section 3: Use of Proceeds - The funds raised from the bond issuance are intended for various projects, including a new precision copper pipe production project in Thailand, which has replaced a previously planned project [14][15]. - As of December 31, 2024, the company had invested approximately 692.11 million RMB from the raised funds, with a remaining balance of 754.03 million RMB [13][16]. - The company has established strict management protocols for the use of the raised funds to ensure compliance and protect investor interests [13][16]. Section 4: Company Overview - Ningbo Jintian Copper has been in the non-ferrous metal processing industry for 39 years, focusing on copper products and rare earth permanent magnet materials [12]. - The company aims to become a world-class base for copper products and advanced materials, supporting modern industrial development [12].