东方证券股份有限公司关于北京汉仪创新科技股份有限公司 首次公开发行前已发行股份上市流通的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为北京汉 仪创新科技股份有限公司（以下简称"汉仪股份"、"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》及《深圳证券交易所上市公司自律监管指引第 13 号— —保荐业务》的相关规定，对汉仪股份首次公开发行前已发行的部分股份上市流通 的事项进行了审慎核查，核查情况如下： 一、首次公开发行股票概况 根据中国证券监督管理委员会《关于同意北京汉仪创新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〔2022〕955 号），公司首次公开发行人民 币普通股（A 股）股票 25,000,000 股，并于 2022 年 8 月 31 日在深圳证券交易所创 业板上市交易。首次公开发行股票后公司总股本由 75,000,000 股变更为 100,000,000 股。 司于 2023 年 2 月 24 日在巨潮资讯网 ...

Core Viewpoint - The company, Zhejiang Liziyuan Food Co., Ltd., is utilizing part of its idle raised funds for cash management to enhance fund efficiency and increase returns while ensuring that it does not affect the construction of investment projects [1][2][8] Group 1: Fundraising and Management - The company has issued convertible bonds totaling 600 million yuan, with a net amount of 597.5979 million yuan after deducting fees [2][3] - The funds are stored in a dedicated account, and a tripartite supervision agreement has been signed with the sponsor and the bank [2][3] Group 2: Cash Management Details - The company plans to use up to 380 million yuan of idle funds for cash management within 12 months, with the ability to roll over the amount [5][6] - The cash management products will include structured deposits, large certificates of deposit, and other low-risk, liquid products [6][7] Group 3: Impact and Compliance - The cash management will not affect the normal operation of the company's main business or the use of raised funds for investment projects [7][8] - The sponsor has confirmed that the cash management complies with relevant regulations and does not change the intended use of the raised funds [8]

Group 1 - The core viewpoint of the news highlights the mixed performance of the National Securities Leader Index (399437) as of August 26, 2025, with Tianfeng Securities (601162) leading the gains at 0.86% and Dongfang Securities (600958) experiencing the largest decline [1] - The market showed fluctuations with the three major indices displaying mixed results, and the total trading volume in the Shanghai and Shenzhen markets reached 2.68 trillion yuan, a decrease of 462.1 billion yuan compared to the previous trading day [1] - The Securities ETF Leader (159993) reported a latest price of 1.43 yuan with a net subscription of 25 million units today, indicating increased investor interest [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the National Securities Leader Index (399437) include CITIC Securities (600030), Dongfang Wealth (300059), Huatai Securities (601688), and others, collectively accounting for 78.84% of the index [2] - The China Securities Regulatory Commission (CSRC) announced modifications to the "Securities Company Classification Supervision Regulations," emphasizing equity investment and encouraging differentiated development among small and medium-sized institutions [1] - The revised classification evaluation is expected to enhance the professional service capabilities of the industry in equity investment and wealth management, potentially strengthening the Matthew effect within the sector [1]

证券之星消息，8月26日证券板块较上一交易日下跌1.07%，东方证券领跌。当日上证指数报收于 3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。证券板块个股涨跌见下表： 从资金流向上来看，当日证券板块主力资金净流出42.44亿元，游资资金净流入12.88亿元，散户资金净流 入29.56亿元。证券板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600621 | 华鑫股份 | 1.36 Z | 9.46% | -5753.79万 | -4.02% | -7802.10万 | -5.44% | | 000776 广发证券 | | 1.06亿 | 7.70% | -1304.32万 | -0.95% | -9316.91万 | -6.76% | | 600061 | 国投资本 | 7079.16万 | 13.95% | -2684.72万 | -5.29% | -4 ...

Market Performance - The three major indices showed mixed results, with the Shanghai Composite Index down 0.39%, the Shenzhen Component Index up 0.26%, and the ChiNext Index down 0.76% [2] - Over 2,700 stocks rose in the two markets, with a total trading volume of approximately 2.68 trillion yuan [3] Apple Supply Chain Stocks - Apple-related stocks experienced significant movements, with GoerTek (002241.SZ) and Lingyi iTech (002600.SZ) rising by 10%, and Luxshare Precision (002475.SZ) increasing by over 6% [3] - GoerTek, as a leading player in the Apple supply chain, has benefited from the AI wave, achieving six consecutive quarters of year-on-year growth in net profit attributable to shareholders from Q1 2024 to Q2 2024 [3] Consumer Electronics Sector - The high demand in the consumer electronics sector is attributed to both AI stimulation and domestic "national subsidy" policies, which are reviving mid-range consumption and driving structural recovery in mobile phones and tablets [3] Livestock Industry - Livestock stocks showed strong performance, with Xiaoming Co. (300967.SZ) rising over 10% and Muyuan Foods (002714.SZ) increasing by over 7% [3] - The National Development and Reform Commission reported that the average pig-to-grain price ratio fell below 6:1, entering a warning zone, prompting the government to initiate central frozen pork reserves [4] Gaming Sector - The gaming sector saw positive movements, with 37 Interactive Entertainment (002555.SZ) rising by 10% and other companies like Digital Soul (603258.SZ) and Giant Network (002558.SZ) also increasing [4] - A report from Guotai Junan highlighted that the National Press and Publication Administration approved a record 166 domestic online games on August 25, 2025, indicating a stable approval rhythm and a rich supply of gaming products [4] Beauty and Personal Care Sector - The beauty and personal care sector performed well, with Shuiyang Co. (300740.SZ) rising over 10% and other companies like Proya Cosmetics (603605.SH) and Huaxi Biological (688363.SH) also increasing [5] - According to a report from Dongfang Securities, the domestic cosmetics industry is entering a phase of steady and high-quality development, driven by economic growth, demographic shifts, cultural confidence, and the rise of domestic brands [5] Declining Sectors - The banking, securities, and semiconductor sectors faced declines, with companies like Chipone Technology (688521.SH) dropping over 9% and Haiguang Information (688041.SH) down over 6% [5] - The military and rare earth sectors also weakened, with China Rare Earth (000831.SZ) and Northern Rare Earth (600111.SH) falling nearly 7% [5]

Core Viewpoint - Oriental Securities experienced a stock price decline of 2.04% on August 26, with a trading volume of 7.95 billion yuan and a total market capitalization of 101.96 billion yuan [1] Group 1: Stock Performance - Year-to-date, Oriental Securities' stock price has increased by 14.71%, with a 1.18% rise over the last five trading days, a 4.35% increase over the last 20 days, and a 27.65% rise over the last 60 days [2] - As of March 31, 2025, the number of shareholders for Oriental Securities was 191,900, a decrease of 0.78% from the previous period [2] Group 2: Financial Performance - For the first quarter of 2025, Oriental Securities reported a net profit attributable to shareholders of 1.436 billion yuan, representing a year-on-year growth of 62% [2] - The company has distributed a total of 15.143 billion yuan in dividends since its A-share listing, with 4.022 billion yuan distributed over the last three years [3] Group 3: Business Segments - The main revenue sources for Oriental Securities are wealth and asset management (64.31%), institutional and sales trading (18.83%), international and other businesses (15.90%), and investment banking and alternative investments (7.09%) [2] - The company operates in the non-bank financial sector, specifically within the securities industry, and is involved in various concept sectors including futures, pre-profit growth, MSCI China, margin financing, and fund participation [2] Group 4: Shareholder Structure - As of March 31, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 234 million shares, a decrease of 29.2071 million shares from the previous period [3] - The Guotai CSI All-Index Securities Company ETF (512880) entered the top ten circulating shareholders, holding 8.898 million shares [3]

Core Viewpoint - Dahuazhong's revenue for the first half of the year reached 15.2 billion yuan, representing a year-on-year growth of 2%, while the net profit attributable to shareholders was 2.5 billion yuan, showing a year-on-year increase of 37% [1] Financial Performance - The company implemented strict project selection mechanisms and cost control, leading to a significant improvement in profitability [1] - The gross profit margin in Q2 rebounded to a high level of 42.7%, an increase of 1.8 percentage points year-on-year and 2.5 percentage points quarter-on-quarter [1] - The net cash flow from operating activities for the first half of the year was 639 million yuan, the highest for the same period since the company went public [1] - The cash collection ratio for the first half of the year reached 115%, benefiting from the orderly advancement of national debt reduction policies and the company's strict control over project payment quality [1] Business Growth - All three major business segments experienced comprehensive growth due to favorable downstream demand [1] - The company is actively advancing the research and development of large models, promoting the implementation of related technologies [1] Valuation - Based on a comparable company's average PE ratio of 21 times for 2026, a target price of 27.51 yuan is set, maintaining a "buy" rating [1]

Group 1 - The A-share market opened lower, with the Shanghai Composite Index down 0.31% and the ChiNext Index down 0.57%, particularly affected by declines in sectors such as semiconductors, liquor, securities, and rare earth permanent magnets [1] - CITIC Securities indicates that the current market rally is primarily driven by institutional investors rather than retail investors, emphasizing the importance of industry trends and performance over mere liquidity [2] - Dongfang Securities notes that the Shanghai Composite Index faces significant resistance in the 3900-4000 point range, leading to expectations of wide fluctuations in the market and highlighting the need for investors to be aware of shifting market hotspots [3] Group 2 - CITIC JianTou suggests that market sentiment is improving, but warns of potential short-term vulnerabilities as some indicators have reached high levels, recommending a focus on sectors like communication, computing, semiconductors, media, new consumption, new energy, non-bank financials, and metals for better short-term value [1] - CITIC Securities recommends focusing on sectors such as resources, innovative pharmaceuticals, gaming, and military industries, while also suggesting a gradual increase in exposure to "anti-involution + overseas expansion" products and monitoring the consumer electronics sector [2] - Dongfang Securities highlights the recent volatility in technology stocks and the increasing activity in cyclical stocks, indicating a clear shift in market dynamics that investors should monitor [3]

Group 1 - The core point of the article is that Shanghai Ningquan Asset Management Co., Ltd. has reduced its stake in Dongfang Securities (03958.HK) by selling 320,000 shares at an average price of HKD 8.75 per share, amounting to approximately HKD 2.8 million [1][3]. - After the reduction, Shanghai Ningquan's total shareholding in Dongfang Securities is now 71,641,600 shares, which represents a decrease in ownership from 7.01% to 6.97% [1][3]. - The transaction took place on August 19, 2025, and the disclosure was made on August 26, 2025 [2].

Market Overview - US stock market experienced a decline with Dow Jones down 0.77%, Nasdaq down 0.22%, and S&P 500 down 0.43% [1] - Notable stock movements include Tesla up 1.94%, Google A up 1.16%, and Nvidia up 1.03% while Meta down 0.26% and major tech companies like Apple, Amazon, and Microsoft down by up to 0.59% [1] Pharmaceutical Industry - US President Trump announced plans to reduce drug prices by 1400%-1500% and will soon impose tariffs on pharmaceuticals [2] AI and Technology - Nvidia introduced its new AI computing platform, Jetson Thor, which boasts a 6.5 times increase in computing power compared to its predecessor [2] - Google detailed its next-generation Ironwood TPU architecture, which shows a 16 times performance increase, achieving a single chip computing power of 4614 TFLOPs [3] Mining and Commodities - US agencies proposed to include copper and potassium fertilizers in the list of critical minerals [3] Carbon Market and Environmental Policies - The Central Committee and State Council of China released opinions on promoting green low-carbon transformation and strengthening the national carbon market, aiming for a comprehensive trading market by 2030 [15] - The average price of carbon emission allowances in China has nearly doubled from 46.60 yuan/ton in 2021 to 91.82 yuan/ton in 2024 [15] Automotive Industry - Huawei's HarmonyOS has delivered over 900,000 vehicles as of August 25, with expectations to surpass one million by October [12] - Multiple new car models are set to launch in collaboration with four major automakers, indicating a strong push in the automotive sector [12] Satellite Internet - China is set to issue satellite internet licenses, marking a significant step towards commercial operations in the sector [11] - China Star Network has accelerated its satellite launches, increasing the number of low-orbit satellites from 34 to 72 within a short period [11] Corporate Announcements - Puma's major shareholder, the Pino family, is considering selling their stake, leading to a 16% surge in Puma's stock price [8] - Dongfeng Motor Group is undergoing a merger, changing its controlling shareholder to Dongfeng Investment [18] Financial Performance - Notable financial results include: - Huafeng Technology reported a net profit of 1.51 billion yuan, turning a profit [20] - Zhuhai Guanyu plans to invest 2 billion yuan in a new lithium battery production project [20] - Sunshine Power reported a net profit of 7.735 billion yuan, a 55.97% increase year-on-year [20]