科创债新规以来，券商除了自身发行科创债以外，还在积极发挥中介机构作用，帮助各类企业发行科创 债。 "作为宁波轨交科创债牵头主承销商，我们深度挖掘客户亮点，吸引银行机构、保险公司、基金公司等 多家投资机构踊跃参与。"中信建投证券称。 证券时报记者了解到，一方面，券商在承销科创债过程中第一时间响应政策，论证客户的科创属性，并 通过广泛推介询价，充分挖掘市场需求及资源，引入基石投资者；另一方面，券商还积极开展科创债的 做市报价服务，提升科创债市场流动性。 同时，监管对于券商的展业评价也将进一步完善。近日，中国人民银行、中国证监会就支持发行科技创 新债券有关事宜公告称，"建立科技创新债券专项承销评价体系和做市机制，组织做市商为科技创新债 券提供专门做市报价服务，建立承销、做市联动机制。提高科技创新债券承销、做市在承销商、做市商 评价体系中的权重。" 5月8日，中信建投作为牵头主承销商及簿记管理人，助力中国石化集团资本有限公司（下称"石化资 本"）成功发行新一期科技创新公司债券。 "我们与石化资本持续密切关注政策走向，第一时间响应政策号召，最终成功发行了相关支持政策发布 后的首单央企科技创新公司债券。"中信建投证券表示 ...

Group 1 - The fund name is Bosera SSE AAA Technology Innovation Corporate Bond ETF, which has been approved for fundraising by the China Securities Regulatory Commission [14][15] - The fund is a bond-type open-ended index fund, with an initial share value of 1.00 RMB [15][22] - The maximum fundraising scale for the fund is set at 3 billion RMB, excluding interest and subscription fees [30][31] Group 2 - The fund will be publicly offered on July 7, 2025, with three subscription methods: online cash subscription, offline cash subscription, and offline bond subscription [6][18] - Investors must have a Shanghai Stock Exchange A-share account or a fund account to subscribe to the fund [32][34] - The fund management company is Bosera Fund Management Co., Ltd., and the custodian is CITIC Bank [1][3] Group 3 - The fund will accept offline bond subscriptions only for bonds that are components of the SSE AAA Technology Innovation Corporate Bond Index [4][28] - The minimum subscription amount for offline cash subscription through the fund management company is 50,000 shares, while for other agents, it is 1,000 shares [3][26] - The fund will allow multiple subscriptions, and there is no upper limit on the cumulative subscription amount [3][26] Group 4 - The fund's subscription fees will be calculated based on the subscription amount and the applicable fee rate [23][24] - Investors can cancel their online cash subscription requests within the same trading day [39] - The fund will undergo a verification process to confirm the total subscription amount and ensure it meets the regulatory requirements [67][68]

Group 1 - The role of industrial and commercial energy storage (ICS) as a flexible resource in the electricity market is increasingly prominent, with mature electricity markets in Europe and the US providing a clear profit model for ICS [1][2] - The economic viability of ICS has reached a turning point due to declining industry chain prices, targeted policy support, and the widespread adoption of dynamic electricity pricing, leading to an expected surge in demand [1][3] - The current installed capacity of ICS in Europe is significantly lower than that of household storage, with only 1.6 GWh compared to 33 GWh for household storage as of the end of 2024 [3] Group 2 - The profitability model for ICS in mature electricity markets has become well-established, providing sufficient revenue sources for industrial and commercial energy storage systems [2] - The expected increase in installed capacity for ICS in Europe is projected to reach 1.3 GWh by 2025, representing a substantial year-on-year growth of 87% [3] - Domestic companies have launched integrated solutions that offer higher energy density, faster deployment, and enhanced safety, positioning them to benefit significantly from the growing market demand [1][4]

招商证券股份有限公司 第八届监事会第十四次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届监事会第十四次会议通知于 2025 年 6 月 27 日以电子邮件方式发出，会议于 2025 年 7 月 2 日以通讯表决方 式召开。 证券代码：600999 证券简称： 招商证券 编号： 2025－029 （一）审议通过《关于招商证券股份有限公司原总裁吴宗敏同志离任 审计报告的议案》 表决结果：同意 6 票，反对 0 票，弃权 0 票。 （二）审议通过《关于招商证券股份有限公司原副总裁张浩川先生离 任审计报告的议案》 1 表决结果：同意 6 票，反对 0 票，弃权 0 票。 特此公告。 招商证券股份有限公司监事会 本次会议由监事会召集人朱立伟先生召集。应出席监事 6 人，实际出席 6 人。出席会议的监事有：朱立伟、孙献、黄峥、彭陆强、尹虹艳、陈鋆。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 二、监事会 ...

Core Viewpoint - The article discusses the contrasting performance of cyclical sectors and technology stocks, highlighting a rebound in cyclical sectors such as banking, non-ferrous metals, liquor, and new energy, while technology stocks, particularly in the semiconductor and AI hardware sectors, experienced a pullback [1][4]. Group 1: Banking Sector - The banking sector saw significant gains, with stocks like China Construction Bank and Shanghai Pudong Development Bank reaching new historical highs [2]. - The stock of Changxin Bochuang (300548), a leader in AI hardware, initially dropped over 4% but later rebounded to close up 2.28%, also hitting a historical high during the session [2]. Group 2: Marine Economy - The marine economy sector showed strong performance, with sub-sectors such as marine engineering equipment, oil and gas extraction, aquaculture, and wind power experiencing notable increases [6]. - A surge in marine engineering equipment stocks was observed, with companies like Deepwater Haina and Daye Intelligent hitting the 20% daily limit up [6][8]. - Recent government meetings and policy announcements indicate a push towards developing a modern marine industry system, with a focus on various marine-related sectors [8][9]. Group 3: Consumer Sector - The consumer sector rebounded, particularly in the sugar substitute concept, with stocks like Sanyuan Biological and Bolingbao seeing significant gains [11]. - The liquor sector also performed well, with major brands like Moutai, Wuliangye, and Luzhou Laojiao all experiencing increases, and the stock of Jiu Gui Jiu rising over 7% [11][15]. - Analysts suggest that the liquor sector is currently at a historically low valuation, presenting potential bottom-fishing opportunities, especially for high-end brands and resilient regional leaders [15].

基金管理人：嘉实基金管理有限公司 基金托管人：招商证券股份有限公司 二〇二五年七月 重要提示 1、嘉实中证港股通高股息投资交易型开放式指数证券投资基金发起式联接基金（以下简称"本基金"） 经中国证监会2025年6月6日证监许可〔2025〕1187号《关于准予嘉实中证港股通高股息投资交易型开放 式指数证券投资基金发起式联接基金注册的批复》注册募集。 2、本基金是契约型开放式ETF联接基金。 基金简称：嘉实中证港股通高股息投资ETF发起联接A，基金代码：024705，收取认（申）购费 基金简称：嘉实中证港股通高股息投资ETF发起联接C，基金代码：024706，不收取认（申）购费，但 从本类别基金资产中计提销售服务费 3、本基金的管理人为嘉实基金管理有限公司（以下简称"本公司"），托管人为招商证券股份有限公 司，注册登记机构为本公司。 4、本基金募集对象是符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者和发起资金提供方以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2025年7月7日至2025年7月18日通过各销售机构公开发售。 6、发起资金的认购： 本基金发 ...

Core Viewpoint - The report by China International Capital Corporation (CICC) serves as an independent financial advisor's verification of stock trading activities related to the major asset restructuring and cash purchase transaction of Baota Industrial Co., Ltd. The report confirms that no insider trading occurred during the specified self-inspection period [1][15]. Group 1: Transaction Overview - The self-inspection period for stock trading related to the transaction spans from October 12, 2024, to June 6, 2025 [1]. - The transaction involves a significant asset swap and cash purchase, which is subject to regulatory scrutiny under various laws and guidelines [1]. Group 2: Insider Trading Verification - The verification covered natural persons and relevant insiders involved in the transaction, ensuring compliance with insider trading regulations [2]. - A detailed table lists the stock trading activities of various individuals, including their names, identities, transaction dates, share changes, and whether they bought or sold shares [2]. Group 3: Individual Commitments - Individuals involved in the stock trading activities provided commitments stating that their transactions were based on independent market judgment and not on insider information [3][4][6]. - Each individual confirmed that they had not received any insider information regarding the restructuring and had no connections to the involved parties [3][4][6]. Group 4: Institutional Trading Activities - CICC and other institutions involved in the transaction reported their trading activities, asserting compliance with legal and regulatory requirements [13][15]. - CICC emphasized its strict adherence to internal information barriers to prevent insider trading and confirmed that its trading decisions were independent and unrelated to the restructuring [13][15]. Group 5: Conclusion of Verification - The independent financial advisor concluded that there was no direct evidence of insider trading by the verified insiders during the self-inspection period, based on the accuracy and completeness of the self-reports and commitments provided [15][16].

Group 1 - The core viewpoint is that China's equity assets are entering an annual bull market, with expectations of synchronized economic and policy cycles globally starting in Q4, leading to a bullish trend in both Hong Kong and A-share markets [1] - CITIC Securities predicts a significant shift in market style from small-cap stocks to core assets, marking a transition in market dynamics that has persisted for four years [1] - CICC anticipates that the index may experience stability followed by an upward trend in the second half of the year, with external uncertainties being a key factor to monitor [1] Group 2 - According to招商证券, the market may see an upward breakthrough in July, with technology and non-bank sectors leading the way, supported by improved demand growth in Q2 [2] - The upcoming mid-year earnings report period is expected to provide upward momentum for A-shares, particularly in technology, consumption, and midstream manufacturing sectors [2] - Despite high-frequency data indicating pressure on exports in the second half, the overall demand is expected to remain stable due to supportive fiscal policies, reducing the likelihood of significant economic downturns [2]

Core Viewpoint - The investment opportunities in the computer sector for the first half of 2025 are primarily focused on three main themes: AI, automation, and financial technology, with a market preference for small-cap companies and rapid rotation of sub-themes [1] Group 1: Investment Opportunities - The computer sector's investment focus for 2025 H1 includes AI, automation, and financial technology, with a notable trend towards small-cap stocks [1] - The trading volume of small-cap stocks in the CSI 2000 index reached a peak of 35% in early 2025, indicating a renewed interest in small-cap stocks [1] - Key investment opportunities identified include AI industry chain investments driven by DeepSeek R1, financial technology innovations related to cross-border payments and stablecoins, and the commercialization of unmanned logistics vehicles [1] Group 2: AI Applications - The B-end AI applications in China are expected to see significant improvements due to the iteration of large models like DeepSeek, although the commercialization of B-end applications lags behind C-end applications [2] - C-end AIGC applications are rapidly developing, with DeepSeek and Doubao achieving over 100 million active users, while B-end applications are hindered by lower willingness to pay for software services [2] - The shift from function-based to effect-based payment models for B-end software is anticipated, enhancing product transformation and market potential [2] Group 3: Automation and Robotics - The commercialization of unmanned logistics and Robotaxi services is progressing, with Tesla's Robotaxi in Austin charging $4.2 per ride and aiming for a fleet of 1,000 vehicles [2] - The gross margin for Robotaxi services could reach 70%-80%, significantly higher than traditional automotive business margins [2] - Chinese companies are positioned as key players in the global autonomous driving commercialization process, with various applications like unmanned logistics vehicles and robots expected to achieve breakthroughs [2] Group 4: Stablecoins and Regulation - The market for stablecoins is projected to grow rapidly with the advancement of regulatory frameworks, acting as a bridge between traditional finance and Web3 [3] - As of June 25, 2025, the global market capitalization of stablecoins reached $251.1 billion, with USDT and USDC accounting for $156.7 billion and $61.7 billion, respectively [3] - Recent legislative developments, such as the U.S. GENIUS Act and Hong Kong's stablecoin regulations, are expected to facilitate the integration of stablecoins into the legal and digital asset ecosystems [3]

Summary of Key Points Core Viewpoint The company, Zhejiang Airo Network Energy Technology Co., Ltd., is undergoing changes in its fundraising project implementation, including adjustments to project content, implementation entities, locations, and project delays, along with plans for capital increase to its wholly-owned subsidiary and the establishment of a dedicated fundraising account [2][13]. Group 1: Fundraising and Project Overview - The total amount raised from the initial public offering (IPO) is RMB 2,226.40 million, with a net amount of RMB 2,203.07 million after deducting issuance costs [2][3]. - The funds have been deposited into a special account approved by the company's board of directors, and a tripartite supervision agreement has been signed with the underwriter and the bank [3][4]. Group 2: Changes in Fundraising Project Usage - The company plans to change the implementation content, entity, and location of the "Smart Energy R&D Center" project, with RMB 84.21 million of unused funds continuing to be allocated to this project [4][5]. - The project will now be implemented by the wholly-owned subsidiary, Hangzhou Airo Energy Technology Co., Ltd., instead of the company's branch, and the location will shift to a new site in Hangzhou [6][11]. Group 3: Strategic Adjustments - The company aims to enhance its R&D capabilities by expanding its research personnel from 286 at the end of 2022 to multiple business segments by the end of 2024, necessitating the construction of suitable laboratory and pilot testing facilities [5][6]. - The "Overseas Marketing and Service System" project will now be directly implemented by the parent company, aligning with the company's global strategy to expand into emerging markets [8][9]. Group 4: Capital Increase and Fund Management - The company plans to increase capital by RMB 190 million for Hangzhou Airo, with RMB 84.21 million sourced from the fundraising and the remainder from the company's own funds [11][12]. - A new dedicated fundraising account will be established to ensure proper management and usage of the raised funds, with a four-party supervision agreement to be signed [11][12].