中信建投证券股份有限公司 关于贵州振华新材料股份有限公司 中信建投证券股份有限公司（以下简称"中信建投"、"保荐机构"）作为贵 州振华新材料股份有限公司（以下简称"振华新材"、 （一）保荐机构：中信建投证券股份有限公司 （二）保荐代表人：赵龙、萧大成 （三）现场检查时间：2025 年 8 月 28 日-2025 年 8 月 29 日 （四）现场检查人员：萧大成 "公司"）2022 年度向特定 对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》以及 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法规规 定，于 2025 年 8 月 28 日-2025 年 8 月 29 日对公司进行了现场检查。现将本次现 场检查情况报告如下： 一、现场检查基本情况 （五）现场检查内容：公司治理和内部控制情况；信息披露情况；公司的独 立性以及与控股股东、实际控制人及其他关联方资金往来情况；募集资金使用情 况；关联交易、对外担保、重大对外投资情况；经营情况等 （六）现场检查手段： 料； 情况； 二、现场检查的具体事项及意见 （一）公司治理和内部控制情况 现场检查人员查阅了公司最新的公司章程，公 ...

中信建投证券股份有限公司 关于贵州振华新材料股份有限公司 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐机构"） 作为贵州振华新材料股份有限公司（以下简称"振华新材"、"公司"）2022 年度向特定对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理 办法》及《上海证券交易所科创板股票上市规则》等相关规定，对振华新材进行 持续督导，并出具本持续督导跟踪报告。 一、重大风险的结论性意见 公司 2025 年上半年营业收入 71,281 万元，同比下降 27%；归属于上市公司 股东的净利润为-21,743 万元，亏损进一步扩大。主要原因系：1、产品销售价格 承压：行业竞争加剧导致正极材料环节议价能力减弱，产品销售单价持续低位运 行。公司虽通过提升运营效率、优化采购策略等方式努力控制成本，但产品售价 下降仍对毛利空间构成一定压力；2、原材料价格波动影响：报告期内，碳酸锂 等主要原材料价格虽总体处于低位，但波动性犹存。公司采用"成本加成"定价 模式，原材料采购与产品销售存在时间差，价格传导的滞后性对阶段性盈利能力 产生不利影响；3、下游需求结构性变化：磷酸铁锂电池在成本敏感的中低端车 型市场占据主 ...

Core Viewpoint - Runjian Co., Ltd. announced a change in the representative for the continuous supervision of its publicly issued convertible bonds, as per the notice from its sponsor, CITIC Securities [2] Group 1: Company Announcement - Runjian Co., Ltd. received a letter from CITIC Securities regarding the change of the representative responsible for the continuous supervision of its publicly issued convertible bonds [2] - CITIC Securities has been the sponsor for the company's convertible bond issuance in 2020, with the supervision period lasting until December 31, 2021 [2] - Due to the unutilized funds from the raised capital, CITIC Securities will continue to fulfill its supervisory responsibilities [2] Group 2: Personnel Change - The original representatives from CITIC Securities, Wang Zhan and Li Yirui, were responsible for the continuous supervision [2] - Li Yirui has changed jobs, leading to the appointment of Wei Silu as the new representative to continue the supervisory duties [2]

Core Viewpoint - The wealth management performance of securities firms has shown significant growth in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [1][3]. Group 1: Brokerage Business Performance - In the first half of 2025, 42 listed securities firms generated a total of 74.563 billion yuan in brokerage fee income, representing a year-on-year growth of approximately 50% [1][3]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][3]. - The brokerage income of mid-sized and small securities firms showed strong growth, with firms like Guojin Securities and Guoyuan Securities experiencing increases of over 60% [5][6]. Group 2: Revenue Structure and Growth - The core revenue source for brokerage business remains the agency trading of securities, which accounted for about 84% of total brokerage income, growing approximately 55% year-on-year [8]. - The income from selling financial products also saw a 30% increase, indicating progress in the wealth management transformation of securities firms [7][9]. Group 3: Client Acquisition and High-Net-Worth Focus - Securities firms are increasingly targeting high-net-worth clients, with firms like Guotai Junan reporting significant growth in their high-net-worth client base and assets under management [12]. - The number of new clients for several firms has increased, with CITIC Securities adding over 830,000 new clients in the first half of 2025 [11]. Group 4: Institutional Business Development - Expanding institutional business is a key strategy for securities firms to diversify their revenue sources, with firms like Caifutong Securities reporting significant growth in institutional client assets [13][14]. - The focus on providing comprehensive services to institutional clients is evident, with firms enhancing their offerings in areas like equity incentives and share buybacks [14]. Group 5: Growth in Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services [16][17]. - For instance, Huatai Securities reported a fund advisory business scale of 21.037 billion yuan, indicating a robust demand for these services [17]. Group 6: International Market Expansion - The trend of large and medium-sized securities firms expanding into overseas markets continues, with CITIC Securities making strides in global wealth management [19]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [19].

Core Viewpoint - The A-share market has shown strong performance, leading to significant revenue and profit growth for listed securities firms in the first half of the year, primarily driven by proprietary trading income. Group 1: Financial Performance - In the first half of the year, 42 listed securities firms achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [1] - Proprietary trading contributed significantly, with total proprietary income reaching 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total revenue [1][2] - Among these firms, CITIC Securities was the only one to exceed 10 billion yuan in proprietary income, achieving 19.05 billion yuan, which constituted approximately 57% of its total revenue [2] Group 2: Major Shareholdings - As of the end of June, the top three heavily held stocks by securities firms were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 439 million shares, and 383 million shares respectively [5] - The market value of these holdings was approximately 11.03 billion yuan for Jiangsu Bank, 6.51 billion yuan for Yong'an Futures, and 9.21 billion yuan for CITIC Construction Investment [5] - Other notable stocks included Sinopec, Shanghai Laishi, and Yuheng Pharmaceutical, with significant holdings by various securities firms [5] Group 3: Changes in Holdings - In the second quarter, securities firms significantly increased their positions in stocks such as Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks like Huangshi Group, Shanghai Mechanical, and Northeast Securities saw substantial reductions in holdings, with Huangshi Group experiencing a decrease of over 14 million shares [7][8] - Regulatory issues led to a sharp decline in holdings for certain stocks, with securities firms reducing their positions in Huangshi Group following investigations and penalties [8][9]

Market Overview - The A-share market experienced a sudden adjustment, with all three major indices closing in the red. Pacific Securities saw a significant intraday surge, closing up over 6%, with a net inflow of 2.686 billion yuan in main funds for the day [1] - The top-performing broker ETF (512000) saw a price drop of 1.27%, marking three consecutive days of decline, with a total trading volume exceeding 1.8 billion yuan, indicating active trading [1][3] Fund Flows and ETF Performance - Since reaching a year-to-date high in early August, the broker sector has shown a more subdued performance, yet funds have been patiently entering through ETFs. The broker ETF (512000) recorded a net inflow of 462 million yuan on the latest trading day, with a cumulative net inflow of over 4.1 billion yuan in the past 20 days [3] - The latest fund size of the broker ETF (512000) surpassed 31.2 billion yuan, setting a new historical high, with an average daily trading volume of over 900 million yuan, positioning it among the top in A-share scale and liquidity [3] Market Expectations and Industry Fundamentals - The overall market outlook for the broker sector can be assessed through market expectations and industry fundamentals. Morgan Stanley does not believe the market has entered a fully overheated state, as trading volume and margin financing balances have increased but remain below historical highs [5] - Zhongyuan Securities suggests that the current A-share market is in a favorable environment with intertwined domestic and foreign policy benefits and ample liquidity, expecting a steady upward trend in the short term [5] Broker Performance and Valuation - In terms of performance, all 49 broker stocks in A-share achieved positive growth in net profit for the first half of the year, with 13 companies seeing growth exceeding 100% [6] - The broker ETF (512000) tracks the CSI All Share Securities Company Index, which has a price-to-book ratio (PB) of only 1.65 times, situated in the median range of the past decade, indicating potential undervaluation [6][8] Investment Appeal and Structural Changes - The current configuration value of the broker sector is supported by policies, funding, and internal transformation, enhancing the profitability outlook for the sector [9][10] - The active capital market policies, including the deepening of the registration system and the introduction of long-term funds, are expected to expand the business space for brokers in investment banking, brokerage, and asset management [13] - The recovery of market confidence is driving trading activity and margin financing, with the expectation of new capital inflows from pensions and insurance, providing a foundation for broker performance [13]

Core Insights - The A-share market continues to rise, leading to a prosperous season for brokerage firms, with 42 listed brokerages achieving a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan in the first half of the year, representing year-on-year growth of 11.37% and 65.08% respectively [1] - The significant increase in brokerage performance is largely attributed to proprietary trading, which generated a total income of 112.35 billion yuan, a year-on-year increase of over 50%, accounting for more than 40% of total income [1][2] - Among the brokerages, CITIC Securities stands out as the only firm with proprietary income exceeding 10 billion yuan, reaching 19.05 billion yuan, contributing approximately 57% to its total revenue [2] Brokerage Performance - In the first half of the year, 25 out of 42 listed brokerages reported proprietary income exceeding 1 billion yuan, accounting for nearly 60% of the total [2] - Notable performers include Changjiang Securities, which saw a staggering year-on-year increase of 668.35% in proprietary income, and Guolian Minsheng and Huaxi Securities with increases of 458.78% and 245.07% respectively [2] Stock Holdings - As of the end of June, the top three stocks held by brokerages were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 43.9 million shares, and 38.3 million shares respectively, translating to market values of 11.03 billion yuan, 6.51 billion yuan, and 9.21 billion yuan [4] - Brokerages have shown a preference for sectors such as non-bank financials, electronics, and biomedicine in their proprietary trading [1] Changes in Holdings - In the second quarter, significant increases in holdings were observed in stocks like Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks such as Huangshi Group, Shanghai Mechanical, and Northeast Securities experienced substantial reductions in holdings, with the largest decrease being 14 million shares for Huangshi Group [8][11] Regulatory Impact - Some stocks faced significant reductions in holdings due to regulatory penalties, with brokerages exiting positions in companies like Huangshi Group, which was under investigation for information disclosure violations [10][11]

Core Viewpoint - The A-share IPO market is showing signs of marginal recovery since the implementation of the "827 New Policy" by the China Securities Regulatory Commission, but the fast-paced IPO era is unlikely to return [1][19]. IPO Market Overview - As of August 31, 2023, a total of 67 companies have gone public this year, an increase of 8 companies year-on-year, raising a total of 656.13 billion yuan, which is a 55.23% increase compared to the previous year [2][4]. - The number of newly accepted IPO applications has surged to 180 this year, a significant increase of 462.5% from 32 last year [3][18]. - However, the number of companies under review and those that have terminated their reviews has continued to decline, indicating a phase of "digesting existing stocks and controlling pace" [3][19]. New Stock Performance - The first-day return for new IPOs has reached 169.7% as of August 27, 2023, with no IPOs experiencing a first-day drop, marking a 56% increase year-on-year and 4.6 times the return rate of the same period in 2023 [3][18]. Underwriting and Financing - The Shanghai Stock Exchange has seen 15 IPOs this year, raising 342.33 billion yuan, while the Shenzhen Stock Exchange has had 8 IPOs raising 43.78 billion yuan, and the ChiNext has had 24 IPOs raising 148.87 billion yuan [4][5]. - 12 brokerage firms have reported underwriting revenues exceeding 100 million yuan, with Huatai United leading at 382 million yuan [8]. Broker Performance - The top three brokers in terms of IPO underwriting numbers are Guotai Junan (27), CITIC Securities (23), and CITIC Jianzhong (14), collectively accounting for 35.16% of total underwriting [12][13]. - A significant portion of the market is dominated by leading brokers, with over two-thirds of firms underwriting fewer than three IPOs, indicating intense competition and a trend of resource concentration among top firms [13][19]. Future Outlook - Despite the recovery in the IPO market, experts believe that the fast-paced IPO environment will not return, as the current market conditions necessitate a more measured approach to IPO approvals [19][20]. - The overall sentiment suggests that the IPO review process will gradually warm up, but it will take time to reach previous levels of activity [19].

Core Viewpoint - The A-share market is experiencing active trading, leading to significant performance gains for brokerage firms, particularly in their proprietary trading segments [1][2]. Group 1: Brokerage Performance - In the first half of the year, 42 listed brokerages achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [2]. - The proprietary trading income for these brokerages reached 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total income and becoming a major growth driver [2][3]. - Among the brokerages, CITIC Securities reported the highest proprietary trading income of 19.05 billion yuan, contributing approximately 57% to its total revenue [3]. Group 2: Top Holdings and Stock Preferences - As of the end of June, the largest holdings among brokerages included Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with respective holdings of 923 million shares, 43.9 million shares, and 38.3 million shares [6]. - The preferred sectors for proprietary trading include non-bank financials, electronics, and biomedicine, with brokerages also investing in bonds and funds [2][4]. - Notably, some brokerages significantly increased their positions in stocks like Sichuan Chengyu and Hongchuang Holdings during the second quarter, with increases of 151.33% and substantial additions in share quantities [8][9]. Group 3: Changes in Holdings - In the second quarter, several brokerages reduced their holdings in stocks such as Huangshi Group and Shanghai Mechanical, with significant decreases in share quantities [10][11]. - The reduction in holdings was particularly pronounced for stocks facing regulatory scrutiny, such as Huangshi Group, which saw a 34% decrease in shares held by Dongfang Securities [12][13]. - Other stocks that experienced substantial reductions in brokerage holdings included Xin Steel and Yingfang Micro, with decreases exceeding 2 million shares [14].

Core Insights - In the first half of 2025, CITIC Securities maintained stable growth with operating revenue of 10.74 billion yuan, a year-on-year increase of 19.93%, slightly below the industry average [1] - CITIC Securities' net profit attributable to shareholders reached 4.509 billion yuan, up 57.77% year-on-year, maintaining its ninth position in the industry [1] Revenue and Ranking Changes - CITIC Securities ranked ninth in revenue among A-share listed brokers with 10.74 billion yuan, a growth of 1.212 billion yuan compared to the previous year [2] - The top three brokers by revenue were CITIC Securities (33.039 billion yuan), Guotai Junan (23.872 billion yuan), and Huatai Securities (16.219 billion yuan) [2] Net Profit and Ranking Changes - Guotai Junan led the net profit rankings with 15.737 billion yuan, followed by CITIC Securities with 13.719 billion yuan [5] - CITIC Securities' net profit growth rate was 29.80%, with an increase of 3.149 billion yuan year-on-year [5]