中信建投证券股份有限公司 关于北京天智航医疗科技股份有限公司 增加 2025 年度日常关联交易预计额度的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为北京天智航医疗科技股份有限公司（以下简称"天智航"或"公司"）2021 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》 《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》和《科创板上市公司持续监管办法（试行）》 等有关规定，对天智航增加 2025 年度日常关联交易预计额度事项进行了审慎核 查，核查情况及核查意见如下： 一、增加日常关联交易基本情况 （一）增加日常关联交易履行的审议程序 审议通过了《关于增加 2025 年度日常关联交易预计额度的议案》，该议案获得全 体独立董事一致同意，并同意将该议案提交公司董事会审议。 会第十次会议，分别审议通过了《关于增加 2025 年度日常关联交易预计额度的 议案》，本次增加 2025 年度日常关联交易预计额度为 3,000.00 万元，关联董事张 送根、王彬彬进行了回避表决。 本次日常关联交易预计事项 ...

为规范公司募集资金管理和使用，保护投资者权益，公司设立了募集资金专 项账户。募集资金到账后，已全部存放于募集资金专项账户内，本公司已与保荐 机构中信建投证券股份有限公司及存放募集资金的商业银行签订了《募集资金专 户存储三方监管协议》。 《募集资金专户存储三方监管协议》对发行人、保荐机构 及存放募集资金的商业银行的相关责任和义务进行了详细约定。详细情况请参见 公司已于 2021 年 8 月 3 日披露于上海证券交易所网站（www.sse.com.cn）的《复 旦微电首次公开发行股票科创板上市公告书》。 会第九次会议，审议通过了《关于使用部分超募资金永久补充流动资金的议案》。 经 2021 年第二次临时股东大会审议通过，同意公司使用部分超募资金人民币 六次会议，审议通过了《关于使用部分超募资金永久补充流动资金的议案》，同 意公司使用部分超募资金人民币 2,400 万元用于永久补充流动资金。经 2022 年 度股东周年大会审议通过，同意公司使用部分超募资金人民币 2,400.00 万元用于 永久补充流动资金。 中信建投证券股份有限公司 关于上海复旦微电子集团股份有限公司 使用剩余超募资金和节余募集资金永久补充流动资 ...

Core Viewpoint - The article discusses the qualification review conducted by CITIC Securities for shareholders of Shaanxi Huaqin Technology Industry Co., Ltd. regarding the transfer of shares to specific institutional investors before the company's initial public offering [1][13]. Group 1: Transfer Delegation - CITIC Securities was entrusted by the shareholders of Huaqin Technology to organize the inquiry transfer of shares [1]. - The transfer is in accordance with relevant regulations including the implementation opinions for the establishment of the Sci-Tech Innovation Board [1]. Group 2: Qualification Review Process - CITIC Securities conducted a qualification review of the transferring shareholders, collecting necessary documents and conducting interviews [2][3]. - The shareholders provided a commitment and declaration regarding the transfer of shares [2]. Group 3: Shareholder Qualification Details - Ningbo Huaqin Wansheng Investment Partnership (Limited Partnership) is a key shareholder, established on December 25, 2019, and is legally operating without any violations [2]. - The partnership serves as an employee stock ownership platform for the chairman of Huaqin Technology, ensuring compliance with share reduction regulations [3][4]. Group 4: Compliance with Regulations - All transferring shareholders, including individuals like Luo Fa, Bai Hongyan, Wang Junfang, Li Zhan, and Wu Tengfei, have not violated any share reduction regulations and are compliant with the inquiry transfer window period [5][6][7][9][10]. - The shares intended for transfer are pre-IPO shares and are not subject to any restrictions such as pledges or judicial freezes [4][6][9]. Group 5: Internal Review and Approval - The inquiry transfer has undergone necessary internal review and approval processes as required by regulations [4][10]. - CITIC Securities confirmed that the transfer complies with the guidelines set forth by the Shanghai Stock Exchange regarding share transfers [13].

招商中证消费电子主题交易型开放式 指数证券投资基金 2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中信建投证券股份有限公司 送出日期：2025 年 8 月 28 日 招商中证消费电子主题交易型开放式指数证券投资基金 2025 年中期报告 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中信建投证券股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核 了本报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容， 保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 1 页 共 49 页 招商中证消费电子 ...

Core Viewpoint - The company intends to temporarily use part of the idle raised funds to supplement working capital, ensuring that this does not affect the progress of investment projects or the normal operation of the business [1][5]. Fundraising Basic Situation - The company has been approved to issue convertible bonds totaling RMB 280 million, with an actual fundraising amount of RMB 280 million, after deducting underwriting fees and other related expenses [1]. - As of June 30, 2025, the balance of the special account for raised funds is RMB 60.82 million, with an unused balance of RMB 160.82 million [2]. Fundraising Investment Project Situation - The total amount of funds raised is RMB 279.17 million, with RMB 119.93 million already used, resulting in an unused amount of RMB 159.24 million, representing a utilization rate of 42.96% [2]. Plan for Temporary Use of Idle Funds - The company plans to use no more than RMB 10 million of idle raised funds to temporarily supplement working capital for a period not exceeding 12 months [3][4]. Management of Raised Funds - The company will open a special account for the temporary use of raised funds and will ensure that these funds are only used for activities related to the main business, without changing the purpose of the raised funds [4]. Internal Decision-Making Procedures - The board of directors and the supervisory board have approved the use of idle funds, confirming that it will not affect the progress of investment projects or the safety of funds [5]. - The sponsor has verified that the decision-making process has been properly followed and complies with relevant regulations [6].

Core Viewpoint - The company intends to utilize part of its idle raised funds for cash management to enhance fund efficiency and generate returns for the company and its shareholders [1][2][7]. Fundraising Basic Situation - The company raised a total of approximately RMB 400 million through the issuance of 33,955,857 shares at a price of RMB 11.78 per share, with a net amount of approximately RMB 392.36 million after deducting issuance costs [1][2]. Fund Investment Project Situation - As of June 30, 2025, the company has invested approximately RMB 39.24 million in the new energy integrated large die-casting project out of a total planned investment of RMB 800 million [2]. Cash Management Basic Situation - The purpose of cash management is to improve the efficiency of the raised funds without affecting project construction and normal operations, aiming to increase returns for the company and shareholders [2][3]. Cash Management Limits and Products - The company plans to use up to RMB 80 million of idle funds for cash management within a 12-month period, focusing on safe and liquid financial products such as structured deposits and large certificates of deposit [3][4]. Implementation and Oversight - The board of directors has authorized the chairman to sign relevant contracts within the specified limits, with the finance department responsible for implementation [4][6]. Decision-Making Process - The board and supervisory committee have approved the cash management plan, confirming that it will not harm the interests of the company or minority shareholders and complies with relevant laws and regulations [6][7]. Sponsor's Review Opinion - The sponsor has verified that the cash management plan has undergone necessary approvals and will not affect the normal operation of fundraising projects or the company's main business, aligning with the interests of all shareholders [7].

Core Viewpoint - The company, Zhonggang Luonai Technology Co., Ltd., is under continuous supervision by CITIC Construction Investment Securities Co., Ltd. as its sponsor, with the supervision period lasting from June 6, 2022, to December 31, 2025 [1]. Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system and developed corresponding work plans for specific supervision tasks [2]. - A continuous supervision agreement has been signed between the sponsor and the company, clarifying the rights and obligations of both parties during the supervision period [2]. Compliance and Governance - During the supervision period, the company has not reported any violations or breaches of commitments that require public disclosure [3]. - The sponsor conducts regular communication, visits, and due diligence to understand the company's operational status and ensure compliance with laws and regulations [3][4]. Financial Performance - For the reporting period, the company's operating income was approximately CNY 1,010.59 million, a decrease of 10.49% compared to the previous year [17]. - The total profit for the period was CNY 44.51 million, a significant increase of 1,908.58% compared to the previous year [17]. - The net profit attributable to shareholders was CNY 17.62 million, showing a recovery from a loss in the previous year [17]. Research and Development - The company has invested CNY 46.80 million in research and development, a decrease of 20.13% compared to the previous year, representing 4.63% of its operating income [20][22]. - The company has applied for 29 new patents during the reporting period, contributing to a total of 1,101 patents [22]. Market Position and Competitive Advantage - The company is recognized as a leading enterprise in the domestic refractory materials industry, with a strong brand reputation and extensive experience in production and service [19][20]. - The company has established a comprehensive quality management system and is capable of conducting international testing, enhancing its competitive edge in the market [20]. Risk Factors - The company faces risks related to core competitiveness, operational challenges, and financial uncertainties due to market competition and fluctuations in raw material prices [8][10][13]. - The company has been recognized as a high-tech enterprise, which provides tax benefits, but changes in government policies could impact its financial performance [11][12].

Core Insights - The PCB industry is entering a new upcycle characterized by high-end product demand, factory establishment in Southeast Asia, and increased equipment upgrade needs driven by AI technology [1][3][4] Group 1: Industry Trends - The global PCB industry is expected to recover in 2024, with a projected market value of $73.565 billion, reflecting a year-on-year growth of 5.8% [3] - High-end products such as HDI and multilayer boards are anticipated to see significant demand growth, particularly driven by AI applications in sectors like telecommunications and automotive [4] - Southeast Asia is becoming a key beneficiary of the PCB industry's shift, with over 25% of the top 100 global PCB suppliers likely to establish production bases in Vietnam or Thailand by 2025 [4] Group 2: Company Developments - Jingwang Electronics plans to invest RMB 5 billion in expanding its Zhuhai Jinwan base to enhance production capacity for high-end HDI and SLP products [2] - Pengding Holdings has approved an investment of RMB 8 billion for the construction of a new industrial park in Huai'an, focusing on SLP and high-end HDI products [2] Group 3: Equipment Demand - The demand for PCB equipment is expected to surge due to the need for upgrades in drilling, exposure, electroplating, and testing processes, which are critical for improving circuit board performance [5] - AI advancements are raising the bar for PCB manufacturing processes, necessitating more sophisticated techniques in drilling and exposure to meet the requirements of high-density interconnections [5] Group 4: Key Players in Equipment - Major companies involved in the drilling segment include Dazhu CNC, Dingtai High-Tech, and Zhongtung High-Tech [6] - Key players in the exposure segment are Xinqi Micro-Assembly and Tianzhun Technology, while Dongwei Technology is notable in the electroplating segment [6]

Group 1 - The core viewpoint of the article is that Zhejiang Yiwu Rural Commercial Bank successfully issued its "2025 Annual First Phase of Technology Innovation Bonds" on August 26, with a total issuance scale of 300 million RMB and a maturity period of 5 years at a coupon rate of 1.90% [1] - The bond issuance was underwritten by Guotai Junan Securities Co., Ltd. and CITIC Construction Investment Securities Co., Ltd. as the lead underwriters [1]

Group 1 - Chinese brokerage stocks experienced significant declines in the afternoon, with notable drops including Shenwan Hongyuan down 5.44% to HKD 3.3, Dongfang Securities down 5.29% to HKD 7.87, CITIC Securities down 4.3% to HKD 28.9, and CITIC Jiantou down 4.63% to HKD 14.02 [1] - The recent surge in the Shanghai Composite Index, reaching a ten-year high, and trading volume exceeding CNY 30 trillion indicates strong market sentiment, as noted by Huaxi Securities [1] - The implied volatility has risen significantly, signaling an increase in speculative activity, which may lead to a market adjustment if the trend continues [1] Group 2 - JPMorgan's report highlights that the bullish narrative among retail investors is gaining traction, yet the valuation of the securities industry remains significantly lower than the peak levels seen during the 2015 bull market [1] - The market's upward trend is expected to strengthen further, supported by moderate leverage levels and reasonable valuations, suggesting that investors should increase their market risk exposure through brokerages [1]