Group 1 - Omdia predicts that global shipments of foldable OLED screens will reach 124.6 million units by 2032, accounting for 8.6% of the overall OLED market, significantly higher than 23.1 million units in 2024 and an estimated 23.5 million units in 2025 [1] - The industry widely believes that if Apple launches its own foldable phone, it will greatly change the industry landscape [1] - Apple is reportedly addressing technical challenges such as screen creases, hinge durability, and battery life, reflecting its emphasis on product maturity [1]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices. The Shanghai Composite Index fell by 0.39%, while the Shenzhen Component Index rose by 0.26%, and the ChiNext Index decreased by 0.75% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.68 trillion yuan, a decrease of 462.1 billion yuan compared to the previous trading day [1] - Sectors such as pork, gaming, consumer electronics, and beauty care saw significant gains, while sectors like CRO, rare earth permanent magnets, PEEK materials, and military industry faced declines [1] Foreign Capital Inflow - Huatai Securities reported that active foreign capital recorded its first net inflow of the year, with over 90 billion yuan in financing inflows last week, marking the highest activity level since 2016 [2] - Since the end of June, new public offerings have been recovering, with nearly 20 billion new public fund shares issued last week, and over 50 equity fund reports released, showing a month-on-month increase [2] - Active foreign capital positions in A-shares have returned to the mid-levels seen since 2021, indicating potential for further accumulation [2] REITs Market Outlook - Citic Construction Investment believes that the REITs market has reached a turning point and is optimistic about a stabilization and rebound, with potential for new highs this year [3] - After a two-month correction, the market has stabilized, with a 1.75% increase over the last five trading days [3] - The report highlights that three short-term negative factors are nearing exhaustion, while three long-term positive factors remain unchanged, suggesting an acceleration of capital inflow into REITs [3] Chinese Innovative Pharmaceuticals - Guojin Securities stated that Chinese innovative pharmaceuticals are achieving comprehensive success, with ADC and dual/multi-antibody technologies leading globally, and the number of pipelines ranking first worldwide [4] - In 2023, the value of license-out deals has surpassed that of license-in deals for the first time, with record-breaking amounts and significant interest from overseas multinational corporations [4] - The report emphasizes the supportive policies across the entire chain, including procurement clearance, regulatory reviews, and insurance, contributing to marginal performance improvements [4]

中信建投表示，证券板块相对于宽基指数的超额收益投资机会远多于绝对收益型机会，该板块配置价值 存在低估。政策/会议信号为证券板块超额收益的核心驱动，具体类型可以分为①利好证券行业的资本 市场政策信号、②利好交投活跃度的宏观信号、③利好特定券商/业务的定向信号三大类。三类驱动条 件下，证券板块相对于大盘的平均超额收益①>③>②，提前关注和金融工作/资本市场高度相关的会议 时间点非常重要。三类驱动行情中，证券板块内部个股行情分化有显著差异：①类情形下板块内多数券 商能够跑赢证券指数，自由流通股本占比小的券商或次新券商因其所需要的资金驱动力相对较小，相对 涨幅往往最为领先；②类情形下行情回归经纪/两融业绩弹性，该类业务占比高的券商相对涨幅领先； ③类情形下符合特定政策受益方向或映射逻辑明确的券商股涨幅领先。整体上，板块内部能够跑赢证券 指数的券商数量是①＞②＞③。 ...

Core Insights - Omdia predicts that global shipments of foldable OLED screens will reach 124.6 million units by 2032, accounting for 8.6% of the overall OLED market, significantly higher than the 23.1 million units expected in 2024 and 23.5 million units in 2025 [1] Industry Impact - The potential launch of a foldable phone by Apple is expected to significantly alter the industry landscape, as Apple is known for prioritizing product maturity [1] - Currently, Apple is reportedly addressing technical challenges such as screen creasing, hinge durability, and battery life [1] - Omdia experts believe that Apple's entry into the foldable screen market will "validate" the category and stimulate a new wave of demand beyond the Android ecosystem [1]

Group 1: Key Insights from Kefu Medical - Kefu Medical's hearing aid revenue is expected to grow over 20% year-on-year in the first half of 2025, with plans to enhance revenue from existing stores and new outlets in the second half [1] - The company has invested in Niu Lingke Medical to address congenital hearing loss, aiming for strategic synergy [1] - Overseas revenue has increased by over 200%, with successful acquisitions of Shanghai Huazhou and Ximan Na, focusing future mergers on enhancing product lines or technology [1] Group 2: Key Insights from China Steel International - China Steel International's projects are executing smoothly, with the Bolivia Mutong Steel Plant nearly completed and the Algeria Electric Furnace project passing inspection [2] - The company reported a year-on-year increase in accounts receivable and has strengthened its collection mechanisms [2] - The gross profit margin for engineering projects is expected to reach 14.22% in the first half of 2025, with both domestic and international margins improving [2] Group 3: Key Insights from Tianfu Communication - Tianfu Communication achieved a revenue of 2.456 billion yuan in the first half of 2025, a year-on-year increase of 57.84%, with a net profit of 899 million yuan, up 37.46% [3] - Growth in active products is driven by increased deliveries of high-speed active products, with a strong demand for these products [3] - The company is expanding its production capacity in Thailand, with the first phase already operational and the second phase in development [3] Group 4: Key Insights from Citic Securities Investment Fund - Citic Securities Investment Fund was established in 2013, managing a total asset scale of 67.55 billion yuan, ranking 76th among 210 [4] - The fund has 117 public funds under management, ranking 65th, and has 23 fund managers, ranking 59th [4] - The best-performing public fund in the past year is the Citic Securities North Exchange Selected Two-Year Open Mixed A, with a net value of 2.8 and a growth of 264.75% [4]

Core Viewpoint - The core driver for excess returns in the securities sector is policy and conference signals, indicating that the sector's allocation value is underestimated despite its significant position in the A-share market [1][2]. Group 1: Market Position and Challenges - The securities industry holds a crucial position in the A-share market, but it has long faced issues such as high volatility, timing difficulties, and stock selection challenges, leading to a lower allocation ratio from active equity investment institutions [2]. - Research indicates that the investment opportunities for excess returns in the securities sector are significantly greater than those for absolute returns, suggesting an undervaluation of the sector's allocation value [2]. Group 2: Driving Factors - The report identifies three main types of signals that drive excess returns in the securities sector: 1. Positive capital market policy signals for the securities industry 2. Macroeconomic signals that enhance trading activity 3. Targeted signals benefiting specific brokers or businesses - Under these three driving conditions, the average excess returns of the securities sector relative to the market are ranked as follows: 1) policy signals > 3) targeted signals > 2) macroeconomic signals, highlighting the importance of monitoring meetings related to financial work and capital markets [2][3]. Group 3: Stock Selection Strategies - Within the three driving scenarios, there is significant differentiation in stock performance within the securities sector: 1. In scenario one, most brokers outperform the securities index, with smaller or newly listed brokers often leading in relative gains due to lower capital requirements 2. In scenario two, brokers with a high proportion of brokerage and margin financing business tend to lead in relative gains 3. In scenario three, brokers that align with specific policy benefits or have clear mapping logic tend to outperform [3]. - Overall, the number of brokers outperforming the securities index is ranked as follows: 1) > 2) > 3) [3]. Group 4: Timing Strategies - In terms of relative returns, the cumulative returns from holding the securities sector during market periods do not significantly differ from the maximum returns achieved through precise timing, contrasting with absolute return scenarios [3]. - Generally, the start date of market rallies and the date of the lowest price are very close, while the peak price dates for different broker stocks show considerable variation, suggesting that early intervention during market rallies has a higher probability of success compared to mid-cycle entry [3].

Core Viewpoint - The REITs market has stabilized after a two-month correction, with a recent increase of 1.75% over the last five trading days, indicating a potential rebound and new highs by year-end [1][2]. Short-term and Long-term Factors - Three short-term negative factors affecting the REITs market (outflow of trading funds, concentrated unlocks, and institutional profit-taking at mid-year) are nearing exhaustion [1][2]. - Three long-term positive factors remain unchanged: a supply-demand imbalance expected in the next 2-3 years, the attractive asset characteristics amid asset scarcity, and the cyclical resilience of quality assets [1][2]. Market Dynamics - The dynamic distribution of property REITs has increased to nearly 4%, suggesting an acceleration of entry for allocation-type funds, especially as many have missed opportunities earlier in the year [1][2]. - The market is anticipated to complete its bottoming process ahead of schedule in the third quarter, with a strong recovery expected in the fourth quarter as trading funds re-enter [2]. Recommended Sectors - Recommended sectors include: 1. Stable anti-cyclical varieties such as policy-based rental housing and municipal environmental protection [3]. 2. Assets with marginal recovery in demand, including scattered rental logistics in the Yangtze River Delta and highways with sustained traffic recovery [3]. 3. Targets with strong demands for original equity expansion and high-quality reserve assets [3].

Group 1 - The report outlines the sponsorship work conducted by CITIC Construction Investment Securities Co., Ltd. for China Energy Conservation Iron and Steel Ecology Co., Ltd. [1] - The company has effectively established and executed relevant regulations, including those to prevent related party transactions and manage fundraising [1][3] - There were no instances of late review of company information disclosure documents [1][2] Group 2 - The sponsor conducted six inquiries into the company's fundraising special accounts [1] - The company’s fundraising project progress aligns with the disclosed information [1] - The sponsor attended the company's shareholder, board, and supervisory meetings, ensuring compliance with legal and regulatory requirements [1][2] Group 3 - The sponsor conducted one on-site inspection, and the report was submitted according to regulations [1] - No major issues were found during the on-site inspection [1][3] - The sponsor has raised concerns regarding the construction progress of fundraising projects and will continue to monitor these developments [3][4] Group 4 - The company’s senior management is dedicated solely to the listed company and does not hold positions in related parties [4] - The company has committed to maintaining independent operations, financial management, and governance structures [4][5] - The company has made commitments to avoid conflicts of interest and ensure fair market practices in related party transactions [5][6] Group 5 - The report mentions a significant amount of funds, totaling 183.02 million yuan, that were occupied by a related party, South Country Oasis [8] - The company has taken measures to address this issue, including signing a debt agreement to ensure repayment of the occupied funds [8][9] - As of the report date, the related party has not yet repaid the occupied funds [8][9]

Summary of Key Points Core Viewpoint - The company, Sichuan Gold Co., Ltd., has made adjustments to its fundraising investment projects, including changes in total investment amounts and internal investment structures, in response to industry technology advancements and operational needs [1][5]. Fundraising Basic Information - The company has successfully completed its initial public offering (IPO) of 60,000,000 shares at a price of RMB 7.09 per share, raising a total of RMB 425,400,000, which has been deposited into a dedicated fundraising account [1][2]. Investment Project Usage Plan - The total investment budget for the projects is RMB 58,582.30 million, with a proposed fundraising allocation of RMB 39,022.71 million [2][4]. Reasons for Adjustments - The adjustments include increased investment in the "Suo Luo Gou Gold Mine Green Mine Construction" project to enhance environmental governance and comply with national policies [2][4]. - The "Suo Luo Gou Gold Mine Intelligent Mine Construction" project has been revised to adopt better technology and meet updated regulatory requirements, reducing its total investment from RMB 7,604.28 million to RMB 5,298.55 million [4][5]. Impact of Adjustments - The adjustments are deemed necessary for optimizing project efficiency and do not alter the intended use of funds or harm the interests of shareholders [5][6]. Review Procedures and Opinions - Both the Board of Directors and the Supervisory Board have approved the adjustments, confirming that they align with the company's operational realities and do not change the fundraising direction or project implementation [6][7].

Core Viewpoint - The company intends to utilize part of the temporarily idle raised funds for cash management to enhance the efficiency of fund usage and maximize shareholder benefits while ensuring the safety of the funds and not affecting the normal operation of the fundraising investment projects [6][8]. Fundraising Basic Information - The company successfully completed its initial public offering (IPO) of 86.34 million shares at a price of RMB 17.39 per share, raising a total of RMB 1,501.45 million. After deducting issuance costs of RMB 89.88 million, the net amount raised was RMB 1,411.57 million [1][2]. Fund Usage Status - As of June 30, 2025, the actual net amount raised was RMB 1,411.57 million, with RMB 700.81 million allocated to fundraising projects. The remaining balance in the special account for raised funds was RMB 287.91 million [3][4]. Cash Management Details - The company plans to use up to RMB 700 million of temporarily idle raised funds for cash management, focusing on safe and liquid products such as structured deposits and large certificates of deposit, with a maximum term of 12 months [7][9]. - The cash management will be conducted within a 12-month period from the board's approval date, allowing for rolling usage of the funds [6][9]. Decision-Making Process - The board of directors approved the cash management proposal on August 26, 2025, confirming that the decision falls within the board's authority and does not require shareholder approval [9][10]. Verification by Intermediary - The sponsoring institution, CITIC Securities, has verified that the company has followed necessary approval procedures for the cash management of idle funds and that the actions comply with relevant regulations, ensuring no change in the purpose of the raised funds [9][10].