Market Performance - The A-share market has seen significant gains, with the Shanghai Composite Index closing at 3825.76 points, marking a nearly ten-year high [1] - The ChiNext Index rose by 3.36%, achieving a cumulative increase of 15.21% for the month [1] - The STAR 50 Index surged by 8.59%, closing at 1247.86 points, the highest since March 2022 [1] - Trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 2 trillion yuan for eight consecutive days, setting a historical record for A-shares [1] Chip Industry - The chip industry experienced a broad rally, with AI chips, storage chips, and computing hardware leading the gains [2] - Notable stocks included Cambrian-U and Haiguang Information, both hitting a 20% limit-up and reaching historical highs [2] - Cambrian-U's total market capitalization surpassed 520 billion yuan, overtaking SMIC [2] - The release of DeepSeek-V3.1 is expected to enhance the application of domestic AI chips, accelerating the domestic computing ecosystem [2] Brokerage Sector - The brokerage sector saw strong performance, with major firms like Guosen Securities and Everbright Securities hitting limit-up [3] - The sector's performance is closely tied to market conditions, with recent increases in trading volume and price [3] - Historical trends suggest that brokerage stocks often lead market rallies, and this time the momentum appears more sustainable [3] Household Savings Shift - Analysts indicate that the shift of household savings into the market is a key factor driving the current A-share rally [4] - Data from the People's Bank of China shows a decrease in household deposits, indicating a trend towards financial products [4] - The "savings migration" is attributed to declining deposit yields and the emerging profitability of capital markets [4][5] - The "savings migration" trend is still in its early stages, with potential for growth as market profitability becomes more apparent [5]

Management Fee Adjustment Plan - The announcement refers to the "fund" as the securities company's collective asset management product that has been modified according to the operational guidelines of the regulatory framework for asset management [1] - The fund will invest in money market instruments, and the estimated net income and annualized yield may fluctuate due to market volatility, allowing the manager to adjust future management fees accordingly [1] Other Important Information - Investors can obtain relevant information through the customer service hotline of CITIC Securities: 4008-888-108 and the website: www.csc108.com [1] - The announcement states that the CITIC Securities Value Growth Mixed Collective Asset Management Plan has suspended subscription and regular investment as of August 22, 2025 [4] - The fund management is committed to managing the assets with integrity and diligence but does not guarantee profits or minimum returns [5]

Core Viewpoint - The company intends to utilize temporarily idle raised funds and its own funds for cash management to enhance fund efficiency and returns while ensuring that it does not affect the implementation of investment projects or the safety of funds [3][4][10]. Fundraising Overview - The company has raised a total of RMB 2,870,735,304.75 from the public offering of 79,411,765 shares at a price of RMB 36.15 per share, after deducting issuance costs of RMB 68,004,839.72 [3][4]. - The net amount of raised funds after costs is RMB 2,802,730,465.03 [3]. Investment Project Situation - The raised funds will be allocated to specific projects with a total investment of RMB 160,000,000 [5]. - The company is currently progressing with the investment projects as planned, but some funds are temporarily idle due to the construction cycle [5]. Cash Management Details - The company plans to use up to RMB 220,000,000 of temporarily idle raised funds and up to RMB 70,000,000 of its own funds for cash management within a 12-month period [6][10]. - The cash management will involve purchasing low-risk, highly liquid investment products with a maturity of no more than 12 months [6][7]. Implementation and Disclosure - The board of directors has authorized the management to make investment decisions and sign relevant legal documents for cash management [7]. - The company will disclose cash management details in accordance with regulatory requirements to ensure transparency [7]. Impact on Daily Operations - The cash management strategy is designed to not affect the normal operations or the progress of investment projects, ensuring that funds remain secure [8][10]. - The approach aims to improve fund efficiency and generate returns for the company and its shareholders [8]. Approval Process - The board and supervisory committee have approved the cash management proposal, confirming compliance with relevant regulations and the company's internal policies [9][11]. - The proposal is seen as beneficial for increasing fund utilization and investment returns without compromising the integrity of the raised funds [11].

Core Viewpoint - The report outlines the ongoing public offering of shares by China Shipbuilding (Handan) Peric Special Gas Co., Ltd., detailing the issuance of 79,411,765 shares at a price of 36.15 RMB per share, raising a total of approximately 2.87 billion RMB. The report also emphasizes the continuous supervision and compliance measures undertaken by the sponsor, CITIC Securities, during the listing process [1]. Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system, ensuring compliance with regulations [3]. - A continuous supervision agreement was signed between the sponsor and the company, clarifying rights and obligations during the supervision period [3]. - The sponsor conducts ongoing supervision through regular communication, site visits, and due diligence [3][4]. Financial Performance - For the first half of 2024, the company reported operating revenue of approximately 1.04 billion RMB, a 12.60% increase compared to the previous year [10]. - The net profit attributable to shareholders was approximately 196.18 million RMB, reflecting a decrease of 4.77% [10]. - The company's total assets reached approximately 6.57 billion RMB, an increase of 3.93% [10]. Core Competitiveness - The company focuses on technological innovation and has established a strong R&D team, with 138 dedicated R&D personnel, accounting for over 16% of the workforce [11]. - The company holds 174 invention patents and 161 utility model patents, showcasing its commitment to innovation [11]. - The company has developed advanced core technologies in various processes, with seven technologies at an international leading level [11]. Risk Factors - The company faces core competitiveness risks due to the rapid technological advancements in the semiconductor industry, necessitating continuous R&D investment [6]. - Operational risks are present as the company’s products are critical to high-end manufacturing, and any quality issues could lead to significant customer complaints and financial liabilities [6]. - Financial risks are highlighted due to the capital-intensive nature of the industry, with fixed assets accounting for 37.83% of total assets [7]. Compliance and Governance - The company has maintained compliance with relevant regulations and has not encountered any major violations during the supervision period [4][8]. - The governance structure has been refined to ensure clear responsibilities among the board and management, aligning with modern corporate governance practices [12]. Market Position and Client Base - The company has established a diverse client base, including major players in the semiconductor and display panel industries, enhancing its market position [13]. - The company has entered the supply chain for advanced 3nm process nodes, indicating its capability to meet high industry standards [13]. Use of Raised Funds - As of June 30, 2025, the company has maintained compliance in the use of raised funds, with a balance of approximately 2.15 billion RMB in the dedicated account [17].

中信建投证券股份有限公司 关于金凯（辽宁）生命科技股份有限公司 使用部分闲置募集资金（含超募资金）及自有资金进行现金 管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人"）为 金凯（辽宁）生命科技股份有限公司（以下简称"金凯生科"、"公司"）首次 公开发行股票并在创业板上市的保荐人及持续督导机构，根据《证券发行上市保 荐业务管理办法》《上市公司募集资金监管规则》《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》等法规的有关规定，对金凯生科使用部分闲置募集资金（含超募资金） 及自有资金进行现金管理事项进行了审慎核查，核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2023 年 5 月 注册的批复》（证监许可〔2023〕1115 号），金凯生科首次向社会公开发行人 民币普通股（A 股）21,508,335.00 股，发行价格为 56.56 元/股，本次发行募集资 金总额为 1,216,511,427.60 元，扣除发行费用 105,767,121.02 元后，募集资金净 额为 1 ...

Core Viewpoint - The company, Jinkai (Liaoning) Life Science Technology Co., Ltd., plans to use part of the excess raised funds to permanently supplement its working capital, which has been approved by its board and supervisory board, and will be submitted for shareholder approval [1][6]. Fundraising Overview - The company issued 21,508,335 shares at a price of 56.56 RMB per share, raising a total of 1,216,511,427.60 RMB, with a net amount of 1,110,744,306.58 RMB after deducting issuance costs of 105,767,121.02 RMB [1][2]. - The funds were deposited in a special account approved by the board, and a tripartite supervision agreement was signed with the sponsor and the bank [2]. Investment Project Details - The net amount raised is 111,074.43 million RMB, with 99,718.47 million RMB allocated to the project for producing 190 tons of high-end pharmaceutical products, leaving an excess of 31,074.43 million RMB [3]. Previous Use of Excess Funds - The company has previously used 18,000 million RMB of excess funds for permanent working capital, with the latest approval for an additional 9,000 million RMB to be used for the same purpose [4][6]. Current Plan for Excess Funds - The company intends to use 9,000 million RMB of excess funds for permanent working capital, which constitutes 28.96% of the total excess funds, and will not exceed 30% [5]. - This plan will be implemented after the previous use of excess funds has been completed for 12 months, ensuring compliance with regulatory requirements [5]. Commitments and Explanations - The company commits that the cumulative use of excess funds for working capital will not exceed 30% of the total excess funds and will not affect the funding needs of investment projects [5][6]. Review Procedures and Opinions - The board and supervisory board have approved the use of excess funds for working capital, stating that it will enhance the efficiency of fund usage without affecting investment projects [6][7].

Group 1 - The report indicates that the company JinKai (Liaoning) Life Science Co., Ltd. has been compliant with information disclosure requirements, with no instances of delayed reviews [1] - The company has established and effectively executed internal regulations to prevent resource occupation by related parties and manage fundraising [1] - The company has conducted monthly checks on its fundraising special accounts, ensuring that project progress aligns with disclosed information [1] Group 2 - The report highlights a slow progress in the investment of fundraising projects, primarily due to changes in international trade policies and market conditions for innovative drugs [3] - There are no reported issues regarding external investments, risk investments, or financial assistance [3] - The company and its shareholders have fulfilled their commitments, with no unfulfilled commitments reported [3]

Summary of Key Points Core Viewpoint - The company has decided to change the funding method for certain investment projects from providing loans to its subsidiary to increasing capital in the subsidiary, utilizing its own funds for this purpose [1][7][10]. Group 1: Fundraising Overview - The company raised a total of RMB 1,216,511,427.60 through its initial public offering, with a net amount of RMB 1,110,744,306.58 after deducting issuance costs [1][5]. - The funds were deposited into a special account approved by the company's board of directors, and a tripartite supervision agreement was signed with the sponsor and the commercial bank [1][8]. Group 2: Investment Project Details - The net amount raised will be allocated to various investment projects, including a high-end pharmaceutical product project and a pharmaceutical intermediate project [5][6]. - The company plans to invest RMB 43,886.66 million in the pharmaceutical intermediate project, with a portion of this amount being changed from a loan to a capital increase [6][7]. Group 3: Capital Increase Implementation - The company will increase its investment in its wholly-owned subsidiary, Jin Kai Pharmaceutical, by RMB 32,886.66 million and an additional RMB 1,913.34 million from its own funds [6][7]. - Following this capital increase, the registered capital of Jin Kai Pharmaceutical will rise from RMB 15,000.00 million to RMB 49,800.00 million [6][7]. Group 4: Management and Oversight - The company has established a special account for the management of raised funds and will adhere to relevant regulations to ensure the safety of these funds [8][10]. - The board of directors and the supervisory board have both approved the change in funding method, affirming that it aligns with legal requirements and benefits the company's long-term development [10][11].

Core Viewpoint - The first batch of Sci-Tech Innovation Bond ETFs has seen significant growth, with a total scale exceeding 110 billion yuan, indicating strong market interest and investment value in this sector [1][5][10]. Group 1: ETF Expansion and Market Dynamics - The second batch of Sci-Tech Innovation Bond ETFs has been officially submitted, with 14 fund companies participating, indicating a growing interest in this investment vehicle [3][4]. - The first batch of 10 ETFs sold out on the first day, with a total fundraising amount of 28.988 billion yuan, and the overall scale has increased to 117.95 billion yuan, representing a growth of approximately 307% [5][10]. - The trading turnover rate of Sci-Tech Innovation Bonds increased from below 10% to 18% in the first month after the first batch was launched, reflecting improved liquidity [1][10]. Group 2: Investment Value and Market Outlook - The market for Sci-Tech Innovation Bonds has rapidly expanded, with a total market size of approximately 2 trillion yuan, driven by policy support and increasing issuance [8][9]. - Analysts predict that the issuance of Sci-Tech Innovation Bonds will play a crucial role in the transformation of economic drivers, shifting focus from traditional industries to technology innovation [9][11]. - The performance of the Sci-Tech Innovation Bond indices has outperformed traditional long-term bond indices, with annualized returns of around 4.6% compared to 3.2% for long-term pure bond fund indices [10]. Group 3: Institutional Participation and Strategic Importance - Major fund companies view the Sci-Tech Innovation Bond ETFs as a strategic tool to enhance their fixed-income product lines and provide investors with access to technology sector growth [6][11]. - The involvement of custodial institutions, such as Industrial Bank and China Merchants Bank, highlights the competitive landscape and institutional interest in these ETFs [5]. - The ETFs are expected to facilitate the flow of financial resources into the technology sector, supporting innovation and economic development [6][11].

| 股票简称：晶澳科技 | | 股票代码：002459 | | --- | --- | --- | | 中信建投证券股份有限公司关于 | | | | 晶澳太阳能科技股份有限公司 | | | | 之 | | | | 独立财务顾问报告 | | | | 独立财务顾问 | | | | 二〇二五年八月 | | | | 一、释义 | | | | 在本独立财务顾问报告中，除非另有说明，下列简称具有如下含义： | | | | 晶澳科技、上市公司、公司 | | 指 晶澳太阳能科技股份有限公司 | | 中信建投证券、本独立财务顾 | | | | 指 | | 中信建投证券股份有限公司 | | 问 | | | | 本激励计划、本计划 | | 指 晶澳科技2025年股票期权激励计划 | | 《中信建投证券股份有限公司关于晶澳太阳能科技股 | | | | 独立财务顾问报告 | | 指 份有限公司2025年股票期权激励计划（草案）之独立 | | 财务顾问报告》 | | | | 公司授予激励对象在未来一定期限内以预先确定的价 | | | | 股票期权、期权 | | 指 | | 格和条件购买公司一定数量股票的权利 | | | | 按照激励计划 ...