Group 1 - Morgan Stanley is optimistic about the Chinese stock market's performance through the summer, citing improved liquidity and investor confidence in policy easing as key drivers [1] - The bank recommends an overweight position in A-shares compared to offshore Chinese stocks [1] - Onshore bond yields indicate a more positive long-term macro outlook among domestic investors [1] Group 2 - Deutsche Bank suggests that Fed Chair Powell is unlikely to signal a policy shift at the Jackson Hole symposium but may pave the way for a 25 basis point rate cut in September [2] - The bank expects Powell's statements to remain cautious, with no significant changes in guidance [2] Group 3 - CBA economists believe Powell's speech at Jackson Hole will influence the dollar's trajectory, but no clear signals are expected [3] - The probability of a rate cut in September is currently around 70%, setting a high bar for Powell to deviate from market expectations [3] Group 4 - CITIC Securities forecasts that 4.5 to 9 trillion yuan may flow into "fixed income plus" products as deposits mature, indicating a trend towards indirect market entry [4] - The firm anticipates over 90 trillion yuan in deposits maturing by 2025, with 5-10% potentially seeking higher returns [4] Group 5 - CITIC JianTou reports signs of a strong consumption season, with rising demand in energy and metals, leading to price increases in rare earths and lithium [5] - The firm notes that the upcoming consumption peak is expected to support prices in these sectors [5] Group 6 - Huatai Securities highlights increased trading activity and new account openings, indicating a recovery opportunity for brokers focused on wealth management transformation [6] - The A-share broker index is currently at a PBLF of 1.67x, suggesting potential for value re-evaluation [6] Group 7 - CITIC JianTou indicates an improvement in fiscal revenue for July, with a 0.1% year-on-year increase in general public budget revenue from January to July [7] - The report notes a positive trend in tax revenue, particularly from personal income and stamp taxes, reflecting marginal economic improvement [7] Group 8 - CITIC Securities anticipates over 5 trillion yuan may flow from deposits into "fixed income plus" products, driven by declining deposit yields and capital market performance [8] - The report suggests that insurance and wealth management products are increasingly prioritizing equity assets [8] Group 9 -招商策略 maintains an optimistic outlook on the Hong Kong stock market, suggesting a focus on innovative pharmaceuticals, followed by internet and new consumption sectors for investment [9] - The report notes that Hong Kong's earnings are improving, with a high earnings forecast rate, indicating a potential lead over A-shares [9]

中信建投证券股份有限公司 使用部分闲置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"或"保荐机构"） 作为深圳市江波龙电子股份有限公司（以下简称"江波龙"或"公司"）首次公 开发行股票并在创业板上市的保荐及持续督导机构，根据《证券发行上市保荐业 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 务管理办法》 《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 金进行现金管理的事项进行了审慎核查，核查情况如下： 公司于 2025 年 8 月 21 日召开第三届董事会第十二次会议，审议通过《关于 使用部分闲置自有资金进行现金管理的议案》，为提高资金使用效率，合理利用 闲置自有资金，获取较好的投资回报，公司拟在保证日常经营资金需求和资金安 全的前提下，使用不超过人民币 140,000 万元的闲置自有资金购买安全性高、流 动性好、风险性低的理财产品，期限为自公司本次董事会审议通过之日起 12 个 月。在上述额度及期限内，资金可循环滚动使用，期限内任一时点的交易金额（含 前述投资的收益进行再投资的相关金额）不应超过投资额度。如单笔业务的存续 期 ...

Core Viewpoint - The company has decided to re-evaluate and temporarily suspend certain fundraising investment projects due to changes in market conditions and technological advancements in the industry [3][4]. Fundraising Overview - The company raised a total of RMB 815,978,425.74 by issuing 240,134,144 shares at a price of RMB 3.45 per share [1]. - All raised funds have been deposited into a special account approved by the board of directors, with a tripartite supervision agreement signed among the company, the sponsor, and the commercial bank [2]. Investment Project Adjustments - The adjusted investment projects include the key equipment production line for panel boxes and the intelligent transformation project for high-end wear-resistant parts [2]. - The total investment amount for the projects was adjusted from RMB 82,846.28 million to RMB 81,597.84 million, with a total investment of RMB 108,801.61 million [2]. Project Re-evaluation and Suspension - The high-end wear-resistant parts manufacturing line project has been delayed compared to the original plan, requiring a re-evaluation based on the latest industry technologies and market demands [3]. - The decision to suspend the project is based on the evolving industry requirements for materials and processes, which have introduced new materials that differ from the original plan to produce metal liners [3][4]. Impact of Project Suspension - The re-evaluation and suspension of the investment projects are seen as prudent decisions that do not harm shareholder interests and comply with relevant regulations [4][5]. - The company believes that this decision will optimize resource allocation, reduce investment risks, and lay a foundation for future market opportunities [4]. Approval Procedures - The board of directors and the supervisory board have approved the re-evaluation and suspension of the high-end wear-resistant project [5]. - The sponsor has confirmed that the approval procedures comply with the relevant regulations and that the decision does not harm shareholder interests [5][6].

Core Viewpoint - The company intends to utilize part of its idle raised funds for cash management and to store the remaining balance in a designated deposit account, ensuring the safety and efficiency of fund usage while complying with regulatory requirements [1][3][6]. Fundraising Overview - The company raised a total of RMB 815,978,425.74 by issuing 240,134,144 shares at a price of RMB 3.45 per share, with all funds deposited in a special account approved by the board [1][2]. - As of June 30, 2025, the cumulative investment in projects using the raised funds amounted to RMB 387,957,800, leaving a balance of RMB 433,585,900 in the special account after deducting expenses and adding interest [2]. Cash Management Details - The purpose of cash management is to enhance the efficiency of fund usage while ensuring the normal progress of investment projects and the safety of the raised funds [3]. - The company plans to manage up to RMB 400 million of temporarily idle funds through safe, liquid, principal-protected products, with a usage period of 12 months from board approval [4]. - The management of cash will be overseen by the finance management center, with the general manager authorized to make investment decisions within the approved limits [4]. Risk Control Measures - The company will select cash management products that are high in safety and liquidity, such as time deposits and large certificates of deposit, and will not use these funds for pledging or securities investments [4][5]. - Any adverse factors identified during cash management will be reported to the management for timely action to mitigate risks [5]. Approval Process - The board of directors and the supervisory board have approved the use of idle funds for cash management, confirming that it will not affect the normal implementation of investment projects or harm shareholder interests [6][7]. - The sponsor has also verified that the cash management plan complies with relevant regulations and will enhance the efficiency of fund usage without altering the intended use of the raised funds [7].

Core Viewpoint - The company has decided to extend the implementation period for its fundraising investment projects due to external factors and market conditions affecting the original timeline for project completion [1][2][6]. Fundraising Basic Information - The company issued 3,000,000 convertible bonds at a face value of RMB 100 each, raising a total of RMB 300 million, which was fully received by March 5, 2020 [1]. - The funds are allocated for projects including the "Yushui Hot Spring (Phase I) Renovation Project" [1]. Progress of Fundraising Investment Projects - As of June 30, 2025, the cumulative investment in the Yushui Hot Spring (Phase I) Renovation Project is RMB 27.95 million, with no percentage of completion reported [1]. - The current balance of the fundraising funds in various bank accounts totals approximately RMB 56.11 million [1]. Reasons for Extension of Project Implementation Period - The company aims to enhance customer experience and expand its product offerings, leading to a strategic decision to slow down the construction of the Nanshan Xiaozhai Phase II project due to challenges in the tourism industry [2][3]. - The Yushui Hot Spring (Phase I) Renovation Project has been partially initiated, but the company has decided to delay further renovations to avoid impacting current operations [3]. Measures to Ensure Timely Completion Post-Extension - The company plans to optimize project schedules, allocate resources effectively, and enhance supervision and management of the fundraising projects to ensure compliance and timely completion [4]. Re-evaluation of Fundraising Investment Projects - The Nanshan Xiaozhai Phase II project is designed to enhance the tourism offerings in the region, including a cultural square and themed hotel, which aligns with the company's strategic development plans [4][5]. Impact of Extension on Fundraising Investment Projects - The extension of the project implementation period is a prudent decision based on the current progress and does not constitute a substantive change in the project’s nature or direction [6]. Internal Decision-Making Process - The company's board of directors has approved the proposal to extend the implementation period for the fundraising investment projects [6]. Sponsor Institution's Review Opinion - The sponsor institution, CITIC Construction Investment Securities, has conducted a thorough review and found no objections to the company's decision to extend the project implementation period, confirming that it does not adversely affect shareholder interests [6].

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 中信建投指出，中证500的VIX指数近期呈现抬升态势，同时期货基差率也有所上升，显示市场情绪波 动加大。从行业层面看，当前机构对商贸零售和非银行金融行业的关注度较高。此外，石油石化、有色 金属、钢铁、非银行金融和综合金融行业的机构调研热度在最近期有所提升。整体来看，市场拥挤信号 和拥挤行业数量较少，显示市场调整压力相对有限。 国泰中证500ETF（561350）跟踪的是中证500指数（000905），该指数从A股市场中选取除沪深300成分 股外市值较大、流动性较好的500只股票作为指数样本，覆盖工业、原材料、信息技术等多个行业板 块。该指数具有成长性突出、行业分散度高的特点，旨在综合反映中国A股市场中小盘上市公司的整体 表现。 没有股票账户的投资者可关注国泰中证500ETF ...

天眼查工商信息显示，8月20日，漳州高鑫润信大健康产业投资合伙企业（有限合伙）成立，执行事务 合伙人为中信建投资本管理有限公司，出资额10亿人民币，经营范围为以自有资金从事投资活动、创业 投资。合伙人信息显示，该基金由漳州高鑫发展有限公司、片仔癀旗下漳州片仔癀投资管理有限公司、 漳州片仔癀资产经营有限公司等共同出资。 ...

Market Overview - The market experienced fluctuations with mixed performance across the three major indices. The Shanghai Composite Index rose by 0.13%, while the Shenzhen Component Index and the ChiNext Index fell by 0.06% and 0.47%, respectively. The total trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan, an increase of 158 billion yuan compared to the previous trading day, marking the seventh consecutive day of trading volume exceeding 2 trillion yuan [1]. Domestic Computing Power Sector - CITIC Securities highlighted the release of the DeepSeek-V3.1 model, which now supports FP8 precision and domestic chips, potentially accelerating the domestic computing power ecosystem [2]. - Tencent's earnings report indicated a diversification in the supply chain for inference chips, suggesting that domestic inference computing power chips may become a competitive advantage amid international supply chain fluctuations [2]. - Huawei's Ascend chips are gradually expanding their applications in government and financial sectors, further demonstrating the increasing market competitiveness of domestic chips [2]. AI Server and Electronic Fluids - Guojin Securities noted that the demand for electronic fluorinated liquids is rapidly increasing due to the rising shipment volumes of AI servers, particularly with the enhanced computing power of NVIDIA's GB300 NVL72 servers [3]. - Various existing liquid cooling solutions, including cold plate, immersion, and spray cooling, are heavily reliant on fluorinated liquid materials. The trend towards efficient thermal interface materials (TIM) and liquid metals is expected to enhance the advantages of two-phase cold plate cooling solutions [3]. - The liquid cooling solution is anticipated to become the mainstream cooling method for future AI servers, prompting a focus on domestic leading companies in the upstream raw materials for fluorinated refrigerants and electronic fluorinated liquids, as well as related enterprises in efficient TIM materials [3]. Commercial Aerospace Industry - Galaxy Securities projected that the commercial aerospace industry in China is expected to experience significant growth, with key technologies such as reusable rockets and low-cost satellites making breakthroughs [4]. - Predictions indicate that within the next three years, the commercial aerospace sector will reach a peak moment, with transportation costs for rockets dropping below 30,000 yuan per kilogram, approaching the technological capabilities of overseas competitors [4]. - The demand side is bolstered by recent policy measures in Guangdong province, which have included low-altitude economy and space tourism as initial demonstration scenarios, expanding the imagination of application scenarios [4]. - Breakthroughs in low-altitude economy applications have been observed in urban air traffic, industrial applications, and agricultural production, alongside anticipated growth in space tourism demand, suggesting further enhancement of industry space [4].

Core Viewpoint - The domestic computing power sector is experiencing significant catalysts, with advancements in domestic inference chips and support from leading open-source models expected to accelerate the domestic computing ecosystem [1] Group 1: Domestic Computing Power Sector - CITIC Securities research indicates that the domestic computing power sector is poised for rapid development due to multiple catalysts [1] - Tencent's earnings report highlights that the supply channels for inference chips have various options, suggesting that domestic inference computing chips can provide support amid international supply chain fluctuations [1] - The release of DeepSeek V3.1, which supports FP8 precision and the upcoming next-generation domestic chips, is expected to enhance the domestic computing ecosystem [1] Group 2: Competitive Landscape - Huawei's Ascend chips are increasingly participating in tenders for government, finance, and telecommunications sectors, demonstrating the growing competitiveness of domestic chips [1]

Core Viewpoint - The report from CITIC Securities indicates that the characteristics of the consumption peak season are beginning to emerge, with strong fundamental support for energy metal prices [1] Group 1: Consumption Trends - The "Golden September and Silver October" consumption peak season is approaching, leading to a gradual recovery in downstream demand [1] - Market activity has significantly improved, with previously circulating low-priced goods being rapidly consumed [1] Group 2: Price Movements - Prices for rare earths and cobalt are steadily increasing [1] - The price of lithium carbonate has surged significantly due to supply disruptions in Jiangxi [1]