Core Insights - The consumer-grade 3D printing market is entering a pivotal moment, with expectations for rapid growth driven by improved user experience and decreasing prices of desktop 3D printers [1] - The prices of popular consumer-grade 3D printer models have dropped to levels comparable to mid-to-high-end smartphones, making them more accessible [1] - The cost of related consumables for consumer-grade 3D printing has also decreased significantly, contributing to the market's potential for expansion [1] - The flourishing of 3D model communities allows consumers to access a wide range of creative 3D models at little to no cost, facilitating the transformation of ideas into tangible products [1] - The combination of supply-side cost reductions and strong consumer demand is expected to drive market growth [1]

Group 1 - The upcoming consumption peak season in September and October is expected to boost downstream demand and significantly revive market activity [1] - The rapid digestion of previously circulating low-priced goods has led to a steady increase in prices for rare earths and cobalt, while lithium carbonate prices have surged due to supply disruptions in Jiangxi [1] - Rare earth prices, particularly praseodymium and neodymium, have been rising continuously as major manufacturers intensify bidding and some magnetic material companies extend production schedules to mid-October [1] Group 2 - Cobalt imports saw a significant decline in June, and current smelter operating rates are continuously being adjusted downwards, with some production cuts anticipated [1] - It is expected that cobalt prices will receive strong support towards the end of Q3 and the beginning of Q4 due to low raw material inventory levels at smelters [1] - Lithium prices are likely to rise due to upstream mine production cuts and a strong expectation of increased downstream demand, making price declines difficult [1]

Group 1 - The report from CITIC Securities indicates that the future participation of wealth management subsidiaries in the private placement market will show a trend of diversification [1] - As experience accumulates and capabilities improve, the depth and breadth of participation will continuously enhance, extending from purely financial investments to strategic investments [1] - The product forms will become more diverse, potentially leading to the emergence of specialized private placement products that align with national strategies such as ESG themes and technological innovation [1] Group 2 - The application of digital technology will become more widespread, utilizing artificial intelligence to assist in the screening and pricing decision-making of private placement projects, thereby improving investment efficiency and accuracy [1] - These trends collectively indicate that wealth management funds will become increasingly important participants in the private placement market, playing a positive role in optimizing the equity structure of listed companies and promoting the stable development of the capital market [1]

Core Insights - The consumer-grade 3D printing market is entering a pivotal moment, with expectations for rapid growth driven by improved user experience and decreasing prices of popular desktop 3D printers, now comparable to mid-to-high-end smartphones [1][2] - The cost of consumer-grade 3D printing materials has also significantly decreased, enhancing market accessibility [1] - The flourishing of 3D model communities allows consumers to access a wide range of creative models at little to no cost, facilitating the transformation of ideas into tangible products [1][2] Market Dynamics - The overseas market is experiencing sustained demand, providing a reference for future domestic market trends [2] - The rise of the IP economy in China is driving DIY consumer demand, leading to an accelerated growth trend in the consumer-grade 3D printing sector [2] - Currently, the consumer-grade 3D printing market is predominantly driven by overseas demand, particularly from Europe and the U.S., but domestic demand is also growing due to the popularity of trendy products and decreasing terminal prices [2] Investment Outlook - Both supply-side technological advancements and cost reductions, as well as an increasing number of DIY users and thriving 3D model communities, are propelling the rapid growth of the consumer-grade 3D printing market [3]

据中信建投研报称，DeepSeek模型更新至V3.1版，新增支持FP8精度和国产芯片。此举有望推动国产算 力生态加速落地。腾讯业绩会上透露，公司推理芯片供应渠道多元化，国际供应链波动下，国产推理算 力芯片或成助力。华为昇腾芯片近期在政府、金融等行业的应用逐步扩大，进一步体现国产芯片的市场 竞争力正在提升。 ...

中信建投证券股份有限公司 关于深圳市明微电子股份有限公司 股东向特定机构投资者询价转让股份 相关资格的核查意见 （北京市朝阳区安立路 66 号 4 号楼） 中信建投证券股份有限公司（以下简称"中信建投证券"）受深圳市明微电 子股份有限公司（以下简称"明微电子"）股东深圳市明微技术有限公司（以下 简称"出让方"）委托，组织实施本次明微电子首发前股东向特定机构投资者询 价转让（以下简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办法（试行）》《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 4 号——询价转让和配售》（以下 简称"《询价转让和配售指引》"）等相关规定，中信建投证券对参与本次询价转 让股东的相关资格进行核查，并出具本核查意见。 一、 本次询价转让的委托 中信建投证券收到出让方关于本次询价转让的委托，委托中信建投证券组织 实施本次询价转让。 二、 关于参与本次询价转让股东相关资格的核查情况 （一） 核查过程 根据相关法规要求，中信建投证券对出让方的相关资格进行了核查。出让方 已出具《关于向特定机构投资者询 ...

中信建投证券股份有限公司 关于中国电器科学研究院股份有限公司 使用部分暂时闲置募集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"、"保荐机构"）为中 国电器科学研究院股份有限公司（以下简称"公司"、"中国电研"）首次公开发行 股票并在科创板上市的保荐机构及持续督导机构，根据《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》等法规的有关规定，对中国电研使用部分暂时闲置募集资金进行现金管理 事项进行了审慎核查，核查情况与意见如下： 一、募集资金基本情况 经上海证券交易所科创板股票上市委员会 2019 年 9 月 30 日审核同意，并经 中国证券监督管理委员会 2019 年 10 月 16 日《关于同意中国电器科学研究院股 份有限公司首次公开发行股票注册的批复》（证监许可[2019]1922 号）核准，同 意公司公开发行人民币普通股 5,000 万股，发行价格为 18.79 元/股，募集资金总 额 93,950 万元人民币，扣除发行费用（不含增值税）8,149.87 万元人民币，募集 资金净额为 85,800.13 万元人民币， ...

中信建投证券股份有限公司关于品渥食品股份有限公司 使用部分暂时闲置募集资金 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"、"保荐机构"）作为 品渥食品股份有限公司（以下简称"品渥食品"、"公司"）首次公开发行股票并上 市的保荐机构，根据《上市公司募集资金监管规则》《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》以及《深圳证券交易所创业 板上市公司自律监管指南第 2 号——公告格式》的相关规定，对品渥食品使用部 分暂时闲置募集资金及自有资金进行现金管理事项进行了审慎核查，具体情况如 下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意品渥食品股份有限公司首次公开发行 股票注册的批复》（证监许可[2020]1938号）同意注册，公司首次公开发行人民 币普通股（A股）股票25,000,000股，每股面值1元，每股发行价格为人民币26.66 元，募集资金总额为人民币66,650.00万元，减除发行费用（不含增值税）人民币 合伙）已于2020年9月15日对公司首次公开发行股票的资金到位情况进行了审验， 并出具"信会师报字[2020]第ZA15 ...

Core Viewpoint - The company plans to utilize part of its idle raised funds for cash management to enhance fund efficiency and returns without affecting its main business operations [1][2][5]. Summary by Sections 1. Basic Situation of Raised Funds - The company has received approval from the China Securities Regulatory Commission to issue 12,147,560 convertible bonds, with a total net raised amount of approximately RMB 1.21 billion after deducting issuance costs [1]. - All raised funds are stored in a special account managed according to relevant regulations to protect investor interests [1]. 2. Investment Projects of Raised Funds - The raised funds will primarily be allocated to the construction of the Changsha Cybersecurity and Cloud Computing R&D Base, with a total investment of RMB 2.12 billion, of which RMB 1.21 billion will be funded by the raised capital [2]. 3. Cash Management of Idle Funds - The company intends to use up to RMB 300 million of idle raised funds for cash management, focusing on safe and liquid principal-protected products [3][4]. - The investment decision will be valid for 12 months from the date of approval [4]. 4. Approval Procedures and Opinions - The board of directors approved the cash management proposal on August 20, 2025, confirming that it will not affect the normal operation of the company's investment projects [5]. - The supervisory board supports the decision, stating it will enhance fund efficiency and will not harm the interests of the company or minority shareholders [5]. 5. Sponsor's Verification Opinion - The sponsor confirms that the cash management plan has undergone necessary approval processes and complies with relevant laws and regulations, ensuring it does not change the intended use of raised funds [6].

Overview - The article discusses the share transfer process of Nanjing Guobo Electronics Co., Ltd. (国博电子) by Tianjin Fenghe Technology Partnership (Limited Partnership) through a price inquiry transfer method, facilitated by CITIC Securities [1][2]. Group 1: Transfer Details - The total number of shares to be transferred is capped at 14,900,373 shares, representing 2.50% of the total share capital of Guobo Electronics [1][2]. - The transfer is conducted under the guidelines of the Shanghai Stock Exchange's inquiry transfer and allocation rules, ensuring fairness and compliance [8][12]. - The minimum transfer price is set at no less than 70% of the average trading price of Guobo Electronics' shares over the 20 trading days prior to August 15, 2025 [2][3]. Group 2: Pricing and Allocation - The final transfer price is determined to be 51.51 yuan per share, resulting in a total transaction amount of approximately 767.52 million yuan [6]. - A total of 23 institutional investors participated in the share allocation, with the allocation process adhering to principles of price priority, quantity priority, and time priority [6][7]. Group 3: Compliance and Verification - The inquiry transfer process has been verified as legal and compliant with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [8][12]. - Both the transferor and transferee qualifications were thoroughly checked, confirming that all parties involved met the necessary criteria for participation in the transfer [9][10].