Core Viewpoint - The company intends to use part of its idle raised funds to temporarily supplement working capital, ensuring compliance with relevant regulations and maintaining the integrity of its investment projects [2][7]. Fundraising Overview - The company successfully raised a total of RMB 698.62 million through its initial public offering, with a net amount of RMB 640.98 million after deducting issuance costs [2][3]. - The company has established a dedicated account for the raised funds and signed a tripartite supervision agreement with the bank and sponsor [3]. Investment Project Details - The raised funds are allocated to several projects, including: - High-quality welding wire intelligent production line construction - Special high-alloy welding wire preparation project - Engineering technology center construction project - As of June 30, 2025, the company has utilized RMB 357.98 million of the raised funds, with RMB 170 million temporarily used for working capital [4][5]. Previous Use of Idle Funds - The company previously approved the temporary use of RMB 170 million of idle funds for working capital, which was fully returned to the dedicated account by July 31, 2025 [5][6]. Current Plan for Idle Funds - The company plans to use up to RMB 50 million of idle raised funds for temporary working capital, with a usage period not exceeding 12 months [6][7]. - This usage is aimed at improving fund efficiency and reducing operational costs, with an expected savings of RMB 1.5 million in financial expenses based on current bank loan rates [6]. Approval Process and Sponsor Opinion - The board of directors approved the use of idle funds, ensuring that the investment projects' funding needs are met [7]. - The sponsor has confirmed that the company's actions comply with relevant regulations and do not harm the interests of the company or its shareholders [7].

中信建投证券股份有限公司 关于哈焊所华通（常州）焊业股份有限公司 变更部分募投项目实施地点的 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"保荐人"）作为哈 焊所华通（常州）焊业股份有限公司（以下简称"哈焊华通"或"公司"）首次公开 发行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务 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 2 号——创业板上市公司规范运作》等相关法律、法规和规范性文 件的规定，对哈焊华通变更部分募投项目实施地点事项进行了审慎核查，核查意 见如下： 三、本次变更部分募投项目实施地点的概况及原因 本次变更部分募投项目实施地点是基于项目实施的实际情况，为更好地推进 募投项目的实施，优化资源配置，提升项目运营效率，保障项目顺利投产达效， 公司综合论证了项目当前市场环境、未来发展规划等后续建设要求，并结合公司 的实际发展需要和自身发展战略进行了审慎研究，将本次"高品质焊丝智能生产 线建设项目"中的"高品质铝合金焊丝"和"高强钢焊丝"的建设实施地点由原 高品质焊丝智能生产线建设项目的地址"江苏省常州市华通路 68 ...

Group 1 - The report indicates that the sponsor, CITIC Securities, has effectively reviewed the company's information disclosure documents without any delays [1] - The company has established and effectively executed regulations to prevent related party transactions and manage raised funds [1] - The sponsor conducted monthly checks on the company's fundraising special account and confirmed that the project progress aligns with the disclosed information [1] Group 2 - The sponsor attended one board meeting and one shareholders' meeting, reviewing relevant documents during these sessions [1] - A site inspection was conducted once, with no significant issues reported [1] - The sponsor issued independent opinions seven times, with no dissenting opinions noted [1] Group 3 - The company and its shareholders have fulfilled their commitments regarding share lock-up and management's assurances on profit distribution policies [2] - There are no reported issues regarding the company's financial status, management, or core technology [2] - The company has committed to measures to ensure the protection of investors' rights and has not faced any regulatory actions [2]

中信建投证券股份有限公司 关于 云南铜业股份有限公司 发行股份购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告 （申报稿） 独立财务顾问 二〇二五年八月 中信建投证券股份有限公司 独立财务顾问报告（申报稿） 独立财务顾问声明与承诺 受云南铜业股份有限公司委托，中信建投证券股份有限公司担任本次云南铜 业股份有限公司发行股份购买资产并募集配套资金暨关联交易之独立财务顾问， 并制作本独立财务顾问报告。 本独立财务顾问报告系依据《公司法》《证券法》《重组管理办法》《公开发 行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》 《上 市公司并购重组财务顾问业务管理办法》 《上市规则》等有关法律、法规的要求， 根据重组报告书及交易对方提供的有关资料和承诺制作。 独立财务顾问按照行业公认的业务规范，本着诚实守信、勤勉尽责的精神， 遵循独立、客观、公正的原则，在认真审阅各方所提供的相关资料并充分了解本 次交易行为的基础上，对重组报告书出具独立财务顾问报告，旨在对本次交易做 出独立、客观和公正的评价，以供云南铜业全体股东及公众投资者参考。 一、本独立财务顾问作如下声明 （一）本独立财务顾问与云南铜业 ...

Group 1: Currency and Interest Rate Outlook - Goldman Sachs expects that a weaker dollar will drive strong performance in emerging market currency carry trades, with a positive outlook for the Indian Rupee, Brazilian Real, South African Rand, and Hungarian Forint as carry trade longs [1] - Barclays economists note a slowdown in UK core services inflation, suggesting a potential for a rate cut by the Bank of England in November [2] - Macro analysts from Capital Economics highlight that U.S. short-term interest rates face upward risks, indicating that the market may be overestimating the likelihood of Federal Reserve rate cuts [3] Group 2: Economic and Market Trends - Societe Generale analysts predict a gradual weakening of the British Pound due to a bleak fiscal outlook, with expectations of higher taxes and slower economic growth [3] - Societe Generale also indicates that the implied volatility of the Euro against the Dollar may soon rebound due to upcoming events that could lead to greater exchange rate fluctuations [4] - China International Capital Corporation forecasts that the global AI liquid cooling market will reach $8.6 billion by 2026, driven by increasing computational demands and the advantages of liquid cooling technology [5] Group 3: Commodity and Investment Insights - Huatai Securities anticipates a cyclical upward opportunity for cobalt prices between 2025 and 2027, driven by an improving supply-demand balance [6] - Huatai Securities reports that A-share market activity remains high, with significant contributions expected from foreign and insurance capital in the future [6] - CITIC Securities believes that leading brands in the ready-to-drink beverage sector, which possess product innovation and offline traffic capabilities, are likely to navigate through economic cycles successfully [7]

Market Overview - The A-share market experienced a sudden decline in the afternoon, with the Shanghai Composite Index dropping over 0.2% before recovering slightly, while the Shenzhen Component and ChiNext indices fell [2] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the first time this year, marking the seventh consecutive trading day of such volume [2] Sector Performance - Securities stocks collectively faced a pullback, with notable declines including Changcheng Securities down over 6% and Hato Securities down over 5% [2][3] - Several high-priced stocks hit the daily limit down, including Lianhuan Pharmaceutical and Zhongdian Xindong, with others like Shunlian Bio and Sainuo Medical dropping over 8% [4] Banking Sector - In contrast, bank stocks showed strength in the afternoon, with Agricultural Bank of China and Postal Savings Bank reaching new historical highs during the session [2] Hong Kong Market - The Hang Seng Index fell over 0.5%, and the Hang Seng Tech Index dropped more than 1% [6] - AAC Technologies Holdings (02018.HK) saw a rapid decline of over 14% following the release of its interim results, despite reporting a revenue of 13.32 billion yuan, a year-on-year increase of 18.4% [6][8] Company Performance - AAC Technologies reported a gross margin of 20.7%, down 0.8 percentage points year-on-year, attributed to changes in product mix, while net profit attributable to shareholders increased by 63.1% to 876 million yuan due to improved profitability in optical business and rapid growth in precision structural components [8] - CICC noted that the overall valuation level of A-shares remains reasonable, but the rapid increase in trading volume may lead to short-term volatility [8]

Core Viewpoint - CITIC Securities recently initiated coverage on China Antibody (03681.HK) with a "Buy" rating and a target price of HKD 7.43, indicating approximately 150% upside potential from the closing price on August 20 [1] Group 1: Company Overview - The company has strong R&D capabilities in innovative therapies for immune diseases, with core pipelines advancing, particularly SM17, which has shown promising early clinical data in atopic dermatitis (AD) [1][4] - A strategic partnership with the Hong Kong Advanced Institute of Science and Technology at Sun Yat-sen University aims to enhance research capabilities and clinical translation speed [1][4] Group 2: Product Pipeline - SM17 is highlighted as the first global antibody targeting the IL-25 receptor, showing a 75% EASI75 response rate in its Phase Ib clinical trial, which is significantly higher than competitors [2][7] - Other core products, including SM03, SM06, and SN1011, target various autoimmune conditions, showcasing the company's diverse innovation capabilities [4][5] Group 3: Financial Projections - CITIC Securities projects revenues for China Antibody to reach HKD 0.04 billion, HKD 0.08 billion, and HKD 0.16 billion from 2025 to 2027, with a reasonable market capitalization estimated at HKD 10.1 billion [8] Group 4: Market Position and Future Outlook - The strategic collaboration with the Hong Kong Advanced Institute is expected to enrich R&D resources and technical support, accelerating clinical translation and enhancing the commercial prospects of the pipeline [8] - The "Buy" rating and target price from CITIC Securities are anticipated to boost market attention and investor confidence, positioning China Antibody as a potential leader in innovative therapies for immune and inflammatory diseases [8]

Group 1 - The A-share market continued to rise, with the Shanghai Composite Index increasing by 0.5% and approaching 3800 points, driven by gains in stablecoins and digital currency concepts [1] - The Huaxia Financial Technology ETF (516100) rose by 1.84%, with a trading volume exceeding 110 million yuan, and several component stocks such as Xincheng Technology and Cuiwei Co. hitting the daily limit [1] - The financial technology ETF closely tracks the CSI Financial Technology Theme Index, which includes sectors like stock trading software and digital currency, benefiting from market recovery and AI-related catalysts [1] Group 2 - As of August 20, the trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 2 trillion yuan for six consecutive trading days [2] - CITIC Securities noted that brokerage firms experienced significant growth in brokerage and margin financing businesses due to favorable policies, while investment banking activities saw a high increase in refinancing scale and a recovery in IPOs [2] - Huatai Securities highlighted that the equity market has steadily risen since the beginning of the year, with continuous increases in trading volume and margin financing balances, indicating a positive outlook for the brokerage sector in the second half of the year [2]

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission (CSRC) to change the management structure and name of its asset management plan, transitioning to a bond-type securities investment fund with a new management entity [1][2]. Group 1: Changes in the Asset Management Plan - The product name has been changed from "CITIC Securities Yuexiang 6-Month Holding Period Bond-type Collective Asset Management Plan" to "CITIC Securities Yuexiang 6-Month Holding Period Bond-type Securities Investment Fund" [3]. - The product manager has been changed from "CITIC Securities Co., Ltd." to "CITIC Securities Fund Management Co., Ltd." [4]. - The investment manager has been changed from "Ouyang Zheng" to "Xu Jian" [4]. - The product type has been changed from "bond-type collective asset management plan" to "bond-type securities investment fund" [5]. - The product duration has been changed from a fixed term ending on December 31, 2025, to an indefinite duration [6]. Group 2: Registration and Compliance - The company has received approval for the change of registration for the asset management plan from the CSRC [2]. - The accounting firm for auditing the fund's assets has been changed from "KPMG Huazhen" to "Ernst & Young Huaming" [6]. - Legal documents have been revised in accordance with the latest laws and regulations [6]. Group 3: Investor Rights and Redemption Arrangements - The company will ensure the protection of shareholder rights and will provide a special redemption period for those who disagree with the changes [8]. - A special redemption period is set from August 20, 2025, to August 26, 2025, during which shareholders can redeem their shares without holding period restrictions [9]. - After the special redemption period, the fund will suspend redemptions, and investors must submit their redemption requests by August 26, 2025, at 15:00 [10].

Group 1: Gaming Industry - Citic Securities reports significant performance growth in Q3 2023, emphasizing gaming as a key focus for the year [1] - The gaming sector is experiencing a 20% increase in domestic self-developed online games in the first half of the year, driven by improvements in ARPPU [1] - Upcoming game releases such as "Valorant," "Famous Generals," and "Nine Muses" are expected to contribute to a strong Q3 performance [1] Group 2: Cobalt Market - Huatai Securities predicts a cyclical upward opportunity for cobalt prices between 2025 and 2027 due to long-term supply-demand optimization [2] - The cobalt supply-demand relationship is likely to remain in a state of shortage in 2026 and 2027, suggesting a potential price rebound [2] - Future cobalt prices are expected to trend upwards, with a price center projected to be above 350,000 RMB per ton [2] Group 3: Solar Thermal Power - Citic Securities highlights the importance of solar thermal power in constructing a new type of power system, providing stable renewable energy [3] - Solar thermal power can function as both a peak-shaving power source and energy storage, offering long-cycle peak-shaving capabilities [3] - The value distribution of solar thermal systems indicates that the concentrator system, heat absorption system, thermal system, and storage system hold significant value [3]