人民财讯8月24日电，中信建投（601066）研报表示，短期内"反内卷"导致整个快递板块股价发生较大 变化，但如果从中长期视角看，更多是需要"反内卷"达到均衡解，即能够达到接近帕累托最优，改变经 营策略时并不会损害行业福利、甚至可能对个体利益得到提升。目前快递行业件量增速维持双位数，从 增量往存量市场切换的过程中，行业的竞争烈度会比在增量市场里更大，所以快递行业格局还需要更长 时间的优化和判断。中信建投认为在短期内随着国内"反内卷"政策加强，会对整个行业价格托底，但是 对行业达到格局均衡还需要时间。 ...

Core Viewpoint - Market sentiment is heating up, with some indicators reaching high levels, suggesting potential risks if the slow bull market accelerates towards a peak [1][2] Market Sentiment and Indicators - The investor sentiment index broke above 90, entering an exuberant zone, with the index nearing 95, indicating an accelerated upward trend [2] - Some indicators, such as the MA5 turnover rate exceeding 2% warning line and overbought/oversold indicators approaching 20%, suggest short-term overheating [2] - Financing buy-in ratio has reached the highest level since July 2020, indicating strong market momentum despite short-term overheating signals [2] Industry Performance and Trading Structure - The TMT sector's trading volume has increased to 37%, still below the 45% historical high, indicating room for growth [3] - The relative turnover rate in the TMT sector remains moderate, suggesting no significant deterioration in market trading structure [3] Fund Flow and Investor Behavior - Margin financing has been a significant source of market liquidity, with a net inflow of approximately 330 billion since late June, and 82.8 billion in the first four trading days of the week [3] - Stock ETFs are experiencing net redemptions, indicating that retail investors have not yet fully embraced the current market rally [3] Investment Strategy - The overall market conditions do not present significant bearish signals, suggesting a continuation of the mid-term slow bull market [4] - The strategy of sector rotation remains prominent, with a focus on finding low-position new directions in thriving sectors for better short-term value [4]

Core Viewpoint - The Federal Reserve Chairman Jerome Powell highlighted the dual challenges of inflation pressure and a cooling labor market in the U.S., emphasizing the economic downturn risks associated with the labor market cooling, which has increased the likelihood of a rate cut in September [1] Group 1: Economic Indicators - The dovish remarks from Powell have led to a significant drop in the U.S. dollar index [1] - The prices of non-ferrous metals, which are sensitive to interest rates, have shown strong performance [1] Group 2: Market Conditions - Non-ferrous metals are gradually emerging from the off-season, with inventories nearing a turning point [1] - The sector possesses both commodity and financial attributes, providing a dual boost [1] - The valuation of the non-ferrous sector is relatively low, indicating a high cost-performance ratio for allocation [1]

Group 1: Market Overview - The A-share index rose by 1.45% on August 22, surpassing 3800 points, with significant growth in computing power and chip stocks [1] - The domestic computing power sector is experiencing a surge in activity, with multiple catalysts emerging [1] - Domestic AI chip manufacturers are gradually gaining market share, with Huawei's Ascend chips and Cambricon's AI chips making notable advancements [2][12] Group 2: Competitive Landscape - Nvidia dominates the AI acceleration chip market with a 70% share, while Huawei's Ascend holds 23% in 2024 [2] - The GPU market is primarily led by Nvidia, AMD, and Intel, with Nvidia expected to hold a 92% market share in independent graphics cards by Q1 2025 [5] - Domestic manufacturers are closing the gap in graphics rendering GPUs, with companies like Chipone and Jingjia Micro making significant progress [9][11] Group 3: Technological Advancements - Nvidia's GPU architecture has been updated approximately every two years since 2006, with the latest GeForce RTX 40 series showcasing significant performance improvements [8] - Domestic firms are innovating in ASIC technology, with companies like Cambrian and Horizon achieving notable advancements in performance and efficiency [12] - The CUDA software ecosystem developed by Nvidia is a key factor in its market leadership, providing a robust platform for AI training and deep learning applications [13][14] Group 4: Regulatory Environment - The U.S. has intensified export controls on AI chips to China, affecting high-end products from Nvidia and AMD [15] - New regulations have expanded the scope of restricted products, impacting several Nvidia models, including the H20, which was also placed under export control [15]

1 公告基本信息 ■ 2 新任基金经理的相关信息 ■ 3 离任基金经理的相关信息 ■ 4 其他需要说明的事项 上述基金经理变更事项已按规定向中国证券投资基金业协会办理相关手续。 中信建投基金管理有限公司 2025年08月23日 中信建投中债0-3年政策性金融债指数证券投资基金基金经理变更公告 公告送出日期:2025年08月23日 1 公告基本信息 ■ 2 新任基金经理的相关信息 ■ 3 离任基金经理的相关信息 ■ 4 其他需要说明的事项 上述基金经理变更事项已按规定向中国证券投资基金业协会办理相关手续。 中信建投基金管理有限公司 2025年08月23日 MACD金叉信号形成，这些股涨势不错！ 公告送出日期:2025年08月23日 ...

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]

一、管理费调整方案 ■ 登录新浪财经APP 搜索【信披】查看更多考评等级 注：本公告所述的"基金"是指按照《证券公司大集合资产管理业务适用〈关于规范金融机构资产管理业 务的指导意见〉操作指引》的要求进行变更后的证券公司大集合资产管理产品。 二、其他需要提示的事项 1、投资者可通过下列渠道了解相关信息： （1）中信建投证券股份有限公司客户服务电话：4008-888-108；网站：www.csc108.com。 （2）本集合计划销售机构：中信建投证券股份有限公司。 1. 公告基本信息 ■ 2.其他需要提示的事项 管理人依照恪尽职守、诚实信用、谨慎勤勉的原则管理和运用本集合计划资产，但不保证本集合计划一 定盈利，也不保证最低收益。投资有风险，投资者在投资本集合计划之前，请仔细阅读本集合计划的招 募说明书、资产管理合同、产品资料概要等信息披露文件，全面认识本集合计划的风险收益特征和产品 特性，并充分考虑自身的风险承受能力，理性判断市场，自主判断集合计划的投资价值，自主做出投资 决策，自行承担投资风险。投资者购买本集合计划并不等于将资金作为存款存放在银行或存款类金融机 构，管理人不保证集合计划一定盈利，也不保证最低收益 ...

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 ...