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。 ...

中信建投表示，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。 市场昨日震荡调整，三大指数涨跌不一。沪深两市全天成交额2.42万亿，较上个交易日放量158亿，成 交额连续7个交易日超2万亿。板块方面，油气、数字货币、美容护理、银行等板块涨幅居前，稀土永 磁、PEEK材料、液冷服务器、CPO等板块跌幅居前。截至昨日收盘，沪指涨0.13%，深成指跌0.06%， 创业板指跌0.47%。 在今天的券商晨会上，中信建投指出，DeepSeek-V3.1发布，国产算力板块迎催化；国金证券认为，AI 服务器出货量带动电子氟化液需求快速提升；银河证券表示，商业航天产业规模预计将持续高增。 中信建投：DeepSeek-V3.1发布，国产算力板块迎催化 银河证券指出，当前广东、上海、北京等地已经出现集群化效应，可回收火箭、低成本卫星以及星间链 路等关键技术也在逐步的取得突破。根据蓝箭航天预测，预 ...

人民财讯8月22日电，中信建投研报认为，国产算力板块迎来密集催化。腾讯业绩会表示推理芯片的供 应渠道侧具备多种选择，国际供应链波动背景下国产推理算力芯片有望提供助力。DeepSeek更新模 型，DeepSeek V3.1发布，明确支持FP8精度与将发布的下一代国产芯片，头部国产开源模型对国产芯片 的支持有望推动国产算力生态加速落地。华为昇腾芯片近期陆续参与到政府、金融、运营商等行业客户 招投标产品中，印证国产芯片竞争力持续提升。 ...

转自：证券时报 人民财讯8月22日电，中信建投研报认为，消费旺季特征开始显现，能源金属价格基本面支撑强。"金九 银十"消费旺季逐步临近，下游需求逐步回升，市场活跃度显著回暖，前期流通的低价货源快速消化， 稀土、钴报价稳步上涨，碳酸锂价格在江西供给扰动下大幅上涨。 ...

中信建投研报表示，消费级3D打印市场已经进入到奇点时刻，市场有望迎来快速爆发。驱动市场迎来 爆发的核心点即在于桌面3D打印设备在产品使用体验持续提升的同时，目前最主流的消费级3D打印机 品牌的畅销机型终端价格已经持续下探至中高端智能手机的水平。整机购置成本以外，相关消费级耗材 的单价也已经降至较低水平。除了供给端整机和耗材的持续降本以外，相关3D模型社区的繁荣使得消 费者可以以零成本或者十分低廉的成本获得十分丰富的创意3D模型，从而非常好的满足消费者将相关 想法和创意直接转化为现实产品。供需双重带动下，市场有望迎来爆发。 （文章来源：第一财经） ...

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]

中信建投研报表示，展望未来，理财子公司参与定增市场将呈现多元化发展趋势。一方面，随着经验积 累和能力建设，参与深度和广度将不断提升，从单纯的财务投资向战略投资延伸；另一方面，产品形态 将更加丰富，可能出现与ESG主题、科技创新等国家战略相结合的特色定增产品。同时，数字化技术应 用将更加广泛，如运用人工智能辅助定增项目筛选和定价决策，提高投资效率和精准度。这些趋势共同 预示着理财资金将成为定增市场中日益重要的参与者，对优化上市公司股权结构、促进资本市场稳定发 展发挥积极作用。 ...

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]