Group 1 - The report highlights the differentiation strategy of small and medium-sized securities firms, with large and merged firms ranking at the top in the Q2 2025 evaluation [10][11][12] - Notable improvements in rankings were observed for small firms such as Dongxing Securities, which rose 65 places to rank 3, and Southwest Securities, which climbed 56 places to rank 32 [11][12] - The report emphasizes the competitive advantage of specialized securities firms that have deep market experience, particularly in the New Third Board and Beijing Stock Exchange [16][18] Group 2 - The Beijing Stock Exchange A-shares experienced a PE ratio increase to 51.64X, with the North Exchange 50 Index rising to 1,441.72 points, reflecting a weekly increase of 1.56% [20][25] - The report indicates that as of August 8, 2025, 153 companies had a PE TTM exceeding 45X, representing 56.67% of the total, with 73 companies exceeding 105X, accounting for 27.04% [31] - The report suggests a focus on companies with new production capabilities and reasonable valuations, especially as half-year reports are released [40][41] Group 3 - The report lists two companies added to the stock pool: Ge Biji (835438.BJ), focusing on microcrystalline glass and semiconductor applications, and Fujida (835640.BJ), which specializes in RF connectors with technological advancements [41][42] - The report provides a detailed analysis of various sectors, noting that high-end equipment, information technology, and chemical new materials have PE TTM ratios of 42.57X, 93.75X, and 44.42X respectively [35][37]

Core Viewpoint - The bus industry is experiencing a growth phase driven by both export increases and domestic demand recovery, with leading companies expected to continue releasing performance elasticity [1][2] Export Growth - In 2024, China's medium and large bus exports are projected to reach 45,000 units, a year-on-year increase of 38%, benefiting from demand in the Middle East, Asia, and Latin America, as well as an increase in market share for Chinese brands [2][3] - The top five export markets for Chinese buses in 2024 will be the Middle East, Asia, the Commonwealth of Independent States, Latin America, and Africa, accounting for approximately 90% of total exports [4][5] Domestic Market Recovery - Domestic sales of medium and large buses are expected to reach 71,000 units in 2024, a year-on-year increase of 27%, driven by public transport subsidies and the recovery of the tourism market [2][6] - The new round of public transport subsidies will increase the single vehicle subsidy from 60,000 to 80,000, further stimulating domestic demand [2][6] Industry Structure - The bus industry has a high concentration, with the top three companies accounting for over 70% of exports and over 60% of domestic sales [2][5] - The gross profit margin for leading companies, especially in the new energy sector, is significantly higher than that of domestic sales, which will help improve profitability [2][4] New Energy Bus Market - In 2024, global sales of new energy medium and large buses are expected to reach approximately 62,000 units, with a penetration rate of 18%, and domestic penetration reaching 56% [3][4] - The average selling price (ASP) for new energy buses exported from China is around 1.2 to 1.8 million yuan per vehicle, which is 2 to 4 times that of fuel buses [4]

Core Viewpoint - The report outlines the verification opinion of CITIC Construction Investment Securities Co., Ltd. regarding the listing and circulation of restricted shares from the initial public offering (IPO) of Zhejiang Haizheng Biological Materials Co., Ltd. on the Sci-Tech Innovation Board, confirming compliance with relevant regulations and the accuracy of information disclosure [1][8]. Summary by Sections Type of Restricted Shares - The restricted shares being listed are part of the company's IPO, totaling 50,669,517 shares, which were listed on August 16, 2022. The total share capital after the IPO is 202,678,068 shares, with restricted shares accounting for 156,470,896 shares (77.20%) and unrestricted shares for 46,207,172 shares (22.80%) [1]. Shareholder Information - The restricted shares involve three shareholders: Taizhou Jiaojiang Chuanghe Enterprise Management Partnership (Limited Partnership), Taizhou Jiaojiang Chuangyou Enterprise Management Partnership (Limited Partnership), and Taizhou Chuangyi Enterprise Management Service Center (Limited Partnership), holding a total of 6,390,100 shares, representing 3.15% of the current total share capital. The lock-up period for these shares is 36 months from the listing date, expiring on August 16, 2025, with the actual listing date adjusted to August 18, 2025, due to a non-trading day [2][3]. Changes in Share Capital - Since the formation of the restricted shares, there have been no changes in the company's share capital due to profit distribution or capital increase [2]. Commitments by Shareholders - The shareholders have committed not to transfer or manage their shares for 36 months post-listing and to comply with relevant regulations during any future share reductions. Any income from violations will be returned to the company [3][4]. Lock-up Period Extension - The lock-up period for certain shareholders was automatically extended by six months to February 15, 2026, due to the stock price falling below the IPO price for 20 consecutive trading days [5][7]. Total Restricted Shares for Listing - The total number of restricted shares for listing is 6,390,100 shares, with the listing date set for August 18, 2025 [7]. Verification Opinion - The sponsor institution confirms that the listing of the restricted shares complies with the Company Law, Securities Law, and relevant regulations, and that the information disclosure is true, accurate, and complete [8].

Core Viewpoint - Tianmao Industrial Group Co., Ltd. plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange through a shareholders' resolution and subsequently apply for transfer to the National Small and Medium Enterprises Share Transfer System for management in the delisting section [2][12]. Group 1: Company Overview - Company Name: Tianmao Industrial Group Co., Ltd. - Stock Listing Location: Shenzhen Stock Exchange - Stock Code: 000627 - Registered Capital: 494,062.92 million RMB - Main Business: Investment holding, primarily through subsidiaries engaged in insurance business [4][11]. Group 2: Reasons for Delisting - The company is undergoing business restructuring and faces significant uncertainties that may have a major impact on its operations [6][12]. - The decision aims to protect the interests of minority shareholders [12][18]. Group 3: Delisting Process - The delisting proposal has been approved by the company's board and will be submitted for a vote at the shareholders' meeting, requiring a two-thirds majority of valid voting rights [12][17]. - After the shareholders' meeting approval, the company will seek a decision from the Shenzhen Stock Exchange [13][17]. Group 4: Shareholder Protection Mechanism - The company will provide cash options to dissenting shareholders and other shareholders after the shareholders' meeting approval, excluding certain major shareholders [13][15]. - The cash option price is set at 1.60 RMB per share, with specific conditions for exercising this option [15][16]. Group 5: Financial Advisor's Opinion - The financial advisor has confirmed that the delisting plan complies with relevant regulations and that the information disclosure meets the requirements of the Shenzhen Stock Exchange [18]. - The advisor believes that the voluntary delisting is beneficial for protecting the interests of all shareholders [18].

中信建投证券股份有限公司 关于浙江巍华新材料股份有限公司 首次公开发行前已发行的部分限售股 及战略配售限售股上市流通的核查意见 人将严格按照法律、法规、规范性文件等的相关规定申报本人持有公司股份数 量及相应变动情况；本人担任公司董事、监事、高级管理人员期间，每年转让 的公司股份不超过本人所持有股份总数的 25%；离职后半年内，将不转让或者 委托他人管理本人直接持有的发行人的股份。 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"） 作为浙江巍华新材料股份有限公司（以下简称"巍华新材"或"公司"）首次公 开发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等有关规定，对巍华新材首次公开发行前已发行的部分限售股及战略配售限 售股上市流通事项进行了审慎核查，具体情况如下： 一、本次限售股上市类型 根据中国证券监督管理委员会《关于同意浙江巍华新材料股份有限公司首次 公开发行股票注册的批复》 （证监许可[2023]2608 号），并经上海证券交易所同意， 公司首次公开发行人民币普通股（A 股）8,634 ...

格隆汇8月8日丨中信建投证券(06066.HK)宣布，公司将于2025年8月28日举行董事会会议，藉以（其中 包括）批准公司及其附属公司截至2025年6月30日止六个月的中期业绩和有关公告。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 董事會會議通告 中 信 建 投 証 券 股 份 有 限 公 司（「 本公司 」）董 事 會（「 董事會 」）謹 此 宣 佈 ， 董事會會議將於 2025 年 8 月 2 8 日（ 星 期 四 ）舉 行 ， 藉 以（ 其 中 包 括 ）審 議 及批准本公司及其附屬公司截至 2025 年 6 月 3 0 日止六個月之中期業績及 其發佈。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 中國北京 2025 年 8 月 8 日 於本公告日期，本公司執行董事為劉成先生及金劍華先生；本公司非執 行董事為李岷先生、閆小雷先生、劉延明先生、楊棟先生、華淑蕊女士 及王華女士；以及本公司獨立非執行董事為浦偉光先生、賴觀榮先生、 張崢先生、吳溪先生及鄭偉先生。 ...

其中，中信证券、中金公司、国泰海通证券、中信建投证券、华泰证券均获得央行许可，可以在银 行间市场分别发行不超过150亿元、98亿元、150亿元、60亿元、100亿元的科技创新债券。此外，中信 证券、中信建投证券、国泰海通证券还获得中国证监会注册批复，允许发行科技创新债券，发行面值总 额分别不超过150亿元、80亿元、150亿元。 "此前，已有多家券商发行科技创新债券，但发行上市场所均在交易所债市。此次5家券商获得央行 行政许可，意味着券商将可以在银行间市场发行科技创新债券。"有业内人士告诉《金融时报》记者， 科创债券作为服务国家战略的专项债券品种，允许在银行间市场和交易所两个市场发行，有效拓宽了发 行主体的直接融资渠道，使其能够根据自身特点和需求灵活选择最匹配的市场进行融资，更好地获得金 融支持以推动创新发展。 5月7日，央行、证监会联合发布关于支持发行科技创新债券有关事宜的公告，明确重点支持金融机 构、科技型企业、私募股权投资机构三类主体发行科技创新债券以来，券商积极"抢滩"发行科技创新债 券。次日，国泰海通证券、中信建投证券、招商证券等券商便相继披露公开发行科技创新债券相关募集 信息。 6月18日，国泰海 ...

Core Insights - The China Securities Association released the bond underwriting statistics for the first half of 2025, highlighting significant growth in technology innovation bonds, rural revitalization bonds, and private enterprise bonds [1][2]. Group 1: Bond Underwriting Performance - The total underwriting amount for rural revitalization bonds reached 26.624 billion yuan, marking a year-on-year increase of 134.32% [3]. - In the technology innovation bond sector, 68 securities firms underwrote 380 bonds, totaling 381.391 billion yuan, which is a 56.48% increase compared to the previous year [2][3]. - The leading underwriters for technology innovation bonds were CITIC Securities, CITIC Jiantou, and Guotai Junan, with underwriting amounts of 3.598 billion yuan, 2.684 billion yuan, and 1.914 billion yuan respectively [3]. Group 2: Performance of Smaller Firms - Smaller securities firms have shown strong performance in niche areas, with Caixin Securities leading in low-carbon transition bonds and Wenkang Securities excelling in small and micro-enterprise support bonds [4]. - In the low-carbon transition bond sector, 17 firms underwrote 14 bonds, totaling 8.35 billion yuan [4]. - For small and micro-enterprise support bonds, 32 firms underwrote 30 bonds, amounting to 11.82 billion yuan, with Wenkang Securities ranking first in both number and amount of underwritings [4]. Group 3: Other Bond Categories - In the "Belt and Road" bond category, 18 firms underwrote 10 bonds, with a total amount of 7.9 billion yuan [5]. - For private enterprise bonds, 48 firms underwrote 229 bonds, totaling 239.394 billion yuan, which is a 30% increase year-on-year [5]. - A total of 68 firms participated in issuing local government bonds, with a combined winning bid amount of 140.459 billion yuan [6].

本报记者 昌校宇 由王鹏掌舵的中信建投中证A500指数增强基金即将发行，该产品将通过量化模型在跟踪基准指数的基 础上获取稳定超额收益。王鹏介绍称："指数增强策略的核心在于利用'AI技术+量化模型'对成份股进行 精细化筛选和动态权重优化。团队通过深度学习模型处理多维信息，包括量价数据、基本面指标、宏观 政策甚至文本信息，从而更精准地预测个股未来表现。" 近年来，指数化投资呈现蓬勃发展态势，越来越受到机构投资者和个人投资者的青睐。在这一趋势下， 人工智能与量化模型的深度融合，为指数增强策略开辟了新的发展空间。 近日，中信建投基金指数与量化投资部行政负责人王鹏在接受《证券日报》记者专访时表示："指数化 投资不仅是产品创新的重要方向，更是实现投资者利益最大化的有效工具。而通过'AI+量化'赋能的指 数增强基金，能够在更精准地进行风险控制和资产配置的同时，力争为投资者创造持续超越市场的长期 回报。" 增强回报稳定性 近年来，境内指数化投资的快速发展深刻改变了公募基金行业的产品布局和竞争格局。王鹏表示，指数 基金凭借其低成本、高透明度和分散风险等特点，吸引了大量资金流入，促使基金公司不断优化产品 线，提升投资策略的精细化 ...