中信建投证券股份有限公司 关于 一、重大事项 招商局公路网络科技控股股份有限公司 董事变更、董事长变更、董事会秘书暨信息披露 事务负责人变更及取消监事会的 临时受托管理事务报告 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》、招商局公路网络科技控股股份有限公司（以下简称"发行人"或"公司"） 就存续公司债券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"） 及其它相关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等， 由受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"或"受托管 理人"）编制。中信建投证券编制本报告的内容及信息均来源发行人提供的资料 或说明。 债券简称：25 招路 K1 债券代码：524252.SZ 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 债券受托管理人 中信建投证券作为25招路K1的受托管理人，根据《公司债券发行与交易管 理办法》《公司债券受托管 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信建投証券股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06066 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | ...

新浪期货 根据交易所数据，截至8月06日收盘主力合约硅铁2509,涨跌+4.27%,成交量49.26万手，持仓数据显示前20席位呈现净 空，差额头寸为14237手。 硅铁期货全合约总计成交84.06万手，比上一日新增46.59万手。全合约前20席位多头持仓34.59万手，比上一日增加3.51万手。全合 约前20席位空头持仓37.34万手，比上一日增加2.81万手。 根据合并数据显示，多头前三席位为东证期货，总持仓47954、国泰君安，总持仓35971、中信期货，总持仓35556；空头前三席位 为东证期货，总持仓63148、中信期货，总持仓39248、国泰君安，总持仓32688； 主力合约前20席位中，多头增仓前三名分别是：海通期货、持仓3975、增仓2673，宏源期货、持仓3187、增仓1468，国泰君安、 持仓13340、增仓1396；多头减仓前三名分别是：广发期货、持仓2086、减仓-1021，中财期货、持仓2492、减仓-623，光大期 货、持仓1942、减仓-484； 主力合约前20席位中，空头增仓前三名分别是：宝城期货、持仓7286、增仓6385，山金期货、持仓5154、增仓5067，建信期货、 持 ...

中信建投（601066）指出，港股市场热度再度提升。截止7月31日，当前共有147只港股风格指数基金， 最新规模共计3778.23亿元。港股风格指数基金2025年以来的净流入，4月前基金净流入逐渐升高，5月 流出142亿元，近两月净流入持续转强，7月至今净流入达到511.47亿元。按照分类来统计，7月港股净 流入以科技、大金融主题为主，两类风格净流入合计超过500亿元，其余类别例如红利低波、周期等风 格流入数量相对更少。 展望8月港股行情，方正证券观点认为，应当关注估值历史低位的恒科等指数。机构指出，市场在回调 后有望继续迎来趋势性上涨行情，结构上建议关注当前估值处于历史较低位的恒生科技等指数。驱动本 轮港股走强的因素并未出现反转，我国经济基本面韧性强，并且当前处于盈利下行周期尾声阶段，叠加 一系列政策利好出台，市场风险偏好显著改善。此外南下资金仍在持续加速流入港股市场，流动性环境 整体较为友好，后续有望进一步流入推动港股行情向好前进。 8月6日午后，港股三大指数涨跌不一。盘面上，科网股涨跌分化，煤炭股多股上涨。A股同赛道规模最 大的恒生科技指数ETF（513180）跟随指数震荡，持仓股中，比亚迪（00259 ...

Group 1 - The global mining industry is experiencing an upward trend in capital expenditure, leading to an increase in the mining machinery sector's prosperity, with overseas mining machinery companies maintaining high revenue and order levels [1][2] - Major mineral prices, such as copper and aluminum, are stable or rising, which is expected to support mining demand and capital expenditure in the medium to long term [2] - The mining machinery market is vast, with a global market size exceeding $120 billion, where the aftermarket accounts for 60%-70% of the total market [2] Group 2 - Chinese mining machinery companies are accelerating their efforts to capture overseas markets by enhancing product competitiveness and establishing benchmark projects [1][2] - The investment recommendation includes companies like XCMG, Shantui, SANY International, and Tongli, which are positioned well in the market due to their scale and innovation [3]

Core Insights - The frequency of satellite launches in China has significantly increased, indicating a rapid acceleration in the construction of the GW satellite constellation [1][2] - The construction of the Qianfan constellation is expected to gradually speed up, with recent procurement announcements for multiple rocket launch services [3] - The Hainan commercial launch site has resolved bottlenecks in launch facilities, enabling the upcoming maiden flights of large private liquid rockets [4][5] - Several large-capacity private liquid rockets are set to make their first flights in the second half of 2025, which may play a crucial role in the development of China's low Earth orbit satellite internet [6] - Blue Arrow Aerospace has initiated its IPO process, aiming for a listing on the Sci-Tech Innovation Board [7] Launch Frequency and Network Construction - The GW constellation consists of 12,992 satellites, with a notable increase in launch frequency from 2024, where the interval between launches for groups 01-05 was at least one month, while for groups 05-07, it has reduced to approximately 3-5 days [2] Qianfan Constellation Progress - The Qianfan constellation has completed applications for 1,296 and 13,904 satellites, with five "one rocket, 18 satellites" launches conducted recently, although subsequent launches have not yet commenced [3] Hainan Commercial Launch Site Development - The Hainan commercial launch site has completed the construction of the first two launch pads and plans to add two more, enhancing its capacity for high-frequency, high-capacity, and low-cost launches [4] Upcoming Rocket Launches - Multiple large-capacity private liquid rockets, including Blue Arrow's Zhuque-3 and Tianbing Technology's Tianlong-3, are expected to conduct their maiden flights in late 2025, which will help reduce launch costs significantly [6] Investment Opportunities - Companies to watch in the satellite manufacturing segment include Aerospace Electronics, Zhenlei Technology, and China Satellite, while in the rocket launch segment, attention should be given to Plater, Srey New Materials, and Huazhu High-Tech [8]

Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd. has submitted its initial public offering (IPO) application for listing on the Sci-Tech Innovation Board, with the filing date recorded as August 5, 2025, and the advisory institution being CITIC Securities [1][2]. Group 1: Company Background - Beijing Jichuang Beifang was established in 2008 and focuses on the research, design, and sales of display chips, providing solutions for various display panels and screens [4]. - The company's main products include panel display driver chips, power management chips, LED display driver chips, control chips, and others [4]. - Major clients include BOE Technology Group, Huaxing Optoelectronics, HKC, Leyard, Absen, and LG Group [5]. Group 2: Financial Performance - The company's revenue for the years 2019, 2020, and 2021 was 144.74 million, 237.98 million, and 567.44 million yuan, respectively [4]. - The net profit attributable to the parent company for the same years was -15.38 million, 5.33 million, and 93.20 million yuan, showing a significant recovery in profitability [4]. - The company's operating cash flow for 2021 was 637.32 million yuan, indicating a strong cash generation capability [5]. Group 3: Previous IPO Attempt - In June 2022, the company had previously applied for an IPO on the Sci-Tech Innovation Board but withdrew its application in March 2023, leading to the termination of its review by the Shanghai Stock Exchange [4][6]. - The previous IPO fundraising plan included projects such as the development and industrialization of display touch integrated chips and OLED display driver chips, with a total intended fundraising amount of 6.01 billion yuan [6][7]. Group 4: Advisory and Support Institutions - The advisory agreement between CITIC Securities and Jichuang Beifang was signed on July 31, 2025, with additional support from Beijing Guofeng Law Firm and Lixin Certified Public Accountants [2][3].

Group 1 - The concept of liquid cooling servers has seen significant gains, with companies like Kexin Innovation rising by 20%, Fangsheng shares increasing by approximately 13%, and others like Feilong and Rihai reaching their daily limit [1] - In the industry, North America's four major internet companies are projected to have a total capital expenditure of $95.8 billion in Q2 2025, representing a 64% year-on-year increase, indicating a strong growth trend [1] - Google and Meta have raised their guidance for the year, while Amazon indicated that Q2 capital expenditure reflects the level for the second half of the year, and Microsoft expects its next quarter's capital expenditure to exceed $30 billion, with a year-on-year growth of over 50% [1] Group 2 - CITIC Construction Investment Securities forecasts that 2025 will see a significant increase in the penetration of NVIDIA's AI chip liquid cooling, with the market size expected to grow substantially due to rising single-chip power consumption [1] - The adoption of liquid cooling in ASIC cabinet solutions and the introduction of domestic manufacturers' super-node solutions are expected to accelerate the penetration of liquid cooling in both the ASIC market and the domestic market, further expanding market space [1] - The firm emphasizes the strong demand in the computing power industry driven by AI and continues to recommend the computing power industry chain, including both North American and domestic chains [1]

Group 1 - The issuance of bonds by securities firms has reached nearly 770 billion yuan this year, reflecting a year-on-year increase of over 32%, indicating a strong capital replenishment trend in the industry [1] - A total of 70 securities firms have issued bonds this year, with 24 firms issuing over 10 billion yuan each, showcasing the active participation of major players like China Galaxy and Huatai Securities [1] - The increase in bond issuance is expected to enhance the business expansion capabilities of leading firms and improve the overall capital adequacy ratio of the securities industry, thereby strengthening its risk resistance and market competitiveness [1] Group 2 - Yecai Xin has been appointed as the new chairman of Invesco Great Wall Fund, bringing a background from China Huaneng Group, which may enhance the company's shareholder background and inject new vitality into its business development [2] - The leadership change reflects the vitality of the fund industry and is expected to bring positive expectations for the capital market [2] Group 3 - In August, the issuance of new funds has surged, with 72 new funds launched, indicating a relatively abundant market liquidity [3] - Fund companies are shifting their strategies from merely pursuing scale to improving product lines, which is a sign of a more rational industry approach [3] - This trend is likely to provide incremental capital to the market, particularly benefiting the securities sector and promoting healthy market development [3] Group 4 - Dongfang Securities has completed the repurchase of 26.7032 million A-shares, accounting for 0.3143% of its total share capital, with an average repurchase price of 9.37 yuan per share [4] - The repurchase reflects the company's recognition of its intrinsic value and is expected to boost investor confidence and optimize its capital structure [4] - The trend of share buybacks in the securities sector may lead to a re-evaluation of industry valuations and enhance the stability of financial stocks [4]

中信建投研报表示，2025Q2，北美四大互联网厂商资本开支总计958亿美元，同比增长64%，持续保持 高增态势，并对后续季度以及全年展望乐观，谷歌和meta上调今年指引，亚马逊表示二季度资本开支可 代表下半年单季度资本开支水平，微软预计下季度（2026财年第一财季）资本开支超过300亿美元（对 应同比增长超过50%）。2025年是英伟达AI芯片液冷渗透大幅提升的一年，同时随着单芯片功耗的提 升，后续液冷市场规模有望明显增长。而随着ASIC机柜方案逐步采用液冷以及国内厂商超节点方案的 推出，液冷在ASIC市场以及国内市场的渗透预计也将快速提升，进一步打开市场空间。建议重视液冷 板块。我们认为，AI的发展仍在持续推进，算力需求强劲，持续推荐算力产业链，包括北美链和国内 链，建议持续重视。 ...