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Global AI Application Commercialization - OpenAI leads the global AI market with an ARR of $10 billion, with over 60% of its revenue coming from the consumer product ChatGPT, and a projected CAGR of 260% from 2023 to 2025 [1] - Approximately 15 AI companies have an ARR exceeding $100 million, with strong revenue growth observed in both OpenAI and Anthropic, the latter primarily focusing on B-end API revenue [1] - Vertical applications such as AI programming, multimodal, and search are rapidly achieving commercialization, with companies like Figma and Cursor demonstrating significant cost reduction and efficiency improvements [1] Valuation Insights - Valuation multiples for large models and AI programming remain relatively stable at around 30x and 20x respectively, while AI search and multimodal applications command higher valuations [2] Domestic AI Application Progress - Multimodal applications are leading revenue contributions, with Keling achieving an ARR of $170 million in May, primarily from overseas and consumer subscriptions [3] - Domestic general-purpose agents have begun monetization but have not yet generated significant revenue, while niche agents are achieving tens of millions in revenue through existing industry knowledge [3] - AI companionship products like Talkie and Xingye have reached tens of millions in revenue, driven by innovative gameplay and character reserves [3] AI Application Usage Trends - The token consumption for AI applications has seen significant growth, with AI programming and search being the largest consumers, aligning with ARR performance [4] - In 2023, the monthly token consumption for Gemini reached 960 trillion, doubling from previous months, while domestic Doubao's daily consumption grew by 310% since the end of last year [4] - AI search contributed over 70% of token consumption for Gemini, with AI tools seeing a 717% increase in usage [4]

中信建投研报表示，美国7月美联储议息会议如期不动，会议声明显示美联储内部分歧加大。鲍威尔记 者发布会发言鹰派，认为通胀比就业目标偏离更远，拒绝预设9月降息路径，选择保留未来随时调整货 币政策的灵活性，鲍威尔发言表明他尚未开始考虑对六周后降息进行任何铺垫。9月降息概率下降，但 如果未来两个月的数据表明关税继续向通胀传导但仍然可控，我们认为9月美联储释放降息预期，10月 重启降息的概率仍然很高。关税新闻不确定性下降，降息路径不确定性上升，美元定价主线从"去美元 化"叙事向基本面回归。 ...

核心观点 7月制造业PMI为49.3%，环比下降0.4pct，处于历史同期偏低水平。 7月PMI弱于季节性，需求疲软是主因。7月新订单和新出口订单指数明显低于历史同期均值；生产指数虽受高温、暴雨洪涝灾害影响，季节性走 弱，但总体而言仍持平历史同期水平，7月生产相对有韧性。 市场关注7月PMI，更看重需求端。7月PMI给出两则信号回应： 其一，后续出口或边际放缓，高频数据亦显示出口有走弱迹象。美洛杉矶港口进口吞吐量下滑，对美航线运价下滑。韩国最新披露7月前20日出口 同比-2.2%，而上月为+8.3%。 其二，"反内卷"之下市场交易了一轮上游涨价预期，但当需求偏弱，上游涨价交易的持续性有待观察。 正文 国家统计局7月31日发布PMI数据，7月制造业采购经理指数为49.3%，比上月下降0.4个百分点。 一、7月制造业PMI表现偏弱，需求疲软是主因。 7月制造业PMI环比增速处于历史同期偏低水平，表现偏弱。 7月制造业PMI为49.3%，连续四个月处于荣枯线下方，环比下降0.4pct，处于历史同期偏低水平（近10年同期均值为0.0pct），仅高于2021年和 2022年。 生产指数受部分地区高温、暴雨洪涝灾害等因素 ...

Core Viewpoint - The economic data for the second quarter exceeded expectations, and the Central Political Bureau meeting at the end of July set a positive tone, indicating that the overall economy will still have support in the third quarter [1] Group 1: Economic Environment - The domestic liquidity environment is currently relatively loose, showing a "see-saw" effect between stocks and bonds [1] - Global risk appetite has significantly rebounded, suggesting a more favorable outlook for growth sectors [1] Group 2: Trade Relations - Recent tariff negotiations between the US and several countries have concluded, with actual additional tariff rates around 15% [1] - There is still considerable room for negotiation in future talks between the US and China, indicating manageable risks [1]

Group 1 - The China Interbank Market Dealers Association issued a notice on July 30, emphasizing that lead underwriters must not quote underwriting fees below cost when participating in bond project bidding [1] - This notice follows a previous directive in June aimed at strengthening the norms for bond issuance and underwriting in the interbank market, indicating a continued effort to combat "internal competition" in bond underwriting [1] - On July 11, six lead underwriters were required to initiate self-regulatory investigations due to low underwriting fee quotes, with the total service fee for a specific bond project amounting to 6,300 yuan, highlighting the issue of low-cost bidding [1] Group 2 - The primary cost for investment banks is human resources, and some lead underwriters are aggressively competing for market share, often quoting fees that do not even cover travel costs [2] - Issues such as low underwriting fees, low underwriting guarantees, and interest transmission persist in the interbank bond market, particularly concerning underwriting fees, as firms strive to win bond projects [2] - Investment banks may resort to quoting fees below cost and using underwriting guarantees as a means to attract clients, indicating a problematic trend in the industry [2]

扬州天富龙集团股份有限公司 首次公开发行股票并在主板上市 发行结果公告 保荐人（主承销商）：中信建投证券股份有限公司 特别提示 扬州天富龙集团股份有限公司（以下简称"发行人"或"天富龙"）首次公开发 行人民币普通股（A 股）并在主板上市（以下简称"本次发行"）的申请已经上海 证券交易所（以下简称"上交所"）上市审核委员会审议通过，并已经中国证券监 督管理委员会同意注册（证监许可〔2025〕1139 号）。发行人的股票简称为"天富 龙"，扩位简称为"天富龙"，股票代码为"603406"。 中信建投证券股份有限公司（以下简称"保荐人（主承销商）"）担任本次发 行的保荐人（主承销商）。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、 网下向符合条件的投资者询价配售（以下简称"网下发行"）、网上向持有上海市 场非限售 A 股股份和非限售存托凭证市值的社会公众投资者定价发行（以下简 称"网上发行"）相结合的方式进行。 发行人与保荐人（主承销商）根据初步询价结果，综合评估发行人合理投资 价值、可比公司二级市场估值水平、所属行业二级市场估值水平、市场情况、募 集资金需求及承销风险等因素，协商确定本次发 ...

Group 1 - The training was conducted by CITIC Securities for Chongqing Dengkang Oral Care Products Co., Ltd. to comply with regulatory requirements [1] - The training covered key topics including regulations on share reduction, independence and related party transactions, management and use of raised funds, and updates on regulatory changes [1] - Participants actively engaged in the training, enhancing their understanding of compliance and operational standards [1]

Core Viewpoint - The company plans to utilize part of its idle raised funds for cash management to enhance fund efficiency while ensuring that it does not affect the normal operation of its investment projects or the safety of the raised funds [4][8]. Fundraising Basic Situation - The company raised a total of RMB 254,056.47 million through its initial public offering, with all funds received as of February 21, 2023 [1]. - The funds are stored in a special account approved by the company's board of directors, and a tripartite supervision agreement has been signed [2]. Investment Project Basic Situation - The raised funds will be used for the development and industrialization of high-performance charging management and battery management chips, with a total investment of RMB 165,799.48 million [3]. Cash Management Basic Situation - The company intends to use up to RMB 700 million of idle raised funds for cash management, with a usage period not exceeding 12 months [4][7]. - The investment products will include high-safety, high-liquidity options such as principal-protected financial products, structured deposits, and time deposits [5]. Impact on Company Operations - The planned cash management will not affect the normal operation of the company's investment projects or its main business, and it aims to improve fund efficiency and overall performance [4][8]. Review Procedures - The board of directors and the supervisory board have approved the cash management plan, confirming compliance with relevant regulations and ensuring that it will not harm the interests of the company or its shareholders [6][8].

中信建投证券股份有限公司 关于上海南芯半导体科技股份有限公司 使用部分闲置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"或"保荐机构"） 作为上海南芯半导体科技股份有限公司（以下简称"南芯科技"或"公司"）首 次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理 办法》《上海证券交易所科创板股票上市规则》和《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》等相关规定，对南芯科技使用部分闲置 自有资金进行现金管理进行了核查，发表意见如下： 一、本次使用闲置自有资金进行现金管理的基本情况 （一）现金管理目的 为了提高公司资金使用效率，增加资产收益，为公司及股东谋取更多回报， 在保证公司正常经营所需流动资金的情况下，合理利用闲置资金，增加公司现金 资产收益，保障公司股东的利益。 （二）资金来源 公司本次拟进行现金管理的资金来源均为公司暂时闲置的自有资金。 （三）额度及期限 公司拟使用不超过人民币 15 亿元的闲置自有资金进行现金管理，在上述额 度内，资金可以循环滚动使用。使用期限自董事会审议通过之日起 12 个月内有 效。 （四）授权事项 本次 ...