财通证券股份有限公司 浙江泰瑞装 中信银行股份有 备有限公司 限公司杭州分行 关于泰瑞机器股份有限公司 募集资金专户部分资金被冻结的核查意见 财通证券股份有限公司（以下简称"保荐机构"、"财通证券"）作为泰瑞 机器股份有限公司（以下简称"泰瑞机器"、"公司"）2024 年向不特定对象 发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《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》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等 相关规定，对泰瑞机器募集资金专户部分资金被冻结事项进行了审慎核查，具体 核查情况如下： 一、本次募集资金专户部分资金被冻结的基本情况 单位：元 截至2025年8月 户名 开户银行 银行账号 冻结金额 第五届董事会第四次会议、第五届监事会第四次会议，审议通过了《关于使用部分闲置募集资金暂时补 充 流动资金的议案》，同意使用不超过人民币 5,900 万元闲置募集资金暂时补充流动资金，使用期限自 董事 会审议通过之日起不超过 12 个月。 ...

Core Viewpoint - The report from Caitong Securities gives Lenovo Group an "Overweight" rating due to its strong market position and the accelerating penetration of AI PCs, projecting a global market share increase to 24.8% by Q2 2025 [1] Group 1: AI PC Market - The AI PC market is expected to grow rapidly, with 2024 being considered the market's inaugural year, leading to a significant increase in shipments and a projected global market penetration rate of 85% by 2027 [1] - Sales revenue for AI PCs is forecasted to rise from 14.1 billion yuan in 2023 to 131.2 billion yuan by 2027, indicating a substantial market opportunity [1] - The average price of AI PCs is expected to remain stable or increase, driven by the proliferation of AI technology and decreasing hardware costs, enhancing performance and cost-effectiveness [1] Group 2: IT Services Market - The IT services market in China is projected to reach 377.9 billion yuan in 2024, with a year-on-year growth of 3.8%, driven by AI infrastructure and industry intelligence solutions [2] - SSG is expected to maintain double-digit growth over the next three years, benefiting from its strategic positioning and early adoption of AI innovations [2][4] Group 3: Infrastructure Solutions Group (ISG) - ISG has established a comprehensive end-to-end infrastructure solution, with revenue growth of 36% year-on-year in Q1 FY25/26, primarily due to increased cloud investments and strong server demand [3] - The AI server business has seen revenue growth of over 100% year-on-year, supported by advanced liquid cooling technology [3] - Revenue growth for ISG is projected at 19.5%, 15%, and 15% for FY25/26 to FY27/28, with improving profitability as the business scales [3] Group 4: Financial Projections - SSG is expected to achieve revenue growth rates of 16.1%, 13.0%, and 12.0% for FY25/26 to FY27/28, with operating profit margins improving to 22.2%, 22.4%, and 22.6% [4] - The company anticipates continued investment in marketing for AI PC promotion, while management expenses are expected to decrease due to organizational adjustments [4] - Adjusted net profit growth is projected at 12.9%, 16.8%, and 16.0% for FY25/26 to FY27/28, aided by a lower effective tax rate in FY24/25 [5]

Core Viewpoint - The report from Caitong Securities highlights Lenovo Group's strong market position and growth potential driven by digital transformation and the acceleration of AI PC penetration, leading to an "overweight" rating for the company [1] Group 1: Lenovo Group's Market Position and Growth - Lenovo Group is the largest PC manufacturer globally and is leveraging digital transformation for long-term growth, with a projected global market share increase to 24.8% by Q2 2025 according to IDC data [1] - The AI PC market is expected to grow rapidly, with 2024 being considered the market's inaugural year, and shipments projected to reach a global penetration rate of 85% by 2027, with sales increasing from 14.1 billion yuan in 2023 to 131.2 billion yuan in 2027 [1] - The price of AI PCs is expected to remain stable or increase, enhancing performance and cost-effectiveness, which will further drive market penetration and upgrades [1] Group 2: SSG's Growth and Market Dynamics - SSG is benefiting from AI-enabled service solutions, with the overall IT service market in China projected to reach 377.9 billion yuan in 2024, growing by 3.8% year-on-year [2] - SSG has maintained the fastest revenue growth in the IT service market for eight consecutive years, driven by strategic initiatives and early AI adoption [2] - The integration of autonomous AI in enterprise software is expected to rise from less than 1% in 2024 to 33% by 2028, indicating a significant shift in decision-making processes [2] Group 3: ISG's Infrastructure Solutions and Revenue Growth - ISG has established comprehensive infrastructure solutions, with revenue from infrastructure solutions increasing by 36% year-on-year in Q1 FY25/26, driven by cloud investments and market expansion [3] - The AI server business has seen revenue growth of over 100% year-on-year, supported by strong product lines and advanced liquid cooling technology [3] - Revenue growth projections for ISG are 19.5%, 15%, and 15% for FY25/26 to FY27/28, with profitability expected to improve as the business scales [3] Group 4: Financial Projections and Profitability - SSG is expected to maintain double-digit revenue growth, with projections of 16.1%, 13.0%, and 12.0% for FY25/26 to FY27/28, and operating profit margins of 22.2%, 22.4%, and 22.6% [4] - The company plans to increase marketing expenditures for AI PC promotion while managing to reduce administrative costs through organizational adjustments [4] - Adjusted net profit growth is projected at 12.9%, 16.8%, and 16.0% for FY25/26 to FY27/28, benefiting from a lower effective tax rate due to a one-time tax credit [5]

Group 1 - The core viewpoint of the articles highlights a significant increase in the number of investors participating in convertible bond subscriptions, reflecting a recovery in the A-share market and heightened investor confidence in equity markets [1][2][3] Group 2 - The number of new investors in convertible bond subscriptions has surged by 820,000 in just two months, bringing the total to over 8.7 million participants [1][2] - The recent performance of convertible bonds has been strong, with new bonds like the Ber25 and Guangke bonds seeing substantial price increases of over 50% and 40% respectively since their listings [4][6] - The overall A-share market has seen a significant increase in new account openings, with 1.456 million new accounts opened in the first seven months of 2025, a year-on-year increase of 36.88% [3] - The financing balance in the A-share market has also risen, reaching 21,329.69 billion yuan, an increase of over 340 billion yuan since May [3] - The high performance of newly listed convertible bonds is attributed to their long remaining terms and the influx of new funds, which have driven up their valuations [9][10]

Group 1 - The core viewpoint of the article is that Rapoo Technology (SZ 002577) has conducted an investor survey on August 20, 2025, with key executives participating to address investor inquiries [2] - For the first half of 2025, Rapoo Technology's revenue composition is as follows: consumer electronics accounted for 93.22%, leasing business for 6.3%, and other segments for 0.49% [2]

Core Viewpoint - The recent surge in market activity has led several high-performing funds to implement "purchase limits" to protect existing investors' returns and transition from a scale-oriented approach to a return-oriented strategy [1][4]. Group 1: Fund Purchase Limits - Multiple high-performing funds have recently announced purchase limits, including Caizhong Securities' digital economy mixed fund, which has a return rate of 56.37% year-to-date as of August 18 [2]. - Longcheng Pharmaceutical Industry Selected Mixed Fund and Jianxin Flexible Allocation Mixed Fund have also suspended large purchases, with return rates of 135.09% and 49.74% respectively [2]. - The招商成长量化选股 fund has limited single or cumulative applications to 20,000 yuan, with a year-to-date return of 29.55% [3]. Group 2: Reasons for Purchase Limits - Fund managers indicate that limiting purchases is primarily to protect performance, as new inflows at high net asset values can dilute returns and lead to inefficient cash management [4]. - Controlling fund size is crucial to avoid operational constraints on portfolio adjustments, especially when the fund size exceeds the manager's capability [4]. - The current trend reflects a shift from a scale-driven approach to one focused on investor returns, as evidenced by the limited purchases of high-performing products [4]. Group 3: Focus on Popular Sectors - The funds implementing purchase limits are primarily concentrated in popular sectors such as innovative pharmaceuticals, technology, and military industries, which are currently crowded trading areas [5]. - Fund companies are exploring other niche sectors and offering "fixed income plus" and FOF products to provide investors with a balanced selection [6]. - There is a growing interest in FOF products, with over 90% achieving positive returns this year, making them a new direction for asset allocation [6].

财通证券股份有限公司 关于浙江众合科技股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 财通证券股份有限公司（以下简称"财通证券"或"保荐人"）作为浙江众 合科技股份有限公司（以下简称"众合科技"或"公司"）向特定对象发行股票 并主板上市的保荐人，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》 《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》等有关法律、法规以及规范性文件 的要求，对众合科技使用部分闲置募集资金进行现金管理事项进行了审慎核查， 具体情况如下： 基于自研芯片的数字孪生工业控制平台 研发及产业化项目 大交通领域数字化关键技术研发及产业 化项目 一、本次募集资金的基本情况 经中国证券监督管理委员会《关于同意浙江众合科技股份有限公司向特定对 象发行股票注册的批复》 （证监许可〔2023〕2810 号）同意注册，公司向特定对 象发行人民币普通股（A 股）130,209,496 股，每股面值为 1.00 元（人民币，币 种 下 同 ）， 发 行 价 格 为 5.25 元 / 股 ， 本 次 发 行 的 募 集 资 金 总 ...

Group 1 - The core inquiry from investors concerns the potential for a merger or restructuring between Caitong Securities and Zheshang Securities, as well as any existing business interactions between the two companies [2] - Caitong Securities confirmed that it will adhere to legal and regulatory requirements for timely disclosure of any significant merger or restructuring matters [2] - Currently, Caitong Securities and Zheshang Securities have collaborative efforts in investment banking, investment, and futures sectors [2]

证券代码：601108 证券简称: 财通证券 公告编号：2025-052 财通证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 财通证券股份有限公司（以下简称"本公司"）于2025年3月14日成功发行了 财通证券股份有限公司2025年度第一期短期融资券（以下简称"本期短期融资 券"），本期短期融资券发行规模为人民币20亿元，票面利率为2.03%，短期融资 券期限为154天，兑付日期为2025年8月15日（详见本公司于2025年3月19日登载 于上海证券交易所网站 www.sse.com.cn 的《财通证券股份有限公司2025年度第 一期短期融资券发行结果公告》）。 特此公告。 财通证券股份有限公司董事会 ...

中国经济网北京8月18日讯百诚医药（301096）(301096.SZ)今日股价下跌，截至收盘报57.12元，跌幅 10.62%。 财通证券（601108）股份有限公司研究员华挺、赵千8月14日发布研报《百诚医药：百诚医药近况跟 踪》称，维持百诚医药"增持"评级。 ...