Core Viewpoint - Zhongzhou Securities (01375.HK) announced the resignation of Mr. Wang Xiaogang from his positions as Deputy General Manager and Executive Committee Member due to work changes, effective immediately upon submission to the board [1] Group 1 - Mr. Wang Xiaogang submitted his resignation report to the board on August 26, 2025 [1] - The resignation will not affect the normal operations of the company [1]

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之內容概不負責，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份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Central China Securities Co., Ltd. （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） （股份代號：01375） 中原證券股份有限公司 董事長 張秋雲 中國，河南 2025年8月26日 於本公告日期，本公司董事為張秋雲女士、李文強先生、馮若凡先生、唐進先生及田聖春先 生，陳志勇先生*、曾崧先生*及賀俊先生*。 中原證券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，根據河南省 人民政府《關於王曉剛職務任免的通知》（豫政任[2025]110號），因工作變動原因， 王曉剛先生於2025年8月26日向董事會提交了辭職報告，申請辭去本公司副總 經理、執行委員會委員職務。該報告自送達董事會之日起生效，其辭職不會影 響公司的正常經營。王曉剛先生確認與董事會不存在意見分歧。 | | | | | | ...

Group 1 - The report is a continuous supervision tracking report for Lichong Group by Zhongyuan Securities, indicating that the company has complied with relevant regulations and commitments [1][2] - The company has established and effectively executed internal regulations, including those to prevent related party transactions and manage raised funds [1] - There were no significant issues found during the supervision process, and the company has not reported any matters requiring attention [1][2] Group 2 - The company has fulfilled its commitments related to transactions and other relevant promises [2] - There were no training sessions conducted by the sponsor institution during the reporting period [1][2] - The report indicates that there are no major changes in the company's financial status, management, or core technology [1][2]

Core Viewpoint - The company has decided to postpone the expected completion date of its "Annual Production of 1.5 Million Green Ultra-Light Aluminum Alloy Wheels Smart Production Line Project" from June 30, 2025, to December 31, 2025, due to adjustments in production processes and equipment to enhance energy efficiency and automation [1][5][6]. Fundraising Overview - The company raised a total of RMB 309,999,988.14 through the issuance of 17,203,107 shares at a price of RMB 18.02 per share, with a net amount of RMB 294,031,310.98 after deducting related expenses [1][2]. - The total investment for the aluminum wheel project is RMB 190 million, with RMB 101.12 million sourced from the raised funds and RMB 39.88 million from self-raised funds [4][5]. Fund Usage Status - As of June 30, 2025, the company has utilized all raised funds, and the special account for these funds has been closed [2][4]. - The project aims to leverage local resources and enhance the company's competitiveness in lightweight components for new energy vehicles [5]. Project Delay Explanation - The delay is attributed to the need for adjustments in production technology and layout to improve energy efficiency and automation, which has led to discrepancies between planned and actual progress [5][6]. - The company assures that the delay will not affect the project's implementation quality or the intended use of the raised funds [5][6]. Impact of Delay - The postponement is deemed a prudent decision based on the project's actual construction status and will not adversely affect the company's normal operations or shareholder interests [5][6][7]. - Both the board and supervisory committee have approved the delay, confirming that it aligns with the company's strategic development and does not harm shareholder interests [6][7].

Summary of Key Points Core Viewpoint The company, Hunan Hualian Ceramics Co., Ltd., is undergoing changes in the use of part of its raised funds for investment projects, aiming to enhance its strategic development and improve the efficiency of fund utilization. Group 1: Fundraising and Project Changes - The company raised a total of RMB 589,997,979.00 from the public offering of 62,966,700 shares, with a net amount of RMB 532,679,111.08 after deducting related expenses [1][2] - The company has made multiple adjustments to its fundraising projects, including changes approved in various shareholder meetings, focusing on optimizing the use of funds for specific projects [3][4] Group 2: New Project Details - The company plans to allocate RMB 71,483,700 (including interest) from the engineering technology center project to the Shenzhen R&D Design Center project [5][6] - The total investment for the Shenzhen R&D Design Center project is RMB 130,000,000, with RMB 71,483,700 proposed to be funded from the raised funds [7][8] Group 3: Strategic Reasons for Changes - The changes are aligned with the company's strategic development needs, aiming to enhance core competitiveness and attract high-level talent by establishing the R&D center in Shenzhen [6][9] - The company emphasizes the importance of optimizing fund allocation to improve the efficiency of fund usage and adapt to market trends [6][10] Group 4: Decision-Making Process - The changes in the use of funds have been reviewed and approved by the company's board of directors, supervisory board, and independent directors, ensuring compliance with relevant laws and regulations [12][13] - The independent directors confirmed that the adjustments are necessary for the company's operational needs and do not harm the interests of shareholders [12][13]

Core Insights - The report highlights a positive outlook for the A-share market, driven by supportive policies and a shift of household savings towards capital markets, with an expected recovery in corporate earnings growth after four consecutive years of decline [5][8][9] - The communication industry is experiencing significant growth, with a notable increase in capital expenditure from North American cloud vendors and advancements in AI technology, particularly with the release of the GPT-5 model [15][19][28] - The media sector shows a rebound in fund holdings, particularly in gaming and advertising, indicating strong investor interest and potential for growth in these areas [21][34] Domestic Market Performance - The A-share market has shown a steady upward trend, with the Shanghai Composite Index closing at 3,883.56, reflecting a 1.51% increase [3] - The average P/E ratios for the Shanghai Composite and ChiNext indices are at 15.62 and 46.07 respectively, indicating a favorable environment for medium to long-term investments [8][9] International Market Performance - Major international indices such as the Dow Jones and S&P 500 have shown slight declines, with the Dow Jones closing at 30,772.79, down 0.67% [4] Industry Analysis - The software industry in China has seen a revenue increase of 11.9% in the first half of 2025, with significant growth in AI-related projects and applications [28][29] - The automotive sector is experiencing a seasonal slowdown but continues to show double-digit year-on-year growth, particularly in the electric vehicle segment, which has seen a 120% increase in exports [25][27] Investment Recommendations - The report suggests focusing on sectors such as non-ferrous metals, food and beverage, real estate, and aerospace for short-term investment opportunities [8][9] - In the communication sector, it is recommended to pay attention to light communication, AI smartphones, and telecom operators, which are expected to benefit from increased capital expenditure and technological advancements [19][30] - The media sector, particularly gaming and IP derivatives, is highlighted as having strong growth potential, with a recommendation to monitor companies in these areas for investment opportunities [21][22][34]

Group 1 - The A-share market sentiment is currently at a historically high level, characterized by market liquidity, asset pricing differentials, and trading activity [1] - The report from Huatai Securities highlights the release of DeepSeek-V3.1, which features high efficiency and a large dynamic range, indicating significant advancements in domestic hardware and software collaboration [2] - Zhongyuan Securities suggests that multiple favorable policies are providing strong support for the market, with a shift of household savings towards the capital market creating a continuous source of incremental funds [3] Group 2 - The overall profit growth expectation for A-share listed companies is projected to turn positive by 2025, with notable elasticity in the technology innovation sector [3] - The report indicates that the Federal Reserve's signals of potential interest rate cuts and a weaker dollar are likely to facilitate foreign capital inflow into A-shares [3] - Short-term investment opportunities are recommended in sectors such as non-ferrous metals, real estate, and aerospace, with a steady upward trend expected in the market [3]

Core Viewpoint - Multiple favorable policies are providing strong support for the market, with a notable shift of household savings towards the capital market, creating a continuous source of incremental funds [1] Group 1: Market Dynamics - The overall profit growth expectation for A-share listed companies is projected to turn positive by 2025, with significant profit elasticity observed in the technology innovation sector [1] - The Federal Reserve has signaled a potential interest rate cut, leading to expectations of global liquidity easing [1] - A weaker US dollar is beneficial for foreign capital inflow into A-shares [1] Group 2: Investment Outlook - The three main driving forces for the medium to long-term outlook remain stable: the transfer of household savings, the release of policy dividends, and the recovery of the profit cycle [1] - A gradual upward trend in the market is expected to continue in the medium term, with short-term market movements anticipated to be characterized by steady fluctuations [1] - Short-term investment opportunities are recommended in sectors such as non-ferrous metals, food and beverage, real estate, and aerospace [1]

Key Points - The report highlights the upcoming Shanghai Cooperation Organization summit scheduled for August 31 to September 1, 2025, which will be hosted by President Xi Jinping [5] - The China Securities Regulatory Commission (CSRC) has implemented revised regulations for the classification and evaluation of securities companies, emphasizing high-quality development and investor protection [5] - The report notes that the overall profit growth of A-share listed companies is expected to turn positive in 2025, ending a four-year decline, with significant growth anticipated in the technology innovation sector [10][15] Market Analysis - The A-share market has shown a slight upward trend, with the semiconductor, software development, and financial sectors leading the gains [10][14] - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are at 15.43 and 45.09 respectively, indicating a suitable environment for medium to long-term investments [10][14] - The report indicates that the market is supported by multiple favorable policies, including a commitment to maintain adequate liquidity and a shift of household savings towards capital markets [10][15] Industry Analysis - The communication industry index outperformed the CSI 300 index in July 2025, with an increase of 11.21% [17] - The report notes a significant growth in the telecommunications sector, with a cumulative revenue of 905.5 billion yuan in the first half of 2025, reflecting a 1.0% year-on-year increase [17] - The AI sector is expected to see continued investment, with the release of advanced models like GPT-5 and a focus on AI applications in various industries [30][32] Investment Recommendations - The report maintains a "stronger than market" rating for the communication industry, suggesting investments in optical communication, AI smartphones, and telecom operators [20] - The gaming, publishing, and IP derivative sectors are highlighted as having strong performance potential, with AI expected to enhance valuations in the gaming industry [22][23] - The automotive industry is recommended for investment due to ongoing demand and the positive impact of policies aimed at improving market competition [26][28]

Core Viewpoint - Kaewang Technology (301182.SZ) has received regulatory measures from the China Securities Regulatory Commission (CSRC) and the Shenzhen Stock Exchange due to accounting errors in financial disclosures, which the company is committed to rectifying [1][2][3]. Regulatory Actions - The CSRC's Henan Regulatory Bureau issued an administrative regulatory measure decision (2025) 18, highlighting the company's accounting errors and the responsibilities of its executives [3]. - The Shenzhen Stock Exchange issued a regulatory letter (2025) 109, indicating that the company violated listing rules by inaccurately disclosing financial data in its reports for the first three quarters of 2024 [2]. Financial Reporting Issues - Kaewang Technology corrected its revenue recognition method from gross to net for its "purchase of raw materials + finished product assembly" business, leading to restatements of its financial reports for the first quarter, half-year, and third quarter of 2024 [2][3][4]. - The company acknowledged that its financial data for these periods was inaccurate, violating the Information Disclosure Management Measures [3]. Financial Performance - For the year 2024, Kaewang Technology reported a revenue of 596.09 million yuan, a year-on-year increase of 9.12%, but a net loss attributable to shareholders of 93.45 million yuan, worsening from a loss of 56.82 million yuan in the previous year [5][6]. - The company’s cash flow from operating activities was negative 65.10 million yuan, compared to a negative 13.00 million yuan in the previous year, indicating a significant decline in cash flow [6]. Corporate Governance - The company has committed to enhancing its internal control mechanisms and improving governance standards in response to the regulatory findings [1][2].