Core Viewpoint - The launch of the "Wuxi Selected Index" by Guolian Minsheng Securities aims to provide a precise tool for capturing quality assets in the Wuxi region, facilitating efficient capital flow into the real economy and empowering regional development [1][4] Group 1: Index Overview - The "Wuxi Selected Index" is based on a solid industrial foundation, utilizing a multi-factor investment strategy, and is derived from a pool of 124 A-share listed companies in Wuxi, selecting 30 representative enterprises each period based on profitability, growth potential, and industry position [1] - As of July 28, 2025, the index has an annualized return of 13.67% and an annualized excess return of 11.99%, demonstrating excellent investment value and return stability [1] - The index focuses on Wuxi's advantageous manufacturing sectors, covering 11 primary industries including basic chemicals, electrical equipment, environmental protection, and automotive, maintaining a balanced diversified layout while forming concentrated allocation advantages [1] Group 2: Index Characteristics - The index features a significant representation of companies from the Sci-Tech Innovation Board and the Beijing Stock Exchange, with constituent stocks exhibiting characteristics of "high momentum, high value, and low volatility" [1] - The market capitalization of constituent companies is evenly distributed across small, medium, and large categories, avoiding reliance on a single scale [1] - The index is updated monthly with an annualized bilateral turnover rate of 632.48%, allowing it to promptly reflect corporate operations and market dynamics [1] Group 3: Implications for Stakeholders - The release of the "Wuxi Selected Index" reflects Guolian Minsheng Research Institute's commitment to serving the real economy and regional development [4] - The index is expected to uncover more quality enterprises, providing investors with a transparent and efficient tool for identifying regional quality assets [4] - For local Wuxi enterprises, inclusion in the index enhances market visibility and influence, thereby broadening financing channels [4] - The index is anticipated to guide more capital towards quality enterprises in Wuxi, injecting financial momentum into the local economy's high-quality development [4]

Group 1 - E Fund Management Co., Ltd. increased its stake in Guolian Minsheng (601456) by 3.0185 million shares at a price of HKD 6.3028 per share, totaling approximately HKD 19.025 million [1] - After the increase, E Fund's total shareholding in Guolian Minsheng reached 39.838 million shares, representing a 9% ownership stake [1]

智通财经APP获悉，香港联交所最新数据显示，7月29日，易方达基金管理有限公司增持国联民生 (01456)301.85万股，每股作价6.3028港元，总金额约为1902.5万港元。增持后最新持股数目为3983.8万 股，持股比例为9%。 ...

智通财经APP获悉，国联民生证券发布研报称，维持AI眼镜"强于大市"评级。消费行情结构性分化的市 场环境下，建议聚焦高成长性赛道：1)关注情绪价值驱动的新消费领域，如国潮文化、悦己型消费及科 技赋能场景(智能穿戴等AI+应用)，受益于Z世代需求迭代和供给创新，渗透率提升空间明确;2)优秀传 统公司主动思变：部分传统厂商顺应高景气度趋势，复用渠道和供应链优势，有望实现新业务高速增 长。建议关注轻工光学镜片制造及渠道商在AI眼镜产业相关布局。 国联民生证券主要观点如下： 事件：小米发布新款AI智能眼镜 2025年6月26日，小米正式发布新款AI拍摄智能眼镜，此款眼镜采用骁龙AR1+恒玄BES2700双芯片架 构，音频播放等低功耗场景下恒玄芯片有利于优化眼镜续航，叠加自主研发的金沙江电池，相较于 Meta Ray-Ban不仅重量更轻(不含镜片40g)，电池容量也提升了近一倍，续航更为持久。此外，此次新 品发布还增加了电致变色款式和相机协同能力，可实现镜片颜色的受控调节、秒切第一人称视角。开售 12小时后京东销量便已突破1万台，2025年"百镜大战"时代再添一员大将。 AI/AR智能眼镜当前技术路径探讨 为解决重量、 ...

国联民生（601456）证券研报认为，中国宏桥作为铝产业链的全球龙头，兼具周期、成长和红利属性。 国内电解铝产能天花板和下游(电网、新能源汽车)需求韧性将驱动铝价中枢上移，电解铝供需缺口预计 将显现。短期内氧化铝价格将围绕成本波动，几内亚雨季可能影响铝土矿发运，支撑氧化铝价格震荡。 中长期，"反内卷"政策将放缓氧化铝新增产能，改善过剩格局。 受益于铝价上行周期和公司成本优势，中国宏桥盈利和分红持续增长。预计2025年股息率为8.0%，当 前股价对应市盈率8.5倍，具有吸引力。预计公司2025—2027年归母净利润分别为227.59/261.69/289.69 亿元，维持"买入"评级。 ...

Core Viewpoint - The article highlights the active cash dividend distribution by listed companies in the 2024 fiscal year, with a total of 3,679 companies proposing distribution plans, reflecting a strong emphasis on cash dividends encouraged by regulatory bodies [1] Summary by Relevant Sections Dividend Distribution Overview - A total of 3,679 companies have proposed distribution plans for the 2024 fiscal year, with 3,674 of these including cash dividends, amounting to a total cash payout of 1.64 trillion yuan [1] - There are 347 companies that have included stock transfers in their distribution plans for 2024 [1] Important Dates for Investors - Investors should pay attention to two key dates during the dividend distribution season: the ex-dividend date and the record date [1] - As of now, 3,548 companies have implemented their distribution plans, and the focus will be on whether these companies can achieve a "filling rights" market trend [1] Companies with Upcoming Dividend Payments - Six companies have their record date today, with four of them offering cash dividends of 1 yuan (after tax) or more per 10 shares [1] - The company with the highest cash payout is Baihe Co., Ltd., offering 7.50 yuan per 10 shares, followed by Yinlefen and Shandong Expressway, with payouts of 5.00 yuan and 4.20 yuan respectively [1] Upcoming Dividend Payment Details | Stock Code | Stock Name | Cash Dividend per 10 Shares (yuan) | Stock Transfer per 10 Shares | Latest Closing Price (yuan) | 5-Day Price Change (%) | | --- | --- | --- | --- | --- | --- | | 002832 | Yinlefen | 5.000 | - | 16.30 | -1.63 | | 600350 | Shandong Expressway | 4.200 | - | 10.08 | -2.04 | | 300457 | Yinghe Technology | 1.170 | - | 20.46 | -2.48 | | 603102 | Baihe Co., Ltd. | 7.500 | - | 42.85 | -3.73 | | 601456 | Guolian Minsheng | 0.560 | - | 11.12 | -3.89 | | 600638 | Xinhuangpu | 0.370 | - | 5.87 | -4.08 | [1]

Group 1 - The company will hold its second extraordinary general meeting of shareholders in 2025 on August 22, 2025 [2][17] - The meeting will be conducted using a combination of on-site and online voting methods [2][3] - The on-site meeting will take place at 1:30 PM at Guolian Financial Building, Wuxi, Jiangsu Province [2][15] Group 2 - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 AM to 3:00 PM on the day of the meeting [2][3] - Shareholders must complete voting for all proposals before submission [9] - The company has disclosed that there are no special resolutions or related party voting issues for this meeting [7][10]

Core Viewpoint - Jushen Logistics Group Co., Ltd. plans to issue convertible bonds to unspecified objects, aiming to enhance its financial structure and support its business expansion in the logistics sector, particularly in bulk commodity logistics and warehousing [1][2]. Company Overview - Jushen Logistics Group was established on November 10, 2011, and is listed on the Shenzhen Stock Exchange under the stock code 001202. The company has a registered capital of 166.69 million yuan [1][2]. - The company focuses on modern logistics, specializing in bulk commodity logistics and warehousing services [2][4]. Main Business Operations - The company operates in three main areas: 1. **Multimodal Transport**: Jushen provides comprehensive logistics services, integrating road, rail, and water transport to offer efficient and reliable solutions [2][3]. 2. **Agency Transport**: The company has developed the Jushen Smart Transport Network platform to optimize transport efficiency through technology [3]. 3. **Self-operated Transport**: Jushen utilizes its own transport equipment to deliver goods, particularly in the aluminum and bauxite sectors, with a focus on expanding operations in Guinea [3][4]. Financial Data and Indicators - As of March 31, 2025, the total assets of the company amounted to 1.51 billion yuan, with total liabilities of 750.70 million yuan and owner’s equity of 761.93 million yuan [6]. - The company reported a revenue of 259.60 million yuan for the first quarter of 2025, with a net profit attributable to the parent company of 7.84 million yuan [7]. Market Position and Strategy - Jushen has established a strong presence in key regions such as South China, East China, and Central China, with strategic locations near transportation hubs to enhance logistics efficiency [5]. - The company has long-term partnerships with major commodity exchanges, which supports its warehousing services and enhances its market competitiveness [5]. Investment Projects - The funds raised from the convertible bond issuance will be allocated to the Jushen Guinea transport project, working capital, and repayment of bank loans. The Guinea project is expected to generate an average annual revenue of 308.98 million yuan and a profit of 93.13 million yuan once fully operational [10][19]. Risks and Challenges - The company faces various risks, including potential declines in performance due to economic fluctuations, increased competition, and operational challenges in Guinea [8][13][14]. - The logistics industry is experiencing intensified competition, which may impact Jushen's market share and profitability [14].

Core Viewpoint - Jushen Logistics Group Co., Ltd. is issuing convertible bonds to unspecified investors, with the underwriting and sponsorship provided by Guolian Minsheng Securities Co., Ltd. The issuance aims to enhance the company's capital structure and support its logistics and warehousing operations. Group 1: Issuer Information - The issuer, Jushen Logistics Group Co., Ltd., was established on November 10, 2011, and is listed on the Shenzhen Stock Exchange under the stock code 001202 since April 29, 2021 [3][5]. - The registered capital of the company is 166.69 million RMB [5]. - The company focuses on modern logistics, specializing in bulk commodity logistics and warehousing services [6][7]. Group 2: Business Operations - Jushen Logistics provides multi-modal transportation services, integrating road, rail, and waterway logistics to meet customer demands efficiently [6]. - The company has developed a proprietary logistics platform, Jushen Smart Transport, to enhance transportation efficiency and reduce costs for both shippers and carriers [6]. - The warehousing services cover a wide range of bulk commodities, including aluminum ingots, copper, and industrial silicon, among others [7][8]. Group 3: Financial Data - As of March 31, 2025, the total assets of Jushen Logistics amounted to 15.13 billion RMB, with total liabilities of 7.51 billion RMB [10][11]. - The company reported total revenue of 25.96 million RMB for the first quarter of 2025, with total costs amounting to 25.38 million RMB [12]. - The net profit for the first quarter of 2025 was recorded at -0.30 million RMB, indicating a loss compared to previous years [12][13].

Summary of Key Points Core Viewpoint - The company, Jiangsu Longda Superalloy Co., Ltd., is providing a guarantee for its wholly-owned subsidiary, Singda Superalloy (Malaysia) Sdn. Bhd., to facilitate a sales contract with SUMEC International Technology Co., Ltd. This guarantee is aimed at improving operational efficiency and ensuring smooth business operations. Group 1: Guarantee Overview - The company plans to provide an unconditional and irrevocable joint liability guarantee for the subsidiary's obligations under the sales contract, with a total guarantee amount not exceeding RMB 120 million [2][3] - The guarantee does not require collateral, and there is no related party relationship between the company and SUMEC [2] Group 2: Internal Decision-Making Process - The board of directors approved the guarantee proposal during its tenth meeting, authorizing the chairman or authorized personnel to execute the decision and sign relevant legal documents [2][4] - The guarantee falls within the board's decision-making authority and does not require shareholder approval [2] Group 3: Subsidiary Information - Singda Superalloy (Malaysia) Sdn. Bhd. was established on July 24, 2024, with a registered capital of 2.5 million Malaysian Ringgit [3] - The subsidiary's total assets are reported at approximately RMB 5.27 billion, with total liabilities of about RMB 503.45 million [3] Group 4: Guarantee Document Details - The guarantee covers all debts and responsibilities under the sales contract, including the total contract price, late penalties, bank fees, taxes, and costs related to debt recovery [3] - The guarantee period is three years from the completion of the contract obligations [3] Group 5: Necessity and Reasonableness of the Guarantee - The company has a comprehensive understanding of the subsidiary's operational status and creditworthiness, making the guarantee risk manageable [3] - The guarantee aligns with the company's overall development needs and does not harm the interests of the company or its shareholders [3] Group 6: Board Opinion - The board believes that the guarantee is necessary for the daily operations of the company and its subsidiary, and it can effectively control the risks associated with the subsidiary's operations [3][4] - The guarantee complies with relevant laws and regulations, ensuring no harm to the interests of the company and minority shareholders [4] Group 7: External Guarantee Status - As of the disclosure date, the company and its subsidiaries have no external guarantees, and the total guarantee amount for the subsidiary represents 3.36% of the company's total audited assets and 4.44% of its net assets [4] - There are no overdue guarantees or guarantees involving litigation [4] Group 8: Sponsor's Verification Opinion - The sponsor has verified that the guarantee has been approved by the board and supervisory committee, fulfilling necessary approval procedures and complying with relevant regulations [4] - The sponsor has no objections to the company's provision of the guarantee for its wholly-owned subsidiary [4]