Core Viewpoint - Dongwu Securities outlines three potential approaches for the issuance of stablecoins in China, emphasizing the importance of public chains, digital wallets, and licensing acquisition [1] Group 1: Issuance Approaches - The first approach is central issuance, where the central authority directly issues stablecoins on-chain, allowing enterprises to build a stablecoin ecosystem around this central node [1] - The second approach involves a licensing system, where companies must obtain a license to issue stablecoins, requiring them to hold a corresponding amount of fiat assets in reserve [1] - The third approach combines central wholesale with enterprise retail, where the central bank manages the public chain and wholesale issuance, while banks and tech companies are authorized to issue stablecoins [1] Group 2: Market Implications - The manufacturing sector could drive the internationalization of the RMB through stablecoins, leveraging China's strong manufacturing background to enhance the influence of public chains via cross-border trade [1] - Companies in the public chain, digital wallet, and licensing acquisition sectors are recommended for attention as potential investment opportunities [1]

Group 1 - Dongwu Securities has resumed coverage of Xiamen Tungsten New Energy Materials Co., Ltd., with a rating of "Buy" [1]

Group 1 - The current explosion in computing power demand, combined with external regulations on HBM bandwidth, is accelerating breakthroughs and supply of domestic HBM [1] - Domestic storage major clients have validated HBM3, achieving DDR5 particle manufacturing capability, with mass production expected in the second half of the year [1] - Key equipment manufacturers have started receiving orders for TCB, CMP, and other processes, indicating a strong certainty in the expansion of domestic HBM production [1] Group 2 - Key processes such as TCB, CMP, bonding, and testing machines are either domestically produced or easily obtainable, with mass production conditions met for particles [2] - The expected expansion volume for HBM this year is projected to reach 5,000 pieces of 8-layer wafers, which will generate significant order increments across various equipment segments [2] - The expansion is anticipated to bring in order increments of 160 million, 1 billion, 600 million, 400 million, and 700 million for TCB, CMP, bonding, electroplating, and testing machines respectively [2] Group 3 - The expansion of HBM production will also benefit upstream equipment, as it requires underlying DRAM particles [3] - The expected HBM expansion volume of 5,000 pieces of 8-layer wafers corresponds to an increase of 40,000 pieces of underlying DDR5, leading to approximately 35 billion in capital expenditure for equipment [3] - Market increments for etching, thin film deposition, cleaning, and CMP processes are projected to be 8.5 billion, 7 billion, 1.6 billion, and 1.1 billion respectively [3]

6月18日，证监会发布了《关于在科创板设置科创成长层 增强制度包容性适应性的意见》。此次改革包括 新设科创成长层、试点引入资深专业机构投资者制度、试点IPO预先审阅机制，扩大第五套标准适用范围 等。 对于券商而言，改革带来了更多的业务机遇，或许意味着科创板IPO的边际放松，利好券商投行、投资等业务 发展，部分在科创板保荐承销业务拥有优势的投行将更加受益。 申万宏源非银分析师罗钻辉称，科创板自2019年设立以来，第五套上市标准（允许符合国家战略、突破关键核 心技术且市场认可度高的企业，在无盈利情况下以预计市值40亿元门槛上市）一直是未盈利硬科技企业登陆资 本市场的重要路径。2023年，采用科创板第五套标准申报的未盈利企业的 IPO进程进入实质性暂停。2025年3 月，证监会党委召开扩大会议指出要增强制度包容性、适应性，支持优质未盈利科技企业发行上市，稳妥恢复 科创板第五套标准适用。 罗钻辉认为，随着本轮政策落地，科创类企业上市融资有望提速，科创板、创业板融资规模有望修复。截至 2024年末，科创板、创业板融资规模分别为248亿元、552亿元，处于2019年来最低水平。改革将吸引更多科技 创新类企业上市融资，促使 ...

Core Viewpoint - The securities industry is expected to see a stable recovery in valuations and investment opportunities in the second half of 2025, despite a 7.51% decline in the A-share securities index since the beginning of the year [1][2]. Group 1: Industry Performance and Outlook - The securities sector's fundamental recovery is ongoing, with a notable 37.7% year-on-year growth in net profit for the first half of 2025 [2]. - The implementation of various reform policies in the capital market is anticipated to further stimulate market activity and investor interest [2]. - The net profit growth rate for the securities industry is projected to reach 17.3% year-on-year in 2025 under neutral assumptions, with an annualized ROE expected to rise to 6% [2]. Group 2: Mergers and Acquisitions - Active merger and acquisition activities are noted within the industry, including significant cases such as Guotai Junan's absorption of Haitong Securities and Guolian Securities' acquisition of Minsheng Securities [2]. - The ongoing mergers and acquisitions are expected to drive supply-side reforms in the securities industry, allowing larger firms to consolidate their advantages while providing opportunities for smaller firms to catch up [2]. Group 3: Investment Opportunities - Institutions recommend focusing on three main investment lines: 1. Securities firms with high growth potential and low valuations, particularly those expected to show significant performance improvements in the 2025 mid-year report [3]. 2. Leading comprehensive securities firms with balanced business structures and strong professional capabilities, which are better positioned to adapt to industry changes [3]. 3. Securities firms that may become acquisition targets or acquirers, as ongoing mergers and acquisitions are likely to continue [3]. - The combination of favorable policies, solid fundamentals, and liquidity is expected to enhance the resilience of the securities sector [3].

证券代码：601555 证券简称：东吴证券 公告编号：2025-024 特此公告。 东吴证券股份有限公司董事会 东吴证券股份有限公司 关于公司 2025 年度第四期短期融资券发行结果的公告 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。 东吴证券股份有限公司2025年度第四期短期融资券已于2025年6月17日发行， 缴款日为2025年6月18日，相关发行情况如下： | 短期融资券名称 | | 东吴证券股份有限公司2025年度第四期短期融资券 | | | --- | --- | --- | --- | | 短期融资券简称 | 25东吴证券CP004 | 短期融资券期限 | 232天 | | 短期融资券代码 | 072510110 | 发行日期 | 2025年6月17日 | | 起息日期 | 2025年6月18日 | 兑付日期 | 2026年2月5日 | | 计划发行总额 | 15亿元人民币 | 实际发行总额 | 15亿元人民币 | | 发行价格 | 100元/张 | 票面利率 | 1.68% | 本期发行短期融资券的相关文件已在 ...

Core Viewpoint - The company has approved the addition of a subsidiary as an implementation entity for a fundraising project, which will enhance the efficiency of fund usage and project execution without altering the original investment plan [1][7][8] Group 1: Fundraising Overview - The company issued 35.05 million shares at a price of 25.75 yuan per share, raising a total of approximately 902.54 million yuan, with net proceeds of about 524.46 million yuan after deducting related issuance costs [2] - A special account has been established for the management of the raised funds, ensuring compliance with relevant regulations and protecting investor interests [2][6] Group 2: Project Implementation Changes - The implementation entity for the "Information System Construction" project has been expanded to include the wholly-owned subsidiary, Changhua Lianyungang, alongside the company itself [5] - The project location has been updated to include both the original site in Zhangjiagang and a new site in Lianyungang [5] Group 3: Rationale for Changes - The decision to add the subsidiary as an implementation entity is based on its significant investment plans for building a green, low-carbon, and intelligent factory, which aligns with the company's operational needs and development strategy [5][7] - This change is expected to optimize the funding structure for the subsidiary, enhance project management efficiency, and improve overall governance and management levels of the company [5][7][8] Group 4: Approval Process - The board of directors and the supervisory board have reviewed and approved the changes, confirming that they fall within the board's authority and do not require shareholder approval [6][8] - The changes are in compliance with the relevant regulations set forth by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [8]

张家港海锅新能源装备股份有限公司 调整闲置募集资金进行现金管理额度和期限的核查意见 东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为张家港海 锅新能源装备股份有限公司（以下简称"海锅股份"、"公司"）2022 年度向特定对 象发行 A 股股票的保荐机构履行持续督导职责，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》 东吴证券股份有限公司关于 《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等有关法律法规和规范性文件的要求，就海锅股份本次调整闲置募集资金进行现 金管理额度和期限事项进行了专项核查，发表如下意见： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意张家港海锅新能源装备股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2023〕522 号）同意注册，并经 深圳证券交易所同意，公司向特定对象发行股票募集资金总额为人民币 资金净额为人民币 487,962,141.67 元。 天衡会计师事务所（特殊普通合伙）对公司本次向特定对象发行股票的募集 资金到位情况进行了审验，并出具了《张家港海锅新能 ...

Market Overview - A-shares experienced a low open and high close, with the Shanghai Composite Index rising by 0.35%, Shenzhen Component Index by 0.41%, and ChiNext Index by 0.66% [1] - The total market turnover reached 12,435 billion, with over 3,500 stocks in the market closing in the green [1] Stablecoin Concept - The stablecoin concept surged throughout the day, with the digital currency sector rising by 4.72%, making it the top-performing industry concept [2] - Notable stocks included Tianyang Technology and Sifang Jingchuang hitting the 20% limit up, while Lakala rose over 15% [2] - The positive sentiment is attributed to favorable policies boosting investor confidence, with long-term prospects for stablecoins expected to drive the virtual asset industry [3] Financial Sector Performance - The banking sector showed strong performance, with Qingnong Commercial Bank and Sunong Bank rising over 3%, and several banks reaching historical highs [4] - The People's Bank of China reported an increase in social financing scale and new RMB loans, indicating a robust financial environment [4] - Analysts suggest that bank stocks have strong earnings certainty and recommend focusing on their investment value due to stable fundamentals and low valuations [5] Real Estate Sector Activity - The real estate sector exhibited strong performance, with a 1.69% overall increase, and 81 out of 91 stocks rising [6] - Positive policy signals from the government aim to stabilize the real estate market, with measures to optimize existing policies and enhance market expectations [6][7] - The National Bureau of Statistics indicated that the real estate market is moving towards stabilization, supported by the implementation of various policies [7]

东吴证券股份有限公司 关于烟台亚通精工机械股份有限公司 使用部分闲置募集资金临时补充流动资金的核查意见 东吴证券股份有限公司（以下简称"东吴证券"、"保荐人"）作为烟台亚通 精工机械股份有限公司（以下简称"亚通精工"、"公司"）的保荐人，根据《证 券发行上市保荐业务管理办法》 《上海证券交易所股票上市规则》 《上市公司募集 资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定要 求，对亚通精工使用部分闲置募集资金临时补充流动资金等事项进行了认真、审 慎的核查，核查具体情况如下： 一、募集资金基本情况 （一）募集资金到账及存储情况 截至2024年12月31日，公司募集资金投资项目的具体情况如下 单位：万元 | 序 | | | | | | --- | --- | --- | --- | --- | | | 项目名称 | 募集资金拟投入金额 | 募集资金累计投入金额 | 是否结项 | | 号 | | | | | | | 合计 | 78,434.81 | 39,795.68 / | | 经中国证券监督管理委员会《关于核准烟 ...