Core Viewpoint - The company has completed certain fundraising projects and plans to permanently supplement its working capital with the remaining funds, which is expected to enhance the efficiency of fund utilization without significantly impacting normal operations [8]. Fundraising Basic Situation - The company raised a total of RMB 362.15 million through its initial public offering, with a net amount of RMB 313.72 million after deducting issuance costs [1][2]. - The funds were deposited in a special account approved by the board and are subject to a tripartite supervision agreement with the sponsor and the bank [2]. Fundraising Investment Project Situation Investment Projects - The total investment amount for the fundraising projects is RMB 283.08 million, with RMB 263.35 million planned for use [2]. - Adjustments to the internal investment structure and project delays were approved in June 2022, maintaining the total investment amount and planned use of funds [2]. Surplus Fund Usage - The company plans to use RMB 15 million annually for permanent working capital supplementation, with RMB 10.57 million of surplus funds (including bank interest) allocated for this purpose in 2023 [4]. - The total surplus funds amount to RMB 29.52 million, which includes interest income [7]. Project Completion and Surplus Fund Situation - The completed fundraising projects include upgrades to the smart distribution network monitoring system, smart vending control system, R&D center construction, and others, with a total of RMB 24.63 million utilized [5][6]. - The remaining surplus funds will be permanently supplemented into working capital for daily operations [7]. Approval Process - The board and supervisory committee approved the proposal to conclude the fundraising projects and permanently supplement the surplus funds into working capital [6]. Sponsor's Verification Opinion - The sponsor believes that the decision to conclude the fundraising projects and permanently supplement the surplus funds is beneficial for improving fund utilization efficiency and does not adversely affect the company's operations or shareholder interests [8].

首次公开发行前已发行股份部分解除限售上市流通的核查意见 光大证券股份有限公司（以下简称"光大证券"或"保荐机构"）作为温州 源飞宠物玩具制品股份有限公司（以下简称"源飞宠物"或"公司"）持续督导 的保荐机构，根据《证券发行上市保荐业务管理办法》《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》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关规 定，对源飞宠物首次公开发行前已发行股份部分解除限售并上市流通事项进行了 审慎核查，发表核查意见如下： 一、首次公开发行股份及上市后股本变动概况 （一）首次公开发行股份情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准温州源飞 宠物玩具制品股份有限公司首次公开发行股票的批复》 （证监许可[2022]1280 号） 光大证券股份有限公司 关于温州源飞宠物玩具制品股份有限公司 核准，温州源飞宠物玩具制品股份有限公司（以下简称"公司"、"源飞宠物"）首 次公开发行人民币普通股（A 股）34,100,000 股；经深圳证券交易所《关于温州 源飞宠物玩具制品股份有限公司人民币普通股股票上市 ...

Core Viewpoint - The recent personnel changes in the "Everbright System" involve Gao Ruidong stepping down as the head of Everbright Securities Research Institute to join Everbright Prudential Fund, indicating a shift from sell-side to buy-side roles in the financial industry [2][3][4]. Group 1: Personnel Changes - Gao Ruidong has resigned from his position as the head of Everbright Securities Research Institute and will take on a leadership role at Everbright Prudential Fund [2][3]. - Wang Yifeng, the deputy director and chief analyst of the financial industry, will take over the daily operations of the research institute [2][4]. - Gao Ruidong's background includes significant experience in macroeconomic research and various roles in policy research and academia [3][4]. Group 2: Company Background - Everbright Prudential Fund is a joint public fund established in 2004, with a registered capital of 160 million RMB, where Everbright Securities holds a 55% stake [7]. - The fund's total assets were reported at 1.651 billion RMB, with net assets of 1.446 billion RMB as of the end of 2024 [7]. - As of the second quarter of this year, the fund's public fund asset scale was 79.136 billion RMB, ranking 68th in the industry [7]. Group 3: Performance and Future Outlook - Everbright Prudential Fund has shown strong performance in fixed income investments, ranking first in absolute returns over the past year and ten years [8]. - The fund's fixed income products accounted for over 80% of its non-monetary fund scale, indicating a focus on bond funds [7][8]. - With Gao Ruidong's leadership, the fund is expected to leverage its research capabilities and institutional sales experience for future growth [8].

Core Viewpoint - The company, Guilin Rhine Biotechnology Co., Ltd., is reducing the investment scale of certain fundraising projects and will permanently supplement its working capital with the remaining funds from these projects [2][10]. Fundraising Overview - The company raised a net amount of approximately 961.11 million RMB from a non-public stock issuance, which was approved by the China Securities Regulatory Commission [2]. - The funds were deposited in a dedicated account, and the management of these funds adheres to relevant regulations to ensure proper usage [3]. Fund Management and Usage - As of July 31, 2025, the total balance in the fundraising account was 1.63 million RMB, with a total interest income of approximately 1.48 million RMB [3]. - The company has directly invested approximately 652.66 million RMB into various projects, including 573.96 million RMB for the Stevia Extraction Factory and 78.70 million RMB for the Rhine Natural Health Products Research Institute [3][4]. Project Completion and Fund Reduction - The Stevia Extraction Factory project has met the completion criteria, with a total investment of 573.96 million RMB, leaving a surplus of approximately 36.32 million RMB [7][9]. - The Rhine Natural Health Products Research Institute project has been partially completed, with 78.70 million RMB invested and an estimated remaining payment of 37.08 million RMB [8][9]. Impact of Fund Reduction - The decision to reduce the investment scale and reallocate surplus funds is aimed at enhancing the company's liquidity and financial structure, thereby supporting sustainable development and maximizing shareholder value [10][9]. - The company’s current research and development capabilities are deemed sufficient to support ongoing business operations and future product innovations [9]. Approval Process - The board of directors and the supervisory board have approved the proposal to reduce the investment scale and reallocate surplus funds, which will be submitted for shareholder approval [10][11].

Core Viewpoint - The article discusses the significant personnel changes within the Everbright system, particularly the departure of Gao Ruidong from Everbright Securities to join Everbright Prudential Fund, where he is expected to take on leadership roles [2][4][9]. Group 1: Personnel Changes - Gao Ruidong, the former head of the research institute and chief economist at Everbright Securities, has officially left the company to join Everbright Prudential Fund [4]. - Following Gao's departure, Wang Yifeng, the deputy director and chief analyst of the financial industry at Everbright Securities, is likely to take over the leadership of the research institute [2][4]. - Gao Ruidong has a notable background, including a PhD in economics from Waseda University and experience in various financial institutions, which positions him well for his new role [4]. Group 2: Everbright Prudential Fund - Everbright Prudential Fund, established in April 2004, has a registered capital of 160 million RMB, with Everbright Securities and Prudential Financial holding 55% and 45% stakes, respectively [9]. - The fund is currently undergoing changes in leadership, with Gao Ruidong expected to become the party secretary and potentially the general manager in the future [9][10]. - As of the second quarter of 2025, Everbright Prudential Fund manages 72 open-end funds with a total asset size of 95.6 billion RMB, and has achieved top rankings in fixed income investment performance [10]. Group 3: Industry Context - The asset management industry is experiencing ongoing transformation, with increasing demands for macroeconomic and asset allocation research, as well as diversified products [10]. - The transition of research directors from brokerage firms to public funds is a rare but notable trend, reflecting the growing importance of research-oriented talent in managing public funds [11]. - Gao Ruidong's move is seen as a strategic advantage for Everbright Prudential Fund, aiming to enhance its business development and provide better asset management services to investors [10].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：杨赐 据公开消息，光大证券首席经济学家、研究所所长高瑞东近日卸任，研究所日常事务将由副所长、金融 业首席分析师王一峰接管。高瑞东离任后有望出任光大保德信基金公司总经理，任命待完成公司内部程 序并获监管批准后生效。 履历显示，高瑞东系早稻田大学经济学博士，是中国财政部金融人才库专家、中国金融四十人青年论坛 成员，并担任中国证券业协会首席经济学家委员会委员。其职业履历横跨政策研究、国际组织与学界： 曾在中国财政部中美经济对话领导小组办公室、经济合作与发展组织（OECD）经济部、早稻田大学政 治经济学院等任职，长期聚焦全球与中国宏观经济及金融市场研究。2023年10月，高瑞东受邀参加国务 院总理主持召开的经济形势专家和企业家座谈会，并就经济工作建言献策。 ...

Core Viewpoint - The article discusses significant personnel changes within the Everbright Securities Research Institute and Everbright Prudential Fund, highlighting the resignation of Gao Ruidong and the potential appointment of Wang Yifeng as the new head of the research institute, while also indicating Gao's possible future role as the general manager of Everbright Prudential Fund [2][4]. Group 1: Personnel Changes - Gao Ruidong officially resigned as the head of the Everbright Securities Research Institute on August 21, with Wang Yifeng, the deputy director and chief analyst of the financial sector, taking over daily operations [2]. - Gao Ruidong may be appointed as the general manager of Everbright Prudential Fund, pending internal procedures and regulatory approval [2][4]. - Wang Yifeng has approximately 20 years of experience in the financial industry and has received multiple awards for his analysis work [2][4]. Group 2: Background of Gao Ruidong - Gao Ruidong is a prominent figure in China's financial and securities sector, having held various key positions within Everbright Securities, including deputy director and chief economist [4]. - He holds a Ph.D. in economics from Waseda University and has been involved in macroeconomic and financial market research, contributing to discussions on economic policies [4]. - Gao has a reputation for his systematic insights into macroeconomic research and has previously predicted significant economic trends, such as the onset of a new global Juglar cycle [4]. Group 3: Everbright Prudential Fund Overview - Everbright Prudential Fund, a subsidiary of Everbright Securities, was established in April 2004 and has a registered capital of 160 million RMB [7]. - As of the end of Q2 this year, the fund managed public fund assets totaling 79.136 billion RMB, ranking 68th in the industry, with non-monetary fund assets at 60.929 billion RMB, ranking 65th [7]. - The fund primarily focuses on bond funds, which accounted for over 80% of its non-monetary fund assets, with a significant emphasis on quantitative investment strategies [7].

Core Viewpoint - Naxin Micro (688052.SH) reported significant revenue growth in the first half of 2025, with a revenue of 1.524 billion yuan, marking a year-on-year increase of 79.49%, despite a net loss attributed to shareholders of 78.01 million yuan [1][2] Financial Performance - The company's revenue for the first half of 2025 was 1.524 billion yuan, up from 848.87 million yuan in the same period last year, reflecting a growth of 79.49% [2] - The net profit attributable to shareholders was -78.01 million yuan, compared to -265.25 million yuan in the previous year [2] - The net profit excluding non-recurring gains and losses was -105.64 million yuan, an improvement from -286.36 million yuan year-on-year [2] - The net cash flow from operating activities was -307.67 million yuan, a decline from a positive cash flow of 8.40 million yuan in the same period last year [2] Historical Context - Naxin Micro was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 22, 2022, with an initial public offering of 25.27 million shares at a price of 230.00 yuan per share [3] - The total funds raised from the IPO amounted to 5.811 billion yuan, significantly exceeding the initial target of 750 million yuan [3] Shareholder Information - The total issuance costs for the IPO were 230 million yuan, with underwriting fees accounting for 203 million yuan [4] - A strategic placement was made by Everbright Securities, with a follow-on investment of 1.16 million yuan, representing 2% of the total shares issued [4] - In 2022, the company announced a cash dividend of 0.8 yuan per share and a capital increase of 0.4 shares per share, resulting in a total share capital of 141.49 million shares post-distribution [4]

华菱钢铁（SZ 000932，收盘价：5.75元）发布公告称，2025年8月20日，华菱钢铁接受光大证券等投资 者调研，公司刘笑非、王音参与接待，并回答了投资者提出的问题。 2025年1至6月份，华菱钢铁的营业收入构成为：钢铁行业占比74.5%，贸易占比15.63%，其他占比 4.76%，材料让售占比4.64%，其他业务占比0.47%。 （文章来源：每日经济新闻） ...

Market Overview - The A-share market experienced a sudden decline in the afternoon, with the Shanghai Composite Index dropping over 0.2% before recovering slightly, while the Shenzhen Component and ChiNext indices fell [2] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the first time this year, marking the seventh consecutive trading day of such volume [2] Sector Performance - Securities stocks collectively faced a pullback, with notable declines including Changcheng Securities down over 6% and Hato Securities down over 5% [2][3] - Several high-priced stocks hit the daily limit down, including Lianhuan Pharmaceutical and Zhongdian Xindong, with others like Shunlian Bio and Sainuo Medical dropping over 8% [4] Banking Sector - In contrast, bank stocks showed strength in the afternoon, with Agricultural Bank of China and Postal Savings Bank reaching new historical highs during the session [2] Hong Kong Market - The Hang Seng Index fell over 0.5%, and the Hang Seng Tech Index dropped more than 1% [6] - AAC Technologies Holdings (02018.HK) saw a rapid decline of over 14% following the release of its interim results, despite reporting a revenue of 13.32 billion yuan, a year-on-year increase of 18.4% [6][8] Company Performance - AAC Technologies reported a gross margin of 20.7%, down 0.8 percentage points year-on-year, attributed to changes in product mix, while net profit attributable to shareholders increased by 63.1% to 876 million yuan due to improved profitability in optical business and rapid growth in precision structural components [8] - CICC noted that the overall valuation level of A-shares remains reasonable, but the rapid increase in trading volume may lead to short-term volatility [8]