证券代码：601878 证券简称：浙商证券 公告编号：2025-041 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 2、上海清算所网站，http://www.shclearing.com。 特此公告。 浙商证券股份有限公司董事会 浙商证券股份有限公司 2025 年度第七期短期融资券发行结果公告 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个别及连带责任。 浙商证券股份有限公司 2025 年度第七期短期融资券已于 2025 年 7 月 21 日 发行完毕，相关发行情况如下： | 短期融资券名称 | 浙商证券股份有限公司 | 2025 年度第七期短期融资券 | | | --- | --- | --- | --- | | 短期融资券发行简称 | 25 浙商证券 CP007 | 短期融资券流通代码 | 072510131 | | 发行日 | 2025 年 7 月 18 日 | 起息日期 | 2025 年 7 月 21 日 | | 兑付日期 | 2025 年 12 ...

证券代码：002430 证券简称：杭氧股份 债券代码：127064 债券简称：杭氧转债 浙商证券股份有限公司 关于杭氧集团股份有限公司 公开发行可转换公司债券 （关于转股价格调整的事项） 债券受托管理人 （浙江省杭州市上城区五星路 201 号） 二〇二五年七月 重要声明 浙商证券股份有限公司（以下简称"浙商证券"）编制本报告的内容及信息 来源于杭氧集团股份有限公司（以下简称"杭氧股份"、"公司"或"发行人"） 对外公布的公开信息披露文件及发行人向浙商证券提供的资料。 浙商证券按照《可转换公司债券管理办法》 《公司债券发行与交易管理办法》 《公司债券受托管理人执业行为准则》等相关规定及与杭氧股份签订的《受托管 理协议》的约定编制本报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为浙商证券所作的承诺 或声明。 一、核准文件及核准规模 杭氧股份于 2022 年 2 月 28 日取得中国证券监督管理委员会关于核准杭州 制氧机集团股份有限公司公开发行可转换公司债券的批复》 （证监许可2022408 号）核准，核准发行人向社会公开发行面值总额 ...

Core Insights - The article discusses the recent developments in China's mother fund industry, highlighting a total management scale of 272.34 billion yuan, with investments focused on green low-carbon, marine economy, and high-end equipment manufacturing [1][2]. Group 1: Fund Establishments - Shandong: Three guiding funds, each with a scale of 10 billion yuan, were established in Qingdao [3][4]. - Jiangsu: A new industrial special fund with a scale of 155 billion yuan has been officially launched [7][17]. - Inner Mongolia: The first national-level sub-fund has been established with a scale of 1.6 billion yuan [18]. - Yunnan: The Yunnan Province Advanced Manufacturing Equity Investment Mother Fund has been set up with a scale of 50.08 million yuan [23][24]. - Guangdong: The Guangdong-Huizhou Industrial Investment Mother Fund has been established with a total scale of 1 billion yuan [25][26]. - Henan: The Jiyuan Industrial Mother Fund is set to be established [33]. - Shaanxi: The total scale of the Shaanxi Provincial Government Investment Guiding Fund has surpassed 100 billion yuan [34]. Group 2: Fund Characteristics and Focus Areas - Jiangsu's third batch of industrial special funds focuses on strategic emerging industries such as new energy, integrated circuits, and green technology [17][18]. - The national small and medium-sized enterprise development fund aims to support advanced manufacturing, information technology, and life sciences sectors [18]. - The Yunnan fund aims to enhance the competitiveness of the manufacturing sector and promote the development of strategic emerging industries [24]. - The Guangdong fund focuses on attracting key enterprises to enhance local economic development [26]. Group 3: Strategic Collaborations - Jiangsu's cooperation with China Chengtong Holdings Group aims to establish a 10 billion yuan fund to support technological innovation and industrial upgrades [19][22]. - The collaboration between Zhejiang Securities and the government of Huizhou City aims to deepen industry development and enhance investment efficiency [25][26]. - The establishment of the 明月湖科创基金丛林 in Chongqing aims to integrate innovation, industry, and capital to foster a new production capacity [37][38].

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints of the Report - The report details the development of domestic bond ETFs, liquidity analysis of bond - making varieties in the Shanghai and Shenzhen stock exchanges, and the investment application of bond ETFs [1]. - The scale of bond ETFs has expanded rapidly in the past year, exceeding 40 billion yuan for the first time. As of July 15, 2025, bond ETFs are mainly divided into interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs [1][11]. - Since July 10, 2025, 10 science - innovation bond ETFs have been established. The share of ETFs linked to the CSI Convertible Bond and Exchangeable Bond Index has increased the most, and the trading volume of CSI short - term financing - related ETFs has been the most active [2][17]. - Bond ETFs have asset - allocation and trading attributes. Their trading is more flexible, efficient, and leveraged, with high information transparency. The main strategies include primary - secondary market price arbitrage, intraday T + 0 trading, and pledge - repurchase leveraging [3]. 3. Summary by Relevant Catalogs 3.1 What are Bond ETFs? - **Domestic Bond ETF Overview**: In the past year, the scale of domestic bond ETFs has developed significantly, exceeding 40 billion yuan, but the variety is still single. As of July 15, 2025, there are 16 interest - rate bond ETFs, and 15 bond ETFs have a scale of over 1 billion yuan. The top five in scale are Fuguo Policy Financial Bond ETF, Haifutong Short - term Financing ETF, Boshi Convertible Bond ETF, E Fund Company Bond ETF, and Southern Shanghai Stock Exchange Company Bond ETF. Since July 10, 2025, 10 science - innovation bond ETFs have been established [11][15][16]. - **Recent Performance Tracking of Bond ETFs**: In terms of share changes, the share of ETFs linked to the CSI Convertible Bond and Exchangeable Bond Index has increased the most. In terms of share change rate, the share of ETFs with the Shanghai 30 - year Treasury Bond Index as the underlying index has increased by about 15 million shares (+21.74%). In terms of trading activity, CSI short - term financing - related ETFs have the most active trading volume [17]. 3.2 Exchange Bond Liquidity Analysis - Overall, the trading volume and liquidity of bonds on the Shanghai Stock Exchange are better than those on the Shenzhen Stock Exchange [19]. - **Shanghai Stock Exchange Interest - Rate Bond Market - Making Varieties**: In the past month, among the interest - rate bond market - making varieties on the Shanghai Stock Exchange, those maturing within 3 years have the most active trading volume, followed by those maturing within 3 - 5 years. The liquidity is negatively correlated with the standard term [20]. - **Shanghai Stock Exchange Credit - Bond Market - Making Varieties**: Among the credit - bond market - making varieties on the Shanghai Stock Exchange in the past month, those maturing over 10 years have the most active liquidity, followed by those maturing within 3 years [22]. - **Shenzhen Stock Exchange Interest - Rate Bond Market - Making Varieties**: Among the interest - rate bond market - making varieties on the Shenzhen Stock Exchange in the past month, the average trading volume of varieties maturing within 3 years is the highest, followed by those maturing over 10 years [23]. - **Shenzhen Stock Exchange Credit - Bond Market - Making Varieties**: Among all the credit - bond market - making varieties on the Shenzhen Stock Exchange in the past month, the varieties maturing within 3 - 5 years have the highest turnover rate, followed by those maturing over 10 years [24]. 3.3 Investment Application of Bond ETFs - Bond ETFs have the functions of asset allocation and trend trading. Compared with ordinary over - the - counter bond index funds, they have additional investment strategies [25]. - **Investment Strategies**: Asset allocation (holding strategy), trend (band operation), arbitrage strategy (discount - premium), arbitrage (spot - futures arbitrage), dividend strategy, event - driven strategy, intraday T + 0 strategy, and leverage strategy [27]. - **Advantages**: Primary - secondary market price arbitrage, intraday T + 0 trading, and the ability to use pledge - repurchase to add leverage [28].

关于控股子公司国都证券披露 2025 年半年度未经审计财务报表的提示性公告 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个别及连带责任。 证券代码：601878 证券简称：浙商证券 公告编号：2025-040 浙商证券股份有限公司 1 根据中国外汇交易中心暨全国银行间同业拆借中心《关于同业拆借市场成 员披露 2025 年半年度财务报表的通知》（中汇交发〔2025〕230 号）的规定，浙 商证券股份有限公司（以下简称"公司"）控股子公司国都证券股份有限公司（以 下简称"国都证券"）2025 年半年度未经审计资产负债表、利润表及净资本计算 表将在中国货币网（www.chinamoney.com.cn）上进行披露。 浙商证券股份有限公司董事会 2025 年 7 月 17 日 国都证券于 2025 年 6 月 30 日的资产负债表（未经审计）、2025 年上半年的 利润表（未经审计）及于 2025 年 6 月 30 日的净资本计算表详见本公司在上海证 券交易所网站（www.sse.com.cn）披露的公告附件。 特此公告。 ...

资产负债表 单位名称:写 未经审计 币种:人民币 2025-06 | 山元 目 | 本月金额 | 本年累计金额 | | --- | --- | --- | | 营业收入 200 | 187, 758, 546. 62 | 702. 014. 147. 90 | | 手续费及佣金净收入 | 19, 959, 734. 23 | 119, 090, 008. 47 | | 其中:经纪业务手续费净收入 | 18,817,917.78 | 114. 887, 322. 97 | | .. 投资银行业务手续费净收入 | 50, 000. 00 | 2, 520, 699. 69 | | 资产管理业务手续费净收入 | 137,703.60 | 758, 780. 77 | | 利息净收入 | 22, 118, 663. 93 | 23, 642, 527. 42 | | 其中:利息收入 | 49,897, 318. 50 | 213, 707, 269. 79 | | 利息支出 | 27, 778, 654. 57 | 190, 064, 742. 37 | | 投资收益(损失以"-"号)填列 | 117, 494, 6 ...

Core Viewpoint - The independent financial advisor, Zheshang Securities, conducted a special review of Shenzhen Yushun Electronics Co., Ltd. regarding its major asset restructuring, confirming that the company has complied with relevant regulations and has no significant issues with its financial commitments or operations [1][2][3]. Group 1: Commitment Fulfillment - The company and related parties have fulfilled their public commitments since its listing, with no irregularities noted [2][3]. - The independent financial advisor found no instances of unfulfilled commitments or non-compliance with regulations [2][3]. Group 2: Operational Compliance - Over the past three years, the company has adhered to its internal regulations regarding related transactions and external guarantees, with no violations reported [3][4]. - The independent financial advisor confirmed that there have been no administrative or criminal penalties against the company or its key personnel during this period [5][6]. Group 3: Financial Performance and Accounting Compliance - The company’s financial reports for the last three years received unqualified audit opinions, indicating compliance with accounting standards [10][11]. - There were no instances of fictitious transactions or profit manipulation identified in the company’s financial practices [12][16]. Group 4: Asset Evaluation and Restructuring - The current restructuring does not involve any asset disposals, and the evaluation methods used for any assets are deemed reasonable and compliant with operational realities [16].

Core Viewpoint - The report outlines the independent financial advisory assessment of Shenzhen Yushun Electronics Co., Ltd.'s major asset acquisition, emphasizing the transaction's legality, compliance, and potential benefits for shareholders [1][2][3]. Group 1: Transaction Overview - The transaction involves cash payments for the acquisition of 100% equity in three companies: Zhong'en Cloud Technology, Beijing Shenhui Biyuan Cloud Computing Technology, and Zhong'en Cloud Information [10][11]. - The transaction price is set at 335 million yuan for Zhong'en Cloud Technology, with an expected increase in the company's operational scale and profitability post-acquisition [11][12]. Group 2: Financial Impact - Post-transaction, the total assets of the listed company are projected to increase from 40.5 billion yuan to approximately 605.4 billion yuan, while total liabilities will rise from 15.5 billion yuan to about 554.3 billion yuan [13]. - The net profit is expected to surge from 296 million yuan to approximately 4.79 billion yuan, indicating a significant enhancement in the company's financial performance [13][14]. Group 3: Corporate Governance and Compliance - The company has committed to strict adherence to legal and regulatory requirements throughout the transaction process, ensuring transparency and fairness in the pricing and execution of the acquisition [17][18]. - Measures will be implemented to protect the rights of minority shareholders, including fair disclosure of information and opportunities for shareholder participation in decision-making [20][22]. Group 4: Future Prospects - The acquisition is anticipated to diversify the company's business into data center infrastructure services, enhancing growth potential and reducing operational risks [12][14]. - The transaction is expected to strengthen the company's market position in the software and information technology services sector, aligning with industry trends towards digital transformation [11][12].

"公司"、 "上市公司"） 拟以支付现金方式收购中恩云（北京）数据科技有限公司、北京申惠碧源云计算 科技有限公司、中恩云（北京）数据信息技术有限公司（三个公司以下统称"标 的公司"）100％股权（以下简称"本次交易"）。本次交易构成重大资产重组。 浙商证券股份有限公司 关于本次交易符合《关于加强证券公司在投资银行类业务中聘 请第三方等廉洁从业风险防控的意见》的相关规定的核查意见 深圳市宇顺电子股份有限公司（以下简称"宇顺电子"、 基于交易对方及其控股股东为境外主体，公司间接有偿聘请观韬律师事务所 （香港） 、BVI 律师和开曼律师对交易对方主体资质进行核查并出具法律意见书。 除此之外，本公司不存在直接或间接有偿聘请其他第三方行为，符合法律、 法规及相关规定的要求。 三、独立财务顾问核查意见 浙商证券股份有限公司（以下简称"浙商证券"、"独立财务顾问"）作为上 市公司本次交易的独立财务顾问，对本次交易符合《关于加强证券公司在投资银 行类业务中聘请第三方等廉洁从业风险防控的意见》相关规定的核查情况如下： 一、独立财务顾问不存在各类直接或间接有偿聘请第三方的行为 经核查，本次交易中独立财务顾问不存在各类直接或间接有 ...

Core Viewpoint - The company plans to acquire 100% equity of three data technology firms through cash payment, and the independent financial advisor has assessed that this transaction will not dilute the immediate return per share [2][3][6]. Impact on Earnings Per Share - The transaction is expected to have no adverse effect on the company's immediate earnings per share, as it involves cash payment and does not introduce new shares [2][3]. - The projected net profits for the company are 94.78 million yuan, 173.42 million yuan, and 44.91 million yuan, respectively, for the previous periods [3]. Measures to Mitigate Dilution Risk - The company has established a robust corporate governance structure and will enhance its internal controls to improve operational efficiency and profitability [3][4]. - The company will strengthen the integration of the acquired firms to enhance overall profitability and asset quality, thereby maximizing shareholder value [4]. Profit Distribution Policy - The company aims to refine its profit distribution policy to better protect shareholder interests, maintaining stable dividend distribution before the transaction and potentially revising it afterward [4]. Commitments from Major Stakeholders - The controlling shareholders and management have committed to not interfere with the company's operations or harm its interests, ensuring adherence to regulatory requirements [5]. - They have also pledged to link their compensation to the execution of measures aimed at mitigating any potential dilution of immediate returns [5]. Independent Financial Advisor's Opinion - The independent financial advisor confirms that the transaction will likely increase the company's basic earnings per share and that the proposed measures to address any potential dilution are practical and feasible [6].