REUTER S P YUAN LAW OFFICES 北京市嘉源律师事务所 关于浙商证券股份有限公司 2024 年年度股东大会的法律意见书 IIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:浙商证券股份有限公司 北京市嘉源律师事务所 关于浙商证券股份有限公司 2024年年度股东大会的法律意见书 嘉源(2025)-04-470 北京市嘉源律师事务所(以下简称"本所")接受浙商证券股份有限公司(以 下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公司法》")、 《上市公司股东会规则》(以下简称"《股东会规则》")等现行有效的法律、行政 法规,部门规章、规范性文件(以下简称"法律法规")以及《浙商证券股份有 限公司章程》(以下简称"《公司章程》")的有关规定,指派本所律师对公司 2024 年年度股东大会(以下简称"本次股东大会")进行见证,并依法出具本法律意 见书。 为出具本法律 ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-036 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 浙商证券股份有限公司 2024年年度股东大会决议公告 (一)股东大会召开的时间：2025 年 6 月 26 日 (二)股东大会召开的地点：杭州市五星路 201 号浙商证券十一楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 合《公司法》等相关法律、法规、规章和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：2024 年度董事会工作报告 审议结果：通过 | 1、出席会议的股东和代理人人数 | 1,209 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,293,550,936 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 50.5743 | (四 ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-037 浙商证券股份有限公司 第四届董事会第三十三次会议决议公告 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（以下简称"浙商证券"或"公司"）第四届董事会 第三十三次会议于 2025 年 6 月 12 日以书面方式通知全体董事，于 2025 年 6 月 26 日在浙商证券十一楼会议室以现场结合电话表决方式召开。会议应出席董事 9 人，现场出席董事 4 人，董事阮丽雅、陈溪俊、独立董事沈思、金雪军、曾爱民 以电话形式出席。会议的召开符合《公司法》和《公司章程》规定。 本次董事会由吴承根先生主持，经审议作出决议如下： 一、会议审议通过《关于撤销机构业务事业部及设立机构业务总部、经纪 业务总部的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 特此公告。 浙商证券股份有限公司董事会 2025 年 6 月 27 日 ...

Core Insights - The People's Bank of China announced eight significant financial measures aimed at stabilizing the financial market and enhancing the long-term reform of the financial system and international competitiveness [1][8] - The measures are designed to strengthen the financial defenses against potential external shocks while promoting financial openness through institutional innovation [1][4] Financial Market Development - Establishing an interbank market trading report library will improve transaction and investment efficiency for financial institutions and enhance regulatory precision [1][5] - The internationalization of the digital yuan is expected to advance significantly, with its advantages in speed and security facilitating cross-border payments [2][4] Digital Currency and Credit System - The development of the digital yuan is anticipated to reshape the cross-border payment system and open new pathways for its internationalization, particularly in supply chain finance and cross-border e-commerce [2][3] - The establishment of personal credit institutions aims to address information asymmetry in the rapidly growing consumer finance market, potentially boosting domestic consumption [2][3] Offshore Financial Services - The Shanghai Lingang New Area's offshore trade finance service reform and the development of free trade offshore bonds are expected to enhance the international influence of the renminbi [3][4] - The free trade offshore bonds, also known as "pearl bonds," are designed to maintain financial security and stability while increasing the attractiveness of renminbi-denominated bonds in international markets [3][4] Structural Monetary Policy Tools - Innovative structural monetary policy tools are focused on supporting foreign trade, technological innovation, and green finance, addressing financing challenges faced by enterprises [4][5] - Cross-border trade refinancing initiatives are set to improve the efficiency of cross-border settlements and provide new financing channels for both large and small enterprises [4][5] Foreign Exchange Market Enhancements - The promotion of renminbi foreign exchange futures trading will fill a significant gap in the foreign exchange market, providing more tools for managing exchange rate risks [5][6] - This initiative is expected to enhance the international competitiveness of China's financial market and support the stability and liquidity of the foreign exchange market [5][6] Investment Opportunities - The eight financial measures are expected to boost market confidence and create various investment opportunities, particularly in sectors like technology innovation and green industries [6][7] - The bond market is projected to see a decline in the ten-year government bond yield, enhancing the attractiveness of bond investments [6][7] Strategic Outlook - The combination of these policies represents a strategic deployment towards becoming a financial powerhouse, providing robust financial support for stable economic growth [8] - Investors and enterprises are encouraged to adopt a broader perspective to seize opportunities arising from these policy changes [8]

Group 1 - The core point of the article is the appointment of Zhang Liying as the new CFO of Guodu Securities, marking a significant step in the integration of Guodu Securities and Zheshang Securities following a change in control [2][6] - Zhang Liying's appointment fills the vacancy left by the resignation of former CFO Yang Jiangquan, who resigned due to a regulatory investigation by the China Securities Regulatory Commission [2][6] - The integration of Zheshang Securities and Guodu Securities is part of a broader restructuring, with Zheshang Securities acquiring a 34.25% stake in Guodu Securities, officially becoming the controlling shareholder [6][7] Group 2 - Zhang Liying has extensive experience in accounting and auditing, having worked at PwC and KPMG before joining Zheshang Securities in 2009 [5][2] - The management changes at Guodu Securities also include the appointment of several senior executives from Zheshang Securities, indicating a strategic alignment and consolidation of leadership [8][7] - Zhang Hui, the new general manager of Guodu Securities, has a long history in the securities industry and played a key role in the acquisition negotiations, facilitating the successful integration of the two firms [7][8]

Core Viewpoint - The company, Ice Wheel Environment, is focused on providing advanced system solutions and lifecycle services in the energy and power sectors, with a range of products including compressors and heat exchangers, operating in a temperature range of -271°C to 200°C [2][3]. Group 1: Business Overview - The company offers a variety of products such as screw compressors, centrifugal compressors, absorption compressors, piston compressors, and various industrial heat pumps, among others [2][3]. - The company has a mature supply of magnetic suspension compressor products, which have been used in venues for the Beijing Winter Olympics [3]. - The customer industries served include food freezing and refrigeration, cold chain logistics, industrial cooling systems, commercial air conditioning, and special industrial air conditioning [3]. Group 2: Technological Advancements - The company has developed a helium compressor for superconducting magnets used in controlled nuclear fusion devices, which operates at extremely low temperatures [4]. - The company has made significant advancements in screw compressor technology, leading to improved performance and quality, and has received national recognition for its innovations [5]. Group 3: Financial Performance - The company's Q1 2025 report shows a main revenue of 1.373 billion yuan, a year-on-year decrease of 16.05%, and a net profit of 93.726 million yuan, down 22.45% year-on-year [6]. - The company has a debt ratio of 44.64% and a gross profit margin of 25.03% [6]. Group 4: Market Sentiment and Predictions - In the last 90 days, three institutions have given buy ratings for the stock [7]. - Detailed profit forecasts indicate expected net profits of 679 million yuan for 2025, 757 million yuan for 2026, and 854 million yuan for 2027 from various institutions [9].

Core Viewpoint - Meilun Elevator has received approval from the Shanghai Stock Exchange for its application to issue shares to specific targets using a simplified procedure for the year 2024, with plans to raise a total of 238 million yuan for its Nanning Intelligent Manufacturing Base project [1][2]. Group 1: Issuance Details - The total amount to be raised through this issuance is 238 million yuan, not exceeding 300 million yuan and not exceeding 20% of the company's net assets as of the end of the previous year [1][2]. - The issuance will involve 40,614,334 shares at a price of 5.86 yuan per share, which will increase the total share capital to 347,614,334 shares [4]. - The issuance will be completed within ten working days after receiving approval from the China Securities Regulatory Commission [2][3]. Group 2: Investors and Relationships - The issuance targets up to 35 specific investors, including various fund management companies and private investment funds, all subscribing in cash [3]. - There are no related party transactions involved in this issuance, as all investors do not have any prior relationships with the company [3]. Group 3: Control and Ownership - The controlling shareholders of the company are Qian Xuelin and Qian Xuegen, who together hold 62.19% of the shares, ensuring that the control of the company will not change post-issuance [4]. - After the issuance, the combined shareholding of Qian Xuelin and Qian Xuegen will be 54.92%, maintaining their status as actual controllers of the company [4].

Core Viewpoint - The report from Zheshang Securities highlights the optimistic outlook for the globalization and valuation reshaping of domestic innovative drugs in China, particularly in the fields of dual antibodies and ADCs, as they enter a period of accelerated global expansion [1] Financial Performance - Commercialization is expected to improve profitability, with 32 sample innovative drug companies projected to invest 67.2 billion yuan in R&D in 2024, reflecting a year-on-year increase of 7.23% [1] - The sales and R&D expense ratios for 22 sample innovative drug companies are continuously declining from 2021 to 2024, which is expected to drive improved profitability for companies like BeiGene and Innovent Biologics [1] Commercialization Insights - The sales revenue of 17 commercialized innovative drug companies is projected to reach 91.3 billion yuan in 2024, representing a year-on-year growth of 35%, indicating strong growth momentum despite a high base [2] MNC Strategies - The report notes that while multinational corporations (MNCs) have established strong first-generation IO pipelines, there has been no significant breakthrough in second-generation IOs, with companies like BMS and Pfizer acquiring Chinese pipelines through licensing [3] - MNCs are expected to leverage their ample cash flow and stable net profit contributions to enhance their pipeline strategies in the IO and ADC sectors [3] Domestic Market Dynamics - The competitiveness of domestic companies is strengthening, with significant business development (BD) transactions expected to continue into 2025, such as the licensing agreements involving 3SBio and Hengrui Medicine [4] - The commercialization of potential blockbuster drugs is accelerating, with a rich pipeline of NDA reserves expected to drive revenue and profit growth for domestic innovative drugs [4] - Domestic companies are leading in the development of second-generation IO and ADCs, with a robust pipeline that includes various promising targets [4]

Core Viewpoint - The coal supply growth rate is declining but remains high, while demand is weak, particularly in the power sector. The chemical sector shows better demand. Coal prices have significantly decreased, and stable long-term contract prices are expected. Policy expectations are increasing due to weak supply-demand fundamentals, with a need for production cuts to stabilize coal prices [1][4]. Supply - Domestic coal production continues to grow, but the growth rate has decreased. From January to May 2025, the total raw coal production reached 1.985 billion tons, a year-on-year increase of 6.0%. In May alone, production was 403 million tons, up 4.2% year-on-year [2]. - Coal imports have slightly decreased, with a total of 189 million tons imported from January to May, down 7.9% year-on-year. In May, imports were 36.04 million tons, a decrease of 17.8% year-on-year [2]. - The transportation of coal from Xinjiang has declined, with a total of 22.01 million tons transported by rail from January to March 2025. In April, policies were introduced to reduce transportation costs, alleviating pressure on coal transportation [2]. Demand - Coal consumption has shown signs of weakness but remains resilient overall. From January to April 2025, total coal consumption was approximately 1.66 billion tons, a year-on-year increase of 0.3%. The chemical industry experienced the fastest growth, consuming 140 million tons, up 10.8% year-on-year [3]. - The steel industry consumed 230 million tons, a 2.8% increase year-on-year, while the building materials sector saw a decline of 1.9% with 140 million tons consumed. The power sector experienced a significant drop, consuming 940 million tons, down 2.7% year-on-year [3]. Price - The average prices of various coal types have decreased. From January to May, the average prices for thermal coal, coking coal, and anthracite were 740.0, 1406.5, and 898.4 yuan per ton, respectively, representing year-on-year declines of 20.5%, 38.7%, and 7.1% [4]. - The long-term contract price for Qinhuangdao 5500 kcal thermal coal decreased from 693 yuan per ton at the beginning of the year to 669 yuan per ton in June. It is expected that long-term contract prices will stabilize as spot prices gradually stabilize [4]. Policy - The company anticipates that policy measures will be implemented based on historical experiences, with expectations for effective outcomes. The company has gained experience from previous supply-side structural reforms and energy production increases to address coal overcapacity and supply tightness [4]. - To stabilize coal prices, it is predicted that production must be reduced by at least 57 million tons from June to December, even under optimistic demand scenarios. In neutral and pessimistic demand scenarios, reductions of 81 million tons and 106 million tons are required, respectively [4].

Group 1: Commodity Market Insights - Citigroup predicts gold prices will fall below $3000 per ounce in the coming quarters, with a target range of $2500-$2700 by mid-2026 due to weakening investment demand and improved global economic outlook [1] - Citigroup expects Brent crude oil prices to trade around $70-$80 per barrel in the near term, while maintaining a long-term forecast of $60-$65 per barrel [2] - Bank of America warns of declining foreign demand for U.S. Treasury bonds, with custodial assets dropping over $60 billion since April [3] Group 2: Economic Policy and Market Impact - Morgan Stanley suggests that the "Beautiful America" bill may increase the deficit without significantly boosting economic growth, predicting a fiscal drag on GDP in the medium term [2] - Dutch Bank analysts indicate limited upside potential for the U.S. dollar, as geopolitical tensions and rising oil prices may not provide sufficient support [4] - German Bank analysts note that the recent strength of the dollar is primarily driven by rising oil prices rather than its safe-haven status [5] Group 3: Domestic Economic Outlook - CITIC Securities forecasts continued rapid economic growth in Q2, driven by strong industrial and service sector performance, with a focus on consumer demand and investment trends [8] - CITIC Securities identifies a long-term growth trend in the controllable nuclear fusion industry, supported by favorable policies and increased financing [8] - CITIC Securities anticipates that recent policy changes in drug and medical supply procurement will benefit high-quality innovative companies in the pharmaceutical sector [8] Group 4: Market Trends and Predictions - Zheshang Securities predicts a dual bull market for stocks and bonds in the second half of the year, driven by improved economic conditions and supportive policies [9] - Huatai Securities highlights the potential for a surge in oil transportation rates due to increased risks in the Strait of Hormuz, impacting global shipping supply chains [10] - Tianfeng Securities recommends focusing on high-elasticity industries such as storage and AI, anticipating optimistic growth in the semiconductor sector [10]