浙商证券股份有限公司 关于杭州柯林电气股份有限公司 上海证券交易所科创板公司管理部： 贵部于近日出具的《关于杭州柯林电气股份有限公司 2024 年年度报告的信 息披露监管问询函》（上证科创公函【2025】0194 号）（以下简称"年报问询函"） 已收悉，浙商证券股份有限公司（以下简称"浙商证券"）作为杭州柯林电气股份 有限公司（以下简称"杭州柯林"或"公司"）的持续督导机构，对信息披露监管问 询函所列问题认真进行了落实，现回复如下，请予审核。 一、关于电网业务。年报显示，公司 2024 年主营业务收入为 54,137.03 万 元，其中原有的两大主营业务电网数字化智能感知产品和电力相关技术服务营 业收入分别为 11,275.62 万元和 4,079.16 万元，同比分别下降 12.60%和 14.37%。 分地区看，公司在浙江省内实现的营业收入为 7,148.51 万元，同比下降 42.72%。 公司主要通过询价、招标、竞争性谈判等方式获取业务，报告期通过其他方式 获取的业务收入为 15,951.33 万元。请公司：（1）区分业务、销售模式、省内 省外分别列示主要客户情况，包括成立时间、合作年限、订单获取方式 ...

浙商证券股份有限公司 关于浙江华海药业股份有限公司 差异化权益分派事项的核查意见 浙商证券股份有限公司（以下简称"保荐机构"）作为浙江华海药业股份有 限公司（以下简称"华海药业"或"公司"）向特定对象发行股票的保荐机构， 根据《中华人民共和国公司法》 《中华人民共和国证券法》 《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第7号——回购股份》《上海 证券交易所上市公司自律监管指南第2号——业务办理》之第五号《权益分派》 等规定，对华海药业本次差异化权益分派相关事项进行了审慎核查，并出具核查 意见如下： 一、本次差异化权益分派方案 公司分别于 2025 年 4 月 28 日、2025 年 5 月 23 日召开了第八届董事会第三 次会议、2024 年年度股东大会，会议审议通过《公司 2024 年度利润分配方案》 具体内容为："以实施权益分派股权登记日登记的总股本扣除公司回购专用证券 账户股份数后的股本为基数，向全体股东每 10 股派送现金红利 2.5 元（含税）。 公司通过回购专用证券账户所持有的本公司股份不参与本次利润分配。如在实施 权益分派股权登记日期前，因可转债转股、回购股份注销等致使 ...

Core Viewpoint - The report from Zheshang Securities highlights the promising prospects of unmanned vehicles (Robo-X) across various applications, particularly in closed and specialized scenarios such as warehousing, mining, and military use, driven by technological advancements and supportive policies [1][3]. Group 1: Unmanned Vehicle Applications - Unmanned vehicles (Robo-X) have significant potential in multiple scenarios, including passenger transport (Robotaxi), material handling (unmanned forklifts), sanitation (Robosweeper), mining (unmanned mining trucks), military (unmanned combat platforms), and agriculture (unmanned tractors) [2][3]. - The commercial viability of unmanned logistics vehicles (Robovan) is paving the way for broader applications of unmanned vehicles in various sectors [2]. Group 2: Industry Outlook - The essence of unmanned vehicles (Robo-X) lies in the application of autonomous driving technology in specific scenarios, with advancements in algorithms, LiDAR, and domain control chips facilitating faster commercialization [3]. - Three key conditions for the rapid deployment of unmanned vehicles are identified: successful technology implementation, policy support, and sound commercial logic [3]. Group 3: Unmanned Forklift Market Potential - The global market for automated warehousing solutions is projected to exceed 2 trillion RMB, with unmanned forklifts playing a crucial role in enhancing warehouse efficiency and reducing costs [4]. - Traditional warehousing faces challenges such as low space utilization (with rental and operational costs accounting for 8%-12% of total costs) and inefficient labor practices, which unmanned forklifts can address by creating intelligent warehousing systems [4]. - The global market for automated warehousing solutions is expected to grow from approximately 471.1 billion RMB in 2024 to 804 billion RMB by 2029, with a compound annual growth rate (CAGR) of 12% from 2020 to 2024 and 11.3% from 2024 to 2029 [4]. Group 4: AMR Solutions Growth - The global market for Autonomous Mobile Robot (AMR) solutions is anticipated to reach approximately 38.7 billion RMB in 2024, with a CAGR of 30.6% from 2020 to 2024, and is projected to grow to 162.1 billion RMB by 2029, with a CAGR of 33.1% from 2024 to 2029 [5]. - The penetration rate of AMR solutions in the overall automated warehousing sector is expected to increase from 4.4% in 2020 to 20.2% by 2029 [5]. Group 5: Investment Recommendations - Recommended companies include Hangcha Group (leading domestic forklift manufacturer), Zhongli Group (global electric forklift leader), Anhui Heli (state-owned forklift leader), SANY Heavy Industry (leading Chinese construction machinery company), XCMG (emerging global construction machinery leader), Shantui (bulldozer manufacturer), Taotao Vehicle (North American leisure vehicle leader), YTO Group (large tractor leader), Beifang Group (Chinese mining vehicle leader), and Inner Mongolia First Machinery Group (military equipment leader) [6]. - Companies to watch include Zhongyou Technology and Noli Shares [7].

Report Information - Report Title: What are the Patterns in Credit Bond Transactions in the Past Year? — One of the Series on Analyzing Bonds through Volatility [1] - Analyst: Du Jian, CFA from Zheshang Fixed Income [1] - Date: June 27, 2025 [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The report analyzes the indicators for observing secondary - market credit bond transactions and the patterns in credit bond transactions over the past year, including increased preference for second - tier and perpetual (二永) bonds, reduced sustainability of the duration strategy, the potential of the deviation of 二永 bonds from valuation in trading as a leading indicator of yields, and increased selling pressure on long - duration credit bonds during adjustments [3][4] 3. Summary by Relevant Catalogs 3.1 Through which indicators to observe credit bond secondary transactions? - "Price" indicators: Broker transactions can collect a large amount of market trading information. After filtering out invalid quotes, they provide the best price to customers, reflecting comprehensive price information. Suitable for constructing price indicators such as trading deviation, trading yield, and high - valuation trading ratio [4][8] - "Volume" indicators: Traders use brokers to find prices and trading counterparts and then complete transactions on the China Foreign Exchange Trade System (CFETS) or exchange platforms. Platform transactions can fully reflect the specific scale of trading volume, suitable for constructing volume indicators such as trading duration and turnover rate [4][8] 3.2成交规律一：对二永债的偏好大幅提升 - Since July 2024, the trading activity of credit bonds has significantly increased compared to previous years, with the increase in trading volume mainly in 二永 bonds. The reasons are that 二永 bonds are interest - rate amplifiers, facilitating capital gain speculation in a strong downward - interest - rate market, and investors prefer 二永 bonds for their better liquidity during market adjustments. Investors' preference is mainly concentrated on state - owned and joint - stock bank 二永 bonds [12] 3.3成交规律二：久期策略持续性降低 - Since August 2024, long - duration credit bonds have shown a "fast - up - fast - down" pattern, with liquidity issues during corrections. They failed to provide stable excess returns as in 2023 - H1 2024. The trading duration centers of urban investment bonds, industrial bonds, and 二永 bonds have remained at 2.5 years, 3 years, and 3.5 years respectively [13] 3.4成交规律二：近期机构对于城投、产业拉久期诉求高于二永 - In recent duration strategies, the market has focused on extending the duration of medium - and high - grade urban investment and industrial bonds, while the trading duration of state - owned and joint - stock bank 二永 bonds has not significantly increased. This is because the trading duration of 二永 bonds is already high, and the market also wants to balance coupon income. Since March, the yield of short - duration credit bonds has dropped too fast, and since June, it has been difficult for institutions to obtain short - term bonds with a yield above 2%, leading to passive extension of duration to make up for the lack of coupon income [17][18][19] 3.5成交规律三：二永债偏离估值成交幅度或可视作收益率领先指标 - The trading deviation of 二永 bonds from valuation generally leads credit bond yields by 1 - 3 trading days. In the past year, this indicator led the turning points of credit bond yields on September 26, 2024, October 9, 2024, and January 2 - 3, 2025 [25] 3.6成交规律四：调整期间长久期信用债抛售压力加大 - Since 2024, long - duration credit bonds have seen their liquidity issues magnified during market adjustments, with a significantly higher trading deviation than short - duration credit bonds. In 2023, the trading deviation of 二永 bonds across all durations was around 1bp, and the average trading price of general credit bonds over 5 years was even 0.5bp lower than the valuation. In 2024, the high - valuation trading ratio of long - term bonds was higher than that of short - term bonds [29][31][37]

关于绿康生化股份有限公司内幕信息知情人 登记制度的制定和执行情况的核查意见 浙商证券股份有限公司 绿康生化股份有限公司（以下简称"上市公司"或"公司"）拟以现金方式向江 西饶信新能材料有限公司出售其持有的绿康（玉山）胶膜材料有限公司100%股 权、绿康（海宁）胶膜材料有限公司100%股权和绿康新能（上海）进出口贸易有 限公司100%股权（以下简称"本次交易"）。 浙商证券股份有限公司（以下简称"独立财务顾问"）作为上市公司本次交易 的独立财务顾问，对上市公司内幕信息知情人登记制度的制定和执行情况进行了 核查，具体如下： 一、上市公司内幕信息知情人登记制度的制定和执行情况 （一）上市公司内幕信息知情人登记制度的制定情况 幕信息知情人登记管理制度（2020 年 4 月）》。 （二）上市公司内幕信息知情人登记制度的执行情况 在筹划本次交易期间，根据《中华人民共和国证券法》《上市公司信息披露 经核查，本独立财务顾问认为： 息知情人登记管理制度》； 信息采取了必要且充分的保密措施，对内幕信息知情人进行了严格的登记管理， 符合相关法律、法规及规范性文件的规定。 《上市公司监管指引第 5 号—上市公司内幕信息知情人登记管理 ...

Core Viewpoint - The company, Green康生化股份有限公司, plans to sell 100% equity of its photovoltaic film business subsidiaries to 江西饶信新能材料有限公司, with the independent financial advisor, 浙商证券股份有限公司, providing a commitment letter after thorough due diligence [1]. Group 1 - The transaction involves the sale of three subsidiaries: 绿康（玉山）胶膜材料有限公司, 绿康（海宁）胶膜材料有限公司, and 绿康新能（上海）进出口贸易有限公司 [1]. - 浙商证券股份有限公司 acts as the independent financial advisor for this transaction, ensuring compliance with relevant regulations and guidelines [1]. - The commitment letter includes assurances that the financial advisor's opinions align with the disclosed documents and that the information provided is true, accurate, and complete [1].

Core Viewpoint - The report provides an overview of the management of the convertible bonds issued by Zhejiang Dayuan Pump Industry Co., Ltd., detailing the bond's issuance, financial performance, and compliance with regulations [1][2][3]. Group 1: Bond Overview - The total issuance amount of the convertible bonds is capped at 450 million yuan [2][3]. - The bond has a term of 6 years, with an interest rate that increases annually from 0.40% in the first year to 1.50% in the fourth year [3][4]. - The initial conversion price is set at 23.18 yuan per share, while the current conversion price is 20.59 yuan per share [4]. Group 2: Financial Performance - The company's total revenue for 2024 is reported at 1.909 billion yuan, reflecting a 1.57% increase from 2023 [11]. - The net profit for 2024 is recorded at 250.39 million yuan, down 10.86% from the previous year [12]. - The company's total assets as of December 31, 2024, amount to 283.66 million yuan, with a significant increase in fixed assets by 118.34% [11][12]. Group 3: Fund Utilization - The funds raised from the bond issuance are allocated for the expansion project of high-efficiency energy-saving pumps and to supplement working capital [4][13]. - As of December 31, 2024, 367.56 million yuan has been utilized for the expansion project, while 30 million yuan has been used for liquidity [15][16]. Group 4: Compliance and Management - The bond trustee, Zheshang Securities, has fulfilled its responsibilities, ensuring compliance with the bond management agreement and monitoring the issuer's adherence to the bond's terms [5][9]. - There have been no irregularities in the use of raised funds or in the operation of special accounts during the reporting period [16][23]. - The company has maintained a stable operating environment without significant adverse changes affecting its debt repayment capacity [9][22].

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 ...