Core Points - The company, Hangzhou Oxygen Plant Group Co., Ltd., has received approval from the China Securities Regulatory Commission to publicly issue convertible bonds totaling 1.137 billion yuan with a term of six years [1][2][3] - The initial conversion price for the bonds is set at 28.69 yuan per share, which may be adjusted based on specific corporate actions such as stock dividends or capital increases [4][5][6] - The bonds will pay interest annually, with the first-year interest rate at 0.20% and the second-year rate at 0.40% [3][4] Bond Issuance Details - The total amount of the convertible bonds issued is 1.137 billion yuan, with each bond having a face value of 100 yuan [2][3] - The bonds will be issued on May 19, 2022, and will have a maturity period of six years [3] - Interest will be paid once a year, with the first payment occurring one year after the issuance date [4] Conversion and Redemption Terms - The conversion period for the bonds starts six months after issuance and lasts until the maturity date [4][5] - The company has the right to redeem the bonds at 108% of the face value plus the last interest payment within five business days after maturity [9] - Holders of the bonds can sell them back to the company at face value plus accrued interest if the stock price falls below 70% of the conversion price during the last two interest years [10][11] Use of Proceeds - The proceeds from the bond issuance will be used for specific projects, with a total investment of 1.38377 billion yuan, of which 1.137 billion yuan will be funded by the bond issuance [12][16] - Any shortfall in funding will be covered by the company through self-raised funds [12] Impact of Stock Buyback - The company plans to repurchase and cancel 5,539,375 shares of restricted stock due to unmet performance targets, which will affect the conversion price of the bonds [15][17] - The adjusted conversion price after the stock buyback will be 26.07 yuan per share, effective from July 21, 2025 [18][19]

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].

Core Viewpoint - The transaction involves the cash acquisition of 100% equity in three companies by Shenzhen Yushun Electronics Co., Ltd., constituting a significant asset restructuring [2]. Group 1: Transaction Details - The transaction includes the acquisition of Zhong'en Cloud (Beijing) Data Technology Co., Ltd., Beijing Shenhui Biyuan Cloud Computing Technology Co., Ltd., and Zhong'en Cloud (Beijing) Data Information Technology Co., Ltd. [2]. - The independent financial advisor, Zheshang Securities, confirms that there are no direct or indirect paid third-party hires in this transaction [3]. Group 2: Compliance and Verification - The independent financial advisor conducted a review and found that the company has only hired necessary third-party intermediaries, including legal and auditing firms, in compliance with relevant laws and regulations [3]. - The company has engaged overseas law firms to verify the qualifications of the transaction counterparties, ensuring adherence to the regulatory requirements [2][3].

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].

Core Viewpoint - The transaction involves the cash acquisition of 100% equity in three companies by Shenzhen Yushun Electronics Co., Ltd., and it complies with the relevant regulations of the Major Asset Restructuring Management Measures for Listed Companies [2][9]. Compliance with National Policies - The transaction aligns with national industrial policies as the target companies provide data center infrastructure services to large internet companies, which are not classified as restricted or eliminated industries [2]. - The transaction adheres to laws and regulations regarding environmental protection, land management, anti-monopoly, foreign investment, and outbound investment, with no significant violations reported [2][3]. Stock Listing Conditions - The transaction will not affect the stock structure or total equity of the listed company, ensuring compliance with the stock listing conditions as per the Securities Law and Shenzhen Stock Exchange rules [3][4]. Fair Asset Pricing - The asset pricing for the transaction is fair and based on evaluations from independent asset appraisal institutions, ensuring no harm to the rights and interests of the listed company and its shareholders [4][5]. Clear Asset Ownership - The ownership of the assets involved in the transaction is clear, with no legal obstacles to the transfer of assets, and the handling of related debts is lawful [5][6]. Enhancement of Operational Capability - The transaction is expected to enhance the listed company's operational capabilities by adding a data center business, improving asset quality, and ensuring long-term stable development [6][7]. Independence from Actual Controllers - The transaction maintains the independence of the listed company from its actual controllers and related parties in various aspects, complying with the relevant regulations of the China Securities Regulatory Commission [7][8]. Governance Structure - The transaction will not significantly alter the existing governance structure of the listed company, which is already compliant with the Company Law and Securities Law, and will further enhance governance practices [8][9].