Core Viewpoint - The legal opinion confirms that the annual general meeting of Founder Securities Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy of the meeting and its voting results [3][15]. Meeting Convening and Conduct - The meeting was convened by the board of directors on March 28, 2025, and was scheduled for May 30, 2025, at 14:30 in Beijing [4][6]. - The meeting utilized a combination of on-site voting and online voting, with specific time frames for each voting method [5][6]. Attendance and Voting - A total of 1,522 shareholders and their proxies attended the meeting, holding 3,452,941,803 shares, which accounted for 41.9448% of the total voting shares [6][7]. - Online voting included 1,520 shareholders, holding 896,763,240 shares, representing a significant portion of the total voting rights [7]. Voting Results - The voting results showed overwhelming support for the proposed resolutions, with approval rates exceeding 99% for multiple resolutions [8][10][12][14]. - Specific resolutions received votes such as 4,336,416,059 shares in favor, representing 99.6944% of the valid votes [8]. Legal Compliance - The legal opinion asserts that all procedures for convening and conducting the meeting complied with the Company Law and the company's articles of association, confirming the legitimacy of the meeting and its outcomes [15].

证券代码：601901 证券简称：方正证券 公告编号：2025-021 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。 公司第五届董事会第十五次会议于 2025 年 5 月 30 日以现场加视频的方式在公司 会议室召开。本次会议的通知和会议资料于 2025 年 5 月 23 日以电子邮件方式发出。 本次会议由董事长施华先生召集和主持，应出席董事 9 名，实际出席董事 9 名（施华 先生、姜志军先生、李岩先生、宋洪军先生、张忠民女士现场参会，张路先生、曹诗 男女士、林钟高先生、柯荣富先生视频参会），公司 3 名监事列席了会议。本次会议的 召集、召开程序符合《公司法》、公司《章程》的有关规定。 经审议，本次会议形成如下决议： 审议通过了《关于补选董事会专门委员会成员的议案》 董事会同意补选姜志军先生为董事会战略发展委员会委员、提名委员会委员。 方正证券股份有限公司 第五届董事会第十五次会议决议公告 主任委员：柯荣富；委员：姜志军、林钟高 表决结果：同意 9 票，反对 0 票，弃权 0 票。 特此公告。 方正证券股份有限公司董事会 ...

2024年年度股东大会决议公告 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 （一）股东大会召开的时间：2025 年 5 月 30 日 证券代码：601901 证券简称：方正证券 公告编号：2025-020 方正证券股份有限公司 （五）公司董事、监事和董事会秘书的出席情况 （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： | 1、出席会议的股东和代理人人数 | 1,522 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 4,349,705,043 | | 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（%） | 52.8383 | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等 （二）股东大会召开的地点：北京市朝阳区朝阳门南大街 10 号兆泰国际中 心 A 座 19 层会议室 1、公司在任董事8人，出席8人； 2、公司在任监事3人，出席3人； ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》《方正证券股份有限公司章程》（以下简称"《公司章程》"）等 规定，就本次会议的召集和召开程序、出席会议人员和召集人的资格、会议的表决程 序和表决结果发表法律意见。 关于本法律意见书，本所及本所律师谨作如下声明： （1）在本法律意见书中，本所律师仅就公司本次会议的召集和召开程 ...

Group 1 - The issuance of shares by Xinhenghui Electronics Co., Ltd. is set to take place, with the lead underwriter being Founder Securities Co., Ltd. [11] - The offline subscription will have a maximum elimination ratio of 3% for the highest bids after the initial inquiry, ensuring a fair distribution among qualified investors [1] - The effective bids must meet the determined issuance price and not be part of the eliminated highest bids, allowing only those who submitted valid bids to participate in the offline subscription [2] Group 2 - The lock-up period for offline investors is set at 6 months for 10% of the shares allocated, while 90% will have no restrictions and can be traded immediately upon listing [3] - The minimum market value requirement for offline investors is set at 1 million yuan for certain funds and 6 million yuan for other designated investors, based on their holdings in non-restricted A-shares [4] - Online investors must have an average market value of at least 10,000 yuan in non-restricted A-shares to participate in the online subscription [5] Group 3 - The subscription dates for both offline and online investors are scheduled for June 11, 2025, with specific time slots allocated for each type of subscription [6] - Investors are required to express their subscription intentions independently and cannot delegate this task to brokerage firms [6] - A mechanism for adjusting the scale of offline and online issuance will be implemented based on the subscription results [6] Group 4 - Offline investors must pay for their allocated shares by June 13, 2025, and are responsible for ensuring that their payments are correctly processed [7] - Any shares that are not subscribed by offline and online investors will be underwritten by the lead underwriter [8] - If the total subscriptions fall below 70% of the public offering amount after deducting strategic placements, the issuance will be suspended [8] Group 5 - Investors who fail to fulfill their subscription obligations may face penalties and be reported to the China Securities Association [8][9] - Continuous defaults on payments for online subscriptions may result in a ban from participating in future offerings for a specified period [9] - The company acknowledges the inherent risks associated with the ChiNext market, which includes high operational risks and potential instability in performance [10]

Core Viewpoint - The company, Xin Heng Hui Electronics Co., Ltd., is planning to apply for an initial public offering (IPO) and listing on the ChiNext board, with the underwriting and sponsorship provided by Founder Securities [1][2]. Company Overview - Company Name: Xin Heng Hui Electronics Co., Ltd. - Legal Representative: Ren Zhijun - Established: December 7, 2017 (Limited Company), November 16, 2020 (Joint Stock Company) - Registered Capital: 179.67 million yuan - Location: Zibo High-tech Zone, Shandong Province [2]. Main Business - The company is an integrated circuit enterprise engaged in the research, production, sales, and packaging testing services of chip packaging materials. Its main businesses include smart card business, etched lead frame business, and IoT eSIM chip packaging and testing services [2][3]. Core Technologies - The company's core technologies include high-precision patterning on metal surfaces, metal surface treatment technologies, and other proprietary technologies. Specific technologies include: - High-precision patterning technology for lead frame products [3][5]. - Continuous roll production technology for etched lead frames [6]. - Selective electroplating technology to reduce production costs [8][9]. - AI visual inspection technology for quality control [11] [12]. Research and Development - The company adopts a self-research model and has established a research and development center. It has developed a standardized R&D process and quality control system, ensuring effective management of quality, risks, and costs in new product development [13][25]. Financial Data - The company reported operating revenues of 683.81 million yuan, 766.73 million yuan, and 185.97 million yuan for the respective reporting periods. The net profit attributable to shareholders was 185.97 million yuan, with a net profit margin of approximately 27.2% [14][16]. - The company has a current ratio of 8.34 and a quick ratio of 6.94, indicating strong liquidity [13]. Market Position - The company holds a market share of approximately 32% in the flexible lead frame market and around 13% in the smart card module market as of the end of 2024 [15]. - The smart card business remains the primary source of revenue and profit for the company, with sales revenue of 561.81 million yuan [15]. Awards and Projects - The company has received several important awards, including recognition as a "Specialized, Refined, and New" small and medium-sized enterprise in Shandong Province for 2023 [13]. - It has undertaken significant research projects, including innovations in lead frame production technology to meet the requirements of large-scale integrated circuits [13].

Core Viewpoint - The market share of high-temperature superconducting materials is expected to gradually expand due to the ongoing development and application of superconducting cables and controllable nuclear fusion, with ReBCO tape promising significant cost reductions and broad commercial prospects [1][2]. Group 1: Superconducting Materials - Superconducting materials exhibit zero resistance and complete diamagnetism, making them valuable in various applications including power energy, medical equipment, transportation, quantum information computing, defense industry, and scientific research [2]. - Currently, low-temperature superconducting materials account for over 90% of the global superconducting materials market, while high-temperature superconducting materials have limited market application due to technological constraints [2][3]. - The ITER project indicates that superconducting magnets constitute 28% of the total cost, highlighting their critical role in Tokamak devices [2]. Group 2: High-Temperature Superconductors - ReBCO tape is expected to significantly reduce production costs compared to first-generation high-temperature superconductors, showing great potential in the development of superconducting magnet systems operating above 16T@4.2K [1][2]. - High-temperature superconductors can operate at higher temperatures and possess greater thermal inertia, making them more robust and suitable for complex and harsh environments, thus expanding their application range [3]. Group 3: Related Companies and Opportunities - Key companies involved in the nuclear fusion supply chain include Guoguang Electric, Hezhong Intelligent, and Lianchuang Optoelectronics, focusing on various components and systems [4]. - Companies specializing in superconducting magnets include Yongding Co., Dongfang Tantalum, and Xibu Superconductor, which produce high-temperature and low-temperature superconducting materials [4]. - The power supply sector includes companies like Yingjie Electric and Xu Guang Electronics, which provide essential components for nuclear fusion projects [4].

Core Viewpoint - The overall market trend is focused on growth, with an emphasis on domestic demand and domestic substitution as key investment dimensions [1]. Group 1: Market Performance - As of May 27, 2025, the CSI 500 Quality Growth Index (930939) decreased by 0.55%, with component stocks showing mixed performance [1]. - Among the top gainers, Debon Securities (603056) rose by 8.37%, while the biggest decliner, Jincheng Mining (603979), fell by 4.08% [1]. - The CSI 500 Quality Growth ETF (560500) also saw a decline of 0.32%, with the latest price at 0.93 yuan [1]. - The ETF experienced a significant increase in shares, growing by 3 million shares over the past week, ranking it in the top third among comparable funds [1]. Group 2: Index Composition - The CSI 500 Quality Growth Index is composed of 100 listed companies selected from the CSI 500 Index, focusing on those with high profitability, sustainable earnings, and strong cash flow [2]. - As of April 30, 2025, the top ten weighted stocks in the index accounted for 24.07% of the total index weight, with Chifeng Gold (600988) being the largest at 3.13% [2][4].

Core Viewpoint - The global AI smart glasses market is projected to reach 1.52 million units in 2024, with Ray-Ban Meta expected to sell over 1.42 million units, and a 230% growth anticipated in 2025, reaching 3.5 million units [1][2] Group 1: Market Growth and Sales - Ray-Ban Meta has achieved sales of 1.42 million units in 2024, making it a leading product in the AI smart glasses market [1] - The total global sales of AI smart glasses are expected to reach 1.52 million units in 2024, with a significant increase to 3.5 million units in 2025, representing a 230% year-on-year growth [1][2] Group 2: Technological Advancements - The integration of AI and AR technologies is set to redefine human-computer interaction, with Micro LED and waveguide solutions likely to become the mainstream optical solutions [1][2] - Meta's new AR glasses prototype, Orion, features a split design and utilizes MicroLED projection technology, providing a 70-degree field of view and enhanced interaction capabilities through AI [2] Group 3: Industry Trends - Major industry players are actively investing in AI+AR glasses, with Meta leading the XR market and expected to expand its presence in the AI+AR sector [2] - The optical components and display devices are critical for cost reduction and efficiency in AR devices, with waveguide technology transitioning from traditional glass to silicon carbide materials, enhancing performance and reducing weight [2]

Core Viewpoint - The current Chinese nutrition and health food market is undergoing significant transformation, with new consumption trends creating opportunities for growth, particularly for leading B-end enterprises [1] New Channels - Four core growth directions identified: interest e-commerce and grass-planting communities, online cross-border sales, private domain e-commerce, and new retail offline. a) Douyin-driven interest e-commerce and Xiaohongshu-based grass-planting communities are thriving, with Douyin's health product sales expected to grow by 52.5% year-on-year in 2024; b) Online cross-border health products are experiencing explosive growth, with Douyin's global purchase GMV projected to increase by 204% year-on-year in 2024; c) Private domain e-commerce is characterized by high average order value and strong repurchase rates, expected to develop rapidly; d) Offline new retail supermarkets are in the process of expanding, with significant growth anticipated in health product sales [2] New Trends - The diversification of efficacy and the emergence of snack-like dosage forms are raising demands on supply-side R&D capabilities. The "self-care economy" is flourishing, leading consumers to have more specific and personalized efficacy expectations; emerging dosage forms like gummies and beverages offer palatability and convenience, fostering daily consumption habits [3] All-Age Groups - The consumer base for health products is becoming increasingly age-diverse. Young consumers are emerging as a new force in health product consumption due to the popularization of health and wellness concepts and work-related stress. Initially dominated by the "her economy," focusing on oral beauty, weight management, and women's health, the market is now seeing active participation from the "his economy," with manufacturers focusing on liver protection and fatigue resistance [4] Advantages of Leading B-End Enterprises - As new consumer brands in the nutrition and health food industry rise, C-end sales are expected to grow at a mid-to-high single-digit CAGR. The market for dietary supplements in China is projected to reach 232.34 billion yuan in 2024, with a year-on-year growth of 3.7%. Despite a slowdown due to a high base in 2023 and significant declines in pharmacy channels, the long-term growth trend remains intact. The per capita consumption of nutrition and health products in China is significantly lower than in mature markets like the US, Japan, and Australia, indicating potential for growth. The "Healthy China" strategy, stable economic development, and the expansion of the consumer base across all age groups are expected to drive continued growth in the C-end market. Enterprises with stronger R&D capabilities and scale advantages are likely to capture higher market shares, with the B-end market further concentrating towards leading players [5]