方正证券承销保荐有限责任公司 关于梦网云科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易相关主体买卖 股票情况自查报告之核查意见 梦网云科技集团股份有限公司（以下简称"上市公司"）拟发行股份及支付现金购 买杭州碧橙数字技术股份有限公司全部股份并募集配套资金（以下简称"本次交易"）。 方正证券承销保荐有限责任公司（以下简称"本独立财务顾问"）作为本次交易的独立 财务顾问，根据《中华人民共和国证券法》 《上市公司重大资产重组管理办法》 《公开 发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》 《监管 规则适用指引——上市类第 1 号》等有关法律、法规及规范性文件的规定，对上市公 司本次交易相关内幕信息知情人买卖上市公司股票的情况进行了核查，具体如下： 一、相关内幕信息知情人核查范围及自查期间 （一）相关内幕信息知情人核查范围 本次交易的内幕信息知情人核查范围包括： 人）； 责人）； （二）相关内幕信息知情人自查期间 本次交易的内幕信息知情人的自查期间为梦网科技就本次重大资产重组事项停 牌前六个月至重大资产重组报告书披露之前一日止，即自 2024 年 7 月 1 日 ...

Core Viewpoint - The A-share market has seen significant gains, with the Shanghai Composite Index reaching a nearly four-year high, and brokerage firms are increasing their dividend payouts, indicating a positive trend in shareholder returns [1][4][5]. Group 1: Dividend Trends - Many brokerage firms are doubling their dividend payouts for 2024 compared to 2023, with Huayin Securities' dividend scale reaching ten times that of 2023 [1][5]. - As of August 13, over ten companies have proposed mid-term dividend plans for 2025, a significant increase from only two and one in 2022 and 2023, respectively [1][8]. - The number of brokerages planning mid-term dividends has surged to 26 in 2024, with expectations for further increases in 2025 [1][8]. Group 2: Specific Brokerage Dividend Data - In terms of per-hand dividend payouts for 2024, GF Securities leads with 40 yuan, followed by China Merchants Securities and Huatai Securities at 37.7 yuan and 37 yuan, respectively [2][11]. - Huayin Securities has seen its total dividend scale for 2024 reach 1.08 billion yuan, a significant increase from 0.108 billion yuan in 2023 [5][6]. - Southwest Securities' 2024 dividend scale is over double that of 2023, reaching 5.65 billion yuan, with plans for three dividend distributions throughout the year [6][8]. Group 3: Dividend Payment Rates - Among brokerages with a payout ratio above 50%, Guolian Minsheng leads at 80.04%, followed by Hongta Securities and Southwest Securities at 63.59% and 61.76%, respectively [12][14]. - In contrast, major brokerages like China Merchants Securities and GF Securities maintain payout ratios around 30%, with some even below 20% [12][14]. Group 4: Future Dividend Planning - More than ten brokerages have established three-year shareholder return plans for 2024-2026, indicating a strategic focus on long-term shareholder value [9][10]. - The upcoming half-year reports, typically released in late August, are expected to coincide with the announcement of mid-term dividend plans, potentially increasing the number of brokerages disclosing such plans [9][10].

方正证券发布研报称，2024年，全球PCB总产值达735.65亿美元(约合人民币5252亿元)，同比增长 5.8%。随着AI应用加速演进，PCB行业将进入新的增长周期，高端产品存在供需缺口。建议关注PCB设 备多领域布局的全球龙头企业大族激光（002008）(002008.SZ)，高价值量环节钻孔设备/耗材：鼎泰高 科（301377）(301377.SZ)、中钨高新（000657）(000657.SZ)，曝光设备：芯碁微装(688630.SH)，电镀 设备：东威科技(688700.SH)，SMT设备：凯格精机（301338）(301338.SZ)。 方正证券主要观点如下： 2024年全球PCB专用设备市场规模约为70.85亿美元(约合人民币506亿元)，2020-2024CAGR约为4.9%， 预计到2029年达到107.65亿美元市场规模(约合人民币769亿元)，以8.7%的CAGR增长。PCB加工包括钻 孔、曝光、检测、电镀、压合、成型、贴附等环节。其中，钻孔、曝光是设备价值量占比最高的两个环 节，占比分别为20.7%、17%，其次，检测设备种类繁多，占比15%，成型设备、电镀设备占比8.7%、 7.2% ...

上市券商近期相继召开业绩说明会。 昨日，方正证券、中原证券召开2023年第三季度业绩说明会。至此已有超过13家券商召开了三季度业绩 说明会，且还有其他券商公告拟召开业绩说明会安排。 通过系列业绩说明会可以发现，投资者除了关心业绩波动原因等常规问题外，还关注证券业并购重组传 闻以及投行领域针对在审项目的舆情新规等。 投资者询问业绩波动原因 三季报早已披露完毕，针对券商三季报业绩的解读仍在持续。 海通证券总经理李军表示，公司前三季度归母净利润同比减少，一方面受全球加息影响，利息支出增 加，利息净收入同比减少；另一方面是市场交投不活跃，相关收入同比减少。 李军说，下一步，海通证券将在优化存量资源的基础上加大投入，坚持长期经营理念，做大、做强业 务，做精、做优服务，做细、做实管理，持续完善"以客户为中心的业务体系，以业务为中心的管理体 系"，进一步探索共赢合作模式，提升面向客户全生命周期的综合金融服务能力，推动各项业务加快发 展。 同时，一些中小券商前三季度业绩大幅增长也受到投资者的关注。国金证券今年前三季度实现营业收入 50.28亿元，同比增长20.31%；实现归母净利润12.36亿元，同比增长50.27%。 对此 ...

Core Viewpoint - Guangxin Materials has received approval from the China Securities Regulatory Commission for a simplified stock issuance to raise funds for its electronic photosensitive materials project, aiming to enhance production capacity and financial stability [1][4]. Fundraising and Investment Projects - The company plans to issue 7.9151 million shares at a price of 18.13 yuan per share, raising a total of 143.5 million yuan, which will be directed towards the annual production of 50,000 tons of electronic photosensitive materials and supporting materials [1][2]. - The previous fundraising effort raised 95.985 million yuan, leaving a significant funding gap for the project, necessitating this new round of financing [2][4]. Production Capacity and Product Development - Upon full production, the project is expected to yield an annual output of 16,000 tons of PCB photoresist, 15,000 tons of specialty coatings, 12,000 tons of self-produced resin, 2,000 tons of photoresist for displays and semiconductors, and 5,000 tons of supporting materials [3][5]. - The project aims to optimize existing production capacity and expand into new markets, particularly in photovoltaic new materials and coatings, thereby creating new business growth points [3][6]. Financial Impact and Market Position - The successful fundraising will alleviate external financing pressures, significantly improve the company's total assets and net assets, and enhance its capital structure, thereby reducing financial risks and improving debt repayment capabilities [4][5]. - Analysts predict that the company will achieve an average annual revenue of 1.447 billion yuan and a net profit of 128 million yuan post-project completion [5][7]. Market Recognition and Future Outlook - The simplified fundraising plan has received a "recommended" rating from brokerage firms, indicating confidence in the company's growth potential and capacity expansion [5][7]. - Forecasts suggest that from 2025 to 2027, the company will achieve revenues of 620 million yuan, 827 million yuan, and 1.057 billion yuan, with corresponding net profits of 54 million yuan, 107 million yuan, and 167 million yuan [7].

Group 1 - The global PCB market size is expected to decline by 15% to $69.517 billion in 2023 due to global inventory pressure and interest rate hikes aimed at curbing inflation, but it is projected to enter a new growth cycle in 2024 with a total output value of $73.565 billion, representing a year-on-year growth of 5.8% [1] - In 2024, the output value and production of 18+ layer multilayer boards are expected to grow by 25.2% and 35.4% respectively, making them the fastest-growing products in the PCB segment [2] - The demand for HDI boards is driven by applications in AI servers, high-speed networks, and satellite communications, leading to an 18.8% year-on-year growth in HDI [2] Group 2 - The global PCB equipment market is projected to reach approximately $7.085 billion in 2024, with a CAGR of about 4.9% from 2020 to 2024, and is expected to grow to $10.765 billion by 2029, with a CAGR of 8.7% [3] - Drilling and exposure processes account for the highest value proportions in PCB processing equipment, at 20.7% and 17% respectively, followed by testing equipment at 15% [3] - The demand for high-precision boards like HDI is increasing, which raises the requirements for processing technology and equipment, particularly in drilling, exposure, and electroplating [4]

博时、兴证全球APP上半年月活跃用户均减少超1万。南方基金、广发基金、中欧财富、汇添富现金 宝、鹏华A加钱包等APP也均出现不同程度下滑。 具体来看，广发基金APP在短暂触及8万月活跃用户后回落，上半年减少0.35万；汇添富现金宝从13.07 万的高点持续下滑至7.73万，或逼近盈利临界点；鹏华A加钱包月活跃用户仅余0.59万，日均活跃用户 不足两千；博时基金APP上半年月活跃用户减少1.78万，按最新2.03万的基数计算，前景不容乐观。 相比之下，券商类APP的同期月活数以"几十万"为底线，最差也在这一量级之上。 近日，平安基金宣布终止旗下APP运营，成为基金行业又一家选择关闭移动客户端的公司。自2019年信 达澳亚基金率先终止APP运营以来，中小公募基金公司缩减自营APP的趋势逐渐显现。过去一年间，前 海开源基金、国寿安保基金、财通基金、光大保德信基金、长盛基金等多家公募也已陆续关停其独立 APP业务。 净值萎缩、月活跃用户（MAU）下滑、运营规模过低，已成为基金APP面临的普遍压力。早期，基金 公司建设自有APP旨在掌握客户与数据，减少对第三方代销渠道的依赖。然而，当前情况已发生显著变 化——高昂的技术 ...

Group 1 - The core viewpoint is that the tightening of supply in the coal industry is becoming an investment theme, with the oversupply situation expected to gradually reverse, leading to a potential increase in coal prices [1] - The demand for coal is expected to rise as temperatures increase, resulting in higher daily coal consumption in thermal power plants, which may improve the coal supply-demand balance [1] - The current inventory depletion is faster than in previous years, with the first quarter of 2025 showing a significant increase in coal inventory at northern ports due to a slowdown in industrial electricity growth and stable demand from industries like cement and chemicals [2] Group 2 - The strong demand for coal during the summer peak in 2025 is leading to rapid inventory depletion, with the inventory dynamics reflecting changes in the supply-demand environment [3] - The investment logic suggests that elastic stocks are likely to benefit from the tightening of supply, with expectations of increased thermal coal demand due to higher summer temperatures [4] - The establishment of a policy bottom for coal prices provides a profit floor for coal companies, ensuring high dividend-paying stocks have guaranteed earnings and potential valuation increases [5]

从新任高管的背景来看，他们多具备丰富的跨行业从业经验。公开信息显示，财通证券即将迎来的新任 总经理应朝晖具备丰富的国资企业管理经验，曾任浙江农商联合银行副行长、浙江省担保集团有限公司 董事长。国投证券新任董事长王苏望曾任中国建设银行莆田市分行储蓄所主任、中信证券投资银行部职 员、招商证券投资银行总部战略客户部总经理、国投证券金融衍生品部总经理等职位。 原标题：多家券商高管"换新" 复合业务背景、市场化招聘成标配 当前，证券行业正加速转向高质量发展，日趋激烈的行业竞争为券商带来了新的机遇与挑战，也向各家 券商的"掌舵人"提出了更高的要求。 近期，证券行业高管密集变动，人才"新陈代谢"不断加速。其中，复合职业背景的高管人才受到青睐， 同时，市场化招聘成为多家券商的人才选拔方式，折射出行业人才生态的进一步优化。 近期，证券行业高管密集变动。8月1日，信达证券公告披露，因工作调整，祝瑞敏辞去公司董事、总经 理职务。7月21日，第一创业发布公告称，吴礼顺因工作调动辞去公司第五届董事会董事长、董事、战 略与可持续发展委员会主任委员职务。7月18日，长城证券披露，李翔因个人原因申请辞去公司总裁、 财务负责人职务。7月4日， ...

Core Insights - The report from Founder Securities indicates that after a continuous rise in stock prices, the valuation levels of small and micro-cap stocks have significantly increased, yet both absolute and relative valuation levels remain considerably below historical extremes [1][3] Valuation Analysis - Small-cap companies are expected to yield significant excess returns by 2025, with the CSI 2000 index showing a year-to-date increase of 25.3%, outperforming other major indices [2] - The Wande Micro-cap Index has surged over 50%, reaching historical highs, while the overall P/E ratio of the CSI 2000 index is currently at 146 times, and the P/B ratio is 2.75, both being the highest since the index was launched in 2023 [2] - The overall valuation of small-cap stocks is heavily influenced by a few loss-making companies, with the CSI 2000 index reporting a total net profit of 77.5 billion, contrasted by losses totaling 121.1 billion from loss-making firms [2] Relative Valuation Comparison - A comparison of the smallest 20% of A-share companies against the largest 20% shows a median P/E ratio of 1.17 times and a median P/B ratio of 1.09 times, indicating that relative valuation levels are consistent with those of the CSI 2000 constituents and even lower [3] - Despite the increase in stock prices, the valuation levels of small and micro-cap stocks have risen but still have a significant distance to historical peaks, suggesting that the small-cap style may reflect the innovative exploration characteristics during the economic transformation and upgrading period [3]