（企业公告） (编辑：王璨 林辰) 2025年8月4日，公司通过辅导机构中金公司向中国证券监督管理委员会四川监管局提交了公司向不特定 合格投资者公开发行股票并在北京证券交易所上市的辅导备案申请材料。 近日，幺麻子食品股份有限公司发布申请公开发行股票并在北交所上市辅导备案及其进展公告。当中披 露，2025年7月30日，幺麻子与中国国际金融股份有限公司（以下简称"中金公司"）签署了《幺麻子食 品股份有限公司（作为辅导对象）与中国国际金融股份有限公司（作为辅导机构）关于向不特定合格投 资者公开发行股票并在北京证券交易所上市之辅导协议》，辅导机构为中金公司。 ...

新三板公司么麻子公告，已经开始申请在北交所上市的辅导工作。 1 、这不是么麻子首次启动 IPO，么麻子早在2020年9月就启动深交所创业板上市计划，公司向四川证 监局提交辅导备案。2021年3月，么麻子改为向深交所主板上市，拟募资 5.65 亿。 3 、 2024 年 8 月 23 日，深交所连发 4 份处罚公告，对么麻子、中国国际金融股份有限公司、天职国际 会计师事务所(特殊普通合伙)、北京市君合律师事务所(均被采取书面警示的自律监管措施。中国证监会 现场检查发现，么麻子实际控制人之一的赵麒2022年5月至6月转出80万元至彭兆祥，对此解释为「个人 借款」。经保荐机构补充覈查，赵麒转给彭兆祥80万元，其中包括14万元借款、44万元资金周转款、20 万元「洪雅县德元么姑娘夜宵店」(下称「么姑娘」)营运资金及2万元预支款。彭兆祥于2021年4月注册 成立了么姑娘，报告期内赵麒为么姑娘实际控制人，提供经营所需资金，彭兆祥负责日常经营事务。 4 、有意思的是，么麻子此次选择北交所，意味着不用到现场信息抽查的死亡组，有效规避了证监会规 定的现场调查。如果么麻子成功，可能对于日常信息披露比较有问题的企业是一个借鉴。 2 ...

新三板公司幺麻子公告，已经开始申请在北交所上市的辅导工作。 1 、这不是幺麻子首次启动 IPO，幺麻子早在2020年9月就启动深交所创业板上市计划，公司向四川证 监局提交辅导备案。2021年3月，幺麻子改为向深交所主板上市，拟募资 5.65 亿。 2 、2022年4月，幺麻子遭遇证监会43问。证监会提出的反馈意见包含四大类——要求说明信息披露问 题、规范性问题、财务会计资料相关问题及其他问题。注册制之后，幺麻子在深交所又被问询，但幺麻 子连一次问询回复都没。原因是中国证监会启动了对幺麻子的现场调查，被发现了信息披露问题。 2023 年 12 月 30 日，幺麻子撤回了 IPO 。 3 、 2024 年 8 月 23 日，深交所连发 4 份处罚公告，对幺麻子、中国国际金融股份有限公司、天职国际 会计师事务所(特殊普通合伙)、北京市君合律师事务所(均被采取书面警示的自律监管措施。中国证监会 现场检查发现，幺麻子实际控制人之一的赵麒2022年5月至6月转出80万元至彭兆祥，对此解释为"个人 借款"。经保荐机构补充核查，赵麒转给彭兆祥80万元，其中包括14万元借款、44万元资金周转款、20 万元"洪雅县德元幺姑娘夜宵 ...

年内涨幅最高超50%的公募REITs资产，又有新品来了。 近日， 证监会官网披露，中金唯品会奥特莱斯封闭式基础设施证券投资基金（以下简称中金唯品会奥莱REIT）正式获得证监会准予注册的 批复，并获得上交所无异议函。同时，中航京能光伏REIT申报的基金扩募，也获得了准予变更注册的批复。 【导读】公募REITs上新，又有两只产品获批 中国基金报记者 李树超 8月5日，上交所官网也显示，上述两只产品均"注册生效"。 | | 上海 春文 8 2 REITS 首页 | 项目动态 | | 信息披露 | 行情信息 | 新闻动态 | | 规则指南 | | 业务办理 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目动态 | | | | | | | | | | | | 项目状态 | 全部 已申报 已受理 已反馈 | | 通过 | 未通过 | | | | | | | | 编号 | 公墓REITs名称 | | 申报类型 | | 管理人 | 项目状态 | 申新日期 | | 受理日期 | | | 1 | 中金唯品会奥特莱斯封闭式基础设施证 ...

Core Viewpoint - In the first seven months of 2025, A-shares saw 59 companies listed, a year-on-year increase of 18.00%, with a total fundraising net amount of 544.21 billion yuan, up 63.83% from the previous year [2] Group 1: Listing and Fundraising - A total of 59 new companies were listed, comprising 14 on the Shanghai Main Board, 8 on the Sci-Tech Innovation Board, 8 on the Shenzhen Main Board, 22 on the Growth Enterprise Market, and 7 on the Beijing Stock Exchange [2] - The net fundraising amount of these companies reached 544.21 billion yuan, compared to 332.18 billion yuan in the same period last year [2] Group 2: Fees Charged by Intermediaries - The total fees charged by IPO intermediaries for these 59 companies amounted to 43.90 billion yuan, with underwriting and sponsorship fees at 30.22 billion yuan, legal fees at 4.48 billion yuan, and audit fees at 9.20 billion yuan [2] - The ranking of underwriting and sponsorship fees by board is as follows: Growth Enterprise Market, Shanghai Main Board, Sci-Tech Innovation Board, Shenzhen Main Board, and Beijing Stock Exchange [3] Group 3: Average Fees by Board - The average underwriting and sponsorship fee is highest in the Sci-Tech Innovation Board at 68.96 million yuan, while the lowest is in the Beijing Stock Exchange at 22.63 million yuan [6] - The average legal fee is highest in the Sci-Tech Innovation Board at 8.30 million yuan, and the lowest in the Beijing Stock Exchange at 3.63 million yuan [6] - The average audit fee is highest in the Shanghai Main Board at 21.17 million yuan, and the lowest in the Beijing Stock Exchange at 5.29 million yuan [6] Group 4: Top Intermediaries - CITIC Securities ranked first in total underwriting and sponsorship fees at 3.28 billion yuan, followed by Guotai Junan and CITIC Jianzhong at 3.28 billion yuan and 3.17 billion yuan respectively [8] - The top three law firms by total fees are Shanghai Jintiancheng, Beijing Zhonglun, and Zhejiang Tiance, with total fees of 66.14 million yuan, 46.18 million yuan, and 35.24 million yuan respectively [11] - The top three accounting firms by total fees are Rongcheng, Tianjian, and Ernst & Young Huaming, with total fees of 1.77 billion yuan, 1.53 billion yuan, and 1.33 billion yuan respectively [14]

Core Viewpoint - The securities sector is experiencing positive momentum, with significant increases in stock prices and trading volumes, indicating strong investor interest and potential growth opportunities in the market [1][3][6]. Group 1: Market Performance - The CSI All Share Securities Company Index rose by 0.38% as of August 5, 2025, with notable increases in individual stocks such as Xinda Securities (up 5.59%) and Dongxing Securities (up 2.60%) [1]. - The securities ETF managed by Harvest (562870) also saw a rise of 0.40%, reflecting overall positive sentiment in the sector [1]. Group 2: Trading Activity - The securities ETF by Harvest recorded a turnover rate of 1.55% and a transaction volume of 5.3764 million yuan, with an average daily trading volume of 38.984 million yuan over the past year [3]. - In the past week, the ETF's scale increased by 83.6478 million yuan, marking the highest growth among comparable funds, and its shares grew by 94 million [3]. Group 3: Fund Inflows - Over the last five trading days, the Harvest securities ETF experienced net inflows on four occasions, totaling 111 million yuan, indicating strong investor confidence [3]. Group 4: Sector Composition - As of July 31, 2025, the top ten weighted stocks in the CSI All Share Securities Company Index accounted for 60.37% of the index, with companies like Dongfang Wealth and CITIC Securities leading the list [3][4]. Group 5: Earnings Forecast - As of August 1, 2025, 27 listed securities firms had released their semi-annual earnings forecasts, with 24 firms expected to be profitable, including 23 firms projecting earnings growth [6]. - The brokerage and margin trading businesses are benefiting from favorable policies, leading to increased market transactions, while the investment banking sector is seeing a recovery in IPOs and refinancing activities [6][7]. Group 6: Investment Opportunities - The positive earnings forecasts, combined with ongoing capital market reforms and expectations of liquidity easing, suggest that there are significant investment opportunities in the brokerage sector for the second half of the year [7].

Investment Rating - The report maintains a neutral stance on the stock market, cautious on bonds, and optimistic on commodities [2][4]. Core Insights - The report highlights that the PPI was below expectations while social financing and CPI exceeded expectations, leading to a neutral outlook for the stock market. GDP growth was above expectations, putting pressure on the bond market, while the commodity market outlook remains optimistic [1][2]. - The industry rotation model for August recommends sectors such as comprehensive, comprehensive finance, media, agriculture, forestry, animal husbandry, fishery, telecommunications, and light industry manufacturing, indicating a shift from real estate and consumer services [4][12]. - The small-cap growth style is expected to continue its dominance, supported by macroeconomic indicators and investor sentiment [5][6]. Summary by Sections Economic Indicators - As of the end of July, PPI was below expectations, while social financing and CPI were above expectations, leading to a neutral view on the stock market. GDP growth was consistently above expectations, negatively impacting the bond market [2][4]. Industry Recommendations - The August industry rotation model recommends comprehensive, comprehensive finance, media, agriculture, forestry, animal husbandry, fishery, telecommunications, and light industry manufacturing, while excluding real estate and consumer services [4][12]. Investment Strategies - The best-performing strategy in July was the new stock strategy, achieving a monthly return of 11.3%, significantly outperforming major small-cap indices [8]. - The growth trend resonance stock selection strategy yielded a return of 7.9%, while the XG Boost growth selection strategy achieved a return of 5.8% [9]. - For August, the report suggests focusing on small-cap combinations and dividend/valued selections, while not recommending growth strategies due to ongoing valuation declines [11][12]. Quantitative Models - The report discusses advancements in quantitative models, particularly deep learning models that have outperformed benchmarks significantly [13][14].

Core Viewpoint - Despite low nominal economic growth and subdued prices in the second quarter, A-shares have experienced a rapid rise, driven primarily by liquidity rather than fundamental economic improvements. This phenomenon is likened to a "water buffalo" market, where stock prices increase without corresponding improvements in economic indicators [2][6][7]. Group 1: Financial Cycle Perspective - The analysis suggests that understanding the recent stock market trends requires a shift from traditional economic cycle perspectives to financial cycle perspectives, as China has undergone significant financial cycle adjustments in recent years [7][6]. - Historical experiences from the U.S. during the financial cycle downturn, particularly post-2007 subprime crisis, show that stock markets can rise even when economic fundamentals are weak, driven by changes in private sector balance sheets and government policies [3][20][29]. - In contrast, Japan's financial cycle adjustments in the 1990s were less effective due to delayed policy responses and persistent debt issues, leading to weaker stock market performance compared to the U.S. [30][31]. Group 2: Current Chinese Market Dynamics - Since the fourth quarter of the previous year, market confidence in China's medium to long-term economic outlook has improved, particularly with the emergence of DeepSeek, despite ongoing adjustments in the real estate sector [4][10]. - The share of real estate in China's economy has significantly decreased, reducing its negative impact on overall economic performance, while policymakers have shown increased attention to economic and market conditions [4][52]. - The macro leverage ratio of the Chinese government has increased from 71% in 2022 to 88% in 2024, indicating a more restrained approach compared to the U.S. during its financial crisis [44][59]. Group 3: Risk Appetite and Market Behavior - The recent rise in A-shares is attributed to a decrease in equity risk premiums, with market participants showing a willingness to shift from safe assets to risk assets, particularly equities, as the perceived risks of economic downturns diminish [9][10][57]. - The correlation between government policy responses and market liquidity is highlighted, suggesting that increased fiscal and monetary policy efforts can enhance market sentiment and support stock market growth [29][59]. - The current financing and margin trading levels in A-shares are approaching historical highs, indicating potential for further market expansion if policy measures to address debt and improve balance sheets are intensified [64][65].

Core Viewpoint - CICC's stock price reached 35.92 yuan as of August 4, 2025, reflecting a slight increase of 0.08% from the previous trading day, with a total market capitalization of 173.395 billion yuan [1] Company Overview - CICC is a leading investment bank in China, engaged in investment banking, equity business, fixed income, and wealth management, with headquarters in Beijing and branches in Hong Kong, Shanghai, and Shenzhen [1] IPO Performance - From January to July 2025, CICC sponsored 16 Hong Kong IPOs with an underwriting scale of 3.5 billion USD, securing the top market share [1] - CICC sponsored three out of the top five IPO projects in Hong Kong, capturing 60% of the market share in this segment [1] Capital Flow - On August 4, 2025, CICC experienced a net inflow of 25.4235 million yuan in principal funds, accounting for 0.02% of its circulating market value [1] - Over the past five trading days, CICC faced a cumulative net outflow of 286.5784 million yuan, representing 0.27% of its circulating market value [1]

Core Viewpoint - The Chinese consumer market is undergoing profound changes, characterized by a juxtaposition of thriving new consumption trends and traditional giants facing price pressures, reflecting a restructured supply-demand relationship and evolving consumer needs [1][3][5]. Group 1: New Consumption Trends - New consumption is not a fleeting "internet celebrity" phenomenon but a deepening of consumption upgrades and a revolution in business philosophy [1][8]. - The rise of new consumption is supported by government policies encouraging the development of new consumption sectors, such as original IP brands and domestic products [7]. - New consumption is driven by technological and innovative efficiency revolutions, product and scenario upgrades, while maintaining a focus on quality and emotional connections with brands [14][15]. Group 2: Consumer Behavior Changes - Consumers are increasingly valuing emotional satisfaction alongside practical needs, with a notable shift towards experiences that enhance their quality of life [17][19]. - The demand for high-quality, innovative products that address life pain points is growing, while consumers are also sensitive to pricing and quality [19][21]. - The Z generation and Alpha generation, comprising approximately 35% of the total population in 2024, are expected to significantly influence consumption patterns with their unique preferences [23]. Group 3: Market Segmentation - There is a clear segmentation in consumer confidence and spending, with diverse groups presenting structural opportunities for brands [21]. - The aging population is creating new market demands, particularly in areas like smart home innovations and travel experiences for the elderly [23]. - Young urban professionals are exhibiting a trend towards "consumption grading," balancing essential spending with a desire for high-quality experiences [24].