Core Viewpoint - The A-share listed securities firms have shown positive growth in asset management business revenue in the first half of 2025, with a focus on both fixed income and equity investments, indicating a trend of "stronger firms becoming stronger" [1][2]. Group 1: Revenue Growth and Performance - Nearly 20 A-share listed securities firms reported positive year-on-year growth in asset management revenue in the first half of 2025, with notable firms including CITIC Securities, GF Securities, and Guotai Junan [2]. - CITIC Securities led the sector with total asset management revenue of 6.017 billion yuan, followed by GF Securities and Guotai Junan, each exceeding 3 billion yuan [2]. - Huatai Securities achieved the highest revenue growth rate at 6487.85%, while Guotai Junan and Changcheng Securities reported growth rates of 44.77% and 38.01%, respectively [2]. Group 2: Asset Management Scale and Investment Focus - CITIC Securities had an asset management scale of 1.556 trillion yuan, the only firm surpassing the trillion yuan mark, while Guotai Junan, Huatai Securities, and China International Capital Corporation also exceeded 600 billion yuan [2]. - The bond market remains the primary focus for securities firms' asset management, with bond funds accounting for 79.06% of the total asset management products, which had a net value of 1.134875 trillion yuan as of June 2025, reflecting a 7.53% increase since the beginning of the year [2]. Group 3: Diversification and Future Strategies - Securities firms are increasing their investments in non-traditional fixed income assets such as ABS and REITs, with notable issuances including 2 REITs projects totaling 1.206 billion yuan by Changcheng Asset Management [3]. - Many listed securities firms are actively expanding their equity product offerings, with Huazhang Asset Management focusing on equity investment transformation and launching new products to enhance market coverage [3]. - Enhancing active management capabilities and diversifying investment strategies are key focuses for many A-share listed securities firms moving forward, with plans to develop multi-asset and multi-strategy product lines [4]. Group 4: Regulatory and Market Trends - The low interest rate environment has made fixed income investments less attractive, pushing firms to seek public fund management qualifications to expand their investment avenues [5]. - Several firms, including China Merchants Securities and GF Securities, have applied for public fund management licenses, which are seen as crucial for future business development and growth opportunities [5].

Core Viewpoint - The international business of Chinese securities firms is becoming a significant growth driver, with many firms reporting impressive revenue increases in their international operations as they accelerate their globalization strategies [1][2]. Group 1: International Business Performance - Several listed securities firms have shown a rising trend in their international business revenues, with China Galaxy reporting a revenue of 1.099 billion yuan, a year-on-year increase of 4.71% [1]. - Guoyuan Securities achieved an international business revenue of 178 million yuan, marking a substantial growth of 65.05% year-on-year [1]. - CITIC Securities International reported a revenue of 1.492 billion USD, a year-on-year increase of 52.87%, and a net profit of 387 million USD, up 65.38% [1]. - CICC's international operations generated a total revenue of 6.877 billion HKD, reflecting a growth of 30.97%, with a net profit of 2.634 billion HKD, a significant increase of 169.05% [1]. - Huatai International's net profit reached 1.145 billion HKD, a year-on-year increase of 25.55%, although its revenue decreased by 61.21% to 3.762 billion HKD [1]. Group 2: Business Development Strategies - CITIC Securities is advancing its global wealth management strategy, achieving a doubling in sales scale and revenue for overseas wealth management products in the first half of 2025 [2]. - The firm completed 30 overseas equity projects, with an underwriting scale of 2.989 billion USD, indicating strong market performance [2]. - CICC noted that its profit growth was driven by increased gains from financial instruments due to a recovering capital market [2]. - Companies are planning to enhance cross-border integrated development, with China Galaxy focusing on penetrating management of overseas subsidiaries and strengthening its position in Southeast Asia [2]. - Huatai Securities aims to deepen its global layout and improve its cross-border integrated financial service system while maintaining risk control and enhancing market competitiveness [2]. Group 3: Emerging Players in International Business - Smaller securities firms are also actively pursuing international business, using Hong Kong as a strategic base for expansion [3]. - First Capital announced plans to establish a wholly-owned subsidiary in Hong Kong, while Western Securities plans to invest 1 billion yuan to set up a wholly-owned subsidiary there [3]. - Other firms like Dongwu Securities and Huazhong Securities have also announced capital increases for their Hong Kong subsidiaries, indicating a growing competitive landscape in international operations [3].

Group 1 - The core transaction involves Wuhan San Zhen Industrial Holdings Co., Ltd. issuing shares and paying cash to acquire 100% equity of Wuhan Municipal Engineering Design Institute from Wuhan Urban Investment Group, along with raising matching funds from no more than 35 specific investors [6][9] - The transaction price for the acquisition is set at 1.6 billion yuan (approximately 160,063.30 million yuan), with the assessed value of the target company's equity being 1.281 billion yuan (approximately 128,148.07 million yuan) as of March 31, 2025, resulting in a 24.90% increase in value [6][10] - The main business of the target company includes surveying and design, engineering management, and consulting services, which aligns with the existing operations of Wuhan Holdings in water treatment and environmental governance [9][10] Group 2 - The company plans to use the raised funds for various projects, including urban comprehensive service AI center development, infrastructure updates, and operational funding, with a total fundraising amount not exceeding 100% of the transaction price [8][9] - The issuance of shares will not be contingent upon the successful implementation of the matching financing, ensuring that the acquisition can proceed regardless of fundraising outcomes [8][9] - Post-transaction, the company aims to enhance its service capabilities by integrating the target company's resources, thereby creating a new growth point in its performance through a comprehensive service model that includes planning, consulting, design, construction, and operation [10]

Core Viewpoint - The independent financial advisor, China International Capital Corporation, has conducted a thorough investigation and confirmed that the target asset, Wuhan Municipal Engineering Design and Research Institute Co., Ltd., does not have any non-operating fund occupation by its shareholders or related parties [1] Group 1 - Wuhan San Zhen Industrial Holdings Co., Ltd. plans to acquire 100% equity of Wuhan Municipal Engineering Design and Research Institute Co., Ltd. through a combination of issuing shares and cash payment [1] - The transaction will involve issuing shares to no more than 35 specific investors to raise supporting funds [1] - The independent financial advisor believes that the transaction complies with the relevant regulations of the "Guidelines for the Supervision of Listed Companies No. 9 - Supervision Requirements for Major Asset Restructuring by Listed Companies" [1]

Core Viewpoint - Wuhan San Zhen Industrial Holdings Co., Ltd. is planning to acquire 100% equity of Wuhan Municipal Engineering Design and Research Institute Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds [1][2]. Summary by Sections Insider Information Registration System - The company has established an Insider Information Registration Management System in compliance with relevant laws and regulations, including the Securities Law of the People's Republic of China and the Shanghai Stock Exchange Listing Rules [1][2]. Execution of Insider Information Registration System - The company has repeatedly urged insider information registrants to adhere to confidentiality obligations and not to disclose or trade based on insider information before its legal disclosure [1][2]. - The company has signed confidentiality agreements with relevant parties and documented the insider information registrants and planning process, submitting necessary records to the Shanghai Stock Exchange [2]. Independent Financial Advisor's Review - The independent financial advisor has confirmed that the company has complied with the regulations regarding the Insider Information Registration Management System and has implemented adequate confidentiality measures during the transaction period [2].

本独立财务顾问对上市公司在本次交易前 12 个月内发生的购买、出售资产 情况进行了核查。经核查，本独立财务顾问认为：截至本核查意见出具日，本次 交易前 12 个月内，上市公司未发生《上市公司重大资产重组管理办法》规定的 与本次交易相关的重大购买、出售资产的交易行为，不存在需要纳入累计计算范 围的情形。 （以下无正文） （本页无正文，为《中国国际金融股份有限公司关于武汉三镇实业控股股份 有限公司本次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前 12 个 月内购买、出售资产情况的核查意见》的签章页） 独立财务顾问主办人： 李雅芸 胡海锋 卓芊任 梁宝月 中国国际金融股份有限公司 中国国际金融股份有限公司 关于武汉三镇实业控股股份有限公司 本次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 前 12 个月内购买、出售资产情况的核查意见 武汉三镇实业控股股份有限公司（以下简称"上市公司"）拟通过发行股份 及支付现金的方式购买武汉市政工程设计研究院有限责任公司（以下简称"武汉 市政院"）100%的股份，并募集配套资金（以下简称"本次交易"）。中国国 际金融股份有限公司（以下简称"本独立财务顾问"）作为本次交 ...

Group 1 - The transaction involves the acquisition of 100% equity of Wuhan Municipal Institute by the company through issuing shares and cash payment, making the target company a wholly-owned subsidiary post-transaction [1][2] - The company plans to raise funds from no more than 35 specific investors, with the total amount not exceeding 100% of the transaction price, and the number of shares issued not exceeding 30% of the total share capital after the transaction [2][3] - The raised funds will be used for cash payment for the transaction, intermediary fees, taxes, and to support the target company's ongoing projects and working capital [2][3] Group 2 - The transaction is expected to enhance the company's financial metrics, with total assets increasing from approximately 2,387.44 million to 2,624.53 million, a change of 9.93% [3] - The company's net profit is projected to rise significantly, with an increase from 3,162.67 million to 4,782.60 million, reflecting a growth rate of 51.22% [4] - Post-transaction, the company's basic earnings per share are expected to increase by 0.03 yuan per share for 2024 and 0.01 yuan per share for the first quarter of 2025, indicating no dilution of immediate returns [4][5]

上市公司 A 股股价在停牌前 20 个交易日内的累计涨幅为 6.09%；扣除同期 上证指数累计涨幅 3.83%后，上市公司股票价格累计涨幅为 2.26%；扣除同期证 监会水生产供应行业指数行业指数累计涨幅 0.87%后，上市公司股票价格累计涨 幅为 5.22%，未超过 20%。 经核查，本独立财务顾问认为：上市公司股票价格在本次交易首次公告前 达到《上海证券交易所上市公司自律监管指引第 6 号——重大资产重组》规定的 相关标准，不存在异常波动情况。 关于本次交易信息发布前公司股票价格波动情况的核查意见 武汉三镇实业控股股份有限公司（以下简称"上市公司"）拟向武汉市城市 建设投资开发集团有限公司发行股份及支付现金购买其持有的武汉市政工程设 计研究院有限责任公司 100%股权，并向不超过 35 名特定投资者发行股份募集配 套资金（以下简称"本次交易" ）。中国国际金融股份有限公司（以下简称"本独 立财务顾问"）作为本次交易的独立财务顾问，就本次交易信息公布前股票价格 波动是否达到《上海证券交易所上市公司自律监管指引第 6 号——重大资产重组》 相关标准进行了核查，具体如下： 因筹划本次交易事项，经向上海证券交易所 ...

Core Viewpoint - The independent financial advisor, China International Capital Corporation (CICC), has conducted a compliance review regarding the hiring of third-party institutions for the asset acquisition project by Wuhan Three Towns Industrial Holdings Co., Ltd., confirming that all actions are in accordance with the relevant regulations on integrity and risk prevention in investment banking [2][5][6]. Summary by Sections Third-Party Hiring Compliance - CICC plans to hire Beijing Tongshang Law Firm as the legal advisor and has already engaged Zhongshun Yatai Accounting Firm as the accounting advisor for the project to mitigate legal and financial risks [2][4]. - Beijing Tongshang Law Firm was established on May 16, 1992, and holds a valid license for securities legal services [3]. - Zhongshun Yatai Accounting Firm was founded on January 18, 2013, and is also qualified to engage in securities-related services [3]. Legal and Accounting Services - The legal services provided by Tongshang include assisting in legal due diligence, drafting and reviewing legal documents, and compiling project-related work papers [4]. - The accounting services from Zhongshun Yatai involve similar support in collecting and organizing project documentation [4][5]. Internal Review Procedures - CICC has established a standardized contract for hiring legal and accounting services, ensuring clarity in service content, fee arrangements, and mutual rights and obligations [6]. - The project team evaluates potential firms based on qualifications, experience, resources, reputation, and fee standards before finalizing the hiring process [6]. Conclusion of Compliance Review - CICC concludes that the hiring of Tongshang and Zhongshun Yatai is compliant with regulations, and there are no other direct or indirect third-party hires beyond those mentioned [5][6].

Group 1 - The core point of the article is that Wuhan San Zhen Industrial Holding Co., Ltd. plans to acquire 100% equity of Wuhan Municipal Engineering Design and Research Institute Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds from no more than 35 specific investors [1] - China International Capital Corporation serves as the independent financial advisor for this restructuring, ensuring compliance with relevant regulations and conducting thorough due diligence [1] - The independent financial advisor commits to the accuracy and completeness of the disclosed information, confirming that there are no substantial discrepancies between their professional opinions and the documents provided by the listed company and the transaction party [1]