核查意见 华泰联合证券有限责任公司 （二）构成关联交易的说明 本次投资基金的有限合伙人中包括江苏立霸实业股份有限公司（以下简称 "立霸股份"），立霸股份系过去 12 个月内持有公司 5%以上股份的自然人股东 卢凤仙女士实际控制的法人，为公司关联法人。公司本次参与基金投资系与关联 方共同投资，故构成关联交易，但未构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 从 2025 年年初至本核查意见出具日，除本次交易外，公司与该关联人累计 已发生的各类关联交易的次数和总金额为 0；过去 12 个月内，除本次交易外， 公司也未与不同关联人进行相同类别的交易。 关于江苏恒尚节能科技股份有限公司 全资子公司参与出资设立投资基金暨关联交易的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为江苏恒尚节能科技股份有限公司（以下简称"恒尚节能"或"公司"）首次公 开发行股票并在主板上市的保荐人和持续督导机构，根据《上市公司募集资金监 管规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等有关规定，对恒尚节能全资子公司参与出资设立投 资基金暨关联 ...

证券代码：603137 证券简称：恒尚节能 公告编号：2025-033 江苏恒尚节能科技股份有限公司 关于全资子公司参与出资设立投资基金暨关联交易的公告 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： 投资标的名称：上海长三角申创私募基金合伙企业（有限合伙）（暂定 名，以下简称"基金"）。投资金额：江苏恒尚节能科技股份有限公司（以下简 称"恒尚节能"、"公司"、或者"本公司"）通过全资子公司无锡恒尚投资管理有 限公司（以下简称"恒尚投资"）作为有限合伙人（LP）出资人民币5,000万元投 资基金，占基金出资总额的1.4535%。 本次交易构成关联交易：公司本次对外投资系与关联方江苏立霸实业 股份有限公司（以下简称"立霸股份"）（系过去12个月内持有公司5%以上股 份的自然人股东卢凤仙女士实际控制的法人）共同投资，故构成关联交易。 本次交易未构成《上市公司重大资产重组管理办法》规定的重大资产 重组。 交易实施尚需履行的审批及其他相关程序：本次交易未达到股东会审 议标准,无需提交公司股东会审议。本次交易已经公司第二 ...

Group 1 - The core viewpoint of the article is that Hengshang Energy (603137.SH) is planning to invest in the establishment of a private equity fund to align with the national strategy of the Yangtze River Delta integration development [1] - The fund will focus on high-quality resources related to advanced manufacturing and new materials within the industry chain [1] - The total planned investment for the fund is set at 3.44 billion RMB, with Hengshang Energy contributing 50 million RMB, which represents 1.4535% of the total committed capital [1]

Core Viewpoint - The company is investing 50 million yuan in a private equity fund focused on advanced manufacturing and new materials, indicating a strategic move to enhance its investment portfolio in high-quality resources within these industries [1] Group 1: Investment Details - The company's wholly-owned subsidiary, Wuxi Hengshang Investment Management Co., Ltd., will contribute 50 million yuan as a limited partner in the Shanghai Yangtze River Delta Shenchuang Private Equity Fund Partnership [1] - The total planned capital for the fund is 3.44 billion yuan, with the company's contribution representing 1.4535% of the total fund [1] Group 2: Fund Focus - The fund will focus on high-quality resources related to advanced manufacturing and new materials, which are key sectors for future growth and innovation [1] Group 3: Transaction Classification - This investment is classified as a related party transaction but does not constitute a major asset restructuring [1]

Market Overview - The decoration and renovation sector experienced a decline of 0.91% on September 22, with ST Ruihe leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable gainers in the sector included: - *ST Dongyi: Closed at 5.16, up 4.03% with a trading volume of 250,400 shares and a turnover of 130 million yuan - *ST Chuangxing: Closed at 4.32, up 3.35% with a trading volume of 138,200 shares and a turnover of 59.57 million yuan - *ST Jianyi: Closed at 9.26, up 1.87% with a trading volume of 24,900 shares and a turnover of 2.29 million yuan [1] - Decliners included: - ST Ruihe: Closed at 5.76, down 4.95% with a trading volume of 157,200 shares and a turnover of 93.41 million yuan - Quanzhu Co.: Closed at 3.12, down 2.80% with a trading volume of 1,646,300 shares and a turnover of 516 million yuan [2] Capital Flow - The decoration and renovation sector saw a net outflow of 85.73 million yuan from institutional investors, while retail investors contributed a net inflow of 46.59 million yuan [2] - The capital flow for specific stocks showed: - Zhongtian Jingzhuang: Net inflow of 10.97 million yuan from institutional investors, but a net outflow of 9.34 million yuan from retail investors [3] - Yaxia Co.: Net inflow of 4.59 million yuan from institutional investors, with a net outflow of 468,340 yuan from retail investors [3]

Market Overview - On September 18, the decoration and renovation sector declined by 0.58% compared to the previous trading day, with Meizhi Co., Ltd. leading the decline [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the decoration sector included: - Quanzhu Co., Ltd. with a closing price of 3.31, up 9.97% and a trading volume of 2.74 million shares [1] - Decai Co., Ltd. with a closing price of 21.40, up 3.93% and a trading volume of 54,000 shares [1] - Zhongtian Jingzhuang with a closing price of 38.01, up 2.67% and a trading volume of 190,400 shares [1] - Major decliners included: - Meizhi Co., Ltd. with a closing price of 10.30, down 3.74% and a trading volume of 44,100 shares [2] - ST Jianyi with a closing price of 9.15, down 3.68% and a trading volume of 46,800 shares [2] - Haoersai with a closing price of 12.93, down 3.44% and a trading volume of 71,700 shares [2] Capital Flow - The decoration and renovation sector experienced a net outflow of 7.65 million yuan from institutional investors, while retail investors saw a net inflow of 47.38 million yuan [2][3] - Specific stock capital flows included: - Quanzhu Co., Ltd. had a net inflow of 98.48 million yuan from institutional investors, while retail investors had a net outflow of 32.18 million yuan [3] - Decai Co., Ltd. saw a net inflow of 11.03 million yuan from institutional investors, with retail investors experiencing a net outflow of 740,530 yuan [3] - ST Ruihe had a net inflow of 5.56 million yuan from institutional investors, while retail investors had a net inflow of 170,180 yuan [3]

Core Viewpoint - Jiangsu Hengshang Energy Saving Technology Co., Ltd. received a warning letter from the Jiangsu Securities Regulatory Bureau due to violations related to the disclosure of fundraising project feasibility and market demand changes [1][2]. Group 1: Violations and Regulatory Actions - The company failed to reassess the feasibility of the "Jiangmen Intelligent Curtain Wall Production Base Construction Project" in light of significant market changes in South China, leading to insufficient and untimely risk disclosures [1]. - The actions of the company's general manager and board secretary were deemed to lack due diligence, resulting in their primary responsibility for the violations [1]. - The warning letter serves as an administrative regulatory measure and will be recorded in the securities and futures market integrity archive [1]. Group 2: Company Response and Future Actions - The company acknowledges the issues raised in the warning letter and plans to summarize the related problems, learn from the experience, and enhance training on relevant regulations [3]. - The company emphasizes that the regulatory measures will not affect its normal production and operations, and it will comply with disclosure obligations in a timely manner [3].

Group 1 - The core issue is that Hengshang Energy (603137) failed to reassess the feasibility of its fundraising project, the "Intelligent Production Base Construction Project in Jiangmen, Guangdong," after significant changes occurred, leading to insufficient risk disclosure [1][2] - As of the disclosure date of the 2025 semi-annual report, the project had an investment amount and progress of 0, indicating no funds were allocated or utilized for the project [1] - The company did not adequately disclose the risks associated with changes in market demand in South China related to the Jiangmen project in its fundraising reports for 2023 and the first half of 2024 [1][2] Group 2 - The Shanghai Stock Exchange issued a regulatory warning to Hengshang Energy's former general manager Zhou Zuqing and former board secretary Hua Fengjuan for their roles in the violations, which contravened various regulations [2] - The company is required to take effective measures to rectify the violations, conduct a thorough compliance risk assessment, and submit a rectification report signed by all board members within one month of receiving the decision [2] - The company must ensure that similar issues do not recur by strictly adhering to regulations and fulfilling its information disclosure obligations [2]

证券代码：603137 证券简称：恒尚节能 公告编号：2025-032 江苏恒尚节能科技股份有限公司 关于公司及相关人员收到江苏证监局警示函的公告 江苏恒尚节能科技股份有限公司、周祖庆、华凤娟： 经查，你公司存在以下违规事项：2023 年你公司首发募集资金投资项目"广东江 门幕墙智能化生产基地建设项目"（以下简称江门项目）涉及的华南地区幕墙市场发 生较大变化，但公司 2023 年度、2024 年半年度的《募集资金存放与使用情况专项报 告》未重新论证江门项目可行性，对江门项目所涉华南市场需求变化的风险提示不 充分、不及时，损害了投资者的知情权。你公司上述行为违反了《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》（证监会公告（2022）15 号）第二条、第十二条第一款、《上市公司信息披露管理办法》（证监会令第 182 号，以下简称《信披办法》）第三条第一款的规定。在前述事项中，公司总经理周 祖庆、董事会秘书华凤娟，未能勤勉尽责，对公司前述违规负有主要责任，违反了 《信披办法》第四条的规定。根据《信披办法》第五十二条规定，我局决定对你们 采取出具警示函的行政监管措施，并记入证券期货市场诚信档 ...

Group 1 - The core point of the news is that Hengshang Energy (603137) has seen a net financing inflow of 41.16 million yuan on September 2, 2025, with a total financing balance of 3733.88 million yuan, indicating a positive trend in investor interest [1][2][3] - Over the past three trading days, the company has recorded a cumulative net buy of 232.77 million yuan, suggesting sustained investor confidence [1] - In the last 20 trading days, there have been 11 days with net financing inflows, highlighting a consistent pattern of investment activity [1] Group 2 - The financing balance on September 2, 2025, was 3734.03 million yuan, which represents an increase of 1.11% from the previous day [3] - The financing net buy on September 1, 2025, was 75.09 million yuan, and on August 29, 2025, it was 116.52 million yuan, indicating a growing trend in financing activity [2][3] - The financing balance has shown a steady increase over the past few days, with a notable rise from 3501.26 million yuan on August 28, 2025, to 3734.03 million yuan on September 2, 2025 [3]