申万宏源证券承销保荐有限责任公司 关于西藏奇正藏药股份有限公司 《深圳 提前赎回奇正转债的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"保荐人"、 "申万宏源承销 保荐"）作为西藏奇正藏药股份有限公司（以下简称"奇正藏药"、 "公司"）公开 发行可转换公司债券的保荐人，根据《证券发行上市保荐业务管理办法》、 《深圳证券交易所上市公司自律监管指引第 1 号—— 证券交易所股票上市规则》、 主板上市公司规范运作》和《深圳证券交易所上市公司自律监管指引第 15 号— —可转换公司债券》等相关规定，对奇正藏药提前赎回"奇正转债" 的事项进 行了核查，核查情况如下： 一、可转换公司债券基本情况 经中国证券监督管理委员会（以下简称"中国证监会"） 《关于核准西藏奇正 藏药股份有限公司公开发行可转换公司债券的批复》 （证监许可【2020】1766 号） 核准，公司公开发行可转换公司债券，每张面值为人民币 100 元，共计 800 万 张，按面值发行，发行总额 8.00 亿元，债券期限为六年。 经深圳证券交易所（以下简称"深交所"）"深证上[2020]952 号"文同意， 公司 8.00 亿元可转换公司债券于 202 ...

Core Viewpoint - The trend of fund companies shutting down their mobile apps is accelerating, driven by high operational costs and declining user engagement, leading to a shift towards simplified operational strategies in the industry [1][6]. Group 1: Industry Trends - Since 2019, several mid-sized public fund companies have closed their independent app operations, including Qianhai Kaiyuan Fund and Guoshou Anbao Fund [1]. - The overall pressure on fund apps includes shrinking net values, declining monthly active users (MAU), and low operational scales [1]. - The initial goal of fund companies developing their own apps was to reduce reliance on third-party distribution channels, but this has changed due to high maintenance costs and limited direct sales revenue [1][5]. Group 2: User Engagement Data - In the first half of 2025, only five fund apps saw positive growth in monthly active users: E Fund e-Wallet (+26,300 to 138,600), Huaxia Fund Manager (+23,800 to 102,600), and others [2]. - Conversely, many fund apps are experiencing significant user losses, with Tianhong Fund's app dropping to 40,800 MAU, about one-third of its user base three years ago [2]. - Other fund apps, such as Bosera and Xingsheng Global, also reported declines of over 10,000 MAU [2]. Group 3: Competitive Landscape - The competitive landscape shows that brokerage apps maintain higher user engagement, with monthly active users in the hundreds of thousands, contrasting sharply with fund apps [2][5]. - The top-performing brokerage app, "Zhang Le Cai Fu Tong," had 10.97 million MAU, while the second, Ping An Securities, had 8.14 million [5]. - The decline in user numbers for fund apps is attributed to the siphoning effect of third-party distribution platforms, which have rapidly grown due to their traffic and product offerings [5][6]. Group 4: Regulatory Impact - The China Securities Regulatory Commission's 2025 action plan encourages fund companies to optimize resource allocation and reduce inefficient investments, further accelerating the trend of app closures [6]. - The industry is transitioning from "heavy asset direct sales" to "lightweight operations," with a focus on cost-effective models [6]. Group 5: Future Outlook - The future of direct sales channels in public funds is expected to diversify, with smaller institutions likely abandoning independent apps in favor of lighter platforms like WeChat services and official websites [6]. - The industry is predicted to deepen investment advisory services, enhancing competitiveness through professional services and brand building rather than high-frequency trading [6].

Core Viewpoint - The article highlights allegations from employees of Shenwan Hongyuan Securities regarding forced "co-investment" practices, revealing issues of transparency and management within the company [1][9]. Group 1: Fund Performance and Management - Shenwan Lingshin Fund, under Shenwan Hongyuan, launched the "Shenwan Lingshin Industry Select Mixed Fund" in June 2023, which was marketed as a stable product with a focus on high dividends and a slow build-up strategy [2][7]. - The fund has experienced a decline of 6.04% in the past month and a further drop of 1.07% in the past week, with a total net value decrease of 8.29% since its inception, contrasting sharply with the nearly 10% rise in the A-share market during the same period [2][7]. - Fund manager Jia Chengdong's strategy has been criticized for high-risk behavior, including rapid asset allocation into high-priced sectors and subsequent losses, leading to speculation about his management approach [7][9]. Group 2: Employee Concerns and Company Culture - Employees have expressed frustration over being forced to invest in underperforming funds, with complaints about a lack of response from management regarding their grievances [7][9]. - The situation reflects broader industry issues, such as prioritizing sales over risk management and accountability, raising concerns about the treatment and respect of employees within the company [9].

Core Viewpoint - Multiple securities firms have become significant shareholders in the top ten circulating shareholders of listed companies, indicating a strong interest in sectors such as non-ferrous metals and power equipment [2][3]. Group 1: Securities Firms as Major Shareholders - As of August 11, several listed companies, including Western Mining and Xiangdian Co., have securities firms among their top ten circulating shareholders [4]. - The top shareholders include Guotou Securities, Shenwan Hongyuan Securities, and others, with notable holdings in companies like Western Mining (21.98 million shares) and Xiangdian Co. (18.26 million shares) [5][6]. - Shenwan Hongyuan and China Merchants Securities increased their holdings in Cangge Mining by 2.96 million shares and 72,000 shares, respectively, by the end of Q2 [5][6]. Group 2: Changes in Holdings - Guotou Securities has newly become the sixth largest shareholder in Huate Dain and the tenth in Western Mining, holding 3.80 million shares [6]. - Shanghai Securities has entered as the sixth largest shareholder in Taijia Co. with 1.80 million shares, while Huatai Securities is now the tenth largest shareholder in Kaimete Gas with 2.72 million shares [6]. - Some firms, like Shenwan Hongyuan, have reduced their holdings, selling approximately 522,800 shares of Xiangdian Co. in Q2 [7]. Group 3: Securities Firms' Proprietary Business Performance - In 2024, the total proprietary business income of securities firms exceeded 174 billion yuan, marking a year-on-year growth of over 40% [8]. - Six firms, including CITIC Securities and Huatai Securities, reported proprietary business net income exceeding 10 billion yuan [8]. - The first quarter of 2024 saw significant growth in proprietary income for several firms, with Changjiang Securities increasing by over 23 times to 872 million yuan [8]. Group 4: Market Outlook and Analyst Insights - Analysts suggest that the securities sector is poised for a stable recovery in valuation, supported by favorable liquidity, strong mid-year performance, and potential for mergers and acquisitions [10].

Group 1 - The current market for small and micro-cap stocks needs to slow down, as high valuations and low profitability make it difficult to justify further upward movement [1] - The five strong industries (non-ferrous metals, telecommunications, innovative pharmaceuticals, gaming, and military industry) have more reasonable valuations compared to the small and micro-cap stocks [1] - The main drivers of small and micro-cap stock increases are liquidity and retail investor contributions, rather than structural earnings growth [1] Group 2 - A rebound in A-shares was observed, driven by trading funds, with a focus on themes and sectors that show improvement in earnings [2] - The PPI has reached a low point, indicating potential for price recovery in certain sectors, while the market is expected to experience rotation among sectors [3] - The liquidity environment is improving, supporting a high volatility market, with a focus on sectors like storage, software, and insurance for tactical allocation [4] Group 3 - The export sector showed unexpected improvement, particularly in competitive manufacturing areas like machinery and automotive [3] - The PPI's stability suggests a favorable environment for certain industries, with recommendations for sectors that are expected to see high growth in earnings [3] - The market is expected to maintain a high level of activity, with a focus on sectors benefiting from policy support and technological advancements [4] Group 4 - The current market is characterized by a "slow bull" trend, with potential for continued upward movement in A-shares driven by resident capital inflows [8] - The focus on new technologies and growth sectors is expected to remain a key theme, with recommendations for investments in areas like robotics and solid-state batteries [8] - The market is undergoing a structural shift rather than a complete downturn, with a gradual transition from traditional cyclical sectors to technology sectors [11]

Group 1 - The core viewpoint of the article highlights the significant transfer of shares of Lingbao Gold (03330) from Puyin International Securities to Shenwan Hongyuan Securities, with a market value of HKD 517 million, representing 4.15% of the total shares [1] - Lingbao Gold anticipates revenue for the six months ending June 30, 2025, to be approximately RMB 7.492 billion to RMB 7.92 billion, reflecting an increase of about 75% to 85% compared to the revenue of approximately RMB 4.281 billion for the six months ending June 30, 2024 [1] - The company projects net profit for the same period to be between RMB 656 million and RMB 687 million, which indicates a substantial increase of approximately 330% to 350% compared to the net profit of around RMB 153 million for the six months ending June 30, 2024 [1]

智通财经APP获悉，香港联交所最新资料显示，8月8日，灵宝黄金(03330)股东将股票由浦银国际证券转 入申万宏源证券香港，转仓市值5.17亿港元，占比4.15%。 灵宝黄金公告，本集团预计截至2025年6月30日止6个月取得收入约人民币74.92亿元至人民币79.2亿元， 较截至2024年6月30日止6个月的收入约人民币42.81亿元增加介于约75%至85%;以及截至2025年6月30日 止6个月取得净利润人民币介于约6.56亿元至人民币6.87亿元，较截至2024年6月 30日止6个月的净利润 约人民币1.53亿元增加介于约330%至350%。 ...

Core Viewpoint - The stability of information systems in the securities industry is essential for ensuring the safe operation of financial markets, prompting the China Securities Association to seek industry feedback on the "Stability Assurance System Standard for the Securities Industry" [1][2]. Group 1: Background and Purpose - The initiative aims to integrate best practices from securities firms to create a practical stability assurance framework, promoting the digital and standardized development of technical capabilities across the industry [1]. - The project for drafting the standard began in November 2023, with participation from 14 securities firms, including major players like GF Securities and CITIC Securities [1]. Group 2: Current Challenges - There are four main challenges identified: 1. Lack of resilience design in system development, leading to high operational risk prevention costs due to insufficient monitoring and automation capabilities [2]. 2. Predominantly reactive risk perception during operations, lacking proactive data-driven risk identification capabilities [2]. 3. Emergency response relies heavily on individual expert experience, lacking data-driven human-machine collaborative capabilities [2]. 4. Insufficient depth of intelligent technology application, resulting in a gap between abnormal response efficiency and real-time business requirements [2]. Group 3: Proposed Framework - The "Stability Assurance System Standard" proposes a "three-in-one" framework for stability assurance, focusing on organizational, institutional, and process guarantees [3]. - Organizational guarantees include defining the structure, personnel competency requirements, and management objectives [3]. - Institutional guarantees encompass regulations, technical support, operational procedures, and timelines to ensure management requirements are actionable and traceable [3]. - Process guarantees focus on ten core processes related to stability management, including monitoring, alerting, and fault management, with mechanisms for evaluation and key activities [3]. - The standard emphasizes a shift towards proactive operations management to meet non-functional requirements like resilience and maintainability, utilizing digital methods to enhance defense capabilities [3].

Group 1 - The article discusses the rankings of various securities firms in different sectors, highlighting their performance and market positioning [2][4][5] - It provides a list of top securities firms in categories such as banking, non-bank financials, real estate, and food and beverage, indicating their competitive standings [6][7][8] - The rankings reflect the firms' capabilities in sectors like healthcare, technology, and energy, showcasing their influence in the investment banking landscape [9][10][11] Group 2 - The article emphasizes the importance of sector-specific expertise among securities firms, suggesting that firms with strong sector knowledge tend to perform better [12][13] - It notes the dynamic nature of the market, where firms must adapt to changing economic conditions and investor preferences to maintain their rankings [14][15][16] - The analysis includes insights into how firms are leveraging technology and innovation to enhance their service offerings and client engagement [17][18][19]

Group 1 - The report highlights the differentiation strategy of small and medium-sized securities firms, with large and merged firms ranking at the top in the Q2 2025 evaluation [10][11][12] - Notable improvements in rankings were observed for small firms such as Dongxing Securities, which rose 65 places to rank 3, and Southwest Securities, which climbed 56 places to rank 32 [11][12] - The report emphasizes the competitive advantage of specialized securities firms that have deep market experience, particularly in the New Third Board and Beijing Stock Exchange [16][18] Group 2 - The Beijing Stock Exchange A-shares experienced a PE ratio increase to 51.64X, with the North Exchange 50 Index rising to 1,441.72 points, reflecting a weekly increase of 1.56% [20][25] - The report indicates that as of August 8, 2025, 153 companies had a PE TTM exceeding 45X, representing 56.67% of the total, with 73 companies exceeding 105X, accounting for 27.04% [31] - The report suggests a focus on companies with new production capabilities and reasonable valuations, especially as half-year reports are released [40][41] Group 3 - The report lists two companies added to the stock pool: Ge Biji (835438.BJ), focusing on microcrystalline glass and semiconductor applications, and Fujida (835640.BJ), which specializes in RF connectors with technological advancements [41][42] - The report provides a detailed analysis of various sectors, noting that high-end equipment, information technology, and chemical new materials have PE TTM ratios of 42.57X, 93.75X, and 44.42X respectively [35][37]