Core Viewpoint - The petrochemical industry is currently facing significant "involution" competition, leading to a widespread dilemma of increasing production without increasing profits, with the industry's operating revenue profit margin declining from 8.03% in 2021 to 4.85% in 2024, and remaining low in the first half of 2025 [1] Group 1: Industry Challenges - The low-quality and homogeneous competition is primarily due to excessive investment and repeated construction, resulting in product homogenization, along with local governments' blind investment promotion exacerbating overcapacity [1] - The central government has proposed comprehensive rectification requirements to address these issues, including strengthening self-discipline, promoting innovation, and eliminating non-compliant capacity based on energy efficiency and environmental standards [2] Group 2: Policy Developments - The chemical industry has seen a gradual deepening of anti-involution policies this year, with significant measures introduced such as the "National Unified Market Construction Guidelines" aimed at curbing repeated construction and market segmentation [2] - In June, a joint notice was issued by five ministries to assess old facilities in the refining and fertilizer sectors, focusing on safety, environmental protection, and energy efficiency to promote the exit of inefficient capacity [2] Group 3: Market Outlook - The industry is expected to see opportunities for supply-side reforms in areas with significant homogeneous competition, such as refining and certain pesticide varieties, as state-owned enterprises control capacity and new project approvals are restricted [3] - By August 2025, a recovery in overseas demand for certain chemical products and further domestic demand growth is anticipated, with a focus on investment in sectors with improved supply-demand dynamics and scarce resource attributes, particularly electronic resins [4] Group 4: Price Trends - As of July 2025, the China Chemical Product Price Index (CCPI) reported a decline of 5.6% from the beginning of the year, indicating a slight decrease in the prices of major chemical products [3] - International crude oil prices showed an upward trend in July, with Brent crude rising from $67.11 to $73.24 per barrel, influenced by geopolitical tensions and seasonal fuel consumption [4] Group 5: Sector-Specific Insights - The electronic resin sector is poised for growth due to increasing demand for high-frequency and high-speed copper-clad laminates, with a projected compound annual growth rate of 26% from 2024 to 2026 [5] - The phosphate fertilizer market is experiencing price increases driven by overseas agricultural recovery and supply disruptions, while the pesticide sector is expected to see price recovery due to increased demand and limited supply growth [5][6]

Core Viewpoint - Guosen Securities is the only large listed brokerage firm in the Guangdong-Hong Kong-Macao Greater Bay Area that is locally state-owned, with strong backing from the Shenzhen State-owned Assets Supervision and Administration Commission, and has a clear geographical advantage. The company has a higher ROE than its peers, demonstrating strong internal profitability rather than being driven by leverage [1]. Group 1: Retail Brokerage Business - The retail brokerage business has a significant advantage, benefiting from a bull market driven by individual investors. Guosen Securities has seen an increase in market share, with a customer margin scale of 90.7 billion yuan by the end of 2024, up 62% year-on-year, and a 48% increase compared to mid-2024, indicating strong retail business capabilities [2]. - The company has a mature and systematic investment advisory service product, which supports its commission rates and business profitability. The net commission rate is 0.03%, higher than comparable companies and the industry average of 0.02%, primarily due to enhanced services [2]. - Retail brokerage income accounts for a high proportion of total revenue, with a 35% share from retail brokerage and margin financing, positioning the company to benefit more from the current market environment [2]. Group 2: Proprietary Investment and Acquisitions - The company's proprietary investment yield is stable, supporting its ROE, with a strong internal growth capability. The proportion of Other Comprehensive Income (OCI) has increased, which helps reduce the volatility of proprietary investment yields and enhances the stability of the profit statement [3]. - Guosen Securities acquired control of Wanhe Securities for 5.2 billion yuan, with a reasonable valuation of 1.01 times PB. This acquisition is expected to enhance the overall leverage and drive ROE improvements for Wanhe Securities, achieving synergies and indirectly supplementing Guosen's capital [3]. - The acquisition is strategically positioned to benefit from the Hainan Free Trade Zone's cross-border asset management pilot policies, potentially allowing Guosen to gain early access to pilot institution qualifications [3].

中国经济网北京8月2日讯 北交所网站昨日公布关于终止对成都锐思环保技术股份有限公司（以下简 称"锐思环保"）公开发行股票并在北京证券交易所上市审核的决定。 锐思环保原拟募集资金20,871.78万元，分别用于研发中心改建项目、补充项目营运资金。 锐思环保的保荐机构是国信证券股份有限公司，保荐代表人是李龙侠、唐永兵。 （责任编辑：华青剑） 北交所于2023年9月27日受理了锐思环保提交的公开发行相关申请文件，并按照规定进行了审核。 2025年7月15日，锐思环保向北交所提交了《成都锐思环保技术股份有限公司关于撤回向不特定合格投 资者公开发行股票并在北京证券交易所上市申请文件的申请》，申请撤回申请文件。根据《北京证券交 易所向不特定合格投资者公开发行股票并上市审核规则》第五十五条的有关规定，北交所决定终止锐思 环保公开发行股票并在北京证券交易所上市的审核。 锐思环保主营业务为向电力行业客户提供以定制化设备为核心、以自研核心技术为支撑的脱硝还原剂制 备系统以及脱硫废水处理系统的整体解决方案。 ...

Summary of Key Points Core Viewpoint The company, Shenzhen Kexin Communication Technology Co., Ltd., is changing the use of part of the funds raised from a specific stock issuance due to significant market changes affecting its original project, the "Energy Storage Lithium Battery System R&D and Industrialization Project." The funds will now be redirected to a new project focused on "Data Center Green Low-Carbon Technology Renovation" to enhance operational efficiency and align with market demands [1][6][9]. Group 1: Fundraising and Financial Overview - The total net amount raised from the stock issuance was approximately RMB 516.19 million after deducting issuance costs [2]. - The original project, "Energy Storage Lithium Battery System R&D and Industrialization Project," had a planned investment of RMB 54 million, with an adjusted investment amount of RMB 36.13 million [3][4]. - The new project, "Data Center Green Low-Carbon Technology Renovation," has a total investment of RMB 41.40 million, with RMB 36.59 million allocated from the raised funds [4][10]. Group 2: Project Change Reasons - The original project aimed to expand production capacity in the energy storage sector but faced significant market changes, including increased competition and price volatility [7][9]. - The company decided to shift its focus to the new project to improve fund utilization efficiency and adapt to the evolving market landscape [8][9]. Group 3: New Project Details - The "Data Center Green Low-Carbon Technology Renovation" project aims to enhance energy efficiency in data centers through advanced energy management systems and equipment standardization [10][12]. - The project targets small to medium-sized data centers, with initial implementation focused on regions like Guangdong and Sichuan [11][13]. - The expected annual revenue from the new project is estimated at approximately RMB 162.94 million, with a projected net profit of around RMB 16.29 million [14]. Group 4: Approval and Compliance - The change in fundraising use has been approved by the company's board and will be submitted for shareholder approval [15]. - The sponsor, Guosen Securities, has confirmed that the change complies with relevant regulations and guidelines [16].

国信证券股份有限公司 关于深圳市沃特新材料股份有限公司 部分募集资金投资项目延期的核查意见 国信证券股份有限公司（以下简称"国信证券"或"保荐人"）作为深圳市沃特 新材料股份有限公司（以下简称"公司"或"沃特股份"）向特定对象发行股票的保 荐人，根据《证券发行上市保荐业务管理办法》 调整前拟投 调整后拟投 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意深圳市沃特新材料股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2023〕1078 号），公司向特定 对 象 发 行 人 民 币 普 通 股 （ A 股 ） 36,630,036 股 ， 募 集 资 金 总 额 为 人 民 币 为人民币 587,852,395.60 元。上述募集资金已全部到位，中喜会计师事务所（特 殊普通合伙）于 2023 年 8 月 11 日出具《验资报告》 （中喜验资 2023Y00046 号）。 公司对募集资金采取了专户存储制度，开立了募集资金专项账户，募集资金全部 存放于募集资金专项账户内。 经公司第四届董事会第二十二次会议、第四届监事会第二十一次会议审议通 过《关于调整募投项目拟投入募集资金金额的议案》，鉴于本 ...

Core Points - Guosen Securities announced on August 1 that the acquisition of Wanhe Securities has been approved by the Shenzhen Stock Exchange's merger and reorganization review committee, pending completion of registration and other procedures [2] - Upon completion of the transaction, the company aims to leverage Wanhe Securities' first-mover advantage in cross-border asset management pilot business in Hainan Free Trade Port, while integrating its comprehensive financial service advantages [2] - The company plans to collaborate in product strategy, fundraising, and compliance risk management to achieve breakthroughs in international business and innovative services related to cross-border asset management [2]

Core Viewpoint - Guosen Securities (002736) is adapting to current market conditions by focusing on its core business and enhancing its professional capabilities while increasing the reserve of quality projects [1] Group 1: Business Strategy - The company aims to strengthen its core responsibilities and enhance its professional capabilities, with a focus on increasing the financing scale of equity business [1] - It plans to promote business innovation by expanding into mergers and acquisitions, Hong Kong stock business, and technology innovation bonds, thereby enhancing its comprehensive financial service capabilities [1] - The company is committed to long-term planning and aims to develop into an industrial investment bank, deepening its business transformation and increasing its service capacity for technology-oriented enterprises [1]

Group 1 - The core viewpoint of the article highlights that Guosen Securities (002736) has seen continuous improvement in its market share for brokerage business and net income from agency trading of securities [1] - In 2024, the company's brokerage clients' stock trading volume is expected to account for 2.75% of the entire market [1] - The number and quality of new accounts are improving year by year, indicating a positive trend in customer acquisition [1] Group 2 - The company is focusing on both new and existing clients, particularly leveraging internet methods to enhance operational efficiency and transform offline outlets [1] - There will be an increased investment in digital operations to meet the demands of a broader customer base [1]

Core Viewpoint - Guosen Securities emphasizes its commitment to a diversified asset allocation strategy to manage investments, aiming to reduce volatility and market rotation risks while seizing investment opportunities across various asset classes [1] Group 1: Investment Management Strategy - The company employs a broad asset allocation approach, utilizing stocks, bonds, derivatives, convertible bonds, and funds to mitigate risks [1] - By leveraging the hedging mechanisms between different asset classes, the company aims to control overall risk levels and maintain stability in proprietary business across varying market conditions [1] Group 2: Equity Investment Strategy - In equity investments, the company focuses on dividend investment, value growth investment, and discount protection investment strategies, with a primary emphasis on dividend investment [1] Group 3: Fixed Income Investment Strategy - The company adheres to a prudent investment approach in fixed income, primarily holding interest rate bonds and high-grade credit bonds, while actively seeking trading opportunities in a low-interest-rate environment [1] Group 4: Derivative Business Strategy - The company adopts a cautious approach in its derivatives business, ensuring compliance and actively managing risks, while promoting high-quality business development [1] - Plans to enhance the variety of business offerings and optimize customer structure based on actual business needs, alongside continuous improvement of the derivatives business system [1]

国信证券发布研报称，7月下旬，美欧达成贸易协议，特朗普将缩短俄乌达成和平协议的最后期限，且 美国可能施压二级制裁，并对俄油买家发出关税威胁，同时墨西哥下调产量预估，沙特或上调9月 OSP，叠加需求旺季支撑，国际原油价格加速冲高。此外，全球外部环境急剧变化，同时俄乌、美伊以 及美国"对等关税"政策均存在较大不确定性，但考虑到OPEC+较高的财政平衡油价成本，以及美国页 岩油较高的新井成本，预计2025年布伦特油价中枢在65-75美元/桶，2025年WTI油价中枢在60-70美元/ 桶。 国信证券主要观点如下： 7月油价回顾：2025年7月布伦特原油期货均价为69.4美元/桶，环比下跌0.4美元/桶，月末收于73.2美元/ 桶；WTI原油期货均价67.1美元/桶，环比下跌0.6美元/桶，月末收于70.0美元/桶。 7月上旬，美国关税政策暂缓，中东地缘局势反复，叠加夏季需求旺季支撑，国际油价震荡上涨；7月中 旬，美国宣布对巴西商品加征关税，欧佩克下调未来四年全球石油需求预测，国际油价大幅下跌；7月 下旬，美欧达成贸易协议，特朗普将缩短俄乌达成和平协议的最后期限，且美国可能施压二级制裁，并 对俄油买家发出关税威胁，同 ...