"通知"提出新能源就近消纳项目若接入公共电网，则视为享受了电网按其接网容量提供的调节和通道保 障等稳定供应保障服务，意味着绿电直连项目需要缴纳稳定供应保障费用。稳定供应保障费用主要包含 两部分： 1)输配电费：绿电直连项目需缴纳容(需)量电费，计算方式为现行政策缴纳的容(需)量电费 + 所在电压 等级现行电量电价标准×省内110kV以上用户平均负荷率×利用小时数×接入公共电网容量，前一部分与 用户直接从电网购电所需缴纳的容(需)量电费一致，后一部分则是按照省内用户平均负荷率对应用电量 折算电量电费进行缴纳；下网电量不再单独缴纳系统备用费与输配电量电费等； 中信证券发布研报称，具有较高负荷率与较强调节能力的绿电直连项目在当前政策下可通过压降输配电 成本来提升经济性，因此依托优质负荷资源打造的绿电直连项目能够同时满足用户降碳&降本需求，对 发电侧而言在当前市场化比例提高、消纳压力增加的环境下能够凭借稳定的电价水平、较好的消纳形势 与可观的回报率吸引运营商投资。建议关注优质资源获取能力强且运营能力优势突出的龙头新能源&垃 圾焚烧发电运营商，以及绿电入市推动电力市场变化后受益的信息化服务商。 中信证券主要观点如下： ...

Core Viewpoint - The report from CITIC Securities indicates a potential recovery in the residential land transaction area in China by H1 2025, driven by increased land acquisition activity from companies, which is expected to positively impact new construction areas [1][7]. Group 1: Demand Recovery - The demand for residential construction in China is approaching a turning point, with new construction areas in 2024 expected to be only 33% of the peak in 2019, but a narrowing decline is anticipated in 2025 [1]. - The transaction area for residential land in Q1 and Q2 of 2025 is projected to be 42.36 million and 50.12 million square meters, respectively, showing a year-on-year growth of 2.4% and 2.3% [1]. - The land acquisition area for sample companies from January to July 2025 is reported at 16.17 million square meters, reflecting a 39% year-on-year increase, indicating a shift from negative to positive in land acquisition data [1]. Group 2: Competitive Landscape - The ongoing decline in real estate investment demand, coupled with debt pressures on property companies, has led to an increase in bankruptcies among upstream companies, resulting in a consolidation of the construction materials industry [2]. - The number of bankruptcies in the real estate, construction, and home decoration sectors has risen significantly from 2021 to 2024, indicating a trend towards higher industry concentration [2]. Group 3: Valuation and Investment Potential - As of September 10, 2025, the PB ratio of the building materials index is at 1.3x, placing it in the bottom 20% of its historical valuation range, suggesting potential for price recovery [3]. - The fund holding ratio for decorative materials is at 0.13%, which is below the standard allocation, indicating that the consumer building materials sector is at a low point with room for growth [3]. Group 4: Waterproof Materials Industry - The waterproof materials market, particularly waterproof membranes, is crucial as it is used in the construction phase to protect buildings from water damage, and the market has faced significant pressure due to declining construction activity [4]. - The production of waterproof materials in 2024 is expected to decline by 38% compared to the peak in 2021, highlighting the challenges faced by the industry [4]. - There is still room for growth in per capita waterproof market demand in China, which currently stands at 64 yuan compared to 288 yuan in the U.S. [4]. Group 5: Price Stabilization and Profitability - The waterproof materials sector has seen a concentration of market share among leading companies, which is essential due to the high cost of errors associated with these materials [5]. - Price increases have been observed in July 2025 from major companies, indicating a turning point in pricing for waterproof materials [5]. - The revenue decline for leading companies in Q2 2025 has narrowed compared to Q1, suggesting a potential bottoming out of industry demand [5].

Core Viewpoint - Citic Securities maintains a "buy" rating for NetDragon (00777), projecting growth in the gaming business and recovery in Mynd.ai following tariff policy implementation, with a target price of HKD 16 for 2025 [1] Group 1: Financial Performance - The company is expected to achieve a revenue of HKD 2.38 billion in mid-2025, with an adjusted net profit of HKD 280 million after excluding impairment losses and one-time employee severance compensation [1] - The gaming and application services segment is projected to generate revenue of HKD 1.74 billion in the first half of 2025, with a gross margin of 86.2% [1] - Sales, management, and R&D expenses have decreased by 4.6%, 14.0%, and 22.4% year-on-year, indicating significant optimization [1] Group 2: Earnings Forecast - Citic Securities forecasts EPS for 2025, 2026, and 2027 to be HKD 0.64, HKD 1.10, and HKD 1.82 respectively [2] - The gaming and application services business is expected to generate a net profit of HKD 690 million in 2025, with a valuation of HKD 6.19 billion based on a 9x PE ratio [2] - Mynd.ai is projected to have a revenue of HKD 1.72 billion in 2025, with a valuation of HKD 900 million based on a 0.7x PS ratio [2] Group 3: Strategic Developments - The company has made significant advancements in the technology and AI sectors, including a strategic partnership between its subsidiary Chuangqi and Zhongke Wenge to promote AI models and applications outside mainland China [3] - Recent investments in AI edge device companies have led to the successful launch of a new generation of AI glasses, marking a key breakthrough in the consumer market [3]

Overview of Continuous Supervision Work - The sponsor has established a continuous supervision work system and corresponding work plan, clarifying the requirements for on-site inspections [2] - A sponsorship agreement has been signed between the sponsor and the company, outlining the rights and obligations during the supervision period [2] - The sponsor has performed continuous supervision duties in accordance with relevant regulations, including reviewing corporate governance documents, financial management systems, and fundraising management [2] Issues and Rectification - No significant issues were found during the continuous supervision period [3] Major Risk Matters - **Core Competitiveness Risk**: The company must keep pace with evolving customer requirements in thin film deposition technology; failure to do so may adversely affect operational performance [3] - **Operational Risks**: - New product validation may not meet expectations due to long verification cycles [5] - Quarterly performance may fluctuate significantly due to non-uniform customer orders and varying project timelines [5] - Order fulfillment risks may arise from market downturns or changes in customer demand [6] - **Financial Risks**: - High inventory levels may lead to inventory impairment risks if market conditions change [7] - Increased accounts receivable and contract assets may pose collection risks if customer financial conditions deteriorate [8] - **Industry Risks**: - Downstream industry fluctuations, particularly in the semiconductor and photovoltaic sectors, may impact demand for the company's products [9] - Intensifying domestic competition in ALD and CVD technologies may compress profit margins [10] - **Macroeconomic Risks**: Global supply chain adjustments and trade frictions may disrupt component supply and affect production capabilities [11] - **Intellectual Property Disputes**: The company may face risks related to potential infringement claims or challenges to its patents [12] Financial Performance - For the first half of 2025, the company reported revenue of 1,049.95 million, a year-on-year increase of 33.42%, driven by growth in the photovoltaic and semiconductor sectors [13] - Net profit attributable to shareholders reached 192.36 million, up 348.95% year-on-year, due to increased revenue and reduced expenses [13] - The net cash flow from operating activities was -181.70 million, an improvement compared to the previous year [13] Core Competitiveness - **Technological Advantages**: The company focuses on ALD technology, which offers significant application potential in various high-tech fields [14] - **R&D Team and Infrastructure**: The company has a strong R&D team with extensive experience and has established an industrial application center to support innovation [15] - **Technology Accumulation**: The company has developed eleven core technologies successfully applied in its products, enhancing its market position [16] - **Product Matrix**: The company offers a diverse range of products across multiple sectors, which helps mitigate market volatility [17] - **Customer Resources**: The company has secured orders from leading semiconductor and photovoltaic manufacturers, establishing a solid customer base [18] - **Customer Service**: The company provides tailored solutions and efficient technical support to meet customer needs [19] Changes in Core Competitiveness - No significant adverse changes in core competitiveness were identified during the supervision period [20] R&D Expenditure and Progress - R&D expenditure has decreased due to the completion of certain projects, but the company continues to innovate, with 40 new patents granted during the period [21] Compliance with Fundraising Regulations - The company has effectively complied with regulations regarding the use of raised funds, ensuring proper management and oversight [22] Shareholding and Management - The controlling shareholder holds a 50.43% stake, with no significant changes in shareholding or pledging during the supervision period [22]

Group 1 - The issuer of the convertible bonds is Yifeng Pharmacy Chain Co., Ltd. [2] - The total amount of the convertible bonds issued is RMB 179,743.20 million, with a net fundraising amount of RMB 178,026.23 million after deducting issuance fees [3][4] - The bonds will be listed on the Shanghai Stock Exchange starting from March 27, 2024, under the name "Yifeng Convertible Bonds" with the code "113682" [3][4] Group 2 - The bonds have a maturity period of six years, from March 4, 2024, to March 3, 2030 [4] - The face value of each bond is RMB 100, and the bonds are issued at face value [5] - The coupon rates for the bonds are set at 0.30% for the first year, increasing to 2.00% by the sixth year [6] Group 3 - The initial conversion price for the bonds is set at RMB 39.85 per share [13] - The conversion price will be adjusted based on various corporate actions, including stock dividends and cash distributions [34] - The conversion price has been adjusted multiple times, with the latest adjustment bringing it down to RMB 31.84 per share effective from September 17, 2025 [16][17][34] Group 4 - The company has established a management system for the raised funds, which will be deposited in a designated special account [30] - The bonds have been rated AA by a credit rating agency, with a stable outlook [30] - The company is required to redeem the bonds at 110% of the face value upon maturity, including the last interest payment [23]

Group 1 - Zhangjiagang Bank announced that it will accept research from CITIC Securities on September 15, 2025, with participation from the head of the board office, Tao Ying, who will address investor questions [1] - For the first half of 2025, Zhangjiagang Bank's revenue composition shows that interest income accounts for 75.14%, while non-interest income accounts for 2.73% [1] Group 2 - As of the report, Zhangjiagang Bank has a market capitalization of 10.9 billion yuan [2]

Group 1 - The core viewpoint of the news is that Conglin Technology (688370.SH) is currently experiencing a significant decline in stock price, with a drop of 7.72% and a market capitalization of 3.525 billion yuan, indicating it is in a state of underperformance since its IPO [1] - Conglin Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 25, 2022, with an initial public offering (IPO) price of 59.76 yuan per share, and the number of shares issued was 26,606,185, accounting for 25.01% of the total share capital post-IPO [1] - The total amount raised by Conglin Technology during the IPO was 1.5899856 billion yuan, but the net amount after deducting issuance costs was 1.4368896 billion yuan, which is 593.1104 million yuan less than the original plan of 2.03 billion yuan [1] Group 2 - The issuance costs for Conglin Technology totaled 153.096 million yuan, with the lead underwriter, CITIC Securities, receiving 127.1988 million yuan as underwriting fees [2] - On June 29, 2023, Conglin Technology announced its annual profit distribution plan, which included a cash dividend of 2.8 yuan per share (tax included) and a capital reserve transfer of 0.3 shares for every share held, resulting in a total cash distribution of 297.92 million yuan and a transfer of 31.92 million shares [2] - Following the distribution, the total share capital of Conglin Technology increased to 138.32 million shares, with the record date for the distribution set for July 4, 2023, and the ex-dividend date on July 5, 2023 [2]

Group 1 - The stock of HeMai Co., Ltd. (688032.SH) closed at 114.42 yuan, with a decline of 1.30%, currently in a broken state [1] - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an initial offering price of 557.80 yuan per share and a total of 10 million shares issued [1] - The total amount raised from the initial public offering (IPO) was 5.578 billion yuan, with a net amount of 5.406 billion yuan after deducting issuance costs, exceeding the original plan by 4.848 billion yuan [1] Group 2 - The funds raised from the IPO were intended for the construction of HeMai Intelligent Manufacturing Base, the industrialization of energy storage inverters, the upgrade of intelligent complete electrical equipment, and to supplement working capital [1] - The total issuance costs for the IPO amounted to 172 million yuan, including underwriting and sponsorship fees of 142 million yuan [1] - On May 30, 2022, HeMai Co., Ltd. announced a dividend plan of 30 yuan (pre-tax) per 10 shares, with a bonus issue of 4 shares, effective from June 7, 2022 [1] Group 3 - On June 6, 2023, HeMai Co., Ltd. announced a dividend plan of 53 yuan (pre-tax) per 10 shares, with a bonus issue of 4.9 shares, effective from June 13, 2023 [1] - On June 13, 2024, HeMai Co., Ltd. announced a dividend plan of 36 yuan (pre-tax) per 10 shares, with a bonus issue of 4.9 shares, effective from June 19, 2024 [2]

■ 一、保荐工作概述 ■ 二、保荐人发现公司存在的问题及采取的措施 ■ 三、公司及股东承诺事项履行情况 ■ 四、其他事项 ■ 保荐代表人： 石 坡 叶建中 中信证券股份有限公司 2025年 9 月 15 日 ...

人民财讯9月16日电，中信证券研报表示，随着国家发改委发布136号文件，储能行业迎来新的发展模 式。据测算，目前现货市场和辅助服务下储能项目基本具备盈利性。考虑到国家层面可能推出针对储能 等调节性资源的容量电价机制，储能项目收入的确定性将大幅增强，对于国央企等客户投资决策的落地 具有重要意义。根据测算，在储能100元/kW的容量电价水平下，若储能新增装机保持30%增速，对终 端用电价格影响仅有1.19%，储能容量电价具备可行性。中信证券认为136号文取消强制配储后，储能 行业从成本竞争转向价值创造，有望实现行业竞争格局优化，看好储能产业链相关的头部厂商。 ...