Group 1 - The announcement date is August 1, 2025 [1] - The new senior management personnel information is included [1] - Other matters requiring explanation have been approved by the third board of directors' fourth meeting of China Merchants Securities Asset Management Co., Ltd. and will be filed according to relevant regulations [1]

Core Viewpoint - The company plans to utilize temporarily idle raised funds for cash management to enhance fund efficiency and generate returns for the company and its shareholders [4][5][6]. Summary by Sections 1. Basic Information on Raised Funds - The company was approved by the China Securities Regulatory Commission to publicly issue 17 million shares at a price of 24.80 RMB per share, raising a total of 421.6 million RMB, with a net amount of 374.48 million RMB after deducting issuance costs [1]. 2. Investment Project Status - The company has modified its investment projects, reallocating funds from the "Experimental Analysis Instrument Consumables Production Project" to the "Trace and Ultra-trace Element Analysis ICP-MS and Online Analysis System Production and R&D Project" [2]. - As of November 14, 2023, the company has approved the conclusion of certain projects and will use surplus funds of 70 million RMB for new projects, including 50 million RMB for a gas chromatography-mass spectrometry project and 20 million RMB for an ICP spectrometer project [2]. 3. Cash Management Plan - The company aims to use up to 130 million RMB of temporarily idle raised funds for cash management, with a maximum investment period of 12 months [4][5]. - The investment will focus on low-risk, high-liquidity financial products, ensuring that the funds are not used for pledging or securities investment [4][6]. 4. Decision-Making and Governance - The board of directors has authorized the chairman to make investment decisions within the approved limits and timeframe, with the finance department responsible for implementation [5][6]. - The decision is valid for 12 months from the date of board approval [5]. 5. Impact on Daily Operations - The cash management plan will not affect the company's normal operations or the progress of investment projects, and it is expected to generate additional returns for the company and its shareholders [4][5]. 6. Verification by Sponsor Institution - The sponsor institution has confirmed that the cash management plan complies with relevant regulations and does not alter the intended use of raised funds, thus supporting the company's interests [6].

中国经济网北京7月31日讯 慕思股份(001323.SZ)今日股价下跌，截至收盘报31.68元，跌幅4.78%。 慕思股份首次公开发行股票募集资金总额为155,758.93万元，扣除发行费用8,044.55万元，募集资金净额 为147,714.38万元。慕思股份于2022年6月13日披露的招股说明书显示，该公司原拟募集资金147,714.38 万元，用于华东健康寝具生产线建设项目、数字化营销项目、健康睡眠技术研究中心建设项目。 慕思股份首次公开发行股票的发行费用约8,044.55万元(各项费用均为不含税金额)，其中，保荐及承销 费用5,700.00万元。 上市次日(2022年6月24日)，慕思股份盘中最高价报61.67元，为该股上市以来最高价。该股目前处于破 发状态。 慕思股份于2022年6月23日在深圳证券交易所主板上市，本次发行的股票数量为4,001.00万股，发行价格 为38.93元/股，保荐机构为招商证券股份有限公司，保荐代表人为邓永辉、康自强。 ...

Core Viewpoint - The report from China Merchants Securities International indicates that the pricing of Li Auto's new model i8 aligns with expectations, while the oil-electric pricing exceeds expectations. The target price is maintained at HKD 138 with a "Buy" rating [1] Company Analysis - The market has a misunderstanding regarding the i8, as the pure electric i-series is not the primary investment value for Li Auto. The potential of the range-extended L series remains significant, which could expand the company's market space by 30-50% [1] - The i8 is viewed as a high-end, slow-moving product, with the i6, set to be released in September, expected to be the true volume product for the pure electric series. Short-term deliveries are not anticipated to have a strong impact [1] Sales Forecast - The estimated monthly sales for the i8 are projected to be between 3,000 to 5,000 units, primarily aimed at validating the pure electric product before paving the way for the i6 [1]

Core Viewpoint - The report from China Merchants Securities International indicates that the pricing of Li Auto's new model i8 aligns with expectations, with the fuel-electric price being better than anticipated. The target price is maintained at HKD 138 with a "Buy" rating [1] Group 1: Company Insights - The market has a misunderstanding regarding the i8, as the pure electric i-series is not the primary investment value for Li Auto; the range-extended L series still holds significant potential [1] - These two factors could expand the company's potential market space by at least 30-50% [1] - The i8 is viewed as a high-end product with a slow market uptake, while the i6, expected to be released in September, is anticipated to be the true volume product for the pure electric series [1] Group 2: Sales Projections - Short-term deliveries of the i8 are not expected to have a strong impact, with estimated monthly sales ranging from 3,000 to 5,000 units, primarily aimed at validating the pure electric product [1] - The i8's stable performance is expected to pave the way for the i6's market entry [1]

Group 1 - The report from China Merchants Securities highlights the introduction of new isostatic equipment and UV printing technology in the solid-state battery manufacturing process to address core interface challenges [1] - UV printing technology is favored for its high precision and automation, making it suitable for the stringent production requirements of solid-state batteries, and is currently a primary choice for leading battery manufacturers [1][2] - The overall cycle time of the solid-state battery production line is currently a bottleneck, with precise control required over various parameters such as laser settings, dispensing speed, adhesive viscosity, and UV curing energy [2] Group 2 - The production of solid-state batteries imposes higher requirements on UV adhesives, particularly in terms of tensile strength, flexibility, and puncture resistance, due to their use in insulating the electrodes [3] - New formulations of solid-state battery UV adhesives are reported to have significant barriers to entry, as they must not react with sulfur-based electrolytes, indicating a specialized market for these materials [3] - Leading companies in the UV adhesive sector, such as Songjing Co., have made significant advancements in solid-state UV adhesive products and equipment [3]

Core Viewpoint - The Federal Reserve maintained the federal funds target rate at 4.25%-4.50% during the meeting on July 30, indicating ongoing concerns about stagflation risks and the challenges in lowering interest rates as long as the inflation gap exceeds the employment gap [1] Group 1: Federal Reserve Actions - The Federal Reserve's decision to keep the interest rate unchanged reflects its cautious stance on inflation and employment dynamics [1] - The current pace of balance sheet reduction remains unchanged, signaling a steady approach to monetary policy [1] Group 2: Inflation and Tariffs - New tariffs set to take effect on August 1 will not be reflected in import data until September, which may lead to a delayed inflation impact observed in October and November [1] - The potential for tariff-induced inflation could prolong the timeline for any interest rate cuts by the Federal Reserve [1] Group 3: Market Expectations - The market is currently pricing in a 45.2% probability of a rate cut in September, suggesting that investors are preparing for the possibility of no rate reduction [1] - The absence of a rate cut in September could indicate that the risk-free interest rate will no longer serve as a positive factor for the market [1]

Core Viewpoint - The report outlines the strategic placement of investors in the initial public offering (IPO) of Guangdong Provincial Architectural Science Research Institute Group Co., Ltd. (Guangdong Jian Ke), highlighting the approval process and the strategic partnerships involved in the issuance [1][4][6]. Group 1: Approval and Authorization - The IPO application for Guangdong Jian Ke was approved by the Shenzhen Stock Exchange on August 17, 2023, and received registration consent from the China Securities Regulatory Commission on June 17, 2025 [1][4]. - The board of directors and the shareholders' meeting of the issuer approved the IPO and related matters on May 8, 2021, and June 2, 2023, respectively [3][4]. Group 2: Strategic Placement of Investors - The strategic investors participating in the IPO include large enterprises with long-term cooperation visions, such as Science City (Guangzhou) Investment Group Co., Ltd., Guangzhou Yuexiu Industrial Investment Co., Ltd., Guangdong Provincial Tourism Holding Group Co., Ltd., and Southern Industrial Asset Management Co., Ltd. [2][6]. - The initial strategic placement quantity is set at 31,398,000 shares, accounting for 30% of the total issuance, with a total public offering of 10,466,000 shares [6][8]. Group 3: Compliance and Investor Qualification - The strategic placement investors were selected based on their strategic cooperation relationship with the issuer and their long-term investment intentions, complying with the relevant regulations [5][8]. - The report confirms that the participating investors, including招商证券投资有限公司 (招商投资), meet the qualifications for strategic placement as outlined in the regulations [9][10]. Group 4: Financial and Operational Details - The total share capital after the public offering will be 41,856,000 shares, with the public offering shares representing approximately 25% of the total [6]. - The strategic investors' subscription amounts are capped at 30,995 million yuan, with specific limits on the number of shares they can acquire [7][8]. Group 5: Future Collaborations and Commitments - The strategic partnerships established through the IPO are expected to enhance collaboration in various sectors, including construction engineering testing and environmental monitoring, contributing to the high-quality development of the Guangzhou Development Zone [14][33]. - The investors have committed to maintaining their shareholding for specified periods, ensuring stability and support for the issuer's growth [11][28].

Group 1 - The core viewpoint of the article is that Chuanhua Zhiliang (SZ 002010) announced its participation in a research meeting with招商证券 on July 29, 2025, where company representatives addressed investor inquiries [2] - For the fiscal year 2024, the revenue composition of Chuanhua Zhiliang is as follows: logistics accounts for 59.87%, specialized chemical product manufacturing accounts for 40.06%, and other businesses account for 0.07% [2]

| BILI 哔哩哔哩 | | 503 | | --- | --- | --- | | 22.440 ↓ -0.395 -1.73% | | 收盘价 07/29 15:59 美东 | | 22.750 ↑ 0.310 +1.38% | | 盘前价 07/30 04:00 美东 | | 暨 ½ 24 号 Ｓ ９ 同 ○ | | ● 快捷交易 | | 最高价 22.830 | 开盘价 22.830 | 成交量 194.42万 | | 最低价 22.370 | 昨收价 22.835 | 成交额 4389.42万 | | 平均价 22.576 | 市盈率TM 亏损 | 总市值 92.63亿(m) | | 振 幅 2.01% | 市盈率(静) | 总股本 4.13亿 | | 换手率 0.69% | 市净率 4.621 | 流通值 63.66亿 | | 52周最高 31.770 | 委 比 89.19% | 流通股 2.84亿 | | 52周最低 12.720 | 量 比 0.64 | 色 手 1股 | | 历史最高 157.660 股息TIM -- | | 换股比率 1.00 | | 历史最低 8.230 | | | ...