Core Viewpoint - The Hong Kong stock market is witnessing a strong performance in Chinese brokerage stocks, with notable gains in several companies [1] Group 1: Company Performance - Hongye Futures (03678.HK) has seen an increase of over 7% [1] - China Galaxy (06881.HK) has risen by more than 5% [1] - Other companies such as CICC (03908.HK) and China Merchants Securities (06099.HK) are also experiencing upward movement [1]

Core Viewpoint - The company has decided to postpone the expected completion dates for its fundraising projects, specifically the "Nanyang Intelligent Electrical Industrial Park Construction Project (Phase I)" and the "R&D Center Construction Project," to June 2026 due to various factors affecting project timelines [2][3][4]. Fundraising Overview - The company raised a total of RMB 262.35 million through its initial public offering, with a net amount of RMB 195.80 million after deducting issuance costs [2]. - The cumulative investment in the "Nanyang Intelligent Electrical Industrial Park Construction Project (Phase I)" is RMB 135.52 million, representing 69.22% of the planned investment [2]. Project Delay Details - The delay for the "Nanyang Intelligent Electrical Industrial Park Construction Project (Phase I)" is attributed to ongoing construction and the need for equipment installation and debugging, which has not yet reached a fully usable state [3]. - The "R&D Center Construction Project" requires an extension due to the optimization and upgrading of original R&D plans, which involves more complex processes and equipment selection [3]. Measures for Completion - The company will monitor the progress of the fundraising projects in real-time, develop implementation plans, optimize resource allocation, and ensure orderly advancement of subsequent construction [3]. Impact of Delay - The postponement of the fundraising projects is a prudent decision based on the current implementation status and does not alter the project subjects, methods, or intended use of funds, ensuring no significant adverse impact on the company's operations [4]. Approval Process - The board of directors and the supervisory board have approved the postponement of the project completion dates, and this matter does not require further shareholder meeting approval [4]. Sponsor's Review Opinion - The sponsor has confirmed that the postponement of the fundraising projects has been duly approved by the company's board and does not involve any changes to the intended use of funds, ensuring the protection of shareholder interests [4].

Summary of Key Points Core Viewpoint The company intends to change part of the fundraising purpose and delay some fundraising projects due to geopolitical factors and market opportunities in Thailand, prioritizing investment in a new production base in Thailand to meet the urgent needs of automotive manufacturers. Group 1: Fundraising Overview - The company raised a total of RMB 3,514,826,899.52 through the issuance of 60,726,104 A shares at a price of RMB 57.88 per share, with a net amount of RMB 3,498,437,798.43 after deducting issuance costs [1][2] - The total amount of funds to be invested in various projects is RMB 783,429.75 million, with RMB 349,843.78 million planned for investment [2] Group 2: Changes in Fundraising Purpose - The company plans to redirect RMB 38,000.00 million of the uninvested funds from the "Ningbo Qianwan annual production of 1.1 million automotive interior functional parts project and annual production of 1.3 million thermal management systems project" to the "Thailand annual production of 1.3 million thermal management systems project" [2][4] - The change in fundraising purpose accounts for 10.86% of the net amount raised [4] Group 3: Project Delays - The timeline for the "chassis system project" and "interior functional parts project" to reach the predetermined usable state has been extended from July 2025 to July 2026 [4][5] Group 4: Reasons for Changes - The shift in investment is driven by geopolitical factors and the need to follow automotive manufacturers establishing operations in Thailand, which is seen as a strategic move to reduce investment risks [9][10] - Thailand's favorable policies, such as tax incentives and a growing electric vehicle market, make it an attractive location for investment [10][11] Group 5: New Project Details - The new project in Thailand involves establishing a production base with an investment of RMB 64,800.00 million, of which RMB 38,000.00 million will come from the redirected funds [15][16] - The project is expected to generate annual revenue of RMB 182,000.00 million and a net profit of RMB 13,468.00 million, with a financial internal rate of return of 23.03% [16] Group 6: Company’s Strategic Position - The company has extensive experience in the automotive parts industry and aims to leverage Thailand's advantages to enhance its international market presence and reduce trade risks [17][18] - The growing demand for thermal management systems in the electric vehicle sector presents a significant market opportunity for the new project [18]

一、本次上市流通的限售股类型 根据中国证券监督管理委员会出具的《关于同意上海概伦电子股份有限公司 首次公开发行股票注册的批复》（证监许可20213703 号）以及上海证券交易所 出具的《关于上海概伦电子股份有限公司人民币普通股股票科创板上市交易的通 知》（2021492 号），公司首次向社会公开发行人民币普通股（A 股）股票 本次上市流通的限售股为首发限售股份，限售股股东数量为 9 名，对应的股 份数量为 256,744,747 股，占公司股本总数的 59.00%，限售期为自公司股票上市 之日起 42 个月。现限售期即将届满，将于 2025 年 6 月 30 日起上市流通。 二、本次上市流通的限售股形成后至今公司股本的变化情况 招商证券股份有限公司 关于上海概伦电子股份有限公司首次公开发行 部分限售股上市流通的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为上海 概伦电子股份有限公司（以下简称"概伦电子"或"公司"）首次公开发行股票 并上市持续督导阶段的保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第 发行部分限 ...

Core Viewpoint - The report outlines the strategic placement of investors in the initial public offering (IPO) of Shandong Xintong Electronics Co., Ltd., detailing the approval process and the qualifications of participating investors [1][2][3]. Group 1: Approval and Authorization of the IPO - The board of directors of the issuer approved the IPO on August 23, 2021, and further modifications were approved on February 21, 2023 [2]. - The shareholders' meeting also approved the IPO on September 8, 2021 [2]. - The Shenzhen Stock Exchange's listing review committee approved the IPO on February 2, 2024 [2][3]. Group 2: Strategic Placement Details - The total number of shares to be publicly issued is 39 million, representing 25% of the total share capital post-IPO [4]. - The initial strategic placement amount is set at 7.8 million shares, which is 20% of the total issuance [5]. - The strategic placement includes participation from senior management and core employees through a special asset management plan, with a maximum subscription amount of 62.5 million yuan [5][8]. Group 3: Investor Qualifications - Eligible strategic placement investors include large enterprises with strategic cooperation relationships or long-term visions with the issuer [8][10]. - The participating investors are the employee asset management plan of Xintong Electronics, Electric Investment Green Strategic Investment Fund, and Guangzhou Industrial Control Capital Management Co., Ltd. [8][10]. - The employee asset management plan is limited to a maximum of 390,000 shares and 62.5 million yuan [9][10]. Group 4: Lock-up Arrangements - The lock-up period for the employee asset management plan is 12 months from the IPO date, while the Electric Investment Green Fund and Guangzhou Industrial Control Capital have a lock-up period of 18 months [7][20]. - After the lock-up period, the reduction of shares will comply with the regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [7][20]. Group 5: Compliance and Funding Sources - The participating investors have confirmed that their funds for the strategic placement come from their own resources, ensuring compliance with relevant regulations [11][20]. - The Electric Investment Green Fund and Guangzhou Industrial Control Capital have sufficient liquidity to cover their subscription amounts [20][24].

利弗莫尔证券显示， 兆威机电向港交所提交上市申请书，联席保荐人为 招商证券国际、Deutsche Bank。 ...

本次非公开发行股份自该等股份上市之日起 36 个月内，不以任何方式转让 （包括但不限于通过证券市场公开转让、大宗交易或协议方式转让），该等股份 由于蓝天燃气送红股、转增股本等原因而增持的股份，亦遵照前述锁定期进行锁 定。 二、本次限售股形成后至今公司股本数量变化情况 本次限售股形成后，公司 2023 年实施 2022 年度权益分派，以资本公积金向 全体股东每股转增 0.4 股导致公司股本总额增加 197,942,536 股至 692,798,876 股。 因 本次转 增股本导致 宇 龙实 业持有的公 司限售股股 份增加 12,861,736 股至 截至 2025 年 6 月 17 日，公司因可转债转股导致总股本累计增加 21,836,087 股至 714,634,963 股。本次因可转债转股导致股本增加不涉及本次上市流通的限 售股股东。 招商证券股份有限公司 关于河南蓝天燃气股份有限公司 发行股份购买资产暨关联交易限售股份解禁上市流通的核查意见 招商证券股份有限公司（以下简称"招商证券"、"独立财务顾问"）作为 河南蓝天燃气股份有限公司（以下简称"蓝天燃气"、"公司"）发行股份购买 资产暨关联交易（以下简称" ...

Core Viewpoint - The company plans to utilize part of the temporarily idle funds raised from the issuance of convertible bonds for cash management to enhance fund efficiency and generate additional returns for the company and its shareholders [1][2][5]. Fundraising Overview - The company issued a total of 4 million convertible bonds at a face value of RMB 100 each, raising a total of RMB 400 million, with a net amount of RMB 393,434,905.67 after deducting issuance costs [1]. Cash Management Plan - **Investment Purpose**: The aim is to improve the efficiency of the raised funds while ensuring that the cash management does not affect the construction and use of the fundraising projects or the company's daily operations [2]. - **Investment Products**: The company will invest in low-risk, capital-preserving, and liquid products such as structured deposits, notice deposits, time deposits, large certificates of deposit, and income certificates [2]. - **Investment Limit and Duration**: The maximum amount for cash management will not exceed RMB 70 million, with a usage period of up to 12 months from the board's approval [2]. - **Implementation Method**: The board has authorized the chairman to make investment decisions within the approved limits and duration [2]. Information Disclosure - The company will comply with relevant regulations and timely disclose information regarding the cash management activities [3]. Cash Management Returns - The income generated from cash management will be used to supplement any shortfall in project investments and for the company's operational liquidity needs [3][4]. Impact on Daily Operations - The cash management plan will not disrupt the normal operations or the implementation of fundraising projects, nor will it harm the interests of the company and its shareholders, particularly minority shareholders [4][5]. Review Procedures and Opinions - The board and supervisory board have approved the cash management plan, confirming compliance with relevant regulations and ensuring that it will not alter the intended use of the raised funds [5][6].

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation for high-quality development in the context of global economic changes, with a focus on enhancing the role of stock and bond markets in supporting technological innovation [1] Group 1: Policy and Market Developments - The China Securities Regulatory Commission (CSRC) aims to strengthen the linkage between stock and bond markets to support technological innovation, promoting the development of innovation bonds and optimizing issuance and trading systems [1] - Since May, there has been a surge in the issuance of innovation bonds, with 30 brokerages participating and a cumulative issuance scale nearing 300 billion [2][3] Group 2: Issuance Details - As of June 16, several brokerages, including CITIC Securities and Huatai Securities, have received approval for significant issuance amounts of innovation bonds, with CITIC Securities approved for 150 billion and Huatai for 100 billion [3] - The total issuance of innovation bonds by 30 brokerages has reached 294.7 billion, with 34 bonds issued [3][6] Group 3: Market Trends and Performance - The issuance of innovation bonds has seen a remarkable increase, with a total issuance scale of 7,565 billion from January to May 2025, marking a 76.4% increase year-on-year [8] - In May alone, the issuance reached a record high of 3,638 billion, a 123% month-on-month increase, reflecting strong investor sentiment [8] - The average issuance interest rate for innovation bonds in May was 1.77%, the lowest recorded, indicating a downward trend in financing costs [8] Group 4: Future Outlook - The market for innovation bonds is entering a "2.0 era," characterized by an expanded range of issuers and uses for raised funds, improved support mechanisms, and enhanced regulatory oversight [9] - The introduction of risk-sharing tools and product innovations is expected to improve financing accessibility for private enterprises and those with weaker credit ratings [9]

Core Viewpoint - Xiaomi's automotive division is expected to achieve significant sales growth, with the new SUV model YU 7 anticipated to become a best-seller, potentially doubling sales next year [1] Group 1: Sales Forecast - Xiaomi's automotive sales are projected to reach 350,000 to 400,000 units this year [1] - The YU 7 model is expected to contribute to monthly sales of 30,000 to 40,000 units [1] - Combined sales of SU 7 and YU 7 could reach 50,000 to 60,000 units, with a target of 700,000 to 800,000 units next year [1] Group 2: Competitive Landscape - The starting price for the YU 7 is estimated to be around 250,000 RMB [1] - Key competitors for the YU 7 include Tesla Model Y, NIO EC6, and XPeng G7 [1] - The YU 7 has a higher potential for market impact, with three times the number of pre-registrations compared to the SU 7 at the same stage [1] Group 3: Market Dynamics - The demand for the SU 7 remains strong despite ongoing price wars in the automotive market [1] - Xiaomi plans to introduce new models next year, with the potential to exceed 1 million units in sales if production capacity is sufficient [1]