Summary of Key Points Core Viewpoint The company, Shenzhen Keli Technology Co., Ltd., is changing the use of part of the raised funds from its non-public offerings in response to market conditions and operational needs, aiming to enhance fund utilization efficiency and support new project investments. Group 1: Fundraising Overview - In the 2020 non-public offering, the company raised a total of RMB 489.31 million, with a net amount of RMB 480.06 million after deducting issuance costs [1][2] - The 2022 non-public offering raised RMB 225.43 million, with a net amount of RMB 216.71 million after costs [5][6] Group 2: Changes in Fund Usage - The company plans to adjust the investment amounts for the "Automotive Electronic Magnetic Component Production Line Construction Project," reducing the total investment by RMB 151.58 million, reallocating these funds to supplement working capital [3][4] - The "Power Production Automation Transformation Project" has been terminated, with remaining funds also redirected to working capital [4][5] Group 3: New Project Investments - The company intends to invest RMB 173.91 million from the adjusted funds into a new production base in Vietnam to meet increasing market demand and enhance operational efficiency [9][10] - The decision to terminate certain projects and invest in new ones is driven by the need to adapt to market changes and improve competitiveness [8][9] Group 4: Feasibility and Strategic Rationale - The new project in Vietnam is deemed necessary due to the growing demand from overseas clients and the need to diversify production locations to mitigate geopolitical risks [12][13] - Vietnam's favorable labor costs, tax incentives, and strategic location are expected to provide significant advantages for the company's operations [16][17] Group 5: Approval Process - The board of directors and the supervisory board have approved the changes in fund usage, emphasizing that the decision aligns with the company's long-term strategic goals and does not harm shareholder interests [18][19]

Core Viewpoint - Jiu Ri New Materials (688199.SH) reported a revenue of 1.488 billion yuan for 2024, marking a year-on-year increase of 20.52%, while the net profit attributable to shareholders was a loss of 53.76 million yuan, an improvement from the previous year's loss of 96.14 million yuan [1][2] Financial Performance Summary - **Revenue**: The company achieved an operating revenue of 1.488 billion yuan in 2024, up 20.52% from 1.234 billion yuan in 2023 [1][2] - **Net Profit**: The net profit attributable to shareholders was -53.76 million yuan, compared to -96.14 million yuan in the previous year, indicating a reduction in losses [1][2] - **Net Profit Excluding Non-Recurring Items**: The net profit excluding non-recurring items was -62.78 million yuan, an improvement from -113.03 million yuan year-on-year [1][2] - **Cash Flow**: The net cash flow from operating activities was 74.14 million yuan, reflecting a year-on-year increase of 3.84% [1][2] 2025 Q1 Performance Summary - **Revenue**: In the first quarter of 2025, the company reported an operating revenue of 356.04 million yuan, a slight decrease of 0.15% compared to 356.58 million yuan in the same period last year [3][4] - **Net Profit**: The net profit attributable to shareholders was -10.52 million yuan, worsening from -4.39 million yuan in the previous year [3][4] - **Net Profit Excluding Non-Recurring Items**: The net profit excluding non-recurring items was -11.00 million yuan, compared to -8.93 million yuan year-on-year [3][4] - **Cash Flow**: The net cash flow from operating activities was -48.20 million yuan, compared to -38.89 million yuan in the same period last year [3][4] Company Background - Jiu Ri New Materials was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 5, 2019, with an issuance of 27.81 million shares at a price of 66.68 yuan per share [4] - The total amount raised from the issuance was 1.854 billion yuan, with a net amount of 1.709 billion yuan, exceeding the original plan by 113.87 million yuan [5] - The company plans to use the raised funds for the construction of a production project for 87,000 tons of light-curing materials and for working capital [5]

港股中资券商股盘中强势，光大证券(06178.HK)涨超9%，弘业期货(03678.HK)涨超8%，广发证券 (01776.HK)涨超6%，中金公司(03908.HK)、招商证券(06099.HK)、华泰证券(06886.HK)均涨超5%。 ...

Core Viewpoint - The report from China Merchants Securities International indicates that Geely Automobile (00175) is expected to raise its annual sales target due to the launch of significant new models from Galaxy, Lynk & Co, and Zeekr in the second half of the year, which could act as a catalyst for the stock price [1] Group 1: Sales Performance - In May, Geely's total wholesale volume reached 235,000 units, marking a year-on-year increase of 46.4% and a month-on-month increase of 0.5%, setting a historical record [2] - The cumulative wholesale volume from January to May was 1.17 million units, up 49% year-on-year, achieving approximately 43% of the annual sales target of 2.71 million units, with potential for exceeding the target [2] - In May, the wholesale volume of new energy vehicles (NEVs) was 138,000 units, reflecting a year-on-year increase of 178% and a month-on-month increase of 9.9%, significantly outpacing the industry growth [2] - NEVs accounted for 58.7% of total sales in May, up 22.2 percentage points year-on-year [2] - Cumulative NEV wholesale from January to May reached 602,000 units, a year-on-year increase of 137%, representing 51% of total sales [2] - The high-end fuel vehicle, China Star, saw sales of 87,000 units in May, with the high-end series achieving a year-on-year growth of 21% [2] Group 2: Product Launches and Innovations - The company plans to launch multiple significant new models in the second half of the year, including the Galaxy A7 mid-size sedan and a rugged SUV, enhancing its product matrix [3] - The high-end flagship SUV Lynk & Co 900 had nearly 5,600 units delivered in May, with a strong order backlog, and the Lynk & Co hybrid Z10 is set to launch in the second half [3] - Zeekr's new model 007GT is performing well, with additional luxury SUVs set to launch in Q3 and Q4 [3] - The fuel vehicle Star series is leveraging the new energy platform for shared benefits, with the Star Yue L model performing well since its March launch [3] Group 3: International Expansion - The company is accelerating its overseas layout, with the first EX5 produced at the Indonesian KD factory and plans for a light asset model in Latin America and Central Asia [3] - The Galaxy E5 and Star Wish are set to enter multiple markets in the second quarter, with an acceleration of overseas expansion planned for the second half of the year [3]

Core Viewpoint - The appointment of Zhu Jiangtao as the new president of China Merchants Securities is expected to enhance resource integration and risk management within the company, leveraging his extensive banking experience [2][5]. Group 1: Leadership Changes - Zhu Jiangtao has been appointed as the president of China Merchants Securities, with his term starting from the board's approval until the end of the eighth board's term [2]. - Zhu previously served as an executive director and vice president at China Merchants Bank, where he was recognized for his contributions [2][4]. - The leadership transition follows the retirement of former president Wu Zongmin, aiming to minimize the impact of management changes [3]. Group 2: Zhu Jiangtao's Background - Zhu Jiangtao, born in 1972, has nearly 30 years of experience in the banking sector, with significant roles in risk management [4]. - His career includes positions at Industrial and Commercial Bank of China and various leadership roles at China Merchants Bank, culminating in his role as Chief Risk Officer [4]. Group 3: Management Structure - The new executive structure at China Merchants Securities includes one president and five vice presidents, with recent appointments to fill the vice president roles [6]. - Zhang Xing and Wang Zhijian have been appointed as vice presidents, focusing on compliance risk and investment business, respectively [8][7]. Group 4: Financial Performance - In 2024, China Merchants Securities reported a revenue of 20.891 billion yuan, a year-on-year increase of 5.4%, and a net profit of 10.386 billion yuan, up 18.51% [9]. - For Q1 2025, the company achieved a revenue of 471 million yuan, reflecting a 9.64% increase, with net profit reaching 231 million yuan, up 6.97% [9][10]. - The significant growth in commission income by 47.66% in Q1 2025 was driven by an increase in brokerage business, while investment income turned positive at 3.31 billion yuan [9][10].

Group 1 - The independent financial advisor,招商证券, confirms that there are no direct or indirect paid engagements with third parties in the transaction involving宝塔实业 [1][2] - The listed company,宝塔实业, has legally engaged招商证券 and other firms for advisory, legal, auditing, and evaluation services, with no other third-party engagements [1][2] - The actions taken by both the independent financial advisor and the listed company comply with the regulations set forth by the China Securities Regulatory Commission regarding risk prevention in investment banking [2]

招商证券股份有限公司关于宝塔实业股份有限公司本次重大资 产重组前发生业绩异常或本次重组存在拟置出资产情形之 专项核查意见 招商证券股份有限公司（以下简称"招商证券"或"独立财务顾问"）作为宝 塔实业股份有限公司（以下简称"宝塔实业"或"上市公司"）重大资产置换及 支付现金购买资产暨关联交易项目（以下简称"本次交易"或"本次重组"）的独 立财务顾问，按照中国证监会《监管规则适用指引——上市类第1号》的要求对上 市公司相关事项进行了专项核查。 本核查意见中所引用的简称和释义，如无特殊说明，与《宝塔实业股份有限 公司重大资产置换及支付现金购买资产暨关联交易报告书（草案）》中的释义相 同。 一、上市后承诺履行情况，是否存在不规范承诺、承诺未履行或未履行完毕 的情形 根据宝塔实业历年年度报告及宝塔实业出具的书面确认及承诺，并经本独立 财务顾问核查，自宝塔实业上市之日起至本专项核查意见出具日，宝塔实业、宝 塔实业控股股东及其一致行动人、持股 5%以上股东、董事、监事、高级管理人 员作出及履行的主要公开承诺（不包括本次交易中相关方就本次交易作出的承诺） 及该等承诺履行情况见附件所示。 经核查，独立财务顾问认为，自宝塔实业上 ...

Overall Situation - The tourism revenue shows steady growth, but travel demand appears relatively flat, with domestic travel during the Dragon Boat Festival in 2025 expected to reach 119 million trips, a 5.7% increase, and total domestic travel expenditure projected at 42.73 billion yuan, up 5.9% [1][2] - Daily average inbound and outbound tourism is 1.969 million people, a year-on-year increase of 2.7%, which is below the official expectation of 2.15 million, representing a 12.2% increase [1][5] Transportation Situation - The total cross-regional personnel flow is expected to reach 657 million during the holiday, with a daily average of 21.9 million, reflecting a year-on-year growth of 3.0% [3] - Railway passenger volume is projected at 47.108 million, with a daily average of 15.7027 million, showing a 2.3% increase [3] - Road travel is expected to account for 600 million trips, with a daily average of 20 million, marking a 3.14% increase [3] Hainan Duty-Free Sales - During the Dragon Boat Festival, Hainan's duty-free shopping amounted to 187 million yuan, a decrease of 8.8%, with 31,300 shoppers, down 18.9% [4] - The average spending per person was 5,974 yuan, an increase of 12.5% [4] Outbound Tourism - The total number of inbound and outbound personnel during the holiday reached 5.907 million, with a peak of 2.086 million on June 1 [5] - The number of inbound foreign visitors under visa-free policies increased by 59.4% compared to the previous year [5] Investment Recommendations - The industry suggests focusing on the recovery of short-distance self-driving and family travel, with a recommendation to pay attention to companies related to leisure tourism and outbound travel, including Ctrip Group, Tongcheng Travel, and hotels driven by business travel demand [6]

Core Viewpoint - The appointment of Zhu Jiangtao as the new president of China Merchants Securities is seen as a positive signal for the company's future development and performance, particularly in compliance management [1][6]. Group 1: Leadership Changes - Zhu Jiangtao, previously the vice president of China Merchants Bank, has been appointed as the president of China Merchants Securities, effective immediately following the retirement of the former president Wu Zongmin [2]. - In addition to the presidential change, there have been multiple changes in the vice president positions within the company, including the resignation of Zhang Haochuan and the appointment of Zhang Xing and Wang Zhijian as new vice presidents [3][4]. Group 2: Background and Experience - Zhu Jiangtao has extensive banking experience, including roles as Chief Risk Officer and Vice President at China Merchants Bank, which is expected to enhance the company's risk management and compliance practices [2][6]. - The newly appointed vice presidents, Zhang Xing and Wang Zhijian, also bring significant experience in risk management and investment, which may contribute to the company's strategic direction [3][4]. Group 3: Performance Metrics - In Q1 2025, China Merchants Securities reported a revenue of 4.713 billion yuan, a year-on-year increase of 9.64%, and a net profit attributable to shareholders of 2.308 billion yuan, up 6.97% [5]. - For the full year of 2024, the company achieved revenues of 20.891 billion yuan and a net profit of 10.386 billion yuan, representing year-on-year growth of 5.4% and 18.51%, respectively [5]. - Over the past five years, the net profit attributable to shareholders has shown volatility, with figures rising from 9.492 billion yuan in 2020 to 11.645 billion yuan in 2021, then dropping to 8.072 billion yuan in 2022, before recovering to 8.764 billion yuan in 2023 and surpassing 10 billion yuan in 2024 [5].

致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2025年6月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,27 ...