展望未来，石药集团的前景取决于商业合作战略及后期管线商业化情况，市场关注其关键资产 SYS6010。然而，回顾石药过去在1.1类创新药物研发的表现，该行认为其在管线临床进展上落后于中 国其他大型制药及部分生物药公司。 招商证券国际发表研究报告指出，石药集团今年二季度收入及净利润均不及预期，反映肿瘤和神经系统 业务线的结构性下行，管理层重申EGFR ADC产品(CPO301/SYS6010)为潜在商业发展(BD)催化剂，但 该行认为市场已消化相关预期。该行下调集团2025至2026年销售及净利润预测，因公司核心业务表现乏 力及BD预期过高，下调评级至"中性"，目标价从12.9港元下调至9.3港元。 ...

招商证券股份有限公司 关于格兰康希通信科技（上海）股份有限公司 参与投资私募基金暨关联交易的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为格兰 康希通信科技（上海）股份有限公司（以下简称"康希通信"或"公司"）首次 公开发行股票并上市持续督导的保荐机构，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 11 号——持续督导》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关法律、法规和规范性文件的规定，对康希通信参与投资 私募基金暨关联交易的事项进行了核查，具体情况如下： 一、参与投资私募基金暨关联交易概述 （一）基本情况 为借助专业投资机构的经验和资源，拓宽投资方式和渠道，把握公司所在行 业的投资机会，优化公司投资结构，实现产业协同。公司作为有限合伙人（LP） 参与投资上海海望合纵私募基金合伙企业（有限合伙） （以下简称"海望合纵"）。 公司拟以自有资金出资人民币 3,000.00 万元，出资金额占海望合纵总认缴出 资额的 1.4218%。 本次投资中公司未对其他投资人承诺保底收益或进行退 ...

Core Viewpoint - Recent analysis by China Merchants Securities indicates that the narrative of tightening liquidity in Hong Kong stocks has marginally improved due to the stabilization of Hibor rates and dovish statements from Powell [1] Group 1: Liquidity and Market Performance - The improvement in liquidity conditions is deemed sufficient to support a phase of rebound in Hong Kong stocks, narrowing the gap with the recently surging A-shares [1] - The current earnings surprise rate for Hong Kong stocks is at its highest since 2022, indicating positive performance expectations [1] Group 2: Investment Strategy - In the context of previous bull markets, Hong Kong stock indices have historically underperformed compared to A-shares, suggesting a need for differentiated investment strategies [1] - Recommended investment focus includes innovative pharmaceuticals first (due to loose liquidity and positive BD data), followed by the internet sector (where earnings pressures are fully priced in), and finally new consumption (awaiting macroeconomic and profit turning points) [1]

Core Viewpoint - The recent corruption case involving China Merchants Securities (CMS) highlights significant compliance failures and internal control weaknesses within the company, leading to substantial financial misconduct and regulatory scrutiny [1][2][3]. Group 1: Corruption Case Details - Employees of CMS colluded with staff from Huanfang Quantitative to illegally extract commissions, resulting in a total of 118 million yuan over six years [2]. - The case has implicated several high-ranking officials within CMS, including the general manager of the private client department and the head of the Shenzhen branch, indicating widespread corruption [2]. - Despite claims of a robust compliance framework, CMS has faced repeated incidents of collusion and misconduct, suggesting ineffective oversight and risk management practices [2][3]. Group 2: Regulatory Actions and Compliance Issues - In 2024, the China Securities Regulatory Commission penalized 63 CMS employees for illegal stock trading, resulting in fines totaling 81.73 million yuan [3]. - The Shenzhen Securities Regulatory Bureau has identified multiple compliance failures within CMS, including insufficient internal audits and inadequate supervision of employee behavior [3][5]. - CMS has received several regulatory warnings regarding its investment banking and brokerage operations, indicating persistent issues with due diligence and compliance [5][6]. Group 3: ESG Rating and Financial Performance - CMS has improved its MSCI ESG rating to an A level, reflecting progress in sustainability practices, although it still faces challenges in compliance management [7][9]. - The company reported a revenue of 4.713 billion yuan in Q1 2024, a 9.64% increase year-on-year, driven by strong performance in brokerage and asset management services [10]. - Brokerage revenue surged by 49% year-on-year to 1.97 billion yuan, while asset management revenue increased by 42.9% to 220 million yuan, despite declines in investment banking and proprietary trading income [10].

Core Viewpoint - The report from China Merchants Securities International indicates a significant upward adjustment of Li Ning's target price from HKD 17 to HKD 25, reflecting a 47% increase, driven by the gradual realization of growth inflection points and robust cost control in the first half of the year [1] Group 1: Financial Performance - The sales and net profit forecasts for 2025-26 have been slightly increased by 1-3% and 1-6% respectively, based on the actual performance in the first half of the year [1] - The expected net profit margin for 2025 is projected at 9.9%, aligning closely with the management's guidance of high single digits [1] Group 2: Growth Drivers - Li Ning's performance in the first half of 2025 slightly exceeded expectations, with gross margins meeting forecasts and effective cost control [1] - The upcoming Olympic events and brand transformation are anticipated to drive a resurgence in growth in 2026, with a predicted net profit growth rate rebounding to 12% [1] - The company is entering a new phase of brand development, which is expected to facilitate structurally stronger revenue growth in the medium term [1]

Core Viewpoint - The report from China Merchants Securities International indicates a significant upward adjustment of Li Ning's target price from HKD 17 to HKD 25, reflecting a 47% increase, driven by a gradual realization of growth inflection points and robust cost control in the first half of the year [1] Group 1: Financial Performance - Li Ning's performance in the first half of 2025 slightly exceeded expectations, with gross margin meeting forecasts and effective cost control [1] - The company has made minor upward adjustments to its sales and net profit forecasts for 2025-26, with increases of 1-3% and 1-6% respectively, based on actual performance in the first half [1] - The projected net profit margin for 2025 is 9.9%, aligning closely with management's guidance of high single digits [1] Group 2: Growth Drivers - The upcoming Olympic events and brand transformation are expected to drive a resurgence in growth for 2026 [1] - The net profit growth rate is anticipated to rebound to 12% in 2026, indicating a positive outlook for the company's financial recovery [1] - The company is entering a new phase of brand building, which is expected to facilitate structurally stronger revenue growth in the medium term [1]

Group 1 - The company issued convertible bonds with a total face value of RMB 480 million, with a maturity of 6 years [1][2] - The net amount raised after deducting issuance costs was RMB 466,974,528.31 [1] - The company has established a special account for the raised funds and signed a storage supervision agreement with the sponsor and the commercial bank [2] Group 2 - The additional redemption clause for the convertible bonds became effective after the company held a temporary shareholders' meeting and a bondholders' meeting [2][3] - Holders of the convertible bonds have the right to redeem their bonds at face value plus accrued interest if there are significant changes in the use of raised funds [2][3] Group 3 - The redemption price for the bonds in the third year is set at RMB 100.22 per bond, which includes accrued interest [3][4] - The redemption period is from September 2, 2025, to September 8, 2025 [4] - The company will announce the results of the redemption and its impact after the redemption period [4] Group 4 - The convertible bonds will continue to trade during the redemption period, but conversion will be suspended [4] - If the total face value of the bonds in circulation falls below RMB 30 million due to redemptions, trading will still continue until the end of the redemption period [4] Group 5 - The sponsor has confirmed that the redemption matters comply with relevant laws and regulations [5]

Core Viewpoint - The company has completed the investment project "Advanced Semiconductor Equipment R&D and Industrialization Project" and plans to permanently supplement its working capital with the remaining raised funds and surplus funds from the initial public offering [1][12]. Fundraising Overview - The company issued 31,619,800 shares at a price of RMB 71.88 per share, raising a total of RMB 212,759.73 million [1]. - The total amount of surplus funds raised was RMB 112,730.08 million after accounting for the net proceeds from the initial public offering [6][10]. Investment Project Details - The main investment projects funded by the raised capital include: - Advanced semiconductor equipment technology R&D and improvement project - High-end semiconductor equipment industrialization base construction project - Total investment in these projects amounts to RMB 278,029.65 million [4]. Project Completion and Surplus Funds - The "Shanghai Second Factory Project" has been completed and put into use as of June 30, 2025, with a total investment of RMB 88,000 million from surplus funds [5][6]. - The surplus funds were primarily due to effective cost control and cash management during the project [6]. Future Use of Surplus Funds - The remaining surplus funds of RMB 61.18 million will be permanently supplemented into working capital for daily operations after settling any outstanding project payments [8][10]. - The company has committed that the amount used for working capital will not exceed 30% of the total surplus funds raised within any 12-month period [10]. Regulatory Compliance - The use of surplus funds for working capital is in compliance with relevant regulations and has been approved by the company's board and supervisory board [12]. - The company will proceed with the necessary procedures to close the fundraising accounts after the transfer of surplus funds [8].

Fundraising Overview - The company raised a total of RMB 113,511.12 million from the issuance of 17 million shares at a price of RMB 73.33 per share, with an oversubscription amount of RMB 1,566.33 million [1] - The funds have been verified and are fully in place as of July 12, 2023, by Rongcheng Accounting Firm [1] Fund Management - The company has established a dedicated account for the management of the raised funds and signed a tripartite supervision agreement with the sponsor and the bank [2] Use of Remaining Oversubscription Funds - The company plans to use RMB 33.10 million of the remaining oversubscription funds to permanently supplement its working capital, which aligns with its operational needs and benefits all shareholders [5][7] - After this allocation, the balance of the oversubscription account will be zero, and the company will cancel the relevant dedicated fund account [5] Compliance and Commitments - The company commits that the amount used for working capital will not exceed 30% of the total oversubscription funds within any 12-month period and will not engage in high-risk investments or provide financial assistance to others within 12 months after the fund allocation [5][6] Approval Process - The proposal for using the remaining oversubscription funds has been approved by the company's board of directors and supervisory board, and it will be submitted for review at the upcoming extraordinary shareholders' meeting [6][7] Supervisory Board Opinion - The supervisory board agrees that the use of remaining oversubscription funds for working capital meets legal requirements and does not conflict with the implementation of fundraising projects, fulfilling the company's operational liquidity needs [7] Sponsor's Verification - The sponsor has verified that the proposal has been duly approved by the board and supervisory board, and it complies with relevant regulations regarding the use of fundraising [7]

Group 1: Core Insights - The digital chip sector, driven by AI chips, has significantly boosted the semiconductor index, with a focus on domestic computing power and self-sufficiency in the semiconductor industry [1] - Domestic large model manufacturers and internet companies are expected to increase their procurement and application of domestic chips, benefiting domestic chip suppliers and related industry chains [1] - The domestic AI computing chip market is projected to reach nearly $50 billion, with a rising demand for domestic alternatives from core internet companies [2] Group 2: Chip Categories - Ethernet switch chips and PCIe switch chips are identified as two core products in the network and computing sectors, with high entry barriers and a market dominated by a few players [3] - Domestic optical chip manufacturers are rapidly entering the high-speed optical market, driven by policy support and technological advancements, aiming to capture high-end market shares [4] - Domestic storage module manufacturers are advancing in enterprise-level storage, with companies like Jiangbolong and Demingli entering the supply chains of major cloud service providers [6] Group 3: Manufacturing and Equipment - Domestic foundry leaders are expected to see valuation increases due to reliance on advanced process lines amid U.S. export controls, with companies like SMIC benefiting from improved production capacity and yield [7] - Semiconductor equipment manufacturers are experiencing growth in orders and revenue, supported by advancements in domestic logic and memory production [8] - Domestic packaging and testing companies are gaining recognition for their advanced packaging capabilities, particularly in supporting domestic GPU chip manufacturers [9] Group 4: Supporting Components - The PCB and CCL sectors are poised to benefit from the growth of domestic AI chips, with companies like Shenghong Technology and Shengyi Technology expanding their market shares [10] - EDA is a critical upstream segment for the semiconductor industry, with domestic companies like Huada Jiutian making strides in supporting local chip design and manufacturing [11]