国泰海通证券股份有限公司 关于欧派家居集团股份有限公司 使用闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 欧派家居集团股份有限公司（以下简称"欧派家居"或"公司"）2022 年公开 发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等有关规定，对欧派家居拟使用 2022 年公开发 行可转换公司债券闲置募集资金进行现金管理的事项进行了审慎核查，具体核查 情况如下： 一、投资情况概述 （一）投资目的 为提高募集资金使用效率，在确保不改变募集资金用途且不影响募集资金投 资项目正常运行的情况下，公司已于 2024 年 7 月 25 日召开了第四届董事会第 十六次会议和第四届监事会第十一次会议，审议通过了《关于使用闲置募集资金 进行现金管理的议案》，批准公司使用总额度不超过人民币 5 亿元的暂时闲置募 集资金适时进行现金管理，有效期自 2024 年 8 月 19 ...

Core Viewpoint - The company intends to utilize part of its idle raised funds for cash management to enhance fund efficiency and ensure shareholder interests are protected [3][6][8] Fundraising Overview - The company was approved to publicly issue 45,340,000 shares at a price of 9.37 RMB per share, raising a total of 424.84 million RMB, which has been fully deposited into a dedicated account [2][3] - The net proceeds will be allocated to specific projects, including a comprehensive production building and facilities, a complex formulation workshop, and R&D for high-end generic drugs, with a total investment of 738.25 million RMB [3] Cash Management Plan - The company plans to use up to 80 million RMB of idle funds for cash management within 12 months from the board's approval [4][6] - The investment will focus on low-risk, high-liquidity products with a maturity of no more than 12 months, such as structured deposits and time deposits [5][6] Implementation and Oversight - The board has authorized the chairman to make investment decisions within the approved limits, with the finance department responsible for execution [5][7] - The company will adhere to relevant regulations for information disclosure and will not alter the intended use of the raised funds [5][8] Impact on Operations - The cash management strategy will not affect the implementation of fundraising projects or the company's main business operations, aiming to improve overall performance and shareholder returns [6][8] Review and Approval Process - The board and its audit committee have approved the cash management plan, confirming it aligns with regulatory requirements and does not harm shareholder interests [7][8] - The sponsor institution has verified that the necessary approval procedures were followed and supports the cash management initiative [8]

Core Viewpoint - The company intends to utilize part of its idle A-share fundraising for cash management to enhance fund efficiency and returns for shareholders while ensuring that it does not affect the ongoing investment projects funded by the A-share fundraising [6][11]. Summary by Sections A-share Initial Public Offering Fundraising Overview - The company raised a total of RMB 175,809.60 million from the issuance of 25,260,000 A-shares at a price of RMB 6.96 per share, with a net amount of RMB 158,377.68 million after deducting issuance costs [1]. A-share Fundraising Investment Project Status - The company has terminated several projects, including the "Coating Line Upgrade Project" and "New Marketing Construction Project," reallocating RMB 46,095.80 million of the A-share fundraising to new high-end manufacturing projects [2][3]. Cash Management of Idle A-share Fundraising - The company plans to use up to RMB 63,000.00 million of idle A-share funds for cash management, investing in low-risk, high-liquidity financial products such as time deposits and structured deposits [6][7][9]. Approval Process - The cash management proposal has been approved by the company's board of directors, supervisory board, and independent directors, confirming that it will not harm the interests of shareholders, especially minority shareholders [9][10][11]. Impact on the Company - The cash management initiative is expected to improve fund utilization efficiency without affecting the normal implementation of A-share fundraising investment projects, thereby potentially increasing returns for the company and its shareholders [6][11].

海通安裕中短债A/C成立于2021年9月30日，截至2025年5月7日，其今年来收益率为0.56%、 0.46%，累计收益率为10.79%、9.59%，累计净值为1.7341元、1.7216元。 海通现金宝货币成立于2022年5月31日，截至2025年5月7日，累计收益率为3.93%。截至2025年3月 31日规模147.35亿元。 | 基金名称 | 海通安泰债券型集合资产管理计划 | | --- | --- | | 基金简称 | 海迪安泰 | | 基金主代码 | 0681888 | | 基金管理人名称 | 上海海通证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》等法律法规、《海迪 | | | 安泰债券型集合资产管理计划资产管理合同》、《海通安泰债券型 | | | 集合资产管理计划招募说明书》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他经 | 李夏 | | 理姓名 | | | 离任基金经理姓名 | 李佳闻 | | 基金名称 | 海通安润 90天滚动持有中短债债券型集合资产管理计划 | | --- | --- | | 基金间称 | 海通安润 90 ...

Core Viewpoint - The export performance in July was slightly better than expected, driven by technical rush shipments ahead of tariff implementation, but a general decline is anticipated in the future due to various risks including the 232 tariffs and export regulations from ASEAN countries [1][15]. Group 1: Export Performance - In July 2025, China's export growth rate was 7.2%, up from 5.9% in the previous month, while import growth was 4.1%, an increase from 1.1% [4]. - The export growth to ASEAN and Latin America showed significant improvement, recording 16.6% and 7.7% respectively, while exports to the US decreased by 21.7% [8]. - The overall trade surplus decreased, indicating a shift in trade dynamics [4]. Group 2: Product and Regional Analysis - Equipment exports remained strong, while consumer electronics showed a decline due to prior rush shipments; labor-intensive imports decreased [11]. - The demand for capital goods from China is expected to remain resilient in the medium term, despite geopolitical tensions and a trend towards de-globalization [2][16]. Group 3: Future Trends and Risks - Future export trends are expected to moderate, with potential short-term declines in August due to the tapering of rush shipments and the impact of new tariffs [16]. - Key risks include the potential for increased tariffs on exempt products and the enforcement of stricter re-export regulations by Vietnam and other Southeast Asian countries [16].

Group 1: Market Overview - The Hong Kong stock market has shown strong performance since the beginning of the year, attracting continuous inflow of southbound funds due to the scarcity of assets [1][2] - The bullish trend in the Hong Kong stock market is expected to continue in the second half of the year, with technology stocks having significant upward potential driven by the AI wave [1][4] Group 2: Historical Context - The current strong performance of the Hong Kong stock market is reminiscent of previous periods of dominance, particularly the 2012-2014 phase, characterized by economic slowdown and technological transformation [2][3] - The transformation in the technology sector, particularly with the rise of mobile internet and AI, is expected to enhance the attractiveness of Hong Kong stocks compared to A-shares [2][3] Group 3: Sector Analysis - The technology and consumer sectors in Hong Kong are well-aligned with current industrial trends, particularly in AI applications and new consumption patterns [3][4] - Despite recent fluctuations, the fundamentals of Hong Kong's scarce assets in technology and consumer sectors remain strong, making them attractive in a weak macroeconomic environment [4][9] Group 4: Future Outlook - The inflow of southbound funds is projected to continue, with estimates suggesting a net inflow exceeding 10,000 billion yuan for the year, supported by domestic institutional investments [4][10] - The AI-driven technology cycle is expected to significantly impact production and lifestyle, providing new economic growth momentum [9][10] Group 5: Company Recommendations - Tencent Holdings is highlighted for its potential to leverage AI to enhance platform value and advertising revenue through its ecosystem [18] - Kuaishou's AI capabilities are expected to accelerate business growth and commercialization [19] - Bilibili shows strong user growth and engagement, with a young user base that enhances its monetization potential [20] - NetEase is recognized for its robust game portfolio and improved operational efficiency [21] - Xiaomi is positioned well in the AI application space, with ongoing developments in its automotive and consumer electronics sectors [22]

Core Viewpoint - The company, Focus Media, is planning to acquire 100% equity of Chengdu New Wave Media Group through a combination of share issuance and cash payment, involving multiple parties including Zhang Jixue and JD.com [1][2] Group 1: Insider Information Management - The company has established an "Insider Information Knowledge Person Registration Management System" that defines insider information, the scope of knowledge persons, and outlines confidentiality management and accountability [1][2] - The company has implemented necessary confidentiality measures during the planning of the transaction, limiting the number of personnel who are aware of sensitive information [1][2] Group 2: Compliance with Regulations - The independent financial advisor has confirmed that the company has complied with relevant laws and regulations, including the Securities Law and the Management Measures for Information Disclosure of Listed Companies, in formulating the insider information registration system [2] - The company has adhered to the established insider information registration system by strictly controlling the knowledge scope of sensitive information and executing registration and reporting duties [2]

Group 1 - The transaction involves the acquisition of 100% equity of Chengdu Xinchao Media Group Co., Ltd. by the listed company, Focus Media Information Technology Co., Ltd., through a combination of share issuance and cash payment [1][4] - The main business of the listed company is the development and operation of outdoor advertising in the life circle media sector, focusing on building media and cinema screen advertising [1][2] - The target company's primary business is also outdoor advertising, specializing in digital and print advertising services in residential communities [1][2] Group 2 - The independent financial advisor concluded that both the listed company and the target company belong to the advertising industry, and the transaction does not fall under the categories of industries supported for mergers and acquisitions by the State Council and relevant ministries [2][3] - The transaction type is classified as a horizontal or vertical merger within the same industry [3] - The transaction does not constitute a restructuring listing as there has been no change in the actual controller of the listed company in the past 36 months [3][4] Group 3 - The transaction involves the issuance of shares to 50 counterparties, including Chongqing JD Haijia E-commerce Co., Ltd., Zhang Jixue, and Baidu Online Network Technology (Beijing) Co., Ltd. [4] - As of the date of the review, the listed company is not under investigation by the China Securities Regulatory Commission [4]

国泰海通证券股份有限公司 关于分众传媒信息技术股份有限公司股票价格波动情况 的核查意见 分众传媒信息技术股份有限公司（以下简称"分众传媒"或"上市公司"） 拟以发行股份及支付现金的方式购买张继学、重庆京东海嘉电子商务有限公司、 百度在线网络技术（北京）有限公司等 50 个交易对方持有的成都新潮传媒集团 股份有限公司（以下简称"标的公司"）100%的股权（以下简称"本次交易"）。 国泰海通证券股份有限公司（以下简称"独立财务顾问"）作为上市公司独 立财务顾问，对上市公司股价在本次交易首次公告日前 20 个交易日内剔除大盘 因素或同行业板块因素影响后累计涨跌幅进行了审慎核查，核查情况如下： 一、上市公司首次公告日前 20 个交易日股价波动情况 本次交易首次公告日为 2025 年 4 月 10 日，上市公司股票在本次交易公告日 之前 20 个交易日的区间段为 2025 年 3 月 12 日至 2025 年 4 月 9 日。本次交易公 告前一交易日（2025 年 4 月 9 日）上市公司股票收盘价格为 6.53 元/股，本次交 易公告前第 21 个交易日（2025 年 3 月 11 日）上市公司股票收盘价格为 6.5 ...

（本页无正文，为《国泰海通证券股份有限公司关于本次交易相关主体不存在《上 市公司监管指引第 7 号——上市公司重大资产重组相关股票异常交易监管》第十 二条和《深圳证券交易所上市公司自律监管指引第 8 号——重大资产重组》第三 十条规定情形的核查意见》之签章页） 国泰海通证券股份有限公司 关于本次交易相关主体不存在《上市公司监管指引第 7 号— —上市公司重大资产重组相关股票异常交易监管》第十二条 和《深圳证券交易所上市公司自律监管指引第 8 号——重大 资产重组》第三十条规定情形的核查意见 分众传媒信息技术股份有限公司（以下简称"分众传媒"或"上市公司"） 拟以发行股份及支付现金的方式购买张继学、重庆京东海嘉电子商务有限公司、 百度在线网络技术（北京）有限公司等 50 个交易对方持有的成都新潮传媒集团 股份有限公司（以下简称"标的公司"）100%的股权（以下简称"本次交易"）。 国泰海通证券股份有限公司（以下简称"独立财务顾问"）作为本次交易的 独立财务顾问，审阅了本次交易的相关文件，就本次交易相关主体是否存在《上 市公司监管指引第 7 号——上市公司重大资产重组相关股票异常交易监管》第十 二条以及《深圳证券 ...