国泰海通证券股份有限公司 为提高公司资金使用效率，在不影响公司经营业务正常开展的情况下，合理 利用闲置自有资金进行现金管理，增加资金收益，为公司及股东获取更多的投资 回报。 （二）现金管理额度及期限 公司及子公司使用合计不超过20,000万元的闲置自有资金进行现金管理。上 述额度自公司董事会审议通过之日起12个月内有效，在前述额度和期限范围内可 循环滚动使用。 关于上海维科精密模塑股份有限公司 使用部分闲置自有资金进行现金管理的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市 规则》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关规 定，国泰海通证券股份有限公司（以下简称"保荐机构"）作为上海维科精密模 塑股份有限公司（以下简称"维科精密"或"公司"）首次公开发行股票并在创 业板上市的保荐机构，就公司使用部分闲置自有资金进行现金管理的事项进行了 核查，具体情况如下： 一、本次使用部分闲置自有资金进行现金管理的情况 （一）投资目的 公司与提供委托理财的金融机构不存在关联关系。 二、现金管理风险分析及风险控制措施 （一）投资风险 （三）投资方式 公司将按照相关规定 ...

Summary of Key Points Core Viewpoint - The company, Shanghai Weike Precision Molding Co., Ltd., is utilizing part of its excess raised funds to permanently supplement its working capital and repay bank loans, which aligns with its operational needs and complies with regulatory requirements [1][4][7]. Group 1: Fundraising Overview - The company successfully issued 34,563,717 shares at a price of RMB 19.50 per share, raising a total of RMB 673.99 million, with a net amount of RMB 601.28 million after deducting issuance costs of RMB 72.71 million [1][6]. - The total excess funds raised amounted to RMB 166.28 million, which is 24.7% of the net funds raised [1][6]. Group 2: Use of Excess Funds - The company plans to use RMB 49 million of the excess funds, which constitutes 29.47% of the total excess funds, for permanent working capital supplementation and bank loan repayment [4][5]. - The company has already utilized RMB 49 million of the excess funds for the same purpose as of December 31, 2024 [4][6]. Group 3: Compliance and Approval - The use of excess funds has been approved by the company's board of directors and supervisory board, ensuring compliance with relevant regulations and the company's articles of association [7][8]. - The proposal to use excess funds is subject to approval at the upcoming shareholders' meeting, ensuring transparency and adherence to governance practices [7][8].

Core Viewpoint - The report from Guotai Junan Securities suggests that short-term demand fluctuations do not alter the long-term growth logic of the aviation industry, recommending a contrarian investment approach in aviation [1] Industry Summary - The Chinese aviation industry has a long-term growth logic, with market-driven ticket pricing expected to lead to a recovery in supply and demand, pushing profitability upward [1] - The aviation supply has entered a low growth phase, but short-term demand fluctuations do not change the medium-term stable growth trend [1] - It is anticipated that supply and demand will continue to improve over the next two years, supported by declining oil prices and accelerated profit recovery due to reduced competition [1] - Recent risks associated with peak season competition have been alleviated, reinforcing the recommendation for contrarian investment in the aviation sector [1]

人民财讯7月31日电，国泰海通证券研报表示，通过对比煤炭行业当前与其他周期性行业(如多晶硅、玻 璃)在供给组成上的深层次差异，国泰海通证券认为煤炭行业已经摆脱"现金流压力下的囚徒困境"， 2025年第二季度或将成为中期行业基本面底部区域，维持行业"增持"评级。 ...

Group 1 - The company issued 4.485 million convertible bonds named "Mingdian Zhuang 02" with a total amount of 448.50 million yuan, approved by the China Securities Regulatory Commission on July 3, 2023 [1][2] - The bonds were listed on the Shenzhen Stock Exchange on July 19, 2023, with an initial conversion price of 14.75 yuan per share starting from January 8, 2024 [2][3] - The board of directors approved a downward adjustment of the conversion price from 14.75 yuan to 12.09 yuan per share, effective May 8, 2024 [3] Group 2 - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares based on a total share capital of 298,794,160 shares for the year 2023 [3][4] - The conversion price will be further adjusted to 11.89 yuan per share on May 30, 2024, and then to 11.91 yuan per share on July 12, 2024, due to stock repurchase and conversion activities [5][6] Group 3 - The company has conditional redemption clauses for the bonds, allowing redemption if the stock price exceeds 130% of the conversion price during the conversion period [6][7] - The board decided not to exercise the early redemption rights for "Mingdian Zhuang 02" to protect investor interests, considering the short conversion period starting January 8, 2024 [7][8] Group 4 - There have been no transactions of "Mingdian Zhuang 02" by major shareholders or executives in the six months prior to the redemption conditions being met, and no plans for future reductions have been reported [8][9] - The sponsor confirmed that the decision not to redeem early has followed necessary procedures and complies with relevant regulations [9]

提前赎回"明电转债"的核查意见 国泰海通证券股份有限公司 关于深圳明阳电路科技股份有限公司 国泰海通证券股份有限公司（以下简称"国泰海通"、 "保荐人"）作为深圳明阳电路 科技股份有限公司（以下简称"明阳电路"、 "公司"）2023 年向不特定对象发行可转换 公司债券的保荐人，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》《深圳证券交易所创业板股票上市规则》《深圳证 券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》等有关规定，对公司提前赎回"明电转债" 事项进行了核查，核查情况及核查意见如下： 一、"明电转债"基本情况 （一）发行情况 "证监许可〔2020〕2981 号" 经中国证券监督管理委员会（以下简称"中国证监会"） 经深圳证券交易所（以下简称"深交所"）同意，公司 6.73 亿元可转换公司债券已 于 2021 年 1 月 5 日起在深交所挂牌上市交易，债券简称"明电转债"，债券代码"123 ...

国泰海通证券股份有限公司 关于华虹半导体有限公司 首次公开发行部分战略配售限售股上市流通的核查意见 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 华虹半导体有限公司（以下简称"华虹公司"或"公司"）首次公开发行人民币 普通股（A股）股票并在科创板上市及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 科创板上市公司自律监管指引第1号——规范运作》等法律法规的相关规定，对华 虹公司首次公开发行A股部分战略配售限售股上市流通事项进行了核查，核查情况 及核查意见如下： 一、本次上市流通股的限售股类型 除上述承诺外，本次申请上市流通的限售股股东无其他特别承诺。截至本核 查意见出具日，本次申请上市的限售股股东不存在相关承诺未履行而影响本次限 售股上市流通的情况。 四、本次限售股上市流通情况 （一）本次上市流通的限售股总数为16,310,000股。本次上市流通的限售股均 为首次公开发行战略配售限售股份，限售期为自公司A股股票上市之日起24个月。 经公司确认，上市流通数量为该限售期的全部战略配售股份数量。 根据中国证券监督管理委员会于202 ...

国泰海通证券股份有限公司 关于上海国缆检测股份有限公司 使用部分闲置募集资金及自有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"国泰海通证券"、"保荐机构"） 作为上海国缆检测股份有限公司（以下简称"国缆检测"、"公司"）首次公开 发行股票并在创业板上市的保荐机构，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》《深圳证券交易所创业板股票上市规则》《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关 法律法规和规范性文件的要求，对国缆检测拟使用部分暂时闲置募集资金及自有 资金进行现金管理事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 现金管理，提高募集资金使用效率。本次使用暂时闲置募集资金进行现金管理不 存在变相改变募集资金用途的行为。 三、本次使用部分闲置募集资金及自有资金进行现金管理的基本情况 （一）现金管理的目的 经中国证券监督管理委员会《关于同意上海国缆检测股份有限公司首次公开 发行股票注册的批复》（证监许可〔2022〕650 号）同意注册，并经深圳证券交 易所同意，公司首次公开发行人民币普通股（A 股）15,000,000 ...

人民财讯7月30日电，国泰海通证券研报表示，中共中央政治局7月30日召开会议，决定2025年10月召开 中共四中全会，研究制定"十五五"规划的建议，并分析研究当前经济形势和部署下半年经济工作。展望 未来，政策依旧留有后手，密切关注外部风险可能的反复和国内基本面的变化。一方面，中美博弈的缓 和以及上半年经济数据好于预期降低了短期出台增量刺激政策的紧迫性；另一方面对宏观政策连续性、 灵活性、预见性的要求表明政策依然留有后手，若下半年外部风险再次加大或基本面压力增加，均有可 能"适时加力"增量政策。此外，也应密切关注"十五五"规划中确定性的产业线索。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 转自：证券时报 ...

Core Insights - The Central Committee of the Communist Party of China decided to hold the Fourth Plenary Session in October 2025 to discuss the "14th Five-Year Plan" and analyze the current economic situation [1] - The report indicates that while the easing of US-China tensions and better-than-expected economic data in the first half of the year have reduced the urgency for additional stimulus policies, there remains a need for flexibility and foresight in macroeconomic policy [1] - The potential for "timely" incremental policy adjustments exists if external risks increase or domestic economic pressures mount in the second half of the year [1] Economic Policy Outlook - The report emphasizes the importance of maintaining a backstop in policy, suggesting that the government is prepared to act if necessary [1] - Continuous monitoring of external risks and domestic fundamentals is crucial for future policy decisions [1] - The "14th Five-Year Plan" will provide definitive industry clues that should be closely observed [1]