Core Viewpoint - The report from Guotai Junan Securities indicates that rare earth prices are expected to continue rising, transitioning the sector into a more favorable phase due to increasing demand from both domestic and international markets [1] Group 1: Market Phases - The rare earth sector's price increases can be divided into three phases: (1) confirmation of price bottom and valuation recovery, (2) digestion of excess profits with leading companies growing alongside orders, and (3) explosive market conditions leading to accelerated price increases and broad sector gains [1] - Currently, the sector is in the second phase, awaiting a resonance of price increases in both domestic and international markets [1] Group 2: Price Trends and Future Outlook - Since February 2025, the increase in rare earth commodity prices has been modest, resulting in a gradual upward trend for the sector overall [1] - With the upcoming peak season for domestic electric vehicles and the anticipated replenishment demand from overseas, rare earth prices are likely to rise further, facilitating the transition to the third phase where both commodity prices and stock prices will resonate upward [1]

Summary of Key Points Core Viewpoint - The company, ChipLink Integrated Circuit Manufacturing Co., Ltd., is providing a guarantee for a loan application by its subsidiary, ChipLink Pioneer, to ensure its daily operational needs and reduce financing costs through cooperation with a policy bank [1][4]. Group 1: Guarantee Overview - ChipLink Pioneer plans to apply for a one-year working capital loan of RMB 400 million from the Zhejiang Branch of the National Development Bank, with the company providing a guarantee of up to RMB 400 million [1]. - The guarantee will cover all debts, including principal, interest, penalties, and reasonable expenses incurred to realize the creditor's rights [1]. Group 2: Internal Decision-Making Process - The company's board of directors approved the guarantee on July 1, 2025, and it does not require submission to the shareholders' meeting for approval [2]. Group 3: Financial Overview - As of March 31, 2025, the total assets of the company were approximately RMB 14.32 billion, with total liabilities of about RMB 5.50 billion, resulting in net assets of approximately RMB 8.82 billion [3]. - The company reported a revenue of approximately RMB 321.75 million and a net loss of approximately RMB 239.85 million for the same period [3]. Group 4: Necessity of the Guarantee - The guarantee is deemed necessary to support the daily operations of ChipLink Pioneer, which is a stable and continuously operating subsidiary of the company [4]. - The board believes that the risks associated with the guarantee are manageable and will not harm the interests of the company or its shareholders [4]. Group 5: Cumulative Guarantee Information - As of June 24, the company had a total external guarantee balance of approximately RMB 1.49 billion, which includes a joint liability guarantee of RMB 1.2 billion for ChipLink Pioneer [5]. - There are no overdue guarantees or litigation-related guarantees reported [5]. Group 6: Sponsor's Review Opinion - The sponsor, Guotai Junan Securities Co., Ltd., has reviewed the guarantee and found that the approval process complies with relevant regulations and does not harm the interests of the company or minority shareholders [5].

Core Viewpoint - The company, VeriSilicon Microelectronics (Shanghai) Co., Ltd., is focused on providing comprehensive chip customization services and semiconductor IP licensing, leveraging its proprietary semiconductor IP to cater to various applications, including AI, consumer electronics, and automotive sectors [1][2][4]. Group 1: Company Overview - The company was established on August 21, 2001, and became a joint-stock company on March 26, 2019, with its shares listed on the Shanghai Stock Exchange under the stock code 688521.SH since August 18, 2020 [1][3]. - The total share capital of the company is 525,713,273 shares, and it operates primarily in the semiconductor industry, providing services such as chip design, modeling, and technical consulting [1][4]. Group 2: Main Business and Services - The company specializes in semiconductor IP, offering a wide range of processor IPs, including graphics, neural network, video, digital signal, image signal, and display processors, along with over 1,600 mixed-signal and RF IPs [1][5][9]. - The main business includes a one-stop chip customization service that encompasses the entire process from design to manufacturing, packaging, and testing, aimed at reducing design risks and shortening development cycles for clients [5][6]. Group 3: Market Position and Financial Performance - In 2023, the company ranked first in the semiconductor IP licensing market in mainland China and eighth globally, with its licensing revenue ranking sixth worldwide [5]. - The company reported a total revenue of 2.68 billion yuan in 2023, with a significant increase in net profit, turning from a loss of 29.65 million yuan in 2022 to a profit of 7.38 million yuan in 2023 [11][14]. Group 4: Research and Development - The company has consistently invested in R&D, with a focus on chip customization technology, software technology, and semiconductor IP technology, accumulating a substantial number of patents and intellectual property rights [10][12]. - As of December 31, 2024, the company had obtained 205 invention patents, 3 utility model patents, and 12 software copyrights, reflecting its commitment to innovation and technology advancement [10][12]. Group 5: Future Plans and Fundraising - The company plans to raise approximately 1.81 billion yuan through a private placement of shares, with the funds allocated to projects in the AIGC and smart mobility sectors, as well as new IP development [22][26]. - The issuance is set to take place on June 12, 2025, with a share price of 72.68 yuan, and the funds will be used to enhance the company's operational capabilities and long-term profitability [22][24].

国泰海通证券股份有限公司 关于常州中英科技股份有限公司 股东向特定机构投资者询价转让股份的核查报告 深圳证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"组织券商"）受委托担 任常州市中英管道有限公司（以下简称"中英管道"或"出让方"）以向特定机 构投资者询价转让（以下简称"询价转让"）方式减持所持有的常州中英科技股份 有限公司（以下简称"公司"或"中英科技"）首次公开发行前已发行股份的组织券 商。 经核查，国泰海通就本次询价转让的股东、受让方是否符合《深圳证券交易 所上市公司自律监管指引第 16 号——创业板上市公司股东询价和配售方式转让 股份（2025 年修订）》（以下简称"《指引第 16 号》"）要求，本次询价转让 的询价、转让过程与结果是否公平、公正，是否符合《指引第 16 号》的规定作 出如下报告说明。 一、本次询价转让概况 （一）本次询价转让出让方 截至 2025 年 6 月 25 日出让方所持首发前股份的数量及占公司总股本比例情 况如下： 出让方与组织券商协商确定本次询价转让价格下限。本次询价转让价格下限 不低于国泰海通向投资者发送《常州中英科技股份有限公司询价转让股票认购邀 请书 ...

国泰海通（601211）证券指出，2025年中国股市估值逻辑在内不在外，根本动力来自中国产业创新的不 断涌现与股市贴现率的系统性降低，推动增量入市。外部局势的缓和，更强化了内部确定性逻辑的延 展。因此，判断7月底之前股市仍有上升空间：1)中国股市的无风险利率实质性降低，中长期资金和民 间资本入市已进入历史转折点。2)人民币由过去的贬值预期转向稳定甚至略升值的预期，也是中国资产 重估的重要推力。3)及时、得当与合理的宏观政策，更重视投资者回报的资本市场基础制度改革，对于 改变投资人面对风险的保守态度具有关键意义。但也应留意，股市并非今日起涨，也有夯实必要。股指 拉升之后虽然短期仍有一定空间，但下一阶段，股指或横盘震荡不再是短期看点，投资上应更多聚焦结 构表现。 ...

Core Viewpoint - The solid-state battery industry is accelerating its industrialization process, with semi-solid batteries already being deployed in vehicles, indicating a faster development compared to all-solid-state batteries [1] Group 1: Industry Insights - Solid-state batteries offer high energy density and safety, making them suitable for specialized applications in automotive, low-altitude, and humanoid robotics sectors [1] - The application of solid-state batteries is expected to occur earlier in cost-sensitive areas such as humanoid robots and low-altitude applications compared to automotive [1] - The industry is entering a phase of rapid iteration and development, moving from initial stages to more advanced implementations [1] Group 2: Future Outlook - There is a long-term positive outlook for the development of solid-state batteries as their performance continues to improve and industrialization accelerates [1]

Core Viewpoint - The company has proposed a differentiated profit distribution plan, which includes a cash dividend of 10.00 yuan per 10 shares, and will not issue bonus shares or convert capital reserves into share capital [1][6]. Group 1: Profit Distribution Plan - The company plans to distribute a cash dividend of 10.00 yuan per 10 shares to all shareholders, based on the total share capital minus the shares held in the repurchase account [1][3]. - The total amount of cash dividends to be distributed is approximately 84,147,013 yuan, calculated based on the actual participating share capital [3][6]. Group 2: Share Repurchase and Impact - The company has approved a share repurchase plan using excess funds, with a total repurchase amount between 25 million yuan and 50 million yuan, at a price not exceeding 45 yuan per share [4][5]. - The repurchased shares will not participate in the profit distribution, which is a key reason for the differentiated profit distribution [5][6]. Group 3: Special Ex-Dividend Treatment - The company has applied for special ex-dividend treatment due to the repurchased shares not participating in the distribution, ensuring compliance with relevant regulations [6]. - The impact of the differentiated profit distribution on the ex-dividend reference price is minimal, with an absolute value impact of less than 1% [6]. Group 4: Regulatory Compliance - The company’s differentiated profit distribution plan complies with the Company Law, Securities Law, and relevant regulations of the Shanghai Stock Exchange, ensuring no harm to the interests of the company and its shareholders [6].

Core Viewpoint - The company has completed the fundraising project and plans to permanently supplement its working capital with the remaining funds from the initial public offering (IPO) [1][4][5] Fundraising Basic Situation - The company raised a total of RMB 55,950.00 million by issuing 25 million shares at RMB 22.38 per share, with a net amount of RMB 48,162.78 million after deducting related expenses [1][2] - The funds were verified by Tianjian Accounting Firm, and a three-party supervision agreement was signed with the bank [1][2] Fundraising Project Basic Situation - The total investment for the projects disclosed in the IPO prospectus was RMB 48,162.78 million, allocated for various projects including a research and development center [2][3] - The company has achieved the intended use status for the "Research and Development Center Construction Project" [3] Remaining Funds and Usage Plan - The remaining funds from the completed projects amount to RMB 708.45 million, which will be used to permanently supplement working capital [4][5] - The funds will support daily operations and business development, enhancing market competitiveness and sustainable growth [4][5] Impact on the Company - The decision to use the remaining funds for working capital is expected to improve operational efficiency and reduce financial costs, benefiting the company and its shareholders [5][6] - The company has followed necessary decision-making procedures, and the plan aligns with regulatory requirements [6][7]

Core Viewpoint - The company has experienced significant growth in both aerospace and civilian precision component businesses, with notable increases in revenue and gross profit margins in 2024 compared to the previous year [1][2][3]. Aerospace and Civilian Component Business - The aerospace component business generated revenue of 324.28 million yuan, representing a year-on-year increase of 46.98%, with a gross profit margin improvement of 4.07 percentage points [1]. - The civilian precision component business saw revenue of 83.51 million yuan, a year-on-year growth of 21.57%, with a gross profit margin increase of 4.42 percentage points [1][3]. - The overall sales volume of key products such as structural components and high-precision shells grew at a rate lower than revenue growth, indicating a shift in sales dynamics [1]. Customer Dynamics and Revenue Recognition - The company has maintained stable relationships with its top five customers, with significant revenue contributions from long-term partners and new clients [2][3]. - The revenue recognition model for both aerospace and civilian components remains unchanged, relying on formal contracts and customer acceptance of goods [2][3]. Technical Strength and Market Expansion - The company has enhanced its technical capabilities, leading to increased orders from major clients, which has driven revenue growth in both sectors [2][3]. - The introduction of new products and the expansion into civilian markets have been pivotal in increasing sales, particularly in the semiconductor and renewable energy sectors [3]. Gross Margin Improvement - The overall gross margin improved due to higher margins on structural components and equipment, which saw significant revenue growth [4]. - The company’s gross margin trends differ from some competitors, primarily due to variations in product sales structures and pricing strategies [4][6]. Financial Performance Comparison - The company reported a total revenue of 407.85 million yuan, with a year-on-year increase of 40.94%, and a gross margin improvement of 5.13 percentage points [4]. - Compared to industry peers, the company’s revenue growth and gross margin trends are generally aligned, with specific differences attributed to product mix and pricing strategies [4][6].

金十数据6月30日讯，国泰海通证券发表研究报告指，小米集团(01810.HK)发布新车型YU7後，发售3分 钟的订单量已突破20万辆、首一小时预订28.9万辆。开售18小时後，YU7锁单量已突破24万台，数据令 市场惊喜，反映出消费者极强的消费意愿。该行分别上调小米营业收入至4,861亿、6.311亿及7,569亿元 人民币，经调整净利润预测增至441亿、584亿及728亿元人民币，调升公司目标价至77.7港元，续予"增 持"评级。 国泰海通证券上调小米目标价至77.7港元 YU7订单数据有惊喜 ...