国泰海通证券股份有限公司 关于上海索辰信息科技股份有限公司 差异化权益分派特殊除权除息事项的核查意见 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 上海索辰信息科技股份有限公司（以下简称"索辰科技"或"公司"）首次公开 发行股票并在科创板上市及持续督导的保荐机构，根据《中华人民共和国公司法》 《中华人民共和国证券法》 《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 7 号——回购 股份》等相关规定，对公司 2024 年度利润分配所涉及的差异化权益分派特殊除 权除息事项进行了审慎核查，具体情况如下： 一、本次差异化分红的原因及方案 （一）本次差异化分红原因 公司已于 2024 年 2 月 5 日召开第二届董事会第七次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司以超募资金通过上 海证券交易所股票交易系统以集中竞价交易方式回购公司已发行的部分人民币 普通股（A 股）股票，回购资金总额不低于人民币 2,000 万元（含），不超过人 民币 4,000 万元（含），回购股份将在未来适宜时机全部用于公司员工 ...

国泰海通证券股份有限公司 关于华海清科股份有限公司 首次公开发行部分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 华海清科股份有限公司（以下简称"华海清科"或"公司"）首次公开发行股票 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，对华海清科首次公开发 行部分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、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 4 月 27 日出具的《关于同意华海清 科股份有限公司首次公开发行股票注册的批复》（证监许可2022890 号），同 意公司首次公开发行股票的注册申请。华海清科股份有限公司（以下简称"公司"） 首次向社会公开发行人民币普通股 26,666,700 股，并于 2022 年 6 月 8 日在上海 证券交易所科创板上市，发行完成后总股本为 106,666,700 股，其中有限售条件 流通股 82,769,851 股，无限售条件流通股 ...

债券简称：19 深圳能源绿色债 01、 债券代码：1980049.IB、 国泰海通证券股份有限公司 关于深圳能源集团股份有限公司涉及信息披露事务负责人 发生变动的临时债权代理事务报告 债权代理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年五月 重要声明 根据发行人披露的《深圳能源集团股份有限公司关于聘任董事会秘书的公 告》，2025 年 5 月 20 日，公司董事会八届三十四次会议审议通过了《关于聘任 董事会秘书的议案》。 本报告依据《公司债券发行与交易管理办法》 《2018 年深圳能源集团股份有 限公司绿色公司债券债权代理协议》等相关规定和约定、公开信息披露文件以及 深圳能源集团股份有限公司（以下简称公司、深圳能源或发行人）出具的相关说 明文件以及提供的相关资料等，由债权代理人国泰海通证券股份有限公司（以下 简称国泰海通证券）编制。 公司董事会近日收到董事会秘书周朝晖先生提交的书面辞职报告。周朝晖先 生因工作变动不再担任公司董事会秘书职务，离任后将继续在公司全资子公司深 圳市能源运输有限公司担任执行董事、总经理职务。周朝晖先生原定任期至公司 第八届董事会任期届满时止。 根据相关法律、 ...

Market Overview - Global stock markets experienced a correction last week, with a risk preference retreating from high levels. The MSCI Global Index fell by 1.9%, with developed markets down by 2.1% and emerging markets down by 0.5% [3][10] - The Hang Seng Index showed the best performance among emerging markets, increasing by 1.1%, while the Korean Composite Index was the weakest, declining by 1.3% [3][10] Sector Performance - In the US market, defensive sectors such as utilities and consumer staples performed well, while technology sectors faced adjustments. The S&P 500 saw a decline of 2.6% [10] - In the European market, utilities and communication services led with gains of 2.6% and 2.3%, while consumer discretionary and energy sectors lagged behind [10] - The Hong Kong market saw significant gains in the materials and healthcare sectors, with increases of 6.1% and 5.6%, respectively [10] Valuation Trends - Developed markets' overall valuation decreased, with the latest PE and PB ratios at 21.9x and 3.5x, respectively, placing them at the 86% and 97% percentile levels since 2010 [21] - Emerging markets' valuations improved, with PE and PB ratios at 15x and 1.9x, respectively, at the 72% and 85% percentile levels since 2010 [22] Earnings Expectations - Earnings expectations for global markets were mostly revised downwards, with Hong Kong showing a notable upward revision. The Hang Seng Index's 2025 EPS forecast was adjusted from 2214 to 2222 [27] - The S&P 500's 2025 EPS forecast was revised down from 264 to 263, with the consumer discretionary sector seeing the largest upward revision of +0.2% [27][28] Liquidity Conditions - Global liquidity conditions tightened marginally last week, with macro liquidity indicators showing a mixed trend across regions. The US and China saw interest rates decline, while European rates slightly increased [30] - The tightening of liquidity was reflected in the increase of long-term bond yields in major countries, with the UK, Japan, and the US seeing the largest increases [30] Economic Outlook - The economic outlook showed divergence, with the US economy experiencing a marginal decline in sentiment, as indicated by a drop in the manufacturing PMI to 48.7% [35] - In contrast, the European economy maintained stability, with the Eurozone manufacturing PMI at 49% and service PMI at 50.1%, indicating continued expansion [43]

差异化权益分派特殊除权除息事项的核查意见 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"）作为天津 金海通半导体设备股份有限公司（以下简称"金海通"或"公司"）的持续督导机构， 根据《中华人民共和国公司法》 国泰海通证券股份有限公司 关于天津金海通半导体设备股份有限公司 《中华人民共和国证券法》 《上海证券交易所交易 规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规 定，对公司 2024 年度利润分配所涉及的差异化权益分派特殊除权除息事项进行 了审慎核查，具体情况如下： 一、本次差异化分红方案及原因 （一）本次差异化分红方案 根据公司于 2025 年 3 月 19 日公告的《天津金海通半导体设备股份有限公司 关于 2024 年度利润分配方案的公告》和公司于 2025 年 4 月 8 日召开的 2024 年 年度股东大会审议通过的《关于 2024 年度利润分配方案的议案》，公司 2024 年 度利润分配方案如下： 公司拟以实施权益分派时股权登记日登记的总股本扣减公司回购专用账户 的股数为基数，向全体股东（公司回购专用证券账户除外）每 10 股派发现金红 利 1.70 元（ ...

Group 1: Company Overview - Zhifei Biological, established in 2002, focuses on the research, production, and sales of vaccines, becoming a leader in China's biopharmaceutical industry with a commitment to social benefits first and corporate benefits second [3] - The company has five wholly-owned subsidiaries, many of which are high-tech enterprises, and continues to innovate in bacterial and viral vaccines [3] - In 2024, Zhifei Biological achieved a revenue of 26.07 billion and a net profit of 2.018 billion, despite facing market demand challenges [3] Group 2: Research and Development - Zhifei Biological invested 1.391 billion in R&D in 2024, increasing its R&D personnel to 1,072, with cumulative R&D investment exceeding 5.1 billion over the past five years [3] - The company employs a matrix layout and platform technology breakthroughs to drive product innovation and meet public health needs [3] Group 3: ETF Market Development - The Shenzhen Stock Exchange has been promoting the ETF market, which has seen an average annual growth of over 50% since 2019, with the market size surpassing one trillion in 2024 [4] - ETFs are becoming increasingly popular due to their high efficiency and low cost compared to traditional mutual funds, with real-time trading and lower transaction fees [4] Group 4: Investment Strategies - Common ETF investment strategies in the domestic market include asset allocation, trading, and arbitrage strategies, catering to both long-term and short-term investors [5] - Innovative strategies such as dividend ETF financing and ETF grid strategies were discussed, providing practical investment advice to investors [6]

北京商报讯（记者 李海媛）5月23日，深交所发布关于对国泰海通证券股份有限公司（以下简称"国泰海通"）及相 关当事人给予纪律处分的决定。 深交所指出，2023年5月8日，受理了中鼎恒盛气体设备（芜湖）股份有限公司（以下简称"发行人"）首次公开发行 股票并在创业板上市的申请。项目保荐人原为国泰君安证券股份有限公司（以下简称"国泰君安"），因国泰君安吸 收合并海通证券股份有限公司，更名为国泰海通，贾超、陈金科为项目保荐代表人。经查明，国泰海通、贾超、陈 金科在执业过程中存在违规行为。 深交所提到，国泰海通、贾超、陈金科在执业过程中存在未充分关注发行人存在的重大内部控制缺陷，未对发行人 财务信息的可靠性予以审慎核查，发表的核查意见不准；未充分核查发行人研发费用内部控制的有效性，发表的核 查意见不准确；未充分关注发行人收入确认存在的不规范情形，发表的核查意见不准确；对发行人实际控制人资金 占用流向以及关键岗位人员的资金流水核查不到位；未督促发行人及时披露对赌协议的特殊权利条款。 深交所表示，内部控制健全有效是首次公开发行股票的发行条件，发行人未披露其在报告期内进行理账且理账前后 财务数据差异较大，会计基础薄弱、内部控 ...

Group 1 - The core viewpoint is that the valuation enhancement logic of the gold and jewelry industry will continue to unfold in 2024, as the industry enters a phase of clearing and upgrading [1] - Leading companies are shifting from store expansion strategies to improving efficiency at individual stores, forming a synergy with franchisees to promote high-margin products [1] - Differentiated products are driving gold and jewelry companies to transition from "channel brands" to "consumer brands," indicating a strong focus on product strength and the ability to capture consumer demand [1]

国泰海通证券股份有限公司 关于无锡芯朋微电子股份有限公司 关于差异化权益分派特殊除权除息的核查意见 国泰海通证券股份有限公司（以下简称"保荐人"、"国泰海通"）作为正在 履行无锡芯朋微电子股份有限公司（以下简称"芯朋微"、"公司"）持续督导工 作的保荐人，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》 根据《上市公司股份回购规则》等有关规定，上市公司回购专用证券账户中 的股份，不享有利润分配、公积金转增股本的权利。因此，公司回购专用证券账 户中的股份将不参与公司本次利润分配、公积金转增股本，故申请 2024 年度权 益分配实施差异化权益分派。具体情况如下： 一、差异化分红的原因 以集中竞价交易方式回购公司股份方案的议案》，同意公司以超募资金通过上海 证券交易所交易系统以集中竞价交易方式回购公司已发行的部分人民币普通股 股票。回购的股份将在未来适宜时机全部用于员工持股计划或股权激励，回购价 格不超过 151.70 元/股（含），回购资金总额不低于人民币 5,500 万元（含），不 超过人民币 11,000 万元（含），回购期限自公司董事会审议通过本次回购方案之 日起 6 个月内。截至 ...

Core Insights - The overall sensitivity of deposit scale to the reduction of deposit rates is low, indicating a strong willingness among individuals and businesses to allocate funds to bank deposits despite rate cuts [1][10] - The shift of deposits from the banking system to asset management products is primarily attributed to the manual interest compensation rectification in April 2024, which had a short-term impact but began to stabilize by July of the same year [1][10] - The proportion of personal and corporate deposits in the broad money supply has increased from approximately 48% to 52% by March 2024, reflecting a robust demand for bank deposits [1][10] Deposit Rate Adjustments - The reduction in deposit rates in July and October 2024 led to a noticeable decline in the year-on-year growth of large bank deposits, dropping from 5.8 trillion yuan to 5.2 trillion yuan and from 5.0 trillion yuan to 4.8 trillion yuan respectively [3] - The asset management product scale saw a rebound, with a shift from a year-on-year decrease of 629.5 billion yuan in August 2024 to a slight increase of 10 billion yuan, and a similar trend was observed in November 2024 [3] Deposit Growth Trends - Large banks' personal and corporate deposit year-on-year growth fluctuated, with notable increases and decreases observed in various months, indicating a dynamic response to interest rate changes [5] - The year-on-year growth of deposits in small and medium-sized banks also showed variability, with a peak growth of 81.56 billion yuan followed by a decrease of 25.29 billion yuan [5] Market Reactions - The bond market typically reacts in advance to expectations of deposit rate cuts, with rates generally declining before the official announcement, although the actual impact on market trends remains limited [10] - Following the last three deposit rate cuts, the yields on various bonds, including government bonds and credit bonds, generally trended downward over the subsequent trading days [10] Future Outlook - The current round of deposit rate cuts is expected to have a limited impact on the outflow of funds, with the probability of a return to a tight liquidity situation similar to the first quarter of the year being low [10] - The attractiveness of asset management products is anticipated to decrease due to ongoing adjustments in performance benchmarks, which may lead to a shift of funds back to deposits [10]