Group 1 - The event "Rational Investment Companion" focused on the company Zhifei Biological Products Co., Ltd. (300122), which is a component of the ChiNext 50 Index, aimed at enhancing investor services and promoting investment quality [2][3] - Zhifei Biological, established in 2002, is a comprehensive biopharmaceutical company engaged in the research, production, sales, and distribution of vaccines and biological products, and was the first private vaccine company listed on the ChiNext in September 2010 [3][4] - The company’s main products include various vaccines such as recombinant COVID-19 protein vaccine, tuberculosis vaccines, and meningococcal polysaccharide vaccines, with a recent collaboration with GSK for the exclusive distribution of a recombinant shingles vaccine [4][5] Group 2 - The event agenda includes a tour of Zhifei Biological's exhibition hall, an introduction to the Shenzhen Stock Exchange, sharing of ETF investment strategies, discussion on index investment value, and interactive communication with investors [4][6] - The company operates under the mission of "preventing diseases before they occur and treating existing diseases," aiming to build a world-class biopharmaceutical enterprise [3][4]

Core Viewpoint - The report outlines the continuous sponsorship and supervision activities conducted by Guotai Junan Securities for Shaanxi Sry New Materials Co., Ltd. following its IPO, emphasizing compliance with regulations and the company's operational performance. Group 1: Continuous Supervision Activities - The company issued 40.01 million shares at a price of RMB 10.48 per share, raising a total of RMB 419.30 million, with a net amount of RMB 356.91 million after deducting issuance costs [1]. - Guotai Junan Securities has been appointed as the continuous sponsor from March 16, 2022, to December 31, 2025, conducting regular communications, site inspections, and due diligence [1][2]. - The sponsor has assisted the company in establishing internal systems and decision-making processes to comply with legal and regulatory requirements [1][2]. Group 2: Information Disclosure and Compliance - The sponsor reviewed the company's information disclosure documents, ensuring compliance with relevant regulations and confirming that disclosures were accurate and timely [9]. - During the supervision period, the company and its major stakeholders did not fail to fulfill any commitments [2][6]. - The company has been advised to maintain transparency and avoid concealing important information [1][2]. Group 3: Financial Performance and Key Indicators - The company's revenue for 2024 is reported at approximately RMB 1.33 billion, reflecting a 12.73% increase from the previous year [20]. - The net profit attributable to shareholders increased by 26.88%, driven by revenue growth and improved sales structure [22]. - The company's total assets reached approximately RMB 2.13 billion, marking a 24.39% increase compared to the previous year [20]. Group 4: Research and Development - The company invested RMB 68.83 million in R&D, representing 5.18% of its revenue, which is an increase from 5.04% in the previous year [22]. - The company has developed new products and technologies, including high-performance copper alloys for liquid rocket engines and components [22][24]. - The R&D team, led by nine core technical personnel, has established partnerships with aerospace institutions to enhance technological capabilities [11][22]. Group 5: Market Risks and Challenges - The company faces risks related to technological advancements in the new materials industry, which require continuous R&D investment to maintain competitive advantages [10][17]. - Potential market disruptions may arise from the introduction of new materials and technologies that could replace existing products [17][18]. - The company is also exposed to risks from fluctuations in raw material prices, particularly copper, which significantly impacts production costs [14][16].

国泰海通证券股份有限公司 关于用友汽车信息科技（上海）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 《上海证券交易所科创板股票上公规则》 《上海证券交 （ 易所上公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公 （ 公司自律监管指引第 7 号——回购股份》等有关法律、法规的规定，对友车科技 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、本次差异化权益分派的原因 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为用友 汽车信息科技（上海）股份有限公司（ （以下简称（ "公司"、 "（ 上公公司"、 "友车科 技"）首次公开发行股票并在科创板上公持续督导工作的保荐人，根据《证券发 行上公保荐业务管理办法》 根据公司 2024 年年度股东大会审议通过的《关于 2024 年度利润分配预案的 议案》，公司拟向全体股东每 10 股派发现金红利 5.00 元（含税），不送红股，不 进行资本公积转增股本。公司通过回购专用账户所持有的本公司股份不参与本次 利润分配。截至 2025 年 3 月 27 日，公司总股本 144,317,400 股，扣除回购专用 证券 ...

Core Viewpoint - The company, Maiwei (Shanghai) Biotechnology Co., Ltd., has faced challenges in its product sales, particularly with its flagship products, Kunmaikang and Maiweijian, due to market competition and regulatory hurdles, but is implementing strategic adjustments to improve performance and expand market access [1][2][4]. Group 1: Company Performance - In 2024, the company achieved a revenue of 200 million RMB, a year-on-year increase, but faced a significant decline in the shipment of Kunmaikang, which dropped by 66.61% to 48,821 units [1][2]. - The sales revenue for Maiweijian reached 14,459.20 million RMB in 2024, with a gross profit margin of 82.89% [2][3]. - The overall gross profit for the company increased from 4,075.41 million RMB in 2023 to 11,984.65 million RMB in 2024, with a gross profit margin decrease from 96.83% to 82.89% [3][4]. Group 2: Product Analysis - Kunmaikang, a biosimilar to Humira, has seen a decline in shipment volume due to intense market competition and regulatory challenges, with eight similar products already approved in China [5][6]. - Maiweijian, a biosimilar to Xgeva, has been gradually gaining market access, with 75 hospitals approved by the end of 2024, but its market entry has been slower compared to the original drug [10][11]. - The company plans to expand the indications for Maiweijian to include SREs, which could enhance its market potential [12][20]. Group 3: Strategic Adjustments - The company is optimizing its regional operational model to improve efficiency and resource allocation, transitioning from self-operated sales to cooperative models in underperforming areas [8][9]. - A focus on enhancing marketing strategies and academic promotion is underway to improve brand recognition and market penetration for Kunmaikang [9][10]. - The company is actively pursuing international collaborations and expanding its product pipeline, with several products in advanced clinical stages expected to launch in the next few years [21][22][23].

国泰海通证券研报表示，延续前期观点，白酒行业2025年第二季度产业景气度环比角度仍在寻底，价格 端压力大于量的压力，从库存周期视角看，白酒产业或完全进入到库存周期后半段，在此维度下，大部 分企业短期业绩表现愈发赖于核心市场的市占率提升，且愈发依赖于腰部及以下单品驱动，份额逻辑演 绎到最后阶段。白酒商品属性正在加速重塑，其快消品属性强化，能够提前适应快消品运作逻辑的企业 竞争优势会愈发凸显。股价层面，白酒板块配置价值凸显：1)分红层面有潜力：当下头部企业股息率接 近或大于3%；2)动态估值基本回落至历史区间低位；3)后续具备潜在催化因素，例如房价等资产价格边 际企稳，内需政策等；4)选股层面，首选具备份额逻辑的企业。 ...

Core Viewpoint - The aerospace industry in China is experiencing unprecedented development opportunities driven by strong demand growth and accelerated innovation, with the market size expected to exceed 2 trillion yuan by 2024 [1] Group 1: Industry Growth and Demand - The aerospace industry is positioned as a strategic foundation for national security amid global geopolitical tensions, with China's defense budget projected to reach 1.81 trillion yuan by 2025, maintaining a growth rate of 7.2% for three consecutive years [1] - Key growth engines in the aerospace sector include commercial aerospace, commercial aircraft, and low-altitude fields, reflecting a robust demand landscape [1] - The demand side is characterized by the upgrading of defense equipment, the rise of emerging fields, and the expansion of global markets, all contributing to strong demand [1] Group 2: Supply Side Transformation - The supply side is undergoing profound changes with accelerated breakthroughs in technological self-innovation, continuous policy benefits, and enhanced collaborative effects within the industry chain [1] - The interaction between supply and demand is fostering a new landscape for high-quality development in the industry, significantly improving efficiency and competitiveness [1] Group 3: Investment Opportunities - The aerospace industry presents long-term value opportunities for the capital market, driven by technological breakthroughs and policy support, leading to significant characteristics such as industry chain collaboration, market demand expansion, and efficiency improvements [2] - Military state-owned enterprises are enhancing asset securitization rates through reforms, while private companies focus on flexible manufacturing and commercial aerospace, rapidly capturing market share in niche areas [2] - The dual-use technology transformation is creating new growth points, with military technologies extending into sectors like new energy vehicles and high-end equipment, broadening application spaces [2] - As the global aerospace industry enters a new expansion cycle, China's industry penetration and added value are expected to continue rising, with a focus on leading enterprises that have deep technological moats and clear capacity releases [2]

国泰海通证券股份有限公司 关于上海宣泰医药科技股份有限公司 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为上海 宣泰医药科技股份有限公司（以下简称"宣泰医药"或"公司"）首次公开发行 股票并在科创板上市的保荐人，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》 （以下简称"《上市规则》" ）和《上海证券交易所上市公司自律监管指引第 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： 一、本次现场检查的基本情况 （一）保荐人 国泰海通证券股份有限公司 沈玉峰、程万里、程恺 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理及内部控制、信息披露、独 立性、与关联方的资金往来、募集资金使用情况、关联交易、对外担保、重大对 外投资、公司经营状况以及承诺履行情况等方面进行了现场检查。 （六）现场检查手段 查看上市公司主要生产经营场所并与上市公司董事、监事、高级管理人员及 有关人员访谈；查阅公司本持续督导期间召开的历次三会会议资料；查阅公司建 立或更新的有关内控制度 ...

Core Viewpoint - The report outlines the financial performance and operational status of Shanghai Zhijiang Biotechnology Co., Ltd. for the year 2024, highlighting a net profit loss and ongoing strategic adjustments in response to market changes [2][8]. Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -128.27 million yuan, indicating a reduction in losses by 26.96 million yuan compared to the previous year [2][15]. - Revenue for 2024 was 178.65 million yuan, a decrease of 34.88% from 274.33 million yuan in 2023 [15]. - The company reported a basic earnings per share of -0.67 yuan, consistent with the diluted earnings per share [15]. Operational Adjustments - The company has accelerated its operational strategy adjustments due to a decline in revenue and market demand, while production and operations remain normal without significant risks [2][8]. - The company has established internal systems and decision-making processes to comply with legal regulations and ensure proper information disclosure [3][8]. Risk Management - The report identifies several risks, including significant financial losses, core technology leakage, and intensified market competition, which could adversely affect the company's operations and financial status [9][10][11]. - The company has not encountered any major violations or undisclosed risks during the reporting period [4][5]. Research and Development - R&D expenditure for 2024 was 58.78 million yuan, accounting for 32.90% of total revenue, reflecting a focus on innovation despite a slight decrease in R&D spending compared to the previous year [16][19]. - The company has developed over 500 products and holds numerous patents, indicating a strong commitment to maintaining a competitive edge in the molecular diagnostics industry [19][20]. Market Position - The company has established a solid reputation in the molecular diagnostics field, with products widely used in major hospitals and medical institutions across China and internationally [20][21]. - The company has received recognition for its rapid response to public health emergencies, enhancing its brand image and market presence [21][22].

国泰海通证券研报表示，面向未来，仍然保持乐观，中国A/H指数有望进一步缓步推高：1)遍历冲击 后，投资人对经济形势的认识已然充分。2)中国股市的无风险利率下降，海外预期降低、固收预期降 低，股市是解决社会资本开支下降与资产管理需求上升的关键破局点。3)围绕投资者为本、投融资相协 调的资本市场改革拉开序幕并提速，中国市场的底色向"可投资、重回报"转变，股市风险溢价降低。因 此，贴现率下降是如今中国股市上升的重要动力。 ...

Core Viewpoint - The report summarizes the sponsorship and underwriting process for the initial public offering (IPO) of Liaoning Dingjide Petrochemical Co., Ltd, detailing the issuance of 33.36667 million shares at a price of RMB 21.88 per share, raising a total of RMB 730.0627 million, with a net amount of RMB 656.9027 million after deducting issuance costs [1][2][3]. Group 1: Sponsorship and Issuance Details - The IPO was approved by the China Securities Regulatory Commission (CSRC) and listed on the Shanghai Stock Exchange on August 18, 2022 [1][2]. - The registered capital of Liaoning Dingjide Petrochemical Co., Ltd is RMB 134.511667 million, with a legal representative named Wu Chunye [2][3]. - The company’s actual controller is Zhang Zaiming, and the securities code is 603255 [2]. Group 2: Sponsorship Responsibilities - During the due diligence phase, the sponsoring institution coordinated with various intermediaries, conducted thorough investigations, and prepared necessary documentation for the IPO [3][4]. - In the ongoing supervision phase, the sponsor focused on preventing resource misappropriation by major shareholders and ensuring compliance with corporate governance standards [3][4]. Group 3: Major Events and Issues - A change in the designated sponsor representative occurred in February 2023, with Zhang Yuheng replacing Ding Shangjie due to a job change [4][5]. - The company faced issues related to non-operating fund occupation by related parties in 2024, which were not promptly reported to the sponsor [5][6]. - The sponsor conducted a special inspection regarding fund occupation and provided training to the company's management to enhance internal control [5][6]. Group 4: Fund Usage and Compliance - The sponsor reviewed the usage of raised funds, confirming compliance with CSRC and stock exchange regulations, with all funds being used appropriately [6]. - The report indicates that the company has completed the use of all funds raised from the IPO as of the report date [6].