Core Viewpoint - The company announces a change in the lead financial advisor for the ongoing acquisition project by Dongfang Xinyuan Group, ensuring that the quality and progress of the advisory work will remain unaffected by this change [1][2]. Group 1 - The company, formerly known as Chongqing Fenghua (Group) Co., Ltd., has received a notice from Minsheng Securities regarding the change of the lead financial advisor for the acquisition of control [1]. - The previous lead financial advisor, Mao Hongyou, is unable to continue due to a job change, but other team members will continue their responsibilities [1][2]. - The new lead financial advisors are Hu Ling and Li Yan, who will ensure compliance with relevant laws and regulations while maintaining the continuity and effectiveness of the advisory work [2].

（责任编辑：康博） 华泰保兴上证科创板综合指数增强发起A/C成立于2025年6月27日，截至2025年7月9日，累计单位 净值为1.0029元、1.0027元。 | 基金名称 | 华泰保兴上证科创板综合指数增强型发起式证券投资基金 | | --- | --- | | 基金简称 | 华泰保兴上证科创板综合指数增强发起 | | 基金主代码 | 024584 | | 基金管理人名称 | 华泰保兴基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《基金管理公司 | | | 投资管理人员管理指导意见》及相关法律法规 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 王恺蛾 | | 共同管理本基金的其他基 | 尚炼值 | | 金经理姓名 | | 中国经济网北京7月9日讯 今日，华泰保兴基金公告，华泰保兴上证科创板综合指数增强发起增聘 王恺钺。 王恺钺历任民生证券股份有限公司研究员、投资经理。2024年12月加入华泰保兴基金管理有限公 司。 ...

证券代码：001202 证券简称：炬申股份 公告编号：2025-073 炬申物流集团股份有限公司（以下简称"公司"）经中国证券监督管理委员会 《关于核准炬申物流集团股份有限公司首次公开发行股票的批复》（证监许可 〔2021〕1117 号）核准，于 2021 年 4 月首次公开发行人民币普通股（A股）并在深 圳证券交易所主板上市。民生证券股份有限公司（以下简称"民生证券"）为公司 首次公开发行人民币普通股（A股）并上市的保荐人，持续督导期限至 2023 年 12 月 31 日。因上述期限届满后公司募集资金尚未使用完毕,民生证券仍需就公司尚未 使用完毕的募集资金履行持续督导责任。 公司于2025年4月29日召开第三届董事会第三十一次会议及第三届监事会第二十 六次会议，经2024年度股东会审议通过了《关于公司向不特定对象发行可转换公司 债券方案的议案》及其他相关议案。因本次发行需要，公司聘请了国联民生证券承 销保荐有限公司（以下简称"国联民生"）担任本次发行的保荐机构,并承接履行公 司2021年首次公开发行A股股票的持续督导职责，直至募集资金使用完成。 根据中国证券监督管理委员会《证券发行上市保荐业务管理办法》等相 ...

中加中债-新综合债券指数发起成立于2022年10月20日，截至2025年8月5日，其今年来收益率为0.95%， 成立来收益率为8.07%，累计净值为1.0807元。 | 基金名称 | 中加中债-新综合债券指数发起式证券投资基金 | | --- | --- | | 基金简称 | 中加中债-新综合债券指数发起式 | | 基金主代码 | 016859 | | 基金管理人名称 | 中加基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 《基金管理公司投资管理人员管理指导意见》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 于跃先生 | | 共同管理本基金的其他基 | 王霜女士 | | 金经理姓名 | | 中国经济网北京8月6日讯今日，中加基金公告，中加中债-新综合债券指数发起式增聘于跃。 于跃2012年5月至2019年11月曾先后任民生证券股份有限公司固收投资经理助理；中信建投（601066） 证券股份有限公司固定收益投资经理。2019年12月加入中加基金管理有限公司，现任基金经理。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The further decline of US Treasury yields before September may be primarily driven by weaker economic data leading to higher expectations of interest rate cuts, or by the "see - saw effect" triggered by the weakness of other assets. The 10 - year yield is expected to fluctuate at a low level in the range of 4.00 - 4.30%, but inflation and the "Big and Beautiful" Act may impede the decline of long - term yields [4][14]. - In the two - week period from July 18 to August 1, 2025, affected by the US July non - farm payroll report, global investors' risk - aversion increased, resulting in a double - kill situation in the US stock and bond markets. Different asset classes showed various trends, including significant declines in US and UK government bond yields, a new high in the Japanese stock market, a slump in the US stock market, an upward trend in the coking coal index, a decline in Chicago agricultural product futures prices, and a depreciation of the ruble and the euro [5][15]. Summary According to the Directory 1. What Conditions are Needed for the Further Decline of US Treasury Yields? - **Monetary Policy**: At the July FOMC meeting, the interest rate and other monetary policies remained at the June level, in line with market expectations. Waller and Bowman voted against interest rate cuts, citing signs of weakness in the labor market, and Kugler, who was set to leave early, did not attend or vote. Kugler's early departure may increase Trump's influence on the Fed and lead to more divided views within the Fed [1][10]. - **Growth**: Q2 GDP showed a quarter - on - quarter increase of 3.0%, but the main drivers were a decline in imports and accelerated consumer spending. Private consumption and investment weakened, with PDFP growing by 1.2% quarter - on - quarter, lower than the 1.9% in Q1 [2][10]. - **Inflation**: In June, inflationary pressures emerged, with CPI at 2.7%, core CPI at 2.9%, PCE at 2.6%, and core PCE at 2.8%, all reaching the highest levels since March [2][10]. - **Employment**: In July, the ADP employment figure rebounded unexpectedly, but the non - farm payroll data was disappointing, with significant downward revisions to previous months' data. The unemployment rate rose from 4.1% to 4.2%, which greatly disrupted the interest rate market expectations, causing the 1 - year yield to decline by about 17bp on August 1 [2][11]. - **Policy Stance**: Some Fed presidents still recognize the resilience of the economy and employment and maintain a restrictive monetary policy stance, denying the risk of recession and affirming the risk of stagflation [3][12]. 2. Bi - weekly Overseas Macro - analysis - **Interest Rates**: In the past two weeks, US Treasury yields declined significantly, with the 1 - year and 10 - year yields both dropping 21bp to 3.87% and 4.23% respectively. Affected by US Treasuries, UK government bond yields also declined on August 1, increasing investors' risk - aversion [5][16]. - **Equities**: The Japanese stock market reached a new high, with the Nikkei 225 index rising 2.46% in the past two weeks, driven by the US - Japan trade agreement on July 23. However, trading volume was low in July. The US stock market slumped after the release of the July non - farm payroll report, with the Nasdaq index dropping 2.29% on the night of the report release [17]. - **Commodities**: The coking coal index rose 12.07% in the past two weeks after the central government emphasized governance of low - price and disorderly competition in the coal industry. Chicago agricultural product futures prices fell across the board, pressured by high expectations of a bumper US autumn harvest [18]. - **Foreign Exchange**: The ruble depreciated by 3.44% in the past two weeks after the Russian central bank cut interest rates by 200 basis points on July 25. The euro fell 1.24% due to the impact of the US - EU trade agreement and a decline in investor confidence [19]. 3. Market Tracking - The report presents multiple charts, including the bi - weekly fluctuations of global major economies' government bond yields, global major stock indices, major commodities, and global major foreign exchange rates (against the RMB), as well as the latest economic data panels of the US, Japan, and the Eurozone, and the yield curves and inflation trends of US, Japanese, and German government bonds [24][28][30][32][35][41][45].

Group 1 - The report highlights the adjustment of the value-added tax policy on interest income from government bonds, which will be reinstated for new issues starting from August 8, 2025, while existing bonds will remain exempt until maturity [1][8][10] - The adjustment aims to enhance the pricing mechanism of the bond market and better establish the benchmark role of government bond rates, reflecting the government's commitment to tax reform and market development [1][10][12] - The current bond market size is reported at 189.76 trillion yuan, with government bonds accounting for 38.02 trillion yuan, local government bonds for 52.51 trillion yuan, and financial bonds for 42.34 trillion yuan [10][12] Group 2 - Public funds will maintain a tax advantage post-policy adjustment, which is expected to increase demand for self-operated and outsourced investments by banks, particularly in government and local bonds [2][12][14] - The effective tax rates post-adjustment are calculated at 3.26% for public funds and 6.34% for bank self-operated investments, necessitating a yield compensation of 4-8 basis points for public funds and 8-15 basis points for banks on newly issued bonds [2][14][24] - The report anticipates that the market will experience short-term fluctuations as investors adjust to the new tax implications, with potential downward pressure on existing bond yields and upward adjustments on new bond coupon rates [3][17][26] Group 3 - The adjustment is expected to influence the pricing of government bond futures, with new issues potentially requiring higher yields to become the cheapest-to-deliver (CTD) bonds [4][26] - The report indicates that the difficulty of new bonds becoming CTD will vary across different futures contracts, with certain contracts being more affected than others [4][26][27] - The analysis includes detailed calculations of the tax implications for various investor types, illustrating the differences in effective tax burdens before and after the policy change [21][22][24]

证券代码：300852 证券简称：四会富仕 公告编号：2025-055 债券代码：123217 债券简称：富仕转债 公司董事会对张卫杰先生在公司首次公开发行股票并在创业板上市项目、向不特定 对象发行可转换公司债券项目的持续督导期间所作出的贡献表示衷心感谢！ 特此公告。 四会富仕电子科技股份有限公司 董事会 附件：帖晓东先生简历 帖晓东先生，保荐代表人，注册会计师，现任民生证券投资银行事业部高级经理。 技非公开发行股票、天承科技 IPO、威尔高 IPO 等项目，以及多家公司的尽职调查及前 期辅导工作。 四会富仕电子科技股份有限公司（以下简称"公司"）于近日收到公司保荐机构民 生证券股份有限公司（以下简称"民生证券"）出具的《关于更换持续督导保荐代表人 的函》。 民生证券为公司向不特定对象发行可转换公司债券的保荐机构,张卫杰先生和曾文 强先生为公司持续督导保荐代表人，法定持续督导期限至 2025 年 12 月 31 日。 现因张卫杰先生个人工作变动原因,不再继续担任公司持续督导保荐代表人。为保 证持续督导工作的有序进行,民生证券委派保荐代表人帖晓东先生接替张卫杰先生负责 公司向不特定对象发行可转换公司债券的持续督 ...

Core Viewpoint - The company intends to utilize part of the idle funds raised from the issuance of convertible bonds for cash management to enhance fund efficiency and increase returns while ensuring that it does not affect the ongoing projects funded by these bonds [1][2][5]. Fundraising Basic Situation - The company raised a total of RMB 200 million by issuing 2 million convertible bonds at a face value of RMB 100 each in July 2018, with a net amount of RMB 192.4 million after deducting fees [1][2]. Fund Usage Status - As of July 21, 2025, the company has a remaining balance of RMB 181.72 million in its fundraising account, with a cumulative interest and investment income of RMB 24.03 million since 2018 [2][3]. Cash Management Overview - The purpose of cash management is to improve the efficiency of the raised funds, increase storage returns, and protect investors' rights while ensuring that the projects funded by the convertible bonds are not affected [3][4]. Cash Management Limits and Implementation - The company plans to use up to RMB 150 million of idle funds for cash management within 12 months, with the total amount being subject to rolling use [3][6]. Revenue Distribution from Cash Management - The income generated from cash management will belong to the company and will be managed according to regulatory requirements [4][6]. Internal Control of Cash Management Risks - The company will invest in low-risk financial products such as structured deposits and time deposits, with investment periods not exceeding 12 months, ensuring compliance with internal management requirements [4][5]. Impact on the Company - The cash management initiative will not affect the implementation of projects funded by the convertible bonds or the normal operations of the company, while potentially increasing returns for shareholders [5][6]. Decision-Making Procedures - The board of directors approved the cash management plan on July 30, 2025, allowing the use of idle funds for safe investment products [6][7].

Core Adjustment of Key Technical Personnel - The company has adjusted its recognition of key technical personnel, with Mr. Cai Zhiyuan no longer recognized as a core technical staff member due to work adjustments, although he remains employed by the company [1][2] - Mr. Cai holds 145,508 shares, representing 0.1489% of the company's total share capital, and will continue to comply with relevant regulations regarding shareholding and confidentiality [2] New Key Technical Personnel Recognition - Mr. Yang Xing has been newly recognized as a core technical personnel based on his educational background and work experience, contributing to the company's core technology research [3] - Mr. Yang does not hold any company shares and has no connections with major shareholders or other key personnel [3] Impact of Personnel Adjustment on the Company - The company emphasizes the importance of talent cultivation and has a stable and efficient technical research team, ensuring no significant reliance on any single core technical personnel [4] - The total number of core technical personnel remains unchanged, with the new composition being Yang Zhiming, Wu Qingfang, Huang Binqing, and Yang Xing [4] Measures Taken by the Company - The company is actively advancing its research projects and has a complete structure for its research team, ensuring sufficient backup personnel for future technology development [4] - Continuous efforts will be made to attract and cultivate professional technical talent, optimizing assessment and reward mechanisms to enhance innovation capabilities [4] Sponsor Institution's Review Opinion - The sponsor institution concludes that the existing research team and core technical personnel can support the company's future technology development, and the adjustment will not adversely affect the company's core competitiveness or operational capabilities [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The "Decision of the People's Bank of China on Amending and Repealing Certain Rules (Draft for Comment)" may lead to the transformation of bond repurchase in the inter - bank market from pledged repurchase to outright repurchase in the future, with outright repurchase potentially becoming the core of China's bond repurchase. Although there are currently few outright repurchase transactions, it has supporting facilities, experience, and is conducive to international integration [1][11]. - In the short term, the impact on the bond market may be neutral. Unfreezing pledged bonds can increase asset supply, enhance liquidity, and provide a short - selling channel for investors, but risk prevention is also necessary [3][18]. 3. Summary by Relevant Catalog 3.1 Understanding "Canceling the Freeze on Pledged Bonds for Bond Repurchase" - On July 18, 2025, the central bank proposed canceling the freeze on pledged bonds for bond repurchase, which is a modification of Article 31 of the "Administrative Measures for Bond Registration, Custody, and Settlement in the Inter - bank Bond Market" [8]. - As of the end of June 2025, the balance of pledged repurchase in the inter - bank bond market was 24.30 trillion yuan, while the balance of outright repurchase was 203.4 billion yuan, less than 1% of the pledged repurchase balance. Pledged repurchase only has a financing function, and the ownership of pledged bonds does not transfer, reducing their liquidity and being unfavorable to the rights and interests of the fund lender in case of default or rapid interest rate increases. Outright repurchase has both financing and short - selling functions, and the fund lender has greater operational flexibility [8][11]. 3.2 Outright Repurchase Has Supporting Facilities and Experience - In terms of facilities, the term of outright repurchase has been extended to 365 days, the accounting treatment has been clarified, and the function of quoting and trading multiple bonds in a single outright repurchase has been launched [2][12]. - In terms of experience, the central bank launched an open - market outright reverse repurchase operation tool in October 2024, and by June 2025, the balance reached 4.60 trillion yuan, replacing part of the MLF [2][12]. - Switching to outright repurchase is conducive to international integration. The main forms of international bond market repurchase are classic repurchase and buy/sell - back transactions, where bond ownership transfers. China's offshore repurchase business has started to revitalize pledged bonds [2][16]. 3.3 Future Outlook - In the short term, the impact on the bond market may be neutral. Although the central bank's statement has raised market expectations for bond trading, currently, the net sale of national bonds does not match the central bank's policy tone [3][18]. - Canceling the freeze on pledged bonds can increase asset supply, enhance liquidity, relieve institutional liability - side pressure, and provide a short - selling channel for investors, but it is necessary to prevent a sharp increase in the leverage ratio of the bond market [3][18]. - If the switch from pledged repurchase to outright repurchase occurs, the scale of pledged bonds involved is estimated to be 14.76 trillion yuan based on the central bank's balance sheet and 8.22 trillion yuan based on the monthly trading volume of pledged repurchase in June 2025, assuming a 90% pledge ratio [3][19].