西部证券股份有限公司 （本页无正文，为《西部证券股份有限公司关于湖南艾布鲁环保科技股份有限 公司 2024 年度持续督导跟踪报告》之签章页） 保荐代表人： 薛冰 何勇 | 西部证券股份有限公司 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关于湖南艾布鲁环保科技股份有限公司 | | | | | | | | | | | | | | | 保荐机构名称：西部证券股份有限公司 | | | | | | 被保荐公司简称：艾布鲁 | | | | | | | | | 联系电话：029-8740 | | 保荐代表人姓名：薛冰 | | | | | | 6044 | | | | | | | 联系电话：029-8740 | | 保荐代表人姓名：何勇 | | | | | | 6044 | | | | | | | 一、保荐工作概述 | | | | | | | | | | | | | | | 项目 | | | 工作内容 | | | | | | | | | ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

中国经济网北京5月14日讯日月明（300906）（300906.SZ）昨晚发布关于股东减持股份计划预披露公 告。持有日月明股份2,200,000股（占公司总股本比例2.75%）的股东南昌市国金产业投资有限公司（原 名：南昌市国金工业投资有限公司，以下简称"国金产业"）计划自公告披露之日起3个交易日后的3个月 内以集中竞价交易方式减持公司股份800,000股（占公司总股本比例1%）。 本次减持计划的减持原因为自身资金需求，股份来源为公司首次公开发行前取得的股份。减持价格根据 减持时的二级市场价格及交易方式确定。 日月明于2020年11月5日在深交所创业板上市，发行数量为2000万股，发行价格为26.42元/股，保荐机构 为西部证券（002673）股份有限公司，保荐代表人为李锋、徐伟。日月明募集资金总额为5.28亿元，扣 除发行费用后，募集资金净额为4.82亿元。 上市当日，日月明收报65.73元，涨幅148.79%，成交额8.63亿元，最高价78.50元，之后股价一路震荡走 低，未能超过2020年上市首日股价高点。 日月明上市发行费用为4667.25万元，其中保荐机构西部证券股份有限公司获得保荐与承销费用360 ...

Core Viewpoint - The report summarizes the sponsorship and continuous supervision of Shanghai Aladdin Biochemical Technology Co., Ltd. by Western Securities for the issuance of convertible bonds to unspecified objects, highlighting the compliance with regulatory requirements and the company's operational adjustments during the process [1][2]. Group 1: Company Overview - Company Name: Shanghai Aladdin Biochemical Technology Co., Ltd. [2] - Securities Code: 688179.SH [2] - Registered Capital: 277,385,321 Yuan [2] - Registered Address: No. 809, Chuhua Branch Road, Fengxian District, Shanghai [2] - Legal Representative: Xu Jiuzhen [2] - Actual Controllers: Xu Jiuzhen, Zhao Liping [2] - Secretary of the Board: Zhao Xin'an [2] - Type of Securities Issuance: Convertible bonds to unspecified objects [2] - Listing Date: April 12, 2022 [2] - Listing Location: Shanghai Stock Exchange [2] Group 2: Sponsorship Work Overview - The sponsor conducted due diligence and prepared application documents, ensuring compliance with laws and regulations [3][4]. - After obtaining approval from the China Securities Regulatory Commission (CSRC), the sponsor submitted the necessary documents for issuance and listing [3]. Group 3: Continuous Supervision Phase - The sponsor ensured the company adhered to operational norms, commitments, and information disclosure obligations during the continuous supervision phase [4]. - The company adjusted investment amounts and internal investment structures for certain fundraising projects, ensuring no impact on main business operations [5][6]. Group 4: Major Events and Handling - The company approved adjustments to investment amounts for specific projects, reflecting the need for efficient use of raised funds without altering the total investment amount [5]. - The adjustments were approved by the board, supervisory board, shareholders' meeting, and bondholders' meeting, with the sponsor providing verification opinions [5][6]. Group 5: Company Cooperation with Sponsorship - The company provided necessary documents and information for the issuance process, ensuring their authenticity and completeness [6]. - During the continuous supervision phase, the company maintained compliance with regulations and promptly communicated significant events to the sponsor [6][7]. Group 6: Conclusion on Information Disclosure - The sponsor reviewed the company's information disclosure documents, confirming compliance with relevant regulations and ensuring timely and accurate disclosures [7][8]. - The company adhered to the special account storage system for raised funds, with no violations in the use of these funds [8]. Group 7: Remaining Matters - As of December 31, 2024, the company has not fully utilized the raised funds from the convertible bond issuance, and the sponsor will continue to supervise the remaining fund usage and conversion matters [8].

Group 1: Investor Relations Activity Overview - The investor relations activity was held on May 8, 2025, at the Kerry Hotel in Beijing, attended by various financial institutions including Kaiyuan Securities and Huaxia Fund [3][4]. - Company representatives included the Vice General Manager, Board Secretary, and Financial Officer, Mr. Shen Jianbo [3][4]. Group 2: Collaboration with Magna - The collaboration with Magna on the DCT project passed mass production approval by the end of 2024, marking a significant milestone for the company [4]. - This partnership enhances the company's market share in the passenger vehicle automatic transmission sector, with a growing demand for dual-clutch transmissions (DCT) [4]. - The collaboration provides recognition from a global industry leader, facilitating entry into other foreign enterprises and expanding global business opportunities [4]. Group 3: Future Growth Areas - Future growth is expected primarily in the passenger vehicle transmission sector, with ongoing mass production projects and new projects like DHT contributing to increased sales [5]. - Opportunities for growth also exist in engineering machinery, agricultural machinery, flying cars, and marine applications [5]. Group 4: Transmission Systems in Electric Vehicles - All fuel vehicles require transmissions, and low-carbon and zero-carbon fuel vehicles also utilize automatic transmissions [6]. - High-end electric vehicles, such as the Porsche Taycan 4S and Audi e-tron Sportback, are increasingly adopting two-speed transmissions, indicating a trend towards multi-speed systems in electric vehicles [7]. - Plug-in hybrid electric vehicles (PHEVs) require automatic transmission friction plates, with major manufacturers accelerating their hybrid powertrain developments [7].

证券代码：002673 证券简称：西部证券 公告编号：2025-035 活动时间：2025 年 5 月 20 日 15:00-17:00 活动地址："全景路演" 网址：http://rs.p5w.net 西部证券股份有限公司 关于参加"2025 年陕西辖区上市公司投资者 集体接待日暨 2024 年度业绩说明会"的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度， 加强与广大投资者沟通交流，进一步提升投资者关系管理水平，陕西 上市公司协会在陕西证监局指导下，联合深圳市全景网络有限公司举 办"2025 年陕西辖区上市公司投资者集体接待日暨 2024 年度业绩说 明会"。 届时，西部证券股份有限公司高管人员将通过互动平台与投资者 进行网络沟通和交流，欢迎广大投资者积极参与。 特此公告。 西部证券股份有限公司董事会 2025年5月12日 ...

Core Points - The company disclosed that its cumulative new borrowings exceeded 40% of its net assets as of the end of the previous year, with a ratio of 50.18% as of April 30, 2025 [1][2] - The company's audited net assets were reported at RMB 29.015 billion, while the borrowing balance reached RMB 51.558 billion as of April 30, 2025 [1] - The company stated that the new borrowings are in compliance with relevant laws and regulations and are part of normal business operations [2] Borrowing Details - As of April 30, 2025, the company’s bank loan balance increased by RMB 0.1 billion compared to the end of 2024, representing a change of 0.03% of the previous year's net assets [1] - The company's bond balance decreased by RMB 12.69 billion compared to the end of 2024, accounting for 4.37% of the previous year's net assets, primarily due to the maturity of issued bonds [1] - Other borrowings increased by RMB 158.19 billion compared to the end of 2024, which is 54.52% of the previous year's net assets, mainly due to increased funds borrowed and the scale of repurchase financial assets [1] Financial Health - The company maintains a stable financial condition, with all debts being repaid on time, and the new borrowings are not expected to adversely affect its operational status or debt repayment capacity [2]

Core Viewpoint - The People's Bank of China (PBOC) has implemented a combination of interest rate cuts and reserve requirement ratio (RRR) reductions to stimulate the economy, with expectations of releasing approximately 1 trillion yuan in long-term liquidity into the financial market [1][2]. Monetary Policy Measures - The PBOC has reduced the 7-day reverse repo rate from 1.50% to 1.40% effective May 8, 2023 [1][2]. - The RRR for financial institutions will be lowered by 0.5 percentage points starting May 15, 2023, bringing the average RRR down from 6.6% to 6.2% [2]. - Specific measures include reducing the RRR for auto finance and financial leasing companies to 0%, enhancing credit supply in targeted sectors [2]. Market Reactions - Following the announcement, the bond market exhibited mixed performance, with long-term bonds showing an upward trend in yields while short-term bonds experienced a decline [1][4]. - The 30-year government bond futures and 10-year government bond futures initially fell but later stabilized, indicating a volatile market response [4][7]. Future Outlook - Analysts suggest that the current monetary policy environment is supportive for the bond market, with expectations of further downward pressure on short-term rates due to increased liquidity [9][10]. - The market is anticipated to focus on the interplay between monetary easing and fiscal stimulus, with potential opportunities in short-term rates and credit bonds [10][11].

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 60.91 million yuan, representing a year-on-year growth of 27.47% [4] - The net profit attributable to shareholders and net cash flow from operating activities also showed significant growth compared to the same period last year [4] Group 2: Strategic Development - The company is focusing on communication testing services in the low-altitude economy and satellite internet sectors as part of its "1+3" development strategy [5] - New products include the mmWave 5G integrated testing system and the Rainbow series for low-altitude signal monitoring, aimed at supporting the commercial development of the low-altitude economy [5] Group 3: R&D and Technological Advancements - The company is actively involved in 5G/6G and millimeter-wave communication testing technology research, with several national-level projects underway [6] - It has successfully applied for 13 major national projects in 2024, leading to breakthroughs in key technologies such as ultra-high-speed baseband signal processing [8] Group 4: Market Value Management - The company emphasizes the importance of market value management, with a dedicated office to oversee this function [9] - It aims to enhance governance, operational efficiency, and profitability while ensuring transparent communication with investors [10]

5月8日，中国人民银行打出年内首次降息降准"组合拳"。 自5月8日起，公开市场7天期逆回购操作利率由1.50%下调至1.40%。 自5月15日起，中国人民银 行将下调金融机构存款准备金率0.5个百分点，预计向金融市场提供长期流动性约1万亿元。 降准和降息消息发布后，债市长短端表现分化。30年期国债活跃券的收益率5月7日曾出现震荡上行走势，而1年期、2年期国债活跃券的收益率则出现下行走 势。 分析人士指出，当前基本面和适度宽松的货币政策环境对债市形成利好支撑。债市短端在资金价格带动下或有一定下行空间，不过长端此前已经部分定价了 降息预期，因此出现了利率上行的走势。 债市表现"平淡" 中国人民银行行长潘功胜5月7日在国务院新闻办公室举行的新闻发布会上介绍，进一步实施好适度宽松的货币政策，中国人民银行将加大宏观调控强度，推 出一揽子货币政策措施，主要有三大类共十项措施。 在数量型政策方面，下调存款准备金率0.5个百分点，预计向市场释放长期流动性约1万亿元；阶段性将汽车金融公司、金融租赁公司的存款准备金率从5%降 至0%，增强对特定领域的信贷供给能力。此次降准后，金融机构加权平均存款准备金率将从6.6%降至6.2%。 ...