公司在中国工商银行股份有限公司重庆解放碑支行开立的账号为 第 1 页 共 13 页 玖万玖仟玖佰柒拾陆元陆角肆分（?3,999,999,976.64 ），其中包含获配认购对 象缴纳的认购保证金转为认购资金金额 150,000,000.00 元。 我们注意到，贵公司已于 2025 年 8 月 7 日将募集资金扣除贵公司财务顾问 费用和承销费 64,499,999.77 元（含税）后的余额 3,935,499,976.87 元划入松 发股份指定的募集资金专用账户。 目 录 | 一、验证报告 ………………………………………………………… 第 1—2 | | | 页 | | --- | --- | --- | --- | | 二、附件 ………………………………………………………………第 | | 3—13 | 页 | | （一）广东松发陶瓷股份有限公司向特定对象发行股票募集配套资金 | | | | | ……………………………………………………… 一览表 第 | | 3—7 | 页 | | （二）验证事项说明 ……………………………………………第 | | 8—9 | 页 | | （三）本所营业执照复印件 …………………… ...

广东松发陶瓷股份有限公司 重大资产置换及发行股份购买资产并募 集配套资金暨关联交易之向特定对象发 行股票募集配套资金 发行情况报告书 独立财务顾问（主承销商） 二〇二五年八月 发行人全体董事声明 本公司及全体董事保证本发行情况报告书不存在虚假记载、误导性陈述或重 大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 全体董事签名： | ______________ | ______________ | ______________ | | --- | --- | --- | | 李静 | 卢堃 林峥 | | | ______________ | ______________ | ______________ | | 邹健 | 黄伟坤 | 刘瑛 | | 广东松发陶瓷股份有限公司 | | | | 发行人全体监事声明 | | | | 本公司及全体监事保证本发行情况报告书不存在虚假记载、误导性陈述或重 | | | | 大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 | | | | 全体监事签名： | | | | ______________ | ______________ | ______ ...

中国经济网北京8月11日讯 近日，兴银基金公告，兴银汇裕定开债、兴银合盈债券增聘张璐。 张璐历任恒生银行(中国)有限公司管理培训生、西南证券股份有限公司交易员、华融证券股份有限 公司投资经理、平安银行股份有限公司投资经理、平安理财有限责任公司投资经理、上银理财有限责任 公司投资经理、主管。2024年2月加入兴银基金管理有限责任公司，现任固定收益部基金经理。 | 基金名称 | 兴银汇裕一年定期开放债券型发起式证券投资基金 | | --- | --- | | 基金简称 | 兴银汇裕定开债 | | 辈金主代码 | 008406 | | 基金管理人名称 | 兴银基金管理有限责任公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 《》 | | | 金管理公司投资管理人员管理指导意见》《基金经 | | | 理注册登记规则》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 张昭 | | 共同管理本基金的其他基金经理姓名 | 王深 | | 基金名称 | 兴银合盈债券型证券投资基金 | | --- | --- | | 基金间称 | 兴银合盈债券 | | 基金主代码 | 001783 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report This week, the overall share of bond ETFs continued to expand, driven by credit - bond and convertible - bond ETFs, and the net values of various types generally increased. Convertible - bond ETFs led the growth in terms of net value increase and capital inflow [3][24]. Summary by Directory 1.1 各类债券 ETF 份额走势 - As of August 8, 2025, the shares of treasury - bond, policy - financial - bond, local - bond, credit - bond, and convertible - bond ETFs were 517.93 million, 501.07 million, 81.38 million, 3060.38 million, and 4433.45 million respectively, with a total of 8594.20 million shares. Compared with August 1, 2025, the changes were - 9.06 million, - 3.05 million, 1.20 million, 140.96 million, and 196.70 million respectively, and the total change was 326.75 million shares. Compared with the end of last month, the total change was 387.50 million shares [3][6]. 1.2 主要债券 ETF 份额走势 - The share performance of major bond ETFs was differentiated, with urban - investment - bond and convertible - bond ETFs being the main growth drivers. As of August 8, 2025, the shares of selected leading bond ETFs changed by - 3.95 million, - 3.86 million, no change, 105.00 million, and 127.50 million respectively compared with last week [3][7]. - The shares of credit - bond ETFs slightly increased. As of August 8, 2025, the shares of 8 existing credit - bond ETFs changed to varying degrees compared with August 1, 2025 [3][11]. - The shares of science - innovation - bond ETFs generally increased. As of August 8, 2025, the shares of 10 existing science - innovation - bond ETFs changed to varying degrees compared with last week [3][14]. 1.3 主要债券 ETF 净值走势 - This week, the net values of major bond ETFs maintained an upward trend, with convertible - bond ETFs ending their decline and leading the increase. As of August 8, 2025, the net values of selected leading bond ETFs changed by 0.11%, 0.01%, 0.03%, 0.09%, and 2.28% respectively compared with last week [3][16]. - The net values of credit - bond ETFs all increased. As of August 8, 2025, the net values of 8 credit - bond ETFs changed by 0.09%, 0.09%, 0.09%, 0.09%, 0.06%, 0.08%, 0.09%, and 0.09% respectively compared with last week [3][18]. - The net values of science - innovation - bond ETFs showed a steady upward trend. As of August 8, 2025, the net values of 10 science - innovation - bond ETFs changed by 0.11%, 0.12%, 0.09%, 0.09%, 0.12%, 0.12%, 0.11%, 0.10%, 0.10%, and 0.09% respectively compared with August 1, 2025 [3][22]. 1.4 部分债券 ETF 净流入情况 - Convertible - bond ETFs had the highest cumulative net inflow this week and this month. In the weekly view, the top three bond ETFs with cumulative net inflows were convertible - bond ETF, urban - investment - bond ETF, and Shanghai - Stock - Exchange convertible - bond ETF, with net inflow amounts of 166.30 million yuan, 150.61 million yuan, and 84.95 million yuan respectively. In the monthly view, the top three were the same, with net inflow amounts of 240.12 million yuan, 161.80 million yuan, and 78.81 million yuan respectively. In terms of cumulative trading - day inflows, convertible - bond ETFs also ranked first in the past 10 and 20 trading days [3][24].

Core Viewpoint - The securities industry is undergoing a significant transformation, with increasing competition prompting firms to seek high-quality development and adapt to new market conditions through leadership changes and talent acquisition [1][3]. Group 1: Executive Changes - Recent months have seen a wave of executive turnover in the securities industry, with several high-profile resignations due to job adjustments and retirements [1][2]. - Notable departures include executives from firms such as Xinda Securities, First Capital Securities, and Changcheng Securities, with many citing personal reasons or retirement age as factors [1]. - The trend of executive turnover reflects a broader shift in the industry as firms seek to adapt to changing market dynamics and operational challenges [1][3]. Group 2: New Leadership - The industry is also welcoming new executives with diverse backgrounds, indicating a shift towards hiring leaders with cross-industry experience [2][4]. - Recent appointments include Ying Chaohui as the new general manager of Caitong Securities and Wang Suwang as the chairman of Guotou Securities, both of whom bring extensive experience from various financial institutions [2]. - The new leadership is expected to leverage their insights and experiences to drive innovation and transformation within their respective firms [3][4]. Group 3: Market-oriented Recruitment - Market-oriented recruitment has become a prominent trend in the securities industry, allowing firms to attract talent with specialized skills and innovative thinking [3][4]. - Companies like Chengtong Securities and Guosheng Financial Holdings have publicly advertised executive positions, reflecting a shift from traditional internal selection methods [3][4]. - This approach is believed to enhance the firms' ability to adapt to market changes and meet diverse client needs through innovative business models and service offerings [4].

事项：用"融资净买入额"除以"融资买入额"，该比率的核心是衡量新增的 看多杠杆（融资买入额），在抵消了离场的看多杠杆（融资偿还额）后，有多 少比例的资金"留存"，可以一定程度上反映市场真实结构和多空力量的对比 情况。 统计各年的两融"留存率"数据，可以划分为四类（见图表 1：2014-2025 年 融资买入额、融资净买入额及融资"留存率"一览）： 近期两融余额时隔近十年重返 2 万亿。尽管 2025 年（0.5%）与 2015 年（0.8%） 的融资"留存率"接近，但背后反映的是不同的市场特征：2015 年或存在脱离 监管视野的场外配资等影子杠杆体系活跃，其高杠杆、低门槛的特性积累了较 大的风险点。2025 年杠杆使用则更谨慎，融资交易或更注重风控。 行业研究 证券Ⅱ 2025 年 08 月 10 日 华创证券研究所 证券分析师：徐康 证 券 研 究 报 告 证券行业周报（20250804-20250810） 推荐（维持） 融资"留存率"视角下的市场情绪变迁 证券分析师：刘潇伟 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 邮箱：liuxiao ...

Group 1 - Shanghai Pudong aims to build a benchmark financial technology cluster by leveraging the policy advantages of the Shanghai Free Trade Zone and promoting the application of cutting-edge financial technology [1] - The Shanghai Gold Exchange emphasizes the need for a secure and efficient gold market infrastructure while enhancing service quality and risk management capabilities [1] - The approval of the first "photovoltaic + hydropower" REIT project marks a significant milestone in asset diversification for public REITs [1] Group 2 - The successful listing of the Southern Universal Data Center REIT on the Shanghai Stock Exchange represents a significant step in supporting technology finance and green finance [2] - Shanghai has introduced measures to promote the high-quality development of commercial health insurance, focusing on innovative drug and medical device support [2][3] - The Shanghai Clearing House has launched online services for credit derivatives bilateral clearing, enhancing market capacity [4] Group 3 - The issuance of the first "Zhangjiang Technology Loan" by Agricultural Bank of China in Shanghai supports specialized enterprises in the Zhangjiang Science City [5] - The successful launch of the first project company satellite leasing business by China Merchants Jinling marks a significant advancement in supporting China's aerospace strategy [5] - The issuance of the first structured deposit product linked to the daily temperature index in the Yangtze River Delta by Shanghai Rural Commercial Bank showcases innovation in financial products [6] Group 4 - The establishment of the Shanghai Clinical Transformation Fund aims to enhance the ecosystem for clinical innovation and facilitate the transfer of medical innovations [7] - The People's Bank of China and other departments have issued guidelines to support new industrialization, emphasizing the importance of financial services for the real economy [8] - New regulations from the China Futures Association target unfair competition in the futures industry, promoting a shift from price wars to value creation [12]

Group 1 - The report highlights the differentiation strategy of small and medium-sized securities firms, with large and merged firms ranking at the top in the Q2 2025 evaluation [10][11][12] - Notable improvements in rankings were observed for small firms such as Dongxing Securities, which rose 65 places to rank 3, and Southwest Securities, which climbed 56 places to rank 32 [11][12] - The report emphasizes the competitive advantage of specialized securities firms that have deep market experience, particularly in the New Third Board and Beijing Stock Exchange [16][18] Group 2 - The Beijing Stock Exchange A-shares experienced a PE ratio increase to 51.64X, with the North Exchange 50 Index rising to 1,441.72 points, reflecting a weekly increase of 1.56% [20][25] - The report indicates that as of August 8, 2025, 153 companies had a PE TTM exceeding 45X, representing 56.67% of the total, with 73 companies exceeding 105X, accounting for 27.04% [31] - The report suggests a focus on companies with new production capabilities and reasonable valuations, especially as half-year reports are released [40][41] Group 3 - The report lists two companies added to the stock pool: Ge Biji (835438.BJ), focusing on microcrystalline glass and semiconductor applications, and Fujida (835640.BJ), which specializes in RF connectors with technological advancements [41][42] - The report provides a detailed analysis of various sectors, noting that high-end equipment, information technology, and chemical new materials have PE TTM ratios of 42.57X, 93.75X, and 44.42X respectively [35][37]

Group 1 - The securities industry is accelerating its transition towards high-quality development, facing intensified competition that presents both opportunities and challenges for brokerages [1] - Recent changes in executive leadership within the securities industry indicate a trend of talent turnover, with a preference for executives with diverse professional backgrounds [1][2] - Several executives have resigned due to work adjustments or retirement, including notable figures from companies like Xinda Securities and First Capital Securities [1] Group 2 - New executives are being appointed across various brokerages, with many possessing extensive cross-industry experience, such as the incoming general manager of Caitong Securities, Ying Chaohui, who has a background in state-owned enterprise management [2] - The trend of market-oriented recruitment for executives is becoming prominent, allowing brokerages to attract talent with professional expertise and innovative thinking [3][4] - Market-oriented selection mechanisms are believed to enhance the long-term sustainable development of brokerages by introducing diverse external talent, which can drive innovation in business models and service systems [4]

（责任编辑：李荣） 兴银鼎新灵活配置混合A成立于2015年5月25日，兴银鼎新灵活配置混合C成立于2024年8月5日，截 至2025年6月16日，其今年来收益率为1.22%、1.07%，成立来收益率为78.07%、2.57%，累计净值为 1.7459元、1.6853元。 | 基金名称 | 兴银鼎新灵活配置混合型证券投资基金 | | --- | --- | | 基金简称 | 兴银鼎新灵活配置 | | 基金主代码 | 001339 | | 基金管理人名称 | 兴银基金管理有限责任公司 | | 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 | | | 理注册登记规则》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 张路 | | 共同管理本基金的其他基金经理姓名 | 王深、林学晨 | 中国经济网北京6月17日讯 今日，兴银基金管理有限责任公司公告称，兴银鼎新灵活配置混合(A类 001339；C类021969)增聘基金经理张璐。 张璐历任恒生银行(中国)有限公司管理培训生、西南证券股份有限公司交易员、华融证券股份有限 公 ...