Group 1 - Ukrainian President Zelensky rejected Russian President Putin's proposal for a 72-hour ceasefire from May 8 to 10, insisting on a minimum 30-day ceasefire instead [1] - Zelensky stated that an unconditional ceasefire is a model proposed by the United States, which Ukraine intends to follow [1] - Putin announced a ceasefire during the celebration of the 80th anniversary of the Soviet victory in World War II, emphasizing that military actions should cease during this period [1] Group 2 - The Russian Ministry of Defense reported that in the past week, Russian forces targeted Ukrainian military enterprises, electronic intelligence bases, and ammunition depots [3] - Ukrainian armed forces engaged in over 100 battles with Russian troops, with the most intense fighting occurring in the Pokrovsk direction [3] - Ukrainian forces conducted a drone attack on a Russian military airport located in Crimea [3]

Core Viewpoint - The depreciation of the RMB is under significant pressure due to the ongoing US-China trade war and Federal Reserve policies, marking the largest strain since the 2008 financial crisis [1][4]. Impact on Import Costs - The depreciation of the RMB against the USD directly increases the import costs of commodities such as oil and iron ore, with a 1% depreciation leading to a cost increase of 0.8-1.2% [4]. - In 2024, China's reliance on foreign oil is projected to reach 73%, resulting in a 15% year-on-year increase in procurement costs for energy companies, which will compress profit margins in sectors like petrochemicals and aviation [4]. - High-tech product imports, including chips and precision instruments, will also see a cost increase, with companies like SMIC facing a 12% rise in procurement costs for technical equipment [4]. Inflationary Pressures - The depreciation of the RMB is expected to cause the food and consumer goods import price index to rise by 6.3%, with essential items like beef and milk powder experiencing price increases of up to 9.8% [5]. - The Consumer Price Index (CPI) in China is projected to rise by 3.5% year-on-year in 2024, exceeding the central bank's 3% warning line, complicating monetary policy balancing between growth and inflation control [6]. Debt Implications - The depreciation of the RMB increases the repayment costs for companies and local governments with foreign debt, with a 5% depreciation translating to an additional $140 billion in debt servicing costs for the $2.8 trillion foreign debt [8][9]. - Real estate companies, such as Country Garden and Vanke, are particularly affected, with the proportion of dollar-denominated debt interest payments rising from 12% to 19%, exacerbating cash flow challenges [9]. Capital Outflow Risks - Continuous RMB depreciation poses risks of capital outflow, as foreign investment may decline and domestic capital may seek higher returns in USD-denominated assets, especially given the current high US Federal Reserve interest rates [10]. Export Dynamics - While RMB depreciation theoretically enhances export competitiveness, it may lead to a reliance on low-end manufacturing, with high-tech product export share declining by 2.3 percentage points to 28.7% in 2024 [11]. - The withdrawal of foreign R&D centers and a shift in investment towards Southeast Asia by companies like BMW and Tesla indicate a potential decline in foreign investment attractiveness due to currency volatility [11]. Structural Changes and Future Outlook - Historical trends suggest that significant currency adjustments often accompany industrial upgrades, and the current low point of the RMB may represent a pivotal moment for China to advance beyond the middle-income trap and into higher value chains [12]. - Short-term challenges are anticipated as the economy adjusts to these changes, necessitating innovation and a robust domestic supply chain to enhance resilience against external shocks [12][13].

创业板投资风险提示 本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公 司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经 营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 中集安瑞环科技股份有限公司 CIMC Safeway Technologies Co., Ltd. （江苏省南通市城港路 159 号） 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 联席主承销商 （新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室） 中集安瑞环科技股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判 ...