Core Viewpoint - The A-share market is witnessing a significant increase in stock buybacks and dividend distributions, indicating a positive trend in companies' efforts to reward investors and enhance market stability [1][2][7]. Group 1: Stock Buybacks - As of July 6, 688 listed companies have received bank support for stock buybacks, with a total loan amount exceeding 135.86 billion yuan [1]. - In 2023, 436 listed companies have been supported by bank loans for stock buybacks, amounting to 86.577 billion yuan [1]. - The buyback activity is on the rise, with over 1,000 companies executing buybacks this year, totaling over 80 billion yuan [2]. Group 2: Dividend Distributions - The frequency of dividend distributions among A-share companies is increasing, reflecting a growing awareness of returning value to investors [1][7]. - Companies are aligning their profit distribution plans with their actual performance and strategic needs, ensuring rationality in their dividend policies [7]. - High-frequency dividend payouts are expected to enhance liquidity and provide more predictable cash flows, showcasing companies' growth and return potential [8]. Group 3: Shareholder Confidence - There has been a notable increase in shareholding actions, with over 400 A-share companies' major shareholders implementing buyback plans this year, indicating confidence in the companies' investment value [5]. - The continuous optimization of buyback and loan policies is expected to facilitate more companies in executing buybacks and enhancing shareholder returns [5][6].

Group 1: Stock Buybacks and Loans - As of July 6, 688 listed companies have received bank support for stock buybacks, with a total loan amount exceeding 135.86 billion yuan [1][3] - In 2023, 436 listed companies have received bank loans for stock buybacks, totaling 86.577 billion yuan, indicating sustained interest in this financing tool [1][3] - The increasing frequency of stock buybacks reflects a growing trend among A-share companies to enhance shareholder value and market stability [1][2] Group 2: Dividend Payouts - The frequency of dividend payouts has increased, signaling a commitment from listed companies to return value to investors and enhance market stability [1][4] - Many companies are aligning their profit distribution plans with their operational needs and strategic goals, ensuring rationality in their dividend policies [4][5] - High-frequency dividend payouts are expected to improve liquidity and provide more predictable cash flows, enhancing the perceived value of companies [5] Group 3: Shareholder Confidence and Support - Over 400 A-share companies' major shareholders have implemented buyback plans in the secondary market this year, reflecting confidence in the investment value of these companies [3] - The continuous optimization of policies supporting capital markets is expected to facilitate more effective buyback and increase plans by companies and their major shareholders [3] - Companies are increasingly utilizing low-cost financing options to support their buyback and increase initiatives, which is anticipated to boost investor confidence [3]

Core Viewpoint - Beijing Yingtan Network Technology Co., Ltd. announced its 2024 annual profit distribution plan, proposing a cash dividend of 0.20044 RMB per share, approved at the shareholders' meeting on May 15, 2025 [1][2][3]. Distribution Plan - The profit distribution plan is based on the total share capital after deducting shares held in the company's repurchase account, with a total of 73,713,244 shares eligible for distribution [2]. - The total cash dividend to be distributed amounts to 14,742,648.80 RMB (including tax) [2][4]. - The company will not implement other forms of distribution, such as capital reserve transfers or stock dividends, for this year [2]. Adjustments Due to Share Repurchase - The number of shares in the repurchase account increased from 138,598 to 299,981, resulting in an adjustment of the cash dividend per share from 0.20 RMB to 0.20044 RMB [3][4]. - The actual participating share capital for distribution is 73,551,861 shares [3]. Tax Implications - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, while those holding for less than one year will have tax withheld upon stock transfer [8][9]. - The actual cash dividend after tax for shareholders with different holding periods is specified, with a maximum tax rate of 20% for those holding shares for less than one month [9][10]. Share Repurchase Price Adjustment - The maximum repurchase price was adjusted from 65.04 RMB to 64.84 RMB per share, effective from July 11, 2025 [14][17]. - The adjustment is based on the cash dividend distribution and does not affect the total number of circulating shares [17]. Other Matters - The company will continue to follow relevant regulations regarding share repurchase and will disclose information on the progress of the repurchase [19].

Core Viewpoint - The company, Beijing Yinghantong Network Technology Co., Ltd., is implementing a differentiated profit distribution plan due to the repurchase of shares, which will not participate in the profit distribution [1][2][5] Group 1: Reasons for Differentiated Profit Distribution - The company has approved a share repurchase plan, agreeing to use the repurchased shares to reduce registered capital and cancel them [1] - The repurchase price was initially set at a maximum of RMB 38 per share, later adjusted to RMB 65.04 per share [2] - As of June 17, 2025, the company had repurchased a total of 299,981 shares, which will not be entitled to profit distribution [2][3] Group 2: Differentiated Profit Distribution Plan - The company plans to distribute a cash dividend of RMB 2.0 per 10 shares (tax included) to all shareholders, based on the total share capital minus the repurchased shares [2][3] - The total share capital as of March 31, 2025, was 73,851,842 shares, with 138,598 shares in the repurchase account, resulting in 73,713,244 shares eligible for distribution [2][3] - The total cash dividend to be distributed amounts to RMB 14,742,648.80 (tax included) [2] Group 3: Impact on Ex-Dividend Price - The ex-dividend reference price is calculated based on the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [4] - The actual ex-dividend reference price, based on the closing price of RMB 46.80 per share, is approximately RMB 46.59956 per share [4] - The impact of the differentiated profit distribution on the ex-dividend reference price is minimal, with an absolute value change of less than 1% [4][5] Group 4: Compliance and Verification - The differentiated profit distribution complies with relevant regulations, including the Securities Issuance and Listing Sponsorship Business Management Measures and the Shanghai Stock Exchange's self-regulatory guidelines [5] - The sponsoring institution has no objections to the company's differentiated profit distribution plan, confirming it does not harm the interests of the company or its shareholders [5]

Core Viewpoint - The company has announced an adjustment to the maximum repurchase price of its shares following the implementation of the 2024 annual equity distribution, reducing the limit from RMB 65.04 per share to RMB 64.84 per share, effective from July 11, 2025 [1][2][3] Summary of Key Points Share Repurchase Basic Information - The company plans to repurchase shares through centralized bidding, with a minimum repurchase amount of RMB 38 per share and a repurchase period not exceeding 12 months from the approval date by the shareholders' meeting [1][2] Reason for Adjusting Share Repurchase Price Limit - The adjustment is based on the company's 2024 annual profit distribution plan, which proposes a cash dividend of RMB 2.0 per 10 shares (including tax) to all shareholders, with no other forms of distribution such as capital reserve transfers or stock dividends [2][3] Details of the Price Adjustment Calculation - The adjusted maximum repurchase price is calculated as follows: - Adjusted price = (Previous price limit - Cash dividend) + (New share price × Change in circulating shares) / (1 + Change in circulating shares) - Since the company is only distributing cash dividends and not changing the circulating shares, the change in circulating shares is 0, leading to the adjusted price of RMB 64.84 per share [3][4] Repurchase Quantity and Proportion - After the adjustment, the estimated repurchase quantity is between approximately 526,300 to 1,052,600 shares, representing about 0.42% to 0.84% of the company's total share capital [5] Other Matters - Aside from the price adjustment, all other aspects of the share repurchase plan remain unchanged, and the company will adhere to relevant regulations and guidelines during the repurchase process [5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The central bank's tolerance of the current 10Y Treasury yield means it's unlikely to significantly raise DR rates if the (ultra) long - end of the yield curve stays at current levels or declines slightly and slowly [3][14]. - Before the next OMO rate cut, the room for further decline in the DR007 and DR001 central rates is limited [1][2][11]. - The 1Y CD rate is currently slightly overvalued, and the central bank will consider its impact on bank net interest margins, loan issuance, yield curve long - end, and future Treasury trading when supplying medium - term base money [15]. 3. Summary by Section 7 - month Funding Situation - Since July, the money market interest rates have been falling. As of July 4, DR001 and DR007 have dropped to 1.31% and 1.42% respectively, but the room for further decline is limited before the next OMO rate cut [1][9]. - OMO reverse repurchase operations have "tool mode" and "non - tool mode". In the "non - tool mode", the DR007 central rate is slightly higher than the 7D OMO rate, and DR001 is slightly lower. Currently, the spreads between DR007, DR001 and 7D OMO are lower than the 2024 average, approaching the 1/4 quantile [2][11]. - In the "non - tool mode", DR007 is not an indication of monetary policy attitude and is unlikely to decline ahead of the 7D OMO rate. In 2024, the 7D OMO rate changed first, and then DR007 adjusted accordingly [2][11]. Treasury Yield Analysis - The 10Y Treasury yield has been stable around 1.65% recently, and the central bank tolerates its current trend [3][14]. - Since June, the decline of the 50Y Treasury yield has been greater than that of the 10Y variety. As of July 4, the spread between the 50Y and 10Y Treasuries has compressed by 11.1bp compared to the end of May. If the (ultra) long - term interest rate yields decline significantly or rapidly, OMO may switch from "non - tool mode" to "tool mode", and the DR007 central rate may rise significantly [4][14]. CD Rate Analysis - The 1Y CD rate is currently slightly overvalued. On July 4, the spread between the 1Y AAA - rated CD and 7D OMO was 19.3bp, lower than 83% of trading days in 2024 [15]. - The central bank will consider the impact of CD rates on bank net interest margins, loan issuance, yield curve long - end, and future Treasury trading when supplying medium - term base money [15].

Core Points - The stock price of Shichuang Energy (688429) closed at 14.06 yuan on July 4, 2025, down 0.85% from the previous week [1] - The company's total market capitalization is 5.624 billion yuan, ranking 43rd out of 63 in the photovoltaic equipment sector and 2703rd out of 5149 in the A-share market [1] Company Announcements - As of June 30, 2025, Shichuang Energy has repurchased a total of 1.841 million shares, with a total expenditure of 25.5145 million yuan [1] - The repurchased shares account for 0.46% of the company's total share capital, with a maximum repurchase price of 14.55 yuan per share and a minimum price of 13.33 yuan per share [1] - The repurchase plan was first disclosed on April 29, 2025, with an implementation period from April 28, 2025, to July 27, 2025, and an expected repurchase amount between 30 million yuan and 60 million yuan [1] - The board of directors approved the repurchase plan on April 28, 2025, allowing the use of self-owned and raised funds for the repurchase, with a maximum price of 21.33 yuan per share [1] - The company commits to strictly adhering to relevant regulations and will disclose information regarding the progress of the repurchase [1]

Core Viewpoint - Debon Technology (688035) has experienced a decline in stock price, closing at 39.35 yuan as of July 4, 2025, down 3.03% from the previous week [1] Company Performance - The highest intraday price for Debon Technology on June 30 was 41.08 yuan, while the lowest on July 4 was 39.1 yuan [1] - The current total market capitalization of Debon Technology is 5.597 billion yuan, ranking 24th out of 33 in the electronic chemical products sector and 2715th out of 5149 in the A-share market [1] Share Buyback Program - As of June 30, 2025, Debon Technology has repurchased a total of 804,951 shares, with a total expenditure of 30,873,577.16 yuan [1] - The buyback plan was first disclosed on April 4, 2025, with an implementation period from April 2, 2025, to April 1, 2026, and an expected buyback amount between 40 million and 80 million yuan [1] - The purpose of the buyback is for employee stock ownership plans or equity incentives [1] - The repurchased shares account for 0.5659% of the total share capital, with an average repurchase price ranging from 35.79 yuan to 40.45 yuan per share [1] - In June 2025, the company repurchased 303,708 shares at a maximum price of 39.99 yuan and a minimum price of 37.17 yuan, totaling 11,557,310.29 yuan [1]

Core Viewpoint - Bid Pharma (688073) has seen a significant increase in stock price, closing at 55.8 RMB, up 8.64% from the previous week, indicating positive market sentiment and potential growth opportunities [1] Company Announcements Summary - Bid Pharma has announced a share buyback plan, with the purpose of employee stock ownership plans or equity incentives [1] - As of June 30, 2025, the company has repurchased a total of 2,072,148 shares, representing 2.28% of its total share capital [1] - The company has adjusted the upper limit of its buyback price to not exceed 71.44 RMB per share, down from the previous limit of 72.30 RMB per share [2] - The buyback plan was first disclosed on February 8, 2025, and is set to be implemented from February 24, 2025, to August 23, 2025, with an expected buyback amount between 50 million to 100 million RMB [2] - The total amount spent on repurchases so far is approximately 94,147,819.45 RMB, with actual repurchase prices ranging from 37.47 RMB to 53.30 RMB per share [2]

Core Viewpoint - Ailong Technology (688329) experienced a slight decline in stock price, closing at 18.41 yuan as of July 4, 2025, down 0.54% from the previous week, despite reaching a near one-year high of 19.58 yuan on July 1, 2025 [1] Shareholder Changes - As of June 30, 2025, the number of shareholders for Ailong Technology was 4,218, an increase of 134 from June 20, representing a growth rate of 3.28% [1][3] - The average number of shares held per shareholder decreased from 18,900 shares to 18,300 shares, with an average holding value of 352,100 yuan [1] Company Announcements - Ailong Technology announced a share repurchase plan, initially disclosed on April 29, 2025, with a repurchase period from April 25, 2025, to April 24, 2026, and an expected repurchase amount between 1.5 million yuan and 3 million yuan [1] - As of June 30, 2025, the company had not yet implemented any share repurchases, with a total repurchase amount of 0 yuan and no shares repurchased [1][3]