证券代码：002775 证券简称：文科股份 公告编号：2025-074 债券代码：128127 债券简称：文科转债 广东文科绿色科技股份有限公司 关于开立募集资金临时补流专项账户 并签订募集资金三方监管协议的公告 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。 一、可转债募集资金基本情况 经中国证券监督管理委员会"证监许可20201069号文"核准，广东文科绿 色科技股份有限公司（以下简称"公司"）公开发行可转换公司债券9,500,000 张，每张面值为人民币100.00元，按面值发行。截至2020年8月26日，公司实际 发行的募集资金总额为950,000,000.00元，扣除承销及保荐费16,848,500.00元 （不含税），另减除律师费、审计及验证费、资信评级费和发行手续费等与发行 可转换公司债券直接相关的外部费用1,702,830.20元（不含税）后，实际募集资 金净额为人民币931,448,669.80元，扣除与发行可转换公司债券直接相关的外部 费用的税金后，实际到账募集资金净额为人民币930,335,590.00元。 截至 2020 年 8 月 2 ...

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688237 证券简称：超卓航科 公告编号：2025-047 湖北超卓航空科技股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 ? 特别风险提示：尽管公司仅投资于安全性高、流动性好的投资产品（包 括但不限于结构性存款、大额存单等），但金融市场受宏观经济的影响较大，公 司将根据经济形势以及金融市场的变化适时适量地介入，但不排除该项投资受到 市场波动的影响。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意湖北超卓航空科技股份有限公司首次 公开发行股票注册的批复》（证监许可2022850 号）核准，公司首次公开发行 股票 2,240.0828 万股，每股发行价格为人民币 41.27 元，募集资金总额为人民币 上述募集资金到位情况已经天职国际会计师事务所（特殊普通合伙）验证，并由 其出具天职业字202235475 号《验资报告》。 上述募集资金已全部存放于募集资金专户管理，公司及相关子公司与存放募 集资金的商业银行、保荐机构签订了募集资金监管 ...

General Principles - The management system for the shares held by the board of directors and senior management of Hubei Chaozhuo Aviation Technology Co., Ltd. is established to strengthen the management of shareholding and changes in accordance with relevant laws and regulations [1][2]. Share Transfer Rules - Directors and senior management are prohibited from transferring shares under certain conditions, including within one year of the company's stock listing and within six months after leaving their positions [2]. - Specific circumstances that restrict share transfers include investigations by regulatory authorities and administrative penalties [2]. Trading Restrictions - Directors and senior management are not allowed to buy or sell company shares during specific periods, such as 15 days before the annual or semi-annual report announcements [3][4]. - A six-month prohibition on reverse trading is enforced after any legal purchase or sale of shares [4]. Reporting and Disclosure Management - The company secretary is responsible for managing the data and information regarding the shareholdings of directors and senior management, ensuring timely and accurate reporting [5][6]. - Any changes in shareholdings must be reported within two trading days, including details such as the number of shares held before and after the change [8][9]. Penalties for Violations - Violations of the share trading rules may result in the recovery of profits and other penalties imposed by the China Securities Regulatory Commission [10][11]. - Serious violations can lead to market bans for responsible individuals [11]. Additional Provisions - The management system will be revised and interpreted by the board of directors and will take effect upon approval [12][13].

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management to enhance the efficiency of fund usage and maximize shareholder returns [5][9]. Fundraising Basic Situation - The company has successfully completed its initial public offering, issuing 22,400,828 shares at a price of RMB 41.27 per share, raising a total of RMB 923.5 million [2][3]. - The raised funds have been verified and are managed in a dedicated account, with agreements in place for regulatory oversight [2]. Investment Project Situation - As of June 30, 2025, the company has a total of RMB 125.32 million in surplus funds from its investment projects, which will be retained in the dedicated account [3]. Cash Management Plan - The company intends to use up to RMB 150 million of the temporarily idle raised funds for cash management, with a usage period of up to 12 months from the board's approval [5][8]. - The cash management will focus on safe, liquid, and principal-protected financial products, ensuring that these funds are not used for pledging or securities investment [5][6]. Decision-Making Process - The audit committee and board of directors have approved the cash management plan, confirming that it complies with relevant regulations and will not adversely affect the company's operations [8][9]. Regulatory Compliance - The cash management activities will be conducted in accordance with the regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange, ensuring transparency and proper usage of funds [6][9].

一、项目背景 广西作为畜牧业大省份，畜牧产值约占农业总产值的20%。2024年，广西全年生猪出栏3651.35万头， 比上年增长3.8%。2024年年末生猪存栏2434.14万头，比上年末增长7.3%。其中，桂平市作为国家级生 猪调出大县，生猪养殖规模大、群众参与度高，生猪已逐渐成为县域经济的支柱产业。 近年来，桂平市以提高生猪养殖效益为目标、不断引导和支持大型生猪养殖企业全产业链布局，优化发 展模式，为进一步贯彻落实《中共中央 国务院关于进一步深化农村改革 扎实推进乡村全面振兴的意 见》、《广西壮族自治区人民政府办公厅关于印发开展期现结合服务广西大宗商品交易市场建设实施方 案的通知》(桂政办发〔2021〕74号)、大连商品交易所《关于2025年继续开展"农民收入保障计划"的通 知》（大商所发〔2025〕94号）要求，促进生猪产业发展，解决"农资、商品"两头在外、价格不自主的 困局，决定开展生猪"保险+期货"项目，完善市场风险应对机制，保障农户收益，助力乡村振兴，发 挥"财政+金融"联动作用。 二、业务模式 在大连商品交易所以及地方政府部门的大力支持下，南华期货联合保险公司在当地积极展开线下活动， 在充分了解 ...

Core Viewpoint - The meeting emphasized the importance of enhancing safety measures in confined space operations, urban flood prevention, and urban gas safety management to ensure public safety and mitigate risks associated with these areas [1][3][5] Group 1: Confined Space Operations - The meeting highlighted the need to strictly follow the safety rectification plan for confined space operations to prevent poisoning and suffocation accidents [3] - A comprehensive risk identification and management approach will be implemented, including thorough inspections and enhanced safety management throughout the operation process [3] - Emphasis will be placed on safety education and training for key personnel and all employees to improve overall safety awareness [3] Group 2: Urban Flood Prevention - The meeting called for rigorous hidden danger inspections and rectifications in key areas such as underpasses and low-lying flood-prone zones [4] - Municipal public service enterprises are required to strengthen facility inspections and ensure the normal operation of water supply, gas supply, sewage treatment, and sanitation services [4] - Emergency response capabilities will be enhanced by improving material reserves and ensuring timely communication of weather warnings to frontline workers [4] Group 3: Urban Gas Safety Management - The urban gas safety governance has entered a critical phase, focusing on addressing significant issues and enhancing inspection efforts, especially during high-temperature weather [5] - Continuous hidden danger inspections will be conducted to ensure timely identification and rectification of safety issues [5] - The meeting stressed the importance of utilizing information technology to establish a long-term gas safety supervision mechanism and improve data quality for comprehensive safety management [5]

财政部、中国人民银行定于2025年7月23日上午9:00至9:30，通过中国人民银行中央国库现金管理商业 银行定期存款业务系统进行2025年中央国库现金管理商业银行定期存款（七期）招投标。本期操作量 1000亿元，期限1个月（28天），起息日为2025年7月23日，到期日为2025年8月20日（遇节假日顺 延），面向中央国库现金管理商业银行定期存款业务参与银行进行 利率招标。 ...

Core Viewpoint - The article discusses the collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent to explore innovative financial solutions for the high-quality development of the cultural tourism industry in Jiangxi Province, focusing on the feasibility of issuing REITs for a specific scenic area [1][6]. Group 1: Exploration of Asset Securitization - The seminar emphasized the creation of quality cultural tourism assets, analyzing the logic and operational pathways for REITs projects [2]. - Digital tools are proposed to address the challenges of revitalizing existing assets, utilizing big data to analyze visitor consumption habits and preferences, thereby optimizing project layouts and service offerings [2]. - A digital asset trading platform is suggested to attract more social capital, facilitating effective investments and promoting industry upgrades [2]. Group 2: Highlighting Quality Assets - Local tourism asset managers presented the achievements of key scenic areas, which maintain high visitor traffic and have established a stable revenue system [3]. - The goal is to create a "phenomenal cultural tourism IP," continuously enhancing service quality and contributing to the local tourism industry's development [3]. - Digital management methods, such as smart navigation systems and visitor flow monitoring, are being actively introduced to improve visitor experience and operational efficiency [3]. Group 3: Operational Strategy - Qikuo Intelligent outlined a dual-driven strategy of "heavy assets + light assets" for tourism asset operations [4]. - In the heavy asset sector, professional valuation of quality assets with mature cash flows will be conducted, focusing on long-term operational planning [4]. - The light asset sector aims to adopt successful experiences from large theme park IP operations, enhancing asset yield through brand effect and digital marketing strategies [4]. Group 4: Deepening Cooperation - The discussion marks a deeper, pragmatic phase of collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent [6]. - The securities firm aims to continue acting as a bridge for financial institutions, fostering a close cooperation mechanism to explore innovative models of industry-finance integration [6]. - The goal is to transform Jiangxi's tourism resources into developmental advantages, promoting sustainable high-quality growth in the local tourism industry [6].

Core Points - The People's Bank of China has released a draft regulation for the management of interbank market brokerage business, which includes 26 articles aimed at enhancing the regulatory framework for brokerage institutions [1][2][3] Group 1: Brokerage Institution Regulations - The draft clarifies the types and scope of brokerage institutions, including monetary brokerage companies and other financial institutions providing brokerage services, which must adhere to the same management standards as monetary brokerage companies [1] - Brokerage institutions are prohibited from participating in primary bond issuance and over-the-counter bond business [1] Group 2: Market Entry and Risk Isolation - Brokerage institutions must report to the People's Bank of China before entering the interbank market, and non-specialized brokerage firms must establish independent brokerage departments to ensure strict separation from proprietary trading [1][2] Group 3: Client Qualification Management - The draft emphasizes that brokerage services are only to be provided to qualified financial institutional investors that have entered the interbank market, requiring a service agreement between the brokerage and the client [1][2] Group 4: Information Disclosure and Communication - Brokerage institutions are required to disclose optimal brokerage quotes and transaction information in real-time, enhancing transparency in the transaction process [2] - Communication tools used for brokerage services must be strictly separated from personal communication tools, with all records retained for at least five years [2] Group 5: Prohibited Activities - The draft outlines thirteen prohibited activities for brokerage institutions, including holding trading positions, controlling trading accounts, and manipulating market prices through insider information [2] - Other prohibited actions include unfair treatment of clients, failure to conduct actual brokerage services, and using non-compliant communication tools [2] Group 6: Regulatory Requirements and Penalties - The People's Bank of China and its branches will supervise and enforce regulations on interbank market brokerage business, with penalties for violations including warnings, fines, and potential criminal prosecution for severe offenses [3]

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Views of the Report - In H1 2025, the issuance scale of urban investment bonds hit a three - year low, with negative net financing for four consecutive months from March to June. The credit risk of urban investment bonds slightly converged, and credit ratings were mainly upgraded. It is expected that the issuance scale from July to December will be about 2.4 trillion yuan, and the net outflow may exceed 100 billion yuan [2][12]. - The current urban investment financing policy is strict, and it is necessary to optimize the policy to support new investment space. Although the "package debt resolution" has achieved results, urban investment enterprises still face heavy debt pressure. The "14th Five - Year Plan" period will bring new opportunities and challenges to the urban investment industry, but enterprises face problems such as weak asset liquidity. The "platform exit" of urban investment may lead to new problems, and it is necessary to guide and regulate the transformation [7][8][9]. - The credit spread of urban investment bonds still has room for compression. It is recommended to allocate high - quality enterprise targets in strong regions and pay attention to new issuers of bonds during the transformation [11]. Group 3: Summary by Relevant Catalogs I. Five Characteristics of the Urban Investment Bond Market Operation in H1 2025 - **Issuance scale at a three - year low, negative net financing at home and abroad**: The issuance scale was 2.77 trillion yuan, a year - on - year decrease of 12.15%. The net financing was - 120.004 billion yuan, with four consecutive months of net outflows from March to June. The overseas issuance scale decreased by 12.29% year - on - year, and the net outflow was 34.484 billion yuan. Only provincial and AAA - rated urban investment entities had positive net financing [2][17][18]. - **Overall decline in issuance interest rates, small decline for weak - quality bonds**: The weighted average issuance interest rate was 2.40%, a year - on - year decrease of 0.41 percentage points. The decline of weak - quality and low - level entities was less than that of stronger ones, and the AA - level entities' interest rates increased [30]. - **Long - term issuance trend, high proportion of debt replacement**: The weighted average term was 3.89 years, a year - on - year increase of 0.24 years. The proportion of private placement bonds rose to the first place. The broad and narrow debt replacement ratios reached 97.57% and 94.13% respectively [37]. - **Decline in trading volume, compression of trading spreads**: The trading volume decreased by 14.86% year - on - year, and the trading spreads compressed compared with the end of 2024 [42]. - **Deeper net outflows in non - key regions**: 13 provinces had a 100% debt replacement ratio, with 10 being key provinces. Jilin and Chongqing issued project - construction urban investment bonds. Key provinces had a total net outflow of 36.308 billion yuan, and non - key provinces had a total net outflow of 83.696 billion yuan [45]. II. Slight Convergence of Urban Investment Credit Risks, Upward - Adjusted Credit Ratings - **Convergence of non - standard default risks, decline in commercial bill overdue times**: There were 3 non - standard default events in H1, all trust product over - dues in Henan, Shandong, and Shaanxi. By May, 52 urban investment enterprises were on the commercial bill overdue list, with 100 times on the list, a year - on - year decrease of 10 enterprises and 17 times [56]. - **Upward - adjusted credit ratings, mainly in Shanghai, Hunan, and Guangdong**: 25 urban investment platforms had 44 rating adjustments. 14 entities had upward - adjusted main body ratings, and 2 had downward - adjusted ones. 27 bond items were upgraded, and 2 were downgraded [58]. - **Significant decline in abnormal trading volume and scale, frequent in Shandong and Guizhou**: 157 urban investment entities had 576 abnormal trades, with a scale of 23.332 billion yuan, a year - on - year decrease of 76.34%. Shandong and Guizhou had relatively large abnormal trading scales [60]. III. High Maturity and Put - Option Pressures, Difficult to Reverse the Net Outflow Trend, Expected Issuance Scale of about 2.4 Trillion from July to December - **Maturity and put - option scale of about 2.58 trillion from July to December**: By the end of June, the maturity scale was about 1.85 trillion yuan, and the put - option scale was 72.7022 billion yuan (assuming a 70% put - option ratio). Heilongjiang, Gansu, and Yunnan had relatively high maturity pressures [64]. - **Slight decline in the proportion of early redemption, more than half of bonds in Liaoning were redeemed early**: In H1, 700 bonds were redeemed early, with a total scale of 126.284 billion yuan, a year - on - year decrease of 11%. The proportion of early redemption to the total maturity scale was 4.36%, a slight year - on - year decrease. Liaoning had a high early - redemption proportion of 54.39% [68]. - **Expected issuance scale of about 2.4 trillion from July to December, net outflow may exceed 100 billion**: It is expected that there may still be months with negative net financing from July to December, with a total net outflow of about 100 - 150 billion yuan. The issuance scale is expected to be between 2.34 trillion and 2.50 trillion yuan. The debt replacement ratio will remain high, and the financing entity level may continue to move up [5][70][72]. IV. Follow - up Concerns and Investment Strategies (1) Follow - up Concerns - **Optimize financing policies**: The current policies are too strict. It is necessary to optimize policies from the perspective of ensuring financing cycles and economic development, such as refining "list - based management" and relaxing "government letter" requirements [7]. - **Accelerate debt replacement and relieve pressure**: Although the "package debt resolution" has achieved results, urban investment enterprises still face heavy debt pressure. It is recommended to accelerate debt replacement and include some operating debts and government arrears in the replacement scope [8]. - **Seize development opportunities during the "14th Five - Year Plan" period**: Urban investment enterprises face problems such as weak asset liquidity. They need to seize opportunities during the "14th Five - Year Plan" period, integrate resources, and control investment impulses [9]. - **Guide and standardize urban investment transformation**: The "platform exit" of urban investment may lead to new problems. Local governments need to guide the transformation direction and strengthen policy connection [10]. (2) Investment Strategies - The macro - environment is favorable for the bond market. The yield center may decline in H2 2025. The credit spread of urban investment bonds has room for compression. It is recommended to allocate high - quality targets in strong regions and pay attention to new issuers during the transformation [11][80].