Fundraising Overview - The company has completed a private placement of 112,107,623 shares at a price of 44.60 RMB per share, raising a total of approximately 4.98 billion RMB after deducting issuance costs [1] - As of April 30, 2025, the company has utilized approximately 303.71 million RMB of the raised funds, leaving a balance of approximately 225.87 million RMB, which includes interest income of about 31.72 million RMB [2] Regulatory Agreement - The company signed a tripartite supervision agreement for the special account of raised funds with Shanghai Jinjiang City Hotel Management Co., Ltd., Industrial and Commercial Bank of China (ICBC) Shanghai Bund Branch, and Shenwan Hongyuan Securities [2][3] - The special account is exclusively for the "hotel renovation and upgrade project" and cannot be used for other purposes [3] Supervision and Compliance - Shenwan Hongyuan Securities is responsible for ongoing supervision of the use of raised funds, ensuring compliance with relevant laws and regulations [3][5] - The agreement stipulates that Shenwan Hongyuan can conduct on-site investigations and written inquiries regarding the use of funds, and the company must cooperate with these investigations [5][6] Account Management - The special account has a current balance of 0 RMB, indicating that funds are being utilized as intended [3] - The agreement will remain in effect until all funds are fully utilized and the account is legally closed [6]

Core Viewpoint - The company has approved the use of idle raised funds for cash management, increasing the total amount to a maximum of RMB 70 million, aimed at improving fund utilization efficiency and ensuring safety in investments [1][2][3]. Investment Purpose - The investment aims to enhance the efficiency of raised funds, strengthen daily fund management, and ensure that the use of idle funds does not affect the construction of fundraising projects [1][4]. Investment Amount - The company plans to increase the cash management limit by up to RMB 15 million, bringing the total to a maximum of RMB 70 million [2][3]. Source of Funds - The funds originate from the company's initial public offering, which raised a total of approximately RMB 1.437 billion after deducting various fees [2]. Investment Types - The company intends to invest in seven-day notice deposits, which are characterized by high safety and liquidity [3][4]. Investment Duration - The investment can be rolled over within the approved limit until the expiration date of the previous cash management resolution on October 27, 2025 [4]. Implementation Method - The board of directors has authorized the chairman to make decisions and sign relevant contracts within the approved limits [4]. Financial Impact - The use of idle funds for cash management is expected to improve fund utilization efficiency without significantly impacting the company's main business, financial status, or cash flow [5][6]. Supervisory Opinions - The supervisory board and the sponsor institution have expressed support for the cash management plan, confirming that it complies with relevant regulations and does not harm the interests of shareholders [6][7].

Domestic Market Performance - The equity market experienced a slight upward trend with the Shanghai Composite Index rising by 0.27% to close at 3519.65, while the CSI 300 Index increased by 0.07% to 4017.67 [1][2] - The bond market showed a weak trend with the 10-year government bond yield rising by 0.06 basis points to 1.67% and the 30-year bond yield decreasing by 0.1 basis points to 1.88% [2][7] Overseas Market Influences - The overseas market was affected by tariff policies, with copper prices under pressure due to a 30% tariff announced by the US on the EU and Mexico, while oil prices rose approximately 1.5% due to positive signals from OPEC+ regarding strong demand in Q3 [3] Domestic Commodity Trends - The "anti-involution" policy led to a cooling in trading, with black commodities continuing to rise but at a reduced rate. Coking coal and coke prices increased by 1.15% and 1.09% respectively, while iron ore and rebar saw smaller gains between 0.1% and 0.3% [4] - The photovoltaic industry chain continued to rise, with polysilicon and industrial silicon prices increasing by 0.81% and 3.27% respectively [4] Monetary Policy and Liquidity - The central bank increased reverse repos to support liquidity, with a net injection of 119.7 billion yuan on a single day, although funding rates continued to rise due to the approaching tax period [5][6] - The central bank's announcement of a 1.4 trillion yuan buyout repo operation indicated a commitment to maintaining liquidity despite the tightening conditions [6] Equity Market Dynamics - The overall A-share market rose by 0.17% with a trading volume of 1.48 trillion yuan, indicating a cautious sentiment among investors as they awaited clearer market narratives [8] - Bank stocks exhibited volatility, with potential fluctuations expected around upcoming equity registration dates [9] Hong Kong Market Insights - The Hang Seng Index and Hang Seng Tech Index rose by 0.26% and 0.67% respectively, with significant inflows into stocks like Meituan and Alibaba, suggesting a potential rebound in the market [10]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, specifically focusing on the acquisition of a 60% stake in Shanghai Pu Jing Enterprise Management Center (Limited Partnership) and the related financial implications [1][2]. Group 1: Acquisition Details - The company acquired a 60% stake in Shanghai Pu Jing for a cash consideration of 90 million yuan, with the identifiable net assets of the acquired entity showing a book value of -942 million yuan and a fair value of 135 million yuan, resulting in an assessment increment of 1.076 billion yuan [1][2]. - The acquisition was driven by the need to stabilize control and management of the acquired entity due to financial difficulties faced by one of its partners, Shanghai Jing Rui Investment Co., Ltd. [2][3]. Group 2: Financial Impact - The acquisition led to an increase in the book value of intangible assets by 1.929 billion yuan, primarily due to mining rights, and an increase in investment property by 483 million yuan [1][2]. - The total assets of the acquired entity amounted to 3.032 billion yuan, with a net profit of -325.6 million yuan for the year 2024 [5][6]. Group 3: Management and Operational Strategy - Post-acquisition, the company plans to appoint a senior management team to enhance governance and operational efficiency, focusing on cost reduction and revenue enhancement through improved sales and marketing efforts [6][7]. - The company aims to leverage its experience in mining rights management to mitigate potential impairment risks associated with the acquired assets [1][3]. Group 4: Asset Valuation and Assessment - The identifiable assets and liabilities of the acquired company were assessed using various valuation methods, including the discounted cash flow method for mining rights, which were valued at 2.0009436 billion yuan [7][8]. - The fair value of investment properties was determined to be 452 million yuan, reflecting a 17.82% increase from the book value [7][8].

证 券 研 究 报 告 杠杆、南向资金持续涌入 ——流动性&交易拥挤度&投资者温度计周报 2025年7月14日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 • 资金流动性： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 1）资金供给端扩张，杠杆资金净流入持续高位，股票型ETF净流入由负转正； 2）资金需求端股权融资小幅增加，南向资金近两月维持周均规模百亿以上净流入，累计净流入近1500亿。 • 交易拥挤度：以过去四周成交额占比/市值占比（较全A）作为衡量主题行业交易热度的表征指标来看，本周热度 分位（下同）上行行业主要为：建材+39pct至49%、光伏+32pct至54%、钢铁+25pct至51%；下行行业主要 为：有色-8pct至23%、 ...

报告导读： 股债跷跷板调节下，现券 - 资金利差或趋于走阔。 近期股债跷跷板效应显著，对债市形成较大的扰动，印证了我们此前在报告《新式股债跷跷板，债市无近 忧有"中虑"》的判断与提示，但与此同时，当前的股债跷跷板有以下三个特征需要注意： 其一、当前股 债涨跌并非完全对称， 7 月以来股市涨幅最大的 7 月 8 日（周二），债市虽然表现弱势但跌幅相对可 控，而在周四、周五股市涨势略有收缩时，债市跌幅反而进一步扩大； 其二，后半周债市在盘中的利率上 行，也是资金（存单利率）相对收紧的共同作用的结果，并非单纯的"股债跷跷板"，股债跷跷板可能需要 通过资金波动的"乘数效应"才能发挥出作用；其三，当前股债的背离的底层机制或仍然是资金在金融股与 债券之间的"高低切换"，而非估值模型分子端"现金流"效应 。 进一步分析，当前股债跷跷板实质上的作用或是"债券资产间 / 债券 - 资金间比价的调节变量"，而非直 接影响国债利率，具体体现在调节资金利率与国债利率关系、长债与权益资产关系、低利率下债市定价逻 辑变化三方面： ①调节国债利率与资金利率利差，或将走扩。即股市持续强势下股债性价比逆转，投机资 金和边际定价力量逐步流失，债 ...

Macro Liquidity - The US dollar index rebounded last week, and the degree of "inversion" in the China-US interest rate spread deepened. The nominal and real yields of 10Y US Treasuries both increased, indicating a rise in inflation expectations [1][15] - Offshore dollar liquidity has marginally eased, while the domestic interbank funding situation remains overall balanced and slightly loose, with a slight narrowing of the yield spread between 10Y and 1Y [1][20] Market Trading Activity - Overall market trading activity has increased, with most industry trading heat above the 80th percentile. Major index volatility has also risen, although most industry volatilities remain below the 40th historical percentile [1][27] - The trading heat in sectors such as light industry, textiles, retail, computing, construction materials, and financial real estate is notably high [1][30] Institutional Research - High research activity is observed in sectors such as electronics, pharmaceuticals, home appliances, computing, retail, and non-ferrous metals, with real estate, home appliances, oil and petrochemicals, and telecommunications also seeing a rise in research activity [2] Analyst Forecasts - Analysts have raised net profit forecasts for the entire A-share market for 2025/2026. Sectors such as telecommunications, chemicals, non-ferrous metals, electric new energy, electronics, non-bank financials, construction, media, food and beverage, and home appliances have all seen upward adjustments in their profit forecasts [3][4] - The net profit forecasts for the CSI 500, ChiNext Index, and CSI 300 have been raised, while the forecast for the SSE 50 has been adjusted both up and down [3][4] - In terms of investment style, mid-cap/small-cap growth and mid-cap value sectors have seen upward adjustments in their profit forecasts for 2025/2026, while large-cap growth and large/mid/small-cap value sectors have seen downward adjustments [3][4] Northbound Trading Activity - Northbound trading activity has rebounded, with overall net purchases of A-shares. The average daily trading volume and proportion of northbound trading have both increased significantly [5][6] - Based on the top 10 active stocks, the trading volume ratio for northbound trading in sectors such as banking, telecommunications, electric utilities, computing, electric new energy, and non-ferrous metals has risen, while it has fallen in sectors like home appliances, automobiles, electronics, non-bank financials, pharmaceuticals, and agriculture [5][6] Margin Financing Activity - Margin financing activity has increased, with net purchases amounting to 22.546 billion yuan last week. The main net purchases were in non-ferrous metals, computing, non-bank financials, electric new energy, and electronics, while net sales were seen in food and beverage, transportation, oil and petrochemicals, and real estate [4][6] - The financing purchase ratio has increased in sectors such as coal, textiles, agriculture, military, and transportation [4][6] Fund Activity - Active equity funds have increased their positions, particularly in sectors like automobiles, TMT, home appliances, electric new energy, pharmaceuticals, and non-ferrous metals, while reducing positions in oil and petrochemicals, electric utilities, real estate, coal, and construction [6][9] - ETFs have seen overall net subscriptions, primarily driven by individual ETFs, with significant net purchases in sectors like electronics, military, banking, coal, steel, and machinery, while net sales were observed in non-bank financials, pharmaceuticals, electric new energy, telecommunications, media, and computing [6][9]

Market Signals - The market has reached a significant turning point, indicated by two important signals that will determine the market's direction for the following day [1] - The index has shown a pattern of high and low trading over the past three days, suggesting heavy selling pressure above [1] - Short-term funds are exiting the market, as evidenced by the morning rallies followed by afternoon pullbacks [1] Resistance Levels - A critical resistance level is identified at 3532 points; if this level holds, the index may have the potential to break through 3555.22 points [1] - If the index fails to surpass 3532 points, a reduction in positions is recommended [1] Banking Sector Analysis - The banking sector has shown a volume contraction during its rebound, which is interpreted as a potential false signal for further gains [1] - The banking sector may be at a major cycle turning point, with a high probability of reaching a peak [1] - The future performance of small-cap stocks may depend on whether funds will flow back from the banking sector [1] Small-Cap Stocks - The recent rebound in the market has allowed many small-cap stocks to profit, particularly with the CSI 2000 index reaching new highs [2] - However, the CSI 2000 index is showing signs of being overbought, indicating a potential short-term pullback [2] - A critical support level is identified at 3489 points; if this level is breached, it could extend the duration and magnitude of the pullback [2] Market Outlook - The market is expected to experience a synchronized decline in the morning, affecting both large-cap and small-cap stocks due to the anticipated pullback [2] - The recent upward movement in large-cap stocks is primarily aimed at a strong counterattack, but failure to break above 3489 points may indicate a failed rebound [2]

Core Viewpoint - The article emphasizes the importance of recognizing risks or opportunities when there is a discrepancy between personal expectations and market conditions, rather than making excuses for oneself. Group 1: Market Conditions - The central bank conducted a 7-day reverse repurchase operation of 226.2 billion yuan, with a net injection of 119.7 billion yuan after 106.5 billion yuan of reverse repos matured [1] - The central bank will conduct a fixed quantity, interest rate bidding, and multi-price bidding for a 1.4 trillion yuan buyout reverse repurchase operation on July 15 [1] - The money market showed mixed results, with the DR001 rate around 1.42% and DR007 around 1.54% [1] Group 2: Financial Data - Strong import and export data were reported, contributing to a bullish stock market, while primary issuance remained weak [2] - The 10-year government bond yield opened at 1.666% and fluctuated weakly, reaching a high of 1.6775% before settling back to 1.6666% [3] - The central bank's statement regarding "small and medium banks buying bonds" was perceived as a stabilizing measure [4] Group 3: Market Sentiment - The article highlights a cautious sentiment in the bond market, with a notable focus on the central bank's communications and their implications for market stability [4] - The article also references a shift in market interest, comparing the rising popularity of certain investment opportunities to trends in educational admissions [5]

每经记者｜闫峰峰 每经编辑｜吴永久 募集资金使用是监管严管的领域，而近日，和仁科技就因违规使用闲置募集资金且未及时披露，公司及 董事长赵晨晖等3名高管被浙江证监局出具警示函，并记入证券期货市场诚信档案。每经资本眼专栏记 者发现，和仁科技此次违规事件并非孤例，该公司2023年曾因未及时预告年度亏损被深交所通报批评。 业内人士指出，警示函虽非行政处罚，但将影响公司再融资、并购等关键事项，高管职业声誉亦受冲 击。 违规使用闲置募集资金受处罚，3名高管负主要责任 每经资本眼专栏记者梳理发现，和仁科技此次行为构成多重违规： 首先是资金使用违规，公司突破董事会授权额度使用募集资金，违反《上市公司监管指引第2号——上 市公司募集资金管理和使用的监管要求》（证监会公告〔2022〕15号）第八条关于暂时闲置的募集资金 管理和使用的要求。 其次是审议程序违规，对于超限的重大资金操作，未按规定及时提交董事会审议。 第三是信息披露违规，公司未在两个交易日内披露该重要事项，违反《上市公司信息披露管理办法》 （证监会令第182号）第三条的及时披露义务。 警示函指出，赵晨晖作为公司董事长兼总经理、章逸作为公司董事会秘书、刘双双作为公司财务 ...