Market Overview - The current market is experiencing a positive feedback loop of incremental capital inflow, with the Shanghai Composite Index breaking through the previously mentioned resistance level of 3450 points, indicating a shift towards a bull market phase [5][10]. - Financing funds are showing a continuous net inflow, particularly favoring technology and growth sectors, with a financing balance reaching 1.86 trillion yuan [10][11]. - Industry and thematic ETFs are increasingly popular, reflecting a significant trend in the market this year, with continuous net inflows observed [12][13]. Financing and Capital Flow - The net inflow of financing funds amounted to 225.35 billion yuan, with a notable preference for sectors such as automotive, pharmaceuticals, and computing [10][11]. - The total net inflow for ETFs was 8.28 billion yuan, indicating a growing interest in these investment vehicles [4][36]. - The market is witnessing a slight net inflow of capital, with the financing balance increasing and the net buying amount for financing funds expanding significantly [5][36]. Northbound Capital - Northbound capital continued its net inflow trend in the second quarter, with an estimated net inflow of 59.1 billion yuan, primarily directed towards sectors like semiconductors, batteries, and securities [19][23]. - As of the end of June, northbound capital held a total of 2.29 trillion yuan in A-shares, reflecting a stable investment interest from foreign investors [19][23]. Market Sentiment and Activity - Market sentiment has improved, with the VIX index declining, indicating a rise in risk appetite among investors [47]. - The trading activity of financing funds has increased, with the proportion of financing transactions in the A-share market rising to 10.1% [45][46]. - The focus of trading has shifted towards essential consumer goods, finance, and the CSI 500 index, with significant trading volumes observed in these sectors [50].

是不是现在美国利率也比较高，很多国外资金陆续流入美国，购买各种资产包括美股，特别 是有很多定投美股的，一直给美股提供流动性，美国政府也是一直托市怕股市大跌，因为选 票与金主利益。 我认为随着美国国债越来越多，寅吃卯粮，且面临中国在高科技领域的激烈竞争，美股特别 是纳斯达克指数高估了，你觉得美股高估了吗？ 主任卡员 没有不破的泡沫，但是什么时候破不好说。中房美股，中房一直涨的神话已经破了，美股也 是早晚的事。 花过水无痕 美国上市公司CEO和高管的收入和股价高度绑定，也就是受普通小股东和大股东的利益基本 是一致的。当然这不代表没有熊市，还是至少几年一波的比例。但这种利益结构长期上涨的 逻辑是有的。 最近很长时间以来，发现有利空美股只是短暂下跌，很快会涨回来不断创新高，巴菲特有个 指标，美股市值在美国GDP70-80%时是比较合理的，现在看已经超过了200%，有好几个 美股上市公司市值已经超过了四万亿美元，而且很多上市公司市盈率很高。 二、美股不断回购。 筹码变少了，基本锁定在少数机构手里。 美国用美元全球商品，其它国家也只能购买美国国债，美国政府不断提高美国医保，提高教 育保障，百姓钱用于消费，很大部分用于金融 ...

Meeting Details - The fourth supervisory board meeting of Shenzhen Zhizheng High Polymer Materials Co., Ltd. was held on July 15, 2025, with all three supervisors present, and the meeting was deemed legal and effective [1]. Transaction Proposal - The company proposed to adjust the major asset swap, issuance of shares, and cash payment for acquiring the equity and control of Advanced Assembly Materials International Ltd. (AAMI), while divesting 100% of its wholly-owned subsidiary, Shanghai Zhizheng New Materials Co., Ltd. [1][2]. - The adjustment includes excluding the cash repurchase of 12.49% equity from Hong Kong Zhixin Union Co., Ltd. from the transaction, with a repurchase amount of 437.7213 million yuan no longer counted as part of the transaction price [2][3]. Ownership and Valuation Changes - The proposed ownership percentage of AAMI will be adjusted from 99.97% to 87.47%, and the transaction valuation will change from 3.5064312 billion yuan to 3.0687099 billion yuan [2][3][4]. - Despite the adjustments, the company will still effectively hold approximately 99.97% of AAMI's equity post-transaction [3][4]. Voting and Decision - The proposal regarding the adjustment of the transaction was passed with 1 vote in favor, and due to insufficient non-related supervisors, the supervisory board could not form an effective resolution [3][5]. - The board of directors approved the proposal without needing to submit it to the shareholders' meeting, based on the authorization from the company's first extraordinary shareholders' meeting in 2025 [3][5].

上海泽昌律师事务所 关于 深圳至正高分子材料股份有限公司 重大资产置换、发行股份及支付现金购买资 产并募集配套资金暨关联交易 之 补充法律意见书（四） 上海市浦东新区世纪大道 1589 号长泰国际金融大厦 11 层 电话：021-61913137 传真：021-61913139 邮编：200120 二零二五年七月 上海泽昌律师事务所 法律意见书 上海泽昌律师事务所 关于深圳至正高分子材料股份有限公司重大资产置换、发行 股份及支付现金购买资产并募集配套资金暨关联交易之 补充法律意见书（四） 编号：泽昌证字 2025-03-02-18 致：深圳至正高分子材料股份有限公司 根据《中华人民共和国公司法（2023 修订）》 《中华人民共和国证券法（2019 修订）》《上市公司重大资产重组管理办法（2025 修正）》等法律、行政法规、 规章和规范性文件的相关规定，上海泽昌律师事务所接受深圳至正高分子材料股 份有限公司委托，作为本次重组事宜的专项法律顾问。 为本次重组之目的，本所已于 2025 年 2 月 28 日出具了《上海泽昌律师事务 所关于深圳至正高分子材料股份有限公司重大资产置换、发行股份及支付现金购 买资产并募集 ...

Group 1 - The funding environment on July 15 shifted from tight to loose, with overnight rates rising above 1.5% and increased transaction volumes for 7D and 14D products [1][11] - The People's Bank of China conducted a 342.5 billion yuan 7-day reverse repo operation at a rate of 1.40%, maintaining the previous level, resulting in a net injection of 173.5 billion yuan into the market [1][14] - The Shanghai Interbank Offered Rate (Shibor) for overnight loans rose by 12.00 basis points to 1.5350%, while the 7-day and 14-day Shibor increased by 3.10 and 4.40 basis points, respectively [2][5] Group 2 - In the interbank pledged repo market, overnight rates exceeded 1.5%, with the weighted average rates for DR001 and R001 rising by 10.6 and 9.1 basis points, respectively [5][8] - The total transaction volume for DR001 decreased by 10.7 billion yuan, while R001 saw an increase of 42.5 billion yuan [5][8] - The primary market for negotiable certificates of deposit (NCDs) showed strong trading sentiment, particularly for 3-month and 1-year maturities, with a total issuance of 134.2 billion yuan on July 15 [12][14] Group 3 - The China Banking and Insurance Regulatory Commission issued new regulations for local asset management companies, limiting their investment balances with single clients and related parties to a percentage of their net assets [14] - China Pacific Insurance reported a 9.7% year-on-year increase in original insurance premium income for its life insurance subsidiary, totaling 168.01 billion yuan, while its property insurance subsidiary saw a 0.9% increase to 113.99 billion yuan [14]

Core Viewpoint - The report highlights the net inflow and outflow of funds across various industries, indicating a significant disparity in investment trends, with the communication sector experiencing the highest net inflow and the electric equipment sector facing the largest net outflow [1][2]. Industry Summary - **Communication**: - Net inflow of funds: 2.151 billion - Change in trading volume: +29.35% - Price change: +4.61% - Turnover rate: 2.13% [1] - **Computer**: - Net inflow of funds: 1.839 billion - Change in trading volume: +24.97% - Price change: +1.42% - Turnover rate: 5.02% [1] - **Electric Equipment**: - Net outflow of funds: -5.055 billion - Change in trading volume: +5.70% - Price change: -0.74% - Turnover rate: 3.28% [2] - **Non-banking Financial**: - Net outflow of funds: -2.960 billion - Change in trading volume: -19.95% - Price change: -0.59% - Turnover rate: 1.55% [2] - **Pharmaceutical**: - Net outflow of funds: -3.550 billion - Change in trading volume: +12.72% - Price change: -0.13% - Turnover rate: 2.72% [2] - **Basic Chemical**: - Net outflow of funds: -3.567 billion - Change in trading volume: +14.17% - Price change: -1.00% - Turnover rate: 2.65% [2] - **Steel**: - Net outflow of funds: -0.058 billion - Change in trading volume: -24.20% - Price change: -1.24% - Turnover rate: 2.04% [1] - **Real Estate**: - Net outflow of funds: -0.838 billion - Change in trading volume: +11.46% - Price change: -0.98% - Turnover rate: 2.72% [1]

"随着国家持续推动中长期资金入市，公司领导要求我们下半年增加混合类/权益类理财产品的发行规 模，引导更多理财资金入市。"7月15日，一位城商行理财子公司权益投资部负责人朱海向记者表示。 他承认，要完成这项任务，并非易事。 普益标准发布最新数据显示，截至今年6月底，全市场存续理财产品规模达到30.97万亿元，但混合类/ 权益类理财产品分别占比仅有2.08%与0.09%，两者存续规模合计约0.67万亿元，仅占存续理财产品规模 的一个"零头"。 朱海告诉记者，混合类/权益类理财产品规模之所以偏低，主要受制于两大因素，一是它们净值波动率 较大，与理财产品投资者普遍追求稳健安全回报的投资偏好未必匹配；二是这两类理财产品风险等级基 本在R4(进取型)—R5（激进型），投资者首次购买需临柜面签，导致不少投资者觉得操作麻烦，干脆转 而线上认购股票型或混合型基金产品。 招银理财总裁钟文岳此前表示，针对理财资金入市的难点，相关部门可以考虑采取三个"放开"：一是放 开客户首次购买R4—R5理财产品需面签的限制；二是放开券商、互联网代销渠道；三是引进机构客户 作为投资者，并放宽被动投资类理财产品发行。 面对混合类/权益类产品销售挑战 ...

Core Viewpoint - The analysis indicates that the Chinese economy is showing signs of stabilization and improvement in the first half of 2025, supported by declining funding costs and effective financial policies [1][3]. Financial Performance - The weighted average interest rate for interbank RMB market lending decreased from 1.86% in January to 1.46% in June, while the repo rate fell from 2.16% to 1.5% during the same period, indicating lower funding costs that support the real economy [3]. - Key financial indicators showed positive trends: social financing stock increased by 8.9% year-on-year, broad money supply (M2) grew by 8.3%, and RMB loans rose by 7.1% [3][5]. Market Recovery - The capital market has shown signs of recovery, with the Shanghai Composite Index rising above 3500 points since September 24, 2024, reflecting improved market confidence and expectations [4]. - The introduction of two new structural policy tools by the central bank on September 24, 2024, aimed at supporting the capital market, has significantly boosted market confidence despite their limited actual usage [4]. Policy Impact - The combined effect of monetary and fiscal policies is becoming increasingly evident, with government bond financing rising significantly. In the first half of 2025, social financing increased by 22.83 trillion RMB, with government bond net financing reaching 7.66 trillion RMB, indicating a stronger fiscal policy [5][6]. - Despite positive developments, challenges remain, particularly in the disparity between broad money (M2) and narrow money (M1) growth rates, suggesting room for improvement in monetary vitality [5][6].

Group 1 - The market is currently experiencing a phase of consolidation, with significant discussions around whether to withdraw investments, as many investors are choosing to exit [1][2] - Over 4,000 stocks have declined, indicating a low market sentiment and an overall net outflow of funds [1] - Despite the decline in individual stocks, major indices like the Shanghai 50 and CSI 300 have not shown significant volume, suggesting that large institutional funds are not making large-scale withdrawals, which is a crucial signal for market trends [1] Group 2 - The previous focus on the main funds concentrated in low-level computing hardware has shown a resurgence, with some stocks hitting the daily limit up, indicating that the trend of main funds remains intact [1] - The Hang Seng Index has shown a stronger initial performance but has also experienced a notable pullback, indicating a divergence in movement compared to the Shanghai Index [2] - Concerns about market pullbacks are less significant than the potential opportunities for buying at lower prices during these fluctuations [2]

Group 1 - The company held its sixth meeting of the fifth supervisory board on July 15, 2025, with all six supervisors present, confirming compliance with legal and regulatory requirements [2][3]. - The supervisory board approved a proposal for joint investment with professional investment institutions and related parties, concluding that the decision-making process adhered to regulations and did not harm the interests of the company or its shareholders [2][3]. - The supervisory board also approved the completion of several fundraising investment projects, including the pig slaughtering project and modern pig farming projects, confirming they reached the intended usable state and complied with relevant regulations [3].