Core Viewpoint - The company plans to use part of its idle raised funds and self-owned funds for cash management, ensuring that it does not affect the normal operation of its fundraising investment projects [1][2][3] Summary of Relevant Sections 1. Fundraising Overview - The company raised a total of RMB 2,487,120,400.00 through its initial public offering, with a net amount of RMB 2,272,331,393.44 after deducting related issuance costs [1][2] 2. Cash Management Plan - The company intends to use up to RMB 15 billion of idle raised funds and up to RMB 18 billion of idle self-owned funds for cash management, effective for 12 months from the approval date by the second extraordinary general meeting of shareholders in 2025 [3][7] - The cash management aims to enhance the efficiency of fund usage while ensuring the safety of the raised funds [2][4] 3. Investment Products - The cash management will involve purchasing low-risk, liquid principal-protected investment products, such as RMB structured deposits and asset management plans [3][4] 4. Implementation and Disclosure - The management will be authorized to sign relevant contracts and select qualified investment products, with the finance department responsible for implementation [4][6] - The company will comply with relevant regulations for timely information disclosure regarding cash management activities [4][6] 5. Impact on Daily Operations - The planned cash management will not adversely affect the company's normal operations or the progress of fundraising investment projects, and it is expected to generate investment returns that benefit the company and its shareholders [4][5][7] 6. Opinions from Supervisory Bodies - The supervisory board and the sponsor institution, CITIC Securities, have expressed that the cash management plan complies with relevant regulations and will not harm the interests of the company or its shareholders [5][6][7]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The market has shown a significant dulling in its reaction to negative news, with trading volume and sentiment remaining strong. The "asset shortage" and "national team" support have increased the willingness to allocate to equity assets, while "anti - involution" and real estate policy expectations have boosted market sentiment. However, due to the lack of substantial positive factors at home and abroad and the reduced discount advantage of stock index futures, it is advisable to be cautious about chasing the rise in the short term [7]. 3. Summary by Related Catalogs 3.1 Macro - Financial Data - **Interest Rates**: DR001 closed at 1.42%, up 8.13bp; DR007 at 1.54%, up 6.42bp; GC001 at 1.49%, up 14.00bp; GC007 at 1.56%, up 5.50bp; SHBOR 3M at 1.56%, up 0.40bp; LPR 5 - year at 3.50%, unchanged; 1 - year treasury at 1.37%, unchanged; 5 - year treasury at 1.52%, up 0.25bp; 10 - year treasury at 1.67%, unchanged; 10 - year US treasury at 4.43%, up 8.00bp [3]. - **Central Bank Operations**: The central bank conducted 2262 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40% yesterday. With 1065 billion yuan of reverse repurchases maturing, the net daily injection was 1197 billion yuan. This week, 4257 billion yuan of reverse repurchases will mature, and 1000 billion yuan of MLF will mature on July 15 [3][4]. 3.2 Stock Index Futures and Spot Market - **Stock Index Futures**: IF volume was 80048, down 51.0; IF open interest was 263468, down 6.8; IH volume was 41336, down 54.4; IH open interest was down 13.2; IC volume was 66406, down 46.3; IC open interest was 227301, down 6.1; IM volume was 132782, down 50.4; IM open interest was 326601, down 8.0. The premium and discount rates of IF, IH, IC, and IM contracts in different periods are also provided [5][8]. - **Stock Index Spot**: The CSI 300 rose 0.07% to 4017.7; the SSE 50 rose 0.04% to 2757.8; the CSI 500 fell 0.1% to 6020.9; the CSI 1000 rose 0.02% to 6462.3. The trading volume of the two markets was 14588 billion yuan, a decrease of 2534 billion yuan from last Friday. Industry sectors were mostly up, with precious metals, energy metals, etc. leading the gains, and diversified finance, gaming, etc. leading the losses [6]. 3.3 Export Data - China's exports in June increased by 5.8% year - on - year in US dollars, up from 4.8% in the previous period. During the Sino - US "reciprocal tariff" suspension period in June, Sino - US foreign trade recovered significantly, with exports to the US improving by 32.44% month - on - month to 381.7 billion US dollars, and the proportion in total exports rising from 9.12% in May to 11.74%. Exports to Africa also had a good performance. However, with the implementation of reciprocal tariff measures in August, Sino - US trade may face challenges [6].

Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index breaking through the 3500-point level, indicating potential upward momentum in the market [1][10]. Market Performance - As of the midday close on July 14, the Shanghai Composite Index stood at 3525.4 points, up 0.43%, while the Shenzhen Component Index was at 10671.48 points, down 0.23%, and the ChiNext Index at 2190.82 points, down 0.74% [1][2]. - The overall market saw over 2600 stocks rising, indicating a relatively balanced performance between gainers and losers [2]. Sector Performance - The PEEK materials sector led the gains, followed by precious metals, small home appliances, humanoid robots, and the power sector [4]. - Conversely, the diversified financial sector was sluggish, with cultural media and real estate sectors showing weakness [4]. Capital Flow - Main capital inflows were observed in machinery, electrical equipment, and automotive sectors, while outflows were noted in computing, non-bank financials, and media sectors [6]. - Specific stocks such as Siyuan Electric, Greenland Holdings, and Xiangyang Bearing saw net inflows of 8.63 billion, 7.38 billion, and 7.26 billion respectively [7]. - On the outflow side, stocks like Dazhihui, Dongfang Caifu, and BYD faced sell-offs amounting to 11.1 billion, 9.1 billion, and 7.77 billion respectively [8]. Institutional Insights - Analysts suggest that the Shanghai Composite Index's breakout above 3500 points could open further upward space, with long-term funds continuously buying into bank-led dividend sectors [10]. - The market is advised to focus on sector rotation opportunities, particularly in innovative pharmaceuticals, computing power chains, PCB, and solid-state batteries [10]. - Technical analysis highlights the importance of the 3490-point support level for the Shanghai Composite Index, with potential buying opportunities if the index dips [10].

Core Viewpoint - A-shares showed mixed performance in early trading, with the Shanghai Composite Index rising by 0.43% while the Shenzhen Component and ChiNext indices fell by 0.23% and 0.74% respectively [1] Market Performance - The Shanghai Composite Index increased by 0.43% at midday, while the Shenzhen Component decreased by 0.23% and the ChiNext index fell by 0.74% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 972.3 billion yuan, a decrease of 43.9 billion yuan compared to the previous trading day [1] Sector Performance - The market displayed a scattered and chaotic trend, with more stocks declining than rising [1] - The electric grid equipment sector performed well, with stocks such as Guodian Nanzi and Kelu Electronics hitting the daily limit [1] - The humanoid robot sector experienced a surge, with companies like Aowei New Materials, Zhongdali De, and Dafeng Industrial reaching the daily limit [1] - The diversified financial sector saw a significant pullback, with Nanhua Futures and Dazhihui hitting the daily limit down [1]

Group 1 - Chengdu's tourism resources account for approximately one-tenth of the province's total, contributing about one-quarter of the province's tourism revenue [1] - The city aims to enhance its role as a cultural and tourism hub by promoting the deep integration of culture, commerce, tourism, and sports [1][2] - The integration is seen as a market necessity, with significant economic benefits observed from events like the "Su Super" which is expected to generate over 300 million yuan in economic benefits [2] Group 2 - The integration of culture, commerce, tourism, and sports is expected to drive growth in various sectors such as dining, accommodation, transportation, retail, and entertainment, with a potential multiplier effect of 3 to 5 times [3] - Chengdu has hosted over 89 international and domestic events this year, enhancing its reputation as a "World Event City" [4] - The city is recognized as one of the seven trillion-yuan consumption cities in China, with a rich cultural tourism resource base [3] Group 3 - The integration approach involves not just combining resources but also enhancing visitor experience through better signage and guidance in tourist areas [5] - Chengdu plans to host various sports events in urban spaces to leverage its natural resources and promote sports tourism [5] - The city aims to develop its cultural creative industry by nurturing key sectors such as animation and design, with initiatives like the "Tianfu Long Island" digital cultural brand [5][6] Group 4 - Chengdu's cultural enterprises have surpassed 1,000, but there is still a gap compared to leading regions, prompting efforts to attract more high-profile cultural companies [6] - The city plans to support the development of cultural enterprises through financial products, with an expected credit scale of 10 billion yuan directed towards cultural and tourism businesses [8] - The integration of performance and ticketing economies is being explored, with plans to introduce high-level concerts and international events to enhance consumer engagement [7][8]

Core Insights - A cultural media company in Shandong successfully addressed its funding bottleneck with a 3 million yuan "Enterprise Circulation Loan" from Qufu Rural Commercial Bank, enabling further business expansion [1][2] - The company focuses on the development and promotion of traditional cultural products, aiming to create a comprehensive service platform that integrates collection, practicality, and art [1] - The "Enterprise Circulation Loan" is designed specifically for small and micro enterprises, offering long-term credit, flexible usage, and quick access to funds, which aligns perfectly with the company's financing needs [2] Company Overview - The cultural media company is experiencing significant growth and plans to expand its market presence, which has led to increased financial pressure due to raw material procurement, equipment upgrades, and staff expansion [1] - Prior to obtaining the loan, the company faced challenges with a 1.7 million yuan loan from another bank that required monthly interest payments and regular principal repayments, creating liquidity pressure [1] Financial Product Features - The "Enterprise Circulation Loan" offers a one-time credit with a ten-year cycle, allowing funds to be reused effectively throughout the company's operational cycle [1][2] - The loan process is efficient, with funds available almost instantly and a self-service online operation for amounts up to 5 million yuan, significantly enhancing financing efficiency [1][2] - The bank's commitment to supporting local economies and small businesses is evident in its innovative financial products, which have already helped numerous enterprises overcome financing challenges [2]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [17]. Core Viewpoints - The A-share market experienced slight fluctuations with a high opening and subsequent consolidation, with notable performance in cultural media, traditional Chinese medicine, liquor, and banking sectors, while insurance, non-ferrous metals, shipbuilding, and wind power equipment sectors lagged [3][4][8]. - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 14.37 times and 38.95 times, respectively, which are at the median levels over the past three years, suggesting a suitable environment for medium to long-term investments [4][16]. - The market is expected to maintain a steady upward trend in the short term, with a focus on sectors such as finance, cultural media, pharmaceuticals, and engineering construction for investment opportunities [4][16]. Summary by Sections A-share Market Overview - On July 9, the A-share market faced resistance at 3512 points, with the Shanghai Composite Index closing at 3493.05 points, down 0.13%, and the Shenzhen Component Index at 10,581.80 points, down 0.06% [8][9]. - The total trading volume for both markets was 15,276 billion, above the median of the past three years [4][16]. Future Market Outlook and Investment Recommendations - The report suggests a balanced strategy to optimize portfolio structure amid market fluctuations, focusing on growth stocks with expected strong mid-year performance and reasonable valuations [4][16]. - The report emphasizes the importance of monitoring policy changes, capital flows, and external market conditions [4][16].

Market Performance - A-shares experienced fluctuations with the Shanghai Composite Index briefly surpassing the 3500-point mark, reaching a new high for the year before closing lower at 3493.05 points, down 0.13% [1] - The Shenzhen Component Index closed at 10581.80 points, down 0.06%, while the ChiNext Index rose 0.16% to 2184.67 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 15052 billion yuan, an increase of 512 billion yuan compared to the previous day [1] Sector Performance - The majority of industry sectors saw declines, with multi-financial, engineering consulting services, cultural media, medical services, and banking sectors leading in gains [1] - Conversely, the insurance, small metals, precious metals, shipbuilding, and wind power equipment sectors experienced significant declines [1] - More than 1800 stocks rose while over 3300 stocks fell, indicating a broader market weakness despite some sector gains [1] Analyst Outlook - Brokerages generally hold an optimistic view for the market, with Everbright Securities suggesting that a sustained breakthrough above 3500 points could enhance market sentiment and attract more capital [2] - CITIC Securities anticipates a trend towards easing in US-China tariff negotiations, which may alleviate market pressures [2] - The market is expected to enter a performance disclosure period in July, with a focus on sectors showing strong interim results, indicating potential investment opportunities [2] - The market is projected to maintain a fluctuating upward trend in early to mid-July, with technology remaining a key focus, though caution is advised regarding high valuation corrections [2]

Group 1 - The cultural media sector increased by 0.82%, ranking 10th among concept sectors, with 128 stocks rising, including Fengshang Culture with a 20% limit-up [1] - Notable gainers in the cultural media sector included Zhongwen Online, which rose by 10.86%, and other companies like Baina Qiancheng and Zhangyue Technology, which increased by 6.58% and 6.40% respectively [1][2] - The sector saw significant inflows, with a net capital inflow of 916 million yuan, and 86 stocks receiving net inflows, led by Zhongwen Online with 446 million yuan [2][3] Group 2 - The top stocks by net capital inflow ratio included Huanrui Century, Fengshang Culture, and Dafeng Industrial, with net inflow ratios of 28.43%, 24.78%, and 20.83% respectively [3] - Zhongwen Online had a trading volume of 44.59 million yuan and a turnover rate of 20.23%, while Zhangyue Technology had a turnover rate of 15.01% [3][4] - Other notable stocks with significant net inflows included Zhangyue Technology and Huanrui Century, with net inflows of 241 million yuan and 186 million yuan respectively [2][4]

Core Viewpoint - The A-share market experienced a mixed performance on July 9, with the Shanghai Composite Index declining slightly while the ChiNext Index saw a modest increase, indicating a divergence in sector performance and investor sentiment [1][2]. Market Performance - The Shanghai Composite Index closed at 3493.05, down by 0.13% or 4.43 points [2]. - The Shenzhen Component Index closed at 10581.80, down by 0.06% or 6.60 points [2]. - The ChiNext Index closed at 2184.67, up by 0.16% or 3.60 points [2]. - Total trading volume in the Shanghai and Shenzhen markets reached 1.51 trillion yuan, an increase of 51.2 billion yuan compared to the previous trading day [2]. Sector Performance - The financial sector led the market, with several bank stocks reaching new highs; notable performers included Industrial and Commercial Bank of China and Ping An Bank [4][6]. - Sectors such as childcare services, short drama games, and internet e-commerce showed strong gains, while insurance, non-ferrous metals, organic silicon, and semiconductor sectors faced declines [4]. Stock Highlights - Robotics concept stocks were notably active, with companies like Aowei New Materials and Rifa Precision Machinery hitting the daily limit [5]. - Major banks such as Bank of China and China Construction Bank saw positive movements, with increases of 1.23% and 0.82% respectively [7]. Capital Flow - Main capital flows showed net inflows into cultural media and traditional Chinese medicine sectors, while real estate and medical device sectors experienced net outflows [8]. - Specific stocks like Kuaijingtong and Kangmei Pharmaceutical attracted significant net inflows of 843 million yuan and 470 million yuan respectively [9]. - Conversely, stocks such as Zhongyou Capital and Dongfang Caifu faced net outflows of 744 million yuan and 723 million yuan respectively [10]. Institutional Insights - Jufeng Investment noted that the Shanghai Composite Index has broken through the B-wave peak, suggesting a potential challenge to the 3674-point resistance level in the future [12]. - Galaxy Securities indicated that after reaching 3550, the index may pull back to confirm the daily trend [13]. - Dongfang Securities highlighted that global market fluctuations are driving capital back to domestic markets, with a focus on key sectors and potential policy expectations influencing market movements [13].