国泰海通证券股份有限公司 关于华虹半导体有限公司 首次公开发行部分战略配售限售股上市流通的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 华虹半导体有限公司（以下简称"华虹公司"或"公司"）首次公开发行人民币 普通股（A股）股票并在科创板上市及持续督导的保荐机构，根据《证券发行上市 保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所 科创板上市公司自律监管指引第1号——规范运作》等法律法规的相关规定，对华 虹公司首次公开发行A股部分战略配售限售股上市流通事项进行了核查，核查情况 及核查意见如下： 一、本次上市流通股的限售股类型 除上述承诺外，本次申请上市流通的限售股股东无其他特别承诺。截至本核 查意见出具日，本次申请上市的限售股股东不存在相关承诺未履行而影响本次限 售股上市流通的情况。 四、本次限售股上市流通情况 （一）本次上市流通的限售股总数为16,310,000股。本次上市流通的限售股均 为首次公开发行战略配售限售股份，限售期为自公司A股股票上市之日起24个月。 经公司确认，上市流通数量为该限售期的全部战略配售股份数量。 根据中国证券监督管理委员会于202 ...

Core Viewpoint - Intel's latest financial report indicates a potential shift in strategy, with CEO Pat Gelsinger stating that if the next-generation 14A process does not attract "large customers," continued investment in this process may not be economically viable [1] Group 1: Intel's Strategy and Market Impact - Intel is currently pushing forward with the 14A process, but this is contingent on confirming customer commitments; without sufficient external orders and technical collaborations, it will be difficult to recoup investments [1] - Bernstein warns that if Intel abandons the 14A or more advanced processes, it could severely impact the overall wafer fabrication equipment (WFE) market, as Intel accounts for 20% of global logic chip equipment spending and 10-15% of overall semiconductor equipment [1] - The potential exit of Intel from advanced process development could lead to a significant market contraction [1] Group 2: Supply Chain Implications - The EUV equipment supply chain is particularly sensitive, with Japan's Lasertec having about 40% of its unfulfilled orders from Intel, and ASML relying on Intel for 15-20% of its EUV revenue; a halt in Intel's process upgrades could delay the adoption of High-NA EUV equipment [2] - TSMC is expected to be the biggest beneficiary of Intel's potential exit, as it has the capability to take over Intel's orders due to its advanced process technology and yield [2] - The supply chain may undergo restructuring, with HOYA potentially increasing its market share from 70% to 100% if Intel withdraws from the EUV mask substrate supply [2] Group 3: Financial Considerations - Transitioning to a fabless model could theoretically improve Intel's stock price, but if it only halts the 14A process while retaining the 18A process, it would still incur high capital expenditures and potentially lower margins due to outsourcing [2] - Bernstein cautions that this scenario could exacerbate market uncertainties, leading the firm to recommend reallocating funds to other investment opportunities rather than buying Intel stock [2]

Group 1: Alphabet (GOOGL) Performance Overview - Alphabet's Q2 2025 revenue reached $96.43 billion, a year-over-year increase of 13.8% and a quarter-over-quarter increase of 6.9%[7] - Operating profit grew to $31.27 billion, with an operating margin of 32.4%, exceeding market expectations[7] - Net profit increased by 19.4% to $28.2 billion, with earnings per share (EPS) rising by 22% to $2.31[7] Group 2: Revenue Breakdown - Google Services revenue was $82.54 billion, up 11.7% year-over-year, while Google Cloud revenue surged 31.6% to $13.62 billion[7] - YouTube ad revenue reached $9.8 billion, reflecting a 13.1% increase, driven by direct response advertising[8] - Subscription and platform revenue grew by 20.3% to $11.2 billion, primarily from YouTube subscriptions[8] Group 3: Future Outlook and Investment - Alphabet plans to increase its capital expenditure from $75 billion to $85 billion, focusing on AI and cloud infrastructure[7] - The company maintains a target price of $250, with a buy rating based on strong growth prospects in AI-driven advertising and cloud services[9] - Risks include potential economic slowdown in the U.S. and challenges in AI commercialization and cloud growth[10]

每经AI快讯，*ST华微涨停走出3连板，3天累计涨幅达15.62%。 ...

Group 1: Company News - The State-owned Assets Supervision and Administration Commission (SASAC) announced the establishment of China Changan Automobile Group Co., Ltd., marking the total number of state-owned enterprises under SASAC to 100 [4] - WuXi AppTec announced an adjustment to its share repurchase plan, raising the maximum repurchase price from 90.72 yuan to 114.15 yuan per share [6] - Shijia Photon reported a significant increase in net profit for the first half of 2025, achieving 217 million yuan, a year-on-year growth of 1712%, driven by the rapid growth of the AI market [7] - Time Space Technology announced the termination of its control change planning, stating that it will not adversely affect the company's operations or financial status [7] - Quzhou Development is planning to issue shares to acquire assets and raise matching funds, with a suspension of trading expected for no more than 10 trading days [8] - Huqin Technology plans to acquire 12 million shares of Crystal Integrated Circuit for 1.993 billion yuan, aiming to enhance resource integration and strategic investment [8] - Ancar Detection announced a potential change in its controlling shareholder, leading to a suspension of trading for up to 2 trading days [8] Group 2: Industry News - The National Health Commission and other authorities introduced a nationwide parenting subsidy system, which is expected to impact sectors such as dairy products, maternal and infant chains, and postpartum care services positively [9] - The China Photovoltaic Industry Association clarified misinformation regarding the photovoltaic industry's competition, emphasizing a commitment to market-oriented principles [4] - The Ministry of Finance reported a decline in revenue and profit for state-owned enterprises in the first half of 2025, with total revenue at 4.075 trillion yuan, down 0.2% year-on-year [5]

Group 1 - The trade agreement between the US and EU, finalized on July 27, 2025, involves significant tariff adjustments and commitments, impacting global trade dynamics [3][9][10] - The US reduced its planned 30% tariff on EU goods to 15%, affecting key sectors such as automotive, pharmaceuticals, and semiconductors, with potential cost increases for European manufacturers [9][12] - The EU committed to purchasing $750 billion worth of energy products from the US over three years, aiming to reduce reliance on Russian energy, which could reshape energy supply chains [9][15] Group 2 - The agreement is expected to create a favorable environment for US industries, particularly in energy, defense, pharmaceuticals, and high-tech manufacturing, enhancing market access and reducing trade deficits [10][12] - The EU's concessions, including a commitment to invest $600 billion in the US across various sectors, are seen as a means to stabilize transatlantic relations despite internal dissent regarding the agreement's fairness [9][13] - The indirect benefits to Ukraine arise from reduced Russian energy revenues due to EU's shift towards US energy, potentially impacting Russia's military capabilities and providing strategic support to Ukraine [15][18] Group 3 - The agreement has led to positive market reactions, with European stock indices rising, indicating investor confidence in the stability brought by the trade deal [18] - The long-term implications of the agreement may include a shift in global LNG market dynamics, with the US positioned to lead in energy exports while the EU diversifies its energy sources [18][20] - The negotiations highlight the importance of negotiating power in trade agreements, with the EU making significant concessions under pressure from the US [20]

Group 1 - The company has approved the use of temporarily idle raised funds for cash management, with a maximum amount not exceeding 115 million RMB [1] - The investment will be made in high-security and high-liquidity financial products, with a maximum investment period of 12 months [1] - As of the date of this announcement, the balance of idle raised funds used for cash management is 590 million RMB [2]

Financial Data and Key Metrics Changes - Approximately 98.58% of the ordinary shares entitled to vote were represented at the meeting, indicating strong shareholder engagement [5] - The election of four Class I directors and the ratification of PricewaterhouseCoopers as the independent registered public accounting firm for the fiscal year ending December 31, 2025, received majority affirmative votes [13][14] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed during the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining strong governance through the election of directors and the appointment of reputable accounting firms, which is essential for its strategic direction [10][11] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting Other Important Information - The meeting included a formal voting process for the election of directors and the appointment of the accounting firm, which was successfully completed [13][14] - The meeting was recorded, and shareholders were reminded to limit their questions to those pertinent to the meeting [4][5] Q&A Session Summary - No questions were raised during the Q&A session, indicating either a lack of inquiries from shareholders or a focus on the formal agenda [15][16]

Market Overview - The Hong Kong stock market saw declines in its three major indices, with the Hang Seng Index down 0.15% to close at 25,524.45 points, the Hang Seng Tech Index down 0.35%, and the Hang Seng China Enterprises Index down 0.34% [2][3] - The pharmaceutical sector showed resilience, with Chinese brokerage stocks rebounding and semiconductor stocks attracting investment [2] Pharmaceutical Sector - The pharmaceutical sector was boosted by strong earnings, particularly in innovative drug stocks, with WuXi AppTec (603259) rising over 11% [4] - WuXi AppTec reported a revenue of 20.8 billion yuan for the first half of 2025, a year-on-year increase of 20.64%, and a net profit surge of 101.92% [4] - Other notable gainers included Kelun-Bio, InnoCare Pharma, BeiGene, and Kintor Pharma, all of which experienced significant stock price increases [4] Brokerage Sector - Chinese brokerage stocks saw a recovery in the afternoon, with notable increases in shares of CICC, China Merchants Securities, and China Galaxy, all rising over 1% [6] - The regulatory environment for the securities industry has tightened, with over 30 fines issued to brokerage firms for various violations, indicating a push for compliance and improved market order [6] Semiconductor Sector - Semiconductor stocks gained attention from investors, with Shanghai Fudan rising nearly 10% and other companies like SMIC and Hua Hong Semiconductor also seeing stock price increases [7] Banking Sector - The banking sector experienced widespread declines, with Chongqing Rural Commercial Bank falling over 3% and other major banks like China Merchants Bank and China Construction Bank also reporting losses [8] - Despite the current downturn, analysts suggest that the banking sector may benefit from a low-interest-rate environment and increasing long-term capital inflows, indicating potential for future recovery [8][9] Technology Sector - Major tech stocks, including NetEase and Bilibili, saw declines of over 1% [10] - Tencent Holdings and other tech companies also reported slight decreases in their stock prices [11] Gold Sector - Gold stocks continued to retreat, with China Silver Group dropping over 6% [11] - Fidelity International predicts that gold prices could rise to $4,000 per ounce by the end of next year due to factors such as U.S. interest rate cuts and increased central bank gold reserves [12] Market Regulation Changes - The Hong Kong stock exchange announced a reduction in the minimum price fluctuation for stocks, effective August 1, which aims to lower trading costs and enhance market efficiency [12][13]

Core Viewpoint - Zhongtian Jingzhuang (002989) holds a 27.99% indirect stake in Coreis Semiconductor Technology (Dongyang) Co., Ltd. through Dongyang Zhongjing Xinjie Enterprise Management Partnership (Limited Partnership) [1] Company Information - Coreis Semiconductor has not yet commenced formal production and has not achieved profitability [1] - The company is listed on the Shenzhen Stock Exchange and will continue to monitor the operational development of the invested entity [1] - Any significant developments regarding external investments or capital operation plans will be disclosed in a timely manner [1]