中银国际证券股份有限公司 关于合肥汇通控股股份有限公司 部分募集资金投资项目变更的核查意见 中银国际证券股份有限公司（以下简称"中银证券"或"保荐人"）作为合肥汇 通控股股份有限公司（以下简称"汇通控股"或"公司"）首次公开发行股票并在上 交所主板上市的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募 集资金监管规则》 《上海证券交易所股票上市规则》 《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，对汇通控股部分募集资金投资项目变更的相关事 项进行了审慎核查，情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意合肥汇通控股股份有限公司首次公开 发行股票注册的批复》 （证监许可〔2024〕1746 号）同意注册，公司首次公开发 行人民币普通股（A 股）股票（以下简称"首次公开发行"）3,150.7704 万股，发 行价格为 24.18 元/股，募集资金总额为 76,185.63 万元，扣除本次发行费用 计师事务所（特殊普通合伙）对公司本次公开发行新股的资金到位情况进行了审 验，并于 2025 年 2 ...

Core Viewpoint - Evergrande Auto is facing significant liquidity issues, which hinder its ability to determine the publication date for its 2024 performance report [1] Group 1: Financial Challenges - The company continues to experience liquidity problems despite efforts to seek investments and sell assets to improve its financial position [1] - Discussions with potential strategic investors and buyers have not yielded results [1] - Certain subsidiaries of the company have received notifications regarding bankruptcy liquidation and asset auctions to settle judgment debts [1] Group 2: Operational Constraints - Limited resources are prioritized for maintaining operational activities, leaving the company without sufficient funds to cover the costs of audit and other professional services for the fiscal year ending December 31, 2024 [1] - As a result, the company is unable to reasonably determine the publication date for its 2024 performance [1]

IPO Review and Registration Progress - A total of 75 IPO applications were accepted last week, with 48 companies aiming for the North Exchange, 12 for the Growth Enterprise Market, 7 for the Sci-Tech Innovation Board, and 4 for the Shanghai and Shenzhen main boards [2][3] - The highest fundraising target among the new applicants is from Zhenstone Co., which plans to raise 3.981 billion yuan for various projects including production bases and R&D [2][4] - Most of the newly accepted companies are expected to be profitable in 2024, with only two companies, Shiya Technology and Dapu Micro, projected to incur losses [4][5] Company Highlights - Zhenstone Co. is a national high-tech enterprise focused on clean energy fiber-reinforced materials, with projected revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and 4.439 billion yuan in 2024 [4] - Dapu Micro, the first unprofitable company accepted for the Growth Enterprise Market, specializes in enterprise-level SSD products and aims to achieve profitability by 2026 [5] - Aomeisen, which passed the IPO review, is a smart equipment manufacturer with expected revenues of 358 million yuan in 2024 [6] New Stock Listings and Subscriptions - Guangxin Technology debuted on the North Exchange with a first-day increase of 500%, closing at 60 yuan per share [12] - Xintong Electronics is set to list on the Shenzhen main board on July 1, 2025, with projected revenues of 1.005 billion yuan in 2024 [12] - Tongyu New Materials will have its subscription on July 1, with an issue price of 84 yuan per share and expected total fundraising of 840 million yuan [13]

今天我来说一个明确的看法，对不对，交给时间来验证。 黄昏之下，从技术上的角度来讲，就是多头极致，空头刚生的时候。如果你精通技术分析，那么这个时候，无论如何都不会下手。 本来炒股就是一个概率事件，聪明的人永远只做大概率事件，只有看不清楚未来的人，才会为了每天都赚钱而搏命。 A股黄昏之星后，继续小幅反攻，不过金融3驾马车却全部熄火，后续行情会怎么走呢？ 我没兴趣玩，人终究是要认识到自己的极限。 第三：白酒、整车还在走弱 白酒连续下滑，已经释放了不少风险，主要继续横盘下去，未来可能东山再起。 整车问题更大，还没有下行释放，持续高位横盘，对应的是产能严重失衡，现在过去，对应的痛苦很大。 其实，还没开始就已经输了。 板块上： 第一：军工装备继续大涨 其中水里游的、天上飞的，都是强势的同学。这个板块，我早就告诉大家一定要下功夫研究、观察。 近来大小鹅、中东摩擦频起，已经给他们注入了活力剂，低位就是上车的机会。日后哪里有国际新闻，哪里就有军工的异动走势。 第二：银行继续下跌 上周五，银行跌幅超2%，我认为可能是一个拐点，至少是银行的拐点。 现在这个板块一方面有神秘力量，另一方面还有避险资金涌入。不过一旦树倒，就做猴孙散了。 ...

Group 1: Geopolitical Tensions and Market Reactions - The Iranian parliament has decided to block the Strait of Hormuz, a critical waterway for global oil transport, following a U.S. airstrike on Iranian nuclear facilities [1][3] - The U.S. military's operation involved 125 aircraft and targeted three major Iranian nuclear sites, escalating tensions in the region [1][3] - Brent crude oil prices surged by 8%, exceeding $96 per barrel, as traders anticipated a potential blockade of the Strait [3][5] Group 2: Impact on Global Energy Supply - Asian countries, particularly China, Japan, and South Korea, heavily rely on the Strait for oil imports, with China importing 5 million barrels daily, which constitutes half of its oil imports from the Middle East [3][5] - If the Strait is closed, these countries may have to rely on strategic oil reserves, significantly impacting their energy security [5] Group 3: Shipping and Insurance Costs - Major shipping companies, including Maersk, have initiated emergency plans, rerouting over 50 oil tankers around the Cape of Good Hope, increasing travel distance by 7,000 kilometers and shipping costs by 250% [5][7] - War insurance costs for tankers have skyrocketed, with additional millions required per vessel [5] Group 4: Economic Consequences and Predictions - If oil prices stabilize above $120 per barrel, a global recession similar to the 1973 oil crisis could occur, as warned by Deutsche Bank [11] - The automotive industry is particularly vulnerable, with European manufacturers predicting a reduction of 100,000 vehicles per day if the blockade lasts over two weeks [13] Group 5: Strategic Implications for Major Players - Russia stands to benefit significantly from rising oil prices, gaining an additional $300 million in revenue for every $10 increase in oil prices [8] - U.S. shale oil producers are also expected to profit, with a 12% increase in drilling activity reported in a week due to rising prices [8] Group 6: Military and Security Developments - The U.S. Fifth Fleet has entered a state of full readiness, while the Iranian Revolutionary Guard has deployed its navy, indicating a potential escalation in military conflict [13][15] - The situation in the Strait of Hormuz poses a risk of becoming a flashpoint for broader military conflict, with significant implications for global supply chains [9][15]

期货研究报告|宏观数据 2025-06-30 工企盈利承压 ——中国盈利系列十一 研究院 徐闻宇 xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 投资咨询业务资格： 证监许可【2011】1289 号 宏观事件 6 月 27 日，国家统计局数据显示，1—5 月份，全国规模以上工业企业实现利润总额 27204.3 亿元，同比下降 1.1%。 核心观点 ■ 营收压力仍存 总量：需求与价格双弱，库存压力仍存。2025年 1-5月，全国规模以上工业企业实现利 润总额 2.72 万亿元，同比下降 1.1%（较 1-4 月的+1.4%由正转负），主要受三重压力影 响：一是需求与价格双弱，PPI累计同比下跌 3.3%挤压毛利空间，叠加每百元营收成本 同比增加 0.24 元，进一步压缩利润；二是短期基数效应，投资收益等非经营性收益的 高基数下拉利润增速1.7个百分点；三是单月加速下滑，工业企业同比增速从4月的3% 大幅转负至 5 月的-9.1%，反映内需不足与"抢出口"效应消退的冲击。积极信号方面， 营业收入同比增长 2.7%，毛利润增长 1.1%，为后续盈利修复提供基础；装备制造 ...

金融界2025年6月30日消息，国家知识产权局信息显示，上海汽车集团股份有限公司申请一项名为"一种 电子驻车控制器卡滞的确定方法、装置、设备及介质"的专利，公开号CN120207293A，申请日期为 2023年12月。 天眼查资料显示，上海汽车集团股份有限公司，成立于1984年，位于上海市，是一家以从事汽车制造业 为主的企业。企业注册资本1157529.9445万人民币。通过天眼查大数据分析，上海汽车集团股份有限公 司共对外投资了61家企业，参与招投标项目5000次，财产线索方面有商标信息1459条，专利信息5000 条，此外企业还拥有行政许可522个。 专利摘要显示，本申请提供一种电子驻车控制器卡滞的确定方法、装置、设备及介质，电子驻车控制器 通过控制驻车电机以控制驱动电机的输出轴是否处于驻车状态，在车辆上电后，获取第一时刻的电机控 制器的第一电角度信息；根据第一电角度信息和在驻车档时的基准角度信息，实时确认在第一时刻的驱 动电机的第一齿轮相对位移角度；判断第一齿轮相对位移角度是否小于或等于卡滞最大位移角度，若 是，表示第一齿轮相对位移角度较小，确定电子驻车控制器处于卡滞状态。这样，能够准确的识别出电 子驻 ...

Global Debt and Economic Impact - Global public debt is projected to rise from $97 trillion in 2023 to $102 trillion in 2024, marking a historical high, with developing countries being the most affected [1] - The International Bank for Settlements warns that trade policies may expose global economic vulnerabilities and increase inflation risks, suggesting central banks focus on maintaining market trust [1] U.S. Economic Indicators - The core PCE price index in the U.S. rose by 2.7% year-on-year in May, slightly above the market expectation of 2.6% [2] - Personal consumption expenditures fell by 0.3% month-on-month in May, marking the largest decline since the beginning of the year, while personal income decreased by 0.4%, the largest drop since 2021 [2] Automotive Industry in the UK - The UK automotive sector saw a significant decline in production, with May output down 32.8% year-on-year to 49,810 vehicles, the lowest level for the month since 1949, excluding the pandemic year of 2020 [2] Inflation Trends in Japan and France - Tokyo's core CPI increased by 3.1% year-on-year in June, a decrease from 3.6% in May, falling short of the market expectation of 3.3% [2] - France's CPI rose by 0.9% year-on-year in June, driven by stronger service sector inflation and a slight increase in food inflation [2] Market Performance - The Dow Jones Industrial Average rose by 432.43 points to close at 43,819.27, a gain of 1.00% [3] - The S&P 500 index increased by 32.05 points to 6,173.07, up 0.52%, while the Nasdaq Composite gained 105.55 points to 20,273.46, also up 0.52% [3] Commodity Prices - Light crude oil futures for August rose by $0.28 to $65.52 per barrel, an increase of 0.43% [4] - COMEX gold futures fell by 1.85% to $3,286.10 per ounce, with a weekly decline of 2.94% [3][4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has taken a significant step by proposing administrative penalties against Nanjing Yuebo Power System Co., Ltd. for suspected information disclosure violations, marking the first time that accomplices in financial fraud will be held accountable alongside the main perpetrators [1][2] Group 1: Regulatory Actions - The CSRC plans to impose strict penalties not only on the listed company and responsible individuals but also on two accomplices involved in the fraud, indicating a new approach to accountability in financial misconduct [1] - The regulatory body aims to establish a comprehensive accountability system that includes direct penalties, referrals to relevant authorities, and criminal prosecutions to address financial fraud effectively [2] Group 2: Financial Fraud Characteristics - Recent trends in financial fraud reveal that such activities are not limited to listed companies; they often involve third-party accomplices, such as underwriting institutions and accounting firms, which may either neglect their oversight responsibilities or actively participate in fraudulent activities [2] - The fraud ecosystem is characterized by a network of intermediaries and related enterprises that collaborate to create false financial data, utilizing various deceptive practices across the entire business process, including procurement, production, sales, and logistics [1][2]

Summary of Key Points Core Viewpoint - The company, Zhejiang Shibao Co., Ltd., has decided to postpone certain fundraising investment projects due to the actual net amount raised being lower than initially planned, which aims to enhance the efficiency and safety of fund usage [1][2][5]. Group 1: Fundraising Overview - The company raised a total of RMB 344,087,745.02 through a specific stock issuance, with an issuance price of RMB 10.61 per share for 32,987,747 shares [1][2]. - The net amount raised is lower than the intended investment amount for the projects [2]. Group 2: Fund Management - The company has established a management system for the raised funds, ensuring they are stored in a dedicated bank account and managed according to relevant regulations [3][4]. - A tripartite agreement has been signed with the underwriting institution to clarify the rights and obligations of all parties involved in the fund management [3]. Group 3: Project Postponement Details - The company plans to extend the completion date of the "Intelligent Connected Vehicle Steering Control Technology R&D Center Project" to June 30, 2026, to adapt to market changes and enhance its R&D capabilities [4][6]. - The adjustments made to the project do not alter the intended use of the raised funds [4][6]. Group 4: Approval Process - Both the board of directors and the supervisory board have approved the postponement of the fundraising investment projects, affirming that it aligns with the company's development needs and benefits all shareholders [5][6]. - The underwriting institution has no objections to the postponement, confirming that it will not adversely affect the company's normal operations [6].