| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3458 | 0.39 | 3.29 | 1.09 | | 深证综指 | 2079 | 0.19 | 5.43 | 2.75 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.11 | 2.39 | 0.11 | | 中盘指数 | 0.42 | 5.32 | 0.74 | | 小盘指数 | 0.16 | 5.06 | 6.51 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 玻璃玻纤 | 5.11 | 9.43 | 10.8 | | 专业连锁Ⅱ | 4.04 | 4.66 | -3.1 | | 化学制药 | 2.96 | 3.75 | 23.64 | | 贵金属 | 2.64 | 6.13 | 39.5 | | 综合Ⅱ | 2.6 | 9.61 | 6.2 | ...

Group 1 - The A-share market showed a strong performance in certain sectors such as banking, electricity, chemical pharmaceuticals, and fiberglass, while software development, internet services, batteries, and auto parts lagged behind [1] - Long-term capital inflow into the market is accelerating, with a steady increase in ETF size and continuous inflow of insurance funds, providing significant support [1] - The Federal Reserve's decision to maintain interest rates in June introduces uncertainty regarding future rate cuts, which could significantly boost global risk appetite if clear signals are released [1] Group 2 - The A-share market exhibited a clear divergence in style, with strong performance in dividend stocks despite adjustments in previously strong sectors like solid-state batteries, stablecoins, and military industry [2] - The market is expected to continue its oscillation in the short term, with structural opportunities in specific themes, while caution is advised against chasing high-performing sectors and stocks [2] - The medium-term outlook for the A-share market appears positive, with expectations of continued upward trends supported by financial policies for high-quality development and anticipated interest rate cuts by the Federal Reserve [2]

Core Viewpoint - The announcement details the conversion results of the "Jianyou Convertible Bonds" and the changes in the company's share capital as of June 30, 2025, highlighting the low conversion rate and the significant amount of unconverted bonds [1][2][3]. Summary by Sections Conversion Situation - As of June 30, 2025, a total of RMB 719,000 worth of "Jianyou Convertible Bonds" has been converted into common shares, resulting in 18,035 shares, which represents 0.001% of the total shares before conversion [2][6]. - The total amount of "Jianyou Convertible Bonds" that has not been converted is RMB 502,464,000, accounting for 99.86% of the total issuance [3][6]. Convertible Bond Issuance Overview - The company issued 5,031,900 convertible bonds with a total value of RMB 503.19 million, with a maturity of 6 years, approved by the China Securities Regulatory Commission [4]. - The bonds were listed on the Shanghai Stock Exchange on May 22, 2020, under the code "113579" [4]. Conversion Price Adjustments - The initial conversion price was set at RMB 54.97 per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing the price to RMB 24.34 per share as of June 5, 2025 [5].

浙商证券股份有限公司 关于浙江华海药业股份有限公司 差异化权益分派事项的核查意见 浙商证券股份有限公司（以下简称"保荐机构"）作为浙江华海药业股份有 限公司（以下简称"华海药业"或"公司"）向特定对象发行股票的保荐机构， 根据《中华人民共和国公司法》 《中华人民共和国证券法》 《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7号——回购股份》《上海 证券交易所上市公司自律监管指南第2号——业务办理》之第五号《权益分派》 等规定，对华海药业本次差异化权益分派相关事项进行了审慎核查，并出具核查 意见如下： 一、本次差异化权益分派方案 公司分别于 2025 年 4 月 28 日、2025 年 5 月 23 日召开了第八届董事会第三 次会议、2024 年年度股东大会，会议审议通过《公司 2024 年度利润分配方案》 具体内容为："以实施权益分派股权登记日登记的总股本扣除公司回购专用证券 账户股份数后的股本为基数，向全体股东每 10 股派送现金红利 2.5 元（含税）。 公司通过回购专用证券账户所持有的本公司股份不参与本次利润分配。如在实施 权益分派股权登记日期前，因可转债转股、回购股份注销等致使 ...

Core Viewpoint - The announcement details the results of the stock option and restricted stock incentive plan for the second quarter of 2025, indicating no shares were exercised during this period. Summary by Sections Stock Option Exercise Results - The total number of stock options available for exercise in the third exercise period of the 2021 stock option and restricted stock incentive plan is 1,976,997 shares, with the exercise start date on January 17, 2025. As of June 30, 2025, no shares have been exercised, representing 0% of the total available for this period [1][12]. - For the reserved stock options in the second exercise period, the total available is 738,491 shares, with the exercise start date on December 25, 2024. Similarly, no shares have been exercised as of June 30, 2025, also representing 0% of the total available [1][12]. Decision-Making Process and Disclosure - The decision-making process for the stock option exercise involved independent directors providing consent and avoiding conflicts of interest during the voting on related proposals [2][3]. Stock Option and Restricted Stock Plan Adjustments - The number of incentive participants was adjusted from 327 to 302 due to 25 participants voluntarily giving up their participation. The total number of stock options remains at 3,865,060, with a grant price of 32.26 CNY per option and restricted stock at 16.13 CNY per share [6][7]. Stock Listing and Trading Arrangements - The stock options from the third exercise period and the reserved options from the second exercise period will be exercised through a self-exercise method, with shares listed for trading on the second trading day after the exercise date [11][12]. Impact on Financial Reports - The exercise of stock options is not expected to have a significant impact on the company's financial condition or operating results [14].

Core Viewpoint - The company, Aorite Pharmaceutical Co., Ltd., is utilizing part of its idle raised funds for cash management to enhance fund efficiency and generate returns while ensuring that it does not affect the construction of fundraising projects and the use of raised funds [1][3][8] Summary by Sections Cash Management Overview - Cash management trustee: Industrial Bank Co., Ltd. Taizhou Linhai Branch [1] - Investment type: Structured deposits [1] - Cash management amount: 40 million yuan [1] - Cash management duration: 30 days [1] - The company has approved the use of idle raised funds up to 300 million yuan for cash management, valid for 12 months from the board meeting date [1][6] Cash Management Redemption Situation - The product duration was 55 days, with an investment of 40 million yuan starting from May 6, 2025, and maturing on June 30, 2025 [2] - The company redeemed the principal of 40 million yuan and received a return of 123,561.64 yuan, which met expectations [2] Purpose of Cash Management - The purpose is to improve the efficiency of raised funds, reduce financial costs, and increase returns for the company and its shareholders [3][8] Source of Funds - The company issued convertible bonds totaling 812.12 million yuan, with a net amount of 800.47 million yuan after deducting issuance costs [3] Investment Product Details - The structured deposit was purchased from Industrial Bank, with a principal amount of 40 million yuan [5] - Expected annualized return rates are 1.00% or 1.90% [5] Impact on the Company - The cash management will not affect the company's fundraising project construction and main business operations, allowing for better fund utilization and investment returns [7][8]

Group 1 - The company approved a share repurchase plan on January 8, 2025, with a total amount not less than RMB 200 million and not exceeding RMB 400 million [1][2] - The estimated number of shares to be repurchased is approximately 13.51 million to 27.03 million, accounting for 1.57% to 3.14% of the total share capital [1] - The implementation period for the repurchase plan is 12 months from the date of board approval [1] Group 2 - The total repurchase amount was adjusted to not less than RMB 350 million and not exceeding RMB 700 million [2] - The maximum repurchase price was revised from RMB 14.80 per share to RMB 14.47 per share, effective from May 29, 2025 [3] - The estimated number of shares to be repurchased under the new price cap is approximately 24.19 million to 48.38 million, accounting for 2.81% to 5.62% of the total share capital [3] Group 3 - As of June 30, 2025, the company repurchased 47.27 million shares, representing 5.49% of the total share capital, with a total transaction amount of RMB 608.72 million [3][4] - The highest purchase price was RMB 14.41 per share, and the lowest was RMB 11.86 per share [3] Group 4 - The repurchase is funded by the company's own funds and complies with relevant laws and regulations [4] - The company will continue to implement the repurchase plan based on market conditions and fulfill information disclosure obligations [5]

证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 大类资产跟踪 债券市场：利率债涨跌不一，短端几乎持平，长端上涨。股市方面上 证指数放量突破颈线压制，且呈均线排列结构，虽然基本面的疲弱仍将支 撑债市，但股市若继续走强仍将压制债市表现，预计债市后续将高位震荡 运行。后续展望：股市大盘突破，债市预计高位震荡。 2025 年 07 月 01 日 投资策略 策略日报（2025.07.01）：指数分化 相关研究报告 <<策略日报（2025.06.30）：创业板指 领涨>>--2025-07-01 A 股：三大指数分化，沪指领涨，创新药概念爆发。市场全天成交额 1.49 万亿，较前一日缩量 0.02 万亿，个股涨跌分化，2514 只个股上涨， 2394 只个股下跌。沪指技术面上指数突破了 3 月份的高点，上涨空间已 经打开。有三个观察点来判断行情的强弱支撑是否有效：一是前期油价的 高点也是地缘风险消退和指数止稳的起点，因此 6 月 23 日上涨的低 ...

Market Overview - On July 1, the A-share market opened high and experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3454 points[3] - The Shanghai Composite Index closed at 3457.75 points, up 0.39%, while the Shenzhen Component Index rose 0.11% to 10,476.29 points[9] - Total trading volume for both markets was 1,496.8 billion yuan, slightly lower than the previous trading day[9] Sector Performance - Strong performers included banking, electricity, chemical pharmaceuticals, and fiberglass industries, while software development, internet services, batteries, and auto parts lagged[4] - Over 50% of stocks in the two markets saw gains, with notable increases in fiberglass, chemical pharmaceuticals, and electricity sectors[9] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.13 times and 38.67 times, respectively, indicating a mid-level valuation over the past three years[4] - The trading volume is above the median level for the past three years, suggesting a healthy market activity[4] Economic Outlook - China's economy continues to show moderate recovery, driven by consumption and investment[4] - Long-term capital inflows are increasing, with steady growth in ETF sizes and continuous inflow from insurance funds, providing significant support to the market[4] Investment Strategy - A balanced strategy is recommended to optimize portfolio structure amid market fluctuations, focusing on growth stocks with strong mid-year performance and reasonable valuations[4] - Short-term investment opportunities are suggested in banking, electricity, chemical pharmaceuticals, and shipbuilding sectors[4] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances[5]

Group 1 - TaiLong Pharmaceutical plans to apply for the registration and issuance of super short-term financing bonds not exceeding 800 million yuan, with a maturity of no more than 270 days, for purposes including replacing bank loans and supplementing working capital [1] - GuoXin Technology won a bid for a 46 million yuan automotive airbag ignition driver chip project, indicating its growing presence in the automotive semiconductor market [1] - GuoMai Technology expects a net profit increase of 60.52% to 100.33% for the first half of 2025, with a projected net profit of 125 million to 156 million yuan [2] Group 2 - ChangAluminum's subsidiary signed a 165 million yuan contract for the customized construction of a clinical and industrial base for a vaccine project, highlighting its involvement in the biopharmaceutical sector [3] - ZhongSalt Chemical acquired exploration rights for natural soda ash in Inner Mongolia for 929,000 yuan, expanding its resource base [4] - Six Kingdom Chemical announced the resignation of its deputy general manager, which may impact its operational strategy [5][6] Group 3 - FuYuan Pharmaceutical received a drug registration certificate for Bisoprolol Amlodipine tablets, indicating its expansion in the hypertension treatment market [7][8] - GuanShi Technology's subsidiary received a government subsidy of 7 million yuan, which is 45.29% of its net profit for the previous year, enhancing its financial position [9] - XiZhong Technology plans to repurchase shares worth between 75 million and 150 million yuan, aimed at employee stock ownership plans or equity incentives [10] Group 4 - BeiLu Pharmaceutical's subsidiary received approval for the raw material drug Iopromide, which is used as a contrast agent for various imaging examinations [12] - HongHui New Materials obtained a patent for a water-based protective paint for hardware parts, enhancing its product portfolio [13] - BoJi Pharmaceutical's subsidiary received two patents related to high bioavailability formulations, indicating innovation in biopharmaceutical technology [14] Group 5 - ChengJian Development received a cash dividend of 23.625 million yuan from its investment in Huaneng Capital, contributing to its investment income [15] - JiuZhou Pharmaceutical's subsidiary received a drug registration certificate for Sildenafil Citrate orally disintegrating tablets, expanding its product offerings in the erectile dysfunction treatment market [16] - RuiAng Gene's subsidiary received a government subsidy of 176,290 yuan, supporting its operational activities [17] Group 6 - FengFan Technology plans to acquire 100% equity of a subsidiary for 48 million yuan, indicating strategic expansion in the renewable energy sector [18] - AoJing Medical's subsidiary received a medical device production license, allowing it to manufacture absorbable surgical dressings [19] - TaiLin Bio's subsidiary won land use rights for an industrial site, facilitating its high-performance filter project [20] Group 7 - KaiPu Bio received a patent for a method and device for analyzing genomic copy number variations, enhancing its capabilities in molecular diagnostics [21] - Shanghai KaiBao received a drug registration certificate for Phlegm-Heat Clearing Capsules, which can be used in the treatment of COVID-19 symptoms [23] - TuoJing Life received two patents for high uniformity streptavidin applications, improving its diagnostic product stability [25] Group 8 - AnKe Bio's AK2024 injection received approval for clinical trials, marking a significant advancement in cancer treatment [26] - HuanYuan Pharmaceutical expects a net profit of 142 million to 160 million yuan for the first half of 2025, reflecting substantial growth [27] - JinHongShun terminated a major asset restructuring plan due to a lack of consensus among parties involved, impacting its strategic direction [28] Group 9 - HeZhan Energy signed a 177 million yuan contract for the sale of steel-concrete tower structures, indicating strong demand in the renewable energy sector [29] - InSai Group's acquisition plan for an 80% stake in ZhiZheTongXing was accepted by the Shenzhen Stock Exchange, indicating growth in its consulting business [30] - JiuDian Pharmaceutical received a drug registration certificate for Zinc Granules, enhancing its product line in gastrointestinal treatments [32] Group 10 - GuoYao Modern plans to publicly transfer a 51% stake in its subsidiary to optimize resource allocation [34] - GuoYao Modern's subsidiary received a drug registration certificate for Perindopril Indapamide tablets, expanding its hypertension treatment portfolio [36] - ZhongGong International signed a 175 million yuan engineering consulting service contract, showcasing its capabilities in project management [38] Group 11 - China Railway won contracts worth approximately 5.343 billion yuan for overseas construction projects, indicating its strong international presence [39] - JunPu Intelligent signed a framework contract for humanoid robot sales worth about 28.25 million yuan, reflecting growth in the robotics sector [41] - Sinopec's chairman resigned due to age, which may lead to changes in corporate governance [42] Group 12 - JiuFeng Energy's controlling shareholder plans to reduce their stake by up to 0.71%, indicating potential changes in ownership structure [44] - Zhejiang Oriental's subsidiary plans to establish a 1.74 billion yuan equity investment fund, focusing on strategic emerging industries [46] - ChenGuang New Materials received a government subsidy of 26 million yuan, significantly impacting its financial performance [48]