国泰海通证券股份有限公司 关于翱捷科技股份有限公司 参与投资私募基金暨关联交易的核查意见 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 为翱捷科技股份有限公司（以下简称"翱捷科技"或"公司"）首次公开发行 股票并上市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》《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》《上海证券交易所科创板上市公司自律监管指引第 资私募基金暨关联交易的事项进行了核查，核查情况与意见如下： 一、参与投资私募基金暨关联交易概述 （一）关联交易基本情况 为借助专业投资机构的经验和资源，拓宽投资方式和渠道，把握公司所在 行业的投资机会，优化公司投资结构，把握产业上下游的机会，实现产业协同。 公司拟作为有限合伙人（LP）参与投资上海海望合纵私募基金合伙企业（有限 合伙）（以下简称"海望合纵"）。海望合纵将主要通过直接或间接方式投资 于包括集成电路、高端制造、生物医药以及其他"3+6"重点产业等领域的成长 期、成熟期的企业。 公司拟以自有资金出资人民币 4,000 万元，拟出资金额占基金总认缴出资额 的 1.895 ...

Group 1 - The core issue is that Tianan Di Heng Asset Management Co., Ltd. has been ordered to rectify multiple problems in its private fund business activities as per the announcement from the Shanxi Regulatory Bureau of the China Securities Regulatory Commission on July 29, 2025 [1] - The company lacks independence in personnel and office space, and has not implemented effective internal controls [1] - The fund registration information submitted to the Asset Management Association of China is found to be untrue and inaccurate [1] - The company is engaged in activities unrelated to private fund management [1] - There are issues with the authenticity of shareholder contributions [1] - These actions violate the Interim Measures for the Supervision and Administration of Private Investment Funds, specifically Article 4, Paragraph 1, and Article 25, Paragraph 1 [1]

Group 1 - A total of 95 new private equity and venture capital funds were registered in China, raising a cumulative subscription amount of 50.583 billion RMB [1] - The highest number of new funds was in Zhejiang Province, with 21 funds accounting for 22.11% of the total [1] - The largest cumulative fundraising amounts were from Beijing and Sichuan, with Beijing at 21.08% and Sichuan at 12.46% [1] Group 2 - The largest fund, Chengtong Science and Technology Investment Fund, has a planned total scale of 30 billion RMB, focusing on "hard technology" investments [1] - The first phase of the fund is set at 10 billion RMB, with contributions from China Chengtong, Sinopec, China Aviation Oil, and the Haidian District Government of Beijing [1] - The fund aims to invest in three core areas: new materials, advanced manufacturing, and next-generation information technology [1] Group 3 - A total of 170 limited partners (LPs) were involved in the new private equity funds, with a cumulative subscription amount of 47.585 billion RMB [2] - The majority of LPs are located in Guangdong and Zhejiang, accounting for 15.88% and 12.35% respectively [2] - The highest cumulative subscription amounts from LPs were also from Beijing and Sichuan, with Beijing at 15.12% and Sichuan at 13.35% [2] Group 4 - Government-backed funds accounted for the highest subscription amount, totaling 39.286 billion RMB, which is 82.56% of the total [2]

Core Viewpoint - The article discusses the recent online communication meeting held by the well-known private equity fund, Dongshuiquan, highlighting its investment strategies and market outlook for the second half of the year [2][4][11]. Group 1: Investment Strategies - Dongshuiquan emphasizes a top-down macro allocation framework that complements its bottom-up stock selection strategy, enhancing adaptability to market changes [2][10]. - The firm is focusing on three main investment directions for the second half of the year: 1. Revaluation of quality Chinese assets due to market changes and increased global capital allocation [4][11]. 2. Globalization of China's advantageous industries, with leading companies showing strong individual alpha [5][11]. 3. Opportunities in technology with a focus on domestic substitution in critical areas and investment opportunities arising from breakthroughs in AI technology [6][12]. Group 2: Market Conditions and Outlook - Since September 2022, the A/H stock market has seen an increase in risk appetite, with structural opportunities emerging despite overall index stability [8]. - The first half of the year exhibited a "barbell" market structure, with strong performance in value dividend assets, particularly bank stocks, and rapid rotation in emerging growth assets like AI and new consumption [8][10]. - Economic conditions show that while government efforts to stabilize growth continue, confidence among businesses and consumers remains fragile [8]. Group 3: Sector-Specific Opportunities - In the new consumption sector, there is a notable shift towards female consumer participation, which is influencing various industries, including gaming and beauty [13][18]. - The technology sector remains a key focus, particularly in AI, where Chinese companies are deeply involved in the global AI supply chain, presenting significant profit opportunities [19]. - The automotive industry is witnessing a trend towards high-end and intelligent vehicles, with domestic brands experiencing a surge in demand and profitability [21].

Market Overview - The A-share market showed a slight increase in the first half of the year, with total trading volume reaching 162.68 trillion yuan, significantly higher than 101 trillion yuan in the same period last year, indicating increased market activity [1][2] - Despite low index returns, the average return of private equity stock strategies was 14.04%, outperforming market benchmarks like the CSI 300 and Shanghai Composite Index [1][2] Private Equity Performance - A total of 303 private equity firms met the ranking criteria, with an average return of 14.04% across their products [2] - Private equity firms with assets under management (AUM) of 50-100 billion yuan and 10-20 billion yuan showed particularly strong performance, with average returns of 15.95% and 18.36% respectively [1][2] Top Performers by AUM 100 Billion and Above - The top private equity firm, Fusheng Asset, achieved a return of ***%, primarily using a subjective investment strategy, while most others in this category employed quantitative strategies [3][5] - Other notable firms included Longqi Technology and Wenbo Investment, with a strong emphasis on quantitative approaches [3][5] 50-100 Billion - Tongben Investment led this category with a return of ***%, focusing on fundamental analysis and value investing, particularly in consumer goods [7][9] - Tiansuan Quantitative ranked second, recognized for its use of AI in quantitative investment [7][9] 20-50 Billion - Yunqi Quantitative topped this segment with a return of ***%, utilizing advanced modeling and AI technologies [10][12] - Xiangcheng Capital and Zige Investment followed closely, both employing subjective investment strategies [10][12] 10-20 Billion - Nengjing Investment Holdings achieved the highest return in this category at ***%, with a focus on trend investing and industry research [15][17] - Morning Yao Private Equity ranked second, capitalizing on opportunities in the Beijing Stock Exchange [15][18] 5-10 Billion - Fuyuan Capital led with a return of ***%, emphasizing value investment and a strong focus on the Hong Kong consumer market [19][21] - Other firms like Jiu Private Equity Fund and Youbo Capital also performed well [19][21] 0-5 Billion - Qinxing Fund topped this category with a return of ***%, benefiting from a strong performance in the Hong Kong market [22][23] - Other firms included Binli Investment and Weifang Fund, maintaining a focus on subjective investment strategies [22][23]

Core Insights - The cross-border investment trend for private equity funds is rapidly increasing, driven by both individual and institutional investors [3][4][10] - The total personal investable assets in China reached 278 trillion yuan in 2022, growing over six times since 2008, with a compound annual growth rate (CAGR) of 15% [3] - The number of qualified foreign institutional investors (QFII) in China has reached 858, with a significant increase in the total QDII quota, which grew by 101.8% compared to the same period in 2023 [3][4] Group 1: Market Trends - The private equity fund sector has seen a substantial increase, with 153,000 funds managing 20.32 trillion yuan, a 13-fold increase since 2014 [4] - The number of private equity projects in Shenzhen has reached 20,366, with invested capital of 970.275 billion yuan, showing growth in early-stage and hard-tech investments [4] - Various cross-border investment mechanisms such as QFLP, QDLP, and QDIE are flourishing, enhancing the enthusiasm for cross-border investments among private equity funds [4] Group 2: Investment Strategies - Three key strategies for cross-border investment include timing, location, and strategic planning [5][6][9] - The importance of macroeconomic judgment is emphasized, particularly in the context of the ongoing technological revolution led by artificial intelligence [7] - Hong Kong and the United States are highlighted as primary investment destinations, with Hong Kong serving as a crucial link between China and international capital [8] Group 3: Implementation Tactics - The necessity of flexible financing and transaction structures is stressed, with recommendations for diversified financing channels and joint investment models [9] - Emphasis on respecting local cultures and social responsibilities to gain support from local stakeholders and regulatory bodies [9] - The potential for private equity funds to target non-core assets to reduce competition risks is also noted [9] Group 4: Future Outlook - The cross-border development of private equity funds aligns with China's broader strategy of opening up, presenting unprecedented opportunities for Shenzhen's financial sector [10] - The city aims to become a highland for international capital aggregation, enhancing the quality of private equity fund development [10]

Core Insights - The report from the China Securities Investment Fund Industry Association reveals a stable growth in private equity and venture capital (PE/VC) funds, with a total of 19,756 active fund managers and a fund management scale of 20.26 trillion yuan as of the end of June [1][2] Group 1: Private Fund Management - As of June, there are 19,756 active private fund managers, with 7,761 managing private securities investment funds and 11,801 managing PE/VC funds [2] - The number of newly registered private fund managers increased significantly in June, with 14 new registrations, including 12 PE/VC fund managers, compared to only 2 in May [2] - The concentration of registered private fund managers is primarily in major cities such as Shanghai, Beijing, and Shenzhen, accounting for 72.19% of the total [2] Group 2: Fund Products - In June, 1,540 new private fund products were registered, with a total new registration scale of 500.57 billion yuan [3] - The number of active private equity investment funds is 30,201, with a total scale of 10.95 trillion yuan, while venture capital funds have 26,144 active products with a scale of 3.41 trillion yuan [3] - The overall number of active private funds is 140,558, with a total scale of 20.26 trillion yuan [3] Group 3: Market Trends - The PE/VC market has shown signs of recovery in the first half of the year, with a stable fundraising scale and an increase in early-stage investments [4] - The investment market has rebounded, with a total of 5,074 investment cases in the first half of the year, a 28% year-on-year increase [4][6] - The average transaction size has decreased to 1.13 million yuan per deal, indicating a more rational approach to project financing [5] Group 4: Sector Focus - Investment in artificial intelligence, new materials, and medical devices has been particularly active, with AI financing transactions reaching a peak of 7.06% of the market share in the first half of 2025 [7] - The focus on early-stage investments has increased, with VC and early-stage investments accounting for 79% of the total investment in the first half of the year [6]

Group 1 - The core viewpoint of the news is that Qianhai Xuxin, a well-known private equity firm, has conducted research on a listed company, InSai Group, which is advancing the acquisition of 80% equity in the Zhizhe brand and raising matching funds [1] - Zhizhe brand is projected to generate revenue of 693 million in 2024, with a net profit of 57.45 million [1] - InSai Group is actively seeking excellent companies in performance marketing and e-commerce marketing to enhance its marketing business chain through mergers, investments, and joint ventures [1] - The company is continuously updating and iterating multiple intelligent agents and has appointed Liu Zhen as the chief scientist to accelerate the commercialization process [1] - The company aims to become a strategic partner of a leading domestic technology giant, providing full-chain marketing services [1] Group 2 - Qianhai Xuxin Asset Management Co., Ltd. was established in September 2015 and obtained the private securities investment fund manager qualification in December 2015 [2] - The company currently manages assets totaling 180 million RMB and has independently issued thirteen private funds [2] - The firm adheres to the principle of "risk control first" and is committed to providing clients with long-term, sustainable development, and stable return fund products [2]

Group 1 - The core viewpoint of the news is that Fengpei Investment has conducted research on a listed company, Fuxin Technology, which is making progress in its Micro TEC products for optical modules [1] - Fuxin Technology's Micro TEC products have started bulk shipments to overseas customers and are currently being validated with several domestic optical module clients [1] - The Micro TEC products are used in 400G/800G optical modules, with 400G typically requiring one Micro TEC and 800G requiring one to two [1] - The company currently produces 600,000 Micro TEC units per month, with an expected increase to 1 million units per month in the third quarter [1] - Fuxin Technology's Micro TEC products are on par with foreign competitors and have a cost advantage [1] - The company sources single-element metal tellurium and bismuth for its materials and self-manufactures bismuth telluride [1] - The reduction in holdings by executives and major shareholders is based on personal financial needs [1] - The energy storage liquid cooling and dehumidification system has begun bulk shipments to several leading companies, which is expected to become a new profit growth point [1]

Core Viewpoint - The introduction of a "mandatory cancellation" channel for private fund practitioners by the Asset Management Association of China (AMAC) addresses the long-standing issue of difficulty in canceling professional qualifications after leaving a job, enhancing the protection of practitioners' rights and interests in the industry [1][2][4]. Group 1: Background and Issues - The difficulty in canceling professional qualifications has been a significant issue for private fund practitioners who change jobs, often leading to delays of one to two years due to the original institution's approval process [3][4]. - The existing regulations required the original institution to process cancellation requests within five working days, but this was often not adhered to, causing practitioners to face challenges in their employment transitions [3][4]. Group 2: New Regulations - AMAC has officially launched an online "mandatory cancellation" feature, allowing eligible private fund practitioners to apply for qualification cancellation directly, bypassing the original institution's approval if it is not processed in a timely manner [4][5]. - To qualify for this new process, applicants must have left their original institution for at least six months, and there must be no pending issues regarding their cancellation request [5]. Group 3: Implications for the Industry - This new regulation is expected to enhance the mobility of talent within the private fund industry, as it reduces the barriers associated with qualification cancellation, thereby promoting a more competitive and fair environment [8]. - The move is anticipated to compel private fund institutions to improve their internal management practices, including enhancing work environments and compensation structures to retain talent [8].