来源：新浪港股 国有文旅服务企业印象大红袍 （02695） 、生物制药公司华芢生物-B （02396） 、内地民营综合医院 明基医院 （02581） 、期货公司南华期货 （02691） 4只新股首日挂牌，均逆市破发。 华芢生物开报33.8港元，较招股价38.2元低11.5%，每手200股，一手帐面亏880元。 公司基石投资者包括禾荣科技、合富（中国）及苏州战兴，合共认购发售总数的49.63%。 印象大红袍开报3.26港元，较招股定价3.6元低9.4%，每手1000股，一手帐面蚀340元。 公司主要经营基于武夷山茶文化的旅游演艺和文旅配套服务，业务包括三个主要分部：演出及表演服 务、印象文旅小镇业务、茶汤酒店业务。公司以张艺谋等执导的《印象·大红袍》实景演出为核心收入 来源（占比超85%）。 公司获超购超3400倍，联席保荐人为兴证国际及铠盛。公司上周五在港股主流三大暗盘表现分化，辉 立、耀才潜水约3%，但富途则收涨11%。 公司主攻伤口愈合疗法，是一家未盈利的生物制药公司，专注于开发蛋白质药物，专注于血小板衍生生 长因子（PDGF）药物。 公司没有引入基石投资者。华泰国际、中信证券为联席保荐人。 明基医院开报 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Nanhua Futures Co., Ltd. 南華期貨股份有限公司 (A joint stock company incorporated in the People's Republic of China with limi ...

Core Viewpoint - As of August 29, 2025, Zhongtai Securities (600918) reported a closing price of 7.21 yuan, down 1.5% from the previous week, with a total market capitalization of 49.905 billion yuan, ranking 23rd in the securities sector and 332nd among A-shares [1] Shareholder Changes - As of June 30, 2025, the number of shareholders decreased to 106,200, a reduction of 5.11% from March 31, 2025, with the average shareholding increasing from 62,300 shares to 65,600 shares, and the average shareholding value at 422,100 yuan [3] Performance Disclosure Highlights - Zhongtai Securities' mid-year report for 2025 showed a main revenue of 5.257 billion yuan, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 711 million yuan, up 77.26% year-on-year. The net profit excluding non-recurring items was 695 million yuan, an increase of 78.67% year-on-year. In Q2 2025, the net profit attributable to shareholders was 341 million yuan, a significant increase of 388.56% year-on-year, while the net profit excluding non-recurring items was 334 million yuan, up 308.77% year-on-year. The debt ratio stood at 80.07%, with investment income of 1.234 billion yuan [4][6] Company Announcements Summary - From May 27 to August 26, 2025, the company repurchased 46,962,500 shares, accounting for 0.67% of the total share capital, at a price range of 6.05 to 6.62 yuan per share, with an average price of 6.39 yuan per share, totaling 300 million yuan (excluding transaction fees). The repurchased shares will be canceled on August 27, 2025, reducing the total share capital from 6,968,625,756 shares to 6,921,663,256 shares. A legal opinion confirmed no substantial competition between Shandong Energy Group and Zhongtai Securities in investment business. The company has responded to the Shanghai Stock Exchange regarding the issuance of shares to specific objects, which still requires approval from the exchange and registration with the CSRC, indicating uncertainty. Zhongtai Futures plans to sign a framework agreement for daily related transactions with Shandong Energy Group, effective from January 1, 2026, to December 31, 2028, pending shareholder meeting approval [5][6]

Core Viewpoint - The announcement details the signing of framework agreements for daily related transactions between the subsidiary Zhongtai Futures and its indirect controlling shareholder Shandong Energy Group, focusing on commodity trading, derivative transactions, and asset management services [1][2]. Group 1: Daily Related Transactions Overview - Zhongtai Futures plans to engage in commodity purchase and sale, derivative trading, and provide financial services to Shandong Energy Group and its subsidiaries [1][2]. - The agreements include a Commodity Purchase Framework Agreement, Risk Management Service Framework Agreement, Asset Management Service Framework Agreement, and Futures Brokerage Service Framework Agreement [1][2]. Group 2: Transaction Approval Process - The proposal for the framework agreements was approved unanimously at the third board meeting on August 29, 2025, with certain related directors abstaining from the vote [2]. - The transactions require further approval from the company's shareholders, with specific shareholders abstaining from voting at the meeting [2]. Group 3: Financial Details and Transaction Limits - The expected transaction amounts and categories are outlined, with specific limits set for each agreement, including the purchase costs and asset management fees [2][5]. - The agreements are set to be effective from January 1, 2026, to December 31, 2028, contingent upon necessary approvals [6]. Group 4: Related Party Information - Shandong Energy Group, the indirect controlling shareholder, has a registered capital of RMB 30.2 billion and is involved in various sectors including coal, electricity, and financial services [4][5]. - The group has total assets of RMB 1,045.385 billion as of the end of 2024, indicating a strong financial position [5]. Group 5: Pricing and Independence - The pricing for the transactions is based on fair market value and independent third-party pricing, ensuring no harm to the company or minority shareholders [5][6]. - The transactions are characterized as daily related transactions necessary for business operations, maintaining the company's independence and not creating reliance on related parties [6].

Core Viewpoint - Shanghai New Huangpu Industrial Group Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by strategic initiatives in real estate and financial services [1][2]. Company Overview and Key Financial Indicators - The company achieved operating revenue of approximately 388.80 million RMB, a 9.16% increase from the previous year [2][5]. - Total profit reached approximately 114.69 million RMB, marking a substantial increase of 330.81% year-on-year [2][5]. - Net profit attributable to shareholders was approximately 101.63 million RMB, up 368.46% compared to the same period last year [2][5]. - The company's total assets increased by 4.61% to approximately 20.04 billion RMB [2][5]. Business Performance Analysis - The real estate sector showed signs of recovery, with improved sales performance in core areas and a focus on rental housing projects [3][5]. - The financial services segment demonstrated steady growth, with a complete range of licenses in futures, trusts, and funds, contributing to overall profitability [3][5]. - The company maintained a strong cash flow, with net cash flow from operating activities increasing by 788.91% to approximately 1.32 billion RMB [2][5]. Competitive Advantages - The company benefits from early involvement in the rental housing market, leveraging its experience to enhance project efficiency and profitability [5]. - The "Technology Capital" brand, recognized as a high-tech entrepreneurial park, provides a competitive edge in attracting businesses and investments [5]. - A robust financial services cluster supports the company's dual-driven strategy in real estate and finance, enhancing operational synergies [5]. Future Outlook - The company plans to continue focusing on the Yangtze River Delta region, capitalizing on local market trends and demographic shifts to drive growth [5]. - Ongoing investments in technology and innovation are expected to further enhance operational efficiency and market competitiveness [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Interim Regulations on Internet Marketing Management of Futures Companies," which will take effect on October 9. This new regulation marks the beginning of comprehensive standardized management of internet marketing activities in the futures industry [1]. Group 1: Regulation Overview - The new regulations consist of eighteen articles aimed at addressing issues and risks associated with internet marketing activities of futures companies, establishing a systematic regulatory framework [1]. - The definition of internet marketing activities has been expanded to include commercial promotion of futures brokerage or trading consulting services via the internet, thus bringing trading consulting services under regulatory oversight [4]. Group 2: Internal Management Requirements - Futures companies are required to establish and improve internal management systems for internet marketing, integrating them into their compliance management framework. A designated department must be established at the headquarters to manage these activities uniformly [4]. - Branch offices must conduct internet marketing activities under the authorization and unified management of the headquarters, prohibiting independent use of third-party services for marketing [4]. Group 3: Content Management and Compliance - Marketing content must be uniformly reviewed to ensure legality and compliance, with key information such as company name and risk warnings prominently displayed. There is a requirement for enhanced monitoring of live broadcast content [4]. - All marketing activities must be documented, with records retained for no less than twenty years [4]. Group 4: Third-Party Cooperation Management - Strict requirements are imposed on futures companies regarding cooperation with third-party institutions. A pre-evaluation mechanism must be established to assess the service quality and compliance of third-party providers [5]. - Written agreements must be signed, clearly outlining the rights and obligations of both parties, and prohibiting third parties from engaging in illegal activities such as unauthorized client information acquisition [5]. Group 5: Prohibited Marketing Practices - Futures companies and their personnel are prohibited from using false or misleading marketing content, making exaggerated claims about returns, or implying guaranteed returns [5]. - The regulations also prohibit the use of deceptive practices to undermine competitors or manipulate search results, thereby promoting a fair and honest market environment [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Interim Regulations on Internet Marketing Management for Futures Companies," which will take effect on October 9, 2025, aiming to enhance the regulation of internet marketing activities by futures companies and protect the legitimate rights and interests of futures traders [1][2]. Summary by Sections Regulatory Framework - The "Interim Regulations" consist of 18 articles focusing on issues and risks associated with internet marketing activities of futures companies, including defining the scope of internet marketing, strengthening content review, clarifying marketing systems, and enhancing customer protection [2][4]. - Internet marketing activities are defined as commercial promotion of futures brokerage or trading consulting services via the internet, including brand promotion and trader education [2][3]. Marketing Management - The regulations specify that branch offices of futures companies must conduct internet marketing under the authorization and unified management of the headquarters, prohibiting independent use of third-party services for marketing [3]. - New requirements mandate that marketing content must prominently display the company name and risk warnings, enhancing the regulation of marketing materials [3]. Third-Party Management - Futures companies utilizing third-party services for internet marketing must sign written agreements outlining rights and obligations, and report to the local CSRC office [3]. - The regulations aim to strengthen the crackdown on illegal activities such as unauthorized brokerage and misleading trading consulting services [3][4]. Customer Protection - The regulations require futures companies to enhance risk warnings and follow-up with clients, ensuring that fees do not exceed publicized standards and addressing unusual trading behaviors promptly [4]. - Fair competition is emphasized, prohibiting the use of false information to discredit competitors and other unfair marketing practices [4]. Supervision and Transparency - The CSRC, along with industry associations, will establish an information-sharing mechanism for monitoring internet marketing activities of futures companies, enhancing transparency and regulatory coordination [5]. - The increasing regulatory scrutiny has led to penalties for futures companies engaging in misleading marketing practices, indicating a trend towards stricter enforcement [5]. Long-term Implications - In the short term, futures companies may face an adjustment period, but clear regulatory guidance is expected to encourage improved service quality and differentiated development paths in the long run [6]. - The regulations are anticipated to standardize internet marketing activities across the industry, providing protection for both traders and futures companies, fostering a stable operational environment [6].

Core Viewpoint - The "Interim Regulations on Internet Marketing Management for Futures Companies" aims to enhance the regulation of internet marketing activities by futures companies, ensuring compliance and protecting the rights of futures traders, effective from October 9, 2025 [1][2]. Summary by Relevant Sections Regulatory Framework - The regulations consist of 18 articles focusing on issues and risks in internet marketing activities of futures companies, including defining the scope of internet marketing, strengthening content review, clarifying marketing systems, and enhancing customer protection [2][5]. Definition and Scope - Internet marketing activities are defined as commercial promotion of futures brokerage or trading consulting services via the internet, including brand promotion and trader education, which must comply with the regulations [2][3]. Marketing Management - The regulations specify that branch offices of futures companies must conduct internet marketing under the authorization and unified management of the headquarters, prohibiting independent use of third-party services [3][4]. Content Regulation - Marketing content must prominently display the company name and risk warnings, reinforcing the need for compliance in marketing practices [3][4]. Third-Party Management - Futures companies must sign written agreements with third-party service providers for internet marketing, clearly defining rights and obligations, and report to the regulatory authority [3][4]. Customer Protection - Companies are required to enhance risk warnings and follow-up with clients, ensuring fees do not exceed publicized standards and addressing unusual trading behaviors promptly [4][5]. Fair Competition - The regulations prohibit deceptive practices such as spreading false information about competitors and engaging in unfair marketing tactics [5][6]. Supervision and Transparency - Regulatory bodies are to establish an information-sharing mechanism for monitoring internet marketing activities, which will enhance transparency and reduce compliance burdens for futures companies [5][6]. Industry Impact - The implementation of these regulations is expected to reduce violations in internet marketing, promote healthy development in the futures industry, and encourage companies to improve service quality and explore differentiated development paths [6][7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced interim regulations for internet marketing activities of futures companies to enhance supervision and protect the rights of traders, effective from October 9 [1][2]. Group 1: Regulatory Framework - The interim regulations consist of eighteen articles aimed at strengthening the oversight of internet marketing activities by futures companies [1][3]. - The regulations define internet marketing activities as commercial promotion of futures brokerage or trading consulting services via the internet [3]. Group 2: Key Requirements - Futures companies are required to conduct unified content audits for marketing materials to ensure compliance and legality [3]. - Companies must establish internal management systems for internet marketing and designate specific departments for unified management [3]. - Marketing personnel must be authorized and managed by the futures company, with a focus on training and supervision [3]. Group 3: Third-Party Management and Customer Protection - Futures companies must conduct prior evaluations and enter written agreements with third-party institutions, clearly outlining prohibited behaviors [3]. - Enhanced customer protection measures include risk warnings, transparent fee disclosures, and monitoring of unusual trading activities [3][4]. Group 4: Prohibited Practices - The regulations explicitly prohibit fraudulent or misleading marketing practices by futures companies and their employees [4]. - Companies are also barred from engaging in marketing practices that undermine fair competition [5]. Group 5: Supervision and Enforcement - The CSRC and its local agencies are empowered to conduct both off-site and on-site inspections of internet marketing activities [5]. - A mechanism for sharing regulatory information is established to promptly report and address illegal activities in the futures market [5].

Core Viewpoint - The company is facing revenue pressure due to declining domestic and international interest rates and competitive fee structures in the futures brokerage market, but the dual-driven business model is expected to support high growth in performance [1][3]. Financial Performance - The company maintains a "Buy" rating with a target price of 31.03 yuan. Projected revenue and net profit for 2025H1 are 1.101 billion yuan and 231 million yuan, reflecting year-on-year changes of -58.27% and +0.46% respectively [2]. - The weighted average ROE decreased by 0.52 percentage points to 5.51% [2]. - The EPS forecast for 2025-2027 has been adjusted to 0.82, 0.97, and 1.15 yuan, respectively, up from previous estimates [2]. Revenue Drivers - Interest income for 2025H1 is expected to decline by 27.80% to 253 million yuan, significantly impacting adjusted revenue [3]. - The company's overseas subsidiaries achieved a 26.46% growth in futures margin, indicating strong momentum in international business [3]. - The net commission rate has decreased due to market competition, leading to a 13.88% drop in net income from fees and commissions to 235 million yuan [3]. Business Growth Potential - The company is advancing plans for H-share financing, which is expected to enhance its financial service capabilities and strengthen its self-clearing system [4]. - The ongoing internationalization of the RMB is anticipated to expand domestic business opportunities, particularly in futures and foreign exchange markets [4]. Catalysts - Successful H-share listing and financing [5]. - Continuous progress in RMB internationalization [5].