Core Viewpoint - Shaanxi Sirui Advanced Materials Co., Ltd. is planning to issue A-shares to specific investors, with the total fundraising amount not exceeding 600 million yuan, aimed at supporting various projects including the industrialization of liquid rocket engine components and the construction of a technology industrial park [1][11]. Section 1: Basic Information of the Securities Issuance - The lead underwriter for the issuance is Haitong Securities Co., Ltd. [1] - The designated representatives for the project are Lin Wenting and Zhao Zhongtang, both experienced in investment banking [2][3]. - The project coordinator is Chen Qiuyue, who has participated in several IPO projects [3]. Section 2: Issuer Information - Shaanxi Sirui Advanced Materials Co., Ltd. was established on July 11, 1995, and became a joint-stock company on December 30, 2015, with a registered capital of 727,337,890 yuan [4]. - The company is listed on the Shanghai Stock Exchange under the stock code 688102 [4]. Section 3: Financial Data - As of September 30, 2024, the total assets of the company amounted to 200,822.78 million yuan, with total liabilities of 89,195.92 million yuan, resulting in total equity of 111,626.86 million yuan [5]. - For the first nine months of 2024, the company reported operating income of 96,430.81 million yuan and a net profit of 7,925.46 million yuan [5]. Section 4: Issuance Details - The type of shares to be issued is RMB ordinary shares (A-shares) with a par value of 1.00 yuan per share [7]. - The issuance will be directed towards no more than 35 specific investors, including various financial institutions and qualified individual investors [8]. - The pricing will be based on the average trading price of the company's shares over the 20 trading days prior to the issuance date, with a minimum price set at 80% of this average [8][9]. Section 5: Use of Proceeds - The proceeds from the issuance will be allocated to projects including the industrialization of liquid rocket engine components and the production of medical imaging equipment, with a total investment of 69,000 million yuan planned for these projects [11][19]. Section 6: Compliance and Approval - The issuance has undergone necessary internal reviews and has been approved by the board of directors and shareholders, complying with relevant laws and regulations [17][18]. - The company assures that the fundraising aligns with national industrial policies and will contribute to the development of the commercial aerospace sector [19][20].

Core Viewpoint - The report indicates that Zhongjuxin Technology Co., Ltd. has successfully established a compliant corporate governance structure and internal control system, ensuring effective operation and adherence to regulatory requirements since its IPO [1][2][6]. Group 1: Corporate Governance and Internal Control - The company has established a governance structure that meets the requirements for listed companies, with effective execution of its articles of association and meeting rules [2]. - The internal control system is well-defined, with clear responsibilities and compliance in place, including an internal audit system [2][4]. - Meetings of the board, supervisory board, and shareholders have been conducted legally and in compliance with regulations, with complete records maintained [2]. Group 2: Information Disclosure - The company has a comprehensive information disclosure system that complies with relevant regulations, ensuring no false statements or omissions in disclosures [3]. Group 3: Independence and Related Party Transactions - The company maintains good independence from its controlling shareholders and has no instances of fund misappropriation by related parties [3][4]. Group 4: Use of Raised Funds - The company has established a management system for raised funds, ensuring compliance with decision-making procedures and proper disclosure of fund usage [4]. Group 5: Operational Status - The company is reported to have a good operational status, with normal business operations and no significant changes in its business model or market environment [6].

海通证券股份有限公司关于 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》等有关法律、法规要求，海通证券作为持续督导保荐机构，对公司首次公 开发行部分限售股及部分战略配售限售股上市流通事项进行了专项核查，现将本 次核查的情况报告如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2024 年 1 月 17 日出具的《关于同意灿芯 半导体（上海）股份有限公司首次公开发行股票注册的批复》 灿芯半导体（上海）股份有限公司首次公开发行部分限售股 及部分战略配售限售股上市流通的核查意见 上海证券交易所： 经中国证券监督管理委员会《关于同意灿芯半导体（上海）股份有限公司 首次公开发行股票注册的批复》（证监许可〔2024〕106 号）批复，灿芯半导体 （上海）股份有限公司（以下简称"灿芯股份"、"公司"或"发行人"）首次 公开发行股票 3,000.00 万股，每股面值人民币 1 元，每股发行价格人民币 19.86 元，募集资金总额为人民币 59,580.00 万元，扣除发行费用后，实际募集资金净 额为人民币 52,129.49 万元。本次发行证券已于 2024 年 4 月 11 ...

海通证券股份有限公司 关于湖南华联瓷业股份有限公司 变更部分募集资金用途的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为湖南华联 瓷业股份有限公司（以下简称"华瓷股份"或"公司"）首次公开发行股票并上市持 续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引 第2号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公 司自律监管指引第13号——保荐业务》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第1号-主板上市公司规范运作》等有关规定， 对公司变更募集资金投资项目的事项进行了核查，具体情况如下： 一、变更募集资金投资项目的概述 （一）募集资金到位情况 经中国证券监督管理委员会《关于核准湖南华联瓷业股份有限公司首次公开 发行股票的批复》（证监许可20212802号）核准，公司向社会公开发行人民币 普通股（A股）62,966,700股，公司本次公开发行股票募集资金总额为人民币 税），实际募集资金净额为人民币532,679,111.08元。上述募集资金到位情况经天 健会计师事务所（特殊普通合伙）天健验字20212-40号验资报告予以验 ...

海通证券股份有限公司 关于杭州山科智能科技股份有限公司 募投项目结项并将节余募集资金永久补充流动资金的核查 意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作（2023 年 12 月修订）》等法规和规范性文件要求， 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为杭州山科智能 科技股份有限公司（以下简称"山科智能"或"公司"）首次公开发行股票并在创业 板上市的持续督导机构，对山科智能首次公开发行股票募投项目结项并将节余募 集资金永久补充流动资金的事项进行了核查，核查情况如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会证监许可20202123 号核准，公司向社会公开发 行了人民币普通股(A 股)股票 1,700 万股，发行价为每股人民币为 33.46 元，共 计募集资金总额为人民币 56,882.00 万元，扣除券商承销佣金及保荐费 3,945.04 万元后，主承销商海通证券于 2020 年 9 月 22 日汇入公司募集资金监管账户招商 银 ...

Core Viewpoint - In February, domestic heavy truck sales reached 81,000 units, a year-on-year increase of 36% and a month-on-month increase of 13% [2][4]. Sales Performance - Cumulative sales of domestic heavy trucks from January to February totaled 154,000 units, showing a year-on-year decline of 2% [2][4]. - The sales of natural gas heavy trucks in February were 17,000 units, representing a year-on-year growth of 73% and a month-on-month growth of 72% [3][4]. - The penetration rate of natural gas in heavy trucks was 20% in February, with semi-trailer trucks at 37% [4]. Market Structure - The sales structure of heavy trucks indicates an increase in the proportion of engineering vehicles and a decrease in the proportion of tractor trucks [2][5]. - In February, the sales of semi-trailer trucks were 43,000 units, up 45% year-on-year, while heavy-duty cargo truck sales were 20,000 units, up 6% year-on-year [2][3]. Export Trends - The export performance of various heavy trucks showed divergence, with semi-trailer truck exports remaining flat year-on-year at 10,000 units [3][4]. - Exports of heavy non-complete vehicles reached 5,000 units in February, a year-on-year increase of 24% [3][4]. Natural Gas Heavy Trucks - The sales of natural gas semi-trailer trucks in February were 16,000 units, reflecting a year-on-year increase of 69% [3][4]. - The cumulative sales of natural gas heavy trucks from January to February reached 26,000 units, a year-on-year increase of 9% [3][4]. New Energy Heavy Trucks - In February, the sales of new energy heavy trucks were 10,000 units, a year-on-year increase of 226% [4][5]. - The penetration rate of new energy heavy trucks was 12% in February, with a cumulative penetration rate of 13% from January to February [4][5]. Competitive Landscape - In February, China National Heavy Duty Truck Group ranked first in heavy truck sales, with the top ten companies accounting for 91% of the cumulative market share [4][5]. - The expected heavy truck sales for 2025 are projected to be 1.026 million units, a year-on-year increase of 13% [5]. Investment Recommendations - The industry shows growth potential, particularly in domestic recovery and sustained export growth [5]. - Recommended stocks include Weichai Power, China National Heavy Duty Truck Group, CIMC Vehicles, and Foton Motor, with a suggestion to pay attention to FAW Liberation [5].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Xiamen Municipal Environmental Energy Co., Ltd.'s application for an initial public offering (IPO) and listing on the main board after the company and its sponsor, Haitong Securities Co., Ltd., submitted a request to withdraw the application [1][2]. Company Overview - Xiamen Environmental Energy's main business includes waste-to-energy power generation from municipal solid waste, hazardous waste disposal, medical waste disposal, kitchen waste disposal, leachate treatment, ecological landfill, marine sanitation, and garbage compression transfer, forming a profit model primarily based on income from municipal waste treatment, hazardous waste disposal, and comprehensive environmental treatment [2]. Shareholding Structure - As of the signing date of the prospectus, Xiamen Municipal Group directly holds 83.99% of the company's shares, with an additional 2.96% held indirectly through Xiamen Municipal Songhu, totaling 86.95% ownership. The actual controller of the company is the Xiamen State-owned Assets Supervision and Administration Commission, which directly holds 100% of Xiamen Municipal Group [2]. Fundraising Plans - Xiamen Environmental Energy initially planned to raise 1.096 billion yuan (approximately 109,650.56 million yuan) for various projects, including the third phase of the Eastern (Xiang'an) waste-to-energy power plant, the first phase of the Ninghua County waste-to-energy power plant construction project, the establishment of the Xiamen Environmental Energy R&D center, and to supplement working capital [3][4]. Investment Breakdown - The total investment for the projects is approximately 1.658 billion yuan (165,866.96 million yuan), with the planned fundraising amount of 1.096 billion yuan allocated as follows: - Eastern (Xiang'an) waste-to-energy power plant phase III: 789.34 million yuan (30 million yuan to be raised) - Ninghua County waste-to-energy power plant phase I: 339.82 million yuan (26.7 million yuan to be raised) - Xiamen Environmental Energy R&D center: 200.55 million yuan (fully funded by the raised amount) - Supplementing working capital: 328.95 million yuan (fully funded by the raised amount) [4].

Investment Philosophy - The essence of investment is to manage desires, with a focus on "slowly becoming rich" rather than seeking quick gains [3][4] - Emphasis on understanding major variables and market trends, advocating for a "less is more" approach in research [2][3] Chinese Economic Outlook - "Intelligent manufacturing" is seen as a new engine for China's economic development, crucial for the transition from old to new economic drivers [4][5] - The real estate sector currently accounts for approximately 25% of GDP, while strategic emerging industries contribute around 15% [4] - Service consumption, currently at about 20%, is identified as a potential growth area, especially with advancements in AI [4] Market Dynamics - The second quarter of the year is viewed as a critical observation period for policy impacts on both the US and global economies [6][7] - The narrative of "East rising, West falling" is challenged, suggesting a more nuanced view of global economic interdependence [6][7] - The US economy's performance, which constitutes 26.1% of global GDP, significantly influences global market dynamics [7]

Core Viewpoint - The company, Maiwei Biotech, is facing significant financial challenges, including a net loss of approximately 106.96 million yuan, primarily due to high R&D expenditures and the short market presence of its products [2][10][11]. Financial Performance - The company's net profit attributable to shareholders was -104.39 million yuan, with a net loss excluding non-recurring items of -106.96 million yuan, indicating a slight increase in losses compared to the previous year [10][18]. - Revenue for the year reached 199.78 million yuan, a 56.28% increase from the previous year, driven by a significant rise in drug sales [18][26]. - R&D expenses for the year were approximately 78.29 million yuan, reflecting a decrease of 6.33% compared to the previous year [10][18]. Product Development and Market Position - The company has three products on the market: Junmaikang®, Mailishu®, and Maiweijian®, with ongoing clinical trials for several innovative drugs [10][11][26]. - The company has a pipeline of 16 products at various stages, including 12 innovative drugs and 4 biosimilars, focusing on oncology and age-related diseases [10][11]. - The sales revenue from the drug Deshu Single Antibody reached approximately 138.97 million yuan, marking a 230.17% increase year-on-year [26][27]. Regulatory and Compliance - The company is subject to stringent regulatory oversight, with compliance to various national and local drug management regulations impacting its operations [14][15]. - The company has established internal systems to ensure compliance with legal and regulatory requirements, including information disclosure obligations [4][5]. R&D and Innovation - The company emphasizes innovation, with a focus on developing differentiated products and maintaining a robust R&D pipeline [20][21]. - The company has established multiple technology platforms to enhance its drug discovery and development processes, contributing to its competitive edge in the market [20][21]. Market Strategy - The company is expanding its commercial sales efforts, with a focus on building a professional sales and marketing team to enhance product promotion and market penetration [25][28]. - The marketing strategy is centered around a patient-centric approach, leveraging clinical data to educate healthcare providers and patients about its products [28].

Summary of Key Points Core Viewpoint The company, Maiwei (Shanghai) Biotechnology Co., Ltd., is seeking to provide a guarantee of up to RMB 3.1 billion for its wholly-owned subsidiaries to support their financing needs, which is subject to approval by the shareholders' meeting [1][2][14]. Group 1: Guarantee Overview - The total guarantee amount for the subsidiaries is expected to be no more than RMB 3.1 billion, with specific amounts and terms to be finalized in formal agreements [1][2]. - The subsidiaries include Jiangsu Taikang Biomedical Co., Ltd., Shanghai Langrun Maiwei Biomedical Technology Co., Ltd., Jiangsu Maiwei Pharmaceutical Co., Ltd., Jiangsu Maiwei Kangxin Drug Research and Development Co., Ltd., Maiwei (Chongqing) Biomedical Co., Ltd., and Maiwei Vision Pharmaceutical Technology (Zhejiang) Co., Ltd. [1][2]. Group 2: Financial Performance of Subsidiaries - Jiangsu Taikang Biomedical Co., Ltd. reported total assets of RMB 303.29 million and total liabilities of RMB 332.95 million as of December 31, 2024, with a net loss of RMB 2.37 million [3]. - Shanghai Langrun Maiwei Biomedical Technology Co., Ltd. had total assets of RMB 118.89 million and total liabilities of RMB 70.66 million, with a net loss of RMB 5.31 million [6]. - Jiangsu Maiwei Pharmaceutical Co., Ltd. reported total assets of RMB 41.57 million, total liabilities of RMB 35.65 million, and a net profit of RMB 8.77 million [9]. Group 3: Approval Process - The proposal for the guarantee has been approved by the board of directors and will be submitted to the shareholders' meeting for final approval [2][14]. - The decision-making process complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [14][16]. Group 4: Risk Management - The company believes that the subsidiaries have good credit status, which allows for effective control and mitigation of guarantee risks [14]. - The independent directors and supervisory board have expressed support for the guarantee, emphasizing its necessity for the subsidiaries' operational needs [14].