招商证券股份有限公司 关于中盐内蒙古化工股份有限公司本次重大 资产重组产业政策和交易类型核查意见 中盐内蒙古化工股份有限公司（以下简称"中盐化工"或"上市公司"）的 参股公司中盐（内蒙古）碱业有限公司拟实施定向减资。本次交易构成上市公司 重大资产重组。 招商证券股份有限公司（以下简称"独立财务顾问"）作为本次交易的独立 财务顾问，根据中国证券监督管理委员会《监管规则适用指引—上市类第1号》 《上海证券交易所上市公司自律监管指引第6号—重大资产重组》等法律法规、 规范性文件的要求，对本次交易涉及的产业政策和交易类型进行了核查，具体如 下： 本独立财务顾问核查后认为：本次交易所涉及的交易类型属于同行业并购， 不构成重组上市。 三、本次重大资产重组是否涉及发行股份 本独立财务顾问核查后认为：本次重大资产重组不涉及发行股份。 四、上市公司是否存在被中国证监会立案稽查尚未结案的情形 截至本核查意见出具日，上市公司不存在被中国证监会立案稽查尚未结案的 情形。 本独立财务顾问核查后认为：截至本核查意见出具日，中盐化工不存在被中 国证监会立案稽查尚未结案的情形。 （以下无正文） 一、本次交易涉及的行业或企业是否属于《监管规则 ...

Core Viewpoint - The major asset restructuring of Zhongyan Inner Mongolia Chemical Co., Ltd. involves a targeted reduction of capital by its subsidiary, Zhongyan (Inner Mongolia) Soda Industry Co., Ltd., and is classified as a significant asset restructuring for the listed company [1][2]. Group 1 - The independent financial advisor, China Merchants Securities Co., Ltd., confirmed that there were no direct or indirect paid engagements of third parties in this transaction [2]. - The listed company has engaged several advisory firms for this transaction, including China Merchants Securities as the independent financial advisor, Inner Mongolia Jadu Law Firm as the legal advisor, Lixin Certified Public Accountants as the auditing firm, Beijing Zhuoxin Dahu Asset Appraisal Co., Ltd. for asset evaluation, and Beijing Guorong Xinghua Asset Appraisal Co., Ltd. for the valuation of natural soda mineral rights [1][2]. - The company has complied with the relevant regulations regarding the hiring of third parties in investment banking activities, as outlined in the guidelines for preventing integrity risks [1][2].

本独立财务顾问核查后认为：本次交易相关主体不存在依据《上市公司监管 指引第7号——上市公司重大资产重组相关股票异常交易监管》第十二条不得参 与任何上市公司重大资产重组的情形。 招商证券股份有限公司 关于中盐内蒙古化工股份有限公司重大资产重组 相关主体不存在《上市公司监管指引第7号——上市公司 重大资产重组相关股票异常交易监管》第十二条不得参与 上市公司重大资产重组情形的核查意见 招商证券股份有限公司（以下简称"招商证券"或"本独立财务顾问"）接 受中盐内蒙古化工股份有限公司（以下简称"中盐化工"或"上市公司"）的委 托，担任中盐化工参股公司减资之重大资产重组的独立财务顾问，按照《上市公 司监管指引第7号—上市公司重大资产重组相关股票异常交易监管》规定核查如 下： 一、相关交易主体的核查情况 截至本核查意见出具日，本次交易涉及的《上市公司监管指引第7号—上市 公司重大资产重组相关股票异常交易监管》第六条规定的相关主体包括：上市公 司及其董事、高级管理人员，上市公司的控股股东及一致行动人，交易对方，为 本次交易提供服务的证券公司、律师事务所、会计师事务所、评估机构及其经办 人员，参与本次交易的其他主体。 经核查， ...

关于中盐内蒙古化工股份有限公司重大资产重组 招商证券股份有限公司 上市公司在本次重大资产重组前12个月内未发生对同一或相关资产进行购 买、出售的情况。 三、独立财务顾问核查意见 前十二个月内购买、出售资产的核查意见 招商证券股份有限公司（以下简称"招商证券"或"本独立财务顾问"） 接受中盐内蒙古化工股份有限公司（以下简称"中盐化工"或"上市公司"） 的委托，担任中盐化工参股公司减资之重大资产重组的独立财务顾问，对上市 公司本次交易前12个月内购买、出售资产情况进行核查，具体情况如下： 一、《上市公司重大资产重组管理办法》的相关规定 上市公司在12个月内连续对同一或者相关资产进行购买、出售的，以其累计 数分别计算相应数额。已按照《上市公司重大资产重组管理办法》的规定编制并 披露重大资产重组报告书的资产交易行为，无须纳入累计计算的范围。中国证监 会对《上市公司重大资产重组管理办法》第十三条第一款规定的重大资产重组的 累计期限和范围另有规定的，从其规定。交易标的资产属于同一交易方所有或者 控制，或者属于相同或者相近的业务范围，或者中国证监会认定的其他情形下， 可以认定为同一或者相关资产。 二、本次交易情况 本次交易 ...

Group 1: ETF Market and Investment Strategies - The "Zhaocai Cup" ETF live competition series aims to enhance investors' asset allocation and risk management skills, promoting the healthy development of the ETF market [1] - Investors should understand the differences between QDII and Hong Kong Stock Connect, as well as between technology and internet sectors when selecting suitable indices [1][14] - The current market offers various ETF products categorized into four types based on investment scope and business definitions [14] Group 2: Hong Kong Stock Market Dynamics - The Hong Kong stock market has seen significant inflows from southbound funds, with an average monthly inflow of over HKD 1,200 million, nearly doubling from last year's average [5] - The Hong Kong dollar has appreciated against the US dollar, with the exchange rate reaching a strong side guarantee of 7.75, indicating increased demand for the Hong Kong dollar [5][6] - The market is expected to achieve liquidity balance in the second half of the year, supported by anticipated interest rate cuts from the Federal Reserve [7] Group 3: AI Industry and Investment Opportunities - The AI wave is primarily driven by significant products like ChatGPT and DeepSeek, with AI models becoming the core of this trend [8][10] - The AI industry chain is evolving, with hardware investments surging due to the demand for computational power to support large models [9] - The recognition of domestic technology companies' capabilities has shifted positively, particularly following the introduction of DeepSeek, which has demonstrated competitive performance [10][11] Group 4: Sector Performance and Future Outlook - The technology sector in Hong Kong has shown the highest growth since 2000, indicating its long-term growth potential and investment value [3] - The Hong Kong Stock Connect technology index has seen a substantial increase, with a 135% rise in certain periods, reflecting strong capital inflows [3] - The market sentiment is expected to recover as global trade tensions ease and capital flows into Hong Kong continue [2][4]

中国证券业协会（以下简称"协会"）近期密集发布了即将于今年9月生效的《证券公司全面风险管理规范（修订稿）》（以下简 称《规范》）与未来三年分批实施的《证券公司并表管理指引（试行）》（以下简称《指引》）。 公司治理 自2020年3月，证监会公布中金公司、招商证券、中信证券、华泰证券、中信建投、国泰君安等6家证券公司实施并表监管试点 （以下简称"试点机构"），到《指引》发布已历经5年的实践。试点机构通过不断加强并表管理，都显著积累了更多的人才、技 术和系统等资源，全面提升了经营稳健性与合规风控能力。对很多排名靠前的券商而言，这次《指引》的发布可谓"千呼万唤始 出来"，是他们多年来厉兵秣马、翘首企盼的春风。 笔者曾参与2019年底的并表监管试点评审，并在此之后与多家券商就并表管理及试点券商的实践进行过交流。《指引》并非简 单将当年的评审规则从试点机构套用到对全行业的并表监管上，而是扩大了并表管理边界，从狭义的以风险为主体的并表管理 拓展为广义的全要素并表管理，从局部试点延展至全面规范。《指引》旨在引导证券公司完善并表管理架构和模式，加强对子 公司及业务条线的"垂直化"管理，更全面、及时、有效地识别并管控风险，从而促 ...

Group 1 - Samsung Electronics' operating profit guidance for Q2 2025 is expected to drop by 56% year-on-year, while LG Electronics' guidance is projected to decline by 47%, indicating a shift in pricing power towards Chinese panel manufacturers and a loss of influence in the global high-end market [1] - Samsung's video display division is estimated to see a 46% year-on-year decline in Q2 operating profit, recording only 113 billion KRW (approximately 600 million RMB), while LG Electronics anticipates a loss between 23.5 billion to 99 billion KRW (approximately 120 million to 520 million RMB), potentially marking one of its worst performances in recent years [1] Group 2 - The concentration of the industry is accelerating due to national subsidies, with the market share of the top four companies increasing from 82% before subsidies to 87% after [2] - The penetration rate of MiniLED TVs surged from 16% during the same period last year to over 40% during the 618 shopping festival, indicating a significant market shift [2] - The upstream panel industry is undergoing a consolidation, with TCL Huaxing completing the acquisition of LGD's Guangzhou panel factory and BOE acquiring a 30% stake in Rainbow Optoelectronics, leading to the top four manufacturers controlling nearly 70% of the market [2] Group 3 - Global high-end TV shipments increased by 44% year-on-year in Q1 2025, with sales revenue growing by 35%; Hisense's market share in high-end TV shipments rose from 14% to 20%, and TCL's share increased from 13% to 19%, surpassing LG [3] - Samsung's share in the high-end TV market fell from 39% to 28%, while LG's share dropped from 23% to 16%, resulting in a decline to fourth place [3] - The penetration of MiniLED TVs is expected to double to 16 million units in 2025, while OLED TV shipments are projected to remain stagnant at around 6 million units due to cost constraints [3]

Core Insights - The Hong Kong IPO market is experiencing a surge in activity, with financing scale returning to the global forefront, driven primarily by Chinese securities firms [1][2] - Major Chinese securities firms, including CICC and CITIC Securities, have shown outstanding performance, collectively holding over 40% market share in the IPO space [1][2] - The first half of the year saw 51 companies successfully listed on the Hong Kong main board, a 27.5% increase from 40 companies in the same period last year, with IPO fundraising amounting to HKD 125.4 billion, a significant rise of 591.94% year-on-year [1] Company Performance - CICC led the underwriting projects with 18 deals, capturing a market share of 16.36%, followed by CITIC Securities with 11 deals (10.00%), Huatai Securities with 10 deals (9.09%), and招商证券 with 8 deals (7.27%) [2] - The top four Chinese securities firms account for a total market share of 42.72%, highlighting the "Matthew Effect" in the Hong Kong IPO market [2] Competitive Advantages - Chinese securities firms possess inherent advantages over foreign counterparts in client insight and maintenance, as they have established long-term relationships with A-share clients, allowing for better understanding of business models and regulatory preferences [2][3] - The integrated "domestic-Hong Kong" teams enable seamless coordination and efficient execution of A+H listing strategies, significantly enhancing the efficiency of H-share listings and refinancing [2] Future Strategies - CICC plans to continue enhancing its integrated domestic and international operations, focusing on key sectors such as TMT, consumer goods, advanced manufacturing, and biotechnology to capitalize on the ongoing A+H listing trend [3] - CITIC Securities is accelerating its international development, achieving record high international business revenue, and aims to enhance its core competencies in business capability, client market, and operational management [4] - GF Securities intends to strengthen resource accumulation in key sectors, enhance client development, and focus on digital transformation in investment banking [4]

招商证券发布研报称，2025Q2主被动基金规模均有回升，各类型主动基金仓位普遍回升，同时持股集 中度进一步下降，港股持有比例再创历史新高，主动基金对港股配置意愿明显增强，2025Q2主动基金 港股重仓总规模达3259亿元，在全部重仓股总市值中的占比从2025Q1的19.13%提升至19.92%，创 2015Q2以来新高，加仓方向上主要围绕科技、大金融、军工医药展开，成长及小市值因子偏好继续回 升。被动基金风格则更加偏好金融、大盘价值。 招商证券主要观点如下： 2025Q2主被动基金规模均有回升。2025年二季度以来A股探底修复，投资者风险偏好提升，成长风格整 体占优叠加AI、创新药各类产业趋势提速，主动基金业绩规模继续双增。与此同时，被动基金规模在4 月初国家队入市维稳推动下同样迎来大幅净申购。主动基金净流出规模收窄，被动基金净流入。各类型 主动基金仓位普遍回升，同时持股集中度进一步下降。 二是加仓大金融板块，重点加仓估值修复的银行和受益于市场活跃度提升的券商以及保险。二季度以 来，银行板块高股息属性叠加保险资金持续入市增持，银行估值继续修复，城商行及股份行同样获主动 基金大幅加仓。4月初市场因美国所谓"对等 ...

Core Viewpoint - The personal pension fund distribution by securities firms is facing significant challenges, with sales figures remaining low compared to banks, which offer a wider range of products and services [1][3][4]. Group 1: Current Market Situation - In the first half of this year, personal pension fund sales through securities firms were less than 5000 yuan, a stark contrast to zero sales last year [1]. - The sales scale of personal pension products among 18 securities firms varies dramatically, with a difference of over 100 times between the largest and smallest firms [3]. - Only six securities firms have surpassed 10 million yuan in sales, with the largest being CICC at 24.83 million yuan [3]. Group 2: Challenges Faced - Securities firms are limited in their ability to sell a full range of personal pension products compared to banks, which can offer savings, insurance, and various investment products [1][4]. - The requirement for securities firms to rely on banks for personal pension trading accounts complicates the business process [4]. - The average return of FOF products over two years is only 2.92%, which, combined with declining interest rates on savings and insurance products, has dampened public interest in personal pension products [5]. Group 3: Strategies for Improvement - Some securities firms are adopting a buy-side advisory approach to provide tailored pension planning solutions to clients [6][8]. - CICC and China Galaxy Securities are leveraging their strengths in wealth management and insurance sales to enhance their personal pension services [9][12]. - The introduction of independent third-party evaluation services for personal pension products is suggested to help clients navigate the complex product landscape [11]. Group 4: Future Outlook - The industry is shifting from a focus on account opening to a comprehensive competition in product strength and ecosystem services [12]. - The recent regulatory changes may allow securities firms to sell bank wealth management and insurance products, potentially addressing the current challenges in the personal pension market [11][12]. - The emphasis on transforming complex professional capabilities into simple solutions for clients is seen as crucial for the future of personal pension services [13].