炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 格隆汇10月23日丨招商证券(600999.SH)公布，公司收到中国证券监督管理委员会《关于同意招商证券 股份有限公司向专业投资者公开发行次级公司债券注册的批复》（证监许可〔2025〕2289号），批复内 容如下： 一、同意公司向专业投资者公开发行面值总额不超过300亿元次级公司债券的注册申请。二、本次发行 次级公司债券应严格按照报送上海证券交易所的募集说明书进行。三、本批复自同意注册之日起24个月 内有效，公司在注册有效期内可以分期发行次级公司债券。 ...

专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。中国银河证券董事长王 晟，中信建投证券董事长、执委会主任刘成，中信证券总经理邹迎光，招商证券总裁朱江涛，光大证券 总裁刘秋明，国联民生证券总裁葛小波等中国顶级券商"掌舵人"齐聚#可持续全球领导者大会#，共议如 何以金融"五篇大文章"构筑证券可持续发展新生态！ 全文|银河证券董事长王晟：以金融"五篇大文章"实践，贡献可持续发展中国智慧 全文丨中信建投证券董事长、执委会主任刘成：证券机构如何做实做好"五篇大文章" 全文|中信证券邹迎光：扎实做好金融"五篇大文章"，助力中国经济高质量发展，构筑证券业新生态 全文丨招商证券总裁朱江涛详解"深耕'五篇大文章'的创新实践" 全文|光大证券总裁刘秋明：将ESG融入发展全流程，锚定一流服务型投行 全文丨国联民生证券总裁葛小波：呼吁以全球化视野推动多元化交易发展 2025可持续全球领导者大会由世界绿色设计组织（WGDO）与新浪集团联合主办，国际财务报告准则 基金 ...

中央金融工作会议提出"培育一流投资银行和投资机构"，为证券公司高质量发展擘画宏图愿景，指明前 进方向。招商证券（600999）锚定一流目标，坚持质量第一，以科技金融为引领，深化现代投行变革， 服务实体经济质效持续提升。招商证券投行执业质量获得行业协会好评。 力推三大转型 建设现代投行 投行能力的差异，根本在于组织模式和业务模式的区别。传统投行的业务模式是"狩猎模式"，以团队为 单位各自为战，获客方式是"临门一脚"抢项目，投行是独来独往的"空中飞人"，无法发挥投行的整体协 同效应。现代投行的业务模式应为"农耕模式"，即平台化管理、专业化深耕，投行团队有机整合为"一 个投行"，通过战略引领、统筹管理、协同行动、凝聚合力，一站式服务客户。 作为一项长周期业务，投行的发展受经济形势、产业变迁、市场环境等多种因素影响。建设现代投行是 一项长期性、系统性的工程，需要锚定目标、久久为功，以"十年磨一剑"的战略定力持续推动变革，打 造核心能力。 2018年，招商证券顺应注册制改革要求，启动现代投行转型。2021年以来，公司以成立投资银行委员会 为契机，系统重塑投行组织、制度、流程、文化，以渠道经营重塑获客模式，以客户经理制重 ...

Group 1 - The core viewpoint of the article highlights that Guibao Pet (301498.SZ) experienced a significant stock decline of 14.42%, closing at 73.25 yuan, amid competitive pressures and export challenges impacting profitability [1] - According to the research report by CITIC Securities, Guibao Pet's Q3 revenue increased by 21.9% year-on-year, while the net profit attributable to shareholders decreased by 16.6% due to export pressures and rising costs [1] - The domestic brands, such as Freycat and Maifudi, continued to show growth, but the OEM segment faced tariff impacts, which affected overall profitability [1] Group 2 - The company is expected to see gradual improvement in profitability, with projected net profits for 2025, 2026, and 2027 being 690 million, 870 million, and 1.11 billion yuan, respectively [1] - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 1.73, 2.18, and 2.77 yuan, respectively, with a corresponding 39x PE valuation for 2026 [1] - The research maintains a "strong buy" rating for Guibao Pet, indicating confidence in the company's future performance despite current challenges [1]

Core Viewpoint - The report from China Merchants Securities International highlights that Pop Mart's third-quarter financial performance is impressive, with overall revenue surging by 245% year-on-year to 250 million, driven by strong domestic and international market performance [1] Group 1: Financial Performance - Pop Mart's revenue growth is attributed to the effective execution of its localization growth strategy and international expansion [1] - The company has successfully implemented a multi-channel approach, including online, offline, and collaboration with Books-A-Million, which has become a key catalyst for growth [1] Group 2: Investment Outlook - China Merchants Securities International maintains Pop Mart as a preferred industry stock, reiterating an "overweight" rating [1] - Sales and net profit forecasts for 2025 have been raised by 16% and 13%, respectively, reflecting the strong performance in the third quarter [1] - After adjusting profit forecasts, a target price of 380 HKD is derived based on a 21 times price-to-earnings ratio for the end of 2026, which is still one standard deviation above the average valuation since 2025 [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 东信和平科技股份有限公司（以下简称"公司"）于近日收到招商证券股份有限公司（以下简称"招商证 券"）出具的《关于更换公司配股项目持续督导保荐代表人的函》，现将相关情况公告如下： 一、基本情况 招商证券作为公司2019年度配股公开发行股票的保荐机构，项目法定持续督导期至2020年12月31日止。 鉴于公司募集资金尚未使用完毕，招商证券将继续履行募集资金相关的持续督导职责。 招商证券原指派李莎女士、刘海燕女士为该项目的保荐代表人。现刘海燕女士因工作变动原因，无法继 续担任该项目的保荐代表人，为保证持续督导工作的有序开展，招商证券现委派张阳先生（简历附后） 接替刘海燕女士继续担任公司该项目的保荐代表人，继续履行持续督导职责。 本次变更后，公司配股项目的持续督导保荐代表人为李莎女士、张阳先生。 公司董事会对刘海燕女士在持续督导期间所做的工作表示衷心感谢。 二、备查文件 1、招商证券出具的《关于更换公司配股项目持续督导保荐代表人的函》。 特此公告。 东信和平科技股份有限公司 ...

招商证券 公告称，"25中铁十一MTN003( 科创债 )"申购结束前一小时内出现投资人撤标， 申万宏源 证 券撤标规模4000万元，申购价位2.39%，撤标时间17:58:38。 ...

Group 1 - The ChiNext index closed down by 0.8%, the ChiNext Growth Index down by 0.6%, and the ChiNext Mid 200 Index down by 0.5% [1] - Short-term market risk appetite may recover, with a focus on technology growth sectors that have undergone sufficient adjustments, particularly in areas related to the "14th Five-Year Plan" such as domestic computing power, semiconductor self-sufficiency, controllable nuclear fusion, military industry, and commercial aerospace [1] Group 2 - The ChiNext ETF tracks the ChiNext Index, which consists of 100 stocks with large market capitalization and good liquidity, with nearly 60% of the index composed of emerging industries such as power equipment, communication, and electronics [3] - The ChiNext 200 ETF tracks the ChiNext Mid 200 Index, which includes 200 stocks with medium market capitalization and good liquidity, reflecting the overall performance of mid-cap companies in the ChiNext market, with over 40% of the index in the information technology sector [3] - The ChiNext Growth ETF tracks the ChiNext Growth Index, composed of 50 stocks with strong growth characteristics and good liquidity, with nearly 80% of the index in the communication, power equipment, electronics, non-bank financials, and pharmaceutical industries [3]

曹操出行拥有国内最大规模的网约车定制车队，依托吉利集团的强大制造与服务支持构建差异化竞争 力，定制车生态从设计、制造到运营显著降低供给端成本带来司机更高收入，叠加稳定订单量及标准化 管理体系吸引足量优质司机供给。需求端，曹操以聚合平台订单为主要订单来源，并通过高品牌认知 度、差异化优质服务体验巩固品牌认知度和用户心智。 未来空间：下沉市场渗透驱动增长，盈利能力提升空间大 增长侧，曹操加快下沉市场渗透，2025年上半年通过向当地运力合作伙伴销售定制车进军27个新城市 （300778），未来公司进一步深耕高线市场以及拓展低线新城市，市场份额有望进一步提升。盈利侧， 未来定制车成本进一步优化下抽佣率仍有提升空间，此外用户补贴效率改善、规模效应扩张有望带动 UE转正，对标滴滴等行业头部平台，曹操出行未来盈利提升空间大。 自动驾驶：依托吉利生态打造"车+技+运"三位一体闭环 招商证券发布研报称，曹操出行(02643)是吉利集团赋能的网约车平台，份额稳居行业第二。公司背靠 吉利车厂，定制车成本优势壁垒稳固，差异化优质服务巩固用户粘性，未来在下沉新市场持续渗透及高 线市场稳步增长驱动下有望维持快于行业大盘增长，利润端对标行 ...

Core Viewpoint - Caocao Travel, backed by Geely Group, is positioned as a leading ride-hailing platform with a stable market share, expected to maintain growth above industry average due to its cost advantages and differentiated services [1] Group 1: Company Overview - Caocao Travel is a ride-hailing platform empowered by Geely Group, with Geely's chairman holding a 77% stake, ensuring strong backing [1] - The company holds the second-largest market share in China, with a revenue CAGR of 39% projected from 2022 to 2024 [1] - The company plans to go public on the Hong Kong Stock Exchange in 2025, marking a new phase of expansion and technological upgrades [1] Group 2: Business Model and Competitive Advantage - Caocao Travel operates the largest customized ride-hailing fleet in China, leveraging Geely's manufacturing and service capabilities to create a differentiated competitive edge [2] - The customized vehicle ecosystem significantly reduces supply-side costs, leading to higher driver incomes, while a stable order volume attracts quality drivers [2] - The company primarily sources orders through a platform aggregation model, enhancing brand recognition and user loyalty through superior service [2] Group 3: Future Growth Potential - The company is accelerating penetration into lower-tier markets, planning to enter 27 new cities by mid-2025 through partnerships for customized vehicle sales [3] - There is significant potential for market share growth as the company deepens its presence in high-tier markets and expands into new lower-tier cities [3] - Profitability is expected to improve through further optimization of customized vehicle costs, enhanced user subsidy efficiency, and scale effects, positioning Caocao Travel favorably against industry leaders like Didi [3] Group 4: Autonomous Driving Initiatives - In February 2025, Caocao Travel will launch its autonomous driving platform, integrating Geely's Robotaxi solutions, transitioning from technology validation to operational scenarios [4] - The core advantage of the autonomous driving business lies in its unique "smart manufacturing + smart driving + smart operation" model [4] - The company aims to initiate commercial operations for unmanned driving by 2027, indicating strong potential in the Robotaxi sector [4]