安信中证一带一路主题指数型证券投资基 金 基金管理人：安信基金管理有限责任公司 基金托管人：招商证券股份有限公司 送出日期：2025 年 8 月 28 日 安信一带一路指数 2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人招商证券股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本报告 中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容 不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 1 页 安信一带一路指数 2025 年中期报告 第 2 页 安信一带一路指数 2025 年中期报告 第 ...

招商证券国际发布研报称，石药集团(01093)今年二季度收入及净利润均不及预期，反映肿瘤和神经系 统业务线的结构性下行，管理层重申EGFR ADC产品(CPO301/SYS6010)为潜在商业发展(BD)催化剂， 但该行认为市场已消化相关预期。招商证券国际下调集团2025至2026年销售及净利润预测，因公司核心 业务表现乏力及BD预期过高，下调评级至"中性"和目标价至9.3港元(原本12.9港元)。 该行表示，展望未来，石药集团的前景取决于商业合作战略及后期管线商业化情况。市场关注其关键资 产SYS6010。然而，回顾石药过去在1.1类创新药物研发的表现，该行认为其在管线临床进展上落后于 中国其他大型制药及部分生物药公司。 鉴于核心业务环比持续下滑，招商证券国际下调集团今明两年的收入和净利润预测，以反映增长及盈利 前景的短期压力，预计2025财年经历深度调整后，2026财年收入将趋于稳定。目标价调整反映盈利调整 及拆股因素，该行根据成药、管线及传统原料药业务的SOTP估值调整目标价，新目标价为9.3港元，分 别对应今明两年19.4倍、17.9倍市盈率。 ...

智通财经APP获悉，招商证券国际发布研报称，石药集团(01093)今年二季度收入及净利润均不及预期， 反映肿瘤和神经系统业务线的结构性下行，管理层重申EGFR ADC产品(CPO301/SYS6010)为潜在商业 发展(BD)催化剂，但该行认为市场已消化相关预期。招商证券国际下调集团2025至2026年销售及净利 润预测，因公司核心业务表现乏力及BD预期过高，下调评级至"中性"和目标价至9.3港元(原本12.9港 元)。 该行表示，展望未来，石药集团的前景取决于商业合作战略及后期管线商业化情况。市场关注其关键资 产SYS6010。然而，回顾石药过去在1.1类创新药物研发的表现，该行认为其在管线临床进展上落后于 中国其他大型制药及部分生物药公司。 鉴于核心业务环比持续下滑，招商证券国际下调集团今明两年的收入和净利润预测，以反映增长及盈利 前景的短期压力，预计2025财年经历深度调整后，2026财年收入将趋于稳定。目标价调整反映盈利调整 及拆股因素，该行根据成药、管线及传统原料药业务的SOTP估值调整目标价，新目标价为9.3港元，分 别对应今明两年19.4倍、17.9倍市盈率。 ...

展望未来，石药集团的前景取决于商业合作战略及后期管线商业化情况，市场关注其关键资产 SYS6010。然而，回顾石药过去在1.1类创新药物研发的表现，该行认为其在管线临床进展上落后于中 国其他大型制药及部分生物药公司。 招商证券国际发表研究报告指出，石药集团今年二季度收入及净利润均不及预期，反映肿瘤和神经系统 业务线的结构性下行，管理层重申EGFR ADC产品(CPO301/SYS6010)为潜在商业发展(BD)催化剂，但 该行认为市场已消化相关预期。该行下调集团2025至2026年销售及净利润预测，因公司核心业务表现乏 力及BD预期过高，下调评级至"中性"，目标价从12.9港元下调至9.3港元。 ...

Group 1 - The State Council issued an opinion on the implementation of "Artificial Intelligence+" actions, aiming for deep integration of AI with six key areas by 2027, with a target application penetration rate of over 70% for new intelligent terminals and agents [2] - By 2030, AI is expected to fully empower high-quality development in China, with application penetration rates exceeding 90%, making the intelligent economy a significant growth driver [2] - By 2035, China aims to enter a new stage of intelligent economy and society development, supporting the realization of socialist modernization [2] Group 2 - The National Development and Reform Commission announced a new round of fuel price adjustments, effective from August 26, with gasoline and diesel prices reduced by 180 yuan/ton and 175 yuan/ton respectively, translating to a decrease of 0.14 yuan per liter for 92 gasoline [3] - During the 14th Five-Year Plan period, China plans to build the world's largest electric vehicle charging network, with a target of two charging piles for every five vehicles [3] - The renewable energy generation capacity is expected to increase from 40% to around 60% during this period [3] Group 3 - Since 2012, China's foreign investment flow has ranked among the top three globally for 13 consecutive years, with over 50,000 enterprises established overseas by the end of 2024 [4] - The total foreign investment stock exceeds 3 trillion USD, maintaining a global share of 7.2% [4] Group 4 - As of July 2025, the total scale of public funds in China reached 35.08 trillion yuan, setting a new historical high [5] - The Ministry of Housing and Urban-Rural Development and the People's Bank of China issued a management measure for anti-money laundering in real estate, mandating compliance from real estate institutions [5] Group 5 - The Australian Postal Corporation announced the suspension of most parcel services to the United States, with exceptions for letters and gifts valued under 100 USD [6] Group 6 - Companies such as Cambrian reported a net profit of 1.038 billion yuan in the first half of the year, marking a turnaround from losses [7] - China Ping An's operating profit grew by 3.7% in the first half, with an interim dividend of 0.95 yuan per share [7] - Northern Rare Earth's revenue increased by 45.24% year-on-year, with net profit soaring by 1951.52% [7] - Companies like Victory Technology and Light Media reported significant profit increases of 366.89% and 371.55% respectively in the first half of the year [7] Group 7 - According to Citic Securities, improving liquidity is expected to support a rebound in Hong Kong stocks, with a focus on innovative drugs and internet opportunities [9] - Guotai Junan predicts that the paper industry chain prices are likely to continue rising due to seasonal demand and low inventory levels [10]

招商证券股份有限公司 关于格兰康希通信科技（上海）股份有限公司 参与投资私募基金暨关联交易的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为格兰 康希通信科技（上海）股份有限公司（以下简称"康希通信"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 1 号——规范运作》等相关法律、法规和规范性文件的规定，对康希通信参与投资 私募基金暨关联交易的事项进行了核查，具体情况如下： 一、参与投资私募基金暨关联交易概述 （一）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，实现产业协同。公司作为有限合伙人（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"）。 公司拟以自有资金出资人民币 3,000.00 万元，出资金额占海望合纵总认缴出 资额的 1.4218%。 本次投资中公司未对其他投资人承诺保底收益或进行退 ...

Core Viewpoint - Recent analysis by China Merchants Securities indicates that the narrative of tightening liquidity in Hong Kong stocks has marginally improved due to the stabilization of Hibor rates and dovish statements from Powell [1] Group 1: Liquidity and Market Performance - The improvement in liquidity conditions is deemed sufficient to support a phase of rebound in Hong Kong stocks, narrowing the gap with the recently surging A-shares [1] - The current earnings surprise rate for Hong Kong stocks is at its highest since 2022, indicating positive performance expectations [1] Group 2: Investment Strategy - In the context of previous bull markets, Hong Kong stock indices have historically underperformed compared to A-shares, suggesting a need for differentiated investment strategies [1] - Recommended investment focus includes innovative pharmaceuticals first (due to loose liquidity and positive BD data), followed by the internet sector (where earnings pressures are fully priced in), and finally new consumption (awaiting macroeconomic and profit turning points) [1]

Core Viewpoint - The recent corruption case involving China Merchants Securities (CMS) highlights significant compliance failures and internal control weaknesses within the company, leading to substantial financial misconduct and regulatory scrutiny [1][2][3]. Group 1: Corruption Case Details - Employees of CMS colluded with staff from Huanfang Quantitative to illegally extract commissions, resulting in a total of 118 million yuan over six years [2]. - The case has implicated several high-ranking officials within CMS, including the general manager of the private client department and the head of the Shenzhen branch, indicating widespread corruption [2]. - Despite claims of a robust compliance framework, CMS has faced repeated incidents of collusion and misconduct, suggesting ineffective oversight and risk management practices [2][3]. Group 2: Regulatory Actions and Compliance Issues - In 2024, the China Securities Regulatory Commission penalized 63 CMS employees for illegal stock trading, resulting in fines totaling 81.73 million yuan [3]. - The Shenzhen Securities Regulatory Bureau has identified multiple compliance failures within CMS, including insufficient internal audits and inadequate supervision of employee behavior [3][5]. - CMS has received several regulatory warnings regarding its investment banking and brokerage operations, indicating persistent issues with due diligence and compliance [5][6]. Group 3: ESG Rating and Financial Performance - CMS has improved its MSCI ESG rating to an A level, reflecting progress in sustainability practices, although it still faces challenges in compliance management [7][9]. - The company reported a revenue of 4.713 billion yuan in Q1 2024, a 9.64% increase year-on-year, driven by strong performance in brokerage and asset management services [10]. - Brokerage revenue surged by 49% year-on-year to 1.97 billion yuan, while asset management revenue increased by 42.9% to 220 million yuan, despite declines in investment banking and proprietary trading income [10].

Core Viewpoint - The report from China Merchants Securities International indicates a significant upward adjustment of Li Ning's target price from HKD 17 to HKD 25, reflecting a 47% increase, driven by the gradual realization of growth inflection points and robust cost control in the first half of the year [1] Group 1: Financial Performance - The sales and net profit forecasts for 2025-26 have been slightly increased by 1-3% and 1-6% respectively, based on the actual performance in the first half of the year [1] - The expected net profit margin for 2025 is projected at 9.9%, aligning closely with the management's guidance of high single digits [1] Group 2: Growth Drivers - Li Ning's performance in the first half of 2025 slightly exceeded expectations, with gross margins meeting forecasts and effective cost control [1] - The upcoming Olympic events and brand transformation are anticipated to drive a resurgence in growth in 2026, with a predicted net profit growth rate rebounding to 12% [1] - The company is entering a new phase of brand development, which is expected to facilitate structurally stronger revenue growth in the medium term [1]

Core Viewpoint - The report from China Merchants Securities International indicates a significant upward adjustment of Li Ning's target price from HKD 17 to HKD 25, reflecting a 47% increase, driven by a gradual realization of growth inflection points and robust cost control in the first half of the year [1] Group 1: Financial Performance - Li Ning's performance in the first half of 2025 slightly exceeded expectations, with gross margin meeting forecasts and effective cost control [1] - The company has made minor upward adjustments to its sales and net profit forecasts for 2025-26, with increases of 1-3% and 1-6% respectively, based on actual performance in the first half [1] - The projected net profit margin for 2025 is 9.9%, aligning closely with management's guidance of high single digits [1] Group 2: Growth Drivers - The upcoming Olympic events and brand transformation are expected to drive a resurgence in growth for 2026 [1] - The net profit growth rate is anticipated to rebound to 12% in 2026, indicating a positive outlook for the company's financial recovery [1] - The company is entering a new phase of brand building, which is expected to facilitate structurally stronger revenue growth in the medium term [1]