Core Viewpoint - The report from China Merchants Securities International initiates coverage on Great Wall Motor (02543) with a target price of HKD 56 and a rating of "Buy," forecasting a compound annual growth rate (CAGR) of 50% in sales from 2024 to 2027, driven by new product launches and improved profit margins [1] Group 1: Sales and Profitability - The expected CAGR for sales from 2024 to 2027 is 50% [1] - Gross margin is projected to improve by approximately 100 basis points annually [1] - The introduction of new products, including three-fold and electric assist models, is anticipated to drive an increase in average selling price (ASP) [1] Group 2: Online and International Expansion - The share of online sales is expected to rise to about 35% by 2026, with a gross margin of around 50%, significantly higher than the 27-28% margin from offline sales [1] - Revenue growth is expected to accelerate in the second half of 2025, with a projected 50% increase in Q3 and over 85% year-on-year growth in October [1] - The overseas business aims for revenue of RMB 150 million by 2026 and RMB 300 million by 2027, benefiting from higher profit margins in the European and American markets, where electric assist penetration is 20-30%, compared to less than 5% in China [1] Group 3: Catalysts for Growth - Four major catalysts are expected to be released in 2026: 1) The high-end product line has been officially launched, with three-fold models priced between RMB 5,000 and 7,000, set to debut in Q4 2025 [1] 2) Self-production is projected to enhance gross margins by 200-300 basis points [1] 3) The online transformation is expected to maintain over 50% growth, with a gross margin of about 50% [1] 4) Further expansion into international markets is planned [1]

Core Viewpoint - The report from China Merchants Securities International initiates coverage on Great Wall Technology (02543) with a target price of HKD 56 and a rating of "Buy," forecasting a compound annual growth rate (CAGR) of 50% in sales from 2024 to 2027, driven by new product launches and improved profit margins [1] Group 1: Sales and Profitability - The company is expected to see a CAGR of 50% in sales from 2024 to 2027, with gross margins improving by approximately 100 basis points each year [1] - The introduction of new products, including three-fold and electric assist models, is anticipated to drive an increase in average selling price (ASP) [1] - The shift to online channels is projected to increase its share to about 35% by 2026, with a gross margin of around 50%, significantly higher than the 27-28% margin from offline sales [1] Group 2: Revenue Growth and Market Expansion - Revenue growth is expected to accelerate in the second half of 2025, with a projected 50% increase in the third quarter and over 85% year-on-year growth in October [1] - The overseas business aims for revenue of RMB 150 million by 2026 and RMB 300 million by 2027, with favorable regional structures enhancing profit margins due to higher penetration rates in the European and American markets (20-30%) compared to China (less than 5%) [1] Group 3: Catalysts for Growth - Four major catalysts are expected to be released in 2026: 1) The high-end product line has been officially established, with three-fold models priced between RMB 5,000 and 7,000, set to launch in Q4 2025 [1] 2) Self-manufacturing is projected to enhance gross margins by 200-300 basis points [1] 3) The online transformation is expected to maintain over 50% growth, with gross margins around 50%, while offline remains at 27-28% [1] 4) Further expansion into international markets is planned [1]

Core Insights - The report emphasizes the recovery of the securities industry in 2025, with a significant increase in profits driven by self-operated businesses, and anticipates continued growth in 2026 due to favorable policies and market conditions [6][15][26]. Section Summaries 1. 2025 Review: Recovery Begins - The securities industry saw a substantial improvement in profitability, with 43 listed brokers achieving a net profit of CNY 1,692.54 billion in the first three quarters of 2025, a year-on-year increase of 63.44% [15]. - The overall revenue for the same period reached CNY 4,216.23 billion, reflecting a 12.85% increase year-on-year [15]. - The recovery is supported by strong performance in brokerage and proprietary trading, with brokerage net income rising by 68% [18]. 2. Incremental Catalysts Expected, Performance Continues to Improve - The "14th Five-Year Plan" outlines a strategic direction for high-quality development in the financial sector, emphasizing the importance of a robust capital market [33]. - There is significant potential for increased market participation from institutional investors and retail investors, as the wealth effect from the capital market is expected to drive demand expansion [44][48]. 3. Comprehensive Performance Recovery, Growth Potential in Light Asset Businesses - The wealth management sector is recovering, with public funds showing high-quality development and increased market activity [18]. - Investment banking activities are also rebounding, particularly in the dual innovation sector, with IPOs and underwriting volumes expected to rise [18]. 4. Industry Structure Optimization: Building a First-Class Investment Bank - The report highlights the acceleration of mergers among leading brokers and the internationalization of Chinese brokers as key strategies for building a first-class investment bank [6][39]. - The integration of mergers and international expansion is seen as crucial for enhancing the competitive landscape of the industry [6][39]. 5. Profit Forecast: Continued ROE Improvement in 2026 - The report predicts that the return on equity (ROE) for the industry will continue to improve, with a projected net profit growth of 13% year-on-year under neutral assumptions for 2026 [6][39]. 6. Investment Recommendations: Focus on Structural Optimization and Alpha Catalysts - Investors are advised to pay attention to brokers benefiting from structural optimization and the recovery of wealth management, such as China International Capital Corporation, Huatai Securities, and CITIC Securities [6][39].

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. has received approval for its initial public offering (IPO) and listing on the ChiNext board, with the registration granted by the China Securities Regulatory Commission [1] Group 1: IPO Process - The IPO application has been approved by the Shenzhen Stock Exchange's listing committee and the China Securities Regulatory Commission [1] - The IPO will involve offline and online subscription on December 12, 2025, with no payment required at the time of subscription [2] - The offline issuance will be conducted through a combination of strategic placement, offline inquiry, and online issuance [2][3] Group 2: Subscription Details - Offline investors must register and submit verification materials by December 8, 2025 [2][9] - The initial inquiry period for offline investors is set for December 9, 2025, where they can submit their proposed prices and quantities [6][12] - Each offline investor can submit up to three different price quotes, with a maximum subscription amount of 4.8 million shares [7][8] Group 3: Investor Requirements - Offline investors must be registered institutions such as securities companies, fund management companies, and qualified foreign investors [5][6] - The average market value of non-restricted A-shares held by offline investors must meet specific thresholds, with a minimum of 10 million yuan for certain funds [17] - Online investors must hold at least 10,000 yuan in non-restricted A-shares to participate in the online subscription [18] Group 4: Pricing and Allocation - The pricing will be determined based on the results of the offline inquiry, with a focus on compliance and risk management [4][13] - The final allocation will consider various factors, including market conditions and the valuation of comparable companies [13] - A mechanism for adjusting the allocation between online and offline subscriptions will be in place, depending on the subscription results [19] Group 5: Lock-up Period and Trading - The stocks issued through online subscriptions will have no trading restrictions, while 10% of the stocks from offline subscriptions will be subject to a six-month lock-up period [15][16] - Investors must adhere to the specified lock-up arrangements upon participating in the subscription [15] Group 6: Compliance and Legal Obligations - Investors must ensure compliance with industry regulations and provide accurate asset reports during the subscription process [10][11] - Any violations or discrepancies in the submitted information may result in disqualification from the subscription [9][21]

Core Viewpoint - The article highlights the 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony, which gathered over 300 influential figures from academia, public and private equity, and top fund managers to discuss future opportunities in the Chinese capital market [2]. Macro Economic Research | Best Analysts - The top analysts in macroeconomic research were recognized, with Zhejiang Securities leading the list, followed by Guangfa Securities and Dongwu Securities [5]. - The ranking includes various institutions and their respective research teams, showcasing the competitive landscape in the analysis of macroeconomic trends [5]. Strategy Research | Best Analysts - Guangfa Securities topped the strategy research category, with a strong team recognized for their analytical capabilities [6]. - Other notable institutions include Shenwan Hongyuan Securities and Guolian Minsheng Securities, reflecting a diverse range of expertise in strategic analysis [6]. Financial Engineering | Best Analysts - The best analysts in financial engineering were led by Guosen Securities, indicating a strong focus on innovative financial solutions [8]. - Other institutions like Shenwan Hongyuan Securities and China Merchants Securities also featured prominently in the rankings [8]. Fixed Income Research | Best Analysts - Zhejiang Securities was recognized as the top firm in fixed income research, highlighting its expertise in this critical area [10]. - The rankings included several other firms, indicating a robust competition in fixed income analysis [10]. Banking Industry | Best Analysts - Zhejiang Securities emerged as the leader in the banking industry analysis, showcasing its strong research capabilities [12]. - Other firms like Zhongtai Securities and Dongfang Securities also made significant contributions to the rankings [12]. Non-Banking Financial Industry | Best Analysts - The top analysts in the non-banking financial sector were led by Guangfa Securities, reflecting its strong analytical team [13]. - Other notable firms included Dongwu Securities and Xinyuan Securities, indicating a competitive environment in this sector [13]. Real Estate Industry | Best Analysts - Guangfa Securities was recognized as the top analyst in the real estate sector, demonstrating its expertise in this critical market [15]. - Other firms like Changjiang Securities and China Merchants Securities also ranked highly, indicating a strong focus on real estate analysis [15]. Media Industry | Best Analysts - Guangfa Securities led the media industry analysis, showcasing its strong research capabilities [17]. - Other firms like Guohai Securities and Shenwan Hongyuan Securities also made significant contributions to the rankings [17]. Innovative Drug Industry | Best Analysts - The top analysts in the innovative drug sector were led by Industrial Securities, indicating a strong focus on healthcare research [18]. - Other notable firms included CITIC Securities and Dongwu Securities, reflecting a competitive landscape in this industry [18]. New Energy Equipment Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the new energy equipment sector, highlighting its expertise in this growing field [20]. - Other firms like Dongwu Securities and Tianfeng Securities also ranked highly, indicating a robust competition in new energy analysis [20]. Robotics and High-End Manufacturing Industry | Best Analysts - Guangfa Securities topped the rankings in the robotics and high-end manufacturing sector, showcasing its analytical strengths [21]. - Other firms like Changjiang Securities and Zhejiang Securities also made significant contributions to the rankings [21]. Public Utilities Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the public utilities sector, reflecting its strong research capabilities [24]. - Guangfa Securities and Huayuan Securities also ranked highly, indicating a competitive environment in public utility analysis [24]. Environmental Protection Industry | Best Analysts - Guangfa Securities led the environmental protection sector analysis, showcasing its expertise in sustainability [26]. - Other firms like Dongwu Securities and Tianfeng Securities also made significant contributions to the rankings [26]. Computer Industry | Best Analysts - Guolian Minsheng Securities was recognized as the top analyst in the computer industry, reflecting its strong research capabilities [29]. - Other notable firms included Guangfa Securities and Changjiang Securities, indicating a competitive landscape in computer analysis [29]. Home Appliances Industry | Best Analysts - Guolian Minsheng Securities topped the rankings in the home appliances sector, showcasing its analytical strengths [31]. - Other firms like Changjiang Securities and Kaiyuan Securities also ranked highly, indicating a robust competition in this industry [31]. Transportation and Logistics Industry | Best Analysts - Changjiang Securities was recognized as the top analyst in the transportation and logistics sector, reflecting its strong research capabilities [33]. - Other firms like Shenwan Hongyuan Securities and Huachuang Securities also made significant contributions to the rankings [33]. Military Industry | Best Analysts - Guangfa Securities led the military industry analysis, showcasing its expertise in defense-related research [34]. - Other firms like Industrial Securities and Changjiang Securities also ranked highly, indicating a competitive environment in military analysis [34].

Core Insights - The event titled "Financial Goodness, Co-constructing Benefits" took place in Shenzhen, focusing on integrating financial education into community life through an innovative "unconscious financial education" model [1][9] - The initiative is supported by various organizations, including China Merchants Jinling, China Merchants Securities, and Tencent, aiming to enhance financial literacy among community residents [1][9] Group 1: Unconscious Financial Education - The "unconscious financial education" approach aims to make financial knowledge accessible and engaging for community members, integrating it into everyday activities like morning exercises and social gatherings [3][11] - Activities include risk prevention education for seniors, interactive quizzes for young adults, and informal discussions for middle-aged residents, all designed to enhance financial awareness without being didactic [3][11] Group 2: Community Engagement and Social Responsibility - China Merchants Securities and China Merchants Futures extend their mission of promoting societal progress through commercial success into community settings, showcasing their commitment to social responsibility [5][14] - The initiative includes innovative designs such as reusable educational containers and community engagement activities, which reflect both professional capability and care for residents' well-being [5][14] Group 3: Sustainable Financial Ecosystem - The "unconscious financial education" initiative is just the beginning, with plans for a comprehensive financial literacy program targeting different age groups, including anti-fraud classes for seniors and financial education in schools [6][16] - This initiative represents a grassroots response to broader financial industry goals, aiming to create a sustainable financial ecosystem that benefits all community members [6][16] Group 4: Replicable Community Financial Education Model - The successful implementation of the "unconscious financial education" model in Shenzhen serves as a new community financial education template, demonstrating that financial services can be both accessible and impactful [8][18] - This community-focused approach illustrates the potential for financial services to enhance quality of life, making the concept of "financial humanity" tangible for residents [8][18]

■ "夯实文化软实力 积极履责显担当"系列专题报道 治国有常，利民为本。党的二十届四中全会体现了以人民为中心的立场。全会强调，"十五五"时期经济 社会发展必须坚持人民至上，以满足人民日益增长的美好生活需要为根本目的，加大保障和改善民生力 度，扎实推进全体人民共同富裕。 招商证券党委书记、董事长霍达日前在接受中国证券报记者专访时表示，实现人民对美好生活的向往是 中国式现代化的出发点和落脚点。 霍达认为，投资者是资本市场之本，高质量开展投资者教育、保护投资者合法权益，是夯实市场信心、 激发市场活力的基础工程，是推动共同富裕、落实普惠金融的重要抓手，也是金融机构践行金融为民理 念、服务国家战略的职责使命。近年来，招商证券着力深化投资者教育工作的创新实践与长远布局，通 过构建"陪伴式"投教体系，切实守护投资者权益，助力夯实资本市场根基。 在全周期服务维度，招商证券将投教贯穿投资者服务全流程。市场热点涌现、政策密集出台时，第一时 间推出"新手研习社""新规速览"等内容，如2025年下半年以来，随着市场情绪逐步回暖、新入市投资者 持续增加，公司迅速推出"新手研习社"系列服务，将股票、基金、港股通等业务的复杂规则转化为通俗 ...

编者按 日前，党的二十届四中全会审议通过"十五五"规划建议，明确提出"优化金融机构体系，推动各类金融 机构专注主业、完善治理、错位发展"，这为包括证券公司在内的金融机构实现高质量发展指明了方 向。近年来证券公司在持续强化经营数据等"硬指标"的同时，纷纷发力文化建设并积极承担社会责任， 不断夯实"软实力"，实现经营效益和社会效益双丰收。 为学习宣传贯彻党的二十届四中全会精神，中国证券报联合中国证券业协会推出"夯实文化软实力 积极 履责显担当"系列专题报道，旨在通过分享证券公司在加强文化建设以及服务经济、社会、环境和谐发 展方面的典型案例与先进经验，体现证券公司近年来在培育中国特色金融文化、践行行业文化理念、履 行社会责任的积极成效，共同推动证券行业高质量发展。本篇为系列报道第十六篇。 治国有常，利民为本。党的二十届四中全会体现了以人民为中心的立场。全会强调，"十五五"时期经济 社会发展必须坚持人民至上，以满足人民日益增长的美好生活需要为根本目的，加大保障和改善民生力 度，扎实推进全体人民共同富裕。 招商证券（600999）党委书记、董事长霍达日前在接受中国证券报记者专访时表示，实现人民对美好生 活的向往是中国式 ...

治国有常，利民为本。党的二十届四中全会体现了以人民为中心的立场。全会强调，"十五五"时期经济 社会发展必须坚持人民至上，以满足人民日益增长的美好生活需要为根本目的，加大保障和改善民生力 度，扎实推进全体人民共同富裕。 招商证券党委书记、董事长霍达日前在接受中国证券报记者专访时表示，实现人民对美好生活的向往是 中国式现代化的出发点和落脚点。 招商证券（600999）党委书记、董事长霍达： 以"陪伴式"投教助力夯实资本市场根基 霍达认为，投资者是资本市场之本，高质量开展投资者教育、保护投资者合法权益，是夯实市场信心、 激发市场活力的基础工程，是推动共同富裕、落实普惠金融的重要抓手，也是金融机构践行金融为民理 念、服务国家战略的职责使命。近年来，招商证券着力深化投资者教育工作的创新实践与长远布局，通 过构建"陪伴式"投教体系，切实守护投资者权益，助力夯实资本市场根基。 ● 本报记者 徐昭 赵中昊 厚植为民情怀 深耕创新实践 在霍达看来，从监管导向到行业实践，"以人民为中心"的发展思想已深度融入资本市场改革发展的全过 程。作为国有金融机构，招商证券始终将投教工作与践行金融使命紧密结合，把"保护投资者利益、提 升投资者 ...

以"陪伴式"投教助力夯实资本市场根基 治国有常，利民为本。党的二十届四中全会体现了以人民为中心的立场。全会强调，"十五五"时期经济 社会发展必须坚持人民至上，以满足人民日益增长的美好生活需要为根本目的，加大保障和改善民生力 度，扎实推进全体人民共同富裕。 招商证券党委书记、董事长霍达日前在接受中国证券报记者专访时表示，实现人民对美好生活的向往是 中国式现代化的出发点和落脚点。 ■ "夯实文化软实力 积极履责显担当"系列专题报道 招商证券党委书记、董事长霍达： 霍达认为，投资者是资本市场之本，高质量开展投资者教育、保护投资者合法权益，是夯实市场信心、 激发市场活力的基础工程，是推动共同富裕、落实普惠金融的重要抓手，也是金融机构践行金融为民理 念、服务国家战略的职责使命。近年来，招商证券着力深化投资者教育工作的创新实践与长远布局，通 过构建"陪伴式"投教体系，切实守护投资者权益，助力夯实资本市场根基。 ● 本报记者 徐昭 赵中昊 厚植为民情怀 深耕创新实践 在霍达看来，从监管导向到行业实践，"以人民为中心"的发展思想已深度融入资本市场改革发展的全过 程。作为国有金融机构，招商证券始终将投教工作与践行金融使命紧密结 ...