该行指，腾讯第二季业绩超预期，收入同比增长15%，超预期3%;非IFRS净利润同比增长10%，同样超 预期3%，主要受益于各业务板块的利润率改善。所有业务线在AI赋能下展现强劲增长势头，上调 2025/2026财年盈利预测。 报告指，受芯片供应限制影响，腾讯第二季资本开支为191亿元人民币，按季下降30%，但仍符合公司 此前提出2025财年资本开支强度维持在收入的低双位数百分比的指引。该行维持对2025/2026财年资本 开支分别为970亿和1,070亿元人民币的预测，以持续支持公司内部业务升级与增长前景。 智通财经APP获悉，招商证券发布研报称，目前腾讯控股(00700)估值为2025/2026财年18倍/16倍市盈 率，处于历史均值水平，对比中国同业的17倍/15倍及美国同业的25倍/23倍。凭借其强大的社交网络护 城河和AI技术，预计AI代理、广告、AI产品商业化和AI驱动利润率扩张将为腾讯带来潜在的收益和估 值上升机会。维持"增持"评级，看好公司独特市场地位，目标价由670港元上调至700港元。 ...

报告指，受芯片供应限制影响，腾讯第二季资本开支为191亿元人民币，按季下降30%，但仍符合公司 此前提出2025财年资本开支强度维持在收入的低双位数百分比的指引。该行维持对2025/2026财年资本 开支分别为970亿和1,070亿元人民币的预测，以持续支持公司内部业务升级与增长前景。 该行指，腾讯第二季业绩超预期，收入同比增长15%，超预期3%;非IFRS净利润同比增长10%，同样超 预期3%，主要受益于各业务板块的利润率改善。所有业务线在AI赋能下展现强劲增长势头，上调 2025/2026财年盈利预测。 招商证券发布研报称，目前腾讯控股(00700)估值为2025/2026财年18倍/16倍市盈率，处于历史均值水 平，对比中国同业的17倍/15倍及美国同业的25倍/23倍。凭借其强大的社交网络护城河和AI技术，预计 AI代理、广告、AI产品商业化和AI驱动利润率扩张将为腾讯带来潜在的收益和估值上升机会。维持"增 持"评级，看好公司独特市场地位，目标价由670港元上调至700港元。 ...

招商证券发表报告指，腾讯第二季业绩超预期，收入按年增长15%，超预期3%；非IFRS净利润按年增 长10%，同样超预期3%，主要受益于各业务板块的利润率改善。所有业务线在AI赋能下展现强劲增长 势头。 凭借其强大的社交网络护城河和AI技术，该行预计AI代理、广告、AI产品商业化和AI驱动利润率扩张 将为腾讯带来潜在的收益和估值上升机会，维持"增持"评级，目标价由670港元上调至700港元，看好公 司独特市场地位。 ...

Group 1 - DMC prices have decreased this week, while most lithium raw materials and cobalt product prices have increased [1] - The photovoltaic price index remained stable compared to last week, with polysilicon, components, battery cells, and silicon wafer price indices unchanged [1] - The cumulative year-on-year growth rate of solar power generation capacity in China from January to June has narrowed [1] Group 2 - The rolling year-on-year growth rate of automobile production and sales has expanded in July [1] - The rolling four-week average year-on-year growth rate of cargo throughput and container throughput at Chinese ports has increased [1] - The CCFI has declined, while CCBFI, BDI, and BDTI have risen [1] Group 3 - The "anti-involution" competition and industry self-discipline production restrictions have led to price increases in various sectors, including coking coal, battery cells, polysilicon, lithium carbonate, lithium hydroxide, and glass [1] - Steel and some chemical product prices have rebounded due to improved profitability and cost support [1] - The overall expectation of industry clearing has driven the rebound in prices of black and non-ferrous commodities, which is a key factor in stopping the decline of PPI [1] Group 4 - The semiconductor sector has seen an increase in the Philadelphia Semiconductor Index and Taiwan Semiconductor Industry Index [2] - DDR5 DRAM memory prices and NAND index have risen week-on-week, while DRAM index has also increased [2] - The revenue performance of electronic manufacturers in Taiwan has shown divergence in July [2] Group 5 - The average transaction volume of construction steel has decreased over the past ten days, while rebar prices have increased [3] - The price of coal has risen, with Qinhuangdao mixed coal prices increasing, while the price of Shanxi coking coal has decreased [3] - The national cement price index has declined [3] Group 6 - The net absorption in the money market has been observed [3] - The turnover rate and daily transaction volume of A-shares have increased [3] - The transaction area of commercial housing has decreased, along with the listing volume and price index of second-hand houses [3] Group 7 - The ex-factory price of natural gas in China has decreased, along with the futures price of natural gas in the UK [3] - The average daily power generation of key power plants in China has shown an expanding year-on-year growth rate over the past 12 weeks [3]

招商证券股份有限公司 关于盛视科技股份有限公司 经中国证券监督管理委员会《关于核准盛视科技股份有限公司首次公开发行 股票的批复》（证监许可[2020]663 号）文件核准，公司首次公开发行人民币普 通股（A 股）股票 3,156 万股，发行价格为人民币 36.81 元/股（不含送转），本 次募集资金总额为人民币 1,161,723,600.00 元，扣除发行费用（不含增值税）人 民币 124,963,600.00 元后，实际募集资金净额为人民币 1,036,760,000.00 元。上 述募集资金到账后，天健会计师事务所（特殊普通合伙）于 2020 年 5 月 20 日对 公司首次公开发行股票的募集资金到位情况进行了审验，并出具了《验资报告》 （天健验[2020]7-37 号）。公司与募集资金开户银行、保荐机构签署《募集资金 三方监管协议》，开立了募集资金专项账户。三方监管协议与深圳证券交易所三 方监管协议范本不存在重大差异，公司在使用募集资金时已经严格遵照履行。 （二）募投项目情况 公司首次公开发行股票募投项目及募集资金使用计划如下： 承诺使用募集 投资总额 项目达到预定 可使 序号 项目 资金金额 （万元 ...

Group 1 - The trend of securities firms closing or merging their branches is increasing, driven by cost reduction and resource optimization [1][3][6] - Changcheng Securities announced the closure of its Xiangyang Hanjiang North Road branch to enhance resource integration and promote wealth management transformation [3][4] - Guosen Securities has also announced the closure of 12 branches, with plans to further optimize its network [4][5] Group 2 - Several securities firms, including Fangzheng Securities and Debang Securities, have also announced branch closures to improve operational efficiency and support high-quality business development [5][6] - The closures are part of a broader industry trend towards digital transformation and a focus on online services, reflecting changing investor habits [6][7] - The number of branches among securities firms varies significantly, with some firms having over 100 branches while others have fewer than 5 [7][8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 董事會會議召開日期 招商證券股份有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，董事會會議將於2025 年8月28日（星期四）舉行，藉以（其中包括）考慮及批准本公司及其附屬公司截至2025年6 月30日止六個月之中期業績及其刊發，以及考慮派發中期股息的建議（如有）。 承董事會命 招商證券股份有限公司 霍達 董事長 中國，深圳 2025年8月14日 於本公告日期，本公司執行董事為霍達先生及朱江濤先生；本公司非執行董事為羅立女 士、劉振華先生、劉輝女士、李德林先生、李曉霏先生、黃堅先生、張銘文先生及丁璐 莎女士；以及本公司獨立非執行董事為葉熒志先生、張瑞君女士、陳欣女士、曹嘯先生 及豐金華先生。 6099 ...

2025年1至6月份，中科三环的营业收入构成为：制造业占比95.18%，其他业务占比4.82%。 （文章来源：每日经济新闻） 中科三环（SZ 000970，收盘价：13.74元）发布公告称，2025年8月14日，中科三环接受招商证券等投 资者调研，公司田文斌、包海林参与接待，并回答了投资者提出的问题。 ...

Core Viewpoint - The article discusses the controversy surrounding Huanfang Quantitative, particularly its involvement in a commission kickback scandal, which has raised concerns about its future and its relationship with its AI subsidiary, DeepSeek [4][6][8]. Group 1: Scandal Overview - A commission kickback scandal involving Huanfang Quantitative has come to light, revealing a long-term collusion between its market director and a broker from China Merchants Securities, resulting in the misappropriation of 118 million yuan over six years [5][12][13]. - The scandal has drawn public attention due to Huanfang's dual identity as a leading quantitative private equity firm and the parent company of AI star DeepSeek, complicating its public image [6][8][28]. Group 2: Financial Operations - The kickback scheme involved creating fictitious broker identities to funnel large trading volumes into specific branches, exploiting a commission structure that allowed for a 40% rebate [12][16]. - Huanfang's trading model relies on high-frequency trading, which generates substantial commissions that have become a significant profit source for brokerage firms [14][15]. Group 3: Company Growth and Relationships - Huanfang Quantitative has experienced explosive growth since 2018, becoming the first domestic quantitative hedge fund to surpass 100 billion yuan in assets under management [20][22]. - The relationship between Huanfang and China Merchants Securities has deepened, with a significant portion of Huanfang's products being custodied by China Merchants, indicating a close operational tie [22][25]. Group 4: Strategic Shift - Following the scandal, Huanfang has ceased raising new asset management products, indicating a strategic shift from quantitative trading to AI research and development [28][29]. - The company is attempting to transition from a quantitative investment firm to an AI technology platform, reflecting a broader industry trend towards integrating advanced technologies [28][30]. Group 5: Compliance and Governance - The scandal has prompted Huanfang to prioritize compliance and governance, as evidenced by its recruitment of compliance and legal professionals following the investigation of its market director [31]. - The incident serves as a public examination of Huanfang's operational practices, highlighting the need for a balance between technological innovation and regulatory compliance in the financial sector [31].

招商证券(06099.HK)拟8月28日举行董事会会议以审批中期业绩 研报掘金｜招商证券：上调康师傅评级 至"增持" 下半年销售复苏趋势更加明确 格隆汇8月14日丨招商证券(06099.HK)公告，董事会会议将于2025年8月28日(星期四)举行，藉以(其中包 括)考虑及批准公司及其附属公司截至2025年6月30日止6个月中期业绩及其刊发，以及考虑派发中期股 息的建议(如有)。 相关事件 ...