Core Viewpoint - The solid-state battery industry is accelerating its commercialization process, with expectations for vehicle integration starting in 2026 and large-scale production by around 2030 [1][3]. Group 1: Industry Development - The research and development of solid-state batteries is progressing rapidly, transitioning from laboratory to pilot production lines [2]. - Leading battery manufacturers have achieved pilot production levels, with vehicle integration expected to begin in 2026 [2][3]. - Major players like CATL and BYD are investing heavily in solid-state battery technology, with CATL aiming for small-scale production by 2027 and large-scale production by 2030 [3]. Group 2: Material Trends - The industry is increasingly focusing on sulfide electrolytes as the main direction for solid-state batteries, with the LSPC route gaining traction [2][4]. - Sulfide electrolytes have shown ion conductivity levels approaching that of liquid lithium batteries, but environmental concerns and solid-solid interface issues pose challenges for commercialization [4]. Group 3: Production Challenges - Lithium sulfide, a key raw material for sulfide electrolytes, has a high production cost exceeding 3 million yuan per ton, accounting for over 50% of the battery cell cost [5]. - Current domestic lithium sulfide manufacturers are primarily at the pilot production scale, and environmental regulations regarding hydrogen sulfide may present significant barriers to mass production [5].

Group 1 - The issuance of bonds by securities firms has reached nearly 770 billion yuan this year, reflecting a year-on-year increase of over 32%, indicating a strong capital replenishment trend in the industry [1] - A total of 70 securities firms have issued bonds this year, with 24 firms issuing over 10 billion yuan each, showcasing the active participation of major players like China Galaxy and Huatai Securities [1] - The increase in bond issuance is expected to enhance the business expansion capabilities of leading firms and improve the overall capital adequacy ratio of the securities industry, thereby strengthening its risk resistance and market competitiveness [1] Group 2 - Yecai Xin has been appointed as the new chairman of Invesco Great Wall Fund, bringing a background from China Huaneng Group, which may enhance the company's shareholder background and inject new vitality into its business development [2] - The leadership change reflects the vitality of the fund industry and is expected to bring positive expectations for the capital market [2] Group 3 - In August, the issuance of new funds has surged, with 72 new funds launched, indicating a relatively abundant market liquidity [3] - Fund companies are shifting their strategies from merely pursuing scale to improving product lines, which is a sign of a more rational industry approach [3] - This trend is likely to provide incremental capital to the market, particularly benefiting the securities sector and promoting healthy market development [3] Group 4 - Dongfang Securities has completed the repurchase of 26.7032 million A-shares, accounting for 0.3143% of its total share capital, with an average repurchase price of 9.37 yuan per share [4] - The repurchase reflects the company's recognition of its intrinsic value and is expected to boost investor confidence and optimize its capital structure [4] - The trend of share buybacks in the securities sector may lead to a re-evaluation of industry valuations and enhance the stability of financial stocks [4]

证券代码：600999 证券简称： 招商证券 编号： 2025－031 招商证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 董事会会议召开情况 同意修订《招商证券股份有限公司企业年金方案》。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 特此公告。 招商证券股份有限公司董事会 招商证券股份有限公司（以下简称公司）第八届董事会第二十一次会议通知 于 2025 年 8 月 1 日以电子邮件方式发出。会议于 2025 年 8 月 5 日以通讯表决方 式召开。 本次会议由霍达董事长召集。应出席董事 15 人，实际出席 15 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《招商证券股份有限公司章程》的规定。 二、 董事会会议审议情况 本次会议审议并通过了关于修订《招商证券股份有限公司企业年金方案》的 议案。 ...

招商证券股份有限公司 本次交易的内幕信息知情人买卖股票情况的核查期间为：本次重组交易首次 披露前六个月起至上市公司重组报告书披露前一日止，即2024年12月20日至2025 年7月23日。 关于中盐内蒙古化工股份有限公司本次重大资产重组 相关内幕信息知情人买卖股票情况的自查报告 的核查意见 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"招商证券"或"独立财务顾问"）作为 本次交易的独立财务顾问，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《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》《监管规则适用指引——上市类第1号》等有关法 律法规及规范性文件的规定，对本次交易相关内幕信息知情人在本次重组交易首 次披露前六个月起至上市公司重组报告书披露前一日止（即2024年12月20日至 具本核查意见。 本核查意见中所引用的简称和释义，如无特殊说明，与《中盐内蒙古化工股 份有限公司参股公司减资之重大资产重组报告书（草案） （修 ...

Core Viewpoint - The report from China Merchants Securities highlights five key sectors with marginal improvements to focus on in August: AI applications, AI hardware, non-bank financials, defense and military industry, and innovative pharmaceuticals [1] Short-term Focus - The five sectors identified for short-term attention include AI applications, AI hardware, non-bank financials, defense and military, and innovative pharmaceuticals [1] Long-term Strategy - The long-term strategy suggests focusing on cycles and supply-demand dynamics, emphasizing the progress of societal intelligence under the new technology cycle, including continuous iteration of large models, improvement of computing infrastructure and AI ecosystem, commercialization of AI business models, and AI's empowerment of consumer electronics and robotics [1] Domestic Substitution Cycle - Attention is drawn to the domestic substitution cycle, particularly in the context of self-controllable industrial chains related to domestic large models, AI applications, computing power, and the integrated circuit industry [1] Carbon Neutrality Cycle - The report also emphasizes the carbon neutrality cycle, focusing on cost reduction and efficiency improvement across the entire industry chain, including solar energy, wind energy, energy storage, hydrogen energy, and nuclear power [1] Electrification and Intelligence Trend - The trend towards electrification and intelligence is highlighted, with an increase in the penetration rate of electric smart vehicles [1]

证券日报网讯 8月5日晚间，招商证券发布公告称，公司第八届董事会第二十一次会议审议通过了《关 于修订的议案》。 （文章来源：证券日报） ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6099） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條規則作出。 茲載列招商證券股份有限公司在上海證券交易所網站刊登之《招商證券股份有限公司第八 屆董事會第二十一次會議決議公告》，僅供參閱。 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5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。 第八届董事会第二十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任 ...

证券代码：600999 证券简称： 招商证券 编号： 2025－031 招商证券股份有限公司 第八届董事会第二十一次会议决议公告 招商证券股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届董事会第二十一次会议通知 于 2025 年 8 月 1 日以电子邮件方式发出。会议于 2025 年 8 月 5 日以通讯表决方 式召开。 本次会议由霍达董事长召集。应出席董事 15 人，实际出席 15 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《招商证券股份有限公司章程》的规定。 二、董事会会议审议情况 本次会议审议并通过了关于修订《招商证券股份有限公司企业年金方案》的 议案。 同意修订《招商证券股份有限公司企业年金方案》。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 特此公告。 2025 年 8 月 5 日 1 ...

Economic Overview - July PMI data indicates a worsening contraction in manufacturing, with the manufacturing new orders index dropping to 49.4% and the non-manufacturing new orders index hitting a stage low of 45.7%[5][10]. - Industrial production shows signs of concern, with the manufacturing production index falling to 50.5% and the construction business activity index decreasing by 2.2 percentage points to 50.6%[10][11]. Production and Consumption - Traditional industries are under pressure due to weak demand and policy adjustments, while emerging sectors exhibit a "production reduction to support prices" characteristic[2][11]. - In July, the output of key enterprises in crude steel and cement saw a month-on-month decline, with cement weekly production dropping to approximately 14 million tons[11]. Investment Trends - Fixed asset investment growth is projected at 2.7%, with infrastructure investment showing improvement due to accelerated special bond issuance and major project commencement[12][14]. - Real estate investment continues to drag, with July's top 100 real estate companies' operating amounts down 12.5% year-on-year, indicating a significant market confidence issue[12][13]. Price Movements - The manufacturing raw material purchase price index rose by 3.1 percentage points to 51.5%, while the factory price index increased by 2.1 percentage points to 48.3%[10][11]. - CPI is expected to decline by 0.1% year-on-year, influenced by seasonal price drops in agricultural products and weak consumer demand[22][23]. Trade and External Factors - July export growth is anticipated to remain stable at 5.5%, with external demand pressures still present despite a marginal slowdown in new export orders[16][18]. - Import growth is projected at 0.5%, supported by infrastructure-related imports, although overall demand remains subdued due to weak real estate investment[16][18]. Fiscal Policy - General public budget revenue is expected to show a slight improvement with a year-on-year change of -0.1%, while expenditure is projected to remain stable at 3.4%[28][14]. - The government is expected to increase spending in key areas such as education and social security, which may provide a boost to overall fiscal performance[28].

Group 1 - The market has a high expectation for the Federal Reserve to cut interest rates in September, with the probability rising from 37% to over 80% after the release of the non-farm payroll data on August 1 [1] - The July non-farm employment data was significantly revised down, with only 73,000 jobs added, far below the expected 109,000, triggering recession warning signals [1] - The resignation of hawkish Federal Reserve member Adriana Kugler increases the political feasibility of rate cuts [1] Group 2 - The anticipated interest rate cut is expected to alleviate housing burdens and stimulate demand in the real estate, home appliance, and tool industries, with consumer spending in these sectors projected to grow in Q1 and Q2 of 2025 [2] - Companies in the tool sector, such as Xianfeng Holdings, Juxing Technology, and Chuangke Industrial, are closely linked to the U.S. real estate cycle, with rate cuts expected to boost sales data [2] - In the black and white goods sector, brands like TCL and Hisense are targeting the high-end market, while Haier is leveraging local manufacturing advantages to capture market share and improve overseas profit margins [2] Group 3 - In the two-wheeler sector, companies like Ninebot, Taotao, and Chunfeng are establishing overseas bases, effectively avoiding tariffs through production in countries like Vietnam, Thailand, and Mexico [3]