Group 1 - The company announced that its public funds participated in the offline subscription of the initial public offering (IPO) of Southern Power Grid Digital Grid Research Institute Co., Ltd. (南网数字) [1] - The IPO price for Southern Power Grid Digital was set at RMB 5.69 per share, determined through a comprehensive consideration of various factors including the issuer's fundamentals and market conditions [1] - The announcement includes details about the allocation of public funds involved in the related party transactions [1] Group 2 - The company decided to suspend large-scale subscriptions (including regular investment) and transfer-in business for Class C and Class D shares of the 招商招华纯债债券型证券投资基金 starting from November 13, 2025, with a limit of RMB 1,000,000 for each [4] - The limit for large-scale subscriptions and transfer-in business for Class A shares remains unchanged at RMB 100,000,000 [5] - The company will continue to process other transactions such as conversions and redemptions during the specified period [5] Group 3 - The company has added Huafu Securities Co., Ltd. as a broker for on-site subscription and redemption services for its funds starting from November 12, 2025 [5]

Core Viewpoint - The company will participate in the 2025 Shenzhen-listed companies' collective reception day to enhance interaction with investors [1] Group 1: Event Details - The event will be held online on November 20, 2025, from 14:30 to 17:00 [1] - Investors can participate through the "Panorama Roadshow" website, WeChat public account, or by downloading the Panorama Roadshow APP [1] - Company executives will communicate with investors regarding company performance, governance, development strategy, operational status, and sustainable development [1]

Core Viewpoint - The recent fluctuations in the Hong Kong stock market present investment opportunities, driven by external volatility and investor sentiment to secure profits. The market is expected to recognize various positive factors, leading to potential upward movement after a period of consolidation [1]. Group 1: Macroeconomic and Policy Insights - The macroeconomic environment in China continues to show marginal slowdown, but the new economy, particularly technology, is experiencing strong growth with a half-year profit growth rate of 31.7%, providing robust support for the stock market [2]. - There are signs of easing tensions in US-China relations, with recent high-level talks resulting in several temporary measures, supporting the view of "competition without conflict." The government's upcoming policies are expected to focus on technology innovation, expanding domestic demand, and macroeconomic adjustments [2]. Group 2: Liquidity and Valuation - Continuous net inflows from foreign and southbound funds are observed, with the Federal Reserve expected to lower interest rates by 25 basis points in December and three additional cuts next year, totaling 75 basis points [3]. - The end of the Fed's balance sheet reduction in December is anticipated to alleviate liquidity pressures, further encouraging overseas capital to flow into the Hong Kong stock market [3]. - The combination of fundamental support, favorable policies, and improved liquidity positions the Hong Kong stock market in a valuation trough, which is expected to drive a rebound [3]. Group 3: Investment Strategy - The recommended investment strategy is a return to a "barbell strategy," focusing on offensive positions in technology (AI chain) and non-ferrous metals, while defensive positions should emphasize dividend stocks and turnaround opportunities [4]. - The AI industry chain is highlighted as a resilient growth sector with significant long-term potential, with recommendations for investments in internet-related AI, humanoid robots, autonomous driving, and electric power [4]. - Non-ferrous metals are expected to benefit from a combination of dollar depreciation, low interest rates, and liquidity, with gold also gaining from global central bank purchases and safe-haven demand [4]. Group 4: Defensive Strategies - The "turnaround" strategy focuses on essential consumer goods, which are showing signs of supply-demand inflection after four years of challenges, with valuations still at historical lows [5]. - Companies with competitive advantages are expected to increase market share and profit margins, suggesting a phased buying approach for long-term holding [5]. - High dividend strategies are emphasized, with the Hang Seng High Dividend Yield Index offering a stable dividend yield of 6%, driven by increasing demand for "fixed income plus" products from southbound funds [5].

Core Viewpoint - The company will participate in the 2025 Shenzhen-listed companies' collective reception day to enhance interaction with investors [1] Group 1: Event Details - The event will be held online on November 20, 2025, from 14:30 to 17:00 [1] - Investors can participate through the "Panorama Roadshow" website, WeChat public account, or by downloading the Panorama Roadshow APP [1] Group 2: Company Engagement - Company executives will communicate with investors regarding company performance, governance, development strategy, operational status, and sustainable development [1] - The company encourages widespread participation from investors [1]

Core Points - The company,招商证券, announced its participation in the "2025 Annual Online Collective Reception Day for Investors of Listed Companies in Shenzhen" [1] - The event is guided by the Shenzhen Securities Regulatory Bureau and the China Securities Investor Services Center, and organized in collaboration with the Shenzhen Listed Companies Association and Shenzhen Panorama Network Co., Ltd. [1] - The event is scheduled for November 20, 2025, from 14:30 to 17:00 [1]

Core Viewpoint - The company, China Merchants Securities (06099.HK), is enhancing investor engagement by participating in an online collective reception day for investors, scheduled for November 20, 2025 [1] Group 1: Event Details - The event will be conducted remotely, allowing investors to participate via the "Panorama Roadshow" website, WeChat public account, or the Panorama Roadshow APP [1] - The scheduled time for the event is November 20, 2025, from 14:30 to 17:00 [1] Group 2: Company Engagement - Company executives will communicate with investors regarding performance, corporate governance, development strategy, operational status, and sustainable development [1] - The company encourages widespread participation from investors in this interactive session [1]

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關於 參加2025年深圳轄區上市公司集體接待日活動的公告》，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11月11日 证券代码：600999 证券简称： 招商证券 编号： 2025－043 招商证券股份有限公司 关于参加2025年深圳辖区上市公司 集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，招商证券股份有限公司（以下简称公司） 将参加由深圳证监局和中证中小投资者服 ...

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。 为进一步加强与投资者的互动交流，招商证券股份有限公司（以下简称公司） 将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公司协会与深圳 市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司投资者网上集体 接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）14:30-17:00。届时 公司高管将在线就公司业绩、公司治理、发展战略、经营状况和可持续发展等投 资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 证券代码：600999 证券简称： 招商证券 编号： 2025－043 招商证券股份有限公司 关于参加2025年深圳辖区上市公司 集体接待日活动的公告 特此公告。 招商证券股份有限公司董事会 2025 年 11 月 11 日 ...

Core Viewpoint - The report from China Merchants Securities (Hong Kong) indicates that Uni-President China (00220) has a 6.5% dividend yield that is becoming increasingly attractive, with a potential upgrade to "Overweight" rating if signs of industry stabilization emerge, while currently maintaining a "Neutral" rating [1] Group 1: Financial Performance - Uni-President China's Q3 performance shows ongoing challenges, with net profit increasing by 8% to 726 million RMB, falling short of market expectations for double-digit growth [1] - Revenue remained flat year-on-year, with the food segment achieving low to mid-single-digit growth, offset by a decline in the beverage segment [1] - The OEM business continued to grow at a triple-digit rate, reflecting ongoing headwinds from competition in ready-to-drink beverages and execution risks under the company's volume-driven strategy [1] Group 2: Market Conditions and Outlook - The beverage sector continues to face pressure, particularly in the juice category, with intensified pricing competition [2] - Management reiterated a full-year sales growth target of 6-8%, but achieving this goal may be challenging due to ongoing inventory destocking, sluggish consumption, and increased promotional efforts [2] - The company remains cautiously optimistic for Q4, expecting continued improvement in gross margins and further optimization of expense ratios despite low consumer demand and heightened competition [2] Group 3: Strategic Initiatives - Investments in freezer units (adding 150,000 units by 2025) and sales point upgrades are expected to support long-term growth, although they may not alleviate current pressures in the short term [2] - The focus on expanding and upgrading sales points, along with the launch of core SKU new products, is anticipated to drive growth [2] - Looking ahead to 2026, stable raw material costs and product structure upgrades in beverages and instant noodles are expected to further enhance gross margin expansion [2]

Core Viewpoint - The report from China Merchants Securities (Hong Kong) indicates that Uni-President China (00220) is showing an attractive dividend yield of 6.5%, and if the industry competition stabilizes, the rating may be upgraded to "Overweight" from the current "Neutral" rating [1] Group 1: Financial Performance - Uni-President China's Q3 performance shows challenges, with net profit increasing by 8% to 726 million RMB, which is below market expectations for double-digit growth [1] - Revenue remained flat year-on-year, with the food segment achieving low to mid-single-digit growth, offset by a decline in the beverage segment [1] - The OEM business continued to grow at a triple-digit rate, reflecting ongoing headwinds from competition in ready-to-drink beverages and execution risks under the company's volume-driven strategy [1] Group 2: Market Conditions and Outlook - The management reiterated a full-year sales growth target of 6-8%, but achieving this goal may be challenging due to ongoing inventory destocking in beverages, sluggish consumption, and increased promotional efforts [2] - The company remains cautiously optimistic for Q4, expecting continued improvement in gross margins and further optimization of expense ratios despite low consumer demand and heightened competition [2] - Long-term growth is supported by investments in freezer units and sales point upgrades, although these may not alleviate current pressures in the short term [2] Group 3: Valuation and Estimates - The target price has been adjusted to 8.4 HKD from a previous 9.9 HKD, based on an updated mid-2026 P/E ratio of 14.5 times, reflecting a valuation that is one standard deviation below the long-term average since 2020 [1] - The beverage segment continues to face pressure, particularly in the juice category, with intensified pricing competition [1] - Looking ahead to 2026, stable raw material costs and product structure upgrades in beverages and instant noodles are expected to further drive gross margin expansion [2]