招商证券发布研究报告称，中国宏桥(01378)为全产业链布局的全球一体化电解铝企业，产能较高，有 成本和规模优势。公司股息率高，旗下宏创控股（002379）并购重组后铝业核心资产将在A股上市，叠 加西芒杜铁矿放量有望增厚利润，进一步打开估值空间。预计公司25/26/27年每股收益分别为 2.37/2.45/2.52元，对应PE为8.1/7.9/7.6，首次覆盖给予"强烈推荐"投资评级。 中国宏桥是全球领先的电解铝生产企业，国内外全产业链布局。公司主要从事铝产品的生产与销售，包 括电解铝、氧化铝以及铝加工产品，一体化水平较高。公司共有电解铝产能646万吨，氧化铝产能2100 万吨，其中1900万吨分布于国内，200万吨位于印尼，铝合金深加工产品产能97万吨。公司在几内亚投 资博凯矿业，铝土矿年产能可达6000万吨。 招商证券主要观点如下： 股息率较高，主要资产将在A股上市进一步打开估值空间。公司自2011年上市以来坚持分红，2024年每 股股息161港仙，较2023年增长156%，按照当年最后一个交易日的收盘价计算，股息率为13.69%，按 2025年7月28日股价计算为6.89%，高于国内其他主要铝企，在港股 ...

Group 1 - The announcement date is August 1, 2025 [1] - The new senior management personnel information is included [1] - Other matters requiring explanation have been approved by the third board of directors' fourth meeting of China Merchants Securities Asset Management Co., Ltd. and will be filed according to relevant regulations [1]

北京莱伯泰科仪器股份有限公司 招商证券股份有限公司关于 使用暂时闲置募集资金进行现金管理的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为北京 莱伯泰科仪器股份有限公司（以下简称"莱伯泰科"或"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《上市公司募集资金监管规则》《上海证 券交易所科创板股票上市规则》《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》等有关规定，对莱伯泰科使用暂时闲置募集资金进行现金 管理的事项进行了审慎核查，核查情况及意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2020 年 8 月 4 日出具的《关于同意北京莱伯泰科仪器股份有限公司首次公开发行股票注册的批 （证监许可[2020]1657 号），公司获准向社会公开发行人民币普通股 1,700 万 复》 股，每股发行价格为 24.80 元，募集资金总额为 421,600,000.00 元，扣除各项发 行费用（不含增值税）人民币 47,117,924.53 元，实际募集资金净额为人民币 合伙）审验并于 2020 年 8 月 27 日出具《北京莱伯 ...

中国经济网北京7月31日讯 慕思股份(001323.SZ)今日股价下跌，截至收盘报31.68元，跌幅4.78%。 慕思股份首次公开发行股票募集资金总额为155,758.93万元，扣除发行费用8,044.55万元，募集资金净额 为147,714.38万元。慕思股份于2022年6月13日披露的招股说明书显示，该公司原拟募集资金147,714.38 万元，用于华东健康寝具生产线建设项目、数字化营销项目、健康睡眠技术研究中心建设项目。 慕思股份首次公开发行股票的发行费用约8,044.55万元(各项费用均为不含税金额)，其中，保荐及承销 费用5,700.00万元。 上市次日(2022年6月24日)，慕思股份盘中最高价报61.67元，为该股上市以来最高价。该股目前处于破 发状态。 慕思股份于2022年6月23日在深圳证券交易所主板上市，本次发行的股票数量为4,001.00万股，发行价格 为38.93元/股，保荐机构为招商证券股份有限公司，保荐代表人为邓永辉、康自强。 ...

Group 1 - The core viewpoint of the news is that the China Securities Index Hong Kong 300 Mainland High Beta Index has shown significant growth, with a 15.91% increase over the past month, 26.48% over the past three months, and 34.82% year-to-date [1] - The index reflects the overall performance of securities listed on the Hong Kong Stock Exchange from various strategic investment perspectives, with a base date of December 30, 2005, set at 1000.0 points [1] - The top ten holdings of the index include companies such as Sunac China (3.98%), China Merchants Securities (3.11%), and China Cinda (2.77%), indicating a diverse portfolio [1] Group 2 - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown showing financials at 28.18%, healthcare at 18.44%, real estate at 17.18%, and information technology at 16.55% [1] - The index sample is adjusted every six months, specifically on the next trading day after the second Friday of June and December, with weight factors fixed until the next adjustment unless special circumstances arise [2]

Group 1 - Chinese brokerage stocks have experienced a significant decline, with notable drops in shares such as China Merchants Securities down 4.99% to HKD 16.36, Everbright Securities down 4.54% to HKD 10.52, and CITIC Securities down 4.19% to HKD 27.45 [1] - The Hong Kong Securities Index has risen 49.92% year-to-date, while the average increase for the 13 A+H component brokerage stocks in A-shares is only 4.63%, indicating a substantial narrowing of the AH premium rate [1] - The current AH premium rate for the entire market has fallen below 125%, with the brokerage sector experiencing an even more pronounced decline in AH premium [1] Group 2 - The brokerage index has shown a steady increase in July, approaching the rebound high from the fourth quarter of the previous year, with the average P/B ratio rising from a low of 1.40 to over 1.50, marking a new high for the year [2] - The brokerage index has shifted from a relatively weak position to a significantly stronger one, although the likelihood of a rapid recovery similar to the third quarter of last year is considered low [2] - A steady recovery and oscillating upward trend for the brokerage index is anticipated in the short to medium term, with expectations for a healthy rotation within the sector [2]

智通财经APP获悉，中资券商股高位回落，截至发稿，招商证券(06099)跌4.99%，报16.36港元；光大证 券(06178)跌4.54%，报10.52港元；中信证券(06030)跌4.19%，报27.45港元；中信建投证券(06066)跌 3.66%，报12.64港元。 申万宏源此前指出，香港证券指数年初至今上涨49.92%，而对应的13家A+H成分股券商A股同期涨幅均 值仅4.63%。券商AH溢价率已经显著收窄：根据恒生沪深港通AH溢价指数，当前全市场AH溢价率已经 下行至125%以下，而券商板块AH溢价率收窄更甚。该行认为外资增持中国资产、机构（险资、公募） 青睐投资高股息、低估值的港股，致使券商H股涨幅明显好于A股。重视下半年券商A股的补涨逻辑。 中原证券表示，7月券商指数稳步连续走高，在持续刷新年内新高的同时，逐步逼近去年四季度的反弹 高点，整体格局进一步转强。板块平均P/B由月初的最低1.40倍逐步修复至月末的1.50倍以上，创年内估 值新高。目前券商指数已由前期的相对弱势显著转强，但预计再度出现去年三季度末快速修复行情的概 率偏低，中短周期内券商指数保持稳步修复、震荡上涨的趋势值得期待，板块内 ...

Core Viewpoint - The report from China Merchants Securities International indicates that the pricing of Li Auto's new model i8 aligns with expectations, while the oil-electric pricing exceeds expectations. The target price is maintained at HKD 138 with a "Buy" rating [1] Company Analysis - The market has a misunderstanding regarding the i8, as the pure electric i-series is not the primary investment value for Li Auto. The potential of the range-extended L series remains significant, which could expand the company's market space by 30-50% [1] - The i8 is viewed as a high-end, slow-moving product, with the i6, set to be released in September, expected to be the true volume product for the pure electric series. Short-term deliveries are not anticipated to have a strong impact [1] Sales Forecast - The estimated monthly sales for the i8 are projected to be between 3,000 to 5,000 units, primarily aimed at validating the pure electric product before paving the way for the i6 [1]

Core Viewpoint - The report from China Merchants Securities International indicates that the pricing of Li Auto's new model i8 aligns with expectations, with the fuel-electric price being better than anticipated. The target price is maintained at HKD 138 with a "Buy" rating [1] Group 1: Company Insights - The market has a misunderstanding regarding the i8, as the pure electric i-series is not the primary investment value for Li Auto; the range-extended L series still holds significant potential [1] - These two factors could expand the company's potential market space by at least 30-50% [1] - The i8 is viewed as a high-end product with a slow market uptake, while the i6, expected to be released in September, is anticipated to be the true volume product for the pure electric series [1] Group 2: Sales Projections - Short-term deliveries of the i8 are not expected to have a strong impact, with estimated monthly sales ranging from 3,000 to 5,000 units, primarily aimed at validating the pure electric product [1] - The i8's stable performance is expected to pave the way for the i6's market entry [1]

Group 1 - The report from China Merchants Securities highlights the introduction of new isostatic equipment and UV printing technology in the solid-state battery manufacturing process to address core interface challenges [1] - UV printing technology is favored for its high precision and automation, making it suitable for the stringent production requirements of solid-state batteries, and is currently a primary choice for leading battery manufacturers [1][2] - The overall cycle time of the solid-state battery production line is currently a bottleneck, with precise control required over various parameters such as laser settings, dispensing speed, adhesive viscosity, and UV curing energy [2] Group 2 - The production of solid-state batteries imposes higher requirements on UV adhesives, particularly in terms of tensile strength, flexibility, and puncture resistance, due to their use in insulating the electrodes [3] - New formulations of solid-state battery UV adhesives are reported to have significant barriers to entry, as they must not react with sulfur-based electrolytes, indicating a specialized market for these materials [3] - Leading companies in the UV adhesive sector, such as Songjing Co., have made significant advancements in solid-state UV adhesive products and equipment [3]