智通财经APP获悉，招商证券发布研报称，维持对航空行业的"推荐"投资评级。2025年上半年民航业呈 现需求快增、客座率提升、票价承压但Q2企稳的特征，预计2025-27年行业供需关系将持续改善。随着 飞机引进放缓及利用率提升，供给增速收缩至年均6%，而需求端在国内线稳健增长(复合增速3.6%)及 国际线加速恢复(2025年超2019年水平)驱动下，年均复合增速达6.8%，行业盈利修复趋势明确。油价下 行预期进一步利好成本端改善，暑运旺季收益指标有望企稳回升。 招商证券主要观点如下： 2025-26年行业供需改善、中期向上趋势明确 行业处在疫情后修复阶段，出行消费需求有一定的韧性，经济和消费刺激政策利好国内出行需求增长， 国际出行需求正常化后有望持续增长。受全球供应链不畅影响，供给释放偏紧。同时随着OPEC+组织 增产的推进，油价同比有望持续下降，直接降低成本，利好需求恢复及盈利增长;展望未来行业供需再 平衡、盈利回升的趋势明确。从中长期角度看，行业盈利的持续爬升将为市值的修复提供支撑。短期来 看，24年暑运旺季运力已经大幅释放、同时票价水平较23年大幅回落，今年暑运有望实现主要收益指标 的企稳回升。 风险提示 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2025年7月7日 I. 法定/註冊股本變動 證券代號 (如上市) 600999 說明 於上海證券交易所 （「上交所」）上市之A股 法定/註冊股份數目 面值 法定/註 冊股本 上月底結存 7,422,005,272 RMB 1 RMB 7,422,005,272 增加 / 減少 (-) 0 RMB 0 本月底結存 7,422,005,272 RMB 1 RMB 7,422,005,272 證券代號 (如上市) 06099 說明 法定/註冊股份數目 面值 法定/註 冊股本 上月底結存 1,274,521,534 RMB 1 RMB 1,274,521,534 增加 / 減少 (-) 0 RMB 0 本月底結存 1,274,521,534 RMB 1 RMB 1,274,521,534 本月底法定/註冊股本總額： RMB 8,696,526,806 備註： 第 1 頁 共 11 頁 v ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2025年7月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,27 ...

智通财经APP获悉，招商证券发布研报称，基础设施板块业绩较为稳定、派息能力强，依然是优质的红 利标的，从估值优势上看，建议关注港股基础设施红利资产的配置价值。该行认为头部高速今年业绩稳 健、派息预期稳定，经过近期股价调整后股息率逐渐回归至4%左右，进入可配置区间。港口方面，看 好头部港口板块，中长期看分红有提升空间。综上，降息周期下红利资产仍有配置价值，当前基础设施 板块头部标的H股相较A股估值差仍存，未来有收敛空间，建议关注港股红利资产估值提升空间。 招商证券主要观点如下： 2025年上半年，市场风险偏好提升、偏防御风格的基础设施板块跑输wind全A指数 从交运各子板块涨跌幅来看，2025/1/2-2025/6/30申万高速公路指数下跌2.5%、申万港口指数下跌 1.2%、申万铁路指数下跌3.1%，wind全A指数上涨8.7%。公路、铁路、港口均跑输指数，主要原因是连 续3年上涨导致板块估值已基本修复至合理位置，且今年以来市场风险偏好提升、防御型板块关注度下 降。 25年上半年交运基础设施板块基本面表现符合预期，预计下半年高速公路维持稳健，铁路客运持续增 长、货运量有提升空间，港口集装箱吞吐持续好于散杂货 ...

Group 1 - Continuous inflow of southbound funds into the Hong Kong stock market has increased liquidity, particularly benefiting the technology sector, which is in a high growth phase and attracts significant investor interest [1] - In 2024, net inflows from southbound funds into the Hong Kong market reached HKD 807.69 billion, with monthly buy transactions consistently exceeding sell transactions [1] - The Hong Kong Stock Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which selects up to 50 high-quality companies from the technology sector listed under the Stock Connect program, reflecting the overall performance of investable technology companies [1] Group 2 - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Group 1: Industry Overview - Moutai's batch price stabilizes and rebounds, indicating potential improvement in sentiment within the liquor sector [1][11] - Short-term demand fluctuations are expected to lead to a quarter-on-quarter slowdown in the liquor sector for Q2 2025, but leading liquor companies are working to maintain price stability [1][11] - The snack sector shows stability in traditional channels and rapid growth in membership supermarket channels, with new products expected to launch in the second half of 2025 [1][11] Group 2: Company-Specific Insights - Luzhou Laojiao is actively embracing new consumption trends, improving market inventory, and planning to expand its terminal count to 4 million over the next five years [2] - Yanghe's new leadership is expected to drive organizational adjustments and enhance operational dynamics, with new products launched to target younger consumers [3] - Jiu Gui Jiu is focusing on brand education and product strategies, including low-end and low-alcohol products, while optimizing its channel structure [4] - New Dairy is experiencing double-digit growth in low-temperature milk, with cost advantages expected to enhance profit release capabilities [5] - Jin Zai Foods is in a cautious operational phase, with stable performance in traditional and snack channels, while exploring new product launches [6] - Youyi Foods is seeing strong sales performance and successful new product launches, particularly in membership channels [7] - Zhongchong's self-owned brands are growing, with stable domestic market performance and increased overseas factory output [8] - Petty's domestic market is expanding into staple food areas, with a focus on low-sensitivity, high-nutrition products [9] - Anjiu Foods has successfully listed its H-shares, raising approximately 2.302 billion HKD from the global offering [10]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, indicating that it is expected to outperform the overall market [3][4]. Core Insights - The insurance sector showed a slight decline, with the Shenwan Insurance II Index down by 0.27%, underperforming the CSI 300 Index by 1.81 percentage points. However, the second quarter of 2025 is expected to see strong performance from certain insurance companies, leading to valuation boosts [4]. - The brokerage sector also experienced a decline, with the Shenwan Brokerage II Index down by 0.71%, underperforming the CSI 300 Index by 2.25 percentage points. Despite this, the brokerage sector has shown significant growth in stock trading volumes and IPOs, suggesting potential for recovery [4][19]. Market Review - The CSI 300 Index closed at 3,982.20 with a weekly change of +1.5%. The non-bank index closed at 1,871.55, with a weekly change of -0.7%. The brokerage, insurance, and diversified financial sectors reported changes of -0.7%, -0.3%, and -2.7% respectively [7]. - As of July 4, 2025, the average daily stock trading volume was 14,416.07 billion yuan, reflecting a year-on-year increase of 30.83% [19][42]. Insurance Sector Highlights - The second quarter of 2025 is anticipated to show robust growth in new business value (NBV) for insurance companies, driven by a low base effect and strong performance in bancassurance [4][13]. - The long-term interest rates have decreased, which is expected to positively impact the insurance sector's performance [4]. Brokerage Sector Highlights - The brokerage sector has seen a significant increase in trading activity, with the average daily trading volume for the first half of 2025 reaching 13,915.03 billion yuan, a year-on-year increase of 30.83% [19]. - The report highlights that the valuation of the brokerage sector remains low, with a price-to-book (PB) ratio of 1.35, down 19.6% from the highest valuation level since September 2024 [4]. Investment Recommendations - For the insurance sector, the report recommends stocks such as New China Life, China Life (H), China Pacific Insurance, and ZhongAn Online [4]. - In the brokerage sector, the report suggests focusing on leading firms with strong competitive positions, such as CITIC Securities and Guotai Junan, as well as firms with significant international business capabilities like China Galaxy and CICC [4].

Core Viewpoint - The company, Shandong Heda Group Co., Ltd., is changing part of the fundraising purpose from the issuance of convertible bonds to permanently supplement working capital, which is deemed necessary for its operational needs and will not adversely affect other investment projects [1][5][9]. Fundraising Overview - The company was approved to issue 6 million convertible bonds with a total fundraising amount of 600 million RMB, netting approximately 592.75 million RMB after deducting issuance costs [1][2]. - As of June 30, 2025, the company has utilized approximately 457.47 million RMB of the raised funds, leaving a balance of about 135.76 million RMB [2][4]. Fund Usage Details - The remaining funds include 120 million RMB that was temporarily used to supplement working capital and has since been returned [2][4]. - The company plans to terminate the investment project for "Hershey's annual production of 15 billion plant capsules and intelligent three-dimensional warehouse upgrade project," which was initially planned for an investment of 181.68 million RMB [5][6]. Reasons for Fund Usage Change - The decision to halt the aforementioned project is influenced by changes in the international situation and market environment, which have affected the project's feasibility [5][6]. - The remaining funds will be used for daily operations and business development, enhancing the efficiency of fund usage and alleviating financial pressure [5][8]. Impact of Fund Usage Change - The change in fund usage is considered a prudent adjustment that aligns with the company's operational needs and will not negatively impact other investment projects [5][8]. - The company aims to optimize resource allocation and reduce financial costs, thereby improving operational efficiency and safeguarding the interests of the company and its investors [8][9]. Approval Process - The board of directors and the supervisory board have approved the change in fund usage, which will be submitted for further approval at the shareholders' meeting and the bondholders' meeting [8][9].

Core Viewpoint - The company, Shandong Heda Group Co., Ltd., is increasing its expected daily related transactions for the year 2025, with a focus on maintaining fair and reasonable pricing in accordance with market principles [1][2]. Summary by Sections Daily Related Transactions Overview - Shandong Heda held a board meeting on April 25, 2025, to confirm and approve the expected daily related transactions for the year [1]. - The company plans to increase the transaction limit with Mitijia Yue (Shandong) Board Materials Co., Ltd. to a maximum of 250 million yuan, raising the total expected transactions to 671.2116 million yuan [2]. Related Party Introduction and Relationship - Mitijia Yue is a subsidiary of Mitijia (Shanghai) Food Technology Co., Ltd., in which Shandong Heda holds a 49.0385% stake through its subsidiary [3]. - As of December 31, 2024, Mitijia Yue reported total assets of 335.238 million yuan and a net loss of 5.017 million yuan [2][3]. Main Content of Related Transactions - The daily related transactions with Mitijia Yue are considered normal business operations, conducted under fair market conditions [4]. Purpose and Impact of Related Transactions - The transactions aim to support the company's business development and production needs, adhering to fair market principles, and are not expected to adversely affect the company's financial status or independence [4]. Review Procedures and Special Opinions - The independent directors approved the increase in expected related transactions, affirming that it aligns with legal regulations and does not harm the interests of the company or minority shareholders [5]. - The board and supervisory committee also supported the increase, confirming that the pricing is based on fair market standards [5]. Sponsor's Verification Opinion - The sponsor, China Merchants Securities, has no objections to the increase in expected daily related transactions, confirming that the decision-making process complies with relevant regulations [5].

Group 1: OBBBA Overview - The OBBBA increases the baseline deficit by $3.4 trillion over the next 10 years, with total deficits reaching $4.1 trillion including $0.7 trillion in interest expenses[8] - The bill was passed by the House with a vote of 218 to 214 and signed by President Trump on July 4[4] - The overall debt ceiling is raised by $5 trillion, exceeding the House version by $1 trillion[8] Group 2: Economic Impact - OBBBA is expected to boost U.S. economic growth by 1.2% in 2026 and peak at 1.5% in 2028, but the long-term impact may be weaker than the 2017 tax cuts[22] - The projected deficit rate for the next three years is around 7%, significantly higher than the previous two years[14] - Short-term benefits from tax cuts favor middle-income earners, while long-term benefits are skewed towards high-income groups[28] Group 3: Tax and Spending Changes - The tax cuts include permanent provisions for individual income tax and corporate tax credits, with a total tax reduction of $4.5 trillion[18] - Significant spending cuts are planned, including $1.074 trillion from medical subsidies and $543 billion from clean energy subsidies over the next 10 years[22] - The bill also abolishes certain tax benefits from the Biden administration, including parts of the "Green New Deal" and some social welfare programs[19]