截至2025年10月9日收盘，招商证券（600999）报收于17.08元，较前一交易日下跌0.18%，最新总市值 为1485.37亿元。该股当日开盘17.08元，最高17.16元，最低16.86元，成交额达20.31亿元，换手率为 1.61%。 公司于近日发布公告，披露截至2025年9月30日的证券变动月报表。公告显示，招商证券注册股本无变 化。普通股A股于上交所上市，证券代码600999，上月底结存7,422,005,272股，本月无增减，本月底结 存仍为7,422,005,272股，面值人民币1元。普通股H股于香港联交所上市，证券代码06099，上月底结存 1,274,521,534股，本月无增减，本月底结存相同。已发行股份总数未变，无库存股份。注册股本总额为 人民币8,696,526,806元。公司确认本月证券发行符合相关上市规则及法律规定。董事长霍达呈交该报 告。 最新公告列表 《H股公告（截至2025年9月30日止之股份发行人的证券变动月报表）》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Insights - The "Second Sina Finance Golden Unicorn Best Investment Advisor Selection" is currently underway, aiming to identify outstanding investment advisors and enhance the investment advisory IP construction [1] - The competition includes various categories such as stock simulation trading, ETF simulation trading, public fund simulation allocation, and social service evaluation, with over 10,000 investment advisors participating [1] ETF Simulation Trading Rankings - Liu Lichao from Dongguan Securities achieved the highest monthly return of 34.52% in the ETF simulation trading for September [2] - The second place was secured by She Wenzhi from Xiangcai Securities with a return of 24.66%, followed by Zhou Yang from Guoxin Securities with a return of 22.61% [2] - Other notable performers include Fan Chunqing from Nanjing Securities (19.86%) and Yang Yun from Zhongtai Securities (19.66%) [2][3] Performance Metrics - The top 10 investment advisors in the ETF simulation trading all reported returns above 16%, indicating strong performance in the simulated trading environment [2][3] - The rankings reflect a competitive landscape among investment advisors, showcasing their ability to generate significant returns in a simulated setting [1][2]

Group 1 - The A-share market indices opened higher and experienced upward fluctuations, with the Guozheng Free Cash Flow Index rising approximately 1.6% [1] - Key stocks such as Hailu Heavy Industry, Baiyin Nonferrous Metals, Shanghai Electric, and Taiji Industry reached their daily limit, while Western Mining, Luoyang Molybdenum, and Jiejia Weichuang also saw gains [1] - The largest free cash flow ETF (159201) followed the index's upward trend, with trading volume exceeding 200 million yuan, indicating active trading [1] Group 2 - According to招商证券, the market is expected to continue the upward trend observed in September, maintaining a low-slope trajectory in October [1] - The assessment of the market being in the second phase of a bull market remains unchanged, with a continuous inflow of incremental funds [1] - The free cash flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index and has shown strong long-term performance, with its stock selection strategy providing significant value compared to traditional dividend strategies [1]

Group 1 - Baofengtang has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as the sole sponsor [1] - Baofengtang is a manufacturer of plasma treatment equipment, focusing on the research, development, manufacturing, and sales of plasma treatment equipment for PCB and semiconductor manufacturing [1] - The company's products cover equipment for PCB manufacturing, consumer electronics, and semiconductor packaging, with a business presence in mainland China, Southeast Asia, North America, and Europe [1] Group 2 - According to a Frost & Sullivan report, Baofengtang ranks among the top three in the Chinese PCB plasma stripping equipment market, with an estimated market share of approximately 3.9% in 2024 [1]

Market Outlook - The market is expected to continue the upward trend observed in September, maintaining a low-slope oscillating movement in October, with a high probability of an upward trend due to the low base effect from last year and anticipated earnings growth in most industries [1][2] - The upcoming Fourth Plenary Session and the introduction of the 15th Five-Year Plan are expected to influence market expectations and trading directions, maintaining a high risk appetite in October [2] Industry Recommendations - Key sectors to focus on include non-ferrous metals, power equipment, machinery, automotive, electronics, and media, particularly those with sustained high prosperity and potential for turnaround [1][3][7] - Specific recommendations include industrial metals, precious metals, photovoltaic equipment, batteries, automation equipment, passenger vehicles, semiconductor, consumer electronics, and gaming [3][7] Investment Style and Fund Flows - The market is leaning towards a large-cap style in October, with growth expected to continue to outperform, and a more balanced industry style [3] - There is a positive outlook for net inflows of incremental funds in October, driven by financing funds and continued interest in industry and thematic ETFs [4][5] Economic and Liquidity Conditions - The macro liquidity environment is expected to remain stable, with the central bank maintaining a supportive monetary policy, which is crucial for market stability [4] - The overall funding supply is improving, with a notable increase in the issuance of equity funds and a shift from net redemptions to net subscriptions in ETFs [5] Earnings and Sector Performance - The third-quarter earnings report is anticipated to show significant growth in sectors such as high-end manufacturing, AI industry chain, and essential consumer goods, driven by low base effects and policy support [6][7] - The sectors with the highest expected earnings growth include mid-to-high-end manufacturing, AI-related industries, and certain resource products [6]

呈交日期: 2025年10月8日 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」） 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9月30日 狀態: 新提交 第 1 頁 共 11 頁 v 1.1.1 FF301 FF301 本公司乃於中華人民共和國註冊成立的股份有限公司。本公司並無「法定股本」。在上述第I部顯示「法定/註冊股本」的資料是指本公司的「註冊股本」。 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 | | 7,422,005,27 ...

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10月8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 | | 7,422,005,272 | | 2. 股份分類 | 普通股 | H 股份類別 | | | | 於香港聯交所上市 (註1) | | 是 | | | - ...

Core Viewpoint - The report from China Merchants Securities Hong Kong initiates coverage on HeYue-B (02256) with a "Buy" rating, estimating a fair equity value of HKD 21 billion and a target price of HKD 32.5 for the next 12 months, highlighting the company's long-term growth potential and efficient small molecule development capabilities [1] Group 1: Product Development and Market Potential - HeYue's developed drug, Pimitinib, is expected to be launched in both China and the U.S., providing continuous sales revenue through profit-sharing [1] - The company is actively targeting two significant gene families, FGFR and KRAS, with FGFR4 as a late-stage clinical asset poised to become a new targeted small molecule in liver cancer [1] - The global sales peak for Pimitinib is projected to reach USD 1.5 billion, providing sustained cash flow for HeYue [1] Group 2: Clinical Advancements and Pipeline - HeYue has demonstrated the best efficacy globally for TGCT in the development of CSF-1R inhibitors, with superior safety and response rates compared to similar molecules [1] - The company has received over USD 150 million in cash from its collaboration with Merck, including milestone payments and sales revenue sharing, marking a significant achievement for a Chinese biotech firm in global commercialization [1] - HeYue has a robust pipeline with 22 candidate drugs, including 12 in clinical stages and 10 in preclinical stages, showcasing its leading recognition of frontier targets and clinical development capabilities [3] Group 3: Focus on FGFR and RAS Targets - The company has been deeply engaged in the FGFR target area for ten years, focusing on selective FGFR4 inhibitors and FGFR2/3 inhibitors, addressing unmet needs in liver and gastric cancers [2] - The selective FGFR4 inhibitor, Ipagotinib, is currently in critical Phase III clinical trials, potentially becoming the first approved selective inhibitor targeting FGFR4 globally [2] - HeYue is also developing early-stage molecules targeting G12D and pan-RAS, which will enhance its offerings in precision oncology [2]

Core Viewpoint - The report from China Merchants Securities Hong Kong initiates coverage on HeYue-B (02256) with a "Buy" rating, estimating a fair equity value of HKD 21 billion and a target price of HKD 32.5 for the next 12 months, highlighting the company's long-term growth potential and efficient small molecule development capabilities [1] Group 1: Product Development and Market Potential - HeYue's developed drug, Pimitinib, is positioned as the most effective CSF-1R small molecule globally and is set to launch in both China and the U.S., promising ongoing sales revenue for the company [1] - The company is actively targeting two significant families of important targets, FGFR and KRAS, with FGFR4 as a late-stage clinical asset expected to become a new targeted small molecule in the liver cancer field [1] - The global sales peak for Pimitinib is projected to reach USD 1.5 billion, providing a continuous cash flow for HeYue, with the drug being a key asset in Merck's pipeline [1] Group 2: Clinical Advancements and Pipeline - HeYue has demonstrated the best efficacy globally for TGCT in the development of CSF-1R inhibitors, with safety and response rates surpassing similar molecules [1] - The company has established a robust pipeline with 22 candidate drugs, including 12 in clinical stages and 10 in preclinical stages, showcasing its leading recognition of frontier targets and developing clinical capabilities [3] - The selective FGFR4 inhibitor, currently in pivotal Phase III trials, targets advanced liver cancer patients with FGF19 overexpression, marking a potential first in the global market if successful [2] Group 3: Strategic Focus on Targeted Therapies - The company has been focusing on the FGFR target for a decade, with a deep layout in selective FGFR4 inhibitors and FGFR2/3 inhibitors, addressing unmet needs in liver and gastric cancers [2] - The ongoing research on RAS targets, including early-stage molecules for G12D and pan-RAS, is expected to enhance the company's offerings in precision oncology [2] - The development of next-generation FGFR inhibitors and oral PD-L1 small molecules is anticipated to exceed market expectations through better data disclosure and potential business development transactions [3]

Group 1 - The core viewpoint of the report is that Zijin Gold International (02259) is given a "strong buy" rating due to its strategic move to spin off from Zijin Mining (02899) and integrate overseas gold mining resources, which is expected to enhance asset value and capital efficiency through an international capital platform [1] - As of June 30 this year, Zijin Gold International has a consolidated gold metal resource of approximately 1,768.4 tons, with an average grade of 1.5 grams per ton, and proven and probable gold metal reserves of 845.2 tons, indicating a solid foundation for medium to long-term growth prospects [1] - The forecast for net profit from 2025 to 2027 is projected to reach 8.8 billion, 12.9 billion, and 13.3 billion RMB respectively, with gross profit margins expected to be 52.9%, 59.5%, and 59.5% [1]