Group 1: Management Changes in Securities Firms - Zhang Haochuan, Vice President of China Merchants Securities, resigned for personal reasons, and will not hold any position after resignation [1] - The resignation follows the retirement of President Wu Zongmin, who announced his retirement due to age on May 7, leading to concerns about management stability [1] - The company confirmed that there are no significant disagreements with the board and has completed the necessary work handover, indicating limited long-term impact [1] Group 2: Technology Innovation Bonds - The People's Bank of China and the China Securities Regulatory Commission announced support for the issuance of technology innovation bonds, including securities firms as eligible issuers [2] - Eleven securities firms, including CITIC Securities and China Merchants Securities, have confirmed the issuance of technology innovation bonds, with a total scale exceeding 10 billion [2] - This initiative is expected to enhance financing channels for securities firms and direct more funds towards technology innovation, benefiting related industry sectors [2] Group 3: Growth of Billion-Level Private Equity Firms - As of May 12, the number of billion-level private equity firms reached 87, an increase of 3 since the end of March, indicating a recovery in the issuance market [3] - Four firms exited the billion-level category while seven new firms entered, reflecting increased competition in the industry [3] - The growth in both subjective and quantitative billion-level private equity firms suggests a restoration of market confidence and potential for increased capital inflow [3] Group 4: Restrictions on Dividend Funds - Several dividend-themed equity funds have announced subscription limits due to increased interest in low-valuation, stable assets amid market fluctuations [4] - China Europe Fund and Western Li De Fund have implemented subscription limits to protect the interests of fund holders and ensure stable operations [4] - The restrictions may lead investors to reassess dividend assets, potentially impacting market fund flows and increasing attention on related industry sectors [4]

Group 1 - The core viewpoint of the news is that Shandong Heda Group Co., Ltd. is actively engaging with investors through an online event and has undergone continuous supervision training for its management team to ensure compliance and improve governance [1][2][3][4][5][6][9]. Group 2 - The company will participate in the "2025 Shandong Listed Companies Investor Online Reception Day" on May 15, 2025, to enhance interaction with investors [1][2]. - Key executives, including the chairman and financial director, will address investor concerns regarding the company's performance, governance, and sustainable development during the event [2][3]. - The continuous supervision training conducted by the sponsor, China Merchants Securities, covered new regulations and compliance responsibilities for the company's board and management [3][4][5][6][10][12]. Group 3 - The company issued 6 million convertible bonds with a total fundraising amount of 600 million yuan, netting approximately 592.75 million yuan after deducting related expenses [9][10]. - The bonds were approved by the China Securities Regulatory Commission and began trading on July 19, 2023, under the name "Heda Convertible Bonds" [9][10]. - The company has complied with all regulatory requirements regarding information disclosure and the use of raised funds, ensuring transparency and accountability [12][17][18].

Group 1 - Shandong Heda Group Co., Ltd. will participate in the "2025 Shandong Listed Companies Investor Online Reception Day" to enhance interaction with investors [1][2] - The event will be held online on May 15, 2025, from 15:00 to 16:30, where the company's chairman and key executives will discuss 2024 performance, governance, development strategy, and sustainability [2] Group 2 - Shandong Heda has issued 6 million convertible bonds with a total fundraising amount of 600 million RMB, netting approximately 592.75 million RMB after deducting related expenses [5] - The bonds, named "Heda Convertible Bonds" with code "127088," began trading on the Shenzhen Stock Exchange on July 19, 2023 [5] Group 3 - The sponsor, China Merchants Securities, has committed to ongoing supervision of the bond issuance process, ensuring compliance with relevant regulations and proper use of raised funds [6][11] - During the supervision period, Shandong Heda has adhered to information disclosure requirements and maintained compliance with regulations regarding the use of raised funds [7][11] Group 4 - A training session was conducted on April 25, 2025, for Shandong Heda's board members and executives, focusing on new company laws and compliance responsibilities [16][17] - The training aimed to enhance understanding of regulatory dynamics and improve the company's operational and disclosure standards [17]

Core Viewpoint - The potential appointment of Zhu Jiangtao, the current Vice President of China Merchants Bank, as the new President of China Merchants Securities following the retirement of Wu Zongmin is a significant development in the financial sector, highlighting the trend of cross-industry transitions among banking professionals [2][3]. Group 1: Leadership Changes - Wu Zongmin has retired as the President of China Merchants Securities, with Chairman Huo Da temporarily taking over the role [2]. - Zhu Jiangtao, currently the Vice President of China Merchants Bank, is speculated to be the successor for the President position at China Merchants Securities [2][3]. - Zhu Jiangtao has a long history in banking, having joined China Merchants Bank in 2003 and held various senior positions, including Chief Risk Officer and Vice President [3][4]. Group 2: Zhu Jiangtao's Background - Zhu Jiangtao, born in December 1972, has nearly 30 years of banking experience, with a strong focus on risk management [3]. - Under Zhu's leadership as Chief Risk Officer from 2021 to 2024, the bank maintained a non-performing loan ratio below 1% [3]. - Zhu's recent focus has been on corporate business, as indicated by his resignation from the Chief Risk Officer role to prepare for a potential transition to securities [3][4]. Group 3: Financial Performance of China Merchants Bank - In the first quarter of 2025, China Merchants Bank reported a revenue of 83.751 billion yuan, a decrease of 3.09% year-on-year, and a net profit of 37.286 billion yuan, down 2.08% [6]. - The bank's net interest margin and net interest yield both saw declines, with net interest margin at 1.82% and net interest yield at 1.91%, down 8 and 11 basis points respectively [6]. - Non-interest income also fell by 10.64%, with significant declines in other net income due to rising market interest rates affecting bond and fund investments [6]. Group 4: Industry Trends and Adjustments - The recent changes in leadership within the "China Merchants" system indicate a trend of frequent adjustments, with multiple mid-level management changes reported [7]. - The establishment of financial asset investment companies by China Merchants Bank and CITIC Bank marks a new phase in the banking sector, allowing for greater diversification of services [6].

招商证券股份有限公司 关于山东赫达集团股份有限公司 向不特定对象发行可转换公司债券 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐人"）作为山东赫 达集团股份有限公司（以下简称"山东赫达"、"发行人"或"公司"）向不特 定对象发行可转换公司债券的保荐人，负责本次可转债发行上市后的持续督导工 作，持续督导期自 2023 年 7 月 19 日至 2024 年 12 月 31 日止。招商证券根据《证 券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》 《深圳证券交易 招商证券股份有限公司关于山东赫达可转债项目持续督导保荐总结报告书 所上市公司自律监管指引第 13 号——保荐业务》等有关规定，出具本持续督导 保荐总结报告书，具体内容如下： 一、保荐人及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法 律责任。 （二）保荐人及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）对保荐总结报告书相关事项进行的任何质询和调查。 （三）保荐人及保荐代表人自愿接受中国证 ...

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。 | 姓名 | 离任职务 | 离任时间 | | 原定任期到 期日 | | 离任原因 | 是否继续在上 市公司及其控 | 具 体 职务 | 是 否存 履 行完 | 在未 毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股子公司任职 | | 公开承诺 | | | 张浩川 | 副总裁 | 2025 年 | 5 月 | 2027 年 月 | 1 | 个人原因 | 否 | 无 | 否 | | | | | 12 日 | | 18 日 | | 辞职 | | | | | 一、提前离任的基本情况 二、张浩川先生离任对公司的影响 张浩川先生已按照公司相关规定做好工作交接。 证券代码：600999 证券简称： 招商证券 编号： 2025－023 招商证券股份有限公司 关于公司副总裁离任的公告 公司董事会谨向张浩川先生在担任公司副总裁期间对公司所做出的积极贡献表示 衷心感谢！ ...

Group 1 - The joint statement from the China-US Geneva trade talks led to a significant rise in global risk assets, with the Hang Seng Index gaining nearly 700 points [1] - The Hang Seng Technology Index increased by 5.16%, while the Hang Seng Index and the National Enterprises Index rose by 2.98% and 3.01%, respectively [2] - Major technology stocks surged, with JD.com and Alibaba both rising over 6%, and financial stocks also performed well [2][4] Group 2 - The technology sector saw substantial gains, with stocks like Bilibili, JD.com, Kuaishou, and Alibaba all increasing by over 6% [4] - Apple-related stocks experienced a significant boost, with companies like GoerTek and AAC Technologies rising by over 18% and 15%, respectively, following price adjustments for iPhone models [5][6] - Financial stocks, particularly Chinese brokerage firms, showed strong performance, with China International Capital Corporation rising over 7% [7] Group 3 - Shipping stocks also saw notable increases, with China COSCO Shipping Holdings rising over 8% [8] - Conversely, gold stocks faced sharp declines, with Lingbao Gold and Chifeng Jilong Gold dropping over 11% due to reduced safe-haven demand following the easing of US-China trade tensions [9] - Biopharmaceutical stocks fell, with companies like BeiGene and CanSino Biologics experiencing declines of over 8% and 5%, respectively, due to announcements regarding drug price reductions in the US [10] Group 4 - Southbound capital saw a net sell-off of HKD 18.528 billion, indicating a cautious sentiment among investors [11] - Morgan Stanley expressed optimism about the progress in trade negotiations, leading hedge funds to increase their long positions in Chinese stocks [12]

Core Viewpoint - Chinese brokerage stocks in the Hong Kong market have seen a significant increase, with notable gains in specific companies such as 弘业期货 (Hongye Futures) and 中金 (CICC) [1] Group 1: Stock Performance - 弘业期货 (03678.HK) experienced a nearly 20% increase in its stock price [1] - 中金 (03908.HK) saw its stock rise by over 5% [1] - Other brokerage firms such as 华泰证券 (Huatai Securities), 招商证券 (China Merchants Securities), and 中信证券 (CITIC Securities) also followed the upward trend [1]

| 招商证券股份有限公司 | | | | | --- | --- | --- | --- | | 关于昆山亚香香料股份有限公司 | | | | | 保荐人名称：招商证券股份有限公司 | 被保荐公司简称：亚香股份 | | | | 联系电话：0755-83084021 保荐代表人姓名：覃建华 | | | | | 保荐代表人姓名：程建新 联系电话：0755-83084021 | | | | | 一、保荐工作概述 | | | | | 项目 工作内容 | | | | | （1）是否及时审阅公司信息披露文件 | | 是 | | | （2）未及时审阅公司信息披露文件的次数 | | | 无 | | （1）是否督导公司建立健全规章制度（包括但 | | | | | 不限于防止关联方占用公司资源的制度、募集资 | | | | | 是 | | | | | 金管理制度、内控制度、内部审计制度、关联交 | | | | | 易制度） | | | | | （2）公司是否有效执行相关规章制度 | | 是 | | | （1）查询公司募集资金专户次数 | | 8次 | | | （2）公司募集资金项目进展是否与信息披露文 | | | | | 是 | ...

■机构展望 ◎记者 汪友若 5月首个交易周，A股市场整体表现强势，日均成交额较4月底改善，情绪面显著回暖。消息面上，5月7 日，金融管理部门出台了一揽子金融政策支持稳市场稳预期。机构观点认为，一揽子金融政策的出台节 奏超出市场预期，显著提振了市场风险偏好。 市场风格演绎方面，机构称，短期科技板块的景气度高企，A股"科技叙事"逻辑有望伴随着产业突破得 到进一步强化。中长期来看，中国证监会5月7日印发了《推动公募基金高质量发展行动方案》，提出25 条措施督促行业从"重规模"向"重回报"转变，公募新规或推动A股市场风格向大盘权重股、红利资产等 方向演变。 一揽子金融政策提振市场信心 申万宏源证券分析称，上周金融管理部门出台一揽子政策，其政策落地的全面性、集中性、一致性显著 超出市场预期。招商证券认为，央行降准、降息、新设立结构性货币政策工具等多项政策落地，对市场 信心的提振较明显。 中金公司研究部首席国内策略分析师李求索认为，一揽子金融政策释放积极信号，有助于进一步稳增长 稳市场稳预期，在外部面临较大不确定性的环境下，助力促进投资者风险偏好回升。结合当前A股市场 估值仍处于相对低位具备较好投资吸引力，以及科技叙事和 ...