1、本次股东权益变动系因深圳市楚源投资发展有限公司（以下简称楚源投 资）将其持有的深圳市集盛投资发展有限公司（以下简称集盛投资）50%股权无 偿划转至招商局金融控股有限公司（以下简称招商金控）所致（以下简称本次股 权划转），根据《上市公司收购管理办法》的规定不触及要约收购。 2、本次股权划转实施后，招商证券股份有限公司（以下简称公司或招商证 券）控股股东、实际控制人未发生变化。 一、本次权益变动基本情况 公司于近日收到招商金控通知，招商金控与楚源投资于 2025 年 9 月 10 日签 署无偿划转协议，楚源投资将其持有的集盛投资 50%股权无偿划转至招商金控。 本次股权划转前，招商金控持有楚源投资 100%的股权，并直接持有集盛投 资 50%的股权，楚源投资持有集盛投资 50%的股权，集盛投资持有招商证券 1,703,934,870 股 A 股股票，占招商证券总股本的 19.59%；招商金控直接及间接 持有招商证券 44.17%股份；招商局集团有限公司（以下简称招商局集团）通过 招商金控合计持有招商证券 44.17%股份。 证券代码：600999 证券简称：招商证券 编号：2025－039 招商证券股份有限公 ...

招商证券公告称，公司收到招商金控通知，招商金控与楚源投资签署无偿划转协议，楚源投资将其持有 的集盛投资50%股权划转至招商金控。本次股权划转的相关手续完成后，招商局集团、招商金控不再通 过楚源投资间接持有集盛投资及公司权益。招商金控持有集盛投资100%的股权，集盛投资持有招商证 券股份数量不变。招商金控通过其下属子公司集盛投资间接持有招商证券1,703,934,870股A股股票，占 招商证券总股本的19.59%；招商金控合计持有的招商证券股份数量及股权比例不变；招商局集团通过 下属子公司间接合计持有的招商证券股份未发生变更，仍为44.17%。本次股权划转不会导致招商证券 的控股股东、实际控制人发生变化。 ...

Core Viewpoint - China National Airlines significantly reduced its net loss in the first half of the year, achieving profitability in Q2 2025, with a net profit of 240 million yuan compared to a net loss of 1.11 billion yuan in the same period last year [1] Financial Performance - In the first half of the year, the company reported a net loss attributable to shareholders of 1.81 billion yuan, a year-on-year reduction in loss of 980 million yuan [1] - Q2 2025 saw a net profit of 240 million yuan, marking a turnaround from a net loss of 1.11 billion yuan in the same quarter of the previous year [1] Future Outlook - The company is expected to benefit from the recovery of international flights, declining oil prices, industry supply-demand rebalancing, and improvements in operational efficiency, leading to stabilized revenue levels and gradual recovery in profitability [1] - However, short-term challenges include weak demand for business travel and pressure on peak season ticket prices, prompting a downward revision of the company's net profit forecasts for 2025-2027 to 1.53 billion, 3.47 billion, and 3.89 billion yuan respectively [1] Strategic Positioning - The company has a strong strategic position with its hub at Beijing Capital Airport, covering economically developed and densely populated regions of China, which is expected to continue benefiting from business travel and the recovery of international long-haul routes [1] - The company maintains a "buy" rating, reflecting confidence in its long-term advantages and market positioning [1]

证券研究报告| 行业定期报告 2025 年 09 月 15 日 招商证券丨总量的视野 电话会议纪要（20250914） 研究部/总量研究 【宏观-张岸天】就业、通胀和美联储连续降息预期 【策略-涂婧清】内外部流动性改善驱动港股新一轮上涨 【固收-朱宸翰】长债重定价结束了么 【银行-王先爽】M1 增速何时见顶？-8 月金融数据分析 【基金评价-徐燕红】公募基金第三阶段费率改革影响深度解析 ❑ 【宏观-张岸天】就业、通胀和美联储连续降息预期 近期，海外市场对于美联储自 9 月起连续降息三次的预期升温，主要由弱非 农和仍属温和的关税通胀等经济数据所支持。 从美债利率来看，市场已经从上周开始计入供需双弱、降温明显的劳动力市 场。1）8 月非农新增 2.2 万人，大幅低于市场所预期的 7.5 万人。建筑业、 制造业、商业服务和政府部门的降幅都比较明显，其中建筑业降幅扩大到-0.7 万人（前值-0.1 万人），时薪增速环比涨幅有 0.6%，价升量减很可能反映出 移民政策的影响。2）9 号 BLS 发布非农基准修订数据，共计下修 91.1 万人， 属于市场预期高位区间。分行业来看，政府部门下修 3.1 万，私人部门下修 8 ...

Core Viewpoint - The report from China Merchants Securities indicates that Apple's iPhone 17 series has received strong pre-order interest, with over 20 million reservations on JD.com, significantly higher than the iPhone 16 series. The iPhone 17's competitive pricing and enhanced features are expected to drive sales beyond expectations [1][2]. iPhone 17 - The iPhone 17 has a pre-order volume of over 2 million on JD.com, nearly ten times that of the iPhone 16. The delivery time for all configurations in China is 3-4 weeks, and in the U.S., most configurations are 2-3 weeks, which is an improvement of about 1-2 weeks compared to last year [1]. - The iPhone 17 features upgrades such as a 120Hz refresh rate, ultra-wide angle, front camera enhancements, and faster charging, while also being priced $100 lower, improving its value proposition in the mid-range market [1]. iPhone 17 Pro - The iPhone 17 Pro has a delivery time of 3-4 weeks in China and 2-3 weeks in the U.S. (except for the deep blue color), which is also an improvement of 1-2 weeks compared to last year. The Pro series is expected to maintain stable demand due to significant design changes and performance upgrades [2]. iPhone Air - The iPhone Air has not yet launched in China, but in the U.S., the delivery time is approximately 1 week for some colors and 2-3 weeks for others. Key features include a super-thin design, titanium exterior, self-developed modem, and dual video recording capabilities [2]. - The performance of the iPhone Air in China and other regions will be closely monitored after its global release [2]. AirPods and Apple Watch - AirPods Pro 3 has a delivery time of 1 week in China and 2-3 weeks in the U.S. The Apple Watch Series 11 has similar delivery times, with the Ultra 3 taking 2-3 weeks for most configurations. The sales trends for these products are in line with expectations, with notable features such as AI translation and health monitoring capabilities [2]. Investment Recommendations - The report recommends focusing on companies that will benefit from Apple's AI innovations, including Luxshare Precision (002475.SZ) and GoerTek (01415). Other companies of interest include Pengding Holdings (002938.SZ), Dongshan Precision (002384.SZ), BYD Electronics (00285), and several others in the supply chain [3].

Group 1 - Apple iPhone 17 pre-order volume exceeds 2 million on JD platform, nearly 10 times that of iPhone 16, indicating strong demand [1] - iPhone 17 features significant upgrades including 120Hz refresh rate, ultra-wide angle, and improved battery life, while also being priced $100 lower, enhancing its competitiveness in the mid-range market [1] - iPhone 17 Pro and Pro Max have longer wait times of 3-4 weeks in China and 2-3 weeks in the US, reflecting strong demand and interest in the upgraded features [2] Group 2 - iPhone Air has a shorter wait time compared to the 17 series, with notable features such as ultra-thin design and dual-camera video capabilities, warranting further observation post-global release [2] - Sales trends for AirPods Pro 3 and Watch S11 are in line with expectations, with new features like AI translation and health monitoring enhancing their appeal [2] - Companies benefiting from Apple's AI innovations include Luxshare Precision, GoerTek, and others, indicating a positive outlook for these suppliers [3]

Group 1 - The core index of the securities companies, the CSI All Share Securities Company Index, has shown a slight increase of 0.27% as of September 15, 2025, with notable gains from stocks such as Guosheng Jinkong (up 4.75%) and Dongfang Caifu (up 1.60%) [1] - The securities ETF managed by Jiashi has reached a new high in scale at 466 million yuan, with a total of 440 million shares, also a record since its inception [3] - The top ten weighted stocks in the CSI All Share Securities Company Index account for 60.56% of the index, with Dongfang Caifu and CITIC Securities being the most significant contributors [4][6] Group 2 - The securities industry is experiencing improved market sentiment and high trading activity, benefiting from both valuation and performance aspects, indicating a positive outlook for the sector [6][7] - There is an expectation of continued performance in the brokerage sector, driven by potential new capital inflows and increased market transaction volumes, suggesting that undervalued leading brokerages with high ROE are attractive investment opportunities [7] - Investors without stock accounts can access opportunities in the brokerage sector through the Jiashi Securities ETF linked fund [8]

Core Viewpoints - The Chinese stock market is expected to continue its upward trend, with A/H shares likely to reach new highs within the year due to accelerating economic transformation and reduced uncertainties [4][5][15] - The focus should shift from domestic economic cycles to a global perspective when evaluating company fundamentals, especially as more companies expand their international exposure [3] Group 1: Market Trends and Sentiment - The current market sentiment is characterized by a structural rally driven by "smart money," with a daily trading volume expected to stabilize around 1.6 to 1.8 trillion yuan [3] - Historical data suggests that after a "volume peak," the upward trend often continues, albeit at a slower rate, indicating that the current bull market narrative remains intact [6][7] - The market is entering a phase of rotation and expansion, with a focus on sectors that exhibit strong industrial trends and economic governance improvements [10][11] Group 2: Investment Opportunities - Key sectors to watch include resources, consumer electronics, innovative pharmaceuticals, chemicals, gaming, and military industries, as they align with global supply chain dynamics [3] - The market presents broad opportunities, with a focus on both emerging technologies and traditional sectors undergoing valuation recovery [5] - Specific recommendations include sectors with high economic activity such as software development, communication equipment, and cyclical commodities like non-ferrous metals and chemicals [8][9] Group 3: Economic Indicators and Policy Impact - The improvement in basic economic indicators is expected to broaden the scope of economic prosperity across various sectors, moving beyond just a few high-growth areas [11][12] - The anticipated easing of monetary policy by the Federal Reserve and the ongoing capital inflow into the equity market are likely to support the upward trajectory of A-shares [13][14] - The upcoming policy changes and economic governance strategies are expected to further enhance market confidence and investor returns [4][15]

Core Viewpoint - The shipbuilding sector is experiencing pressure on stock prices in the first half of 2025, primarily due to a sluggish market in terms of volume and price, despite strong earnings performance from shipbuilding stocks [1][2]. Group 1: Stock Performance and Fund Holdings - The shipbuilding sector's stock prices have underperformed compared to the CSI 300 index, with a notable year-on-year decline in fund holdings for major shipbuilding companies [2]. - In the first half of 2025, only China Shipbuilding Industry Corporation (CSIC) outperformed the CSI 300, attributed to its relative strength in the Hong Kong market [2]. - Fund holdings for China Shipbuilding decreased by 3.8 percentage points and 4.9 percentage points year-on-year in Q1 and Q2 of 2025, respectively, although there was a significant quarter-on-quarter increase in Q2 [2]. Group 2: Earnings Performance - Despite weak stock performance, the earnings of shipbuilding companies have shown significant growth, with profit increases outpacing revenue growth [2]. - The substantial earnings growth is primarily due to high-priced orders from around 2022 entering a concentrated delivery phase, coupled with a decrease in steel costs compared to 2021 [2]. - Key subsidiaries of China Shipbuilding, such as Waigaoqiao Shipbuilding and China Shipbuilding Industry Corporation, have consistently reported growth in net profit margins and return on equity (ROE) over multiple reporting periods [2]. Group 3: Market Conditions - The shipbuilding market is facing significant downward pressure on new orders and new ship prices, with major ship type freight rates declining by over 20% year-on-year [3]. - In May 2025, global new ship orders fell to 1.67 million CGT, marking the lowest monthly level in four years [3]. - The Clarkson Global Newbuilding Price Index has decreased from a peak of 189.96 in September 2024 to 186.69 in May 2025, indicating a decline in newbuilding prices [3]. Group 4: Long-term Outlook - The shipbuilding industry is currently in a short-term trough, but there is potential for recovery as the order capacity ratios for bulk carriers and oil tankers remain low [4]. - As of June 2025, the order capacity ratios for bulk carriers and oil tankers are only 10.4% and 15%, respectively, significantly lower than the 39.4% for container ships [4]. - BIMCO estimates that the potential number of ship demolitions over the next decade could reach 16,000 vessels, totaling 700 million deadweight tons (DWT), which is double the previous estimate [4]. - The company continues to recommend the shipbuilding sector, particularly focusing on bulk carriers and medium to large oil tankers, as the supply-demand imbalance is expected to be catalyzed by potential interest rate cuts [4].

Core Viewpoint - The report from China Merchants Securities highlights the continuous improvement of Hong Kong's capital market system, which provides a favorable environment and opportunities for the market value management of central state-owned enterprises listed in Hong Kong [1] Group 1: Market Environment - The Hong Kong Stock Exchange is continuously optimizing its listing mechanisms and introducing more innovative measures to enhance market attractiveness and competitiveness, thereby attracting more high-quality global companies to list in Hong Kong [1] - The national government will continue to support Hong Kong in consolidating and enhancing its status as an international financial center, strengthening financial cooperation between the two regions, and promoting higher levels of financial market connectivity [1] Group 2: Strategic Integration - Hong Kong will actively integrate into the national development strategy, playing an important "window role" in the new development pattern of "dual circulation," providing stronger support for Chinese enterprises to connect with international capital and achieve globalization [1] Group 3: Opportunities for State-Owned Enterprises - Central state-owned enterprises can fully seize reform opportunities, utilizing methods such as listing and mergers and acquisitions to achieve resource optimization and value enhancement, thereby realizing high-quality development [1]