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]

截至今年6月底，紫金黄金国际合并口径金金属资源量约1,768.4吨，平均每吨品位1.5克，合并口径证明 加可信金金属储量达845.2吨，认为其具中长期增长前景奠定基础，预测2025至2027年纯利将分别达到 88亿、129亿及133亿元人民币，毛利率料达52.9%、59.5%及59.5%。 智通财经APP获悉，招商证券发布研报称，首次给予紫金黄金国际(02259) "强烈推荐"评级，紫金矿业 (02899)分拆其上市，整合海外黄金矿山资源，便于锚定海外同业估值体系，释放资产价值，通过国际 化资本平台有助提升估值与资本效率。 ...

招商证券张夏团队在9月26日发布的研报中表示，从近十年国庆节后行业表现来看，国庆后一周一级行 业上涨概率多数在50%以上，其中上涨概率靠前的行业集中在计算机、通信、电子、银行等行业，其中 银行、非银金融、汽车在国庆后两周和国庆后一个月上涨概率仍然较高。 另据Choice数据，近十年，节后第一个交易日，上证指数上涨概率达70%。 ...

Core Insights - OpenAI has launched its advanced video generation model Sora 2, marking a significant upgrade from the initial Sora model released in February 2024, and has introduced an iPhone application named "Sora by OpenAI" [1][3][4] - Sora 2 has quickly gained popularity, reaching the top of the App Store's free applications chart in the U.S. within four days of its launch, surpassing both ChatGPT and Google's Gemini [1][2] - The model offers enhanced realism and control in video generation, capable of executing complex instructions and maintaining consistent world states, which were challenging for previous models [3][4] Product Features - Sora 2 can generate highly realistic scenes and sound effects, overcoming limitations of earlier models, such as accurately simulating physical actions and maintaining object integrity [3][4] - The application includes features like "Cameos," allowing users to integrate their own or celebrity IPs into videos, promoting user-generated content and viral marketing [7] - Sora 2 is currently in an invite-only testing phase, available on iOS in the U.S. and Canada, with plans for broader expansion [5][6] Financial Performance - OpenAI reported revenues of $4.3 billion for the first half of the year, exceeding the total revenue of the previous year, but also recorded a net loss of $13.5 billion [6] - The company has consumed $2.5 billion in funds primarily for AI research and operational costs, with an estimated total expenditure of $8.5 billion for the year [6] - OpenAI's valuation has reached $500 billion, and the company is considering a future IPO while expanding its strategic partnership with NVIDIA [6] Market Impact - The launch of Sora 2 is seen as a pivotal moment for AI applications, potentially leading to a significant transformation in the creative industry, akin to a "Cambrian explosion" in art and entertainment quality [4][7] - The rapid adoption and positive reception of Sora 2 suggest a strong market potential for AI-generated content, positioning OpenAI as a leader in this emerging sector [2][7]

Core Insights - OpenAI has launched its most advanced video generation model, Sora 2, along with an iPhone app named "Sora by OpenAI" which allows users to create AI-generated videos from text, images, or videos [1][3] - Sora 2 has quickly gained popularity, reaching the top of the free app charts in the US App Store within four days of its launch, surpassing both ChatGPT and Google's Gemini [1][2] - The model represents a significant technological upgrade from the initial Sora model released in February 2024, with enhanced realism and control in video generation [3][4] Product Features - Sora 2 can generate highly realistic scenes and sound effects, overcoming challenges faced by previous models, such as accurately simulating physical actions [3][4] - The app includes features like "Cameos" for integrating user or celebrity appearances in videos, and it has built-in safeguards for youth users [4][6] - Sora 2 is currently in an invite-only testing phase, available only on iOS devices in the US and Canada, with plans for broader expansion [5][6] Market Performance - In its first two days, Sora's iOS app achieved 164,000 downloads, indicating strong market potential despite being in a limited release [2] - OpenAI's financial performance shows a revenue of $4.3 billion in the first half of the year, with a net loss of $13.5 billion, highlighting the high costs associated with AI development [6] Strategic Partnerships - OpenAI has signed a letter of intent with NVIDIA for strategic collaboration, allowing access to extensive GPU resources for building AI data centers [6] - The company is also considering an IPO in the future, with a current valuation of $500 billion [6] Industry Impact - The launch of Sora 2 is seen as a pivotal moment in the AI video generation space, potentially leading to a significant increase in the quality of creative content [4][7] - The introduction of Sora 2 is expected to drive monetization opportunities in AI applications, marking a new era for AI in media and entertainment [7]

Core Insights - The ABS market in China saw a total of 1,777 new issuance projects in the first three quarters of 2025, with an issuance scale of 16,336 billion yuan, representing a 17% increase from 14,007 billion yuan in the previous year [6][2]. Market Overview - As of the end of the first three quarters of 2025, the cumulative market size reached approximately 33,810 billion yuan, with credit ABS at 4,017 billion yuan, enterprise ABS at 21,405 billion yuan, ABN at 6,348 billion yuan, and public REITs at 2,040 billion yuan [4]. Credit ABS - In the credit ABS segment, 172 new projects were issued, totaling 1,866 billion yuan, a 2% decrease year-on-year. The largest issuance came from non-performing loans, with 134 projects totaling 634 billion yuan, followed by personal auto loans with 17 projects totaling 536 billion yuan [8][6]. Enterprise ABS - The enterprise ABS market saw 1,127 new projects issued, totaling 9,951 billion yuan, which is a 22% increase compared to the previous year. The largest issuance was in financing lease receivables, with 214 projects totaling 2,163 billion yuan, followed by corporate receivables with 160 projects totaling 1,497 billion yuan [10][6]. ABN - The ABN market had 460 new projects issued, totaling 4,157 billion yuan, marking an 18% increase year-on-year. The largest issuances were in bank/internet consumer loans, with 159 projects totaling 1,415 billion yuan, followed by general small loan receivables with 114 projects totaling 1,038 billion yuan [11][6]. Underwriting Rankings - In the underwriting rankings for the first three quarters of 2025, CITIC Securities led with 390 projects and a total underwriting amount of 1,851 billion yuan, followed by Guotai Junan with 328 projects totaling 1,449.9 billion yuan, and Ping An Securities with 208 projects totaling 1,231.2 billion yuan [15][14]. Detailed Underwriting Performance - In the credit ABS market, China Merchants Securities ranked first with 86 projects totaling 314.4 billion yuan, followed by CITIC Securities with 81 projects totaling 295.2 billion yuan [21][23]. - In the enterprise ABS market, CITIC Securities topped the rankings with 222 projects totaling 1,239.8 billion yuan, followed by Ping An Securities with 182 projects totaling 1,177.4 billion yuan [25][26]. ABN Market Rankings - In the ABN market, China Merchants Securities led with 80 projects totaling 413 billion yuan, followed by Bank of China with 90 projects totaling 356.1 billion yuan [29][30]. Asset Class Rankings - The top three asset classes by issuance scale are bank/internet consumer loans, financing leases, and general small loans, with detailed underwriting statistics available for these categories [33].

Core Viewpoint - The company has demonstrated strong operational performance in the first half of 2025, with a focus on various business segments and strategic development plans to enhance its market position and competitiveness [3][4][5]. Group 1: Operational Performance - The company's revenue for the first half of 2025 reached 4.163 billion, representing a year-on-year growth of 8.65% [3]. - The net profit attributable to shareholders was 390 million, showing a year-on-year increase of 1.2% [3]. - The automotive parts business saw significant growth, with total passenger vehicle sales in China reaching 18.384 million, up 13.8% year-on-year, and new energy vehicle sales hitting 9.62 million, up 36.7% [3]. Group 2: Business Segment Highlights - The oil and gas equipment segment maintained a leading position, with sales revenue of 221 million in the first half of the year, supported by over 30 years of collaboration with major oil companies [4]. - The high-performance functional materials segment experienced a decline due to the full electronicization of train tickets, but the company is accelerating market transformation to promote pressure testing membranes as a leading product [3]. Group 3: Strategic Development - The company has outlined a "1334" development strategy aimed at becoming a world-class aerospace intelligent equipment manufacturer, leveraging capital operations and industrial development [5]. - The military products segment, primarily focused on military explosives, reported revenue of 6.7338 million in the first half of 2025, a growth of 6.96% compared to the previous year [5]. Group 4: Market and Shareholder Engagement - The company is committed to enhancing its core competitiveness and long-term investment value through effective market management and increased cash dividends [6]. - A long-term incentive plan is being developed to align employee interests with company performance, promoting rapid and high-quality growth [6].