Core Viewpoint - The appointment of Zhu Jiangtao as the new president of China Merchants Securities is seen as a positive signal for the company's future development and performance, particularly in compliance management [1][6]. Group 1: Leadership Changes - Zhu Jiangtao, previously the vice president of China Merchants Bank, has been appointed as the president of China Merchants Securities, effective immediately following the retirement of the former president Wu Zongmin [2]. - In addition to the presidential change, there have been multiple changes in the vice president positions within the company, including the resignation of Zhang Haochuan and the appointment of Zhang Xing and Wang Zhijian as new vice presidents [3][4]. Group 2: Background and Experience - Zhu Jiangtao has extensive banking experience, including roles as Chief Risk Officer and Vice President at China Merchants Bank, which is expected to enhance the company's risk management and compliance practices [2][6]. - The newly appointed vice presidents, Zhang Xing and Wang Zhijian, also bring significant experience in risk management and investment, which may contribute to the company's strategic direction [3][4]. Group 3: Performance Metrics - In Q1 2025, China Merchants Securities reported a revenue of 4.713 billion yuan, a year-on-year increase of 9.64%, and a net profit attributable to shareholders of 2.308 billion yuan, up 6.97% [5]. - For the full year of 2024, the company achieved revenues of 20.891 billion yuan and a net profit of 10.386 billion yuan, representing year-on-year growth of 5.4% and 18.51%, respectively [5]. - Over the past five years, the net profit attributable to shareholders has shown volatility, with figures rising from 9.492 billion yuan in 2020 to 11.645 billion yuan in 2021, then dropping to 8.072 billion yuan in 2022, before recovering to 8.764 billion yuan in 2023 and surpassing 10 billion yuan in 2024 [5].

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6月5日 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5月31日 狀態: 新提交 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 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [44]. Core Insights - The report highlights that the profit growth of industrial enterprises has shown improvement, with April's cumulative profit growth rate rising to 1.4%, up from 0.8% in March, driven by a narrowing decline in profit margins [3][6]. - The analysis indicates a divergence in profitability across different sectors, with upstream mining continuing to be a significant drag on overall industrial profits, while the midstream equipment manufacturing sector has seen substantial profit growth due to export initiatives and supportive policies [4][5]. - The report emphasizes the cautious outlook of enterprises regarding future production and market conditions, as reflected in the slowing inventory growth [6]. Summary by Sections Industrial Profit Analysis - In April, the cumulative year-on-year growth rate of revenue for industrial enterprises was 3.2%, slightly down from 3.4% in March, while the cumulative profit growth rate improved to 1.4% [3]. - The report notes that the Producer Price Index (PPI) showed a cumulative year-on-year decline of 2.4%, indicating a "stable volume but declining price" scenario in the industrial sector [3][6]. Sector Performance - Upstream mining remains the largest drag on industrial profits, with most sectors experiencing negative profit growth except for non-ferrous metal mining [4]. - Midstream raw material manufacturing saw a significant decline in profit growth, dropping nearly 9 percentage points, while midstream equipment manufacturing experienced a substantial increase in profit growth due to favorable export policies [5]. - Downstream consumer goods manufacturing showed a slight decline in profit growth, reflecting weak consumer demand [5]. Future Outlook - The report anticipates that the easing of tariffs between China and the U.S. will lead to lower export costs and a recovery in external demand, which, combined with domestic policy support, could sustain profit growth in industrial enterprises, particularly in the equipment manufacturing sector [6]. - However, it also warns that price factors may continue to suppress profit margins, as indicated by the expanding decline in PPI, which reflects weak terminal demand and overcapacity issues [6].

Group 1 - The report indicates that the profit growth rate of industrial enterprises in April 2025 was 1.4%, an increase of 0.6 percentage points from March 2025, while the revenue growth rate was 3.2% [1][2] - The upstream mining industry continues to be the largest drag on overall industrial profits, with most sectors experiencing negative profit growth, except for non-ferrous metal mining [2] - The midstream equipment manufacturing sector showed significant profit growth, driven by policies and export demand, while the midstream raw material manufacturing sector saw a notable decline in profit growth [2] Group 2 - The report suggests that the A-share market is likely to experience a period of volatility in June, with a preference for large-cap and quality stocks due to stable economic fundamentals and regulatory environments [7][39] - The recommended sectors for investment include automotive, non-ferrous metals, defense, retail, beauty care, and chemical pharmaceuticals, focusing on traditional capacity elimination and the rise of new consumption [8] - The report highlights that the new floating management fee funds introduced in 2025 are designed to align management fees with performance, encouraging long-term investment and enhancing investor experience [23][25]

Group 1 - The top three positions in the brokerage social media index (SMI) for April 2025 are held by China Merchants Securities, East Money, and CITIC Securities, with Guotou Securities entering the top four due to balanced performance across Douyin, video accounts, and public accounts [1] - The most liked content on Douyin is closely related to popular companies, sectors, and current events, with the top post from Datong Securities receiving 29,000 likes for detailing 50 stocks favored by retail investors [1] - Other notable posts include a comprehensive analysis of the "human-shaped robot" sector by Caijing She, which garnered 25,000 likes, and content related to tariffs from Pacific Securities and Guoyuan Securities, which also attracted significant user attention [1] Group 2 - The high-engagement content on video accounts primarily focuses on brand promotion and investment education, with East Money sharing insights from Dalio on tariff events and Guotou Securities outlining strategies to stabilize the A-share market [2] - Red Tower Securities and Huatai Securities are addressing emerging technology sectors, discussing topics like the "space economy" and GLP-1 drug innovations, catering to user interest in high-growth areas [2] - The public account articles are centered around market hot topics such as tariffs and the "stabilization fund," reflecting current market sentiments [2]

Group 1 - The company announced the addition of Huatai Securities Co., Ltd. as a liquidity service provider for specific funds to enhance market liquidity and stable operation [1] - The funds affected include the Hong Kong High Dividend ETF (code: 159302) and the Hong Kong Innovative Drug ETF (code: 159567), effective from June 5, 2025 [1] - The company also announced the addition of China Merchants Securities Co., Ltd. as a liquidity service provider for multiple funds, including the Hong Kong Consumption ETF (code: 159735) and the Cash Flow ETF (code: 159225), effective from June 5, 2025 [1]

Group 1 - The company is convening its 2024 Annual General Meeting (AGM) on June 26, 2025, at 10:00 AM in Shenzhen, Guangdong Province [2][10] - The AGM will utilize a combination of on-site and online voting methods, with online voting available through the Shanghai Stock Exchange's system [3][8] - Shareholders must register to attend the meeting, with specific registration methods outlined for domestic and foreign shareholders [10][14] Group 2 - The meeting will review various proposals, including special resolutions and those requiring separate voting for minority investors [6][7] - Certain related shareholders are required to abstain from voting on specific proposals due to conflicts of interest [7] - The company will provide reminders and assistance for small investors to ensure their participation in the voting process [8]

Core Viewpoint - The securities industry is undergoing a transformation from "scale expansion" to "quality improvement," leading to frequent changes in senior management positions across various brokerages [1][2]. Group 1: Management Changes - In 2023, several brokerages have experienced significant changes in their executive teams, including the appointment of new presidents and general managers [2]. - Notably, on June 3, 2023, China Merchants Securities announced the appointment of Zhu Jiangtao as president, following other recent changes in its executive lineup [2]. - At least five brokerages have seen executives retire due to age, including CITIC Securities, China Merchants Securities, and others [2]. Group 2: Talent Strategy - The high-quality development of the securities industry is closely linked to talent strategy, with a trend of hiring executives with diverse backgrounds from banks and insurance companies [1][3]. - New executives typically possess extensive experience in the securities industry and often have prior roles in other financial institutions, enhancing the brokerages' capabilities [2][3]. - The introduction of cross-industry executives is expected to improve business collaboration, innovation, and resource integration within brokerages [3]. Group 3: Market Recruitment - Market-based recruitment has become a significant method for selecting new executives, allowing brokerages to attract high-quality talent and optimize governance structures [4][5]. - For instance, Chengtong Securities publicly announced the recruitment of a general manager and deputy general manager, emphasizing the need for experienced candidates [4]. - This trend of market recruitment is seen as a way to break traditional internal selection limitations and bring in fresh perspectives and innovative thinking [5].

招商证券股份有限公司关于 北京莱伯泰科仪器股份有限公司 截至本核查意见出具日，公司回购专用证券账户中的股份数为 674,222 股， 占公司总股本 67,452,460 股的比例为 0.9996%。 根据《中华人民共和国公司法》 差异化权益分派特殊除权除息事项的核查意见 招商证券股份有限公司（以下简称"招商证券"或"本保荐机构"）作为北京莱 伯泰科仪器股份有限公司（以下简称"莱伯泰科"或"公司"）首次公开发行股票并 在科创板上市的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证 券法》 《上海证券交易所科创板股票上市规则》 《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等有关规定，对公司本次差异化权益分派事项（以 下简称"本次差异化分红"）进行了审慎核查，具体核查情况如下： 一、本次差异化分红的原因 于以集中竞价交易方式回购公司股份方案的议案》，同意公司以部分超募资金及 自有资金通过上海证券交易所交易系统以集中竞价交易方式回购公司已发行的 部分人民币普通股（A 股）股票，在未来适宜时机将回购股份用于员工持股计划 或股权激励。回购资金总额不低于人民币 1,500.00 万元（含），不超过 ...

Core Viewpoint - Central state-owned enterprises are preparing for the renewal issuance of existing corporate bonds, which is expected to gradually materialize in the near future [2] Group 1: Renewal Issuance Details - CITIC Securities and China Merchants Securities have completed the first batch of corporate bond renewal issuance trials, with renewal issuance scales of 2 billion and 1.5 billion respectively, resulting in total bond sizes of 4 billion and 4.2 billion [2] - The renewal issuance mechanism is typically used by high-quality issuers to enhance the issuance scale of individual bonds, thereby improving secondary market liquidity and valuation stability [2][3] - The Shanghai Stock Exchange (SSE) officially launched the corporate bond renewal issuance on May 21, with a notification outlining the process [3] Group 2: Mechanism and Process - The renewal issuance allows existing corporate bond issuers to issue additional bonds at a set price, merging them with existing bonds for trading, while maintaining original repayment and investor protection arrangements [3] - Issuers can either apply for new issuance or use existing valid approvals for the renewal process, with the overall issuance process remaining largely unchanged [3] - Bonds that meet the criteria for benchmark market-making after renewal can be included in the credit bond benchmark market-making range, enhancing liquidity and investor recognition [3] Group 3: Market Development Initiatives - The SSE is promoting bond market development with a focus on "interaction between primary and secondary markets, and coordination of investment and financing" [4] - The SSE has introduced various innovative mechanisms, including bond market-making and linked issuance and underwriting, to enhance the pricing and financing functions of the primary market [4] - Currently, there are over 240 credit benchmark market-making bonds on the SSE, with a total issuance scale of approximately 750 billion [4]