金十数据6月4日讯，招商证券国际发报告指，首予泡泡玛特(09992.HK)"增持"评级，基于2026年中期40 倍的市盈率及PEG约0.9倍，设目标价为272港元。报告表示，该行预计，集团2025年收入及净利润将分 别达250亿及70亿元人民币，高出市场预期15%。该行认为，主要因为市场低估泡泡玛特海外扩张规模 与速度。该行认为，泡泡玛特未来盈测仍有上调空间，市场有望开始消化更为积极的盈利增长路线，尤 其是在国际业务方面，可支撑集团估值的进一步提升。 招商证券国际：首予泡泡玛特"增持"评级 目标价为272港元 ...

Core Viewpoint - The report from China Merchants Securities International maintains a target price of HKD 27.5 for Geely Automobile (00175.HK) and a "Buy" rating, highlighting strong sales performance and growth potential in the electric vehicle segment [1] Group 1: Company Performance - In May, Geely's wholesale sales of new energy vehicles showed significant growth, outperforming the industry both month-on-month and year-on-year [1] - The sales of high-end fuel vehicles, particularly the China Star series, have seen notable increases [1] - Geely's recent launches of multiple new models have been well-received, contributing to strong sales momentum [1] Group 2: Future Outlook - The company is expected to potentially revise its annual sales targets upward, which could act as a catalyst for stock price appreciation [1] - The impact of short-term promotions during the off-season is considered limited on overall performance, indicating resilience in sales [1] - The valuation remains attractive, and the earnings forecast has been kept unchanged, supporting the target price maintenance [1]

Core Viewpoints - The Chinese government is promoting the 2025 New Energy Vehicle (NEV) initiative to enhance the adoption of NEVs in rural areas, aiming to improve the overall service environment for electricity and boost local consumption [4][5]. Macro News - The electronic information manufacturing industry in China showed steady growth in production and investment, with a 11.3% year-on-year increase in value added from January to April 2025, outperforming the overall industrial and high-tech manufacturing sectors [3]. - The OECD has revised its global economic growth forecast for 2025 and 2026 to 2.9%, down by 0.2 and 0.1 percentage points respectively from previous estimates [3]. - The National Development and Reform Commission and the National Energy Administration are working to enhance the "access to electricity" service level, aiming for a modernized business environment by 2029 [3]. Market Highlights - The Hong Kong IPO market has seen 29 new listings in 2025, with total fundraising exceeding 76 billion HKD, a sevenfold increase compared to the previous year [7]. - Domestic gasoline and diesel prices were raised by 65 and 60 CNY per ton respectively, effective June 3, 2025, due to international oil price fluctuations [7]. - The global smartphone market experienced only a 0.2% growth in Q1 2025, with Samsung and Apple leading in shipments [8]. - The coal market in China has seen increased production and a decline in imports, leading to a surplus supply and falling prices [8]. Company Dynamics - Xiaomi's founder announced that the company is gradually reducing losses in its automotive business and expects profitability by Q3 or Q4 of this year, with significant investments in autonomous driving technology [12]. - Cixing Co. is planning to acquire a 75% stake in Shenyang Shunyi Technology, focusing on smart control technology [9]. - The company Yantai Taihai has won a bid for a nuclear power project worth 189 million CNY [10]. - The company Apac Holdings has received a notification to supply integrated brake control modules for a new energy vehicle project, with an estimated sales amount of 200 million CNY over four years [10].

Group 1 - The appointment of Zhu Jiangtao as the new president of China Merchants Securities reflects a trend of cross-industry talent movement, particularly from banking to securities [1] - Zhu Jiangtao's extensive banking background and risk management experience are expected to bring new management strategies and enhance the competitiveness of China Merchants Securities [1] - The frequent hiring of banking executives by leading securities firms indicates a potential for increased collaboration and innovation within the financial industry [1] Group 2 - Multiple public fund companies are investing in newly launched floating rate funds, demonstrating confidence in this new product model [2] - The floating rate funds are designed to incentivize fund managers to improve investment capabilities and encourage long-term investment from investors [2] - The promotion of floating rate funds may alter the competitive landscape of the fund industry and optimize market investment structures [2] Group 3 - Year-to-date net inflows into ETFs have exceeded 240 billion yuan, indicating strong market interest in these products [3] - The dominance of broad-based ETFs, which account for 70% of the total, reflects investors' preference for stable returns [3] - The significant inflow into the Huaxia CSI 300 ETF and the high return of the Huaan Gold ETF highlight investor confidence in large-cap stocks and demand for safe-haven assets [3] Group 4 - The return of Tan Yiming to Tianfeng Securities as the chief fixed income analyst signifies ongoing talent mobility within the securities industry [4] - The departure of key analysts from Minsheng Securities may weaken its competitive edge in fixed income research [4] - The frequent movement of talent among securities firms is likely to intensify competition and drive resource consolidation within the industry [4]

Group 1 - The announcement states that from June 4, 2025, Guoxin Jiali Fund will begin selling certain funds managed by the company [1][2] - The applicable fund range is subject to compliance with the fund contract, prospectus, and related business announcements [4] - Investors can consult details through various channels, including the websites and customer service numbers of both Guoxin Jiali Fund and the company [5][6] Group 2 - The company has signed sales agreements with multiple securities firms and fund sales companies, which will also start selling its funds from June 4, 2025 [2][3] - A comprehensive list of sales institutions includes major securities firms and fund sales companies, indicating a broad distribution network [3][10] - The announcement emphasizes that the specific dates, processes, and fee discount activities for fund sales will be determined by the sales institutions [4]

Core Viewpoint - The appointment of Zhu Jiangtao as the new president of China Merchants Securities marks a significant leadership change, expected to enhance the company's business operations and risk management capabilities, leveraging his extensive experience in the financial sector [1][2]. Group 1: Leadership Changes - Zhu Jiangtao has been appointed as the new president of China Merchants Securities, succeeding Wu Zongmin, who retired due to age [1]. - Zhu has a 20-year tenure at China Merchants Bank, holding various senior positions, including Chief Risk Officer and Vice President [2]. - Recent personnel changes at China Merchants Securities include the appointment of two new vice presidents, Zhang Xing and Wang Zhijian, alongside Zhu's leadership [3]. Group 2: Strategic Focus - China Merchants Securities plans to implement three core strategies by 2025, focusing on enhancing core business competitiveness through innovation and transformation [4]. - The company aims to leverage technology and collaboration to support strategic initiatives, emphasizing the integration with China Merchants Group's "third entrepreneurship" [5]. - Risk management will be prioritized to ensure stable operations, with a focus on proactive risk management and compliance [5]. Group 3: Financial Performance - China Merchants Securities reported a net profit of 8.072 billion yuan in 2022, projected to grow to 10.386 billion yuan by 2024, maintaining a fourth-place ranking in the industry [6]. - The company's revenue for 2024 is expected to reach 20.891 billion yuan, reflecting a year-on-year growth of 5.4%, with a net profit growth of 18.51% [6]. - In Q1 2025, the company continued its growth trajectory, achieving a revenue of 4.713 billion yuan, a 9.6% increase year-on-year [6].

6月3日盘后，招商证券发布《第八届董事会第二十次会议决议公告》，其中披露，董事会同意聘任朱江涛先生担任公司总裁。 根据简历，1972年12月出生的朱江涛今年将近53岁，早期曾在工商银行江西省分行参加工作。 2003年1月，朱江涛加入招商银行，2007年12月至2020年7月历任招行广州分行行长助理、副行长，重庆分行行长，总行信用风险管理部总经理，风险管理部 总经理。 2020年7月，朱江涛任招行首席风险官，一年后，他跻身招商银行核心管理岗，于2021年9月起任招行副行长。在此期间，他的"风控专家"的人设颇为鲜明。 不过，2024年5月，招商银行发布公告称，朱江涛因行内分工变动原因辞去其兼任的首席风险官职务，此后该职位由招商银行党委副书记钟德胜兼任。 5月6日晚，招商证券公告执行董事、总裁吴宗敏离任。此后南都·湾财社获悉，彼时仍任招商银行副行长的朱江涛或将接棒吴宗敏，担任招商证券总裁一 职。如今，随着公告的发布，朱江涛也将正式由银行业"跨界"转战证券业。 近20年"招行老将"，转战券商 从简历来看，两人的券商"色彩"则更为浓厚。 其中，张兴于2021年4月起任招商证券风险管理中心总监兼风险管理中心风险管理部总经 ...

记者注意到，此次高管变动实则早有端倪。 5月6日，招商证券宣布，总裁吴宗敏因年龄原因退休。就在市场关注空缺职位接任人选时，5月23日晚 间招商银行突发公告，朱江涛因工作原因辞去执行董事、董事会关联交易管理与消费者权益保护委员会 委员及副行长职务，引发业界对这位资深银行家职业去向的密切关注，彼时就有消息指出，朱江涛或 将"空降"招商证券。 如今，朱江涛正式执掌招商证券。6月3日晚间公告中，招商证券还提名朱江涛为公司第八届董事会执行 董事候选人。此外，在公司股东大会选举朱江涛为公司执行董事的前提下，增补朱江涛为公司董事会战 略与可持续发展委员会委员。 每经记者｜陈晨 每经编辑｜赵云 在原总裁离任近一个月后，招商证券官宣了新总裁，而这与之前市场猜测一致。 6月3日晚间，招商证券发布公告称，聘任朱江涛担任公司总裁。而就在5月23日晚间，招商银行发布公 告称，朱江涛辞去执行董事、副行长等职务。 据《每日经济新闻》记者观察，头部券商屡见银行"跨界"券业的高管，如国泰海通、中信建投等头部券 商管理层中，不乏具有银行背景的人才。 朱江涛出任招商证券总裁 或赋能招商证券零售业务 梳理头部券商高管履历可见，"银证跨界"现象愈发普 ...

Macro Dynamics - The Ministry of Industry and Information Technology and four other departments launched the 2025 New Energy Vehicle (NEV) rural promotion campaign, focusing on reliable NEV models suitable for rural areas, enhancing service environments, and promoting consumption in these regions [1] Financial Institutions - CITIC Bank has received approval to establish a financial asset investment company with a registered capital of 10 billion yuan, fully funded by the bank [6] - CITIC Securities has received approval from the China Securities Regulatory Commission to issue up to 15 billion yuan in technology innovation corporate bonds to professional investors [8] -招商证券's board has approved the appointment of Zhu Jiangtao as the company's president [7] Market Data - The Shanghai Composite Index rose by 0.43%, with strong performances in innovative pharmaceuticals and gold concepts, while the automotive sector saw declines [9] - The total margin financing balance in the two markets decreased by 8.185 billion yuan compared to the previous trading day [10] - The Hang Seng Index closed up 1.53%, with significant gains in major banks and electric vehicle manufacturers [11] Company Dynamics - Seres reported that its NEV sales in May 2025 reached 39,982 units, a year-on-year increase of 17.15%, but cumulative sales for the year decreased by 19.64% [13] - Xiaomi's founder Lei Jun announced that the company is developing automotive chips and expects to narrow losses in its automotive business, aiming for profitability by Q3 to Q4 of this year [14]

招商证券股份有限公司（以下简称公司）第八届董事会第二十次会议通知于 2025 年 6 月 1 日以电子邮件方式发出。会议于 2025 年 6 月 3 日以通讯表决方式 召开，全体董事同意豁免本次会议的通知时间要求。 证券代码：600999 证券简称： 招商证券 编号： 2025－026 招商证券股份有限公司 第八届董事会第二十次会议决议公告 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。 一、董事会会议召开情况 本次会议由霍达董事长召集。应出席董事 15 人，实际出席 15 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《招商证券股份有限公司章程》的规定。 二、董事会会议审议情况 （一）关于聘任朱江涛先生为公司总裁的议案 聘任朱江涛先生担任公司总裁，任期自本次董事会审议通过之日起，至第八 届董事会届满之日止。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本议案已经公司董事会提名委员会预审通过。会议对朱江涛先生的任职条件 进行了审查，发表以下审查意见： 朱江涛先生满足现行法律 ...