本次会议由监事会召集人朱立伟先生召集。应出席监事 6 人，实际出席 6 人。出席会议的监事有：朱立伟、孙献、黄峥、彭陆强、尹虹艳、陈鋆。 证券代码：600999 证券简称： 招商证券 编号： 2025－024 招商证券股份有限公司 第八届监事会第十三次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届监事会第十三次会议通知于 2025 年 5 月 14 日以电子邮件方式发出，会议于 2025 年 5 月 19 日以通讯表决方 式召开。 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《公司章程》的规定。 二、监事会会议审议情况 本次会议审议并通过了《关于招商证券股份有限公司原首席信息官霍达同志 离任审计报告的议案》。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 特此公告。 招商证券股份有限公司监事会 2025 年 5 月 19 日 1 ...

A股快速轮动、冲高回落后，进入5月下旬，市场将作何表现呢？ 智通财经搜集了10家券商的观点，大部分券商认为，随着资本市场基础制度改革提速和资金情绪略有回 升，叠加经济基本面有望脉冲式改善，接下来A股指数有望进一步缓步推高，并向上挑战震荡区间上 限。 国泰海通证券表示，展望后市仍然保持乐观，随着资本市场基础制度改革提速，继续看好中国股市。同 时贴现率下降是如今中国股市上升的重要动力，A股指数有望进一步缓步推高。 中信证券：回归基准是通过基准的行业配比向基金持仓配比演化而不是相反 当前，市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准 是通过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视 野下，这与追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少 博弈性持仓，长期来看最大的影响是活跃头寸的占比下降。 "二季度经济基本面有望脉冲式改善。二季度从'抢转口'到'抢出口'，外需从初步显现下行压力，到可能 脉冲式上行。尽管基本面改善尚无法外推，但短期数据验证有望保持强势，至少排除了下行风险。5月 政策兑现成为主要矛盾阶 ...

中信证券：关于回归基准配置的几个误区和几个事实 我们认为市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准是通 过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视野下，这与 追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少博弈性持仓，长期 来看最大的影响是活跃头寸的占比下降。 此外，用前瞻眼光去看，未来如果外资逐步回流，市场生态也会相较过去3年发生重大转变，不能用后视镜视 角静态去看行业配比，好公司和差公司之间的差异会远远超过所谓的"好行业"和"差行业"。 申万宏源：公募持仓向业绩比较基准靠拢未必是普遍趋势 《推动公募基金高质量发展行动方案》是长期改革，而其短期映射，成为结构性行情的主要线索。在我们看 来，主动公募产品调整业绩比较基准，是集中梳理产品策略的一次机遇。而持仓向业绩比较基准靠拢却未必是 普遍趋势。 如何去有效地设定基准是长期而言实现客户利益、赢得竞争并避免被被动型产品替代的最关键问题。对于主动 权益型产品而言，沪深300、中证800以及A500作为全市场基金基准都有较大的局限性，能够反映新质生产力 ...

Investment Rating - The report gives an "Overweight" rating for the industry, indicating a positive outlook for the sector's performance compared to the overall market [3][17]. Core Insights - The modification of the "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission (CSRC) aims to further relax merger and acquisition policies, encouraging high-quality companies to grow through restructuring [4]. - The report highlights five key points from the revised measures, including the establishment of a phased payment mechanism for share acquisitions, increased regulatory tolerance for financial condition changes, a simplified review process for restructuring, clarified lock-up period requirements for mergers, and encouragement for private equity funds to participate in mergers and acquisitions [4][5]. - The report notes a significant increase in merger and acquisition activities in the capital market, with over 600 disclosed asset restructuring plans in 2025, which is 1.4 times that of the same period last year, and the completion of major asset restructuring transactions exceeding 200 billion yuan, an increase of 11.6 times year-on-year [5]. Summary by Sections Regulatory Changes - The revised measures include a 48-month validity period for registration decisions on phased share issuances, enhancing flexibility and success rates for restructurings [4]. - Increased regulatory tolerance for financial changes and related party transactions allows more companies to pursue resource integration through major asset restructurings [4]. Market Activity - The report indicates that the capital market is experiencing a surge in merger and acquisition cases, with a notable increase in both planned and completed transactions [5]. - The measures are expected to optimize resource allocation in the capital market and enhance investor confidence [5]. Investment Recommendations - The report recommends focusing on brokerage firms that are likely to benefit from increased merger and acquisition activities, including China Galaxy, CICC, GF Securities, CITIC Securities, and Guotai Junan [6]. - It also suggests monitoring firms with high earnings sensitivity to trading activities and those with strong capital positions and low valuations, such as Dongfang Caifu and Huatai Securities [6].

金十数据5月16日讯，招商证券国际发报告指，腾讯控股(00700.HK)凭借其强大的社交网络护城河和人 工智能技术，该行认为腾讯在人工智能代理、广告和利润率扩张方面有潜在的盈利及估值上升机会。现 市价处基于今明两年17及15倍预测市盈率，高于同业，以SOTP估值后，上调目标价5%，由621港元升 至650港元，维持"买入"评级。报告表示，腾讯第一季业绩表现理想，人工智能驱动的提升日趋明显， 且进一步推动盈利增长。同时，游戏及广告业务在人工智能的带动下维持强劲增长势头，首季资本开支 投资亦如期进行。 招商证券升腾讯目标价5% 料仍有潜在盈利及估值上升机会 ...

Core Viewpoint - The securities industry is experiencing a mixed performance, with specific stocks showing gains while others decline, indicating a potential theme-based investment trend in the market [3][4]. Market Performance - As of May 16, 2025, the CSI All Share Securities Company Index (399975) decreased by 0.58%, with Western Securities (002673) leading gains at 0.66% and Hongta Securities (601236) experiencing the largest drop at 2.39% [3]. - The Securities ETF (159841) fell by 0.72%, with a latest price of 0.97 yuan and a turnover of 34.26 million yuan during the session [3]. Fund Development - The China Securities Regulatory Commission (CSRC) issued an action plan on May 7 to promote the high-quality development of public funds, emphasizing the importance of performance benchmarks for actively managed equity funds [3]. - The Securities ETF has seen a significant growth in scale, increasing by 1.928 billion yuan over the past year, ranking second among comparable funds [4]. Investment Opportunities - Zhongyin International suggests focusing on the securities sector, noting that the sector has just recovered from a previous gap and still holds significant value for allocation [4]. - The active equity funds currently have a low allocation to securities compared to performance benchmarks, indicating potential for increased capital allocation and valuation uplift in the sector [4]. Performance Metrics - The Securities ETF has achieved a net value increase of 23.82% over the past three years, ranking in the top 16.20% among index equity funds [5]. - The ETF's management fee is set at 0.50%, with a tracking error of only 0.007% over the past two months, indicating high tracking precision compared to peers [6]. Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the CSI All Share Securities Company Index is 19.36, placing it in the lower 3.61% of its historical range, suggesting it is undervalued [6]. - The top ten weighted stocks in the index account for 59.02% of the total index, with notable companies including CITIC Securities (600030) and Eastmoney Information (300059) [6].

Group 1 - The core viewpoint is that several asset management companies, including China Merchants Asset Management (招商资管), are actively purchasing their own funds, indicating confidence in the long-term stability of the Chinese capital market and their investment management capabilities [1][3] - As of May 14, China Merchants Asset Management announced it will use its own funds to subscribe to its equity securities investment funds, with a total subscription amount of no less than 25 million yuan, and a holding period of at least six months [3] - Currently, China Merchants Asset Management has invested over 55 million yuan in its non-monetary securities investment funds, which will exceed 80 million yuan after the new subscriptions [3] Group 2 - By the end of 2024, the total asset management scale of China Merchants Asset Management is projected to be 267.392 billion yuan, including six public collective products and two newly established public funds [3] - In April, over ten fund management companies, including Anxin, Bosera, and others, announced their own fund purchases, with a total amount close to 600 million yuan [3] - According to Choice data, fund managers have collectively purchased over 6 billion yuan in their own funds this year, with money market funds accounting for over 30% of the total, followed by bond funds at over 27% [4]

Core Viewpoint - The dairy industry is facing demand pressure in 2024, but policies promoting childbirth subsidies are expected to boost consumption recovery [1][4] Group 1: Performance Review - The dairy industry is experiencing weak recovery in Q4 2024 and Q1 2025 due to external demand pressures and inventory destocking [2] - Major companies like Yili and Mengniu are controlling shipments to destock, leading to revenue declines for most companies in 2024 [2] - Yili and Mengniu have taken steps to clean up their balance sheets by recognizing goodwill impairment, which is expected to lead to improved performance in Q2 2025 [2] Group 2: Operational Situation - Milk prices have been on a downward trend since 2022, leading to a reduction in dairy cow inventory by 4.5% to 6.3 million heads and a 2.8% decrease in raw milk production to 41.61 million tons in 2024 [3] - The overall gross margin of the industry has improved due to falling milk prices, with companies maintaining cautious promotional strategies and reducing sales expense ratios [3] - The profitability of major companies is expected to improve in Q1 2025, with Yili's net profit margin exceeding market expectations after excluding one-time income [3] Group 3: Investment Recommendations - The supply side is undergoing accelerated destocking, with continued pressure on upstream operations due to falling milk prices and rising feed costs [4] - Policies promoting childbirth subsidies are expected to enhance dairy product consumption, with companies like Feihe and Yili responding by offering product subsidies of 1.2 billion and 1.6 billion respectively [4] - The overall outlook for the industry is positive, with expectations of improved supply-demand balance and stronger performance from leading companies [4]

Core Viewpoint - The financial sector, particularly the banking sector, has shown strong performance recently, with a continuous rise over six trading days, although there was a slight pullback in early trading today [1] Group 1: Differences Between Indices - The CSI 300 Non-Bank Financial Index consists of 27 stocks selected from the CSI 300 Index, focusing on capital markets, other financial sectors, and insurance, with an average market capitalization of approximately 842 billion [2][3] - The CSI 800 Securities and Insurance Index includes 50 stocks from the CSI 800 Index, concentrating on the securities and insurance sectors, with an average market capitalization of about 538 billion [4] - The weight distribution in the CSI 300 Non-Bank Financial Index is heavily concentrated in large-cap stocks, with the top five stocks accounting for 64.06% and the top ten for 78.25% [5] - In contrast, the CSI 800 Securities and Insurance Index has a more diversified weight distribution, with the top five stocks exceeding 50% and the top ten at 63.58% [7] Group 2: Performance and Volatility - Over the past year, both indices have performed well, with returns exceeding 20%, but the CSI 300 Non-Bank Financial Index has outperformed the CSI 800 Securities and Insurance Index [9] - In the last three years, the CSI 300 Non-Bank Financial Index has also shown slightly better performance, while the CSI 800 Securities and Insurance Index has outperformed over the last five years [9] - The volatility of the CSI 800 Securities and Insurance Index has been higher than that of the CSI 300 Non-Bank Financial Index across all time frames from one to five years, although the difference is not significant [9] Group 3: Valuation Levels - Despite both indices having increased by over 20% in the past year, their price-to-earnings ratios (TTM) remain below the historical 5% threshold, indicating attractive valuation levels [11] Group 4: Suitable Investor Types - The CSI 300 Non-Bank Financial Index is suitable for investors looking to invest in large-cap non-bank financial stocks and seeking stable allocations, or as part of an enhancement strategy for the CSI 300 Index [14] - The CSI 800 Securities and Insurance Index is more appropriate for investors optimistic about the overall development of the securities and insurance industries, who can tolerate slightly higher volatility and wish to capture opportunities in mid- and large-cap stocks [14] Group 5: Similarities Between Indices - Both indices focus on non-banking sectors, primarily concentrating on securities and insurance [15] - Historically, the overall trends of both indices have been relatively consistent [15] - There is a significant overlap in the top ten constituent stocks of both indices [17]

心系投资者，携手共行动，在2 0 2 5年" 5・1 5 全国投资者保护宣传日"活动期间，招商证券国家级投教基地积 极践行金融为民服务理念，联合交易所、基金公司、中国基金报等机构，通过"线上+ 线下"渠道开展了丰富 的投教活动，提升投资者金融素养，倡导理性投资理念。 聚焦ETF投资，点亮指数投资"新视界" 截至2 0 2 5年4月，境内交易所挂牌上市的ETF总规模突破4万亿元，ETF逐渐成为投资者资产配置的重要工 具。招商证券精准聚焦ETF投资需求，在4月底开幕的ETF实盘大赛中设置"ETF投资一点通"投教板块，积极 引导投资者参与"ETF投教答题"活动，全面普及ETF知识。截至目前，"ETF投资一点通"板块浏览量已达1 3 . 4 万人次，答题参与人数已达6 . 5万人次。 5月1 4日，招商证券国家级投教基地走进暨南大学深圳校区，开展《ETF：指数投资大浪潮》讲座，普及指数 投资知识，解析ETF运作机制及全球指数投资发展脉络。5月1 5日，招商证券国家级投教基地联合上海证券交 易所、鹏华基金，开展"ETF大讲堂"线上直播讲座。招商证券财富管理部赵峙淳在讲座中介绍，ETF通过复制 标的指数构建投资组合，紧密 ...