Core Viewpoint - The potential appointment of Zhu Jiangtao, the current Vice President of China Merchants Bank, as the new President of China Merchants Securities following the retirement of Wu Zongmin is a significant development in the financial sector, highlighting the trend of cross-industry transitions among banking professionals [2][3]. Group 1: Leadership Changes - Wu Zongmin has retired as the President of China Merchants Securities, with Chairman Huo Da temporarily taking over the role [2]. - Zhu Jiangtao, currently the Vice President of China Merchants Bank, is speculated to be the successor for the President position at China Merchants Securities [2][3]. - Zhu Jiangtao has a long history in banking, having joined China Merchants Bank in 2003 and held various senior positions, including Chief Risk Officer and Vice President [3][4]. Group 2: Zhu Jiangtao's Background - Zhu Jiangtao, born in December 1972, has nearly 30 years of banking experience, with a strong focus on risk management [3]. - Under Zhu's leadership as Chief Risk Officer from 2021 to 2024, the bank maintained a non-performing loan ratio below 1% [3]. - Zhu's recent focus has been on corporate business, as indicated by his resignation from the Chief Risk Officer role to prepare for a potential transition to securities [3][4]. Group 3: Financial Performance of China Merchants Bank - In the first quarter of 2025, China Merchants Bank reported a revenue of 83.751 billion yuan, a decrease of 3.09% year-on-year, and a net profit of 37.286 billion yuan, down 2.08% [6]. - The bank's net interest margin and net interest yield both saw declines, with net interest margin at 1.82% and net interest yield at 1.91%, down 8 and 11 basis points respectively [6]. - Non-interest income also fell by 10.64%, with significant declines in other net income due to rising market interest rates affecting bond and fund investments [6]. Group 4: Industry Trends and Adjustments - The recent changes in leadership within the "China Merchants" system indicate a trend of frequent adjustments, with multiple mid-level management changes reported [7]. - The establishment of financial asset investment companies by China Merchants Bank and CITIC Bank marks a new phase in the banking sector, allowing for greater diversification of services [6].

招商证券股份有限公司 关于山东赫达集团股份有限公司 向不特定对象发行可转换公司债券 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐人"）作为山东赫 达集团股份有限公司（以下简称"山东赫达"、"发行人"或"公司"）向不特 定对象发行可转换公司债券的保荐人，负责本次可转债发行上市后的持续督导工 作，持续督导期自 2023 年 7 月 19 日至 2024 年 12 月 31 日止。招商证券根据《证 券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》 《深圳证券交易 招商证券股份有限公司关于山东赫达可转债项目持续督导保荐总结报告书 所上市公司自律监管指引第 13 号——保荐业务》等有关规定，出具本持续督导 保荐总结报告书，具体内容如下： 一、保荐人及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法 律责任。 （二）保荐人及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）对保荐总结报告书相关事项进行的任何质询和调查。 （三）保荐人及保荐代表人自愿接受中国证 ...

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。 | 姓名 | 离任职务 | 离任时间 | | 原定任期到 期日 | | 离任原因 | 是否继续在上 市公司及其控 | 具 体 职务 | 是 否存 履 行完 | 在未 毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股子公司任职 | | 公开承诺 | | | 张浩川 | 副总裁 | 2025 年 | 5 月 | 2027 年 月 | 1 | 个人原因 | 否 | 无 | 否 | | | | | 12 日 | | 18 日 | | 辞职 | | | | | 一、提前离任的基本情况 二、张浩川先生离任对公司的影响 张浩川先生已按照公司相关规定做好工作交接。 证券代码：600999 证券简称： 招商证券 编号： 2025－023 招商证券股份有限公司 关于公司副总裁离任的公告 公司董事会谨向张浩川先生在担任公司副总裁期间对公司所做出的积极贡献表示 衷心感谢！ ...

Core Insights - Global tablet shipments are projected to grow by 8.5% year-on-year in Q1 2025, reaching 36.8 million units, driven by device refresh cycles in consumer and education markets [1][3] Market Performance - The Greater China region experienced a surge in consumer demand during the New Year period, supported by government subsidies and promotional discounts, making it the fastest-growing major market [3] - In the U.S., uncertainty around tariffs led to a spike in tablet imports in January, but a double-digit decline in shipments was observed in February following the announcement of tariff exemptions [1][3] Company Performance - Apple maintained its market share with iPad shipments reaching 13.7 million units, a 14% increase year-on-year [5] - Samsung ranked second with 6.6 million units shipped, experiencing a 5.2% decline [5] - Xiaomi saw significant growth, with shipments of 3.1 million units, marking a 56% increase and a 2% rise in market share [5] - Lenovo shipped 2.5 million units, up 19% year-on-year, while Huawei shipped 2.4 million units, holding a 6.5% market share despite a 12.5% decline [5][6] Market Trends - Over 50% of B2B channel partners expect business growth in 2025, indicating a growing acceptance of tablets as practical computing alternatives in the workplace [5] - The commercial tablet market remains weak, but opportunities in the education sector are expected to grow due to government initiatives and large-scale public tender projects [3][5]

Core Insights - Global tablet shipments are projected to grow by 8.5% year-on-year in Q1 2025, reaching 36.8 million units, driven by consumer demand and educational device upgrades [1][5] - The Greater China region experienced significant growth due to government subsidies and promotional discounts during the Lunar New Year [1] - Apple maintained its market share, but local brands like Huawei and Xiaomi are increasingly threatening its leading position [1][4] Market Performance - In Q1 2025, Apple led the global tablet market with 13.7 million units shipped, a 14% increase year-on-year [3] - Samsung followed with 6.6 million units, a decline of 5.2% [4] - Xiaomi saw a remarkable growth of 56% with 3.1 million units shipped, surpassing Lenovo for the first time [4] - Lenovo shipped 2.5 million units, up 19% year-on-year, while Huawei shipped 2.4 million units, down 12.5% [4] Regional Insights - The U.S. tablet market showed seasonal performance, with a surge in imports in January due to tariff uncertainties, followed by a double-digit decline in February after tariff exemptions were announced [1] - The commercial tablet market remains weak, but opportunities in the education sector are expected to grow due to government initiatives and large-scale public tender projects [1][3] Future Outlook - Over 50% of B2B channel partners expect business growth in 2025 compared to 2024, indicating a growing acceptance of tablets as practical computing alternatives in the workplace [3] - Despite the anticipated slowdown in overall growth, demand in the high-end market is expected to remain robust [1]

| 招商证券股份有限公司 | | | | | --- | --- | --- | --- | | 关于昆山亚香香料股份有限公司 | | | | | 保荐人名称：招商证券股份有限公司 | 被保荐公司简称：亚香股份 | | | | 联系电话：0755-83084021 保荐代表人姓名：覃建华 | | | | | 保荐代表人姓名：程建新 联系电话：0755-83084021 | | | | | 一、保荐工作概述 | | | | | 项目 工作内容 | | | | | （1）是否及时审阅公司信息披露文件 | | 是 | | | （2）未及时审阅公司信息披露文件的次数 | | | 无 | | （1）是否督导公司建立健全规章制度（包括但 | | | | | 不限于防止关联方占用公司资源的制度、募集资 | | | | | 是 | | | | | 金管理制度、内控制度、内部审计制度、关联交 | | | | | 易制度） | | | | | （2）公司是否有效执行相关规章制度 | | 是 | | | （1）查询公司募集资金专户次数 | | 8次 | | | （2）公司募集资金项目进展是否与信息披露文 | | | | | 是 | ...

■机构展望 ◎记者 汪友若 5月首个交易周，A股市场整体表现强势，日均成交额较4月底改善，情绪面显著回暖。消息面上，5月7 日，金融管理部门出台了一揽子金融政策支持稳市场稳预期。机构观点认为，一揽子金融政策的出台节 奏超出市场预期，显著提振了市场风险偏好。 市场风格演绎方面，机构称，短期科技板块的景气度高企，A股"科技叙事"逻辑有望伴随着产业突破得 到进一步强化。中长期来看，中国证监会5月7日印发了《推动公募基金高质量发展行动方案》，提出25 条措施督促行业从"重规模"向"重回报"转变，公募新规或推动A股市场风格向大盘权重股、红利资产等 方向演变。 一揽子金融政策提振市场信心 申万宏源证券分析称，上周金融管理部门出台一揽子政策，其政策落地的全面性、集中性、一致性显著 超出市场预期。招商证券认为，央行降准、降息、新设立结构性货币政策工具等多项政策落地，对市场 信心的提振较明显。 中金公司研究部首席国内策略分析师李求索认为，一揽子金融政策释放积极信号，有助于进一步稳增长 稳市场稳预期，在外部面临较大不确定性的环境下，助力促进投资者风险偏好回升。结合当前A股市场 估值仍处于相对低位具备较好投资吸引力，以及科技叙事和 ...

Core Viewpoint - The introduction of a "sale coordinator" role in the issuance of the Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is a rare occurrence in the fund issuance process, indicating potential adjustments in response to new market conditions [1][3][5]. Group 1: Role of Sale Coordinator - The sale coordinator is responsible for managing the flow of funds during the fund subscription period, ensuring that the funds are collected and allocated to the fund custodian account [2][4]. - This role is uncommon in the issuance of ETFs and almost non-existent in non-ETF fund issuances, suggesting a unique approach taken by the fund company [1][6]. - The addition of a second sale coordinator, Zhongtai Securities, alongside Changjiang Securities, reflects a possible adaptation to recent developments in the ETF market [6][8]. Group 2: Fund Issuance Process - The Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is open for subscription from May 6 to May 16, with both online and offline cash subscription options available [3]. - The issuance process involves multiple parties, including the fund company, distribution agencies, and custodians, with brokers typically acting as distribution agents [3][4]. - The introduction of the sale coordinator may enhance the efficiency of the fund issuance process, aligning with the broader goal of high-quality development in the public fund industry [9][10]. Group 3: Regulatory Context - The recent regulatory framework emphasizes the importance of fund issuance as a critical component of high-quality development, with specific measures aimed at optimizing the registration process for equity funds [9][10]. - The new measures aim to enhance the scale and proportion of equity investments, reflecting a shift towards prioritizing investor interests in fund operations [10].

招商证券关于概伦电子首次公开发行股票并在科创板上市持续督导保荐总结报告书 招商证券股份有限公司 理办法》的有关规定采取的监管措施。 二、保荐机构基本情况 项目 内容 关于上海概伦电子股份有限公司 首次公开发行股票并在科创板上市持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为上海 概伦电子股份有限公司（以下简称"概伦电子"或"公司"）首次公开发行股票 并上市持续督导阶段的保荐机构，根据《证券发行上市保荐业务管理办法》等有 关规定，对概伦电子首次公开发行股票并在科创板上市进行尽职推荐和持续督导， 持续督导期限自 2021 年 12 月 28 日至 2024 年 12 月 31 日。目前，持续督导期限 已满，本保荐机构根据《证券发行上市保荐业务管理办法》的有关规定对概伦电 子出具保荐总结报告书，具体情况如下： 一、保荐机构及保荐代表人承诺 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 的任何质询和调查。 保荐机构名称 招商证券股份有限公司 注册地址 深圳市福田区福田街道福华一路111号 主要办公地址 深圳市福田区福田街道福华一路111号 法定 ...

Core Viewpoint - The report outlines the continuous supervision and compliance of Shanghai Gaolun Electronics Co., Ltd. by the sponsor institution, emphasizing the company's adherence to regulations and the effectiveness of its internal controls and governance structures [1][2][3]. Continuous Supervision Work - The sponsor institution has established a comprehensive and effective continuous supervision system, including a work plan tailored to specific supervisory tasks [1]. - A continuous supervision agreement has been signed with Gaolun Electronics, detailing the rights and obligations of both parties during the supervision period [1]. - The sponsor institution conducts regular communication, site inspections, and due diligence to monitor the business situation of Gaolun Electronics [2]. Compliance and Governance - The sponsor institution ensures that Gaolun Electronics and its management comply with laws, regulations, and commitments made [2]. - The company has been urged to establish and effectively implement internal control systems, including financial management and auditing processes [2]. - The sponsor institution has reviewed the company's information disclosure documents and confirmed their accuracy and completeness [3][5]. Financial Performance - In 2024, Gaolun Electronics reported a revenue of approximately 419 million yuan, a 27.42% increase from 2023 [16]. - The net profit attributable to shareholders was approximately -96 million yuan, indicating a loss compared to the previous year [16]. - The company's cash flow from operating activities was negative, reflecting a significant decline from the previous year [16]. Research and Development - The company invested approximately 28.87 million yuan in R&D in 2024, with R&D expenses accounting for 68.90% of revenue, a decrease of 3.15 percentage points from the previous year [17]. - Continuous R&D investment is crucial for maintaining competitive advantages in the EDA industry, with a focus on core technologies and product innovation [17]. Market Position and Competition - The EDA market is characterized by a high concentration of major players, with Gaolun Electronics facing significant competition from established firms [6][10]. - The company aims to enhance its market position through strategic acquisitions and investments, although it faces challenges in identifying suitable targets [11][12]. Risks and Challenges - The company faces various risks, including increased R&D costs, potential technology obsolescence, and challenges in achieving market recognition for new products [6][7][8]. - The limited scale of the EDA market and the company's relatively small size may hinder its growth and competitive capabilities [10]. Corporate Governance - The company has no controlling shareholder, and its equity is relatively dispersed among shareholders, with no reported pledges or freezes of shares [20].