证券代码：600999 证券简称： 招商证券 编号： 2025－031 招商证券股份有限公司 第八届董事会第二十一次会议决议公告 招商证券股份有限公司董事会 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 招商证券股份有限公司（以下简称公司）第八届董事会第二十一次会议通知 于 2025 年 8 月 1 日以电子邮件方式发出。会议于 2025 年 8 月 5 日以通讯表决方 式召开。 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 本次会议审议并通过了关于修订《招商证券股份有限公司企业年金方案》的 议案。 同意修订《招商证券股份有限公司企业年金方案》。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 特此公告。 2025 年 8 月 5 日 1 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经8月5日讯（记者 高艳云）近期，沪指在3600点关口附近持续震荡，市场情绪有所波动。包括 招商证券、中信证券、中信建投、银河证券等在内的多家头部券商陆续发布研报，表达对市场中长期向 好的坚定信心。 中信证券官方微信公众号直言"坐稳扶好"，同时发文指出"牛市，也会换挡""3600点以上，波动加大"。 撰文用语还颇为"鸡汤"，道理与逻辑十足，比如"记住，对于大部分普通人来说，要掌握的不是牛市赚 钱的技能，而是终其一生、穿越各种周期性波动的、财富稳健增长的能力。"值得注意的是，该文又是 一篇"10万+"，且转发过万。 中信建投资深策略分析师夏凡捷直言，全球货币宽松和A股资金面充裕的环境不变，投资者的牛市预期 不变，新赛道的结构性景气不变。阶段性震荡整固，有利于A股慢牛行情行稳致远。 银河证券首席策略分析师杨超称，市场交投活跃度整体仍处于较高水平，预计市场维持在震荡偏高中枢 运行，关注结构性机会。中长期来看，市场向好趋势不改。 华泰证券分析师何康认为，目前赚钱效应已回调至7月中旬位置，市场抛压相对可控，短期A股或进入 波动率放大的平台期 ...

Economic Overview - July PMI data indicates a worsening contraction in manufacturing, with the manufacturing new orders index dropping to 49.4% and the non-manufacturing new orders index hitting a stage low of 45.7%[5][10]. - Industrial production shows signs of concern, with the manufacturing production index falling to 50.5% and the construction business activity index decreasing by 2.2 percentage points to 50.6%[10][11]. Production and Consumption - Traditional industries are under pressure due to weak demand and policy adjustments, while emerging sectors exhibit a "production reduction to support prices" characteristic[2][11]. - In July, the output of key enterprises in crude steel and cement saw a month-on-month decline, with cement weekly production dropping to approximately 14 million tons[11]. Investment Trends - Fixed asset investment growth is projected at 2.7%, with infrastructure investment showing improvement due to accelerated special bond issuance and major project commencement[12][14]. - Real estate investment continues to drag, with July's top 100 real estate companies' operating amounts down 12.5% year-on-year, indicating a significant market confidence issue[12][13]. Price Movements - The manufacturing raw material purchase price index rose by 3.1 percentage points to 51.5%, while the factory price index increased by 2.1 percentage points to 48.3%[10][11]. - CPI is expected to decline by 0.1% year-on-year, influenced by seasonal price drops in agricultural products and weak consumer demand[22][23]. Trade and External Factors - July export growth is anticipated to remain stable at 5.5%, with external demand pressures still present despite a marginal slowdown in new export orders[16][18]. - Import growth is projected at 0.5%, supported by infrastructure-related imports, although overall demand remains subdued due to weak real estate investment[16][18]. Fiscal Policy - General public budget revenue is expected to show a slight improvement with a year-on-year change of -0.1%, while expenditure is projected to remain stable at 3.4%[28][14]. - The government is expected to increase spending in key areas such as education and social security, which may provide a boost to overall fiscal performance[28].

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300059 | 东方财富 | 1.58亿 | 2.41% | -8426.69万 | -1.29% | -7352.85万 | -1.12% | | 600958 | 东方证券 | 1.48 Z | 10.67% | -2868.62万 | -2.07% | -1.19 Z | -8.59% | | 868T09 | 工商银行 | 1.42 Z | 5.41% | -1.28亿 | -4.90% | -1345.58万 | -0.51% | | 002673 | 西部证券 | 9014.83万 | 12.95% | 352.64万 | 0.51% | -9367.47万 | -13.46% | | 601211 | 圆泰海通 | 8256.91万 | 5.43% | -7496.03万 | -4.93% | -760.88万 | -0.50% | | 601198 ...

Group 1 - The market has a high expectation for the Federal Reserve to cut interest rates in September, with the probability rising from 37% to over 80% after the release of the non-farm payroll data on August 1 [1] - The July non-farm employment data was significantly revised down, with only 73,000 jobs added, far below the expected 109,000, triggering recession warning signals [1] - The resignation of hawkish Federal Reserve member Adriana Kugler increases the political feasibility of rate cuts [1] Group 2 - The anticipated interest rate cut is expected to alleviate housing burdens and stimulate demand in the real estate, home appliance, and tool industries, with consumer spending in these sectors projected to grow in Q1 and Q2 of 2025 [2] - Companies in the tool sector, such as Xianfeng Holdings, Juxing Technology, and Chuangke Industrial, are closely linked to the U.S. real estate cycle, with rate cuts expected to boost sales data [2] - In the black and white goods sector, brands like TCL and Hisense are targeting the high-end market, while Haier is leveraging local manufacturing advantages to capture market share and improve overseas profit margins [2] Group 3 - In the two-wheeler sector, companies like Ninebot, Taotao, and Chunfeng are establishing overseas bases, effectively avoiding tariffs through production in countries like Vietnam, Thailand, and Mexico [3]

Core Viewpoint - The securities sector is experiencing positive momentum, with significant increases in stock prices and trading volumes, indicating strong investor interest and potential growth opportunities in the market [1][3][6]. Group 1: Market Performance - The CSI All Share Securities Company Index rose by 0.38% as of August 5, 2025, with notable increases in individual stocks such as Xinda Securities (up 5.59%) and Dongxing Securities (up 2.60%) [1]. - The securities ETF managed by Harvest (562870) also saw a rise of 0.40%, reflecting overall positive sentiment in the sector [1]. Group 2: Trading Activity - The securities ETF by Harvest recorded a turnover rate of 1.55% and a transaction volume of 5.3764 million yuan, with an average daily trading volume of 38.984 million yuan over the past year [3]. - In the past week, the ETF's scale increased by 83.6478 million yuan, marking the highest growth among comparable funds, and its shares grew by 94 million [3]. Group 3: Fund Inflows - Over the last five trading days, the Harvest securities ETF experienced net inflows on four occasions, totaling 111 million yuan, indicating strong investor confidence [3]. Group 4: Sector Composition - As of July 31, 2025, the top ten weighted stocks in the CSI All Share Securities Company Index accounted for 60.37% of the index, with companies like Dongfang Wealth and CITIC Securities leading the list [3][4]. Group 5: Earnings Forecast - As of August 1, 2025, 27 listed securities firms had released their semi-annual earnings forecasts, with 24 firms expected to be profitable, including 23 firms projecting earnings growth [6]. - The brokerage and margin trading businesses are benefiting from favorable policies, leading to increased market transactions, while the investment banking sector is seeing a recovery in IPOs and refinancing activities [6][7]. Group 6: Investment Opportunities - The positive earnings forecasts, combined with ongoing capital market reforms and expectations of liquidity easing, suggest that there are significant investment opportunities in the brokerage sector for the second half of the year [7].

Group 1 - Guangdong Provincial Institute of Building Science Group Co., Ltd. has received approval for its initial public offering (IPO) and listing on the ChiNext board from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1][2] - Investors are required to fulfill their payment obligations by August 5, 2025 (T+2), ensuring sufficient funds in their accounts for the subscription of new shares [1][2] - If the total number of shares subscribed by both online and offline investors is less than 70% of the total offering after deducting the final strategic placement, the IPO will be suspended [1] Group 2 - The shares issued in this IPO will have no restrictions on circulation and can be traded immediately upon listing on the Shenzhen Stock Exchange [2] - Investors who fail to pay for shares after winning a subscription three times within 12 months will be prohibited from participating in online subscriptions for new shares and other securities for six months [2][3] - The lottery for the online issuance was conducted fairly and transparently, with 58,609 winning numbers announced, each allowing the subscription of 500 shares of Guangdong Jian Ke A-shares [3]

Key Points - The article discusses the recent trends in the A-share market, including new stock offerings and regulatory updates affecting investors [1][4][5][6][8] - It highlights the increase in new A-share accounts and the implications of new tax regulations on overseas stock trading [4][5] - The article also covers various company news, including stock repurchases and strategic plans for future growth [10][18][19][20][22] Group 1: Market Trends - On August 4, the Shanghai Stock Exchange reported that 1.9636 million new A-share accounts were opened in July, a nearly 20% increase from June and over 70% year-on-year [4] - The article mentions the new tax regulations requiring individuals to declare and pay taxes on overseas stock trading income, with a 20% tax rate applicable [5] - The revised Anti-Money Laundering Law will take effect on January 1, 2025, with new guidelines for financial institutions [6] Group 2: Company News - Zhi Gao Machinery has a new stock offering with a subscription code of 920101 and an issue price of 17.41 yuan per share, with a subscription limit of 1.0203 million shares [1] - Nanjing Bank's shareholder, Nanjing High-Tech, increased its stake to 9% [18] - Guizhou Moutai has repurchased 3.4517 million shares for a total cost of 5.301 billion yuan [19] - CATL has repurchased 6.641 million shares, totaling 1.551 billion yuan [20] - XGIMI Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [22]

Core Viewpoint - Guangdong Provincial Institute of Architectural Science Group Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and listing on the ChiNext board, with a determined issuance price of RMB 6.56 per share and a total issuance of 10,466,000 shares [1][9]. Issuance Details - The issuance will be conducted through a combination of strategic placement, offline inquiry placement, and online issuance to public investors [1]. - The initial strategic placement quantity is set at 31,398,000 shares, representing 30% of the total issuance [2][9]. - The final strategic placement quantity remains the same as the initial, with no need for a reallocation to offline issuance [2][9]. Subscription and Allocation - The online subscription saw an effective subscription multiple of 8,487.06 times, leading to the activation of a reallocation mechanism, resulting in 14,652,500 shares being moved from offline to online issuance [3]. - After the reallocation, the final offline issuance quantity is 43,957,500 shares (60% of the total after strategic placement), while the online issuance quantity is 29,304,500 shares (40%) [3]. Payment and Lock-up Periods - Investors must fulfill payment obligations by August 5, 2025, and failure to do so will result in the invalidation of their allocations [4][5]. - Online issued shares will have no restrictions on circulation, while 10% of the offline issued shares will be subject to a six-month lock-up period [5][6]. - Strategic placement investors will face a 12-month lock-up period starting from the listing date [6][9]. Investor Participation - The offline issuance attracted 265 investors managing 7,140 valid subscription objects, with a total effective subscription quantity of 20,217,420 shares [11][12]. - The allocation results align with the principles disclosed in the preliminary inquiry and promotional announcements, with no surplus shares generated [12].

香港联交所最新资料显示，7月29日，易方达基金管理有限公司增持招商证券（600999）(06099)608.34 万股，每股作价17.5442港元，总金额约为1.07亿港元。增持后最新持股数目约为8028.65万股，最新持 股比例为6.3%。 ...