招商证券股份有限公司 关于招商证券国际有限公司及其 下属全资子公司2025年度担保授权的公告 证券代码：600999 证券简称： 招商证券 编号：2025－020 一、担保情况概述 1.同意招证国际及其下属全资子公司之间为取得融资或进行交易等主体提 供担保，包括融资类担保（包括但不限于银行借款、银团贷款、发行债券或票 据等）、交易类担保(包括但不限于国际衍生品框架协议(ISDA)、主结算协议 (Master Clearing Agreement) 、 债 券 市 场 协 会 (The Bond Market Association；TBMA)/国际证券市场协会(International Security Management Association；ISMA)全球回购协议(Global Master Repurchase Agreement; GMRA) 、 主 券 商 服 务 协 议 、 全 球 有 价 证 券 借 贷 主 协 议 (Global Master Securities Lending Agreement；GMSLA)、大宗商品交易等)以及其他担保（包 括但不限于租赁担保等）。 （一）担保基本 ...

证券代码：600999 证券简称： 招商证券 编号： 2025－019 招商证券股份有限公司 第八届董事会第十七次会议决议公告 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 招商证券股份有限公司（以下简称公司）第八届董事会第十七次会议通知于 2025 年 4 月 14 日以电子邮件方式发出。会议于 2025 年 4 月 18 日以通讯表决方 式召开。 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）关于补选公司第八届董事会专门委员会委员的议案 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 （二）关于招商证券国际有限公司及其下属全资子公司 2025 年度担保授权 方案的议案 同意招商证券国际有限公司及其下属全资子公司 2025 年度担保授权方案。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 1 本议案尚需提交公司股东大会审议。 具 ...

4月16日，招商局集团携手旗下招商轮船、招商南油、辽港股份、中国外运和招商证券等5家上市公司召 开集团沪市上市公司集体业绩说明会。招商局集团总经理石岱表示，将坚持向高攀、勇攀科技创新高 峰，向新进、加快发展新质生产力，向外拓、加大海外业务布局，积极打造"微笑曲线"和"马利克曲 线"，持续推动上市公司稳健经营、有效增长。 2024年，招商局集团旗下上市公司发展质量和效益持续提升，在沪市的5家上市公司合计实现营业收入 1698亿元、同比增长2.3%；净利润230亿元、同比增长8.8%；年度分红89亿元、同比增长33%，股东回 报能力持续增强。石岱表示，"招商系"上市公司已于2024年第四季度公告近50亿元的增持回购计划，并 于4月8日进一步公告提速实施回购股份。 "招商局坚定看好中国经济和资本市场，对旗下上市公司发展充满信心，将积极推进上市公司价值提 升、价值创造，提振投资者信心。"石岱透露，越是外部环境严峻复杂，越是要坚定信心决心、保持战 略定力，聚精会神"办好自己的事"。招商局集团高度重视、提前布局人工智能，将人工智能作为集团新 一轮高质量发展的核心引擎之一，加快推动人工智能与主营业务深度耦合，为集团业务插上 ...

证券代码：600999 证券简称： 招商证券 编号：2025－018 四、自同意注册之日起至本次永续次级公司债券发行结束前，公司如发生重 大事项，应及时报告并按有关规定处理。 公司将按照有关法律法规、上述批复文件的要求及公司股东大会的授权，办 理本次永续次级公司债券发行的相关事宜，并及时履行信息披露义务。 特此公告。 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。 近日，招商证券股份有限公司（以下简称公司）收到中国证券监督管理委员 会《关于同意招商证券股份有限公司向专业投资者公开发行永续次级公司债券注 册的批复》（证监许可〔2025〕529 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 60 亿元永续次级公司 债券的注册申请。 二、本次发行永续次级公司债券应严格按照报送上海证券交易所的募集说明 书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行永续次级公司债券。 招商证券股份有限公司 关于向专业投资者公开发行永续次级公司债券 获得中国证券 ...

智通财经4月16日电，招商证券获证监会同意发行不超过60亿元人民币永续次级公司债券。 ...

Group 1 - The brokerage business, traditionally a core area for securities firms, has shown positive performance in 2024 due to increased market activity and trading volume [1][2] - The overall net income from brokerage services for 150 securities firms reached 115.15 billion yuan, a year-on-year increase of 16.98% [2] - Among 25 listed securities firms, the total net income from brokerage fees was 81.42 billion yuan, reflecting a year-on-year growth of 8.77%, with 21 firms reporting growth [2][3] Group 2 - Leading firms such as CITIC Securities reported a net income of 10.71 billion yuan from brokerage fees, a growth of 4.79%, while other top firms also performed well [3] - Smaller firms like Guolian Minsheng and Hualin Securities showed remarkable growth rates of 39.44% and 30.02% respectively in their brokerage income [3] Group 3 - The ability to sell financial products has become a key indicator of the success of wealth management transformation for securities firms, with CITIC Securities leading in this area [4] - The total income from selling financial products among the 25 firms reached significant figures, with Guolian Minsheng and Hualin Securities showing high growth rates in this segment [4] Group 4 - Securities firms are enhancing their wealth management capabilities by improving service models and expanding product offerings to meet diverse client needs [5][6] - By the end of 2024, firms managed a total of 84.1 trillion yuan in client assets, with a 19.9% year-on-year increase in the scale of financial products sold [5] Group 5 - The construction of a buyer advisory system is becoming a core element of wealth management strategies, with firms focusing on differentiated strategies in client operations and product innovation [6] - CITIC Securities has adopted a comprehensive financial solution approach, while Guolian Minsheng is building a service system centered on asset allocation for different client categories [6] Group 6 - Looking ahead, firms like Shenwan Hongyuan and Huatai Securities are planning to enhance their asset allocation capabilities and develop a diverse product matrix to strengthen their wealth management brands [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][8]. Core Insights - The company has demonstrated stable core business operations, with a historical Return on Equity (ROE) outperforming comparable securities firms. The valuation has significantly increased due to the expectations of mixed operations in the securities industry and the State-owned Assets Supervision and Administration Commission's (SASAC) introduction of performance assessment metrics [5][7][19]. - The company is expected to benefit from capital market reforms and a high growth rate in client deposits, leading to a further increase in valuation [5][7][19]. - The company aims to leverage its shareholder background to enhance its business capabilities and establish itself as a top-tier investment bank [7][11][52]. Summary by Sections 1. PB Valuation Outperformance - Since the end of 2017, the company's Price-to-Book (PB) valuation has outperformed comparable securities firms, with an average valuation of 1.60X, which is 19% higher than its peers [19][21]. - The company's valuation is highly elastic, significantly influenced by policy catalysts, with historical peaks showing a 71% outperformance compared to peers [19][21]. 2. Leveraging Shareholder Synergies - The company is the largest securities firm under the SASAC, benefiting from the support of the China Merchants Group, which has substantial assets and a strong market position [52][55]. - The management team has extensive experience within the China Merchants Group, facilitating internal collaboration and enhancing operational efficiency [59][60]. 3. Business Characteristics and Profitability - The company exhibits a "large and stable" business model, with significant contributions from wealth management and institutional business, which are growing rapidly through both online and offline channels [7][30]. - The company has maintained a strong performance in brokerage and proprietary trading, with net income from these segments showing a compound annual growth rate (CAGR) of 6.3% and 19.8%, respectively, from 2017 to 2024 [25][30]. 4. Financial Data and Profit Forecast - The company forecasts revenues of 24,010.09 million in 2025, with a year-on-year growth rate of 14.93% [6]. - The projected net profit attributable to the parent company for 2025 is 11,680.68 million, reflecting a growth rate of 12.47% [6][8]. 5. Valuation and Investment Analysis - The report estimates a reasonable valuation of 1.44X PB for 2025, with expected net profits of 116.8 billion, 134.5 billion, and 151.9 billion for 2025-2027, respectively [8][49]. - The company is positioned to enhance its profitability through increased collaboration with its shareholder units, accelerating its development as a top-tier investment bank [7][8].

招商证券发布研报称，猪价整体仍处下行期，但猪企成本方差仍较大，优质龙头猪企或可凭借成本优势 获取可观盈利，持续修复资产负债表。后周期需求维持弱修复趋势，龙头饲企市场份额有望持续提升。 生猪养殖方面，24年母猪产能增长缓慢，对应25年生猪供给增幅相对有限，行业不同养殖主体成本方差 仍较大，优质猪企有望凭借低成本优势获取可观利润、持续修复资产负债表。后周期方面，在下游养殖 端仍有盈利的背景下，行业存栏缓慢恢复，带动后周期的饲料、动保产品需求呈现弱修复趋势。同时， 中美互加关税或加剧玉米、豆粕等饲料原料价格波动，龙头饲企采购端优势或进一步凸显，有望取得市 占率的持续提升。 招商证券主要观点如下： 风险提示：畜禽及粮食价格波动超预期，突发大规模不可控疾病，重大食品安全事件，上市公司销量/ 成本不达预期等。 2)成本方面，受益于饲料原料价格的持续下行，以及猪企内部管理持续精进，25Q1，上市猪企成本改 善明显，但方差仍较大，我们估算，上市猪企养殖完全成本大都降至16.0元/公斤以内，优质猪企完全 成本已降至13.0元/公斤以内。 3)出栏量方面，上市猪企出栏明显放量，25Q1，15家上市猪企生猪出栏量4673万头，同比 ...

五粮液：五粮液计划6个月内增持5-10亿元。集团公司计划自公告之日起6个月内通过深圳证券交易所交 易系统增持公司股票，拟增持金额不低于5亿元，不超过10亿元。截至公告日，五粮液集团公司持有公 司股份7.95亿股，占公司总股本的20.49%。在本次公告前的12个月内，五粮液集团公司累计增持公司股 份340.67万股，占公司总股本的0.09%，增持金额为人民币5亿元。 投资建议 招商证券发布研报称，本周受贸易摩擦影响板块震荡。从Q1情况来看，高端白酒需求相对稳定，次高 端酒企表现分化，整体边际改善。食品板块需求企稳，调味品、乳制品、啤酒等板块轻装上阵全年业绩 改善确定性更高，而零食、饮料赛道仍然延续高景气。当前茅台、五粮液（000858）纷纷出台回购方 案，龙头底线价值清晰，白酒位置进可攻退可守，食品把握趋势向上及高景气赛道。内需有望发力背景 下，该行重申板块配置价值。 招商证券主要观点如下： 核心公司跟踪：重啤维持高位分红，中炬全年稳健收官 重庆啤酒（600132）：分红维持高位，结构表现依旧承压。公司24年高档酒结构表现仍然承压，带动吨 价同比下滑，税收政策及诉讼费用影响盈利，收入/归母净利润同比-1.2%/ ...

Core Insights - The A-share listed securities firms are experiencing a significant recovery in 2024, driven by a series of favorable policies and a rebound in market trading activity [1][2][4] - Major securities firms reported impressive results, with many achieving year-on-year growth in both revenue and net profit [1][2] Industry Performance - In 2024, the overall revenue of 150 securities companies reached 4,511.69 billion yuan, with a net profit of 1,672.57 billion yuan, reflecting year-on-year growth of 11.2% and 21.3% respectively [2] - The self-operated business has become a crucial growth driver, with the industry generating 1,740.7 billion yuan in self-operated income, a 43% increase year-on-year [2][3] Company Highlights - CITIC Securities achieved a revenue of 63.789 billion yuan, up 6.2%, and a net profit of 21.704 billion yuan, up 10.06% [1] - Huatai Securities, Guotai Junan, and other major firms also reported significant revenue and profit growth, with Huatai Securities achieving a revenue of 41.466 billion yuan, up 13.37% [1] - Smaller firms like Hualin Securities and Hongta Securities showed remarkable performance, with Hualin's revenue growing over 41% and net profit increasing approximately 1015% [2] Business Segments - Brokerage and wealth management businesses are showing signs of recovery, with over 90% of the nearly 30 listed securities firms reporting positive growth in brokerage revenue [3] - The investment banking sector remains under pressure, primarily due to a slowdown in IPO activities [3] Future Outlook - The recovery in the securities industry is expected to continue into 2025, with anticipated increases in stock trading volume, financing balances, and equity fund issuance [4] - The trend towards higher asset returns and valuations for securities firms is expected to persist, supported by ongoing capital market reforms and consolidation among quality firms [4]