东方钽业: 招商证券股份有限公司关于宁夏东方钽 业股份有限公司2024年度持续督导定期现场检查报 告 招商证券股份有限公司 关于宁夏东方钽业股份有限公司 保荐人名称：招商证券股份有限公司 被保荐公司简称：东方钽业 保荐代表人姓名：张俊果 联系电话：0755-82943666 保荐代表人姓名：陈春昕 联系电话：0755-82943666 现场检查人员姓名：张俊果、邓凯迪 现场检查对应期间：2024 年度（"核查期间"） 现场检查时间：2025 年 3 月 10 日至 2025 年 3 月 12 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： （1）查阅上市公司 2024 年度三会会议材料； （2）查阅上市公司的章程和各项规章制度，通过访谈了解公司基本制度的执行情况； （3）访谈上市公司的相关人员，了解公司独立性和同业竞争相关情况。 √ 等要件是否齐备，会议资料是否保存完整 √ 行职责 √ 露义务 √ 程序和信息披露义务 （二）内部控制 现场检查手段： （1）查阅内部审计部门资料，包括组织架构、内部审计制度、工作规划等； （2）查阅上市公司审计委员会工作制度及相关会议资料； （ ...

1、现场会议的召开日期、时间： 招商证券股份有限公司 二○二五年第一次临时股东大会 会议资料 2025年4月7日·深圳 大 会 议 程 会议时间： 2025年4月7日 10点 2、网络投票的起止日期和时间： 通过交易系统投票平台的投票时间： 2025年4月7日 9:15-9:25,9:30-11:30，13:00-15:00 通过互联网投票平台的投票时间： 2025年4月7日 9:15-15:00 会议地点：广东省深圳市福田区福田街道福华一路111号 招商证券大厦 议 程： 一、宣布会议开始 二、审议各项议案 三、宣布现场出席会议股东人数、代表股份数 四、投票表决 五、问答交流 六、宣布表决结果 七、律师宣布法律意见书 八、宣布会议结束 文 件 目 录 | 关于公司与招商局集团有限公司签署证券及金融产品、交易及服务框架协议的议案 1 | | --- | | 关于公司与中国远洋海运集团有限公司签署证券及金融产品、交易及服务框架协议的 | | 议案 3 | | 关于选举罗立女士为公司第八届董事会非执行董事的议案 6 | | 关于选举黄峥先生为公司第八届监事会股东代表监事的议案 7 | | 附件 1：《招商局集团有 ...

证券代码：600999 证券简称：招商证券 公告编号：2025-009 招商证券股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 4 月 7 日 10 点 召开地点：广东省深圳市福田区福田街道福华一路 111 号招商证券大厦 (五) 网络投票的系统、起止日期和投票时间 1 股东大会召开日期：2025年4月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 7 日 至 2025 年 4 月 7 日 上述第 1、2 项议案已经公司第八届董事会第十二次会议审议通过，第 3 项议 ...

Core Viewpoint - The storage industry is experiencing a divergence in performance across different segments, with high-end storage prices remaining strong while consumer product prices have dropped to cyclical lows. The overall supply-demand dynamics are improving, leading to potential price turning points for certain NAND products and a recovery in profitability for storage module manufacturers [1][2]. Supply Side - Major storage manufacturers are actively reducing production, particularly for NAND products, with conservative capital expenditure plans for traditional consumer products in 2025 [2][3]. - The reduction in production and inventory levels is leading to a healthier supply-demand balance, with overseas leading manufacturers nearing healthy inventory levels [2][3]. Demand Side - High-end product demand remains robust, while consumer products are experiencing a mild recovery. The increasing penetration of AI is driving additional storage capacity requirements [2][3]. - North American cloud service providers are showing significant growth in capital expenditures, with optimistic guidance for 2025. Major storage manufacturers are focusing their capital expenditures on expanding high-end storage products like HBM and eSSD [3]. Price Dynamics - Since February, prices for high-end DRAM products like DDR5 have remained elevated, while prices for niche DDR3 products are still under pressure. NAND Flash wafer prices are showing marginal improvement, with expectations of price turning points for certain products in Q2 2025 [2][3]. Inventory Levels - The demand recovery is leading to visible effects from production cuts, resulting in an improved supply-demand landscape. Inventory levels among leading overseas manufacturers are approaching healthy levels [2][3]. High-End Storage Trends - The high-end storage market is expected to continue its positive trajectory, with domestic manufacturers accelerating their development in high-end storage technologies. For instance, Micron has raised its 2025 HBM market size guidance from $25 billion to $30 billion [3]. AI and Edge Products - The penetration rates of AI in mobile phones and PCs are projected to reach approximately 30% by 2025. The introduction of AI and AR products is expected to drive demand for storage modules and niche storage chips [4][5]. - The average DRAM capacity for AI phones is expected to increase from 8GB to between 12GB and 16GB, while AI PCs may see an increase from 12GB to between 16GB and 64GB [5]. Storage Innovation - The integration of computing and storage is breaking traditional barriers, with new architectures enabling more efficient data processing and reduced energy consumption. This trend is expected to accelerate innovation in storage solutions [6]. Investment Recommendations - The domestic storage market in 2025 will focus on three main themes: marginal recovery in consumer storage, domestic substitution in high-end storage, and expansion and innovation in edge storage. Key companies to watch include Jiangbolong, Baiwei Storage, Demingli, and others in the storage module and niche storage chip sectors [7].

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - In the second half of 2024, the top 100 fund distribution institutions saw a significant rebound in fund retention scale, with equity fund retention reaching CNY 4.85 trillion, up 2.6% from the previous half, but down 3.3% year-on-year. Non-monetary fund retention reached CNY 9.54 trillion, up 7.6% from the previous half and up 11.6% year-on-year [12][13] - The expansion of ETFs is driving a high increase in equity retention by securities firms, while non-monetary fund retention is generally accelerating [12][18] - The concentration of fund distribution has decreased, indicating intensified competition within the industry [29] Summary by Sections Fund Retention Scale - By the end of 2024, the equity fund retention scale of the top 100 distribution institutions was CNY 4.85 trillion, with a 2.6% increase from the previous half and a 3.3% decrease year-on-year. Non-monetary fund retention was CNY 9.54 trillion, reflecting a 7.6% increase from the previous half and an 11.6% increase year-on-year [12][13] Channel Performance - Among the three main channels, the proportion of securities firms has significantly increased. By the end of 2024, the proportions of equity fund retention for banks, securities firms, and independent third-party institutions were 41.9%, 27.3%, and 28.4%, respectively [12][13] - The growth rates of equity funds through securities firms were led by China International Capital Corporation, Lufax, and HSBC, with increases of 69.0%, 41.0%, and 40.4%, respectively [18][19] Product Type Analysis - In terms of product types, the bank channel is focusing on passive investments, while the securities channel is seeing an increase in the proportion of bond funds. The market shares of Ant Fund and Tian Tian Fund have increased significantly in the active equity segment [24][25] Market Concentration - By the end of 2024, the concentration ratios (CR5, CR10, CR20) for equity fund distribution were 42.9%, 57.8%, and 73.5%, respectively, indicating a decline from the previous half [29]

招商证券股份有限公司第八届董事会第十五次会议 决议公告 证券代码：600999 证券简称： 招商证券 编号： 2025－007 招商证券股份有限公司 第八届董事会第十五次会议决议公告 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）第八届董事会第十五次会议通知于2025年3月13日以电子邮件 方式发出。会议于2025年3月17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 本次会议审议并通过了《关于提名罗立女士为公司第八届董事会非执行董事候选人的议案》。 同意提名罗立女士为公司第八届董事会非执行董事候选人。 议案表决情况：同意15票，反对0票，弃权0票。 本议案尚需提交公司股东大会审议。 特此公告。 招商证券股份有限公司董事会 2025年3月17日 附件 罗立女士简历 罗立女士，1983年5月生。 2024年11月起任 ...

Investment Rating - The industry investment rating is "Positive" for the second half of 2024, indicating an expectation of outperformance compared to the overall market [3][4]. Core Insights - The report highlights a significant growth in the public fund sales, particularly in equity funds, with a notable increase in the sales performance of broker-dealer affiliated equity funds [2][4]. - The total market size for non-money market funds reached 18.7 trillion yuan by the end of 2024, reflecting a 7% increase from the first half of 2024, with equity funds growing by 18% to 7.2 trillion yuan [4]. - The report emphasizes the strong performance of broker-dealer firms in the equity fund market, with 56 brokerages listed among the top 100 institutions, holding a combined market share of 27% [4][5]. Summary by Sections Public Fund Market Overview - The total non-money market fund size is 18.7 trillion yuan, with equity funds at 7.2 trillion yuan and bond funds at 10.5 trillion yuan [4]. - The top 100 institutions have a combined equity fund holding of 4.85 trillion yuan, with a 3% increase from the first half of 2024 [4][5]. Equity Fund Performance - Broker-dealer firms have a market share of 27% in the top 100 equity fund sales, with a notable increase in the market share of stock index funds to 58% [4][5]. - Major brokerages like CITIC Securities and Huatai Securities have shown significant growth in their equity fund holdings, with increases of 22% and 19% respectively [4]. Non-Money Market Fund Analysis - The banking sector remains strong, holding a market share of 44% in non-money market funds, while third-party institutions hold 34% [4][5]. - The report notes a widening gap between Ant Group's fund management and Eastmoney's, with Ant Group's market share at 15.2% [4]. Investment Recommendations - The report suggests that the brokerage sector is poised for a new growth phase in 2025, driven by supply-side reforms and increased market activity [4]. - Recommended stocks include China Galaxy, CICC, Guotai Junan, CITIC Securities, and GF Securities, focusing on mergers and acquisitions and performance sensitivity to market activity [4].

Investment Rating - The industry investment rating is "Positive" for the second half of 2024, indicating an expectation for the public fund sales to outperform the overall market [3][4]. Core Insights - The report highlights a significant growth in the public fund market, particularly in equity funds, which saw a 18% increase compared to the first half of 2024, reaching a total of 7.2 trillion yuan [4]. - The report emphasizes the strong performance of brokerage firms in the equity fund market, with 56 brokerages making it to the top 100 list, capturing a market share of 27% [4][5]. - The overall non-monetary fund market reached 18.7 trillion yuan by the end of 2024, with a slight increase of 7% from the previous half [4]. Summary by Sections Public Fund Market Overview - The total non-monetary fund market size is 18.7 trillion yuan, with equity funds at 7.2 trillion yuan and bond funds at 10.5 trillion yuan [4]. - The top 100 institutions in equity fund sales saw a combined holding of 48.5 trillion yuan, with brokerages holding 13.2 trillion yuan [5]. Equity Fund Performance - The report notes that the top 100 institutions' equity fund holdings increased by 3% from the first half of 2024, with brokerage firms showing a robust performance [4][5]. - The top five brokerages by equity fund holdings are CITIC Securities (135.7 billion yuan), Huatai Securities (120.2 billion yuan), GF Securities (78.1 billion yuan), China Galaxy (71.9 billion yuan), and招商证券 (69.9 billion yuan) [4][5]. Investment Recommendations - The report suggests that the brokerage sector is expected to enter a new growth phase in 2025, driven by supply-side reforms and increased market activity [4]. - Recommended stocks include China Galaxy, CICC, Guotai Junan, CITIC Securities, and GF Securities based on merger and acquisition logic and performance sensitivity [4].

证券代码：600999 证券简称： 招商证券 编号： 2025－008 招商证券股份有限公司 第八届监事会第十次会议决议公告 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）第八届监事会第十次会议通知于 2025 年 3 月 13 日以电子邮件方式发出，于 2025 年 3 月 17 日以通讯表决方式召 开。 会议由监事会召集人朱立伟先生召集。应出席监事 6 人，实际出席监事 6 人。出席会议的监事有：朱立伟、孙献、马蕴春、彭陆强、尹虹艳、陈鋆。 1 二、 监事会会议审议情况 本次会议审议并通过了《关于提名黄峥先生为公司第八届监事会股东代表监 事候选人的议案》。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 特此公告。 招商证券股份有限公司监事会 2025 年 3 月 17 日 附件：黄峥先生简历 附件 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。 黄峥先生简历 黄峥先生 ...

证券代码：600999 证券简称： 招商证券 编号： 2025－007 招商证券股份有限公司 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《关于提名罗立女士为公司第八届董事会非执行董事 候选人的议案》。 同意提名罗立女士为公司第八届董事会非执行董事候选人。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 第八届董事会第十五次会议决议公告 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）第八届董事会第十五次会议通知于 2025 年 3 月 13 日以电子邮件方式发出。会议于 2025 年 3 月 17 日以通讯表决方 式召开。 应出席董事 15 人，实际出席 15 人。 本议案已经公司董事会提名委员会预审通过，会议对罗立女士的任职条件进 行了审查，发表以下审查意见： 罗立女士满足现行法律法规、监管规定及自律规则等规定的上市证券公司董 事任职 ...