Core Viewpoint - The report from China Merchants Securities indicates that Siyuan Electric's North American AI data center construction is starting, which may lead to significant order overflow due to the shorter construction cycle compared to the power grid and the relatively open supply chain [1] Group 1: North American Market Opportunities - The company is expected to benefit from order overflow as high-voltage transformer capacity from suppliers in Europe, the US, and Japan is insufficient [1] - Besides transformers, the company has strong competitiveness in switchgear and current transformer businesses, which may allow it to penetrate the data center sector and drive scalable development in North America [1] - The North American data center represents a crucial breakthrough for the company in entering the North American market, potentially becoming a significant growth driver for overseas business in the coming years [1] Group 2: Revenue and Profitability Outlook - The investment in North America, along with rising infrastructure investments in Europe and the Middle East, presents substantial potential for increasing the company's overseas revenue share and profitability [1] - The domestic business continues to expand steadily, contributing to overall growth [1] - The earnings forecast for 2026-2027 has been raised to 4.5 billion and 6 billion yuan, respectively, while maintaining a "strong buy" rating [1]

Core Insights - The 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony was held on November 28, 2025, in Shanghai, gathering over 300 influential figures from academia, public and private equity, listed companies, top fund managers, and chief analysts to discuss future opportunities in the Chinese capital market [1]. Group 1: Event Overview - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place in Shanghai [1]. - The event featured discussions on the future opportunities within the Chinese capital market [1]. Group 2: Analyst Rankings - The top five fixed income research "Elite Analysts" recognized in the awards are: 1. Huayuan Securities Research Team, led by Chief Analyst Liao Zhiming [3]. 2. Guosheng Securities Research Team, led by Chief Analyst Yang Yewai [3]. 3. Dongwu Securities Research Team, led by Chief Analyst Li Yong [3]. 4. Guotai Junan Securities Research Team, led by Chief Analyst Tang Yuanmao [3]. 5. China Merchants Securities Research Team, led by Chief Analyst Zhang Wei [3].

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Award Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Best Analyst selection were announced [2] Group 2 - The top analysts in the financial engineering research category were recognized, with the first place awarded to the Guosen Securities research team led by Chief Analyst Zhang Xinwei, followed by the Industrial Securities team led by Zheng Zhaolei, and the China Merchants Securities team led by Ren Tong [3] - The rankings continued with the Guangfa Securities team in fourth place, the Changjiang Securities team in fifth, the Guosheng Securities team in sixth, and the Shenwan Hongyuan Securities team in seventh [3]

Core Insights - The Shenzhen Stock Exchange, in collaboration with the Hong Kong Stock Exchange and the Guangzhou Futures Exchange, hosted the 2025 Greater Bay Area Technology Conference focusing on "Entering the Era of Artificial Intelligence+" [1][3] - Key figures from various sectors, including government, financial markets, technology companies, and academic institutions, participated to share experiences and build consensus on the application of AI in capital markets [1][3] Agenda Summary November 28 Agenda - Keynote speeches included topics such as "Implementing the 'Artificial Intelligence+' Initiative for High-Quality Development of Capital Markets" and "Entering a New Era of Artificial Intelligence" [3] - A high-level dialogue on industry applications and governance of large models was also scheduled [3] November 29 Agenda - The agenda featured technical sharing sessions on various topics, including "Exploration and Practice of Observability in Trading Systems" and "Low-Latency Communication Optimization for Securities Trading Systems" [7][9] - Additional sessions covered the construction practices of core trading systems and the research on multi-level custody in clearing and settlement platforms [7][9] Financial AI Sub-Forum - The sub-forum included discussions on regulatory innovations and the practical applications of large models in the financial sector [8][10] - Presentations focused on the integration of AI in financial data management and the development of intelligent applications in the industry [10][11] Digital Transformation Sub-Forum - The forum addressed the transformation practices in core business and institutional services, emphasizing the role of digitalization in wealth management [12][14] - Topics included the application of digital solutions in inclusive finance and the management of customer classification [12][14]

Group 1 - The lithium battery solvent industry has seen a recovery in supply and demand dynamics, with leading companies operating at high utilization rates and solvent prices beginning to rise slightly [1][2] - The profitability of lithium battery solvents is expected to improve significantly next year due to restrained capacity expansion by major enterprises [1][2] - EC solvent is projected to have a prominent role, being a key raw material for various additives, with estimated demand exceeding 300,000 tons driven by lithium battery additives by 2026 [1][3] Group 2 - The market for lithium battery solvents is currently concentrated, with the top three companies holding over 70% market share, although they have been operating at a loss in the first three quarters of this year [2] - Recent weeks have shown a notable increase in EC prices, with a significant rise of 70% observed in the past week [3] - The supply landscape for EC is also concentrated, with HaiKe XinYuan and ShiDa ShengHua having capacities of 300,000 tons and nearly 200,000 tons respectively, contributing to over 70% market share [3]

召开的日期时间：2025年12月19日10点 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： 2025年第二次临时股东大会 (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 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。 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12月19日 至2025年12月19日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间 段，即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为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投票，应按照《上海证券交易 所上市公司自律监管指引第1号 ...

Core Viewpoint - Several small and medium-sized public fund companies in China, including Yimin Fund, Founder Fubon Fund, and China Merchants Securities Asset Management, have followed Yingda Fund in abolishing their supervisory boards, allowing the audit committee of the board to assume the supervisory functions. This trend is seen as a move towards internal optimization within the legal framework, aimed at reducing operational costs and streamlining processes [1][2][4]. Group 1: Company Actions - On November 26, China Merchants Securities Asset Management announced the establishment of an audit committee within its board to take over the functions of the supervisory board, thereby abolishing the position of employee supervisors [2]. - Yimin Fund also announced on November 22 the abolition of its supervisory board, with the audit committee taking over the supervisory functions [2]. - Yingda Fund was the first in the public fund industry to abolish its supervisory board in July, indicating a shift in operational structure [2][3]. Group 2: Legal Framework and Implications - The new Company Law, effective from July 1, 2024, allows limited liability companies and joint-stock companies to establish an audit committee within the board to perform the functions of the supervisory board, thus eliminating the need for a supervisory board [3][6]. - The supervisory board's primary functions include financial inspection, supervision of directors and senior management, and proposing the convening of temporary shareholder meetings, among others [4]. Group 3: Industry Trends and Future Outlook - The trend of abolishing supervisory boards is expected to continue, with more fund companies likely to follow suit, especially as major shareholders like banks and securities firms also move in this direction [6][7]. - The decision to abolish supervisory boards is seen as a way to simplify workflows and reduce operational costs, particularly for personal and state-controlled fund companies [7].

Core Insights - The investment banking sector is experiencing a recovery with significant growth in net income and IPO activities, particularly in A-shares and H-shares [1][2][3] Group 1: Market Performance - In the first three quarters of 2025, listed brokers achieved a net investment banking income of 251.5 billion yuan, a year-on-year increase of 24% [1][2] - A-shares and H-shares IPO scales grew by 61% and 237% respectively, with Hong Kong IPOs ranking first globally [1][2] - The top five companies in the investment banking sector accounted for 52% of the market share, with several mid-sized brokers experiencing growth rates exceeding 50% [1][3] Group 2: Future Outlook - The investment banking industry anticipates that hard technology, mergers and acquisitions, and green finance will be core hotspots in 2026 [1][4] - The deepening of the registration system and the demand for cross-border financing are expected to drive market expansion [1][3] Group 3: Strategic Initiatives - Companies are enhancing their organizational mechanisms and focusing on industry-specific strategies to improve service efficiency and client support [5][6] - Investment banks are actively responding to policy changes, such as the "Eight Articles of the Sci-Tech Innovation Board" and "Six Articles of Mergers and Acquisitions," to capitalize on market opportunities [5][6] - Firms are building comprehensive platforms for merger opportunities and establishing dedicated departments to streamline merger and acquisition processes [6][8] Group 4: Cross-Border Expansion - Major investment banks are strengthening their presence in the Hong Kong market, leveraging cross-border integration advantages to enhance service capabilities [7][8] - Companies like Huatai have completed numerous Hong Kong IPO projects, positioning themselves among the top in the market [7]

6099 於2025年12月19日（星期五）舉行的 2025年第二次臨時股東大會之代表委任表格 與本代表委任表格 有關的H股數目 （附註1） 本人╱吾等 （附註2） 地址為 為招商證券股份有限公司（「本公司」） 股H股 （附註2） （附註4） 附註： 收集個人資料聲明 閣下是自願提供 閣下及 閣下委任代表的姓名及地址，以用於處理就本公司股東大會有關 閣下委任代表的 任命及投票指示（「該等用途」）。我們可能向為本公司提供行政、電腦及其他服務的代理人、承辦商或第三者 服務供應商，以及其他獲法律授權而要求取得有關資料的人士或其他與上述所列出的該等用途有關以及需要接 收有關資料之人士提供 閣下及 閣下委任代表的姓名及地址。 閣下所提供 閣下及 閣下委任代表的姓名 及地址將就履行上述該等用途所需的時間保留。有關存取及更正相關個人資料的要求可按照香港法例第486章 《個人資料（隱私）條例》提出，而有關要求均須以書面郵寄至本公司之香港主要營業地點，地址為香港中環康 樂廣場8號交易廣場一期48樓。 1. 請填上以 閣下名義登記與本代表委任表格有關的H股數目。如填上數目，則本代表委任表格將被視為 僅與該等H股有關。如未有填上數 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 6099 2025年第二次臨時股東大會通告 茲通告招商證券股份有限公司（「本公司」）謹訂於2025年12月19日（星期五）上午十時正假 座中國廣東省深圳市福田區福田街道福華一路111號招商證券大廈舉行2025年第二次臨時 股東大會（「臨時股東大會」），藉以審議及批准下列決議案。除非另有定義，本通告所使 用詞彙與本公司日期為2025年11月28日之通函所定義者具有相同涵義。 1.09 廢止《招商證券股份有限公司監事會議事規則》。 承董事會命 招商證券股份有限公司 董事長 特別決議案 - 1 - 1. 審議和批准關於撤銷監事會並修訂或廢止相關制度的議案： 1.01 撤銷監事會並修訂《招商證券股份有限公司章程》； 1.02 修訂《招商證券股份有限公司股東大會議事規則》； 1.03 修訂《招商證券股份有限公司董事會議事規則》； 1.04 修訂《招商證券股份有限公司獨立董事制度》； 1.05 修訂《招商證券股份有 ...