Core Insights - Google Cloud has secured an AI cloud contract with NATO, which will provide a dedicated secure cloud system to ensure sensitive data is accessed only domestically and will utilize AI to assist NATO in data analysis and operational efficiency [1] - Reports indicate that Google is vying for a multi-billion dollar TPU order from Meta, with the potential integration of Google's TPU into Meta's data centers starting in 2027 [1] - These developments highlight Google's commitment to seizing market opportunities, reinforcing its leadership in AI and potentially alleviating investor concerns regarding competition [1] Company Positioning - The report suggests that major tech companies like Google are well-positioned for sustainable development in AI [1] - There is an expectation for Google to expand its business beyond search advertising, with significant unrealized valuation potential in cloud services, autonomous driving, and AI+SaaS sectors [1] - The investment rating for Alphabet has been maintained as "Buy," with the target price raised from $360 to $390 [1]

Core Viewpoint - The recent approval of eight additional securities firms for the comprehensive account pilot program indicates a significant acceleration in the transformation of wealth management within the brokerage industry, expanding the total number of participating firms from 12 to 20 [1][2]. Summary by Sections Expansion of Pilot Program - Eight securities firms, including Guolian Minsheng and Dongfang Securities, have been approved for the comprehensive account pilot, marking the third expansion since the program's inception [1]. - The pilot program was initially launched in December 2021 with ten firms, and the number has now increased to 20 [1][2]. Purpose and Significance of the Pilot - The comprehensive account pilot aims to optimize the account management system of securities firms, allowing for seamless internal fund transfers among various account types, enhancing customer experience and service efficiency [4][5]. - The pilot addresses the need for integration and optimization of the account system as brokerage services diversify and client accounts increase [4]. Performance of Newly Approved Firms - The newly approved firms have shown strong performance in brokerage and wealth management, with net income from brokerage services in the first half of the year reaching significant figures, such as 30.49 million for Ping An Securities, reflecting a year-on-year increase of 57.13% [6]. Impact on Client Experience - The optimization of securities accounts is expected to greatly enhance the efficiency and convenience of fund transfers for clients, allowing for direct transfers between different accounts without the need for intermediary steps [7]. - Clients will benefit from a comprehensive view of their assets, enabling better management and allocation of their wealth [7][8]. Competitive Advantage in Wealth Management - The optimization of account functions is seen as a way to enhance the competitiveness of brokerages in the wealth management sector, allowing for a more integrated financial management experience for clients [8]. - The pilot program supports the development of a comprehensive financial account that integrates various services, including stock trading and fund advisory [8][9]. Future Developments - Analysts predict that further optimizations may lead to a more integrated view of client assets and liabilities, potentially allowing for fund transfers across different brokerage accounts [9].

Core Insights - The report from China Merchants Securities highlights a significant shift in generative AI technology, moving from a novelty to a foundational productivity tool, with future developments focusing on full-stack integration, action intelligence, and multimodal fusion [1][2] Industry Trends - Google has launched the Nano Banana Pro and the new AI model Gemini 3, marking a substantial advancement in image generation and editing capabilities, which significantly outperforms previous models and competitors [2] - The global competitive landscape for large AI models is intensifying, with Google leading the charge in text-to-image technology, heralding the onset of the AGI (Artificial General Intelligence) era [2] Short-term Focus Areas - In November, five key sectors are recommended for attention due to potential marginal improvements: AI applications, AI hardware, electrical equipment, non-ferrous metals, and innovative pharmaceuticals [3][4] Long-term Focus Areas - The long-term strategy emphasizes a cyclical approach anchored in supply and demand, focusing on advancements in societal intelligence, domestic substitution cycles, and cost reduction in the carbon neutrality supply chain, including solar, wind, energy storage, hydrogen, nuclear power, and the increasing penetration of electric smart vehicles [4]

特此公告。 证券代码：600999 证券简称： 招商证券 编号： 2025－046 招商证券股份有限公司 关于修订《公司章程》及相关议事 规则的公告 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。 招商证券股份有限公司（以下简称公司）第八届董事会第二十四次会议审议通过了《关于撤销监事会并 修订、制定部分制度的议案》，同意修订《招商证券股份有限公司章程》《招商证券股份有限公司股东 大会议事规则》《招商证券股份有限公司董事会议事规则》；公司第八届监事会第十七次会议审议通过 了《关于撤销监事会并废止相关制度的议案》。具体修订条款详见附件。 以上议案尚需提交公司股东大会审议。 招商证券股份有限公司 附件1：《招商证券股份有限公司章程》条款变更新旧对照表 附件2：《招商证券股份有限公司股东大会议事规则》条款变更新旧对照表 附件3：《招商证券股份有限公司董事会议事规则》条款变更新旧对照表 附件1 《招商证券股份有限公司章程》条款变更新旧对照表 ■ ■■ ■ 2025年11月24日 ...

Core Viewpoint - Xiaomi Group is recommended as a strong buy due to its position as one of the top three global smartphone manufacturers and the largest AIoT smart hardware platform, with a favorable outlook in the AI-driven industrial restructuring process [1] Smartphone Business - In Q3 2025, Xiaomi's global smartphone shipments increased by 0.5% year-on-year to 43.3 million units, maintaining a market share of 13.6% globally and 16.7% domestically, ranking second [2] - The company has adjusted its total shipment target for 2025 to 170 million units, while facing ongoing cost pressures from rising storage prices [2] Automotive Business - Xiaomi achieved its first quarterly operating profit in Q3 2025, with revenue from smart electric vehicles and AI-related businesses reaching 29 billion yuan, a year-on-year increase of 199% and a quarter-on-quarter increase of 36% [3] - The company delivered over 40,000 vehicles monthly in September and October, on track to meet its annual delivery target of 350,000 units [3] IoT and Internet Business - In Q3 2025, IoT business revenue reached 27.6 billion yuan, a year-on-year increase of 5.6%, with significant growth in overseas markets [4] - The internet business achieved record revenue of 9.38 billion yuan, a year-on-year increase of 10.8%, with a gross margin of 76.9% [4] - The number of global monthly active users reached 740 million, reflecting an 8.2% year-on-year growth [4]

Core Viewpoint - The small nucleic acid industry is entering a phase of breakthroughs by domestic companies and is poised for global competition, with 2026 being a pivotal year for investment opportunities in this sector [1] Group 1: Investment Opportunities - The historical trends in innovative drug markets (e.g., PD-1 from 2018-2021, ADC technology in 2023, weight loss drugs in the second half of 2023, and new immunotherapy from 2024) indicate that industry trends are fundamental drivers of market movements [1] - The sequence of market developments typically follows: overseas breakthroughs in research, domestic reflections, breakthroughs by domestic companies, and then global competition [1] - The increasing number of investable domestic companies in the small nucleic acid sector highlights the need to focus on investment opportunities [1] Group 2: Competitive Advantages - The key to small nucleic acid drug development lies in an efficient and safe delivery platform and viable drug targets [2] - Chinese companies possess advantages in research and development efficiency and engineering innovation for the improvement of delivery platforms [2] - For known target project development, Chinese companies also have competitive advantages [2] Group 3: Investment Rhythm - Alnylam and Arrowhead are leading global companies in the small nucleic acid field, with Alnylam being a pioneer that has seen its stock price rise with successful drug launches [3] - Alnylam's invention of the GalNAc delivery system has significantly advanced the small nucleic acid field, validating the core competitive points of "platform + target + speed" [3] - Arrowhead has innovated its delivery system with the TRiM platform, targeting specific tissues and exploring new indications such as weight loss and CNS targets [3]

证券代码：600999 证券简称：招商证券编号： 2025－047 招商证券股份有限公司 第八届监事会第十七次会议决议公告 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）第八届监事会第十七次会议通知于2025年11月21日以电子邮件 方式发出，会议于2025年11月24日以通讯表决方式召开。 ■ 全文将"总经理"改为"总裁"。 二、监事会会议审议情况 本次会议审议并通过了《关于撤销监事会并废止相关制度的议案》。 同意撤销监事会，同意废止《招商证券股份有限公司监事会议事规则》《招商证券股份有限公司监事会 工作细则》《招商证券股份有限公司监事会调研工作制度》《招商证券股份有限公司监事会学习制度》 《招商证券股份有限公司监事会档案管理办法》《招商证券股份有限公司监事尽职评价办法》《招商证 券股份有限公司监事会财务检查办法》《招商证券股份有限公司监事行为规范》。 表决结果：同意6票，反对0票，弃权0票。 以上制度自公司股东大会审议通过《招商证券股份有限公司章程》、监事会撤销 ...

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公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6099） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條規則作出。 茲載列招商證券股份有限公司在上海證券交易所網站刊登之《招商證券股份有限公司第八 屆監事會第十七次會議決議公告》，僅供參閱。 承董事會命 招商證券股份有限公司 霍達 董事長 中國深圳，2025年11月24日 招商证券股份有限公司 第八届监事会第十七次会议决议公告 於本公告日期，本公司執行董事為霍達先生及朱江濤先生；本公司非執行董事為羅 立女士、劉振華先生、李德林先生、李曉霏先生、黃堅先生、張銘文先生及丁璐莎 女士；以及本公司獨立非執行董事為葉熒志先生、張瑞君女士、陳欣女士、曹嘯先 生及豐金華先生。 证券代码：600999 证券简称： 招商证券 编号： 2025－047 同意撤销监事会，同意废止《招商证券股份有限公 ...

6099 招商證券股份有限公司 董事會薪酬與考核委員會工作規則 2025年11月24日 - 1 - 第一章 總則 第一條 為了完善招商證券股份有限公司（以下簡稱公司）治理結構，進一步建立健全公 司董事及高級管理人員的薪酬與考核管理制度，根據《中華人民共和國公司法》《中華人民 共和國證券法》《上市公司治理準則》《證券公司治理準則》《香港聯合交易所有限公司證券 上市規則》《上市公司獨立董事管理辦法》《證券公司建立穩健薪酬制度指引》《招商證券股 份有限公司章程》（以下簡稱《公司章程》）及其他有關規定，公司設立董事會薪酬與考核委 員會（以下簡稱薪酬與考核委員會），並制定本規則。 第二條 薪酬與考核委員會是董事會下設的專門工作機構，向董事會負責，負責制定董 事、高級管理人員的考核標準並進行考核，制定、審查董事、高級管理人員的薪酬決定 機制、決策流程、支付與止付追索安排等薪酬政策與方案；就有關事項向董事會提出建 議。 第四條 公司應當為薪酬與考核委員會履行職責提供必要的工作條件。公司董事會秘 書、辦公室、人力資源部、戰略發展部等相關部門按其職能負責薪酬與考核委員會日常 工作聯絡、會議組織、材料準備、檔案管理等日常工作。 ...

6099 招商證券股份有限公司 董事會審計委員會工作規則 2025年11月24日 - 1 - 第一章 總則 第一條 為了完善招商證券股份有限公司（以下簡稱公司）治理結構，健全公司內控制 度，促進公司規範、穩健、持續發展，強化董事會決策功能，確保董事會對經營管理層 的有效監督，根據《中華人民共和國公司法》（以下簡稱《公司法》）、《中華人民共和國證券 法》《上市公司獨立董事管理辦法》《上市公司治理準則》《證券公司治理準則》《國有企業、 上市公司選聘會計師事務所管理辦法》《上海證券交易所股票上市規則》《上海證券交易所 上市公司自律監管指引第1號－規範運作》《香港聯合交易所有限公司證券上市規則》（以下 簡稱《香港上市規則》）、《招商證券股份有限公司章程》（以下簡稱《公司章程》）及其他有關 規定，公司設立董事會審計委員會（以下簡稱審計委員會），並制定本規則。 第二條 審計委員會是董事會下設的專門工作機構，向董事會負責，主要負責行使《公司 法》等法律法規規定的監事會職權，並負責協調公司內、外部審計的溝通、監督、評估、 指導和核查等工作，就選聘外部審計機構提供建議、審核公司的財務信息及其披露，監 督及評估公司的內部控制。 ...