Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the market index [6][26][33]. Core Views - The company achieved a revenue of 20.891 billion yuan in 2024, representing a year-on-year increase of 5.40%, and a net profit attributable to shareholders of 10.386 billion yuan, up 18.51% year-on-year [5][8]. - The report highlights that while the overall market share in equity trading has slightly declined, the brokerage business remains among the top five in the industry [6][26]. - The company is expected to benefit from government policies aimed at fostering strong firms and limiting weaker ones, positioning it well for future growth [6][26]. Summary by Sections Financial Performance - In 2024, the company reported a basic earnings per share (EPS) of 1.13 yuan, a 20.21% increase year-on-year, and a return on equity (ROE) of 8.82%, up 0.91 percentage points [5][8][31]. - The proposed dividend for 2024 is 3.77 yuan per share (before tax), with a total dividend payout ratio of 40.02% of the net profit attributable to shareholders, an increase of 15 percentage points year-on-year [8][31]. Business Segments - The brokerage and investment income (including fair value changes) have increased in proportion, while the investment banking and asset management segments have seen a decline in their revenue contributions [5][9]. - The company’s brokerage business net income increased by 11.79% year-on-year, despite a slight decrease in market share to 4.51% [11][12]. - The investment banking segment experienced a significant decline in revenue, with a 34.25% drop in net income from fees, attributed to a decrease in equity financing activities [13][26]. Investment Strategy - The company has successfully enhanced its investment strategies, focusing on high-dividend investments and diversified approaches, leading to a 33.23% increase in investment income [22][26]. - The report anticipates EPS of 1.16 yuan and 1.22 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 14.00 yuan and 14.79 yuan [6][26][31].

Core Viewpoint - The report from China Merchants Securities indicates that the liquor sector is undervalued and offers both defensive and offensive opportunities, while the food sector is poised for upward trends and high growth potential [1][2]. Liquor Sector - High-end liquor demand remains stable, with companies focusing on controlling supply to maintain prices, leading to a robust performance in Q1 [3]. - Moutai's price remains stable, with expectations of double-digit growth in Q1, while Wuliangye is projected to see slight growth [3]. - The performance of mid-range liquor companies is mixed, with some actively reducing market burdens [3]. - Regional brands continue to perform strongly, with competition intensifying in certain markets [3]. Food Sector - Overall demand in the food sector is stabilizing, with retail sales growth improving [4]. - The dairy sector is expected to see improved demand, while the seasoning and snack sectors continue to exhibit high growth [4][5]. - The seasoning sector is experiencing a recovery, although some companies face pressure due to high base effects from the previous year [6][7]. - The beer sector is adopting inventory reduction strategies, with demand expected to improve in the coming year [8]. Snack Foods - The snack food sector is performing steadily, with attention on single product growth and new channel opportunities [9]. - The demand for ready-to-eat foods is weak, with some companies facing pressure on sales and profits [10].

Core Viewpoint - The wind power bidding volume in 2024 is expected to increase significantly by 90% year-on-year, reaching a historical high of 164 GW, with the industry anticipated to enter a concentrated delivery period in 2025, leading to improved profitability in the upstream manufacturing sector [2][3]. Group 1: Wind Power Bidding and Delivery - The wind power bidding volume is projected to grow by 90% in 2024, indicating a strong upward trend in the industry [3]. - The industry is expected to enter a concentrated delivery phase in 2025, correlating with the increased bidding volume [3]. Group 2: Component Sector Dynamics - The growth rate of construction projects in the component sector has turned negative, with capital expenditure significantly slowing down, leading to a reduction in fixed costs as delivery volumes increase [4][5]. - The profitability in the component sector is expected to improve due to the effective dilution of fixed costs and potential price increases in certain segments [5]. Group 3: Complete Machine Sector Insights - The complete machine sector is experiencing a stabilization in bidding prices, with the average bidding price reaching 1527 RMB/kW in December 2024, a 10% increase from April 2024 [6]. - There is a positive trend in exports for complete machines, with leading domestic manufacturers now capable of competing in overseas markets, which may enhance their profitability [6].

Core Viewpoint - The humanoid robot industry is expected to enter a mass production phase in 2025, with Tesla being a leading company due to its advanced computing power, chips, models, data, hardware, and application scenarios in automotive manufacturing [1][2]. Industry Trends - The humanoid robot index has significantly outperformed the CSI 300 index since October 2024, indicating strong market interest despite recent adjustments [1]. - The demand for humanoid robots in consumer applications is projected to be substantial, currently in the 0-1 investment phase, necessitating attention to event-driven catalysts [1]. - Major domestic manufacturers have accelerated their entry into the market since 2024, which is expected to further drive industry development [2]. Key Components - **Harmonic Reducers**: High technical barriers and concentrated competition; domestic manufacturers have largely replaced imports, with Green Harmonic being a leading player [3]. - **Planetary Roller Screws**: Currently low domestic production rates; achieving mass production is crucial as domestic firms are positioned to become mainstream suppliers due to conservative approaches from European competitors [4]. - **Dexterous Hands**: Composed of various components with multiple technological routes; domestic companies are gradually gaining market share through localized sales strategies [5]. - **Sensors**: Essential components with the highest difficulty in six-dimensional force sensing; leading global companies are primarily based in Europe and the US, while domestic Kunwei Technology has a significant market presence [6]. - **Lightweight Materials**: Important for enhancing performance and accuracy; various materials such as aluminum alloy, magnesium alloy, PEEK, and TPV are being explored [7].

Core Viewpoint - The telecommunications industry is experiencing slight revenue growth and expanding user base in early 2025, with a projected upward cycle from 2019 to 2028, marking a golden period for value activation among telecom operators [1][2]. Revenue and User Growth - In January-February 2025, the telecommunications industry achieved a cumulative revenue of 295 billion yuan, reflecting a year-over-year increase of 0.9%, with growth slightly declining due to a high base in Q1 2024 and a complex macroeconomic environment [1]. - The mobile user segment has a 5G penetration rate of 58.6%, up by 1.9 percentage points from the end of the previous year, while the proportion of gigabit broadband users in the fixed network segment reached 31.7%, an increase of 0.8 percentage points [1]. Financial Performance - In 2024, the three major telecom operators reported steady revenue growth, with net profit growth consistently outpacing revenue growth, and this trend is expected to continue into 2025, showing a "front low and back high" performance trajectory [2]. - The user base is expanding, with both mobile and fixed-line ARPU remaining stable, while value-added services are anticipated to be a key driver for maintaining traditional business ARPU stability in 2025 [2]. Emerging Business Growth - The share of the industrial internet business in the total service revenue of the three major operators has been increasing, with emerging business contributions to total service revenue growth rising to 57.4%, a year-over-year increase of 7 percentage points [2]. - The DeepSeek initiative is expected to enhance resource utilization rates rapidly, leading to sustained growth in cloud and IDC businesses, alongside collaborations with internet companies to leverage AI model advancements [2]. Capital Expenditure and Cost Management - Capital expenditures for 2024 and 2025 are expected to continue a downward trend, with a structural focus shifting towards computing power, and significant growth in computing power capital expenditures is anticipated [3]. - The three major operators have achieved notable efficiency improvements, with core cost items such as depreciation, amortization, and network operation costs maintaining stable proportions relative to total service revenue [3]. Cash Flow and Dividend Distribution - Free cash flow for mobile and telecom sectors continued to grow rapidly in 2024, while China Unicom's free cash flow remained stable, reinforcing value creation capabilities [4]. - In 2024, the dividend growth rate for the three major operators outpaced net profit growth, with an overall dividend payout ratio of 71.3%, an increase of 2.1 percentage points year-over-year, and the total dividend amount accounted for 58.7% of free cash flow [4]. - Accounts receivable increased due to B-end business expansion, but most accounts receivable are within a one-year aging period, and improved management in 2025 is expected to release overall business cash flow [4].

Core Viewpoint - The company warns investors about fraudulent activities impersonating its representatives and using fake trading applications to deceive investors into participating in illegal securities activities [1][2][3]. Group 1: Fraudulent Activities - Fraudsters are impersonating the company's legal representatives and employees, creating fake chat groups and live streams to conduct illegal securities activities [1]. - The fraudulent trading applications are disguised under names similar to the company's official branding, misleading investors into believing they are engaging in legitimate trading [1][2]. - The fraudulent activities include the use of fake contracts and documents, such as "招商致远资管交易账户用户协议" and "保密承诺书" [2]. Group 2: Important Reminders - The company's official name is "招商证券资产管理有限公司," and its only official website is "http://amc.cmschina.com" with a customer service hotline of "95565-9-9" [3]. - The company does not provide mobile trading software downloads and only conducts live broadcasts through certified accounts on platforms like Alipay and TianTian Fund [3]. - Investors are advised to be vigilant and avoid illegal securities activities, as the company does not offer paid securities consulting services through unofficial channels [3]. Group 3: Legal Actions - The company reserves the right to pursue legal action against any individuals or entities impersonating its representatives for illegal securities activities [4]. - Investors are encouraged to report any fraudulent activities to law enforcement and regulatory authorities, with the company offering necessary assistance [4].

Core Viewpoint - The recent draft of the "Regulations on the Management of Securities Investment Fund Custody Business" marks the beginning of a "capability competition" era in the custody industry, raising application thresholds, improving exit mechanisms, and solidifying custodian responsibilities [1][6]. Group 1: Increased Application Thresholds - The net asset threshold for commercial banks applying for fund custody qualifications has been raised from 20 billion RMB to 50 billion RMB, while for securities companies and other financial institutions, it has increased from 20 billion RMB to 30 billion RMB [3]. - As of the end of 2021, only 22 securities firms had net assets exceeding 30 billion RMB, indicating that the new requirements will likely eliminate many small institutions and increase industry concentration [3][6]. - A new regulatory rating requirement mandates that applicants must have a continuous rating of 2 or above for three years, which will disqualify a significant portion of firms [4]. Group 2: Enhanced Exit Mechanisms - The draft introduces clearer criteria for canceling custody qualifications, allowing for disqualification if a firm has not conducted substantial custody business for two years and has an average fund custody asset scale below 5 billion RMB [11]. - This change aims to eliminate "license hoarding" institutions and push resources towards leading firms, emphasizing the need for existing institutions to rectify their operations within a three-year transition period [12]. Group 3: Strengthened Custodian Responsibilities - The draft emphasizes the need for custodians to securely manage fund assets and introduces independent third-party data verification requirements [15]. - New rules prevent custodians from lowering standards to meet fund managers' demands and require them to disclose risks associated with assets that cannot be effectively supervised [16]. - Custodians are now required to report significant anomalies to the regulatory body on the same day they are discovered, enhancing accountability [16]. Group 4: Industry Performance Insights - Recent reports from major securities firms indicate a focus on expanding custody services, with CITIC Securities reporting a total of 13,890 asset custody products and a steady increase in service quality [18]. - China International Capital Corporation noted a total asset custody and operation service scale of 968.384 billion RMB, reflecting a year-on-year growth of 15.04% [18]. -招商证券 reported a market share of 21.72% in private fund custody products, maintaining the industry lead for eleven consecutive years [18].

证券代码：600999 证券简称： 招商证券 编号： 2025－016 招商证券股份有限公司 关于参加招商局集团有限公司 上市公司集体业绩说明会的公告 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。 重要内容提示： （网址：http://roadshow.sseinfo.com/） （一）会议召开时间：2025 年 4 月 16 日 14:30-17:00 （二）会议召开地点：上海证券交易所上证路演中心 （三）会议召开方式：现场交流、视频直播、网络文字互动 招商证券股份有限公司（以下简称公司或本公司）的实际控制人招商局集团 有限公司（以下简称招商局集团）将举办"'创新驱动，创建一流'招商局集团 上市公司集体业绩说明会"，旨在加强与投资者沟通，推进上市公司高质量发展。 招商局集团旗下五家沪市上市公司将于 2025 年 4 月 16 日下午共同参加在上海证 券交易所举办的集体业绩说明会。 一、说明会类型 本次投资者说明会以现场交流、视频直播、网络文字互动等形式召开，公司 将针对 2024 年度的经营成果及财务指标的具体情况与投资者 ...

Core Viewpoint - The article discusses the significant outflow of leveraged funds from the A-share market, particularly in response to global market volatility caused by U.S. tariff policies, leading to a notable decline in stock indices and a record net outflow in margin trading [2][3][5]. Summary by Sections Market Performance - On April 7, the Shanghai Composite Index fell over 7%, with the Shenzhen Component down 9.66% and the ChiNext Index down 12.5% due to the impact of U.S. tariffs [3]. - The margin trading balance reached 1.84 trillion yuan on April 7, with a net outflow of 479.64 billion yuan, marking the highest single-day outflow since October 2015 [2][3]. Margin Trading Trends - The margin trading balance had previously peaked at 1.91 trillion yuan at the end of March, reflecting a recovery in market sentiment over the past six months [3]. - From March 21 to April 3, the margin market experienced a cumulative net outflow of 482 billion yuan, with the balance dropping below 1.9 trillion yuan by April 3 [5]. Sector-Specific Fund Flows - The electronic sector saw the largest net outflow of leveraged funds on April 7, totaling 103.24 billion yuan, followed by the computer sector with 65.09 billion yuan [6]. - Other sectors with significant outflows included telecommunications, machinery, power equipment, and non-ferrous metals, each exceeding 30 billion yuan [7]. Investment Sentiment and Future Outlook - Despite the current market volatility, analysts remain optimistic about Chinese assets, citing government interventions and support measures aimed at stabilizing the market [11][12]. - The People's Bank of China has expressed support for increasing stock market investments, indicating a commitment to maintaining market stability [13]. - Reports suggest that after significant market corrections, valuations in the Chinese stock market may become attractive, with potential for recovery driven by domestic consumption and innovation [14][15].

6099 葉熒志先生 張瑞君女士 陳欣女士 曹嘯先生 豐金華先生 - 1 - 附註： C： 相關委員會之主席 董事名單與其角色和職能 招商證券股份有限公司（「本公司」）董事會（「董事會」）委員載列如下： 執行董事 霍達先生 （董事長） 吳宗敏先生 （總裁） 非執行董事 羅立女士 劉振華先生 劉輝女士 李德林先生 李曉霏先生 黃堅先生 張銘文先生 丁璐莎女士 獨立非執行董事 M： 相關委員會之委員 中國，深圳 2025年4月7日 - 2 - 本公司董事會下設五個委員會。下表提供委員會委員的資料： 委員會 董事 戰略與可持續 發展委員會 風險管理 委員會 審計委員會 薪酬與考核 委員會 提名委員會 霍達先生 C M 吳宗敏先生 M M 羅立女士 劉振華先生 M 劉輝女士 M C M 李德林先生 M 李曉霏先生 M M 黃堅先生 M 張銘文先生 M M 丁璐莎女士 M M 葉熒志先生 M C 張瑞君女士 C M 陳欣女士 M M C 曹嘯先生 M M 豐金華先生 M M ...