招商证券股份有限公司 内幕信息知情人登记制度 2025 年 月 日 1 第一章 总则 第一条 为规范招商证券股份有限公司（以下简称公司）内幕信息管理， 做好内幕信息保密工作，维护信息披露的公平原则，保护广大投资者的合法 权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司信息披露管理办法》《上市公司监管指引第5号——上市公司内幕信息知情 人登记管理制度》《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第2号——信息披露事务管理》等法律法规，以及《招商证 券股份有限公司公司章程》（以下简称《公司章程》）、《招商证券股份有 限公司信息披露事务管理制度》（以下简称《信披制度》）的有关规定，结 合公司实际情况，制定本制度。 交易价格产生重大影响的尚未公开的信息。尚未公开是指公司尚未对外发布并 在符合中国证监会规定条件的媒体或证券交易所网站上正式公开。 第五条 内幕信息的范围 发生可能对公司的股票交易价格产生较大影响的重大事件，包括： （一）公司的经营方针和经营范围的重大变化； （二）公司的重大投资行为，公司在一年内购买、出售重大资产超过公司 资产总额百分之三十，或者公司营业用主要 ...

招商证券股份有限公司 董事会薪酬与考核委员会工作规则 2025 年 月 日 1 第一章 总 则 第一条 为了完善招商证券股份有限公司（以下简称公司）治理 结构，进一步建立健全公司董事及高级管理人员的薪酬与考核管理制 度，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《证券公司治理准则》《香港联合交易所有限公司 证券上市规则》《上市公司独立董事管理办法》《证券公司建立稳健 薪酬制度指引》《招商证券股份有限公司章程》（以下简称《公司章 程》）及其他有关规定，公司设立董事会薪酬与考核委员会（以下简 称薪酬与考核委员会），并制定本规则。 第三条 除特别说明外，本规则所称董事是指在公司支取薪酬的 董事长、董事，高级管理人员是指董事会聘任的总裁、董事会秘书、 副总裁及《公司章程》载明的其他高级管理人员。 第四条 公司应当为薪酬与考核委员会履行职责提供必要的工作 条件。公司董事会秘书、办公室、人力资源部、战略发展部等相关部 门按其职能负责薪酬与考核委员会日常工作联络、会议组织、材料准 备、档案管理等日常工作。 薪酬与考核委员会可以聘请中介机构或外部专业人士提供专业 意见。薪酬与考核委员会履行职责 ...

招商证券股份有限公司 董事、高级管理人员 所持公司股份及其变动管理制度 2025 年 月 日 1 第一章 总则 第一条 为加强对招商证券股份有限公司（以下简称公司或本公 司）董事、高级管理人员所持本公司股份及其变动的管理，根据《中 华人民共和国公司法》《中华人民共和国证券法》（以下简称《证券 法》）、《上市公司董事和高级管理人员所持本公司股份及其变动管 理规则》《上市公司股东减持股份管理暂行办法》、香港《证券及期 货条例》《上海证券交易所股票上市规则》《香港联合交易所有限公 司证券上市规则》《上海证券交易所上市公司自律监管指引第 8 号 ——股份变动管理》《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、高级管理人员减持股份》《香港联合交易所有限 公司证券上市规则附录 C3 上市发行人董事进行证券交易的标准守则》 （以下简称《标准守则》）等有关法律法规、监管规定、自律规则（以 下简称法律法规）及《招商证券股份有限公司章程》（以下简称《公 司章程》），制定本制度。 第二条 本制度所称公司董事、高级管理人员所持公司股份，包 括： （一）登记在其名下和利用他人账户持有的招商证券股份有限公 司的所有股份 ...

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。 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。 以上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 2025 年 11 月 24 日 1 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 | 原条款序号、内容 | 新条款序号、内容 | 变 ...

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。 本次会议由监事会召集人朱立伟先生召集并主持，应出席监事 6 人，实际出 席 6 人。出席会议的监事有：朱立伟、孙献、黄峥、彭陆强、尹虹艳、陈鋆。 特此公告。 招商证券股份有限公司监事会 2025 年 11 月 24 日 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。 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 ...

证券代码：600999 证券简称： 招商证券 编号： 2025－045 招商证券股份有限公司 第八届董事会第二十四次会议决议公告 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）第八届董事会第二十四次会议通知 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。 本次会议由霍达董事长召集。应出席董事 14 人，实际出席董事 14 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）关于撤销监事会并修订、制定部分制度的议案 同意撤销监事会，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》《招商证 券股份有限公司独立董事制度》《招商证券股份有限公司会计师事务所选聘制度》 《招商证券股份有限公司关联交易管理制度》《招商证券股份有限公司募集资金 ...

Core Viewpoint - Shenzhen Zhaowei Electromechanical Co., Ltd. has received approval from the China Securities Regulatory Commission for its overseas listing, allowing it to issue up to 69.05845 million ordinary shares on the Hong Kong Stock Exchange [3]. Company Overview - Zhaowei Electromechanical was established in 2001 and is a leading provider of integrated micro-drive and drive system solutions, primarily serving high-growth industries such as smart automobiles, robotics, consumer technology, medical technology, and advanced industrial manufacturing [4]. - The company was listed on the A-share market on December 4, 2020, and as of November 21, 2025, it has a total market capitalization of approximately RMB 24.7 billion [4]. - According to a report by Frost & Sullivan, Zhaowei Electromechanical ranked first in China and fourth globally in terms of revenue in 2024 [4]. IPO Details - The company submitted its prospectus to the Hong Kong Stock Exchange on June 18, 2025, with joint sponsors being China Merchants Securities International and Deutsche Bank [4].

Core Insights - The seminar titled "Large Model Technology Ecosystem and Application Practice" was held at the Chinese University of Hong Kong (Shenzhen) to educate students on the intersection of technology and finance [1][2] - The session was led by a senior architect from the AI development team at China Merchants Securities, focusing on the principles of large model technology and its applications in financial scenarios [1][2] Group 1: Theoretical Framework - The lecture began with an introduction to the basic concepts and development history of large models, covering core architectures, training processes, and key technologies [2] - It included an analysis of typical models such as Stable Diffusion and Transformer, explaining the production steps and reasoning optimization methods of large language models [2] Group 2: Practical Applications in Finance - The speaker highlighted various applications of AI in the financial sector, including intelligent investment advisory, investment decision-making, and AI-native applications [3] - International case studies were shared to illustrate how large models are reshaping the business logic and ecological structure of the securities industry [3] Group 3: Career Development and Future Initiatives - The seminar provided career development advice and recommended quality learning resources for students aspiring to enter the fintech field [3] - China Merchants Securities plans to continuously improve course content and teaching methods to build a solid learning and practice platform for fintech talent [3]

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][7]. Core Viewpoints - The report indicates that the securities industry is entering a new phase of mergers and acquisitions, termed "M&A 2.0," which emphasizes functional enhancement and the creation of a complementary business ecosystem rather than merely increasing capital size [3][5]. - The report highlights that recent mergers, such as the absorption of Dongxing Securities and Xinda Securities by CICC, reflect a shift towards strengthening professional capabilities and expanding business lines [4][18]. - The overall improvement in the securities industry's fundamentals, including active market trading and growth in margin financing, is expected to drive both valuations and profitability for brokerages [4][22]. Summary by Sections Industry Overview - The report notes a significant wave of mergers and restructuring in China's securities industry, driven by both policy support and market competition. The aim is to cultivate leading investment banks and enhance core competitiveness through consolidation [6][10]. - In the first three quarters of 2025, 43 listed brokerages achieved revenue of CNY 421.42 billion, a year-on-year increase of 42.57%, and a net profit of CNY 169.29 billion, up 62.48% [6]. Mergers and Acquisitions - The merger between Guotai Junan and Haitong Securities is highlighted as a scale-driven consolidation, significantly enhancing net capital strength and risk tolerance, while optimizing the national network layout [15][17]. - CICC's merger with Dongxing and Xinda Securities is characterized as a functional superiority-driven integration, aimed at enhancing business capabilities and expanding service offerings [18][20]. Business Structure and Performance - The report outlines a dual-driven characteristic in the securities industry, with brokerage and proprietary trading as the main revenue drivers. In the first three quarters of 2025, brokerage income reached CNY 111.78 billion, a year-on-year increase of 74.64% [11]. - The revenue structure is shifting, with brokerage income accounting for 26.5%, investment income 44.4%, and other segments contributing to the overall performance [11]. Investment Recommendations - The report suggests that the recent mergers are likely to stimulate investment enthusiasm in the industry. It recommends focusing on leading brokerages with comprehensive performance layouts and those with high elasticity in earnings, such as Huatai Securities and CITIC Securities [22].

Key Points - MSCI announced the inclusion of 26 new Chinese stocks and the removal of 20 stocks from the MSCI China Index, effective after the market close on November 24, 2025 [2] - The Ministry of Finance and the People's Bank of China have included electronic savings bonds in the scope of personal pension products to support the development of a multi-tiered pension insurance system [3] - Sixteen hard technology-themed funds have been approved, including seven AI ETFs and three chip ETFs, indicating an influx of capital into the sector [4] - The first large-capacity all-solid-state battery production line in China has been completed, with plans for small-scale production tests and a target for mass production between 2027 and 2030 [5] - Alibaba and Meituan are set to release their financial reports on November 25 and November 28, respectively, along with reports from leading electric vehicle companies [6][7] - The Federal Reserve will release its Beige Book this week, with expectations of interest rate decisions from New Zealand and South Korea [8] Company News - Hillstone Networks expects to achieve large-scale sales and product delivery of its new generation security products equipped with ASIC chips by Q1 2026 [10] - Zhongjin Lingnan plans to acquire a 6.7784% stake in Zhongjin Copper and a 10.3333% stake in Zhongjin Rongsheng for a total consideration of 742 million yuan [11] - Jinfeng Technology is planning to acquire at least a 51% stake in Guangdong Lanyuan Technology, which will enhance its growth and profitability [12] - Nenghui Technology signed a contract for a new energy power battery assembly with an estimated total price of 100 million yuan [13] - JinkoSolar announced the mass production of its Tiger Neo 3.0 module, achieving a production efficiency of over 24.8% and a total order of 15 GW [14] - Qingmu Technology's subsidiary plans to acquire control of Vitalis, enhancing its competitiveness in the health supplement sector [16] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, with stock suspension expected [17] Market Insights - China Merchants Securities maintains a cautious outlook, citing weak trading signals and mixed fundamental indicators [19] - CITIC Securities notes the market is in a "three-phase overlap," suggesting a wait-and-see approach until key economic meetings in December [20]