股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2025年4月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,27 ...

Core Viewpoint - The report from China Merchants Securities indicates that the difference between net rental yield and mortgage rates in first-tier cities ranges from 69 to 146 basis points, with smaller differences in second and third-tier cities. A further decline in mortgage rates is expected to help stabilize total demand for new and second-hand housing [1][5]. Group 1: Current Market Conditions - Since September 24, the real estate market has seen improvements due to policy easing, including adjustments to down payment ratios and mortgage rates, which have positively influenced resident expectations and market fundamentals [2]. - The current market is characterized by strong supply and demand in high-tier cities, while lower-tier cities are experiencing weakened demand [2]. Group 2: Mortgage Rate Decline Pathways - Potential pathways for mortgage rate declines include lowering the housing provident fund rate to create space for commercial loan rate reductions and timely adjustments to the 5-year Loan Prime Rate (LPR) [3][4]. - The current first-time home loan interest rate in 50 cities has reached a low of 3.06%, with a subsequent slight rebound to 3.11%, influenced by the housing provident fund rate [3]. Group 3: Impact of Mortgage Rate Decline on Housing Demand - Historical data suggests that a narrowing gap between net rental yield and mortgage rates can stabilize total housing demand. For instance, during the U.S. subprime mortgage crisis, a similar trend was observed where rental yields increased as mortgage rates decreased [4][5]. Group 4: Supply and Demand Relationship - A decline in mortgage rates is expected to reduce "trend trading" listings, thereby improving the supply-demand relationship and providing investors with clearer expectations regarding the stabilization of housing prices [7]. - The structure of listings can be categorized into forced sales due to liquidity issues and those based on future price expectations, with the latter likely decreasing as mortgage rates fall [7]. Group 5: Investment Strategy - The company maintains a dual investment strategy focusing on both relative and absolute perspectives in the real estate sector. Investors are encouraged to seek high-growth stocks while balancing valuations [8]. - Attention is drawn to companies with a history of stable cash flow generation and those that may benefit from valuation recovery as debt repayment pressures ease [8].

Group 1 - The core initiative "羚跃计划" by 招商证券 aims to strategically support growth-oriented small and medium-sized technology enterprises, providing comprehensive financial services and industry empowerment [2][5] - As of now, the program has invested a total of 2.5 billion yuan in 60 small and medium-sized technology enterprises and has registered over 500 companies [2] - The recent event in Hefei involved over 30 member enterprises of the "羚跃计划" engaging with 阳光电源 to explore collaborative innovation in the new energy industry [1][2] Group 2 - 阳光电源, a leading global enterprise in the new energy sector, has a strong technological foundation in photovoltaic, energy storage, and hydrogen energy, which complements the innovative advantages of the participating "羚跃" enterprises [4] - The event facilitated deep exchanges between 阳光电源 and "羚跃" enterprises on topics such as energy storage technology, smart control, and lithium battery manufacturing [3][4] - 招商证券's president emphasized the importance of this event in enhancing collaboration between strategic clients and "羚跃" clients, reinforcing the company's commitment to developing a "technology investment bank" model [5]

Core Insights - China Academy of Information and Communications Technology announced the "Top Ten Typical Cases of High-Quality Digital Transformation" for the second half of 2024, with China Merchants Securities' AI assistant platform "Zhao Xiao Ju" selected as a notable example [1] Group 1: Digital Transformation Strategy - China Merchants Securities is actively responding to China Merchants Group's "AI + Finance" strategy, aiming to create an "AI Securities Company" [1] - The company launched the AI office assistant platform "Zhao Xiao Ju" based on DingTalk's dedicated app "Zhao Shang Ju Li," integrating various AI assistants for travel, meetings, and office tasks [1][2] - The platform significantly enhances efficiency by allowing employees to quickly access internal and external knowledge and complete high-frequency tasks [1] Group 2: Operational Efficiency and User Experience - The digital office head emphasized that AI tools and digital platforms can improve work efficiency, facilitate communication and collaboration, and meet diverse user needs [1] - "Zhao Xiao Ju" addresses the challenge of fragmented systems and processes within the company, enabling employees to handle travel requests, book tickets, and approve processes through a single chat interface [2] - The platform connects with internal agent systems, allowing for flexible expansion of AI capabilities based on business needs [2] Group 3: Technical and Compliance Aspects - "Zhao Xiao Ju" employs a "one super, many strong" AI model architecture, utilizing a trillion-parameter base model alongside multiple hundred-billion-parameter models for specialized optimization [2] - All services and data of "Zhao Xiao Ju" are deployed locally, ensuring compliance with stringent data security and regulatory requirements in the financial industry [2] - This implementation marks the first fully privatized AI capability deployment on the DingTalk platform [2] Group 4: User Adoption and Future Plans - The company has completed full-scale promotion of "Zhao Xiao Ju," with over 3,000 active users, accounting for more than 30% of the workforce [3] - The focus for digital and intelligent work this year is on "enhancing operations and experiences," aiming for AI to become a valuable partner in employees' and clients' work and lives [3] - DingTalk has partnered with 20 top financial institutions in China, indicating a growing application of AI assistants in the financial sector [3]

Core Viewpoint - The company achieved a revenue of 20.891 billion and a net profit attributable to shareholders of 10.386 billion in 2024, representing year-on-year increases of 5.4% and 18.5% respectively, with a return on equity (ROE) increase of 0.91 percentage points to 8.82% [1] Group 1: Financial Performance - In Q4 2024, the company's revenue reached 6.612 billion, with a quarter-on-quarter increase of 41.2% and a year-on-year increase of 33.6% [1] - The net profit attributable to shareholders in Q4 2024 was 3.236 billion, reflecting a quarter-on-quarter increase of 34.7% and a year-on-year increase of 37.0% [1] - The company's brokerage income for Q4 2024 was 2.510 billion, showing year-on-year and quarter-on-quarter increases of 100.5% and 128.9% respectively, with an annual total of 6.183 billion, up 11.8% year-on-year [2] - Investment income and fair value changes for Q4 2024 amounted to 2.723 billion, remaining stable compared to Q3 2024 [2] Group 2: Business Segments - The company's investment banking revenue decreased by 34.2% year-on-year to 0.856 billion, primarily due to tightening in the A-share equity financing market [2] - Asset management revenue for the year was 0.717 billion, reflecting a year-on-year increase of 0.6% [2] - The net profit of the company's overseas subsidiary, Zhuhai International, increased by 106.8% year-on-year to 0.457 billion HKD, although the overseas revenue contribution remains low [2] Group 3: Cost and Dividends - The company's management expense ratio increased by 2.1 percentage points to 46.2%, still lower than other leading brokerages [3] - The proposed total dividend for 2024 represents 40.02% of the net profit attributable to ordinary shareholders, a significant increase compared to 19.93% in 2022 and 25.01% in 2023 [3] Group 4: Future Outlook - The company expects a slight decline of 4.5% in net profit for Q1 2024, which is significantly more stable compared to the overall decline of 32% in listed brokerages [3] - The company is anticipated to achieve net profits of 13.569 billion, 16.625 billion, and 18.694 billion for 2025-2027, with year-on-year growth rates of 30.7%, 22.5%, and 12.4% respectively [3]

招商证券发布研报称，根据农业农村部&国家统计局数据，2月全国能繁母猪产能环比微增0.1%，预计 中期维度来看，母猪产能或整体维持弱去化趋势。2月产业端供给压力缓于预期以及标肥价差引导产业 供给后置，猪价季节性走弱、但整体强于市场预期。行业仍处产能释放期，而上半年猪肉消费疲软，预 计猪价整体承压，母猪产能或维持弱去化趋势。考虑到25年生猪供给增幅有限，行业成本方差较大，优 质猪企或仍可实现可观利润，持续修复资产负债表。 招商证券主要观点如下： 猪价季节性回落，母猪产能环比微增 猪价方面，猪肉消费步入淡季，猪价呈现季节性走弱趋势，但节后产业端供给压力缓于预期以及标肥价 差引导产业供给后置，2月猪价整体强于市场预期。此外，豆粕、玉米等饲料原料价格上涨明显，带动 饲料价格反弹，生猪养殖盈利边际有所收窄。产能方面，当前行业仍有微利，而集团猪企仍在持续提升 产能利用率以降低养殖成本，产业端对后市猪价预期较为谨慎、补栏积极性偏弱，根据农业农村部&国 家统计局数据，2月全国能繁母猪产能环比微增0.1%，预计中期维度来看，母猪产能或整体维持弱去化 趋势。 出栏同比明显增长，出栏体重小幅提升 从出栏量上看，2025年2月，14家 ...

Group 1 - The core viewpoint is that while demand has not shown signs of reversal, there is a clear trend of supply contraction, indicating that the industry is entering a "distress period" for liquor companies [1] - Demand remains weak but is in line with expectations, with companies controlling inventory to maintain prices, leading to improved dealer sentiment [1] - The current market conditions suggest that although the performance of the sector may continue to be under pressure for the next 1-2 quarters, the health of the distribution channels is beginning to improve, signaling a potential bottoming out of stock prices ahead of the fundamentals [1] Group 2 - Liquor companies are adopting a more pragmatic and stable approach to operations, with a notable "Matthew effect" in the industry [2] - Moutai emphasizes the importance of stabilizing the price of its flagship product, while Wuliangye is undergoing necessary reforms to enhance direct consumer engagement [2] - Other companies like Laojiao and Fenjiu are also improving their operational strategies, focusing on digital transformation and enhancing consumer connections to drive sales [2]

Core Insights - The A-share market has shown significant recovery in sentiment post-September 2024, driven by a series of favorable policies, leading to an overall rebound in brokerage performance [1] - In 2024, 150 securities firms reported a total operating income of 451.17 billion yuan and a net profit of 167.26 billion yuan, marking the highest figures in nearly three years [1] - Among the 22 listed brokerages that disclosed their 2024 results, 17 reported year-on-year growth in net profit, indicating a strong recovery trend in the industry [1] Group 1: Brokerage Performance - The top five brokerages by net profit in 2024 were CITIC Securities (21.70 billion yuan), Huatai Securities (15.35 billion yuan), Guotai Junan (13.02 billion yuan), China Merchants Securities (10.39 billion yuan), and China Galaxy Securities (10.03 billion yuan) [3][5] - Guotai Junan, China Merchants Securities, and China Galaxy Securities re-entered the "100 billion net profit club" in 2024, highlighting a significant recovery in their financial performance [1][5] - The overall brokerage industry saw a rebound in trading activity, with increased investor sentiment contributing to improved financial results [5] Group 2: Strategic Developments - Guotai Junan aims to enhance service professionalism, business synergy, and strategic agility as part of its growth strategy for 2025 [1] - China Merchants Securities plans to deepen its wealth management transformation and develop a modern investment banking model, including the launch of a new trading system [2] - The merger between Guotai Junan and Haitong Securities is expected to strengthen their market position, with combined total assets projected at 1.73 trillion yuan and net assets at 328.3 billion yuan [5] Group 3: Wealth Management Trends - Several brokerages, including Founder Securities, reported robust growth in wealth management and investment management sectors, with Founder Securities achieving a 42.70% year-on-year increase in brokerage income [7] - Founder Securities also expanded its ETF offerings, with peak ETF scale exceeding 24.9 billion yuan, reflecting a growing demand for diversified investment products [7] - GF Securities reported a 22% increase in the scale of financial products sold, indicating a strong market response to wealth management initiatives [8]

Core Viewpoint - The report indicates that Zhuhai Guanyu Battery Co., Ltd. has complied with relevant regulations during the continuous supervision period, demonstrating effective governance, internal control, and proper use of raised funds [1][9]. Group 1: Company Governance and Internal Control - The company has a complete and compliant governance structure, with effective execution of internal control systems [2][3]. - The board of directors, supervisors, and senior management are fulfilling their responsibilities as per regulations [2]. Group 2: Information Disclosure - The company has established a comprehensive information disclosure system and has fulfilled its disclosure obligations accurately and timely [2][3]. Group 3: Independence and Related Party Transactions - The company maintains independence in its operations, with no violations regarding the use of funds by related parties [3][4]. Group 4: Use of Raised Funds - All raised funds are stored in a dedicated account, and the company has signed a tripartite supervision agreement with the underwriter and the bank [4][5]. - There are no instances of misappropriation or unauthorized changes in the use of raised funds [4]. Group 5: Related Transactions and Major Investments - The company has established sound management systems for related transactions, external guarantees, and major investments, with no violations reported [4][5]. Group 6: Operational Status - The company’s business model and structure have not undergone significant changes, and the operational management status is normal [5][6]. - The market outlook for the company’s main business remains stable without major adverse changes [5]. Group 7: Recommendations - The company is advised to continue improving its governance structure and timely fulfill information disclosure obligations [5][8]. - It is recommended to manage the use of raised funds effectively and to advance investment projects in an orderly manner [5][8].

Fundraising Overview - The company raised a total of RMB 3,089,043,000 through the issuance of convertible bonds, with a net amount of RMB 3,057,386,562 after deducting issuance costs [1][2] - As of December 31, 2023, the company had unutilized funds from its initial public offering (IPO) amounting to RMB 530.08 million and from the convertible bonds amounting to RMB 1.29 billion [2][3] Fund Management and Usage - The company has established a fundraising management system in compliance with regulatory requirements, including a tripartite supervision agreement with banks and the sponsor [3][4] - As of December 31, 2024, the total balance of the fundraising accounts was RMB 317.63 million, which includes interest income of RMB 37.73 million [6][9] Project Funding and Adjustments - The company has completed the funding for the "Supplementary Working Capital" project, utilizing RMB 233.93 million [4][12] - The "Chongqing Lithium Battery Cell Packaging Production Line Project" was terminated, and RMB 108.93 million was returned to the fundraising account [15][16] - The company has approved the use of surplus funds from completed projects to permanently supplement working capital [13][14] Cash Management - The company has approved the use of idle fundraising funds for cash management, allowing for investments in safe and liquid financial products, with a maximum of RMB 2 billion [10][11] - As of December 31, 2024, the balance of idle funds used for cash management was RMB 0.00 million, indicating all investments have matured and returned as expected [10][11] Regulatory Compliance - The company has adhered to the disclosure requirements set forth by regulatory bodies, ensuring timely and accurate reporting of fundraising storage and usage [16][17] - The sponsor has confirmed that the company's fundraising management practices comply with relevant regulations and accurately reflect the fundraising situation [17]