Core Viewpoint - The company, Jin Guan Electric Co., Ltd., has approved a differentiated equity distribution plan for the fiscal year 2024, with a cash dividend accounting for 81.86% of the net profit attributable to shareholders [1][6]. Group 1: Differentiated Equity Distribution Plan - The profit distribution plan includes a cash dividend of 0.55 yuan per share, with a total of 135,623,509 shares participating in the distribution after excluding shares in the repurchase account [3][5]. - The total share capital of the company is 136,613,184 shares, with 989,675 shares (0.72% of total capital) held in the repurchase account, which will not participate in the profit distribution [2][3]. Group 2: Calculation Basis for Distribution - The reference price for ex-dividend trading is calculated as (previous closing price - cash dividend) / (1 + change in circulating shares ratio), with the circulating shares ratio being 0 since only cash dividends are distributed [3][5]. - The calculated ex-dividend reference price based on the previous closing price of 13.92 yuan per share is approximately 13.3740 yuan per share [4][5]. Group 3: Compliance and Verification - The company has committed not to undertake any actions that could alter the total share capital or the number of shares in the repurchase account from the application submission date until the equity distribution implementation date [6]. - The sponsor institution has verified that the differentiated equity distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and all shareholders [6].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **automotive**, **real estate**, and **foreign trade** sectors in China, highlighting their performance and trends in May 2025 [5][2]. Core Insights and Arguments 1. **Automotive Sales Growth**: - Automotive sales have shown robust growth, with average daily sales of passenger cars reaching **60,896 units** in the second week of May, a **30%** year-on-year increase. The third week saw sales of **51,175 units**, marking a **14%** increase compared to the same period last year. This growth is attributed to the continued effects of subsidy policies [5][2]. 2. **Real Estate Market Recovery**: - The year-on-year decline in the sales area of commercial housing in 30 cities has narrowed significantly, from **-21.7%** at the end of April to **-4.4%** in the last week of May. The total transaction area has exceeded **1.9 million square meters** in recent weeks, indicating a potential stabilization in the real estate market [5][2]. 3. **Foreign Trade and Shipping Rates**: - The export shipping price indices (NCFI, SCFI, CCFI) have shown a recovery from their lows, with NCFI increasing by **21.8%** and SCFI by **18.3%** since the last week of April. This improvement is linked to the reduction of tariffs between China and the US, enhancing trade relations [5][2]. 4. **Port Cargo Throughput**: - Cargo throughput at Chinese ports has remained high, exceeding **260 million tons** in the past two weeks, which is **6.4%** and **6.9%** higher than the average levels from the previous year. This trend supports the notion that export growth will continue to be strong in May [5][2]. 5. **Investment and Industrial Performance**: - Despite the positive consumer and external demand indicators, investment in heavy industrial products remains weak. The overall economic outlook is supported by strong consumption and external demand, but risks such as geopolitical tensions and domestic policy implementation remain [5][2]. Additional Important Content - **Risk Factors**: The report highlights potential risks including geopolitical tensions, domestic policy execution falling short of expectations, and the possibility of a global recession impacting major economies [5][2]. - **Production and Capacity Utilization**: Various sectors, including steel and cement, are experiencing fluctuations in production and capacity utilization rates, with some sectors showing declines while others stabilize or improve [45][48][67]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and outlook of the automotive, real estate, and foreign trade sectors in China.

Core Viewpoint - The appointment of Zhang Xing and Wang Zhijian as vice presidents of China Merchants Securities marks a significant management transition, filling the vacancies left by recent executive departures and reflecting a new leadership structure within the company [2][11]. Group 1: Executive Appointments - Zhang Xing, previously the Chief Compliance Officer and Chief Risk Officer, has extensive experience in risk management and compliance, having held various senior roles since 2017 [5][11]. - Wang Zhijian, with a focus on investment, has served as Chief Investment Officer and has a background in investment banking, including senior positions at CITIC Securities prior to joining China Merchants Securities [6][7][11]. Group 2: Recent Management Changes - The recent changes in management include the retirement of President Wu Zongmin and the resignation of Vice President Zhang Haochuan, indicating a period of transition for the company [9][10]. - The current executive structure of China Merchants Securities consists of one chairman and five vice presidents, with Zhang Xing and Wang Zhijian now included in this leadership team [11].

Group 1 - The first batch of 26 new floating rate funds has been launched, with 16 funds available for subscription today, indicating strong regulatory support for innovation in the public fund sector [1] - The rapid approval and issuance of these funds, with only one trading day between approval and launch, reflects a streamlined regulatory process aimed at enhancing market liquidity [1] - Investors can subscribe through various channels, which is expected to attract more capital into the fund management industry, positively impacting related sectors [1] Group 2 - China Merchants Securities has appointed two "post-70s" executives as vice presidents, showcasing the company's internal talent development capabilities [2] - The new vice presidents, Zhang Xing and Wang Zhijian, bring extensive experience in compliance risk management and investment banking, respectively, which may enhance the company's operational efficiency [2] - Frequent changes in senior management may raise short-term concerns about company stability, but the professional backgrounds of the new appointees are likely to bolster investor confidence in the long run [2] Group 3 - Western Securities is actively pursuing the acquisition of controlling stakes in Guorong Securities, indicating its intent to expand within the securities industry [3] - The acquisition process is currently under regulatory review, and the progress of this review will be a focal point for market observers, potentially affecting investor expectations regarding the company's future performance [3] Group 4 - Oriental Red Asset Management has announced a self-purchase of 10 million yuan in its floating rate fund, demonstrating confidence in its product and reinforcing the alignment of interests between fund managers and investors [4] - This self-purchase initiative is expected to enhance market trust in fund managers and could lead to increased capital inflows into related sectors, positively influencing overall market sentiment [4]

证券代码：600999 证券简称： 招商证券 编号： 2025－025 招商证券股份有限公司 第八届董事会第十九次会议决议公告 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）第八届董事会第十九次会议通知于 2025 年 5 月 23 日以电子邮件方式发出。会议于 2025 年 5 月 26 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 15 人，实际出席 15 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）关于聘任张兴先生、王治鉴先生为公司副总裁的议案 聘任张兴先生、王治鉴先生担任公司副总裁，任期自本次董事会审议通过之 日起，至第八届董事会届满之日止。 1 签发与代理协议和派息账户等有关的指示、指引、决定、通知及批准等。 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 特此公告。 招商证券股份有限公司董事会 2025 年 5 月 2 ...

Core Insights - The instant retail industry is experiencing rapid growth, with a projected market size exceeding 1.7 trillion by 2030 and an estimated CAGR of approximately 20% over the next five years [1][2] - Instant retail is characterized by local supply and an immediate delivery system, creating differentiated value that complements rather than replaces traditional e-commerce [2] - The platform model in instant retail shows superior profitability and larger scale potential compared to the self-operated model, with major players like Meituan, JD, and Alibaba competing effectively [2][3] Industry Overview - Instant retail is a high-efficiency online retail format focused on local supply and immediate delivery, driven by increasing consumer demand for convenience and the online transformation of offline retail stores [2] - The industry is not expected to significantly replace traditional e-commerce but rather create additional market value [2] Competitive Landscape - Among the platform models, Meituan's flash purchase service is noted for its strong competitive advantages, including superior consumer awareness and delivery capabilities, positioning it for long-term growth [1][3] - JD's instant retail is viewed as an incremental growth opportunity rather than a replacement for its core e-commerce business, with fast-moving consumer goods being a key growth driver [3] - Alibaba's approach to instant retail is more about leveraging group synergies, with a focus on enhancing traffic to its main e-commerce business rather than prioritizing instant retail as a standalone growth area [3]

Core Viewpoint - The company is experiencing significant growth in 2024, driven by innovation and strong performance in its automotive parts business, which has established partnerships with major automotive manufacturers and emerging players in the industry [1][2]. Group 1: 2024 Performance Drivers - The automotive parts segment has seen rapid growth, contributing to both revenue and profit increases, with major clients including Geely, Changan, FAW, Chery, GAC, and BYD [1]. - The revenue share of major assembly projects has increased to 67.97%, with a focus on integrated and modular capabilities [1]. - The company has developed innovative products in line with automotive intelligence trends, such as smart cockpits, and has a robust supply chain management system [1]. - The oil and gas equipment business has maintained stable growth, with domestic oil production increasing for eight consecutive years, and the company holds a market share of over 80% in certain key technologies [1][4]. - The high-performance functional materials segment has expanded, with a 14.05% revenue increase, driven by partnerships with leading companies like BOE and BYD [1]. Group 2: 2025 Outlook - The company anticipates steady growth in 2025, supported by government subsidies for the automotive sector and a predicted 4.7% increase in total vehicle sales, with a 24.4% rise in new energy vehicle sales [2]. - The oil and gas equipment sector is expected to benefit from national strategies focusing on energy security and the development of deep-sea resources [2][4]. - The high-performance functional materials market is projected to grow, despite challenges in certain areas, as the company shifts focus to pressure testing membranes and other electronic materials [2]. Group 3: Strategic Initiatives - The company is enhancing its customer base in the new energy vehicle sector, with 72% of new projects related to this market [3]. - In deep-sea technology, the company has established long-term partnerships with major oil companies and is advancing key technologies for deep-sea oil and gas extraction [3][4]. - The company is implementing various measures for market value management, including governance improvements and investor relations strategies [4]. Group 4: Financial Performance - In Q1 2025, the company reported a main revenue of 2.155 billion yuan, a year-on-year increase of 13.66%, and a net profit of 186 million yuan, up 11.3% [5]. - The company maintains a debt ratio of 40.46% and has seen a 20.81% increase in net profit after deducting non-recurring items [5]. Group 5: Analyst Predictions - Analysts predict net profits of 902 million yuan for 2025, increasing to 1.108 billion yuan in 2026, with a target price set at 22.00 yuan [6].

金十数据5月23日讯，招商证券国际发表报告指，维持小鹏汽车(09868.HK)"增持"评级及目标价115港 元，对应2025财年2.5倍市销率。估值高于其余领先的新势力，考虑公司增长更快，2024—27财年预测 收入CAGR为56%，远高于同业。5月开始重磅新车陆续上市将成为公司股价催化剂，交付能力、ASP及 毛利率有望持续上行，建议逢低吸纳。报告指，2025年第一季归母净亏损6.6亿元人民币，按年及按季 缩窄51.5%及50.1%，符合该行预期。新品强周期5月开始启动，产品线持续上行，第四季度有望首次盈 利。 招商证券国际维持小鹏汽车目标价115港元 首季业绩符合预期 ...

金十数据5月23日讯，招商证券发表研究报告指，药明合联(02268.HK) 在R端、D端已展现出技术及速度 上的明显优势，相信凭借CRDMO一体化优势，公司助力、伴随龙头企业及明星项目增长，M端规模化 放量空间值得期待。该行看好集团未来增长潜力，预计其2025至27年净利润分别达14.4亿、18.8亿及 25.6亿元人民币，首次覆盖该股，予"强烈推荐"评级。 招商证券首予药明合联"强烈推荐"评级 看好未来增长潜力 ...

招商证券股份有限公司 关于浙江艾罗网络能源技术股份有限公司 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律、法规的规定，招商证券股份有限公司（以下简称"保荐机构" 或"保荐人"）作为浙江艾罗网络能源技术股份有限公司（以下简称"艾罗能源"、 "公司"）持续督导工作的保荐人，负责艾罗能源上市后的持续督导工作，并出 具 2024 年年度持续督导跟踪报告。 一、重大风险的结论性意见 公司 2024 年年度归属于上市公司股东的净利润与归属于上市公司股东的扣 除非经常性损益的净利润分别为 20,360.05 万元和 14,156.64 万元，同比 2023 年 年度分别减少 80.88%和 86.39%，主要原因系：2024 年年度，受欧洲地区渠道库 存积压影响，市场竞争不断加剧导致主营业务收入规模下降；此外，公司加速构 建户用储能系统、工商业光伏逆变器及储能系统、微型逆变器等多元化产品矩阵 以响应市场细分需求；为了保持竞争力，公司持续加大研发投入，使得研发费用 较上年同期增加了 20,620.62 万元，同比增长了 75.00%；公司规模持续扩大，人 员增多，使得管理费用较上年同期 ...