Summary of Key Points Core Viewpoint - The announcement details the provision of a guarantee by a wholly-owned subsidiary of the company,招商证券, to support its subsidiary, 招证国际, in securing a bank credit agreement with 招商银行香港, with a guarantee amount not exceeding 500 million HKD equivalent [2][4]. Group 1: Guarantee Details - The guarantee amount provided is capped at 500 million HKD equivalent, with no prior guarantees issued to 招证国际 before this announcement [2][4]. - The guarantee is a general guarantee and will remain in effect until all debts are settled, specifically for the payment obligations under the bank credit agreement [8]. - The guarantee is intended to enhance the creditworthiness of 招证国际, facilitating its operational needs and business development [9]. Group 2: Financial and Operational Context - 招证国际 was established on July 14, 1999, with a paid-in capital of 6,453,627,390 HKD, and operates primarily in investment [7]. - As of the end of 2024 and the first quarter of 2025, the asset-liability ratio of 招证国际 and its subsidiary, 招证投管香港, is projected to exceed 70% when excluding client funds, indicating a need for careful monitoring of guarantee risks [3]. - The company has no overdue guarantees or guarantees involved in litigation, ensuring a stable financial position [10]. Group 3: Internal Decision-Making Process - The guarantee authorization was approved during the 17th meeting of the 8th Board of Directors on April 18, 2025, and subsequently ratified at the annual shareholders' meeting on June 26, 2025 [6]. - The decision aligns with the company's strategic interests and is deemed beneficial for the development of its overseas business [9]. Group 4: Overall Financial Position - The total guarantee amount provided by the company and its subsidiaries is within the limits set by the latest audited net assets, with the actual guarantee balance being 5 billion RMB, representing 0.38% of the company's net assets [10]. - The total guarantee amount for 招证国际 and its subsidiaries is capped at 68 billion HKD equivalent, with a current actual guarantee balance of 10.93 billion RMB, accounting for 0.84% of the company's net assets [10].

招商证券股份有限公司 关于佳禾智能科技股份有限公司变更募集资金用途的核查意见 《关于同意佳禾智能科 技股份有限公司向不特定对象发行可转换公司债券注册的批复》同意，佳禾智能 于 2024 年 1 月 4 日向不特定对象发行可转换公司债券 10,040,000 张，每张债券 面值 100 元。募集资金总额 1,004,000,000 元，扣除相关发行费用 10,088,444.39 元（ 不含税）后实际募集资金净额为人民币 993,911,555.61 元。募集资金用于（ 年 产 500 万台骨传导耳机项目" 年产 900 万台智能手表项目" 年产 450 万台智能 眼镜项目"及 补充流动资金项目"。经天职国际会计师事务所特殊普通合伙审 计并于 2024 年 1 月 10 日出具了 天职业字[2024]1127 号"《佳禾智能科技股份 有限公司验资报告》，对以上募集资金到账情况进行了审验确认，公司已对募集 资金进行了专户存储。 二）募集资金的使用情况 佳禾智能科技股份有限公司（ 以下简称（ 佳禾智能"或（ 公司"）拟变更 2024 年向不特定对象发行可转换公司债券募集资金用途。招商证券股份有限公司（ 以 下简称 ...

Core Viewpoint - The rise of fraudulent securities trading software has prompted multiple securities firms to issue warnings and take action against these illegal activities [1][4]. Group 1: Fraudulent Activities - Several securities firms, including Guosheng Securities, Huajin Securities, and China Merchants Securities, have reported instances of fraud where criminals impersonate securities company staff to conduct illegal securities and scam activities [1][4]. - The Gansu Securities and Futures Industry Association has highlighted multiple cases of investors being scammed, with one investor losing 440,000 yuan after downloading a fake brokerage app [2][3]. Group 2: Case Study - A specific case involved an investor named Xue, who was lured by a stock recommendation pop-up while reading an e-novel. He was directed to download a fraudulent app and subsequently lost 440,000 yuan after being manipulated into making cash deposits [3]. Group 3: Warnings from Securities Firms - Huajin Securities issued a risk alert regarding impersonation of their company and staff, noting that criminals use various online platforms to entice investors into downloading counterfeit trading software and providing false investment services [4]. - Longjiang Securities also warned that fraudsters are using fake identities to contact clients and lure them into illegal investment schemes [4]. Group 4: Investor Protection Measures - Securities firms are providing official channels for investors to verify the legitimacy of securities firms and their personnel, advising them to consult regulatory bodies for a list of legitimate institutions [5]. - Investors are encouraged to report illegal securities activities through national anti-fraud apps and to be vigilant against deceptive practices [5].

Core Viewpoint - The A-share market has seen significant gains, with the Shanghai Composite Index reaching a nearly four-year high, and brokerage firms are increasing their dividend payouts, indicating a positive trend in shareholder returns [1][4][5]. Group 1: Dividend Trends - Many brokerage firms are doubling their dividend payouts for 2024 compared to 2023, with Huayin Securities' dividend scale reaching ten times that of 2023 [1][5]. - As of August 13, over ten companies have proposed mid-term dividend plans for 2025, a significant increase from only two and one in 2022 and 2023, respectively [1][8]. - The number of brokerages planning mid-term dividends has surged to 26 in 2024, with expectations for further increases in 2025 [1][8]. Group 2: Specific Brokerage Dividend Data - In terms of per-hand dividend payouts for 2024, GF Securities leads with 40 yuan, followed by China Merchants Securities and Huatai Securities at 37.7 yuan and 37 yuan, respectively [2][11]. - Huayin Securities has seen its total dividend scale for 2024 reach 1.08 billion yuan, a significant increase from 0.108 billion yuan in 2023 [5][6]. - Southwest Securities' 2024 dividend scale is over double that of 2023, reaching 5.65 billion yuan, with plans for three dividend distributions throughout the year [6][8]. Group 3: Dividend Payment Rates - Among brokerages with a payout ratio above 50%, Guolian Minsheng leads at 80.04%, followed by Hongta Securities and Southwest Securities at 63.59% and 61.76%, respectively [12][14]. - In contrast, major brokerages like China Merchants Securities and GF Securities maintain payout ratios around 30%, with some even below 20% [12][14]. Group 4: Future Dividend Planning - More than ten brokerages have established three-year shareholder return plans for 2024-2026, indicating a strategic focus on long-term shareholder value [9][10]. - The upcoming half-year reports, typically released in late August, are expected to coincide with the announcement of mid-term dividend plans, potentially increasing the number of brokerages disclosing such plans [9][10].

Core Viewpoint - The article discusses a corruption case involving DeepSeek's parent company, Huanfang Quantitative, highlighting the alleged misconduct of former market director Li Cheng and his connections with China Merchants Securities, which has raised concerns about the company's internal controls and its relationship with the AI subsidiary DeepSeek [4][19]. Group 1: Corruption Case Details - Li Cheng, the former market director of Huanfang Quantitative, is accused of colluding with a China Merchants Securities employee to siphon off 118 million yuan in trading commissions from 2018 to 2023 [4][7]. - The investigation revealed that Li Cheng and Meng Pengfei, a former manager at China Merchants Securities, arranged for Meng's relatives to act as "exclusive brokers" to facilitate the illicit commission extraction [7][8]. - Following the exposure of the case, several individuals involved, including Li Cheng and Meng Pengfei, have been handed over to judicial authorities for further action [8]. Group 2: Huanfang Quantitative's Background - Huanfang Quantitative was founded in 2015 by Liang Wenfeng and has since grown to manage over 60 billion yuan in assets, becoming one of China's top quantitative private equity firms [10][17]. - The firm has achieved a cumulative return of 124% from 2017 to 2022, significantly outperforming traditional investment strategies [17]. - Liang Wenfeng's vision for Huanfang was to leverage mathematics and AI for quantitative trading, marking a shift from traditional investment methods [14][15]. Group 3: Impact on DeepSeek - Despite the corruption scandal, DeepSeek, the AI subsidiary of Huanfang, appears to be insulated from the fallout due to its operational independence and focus on AI development rather than quantitative trading [19][20]. - However, DeepSeek faces challenges, including a significant drop in monthly downloads by 72.2% in Q2 2025, raising concerns about its market position and competition [21]. - The ongoing scrutiny of Huanfang's internal controls may affect investor confidence and regulatory oversight in the industry, potentially impacting DeepSeek's future operations [19].

证券代码：600999 证券简称：招商证券 公告编号：2025-032 招商证券股份有限公司 关于间接全资子公司为全资子公司提供担保的公告 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: 一、担保情况概述 以上担保函生效日期为 2025 年 8 月 12 日。 （二）本担保事项履行的内部决策程序 1 被担保人名称：招商证券国际有限公司（以下简称招证国际） 本次担保金额及已实际为其提供的担保余额：本次担保金额为不超过 5 亿等值港元。本次担保生效前，招商证券投资管理（香港）有限公司（以 下简称招证投管香港）为招证国际提供的担保余额为零。 本次担保是否有反担保：否 对外担保逾期的累计数量：无 特别风险提示：剔除客户资金后，2024 年末及 2025 年一季度末招证国际、 招证投管香港资产负债率超过 70%，请投资者充分关注担保风险。 2025 年 4 月 18 日，公司第八届董事会第十七次会议审议并通过了《关于招 商证券国际有限公司及其下属全资子公司 2025 年度担保授权方案的议案》。2025 年 6 月 26 ...

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 证券代码：600999 证券简称：招商证券 公告编号：2025-032 招商证券股份有限公司 关于间接全资子公司为全资子公司提供担保的公告 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。 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關於 間接全資子公司為全資子公司提供擔保的公告》，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8月13日 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、劉輝女士、李德林先生、李曉霏先生、黃 ...

上市首日，东瑞股份盘中最高价报91.27元，为该股上市以来最高价。该股目前处于破发状态。 中国经济网北京8月13日讯东瑞股份（001201）(001201.SZ)今日收报17.14元，跌幅3.38%。 东瑞股份于2021年4月28日在深交所主板上市，公开发行股票数量为3167万股，发行价格为63.38元/ 股，保荐机构为招商证券，保荐代表人为罗虎、康自强。 东瑞股份首次公开发行股票募集资金总额为20.07亿元，扣除发行费用后，募集资金净额为18.10亿元。 东瑞股份于2021年4月13日披露的招股说明书显示，该公司拟募集资金18.10亿元，用于紫金东瑞农业发 展有限公司富竹生态养殖项目、连平东瑞农牧发展有限公司传统养殖改高床养殖节能减排增效项目、和 平东瑞农牧发展有限公司高床生态养殖项目、东瑞食品集团股份有限公司致富猪场改扩建(灯塔种猪场 迁改)项目、河源市瑞昌饲料有限公司扩产建设项目、补充流动资金。 东瑞股份首次公开发行股票的发行费用为1.97亿元，其中，保荐及承销费用1.58亿元。 2023年12月27日，东瑞股份披露向特定对象发行股票新增股份变动情况报告暨上市公告书，公司向18家 发行对象共计发行44, ...

招商证券国际发报告指，基于康师傅控股(00322)于多个关键因素发生的积极变化，如利润率更具韧 性、下半年销售复苏趋势明确，及原材料成本依然有利等因素，该行小幅上调集团2026-2026年盈测， 并上调评级由"中性"升至"增持"。基于2025年底17倍的预测市盈率，该行上调康师傅控股目标价0.7%， 由13.5港元升至13.6港元。受集团最新销售指引影响，下调今明两年销售预测约2%。因原材料成本的利 好从而推动集团净利润预测上调约3%，该行亦上调其毛利率预测一个百分点。 ...

智通财经APP获悉，招商证券国际发报告指，基于康师傅控股(00322)于多个关键因素发生的积极变化， 如利润率更具韧性、下半年销售复苏趋势明确，及原材料成本依然有利等因素，该行小幅上调集团 2026-2026年盈测，并上调评级由"中性"升至"增持"。基于2025年底17倍的预测市盈率，该行上调康师 傅控股目标价0.7%，由13.5港元升至13.6港元。受集团最新销售指引影响，下调今明两年销售预测约 2%。因原材料成本的利好从而推动集团净利润预测上调约3%，该行亦上调其毛利率预测一个百分点。 ...