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 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2025 年半年度權益分派實施公告》，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9月10日 招商证券股份有限公司 2025 年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.119 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- ...

Core Insights - The article discusses the collaboration between China Merchants Securities and ten major fund companies to promote ETF knowledge and enhance investor skills in asset allocation and risk management, particularly focusing on the ETF market's healthy development [1] Group 1: Market Trends and Investment Strategies - The current A-share market is experiencing a healthy, gradual bull trend, supported by policy, funding, industry dynamics, and investor sentiment [2][3] - The policy environment has improved investor confidence, with a GDP growth target of 5% set for this year, and actual GDP growth in the first half reaching 5.3% [3] - The funding situation has seen a shift, with foreign capital flowing into A-shares and Hong Kong stocks due to expectations of interest rate cuts in the U.S., leading to increased risk appetite among investors [4][5] Group 2: Focus on the Chip Sector - The chip sector is a significant component of the Sci-Tech Innovation Board (STAR Market), accounting for over 40% of its weight, and is seen as a key driver of the board's overall performance [6][9] - Investment in the chip industry is driven by both growing demand and the need for domestic substitution, with current self-sufficiency rates in China estimated at only 20%-30% [10] - The chip industry is entering a favorable cycle, with improved performance from listed companies and a projected net profit growth rate of around 70% for the first quarter [11][14] Group 3: Investment Tools and Indices - The article highlights the importance of using indices for investment in the chip sector, with the Sci-Tech Chip Index covering 90% of core segments in the chip industry, offering a more comprehensive investment approach compared to other indices [12][13] - The Sci-Tech Chip Index has shown superior growth potential, with a net profit growth rate significantly higher than that of other chip indices [14] - A core-satellite investment strategy is recommended, utilizing broad-based indices like the Sci-Tech Composite Index and focusing on specific sectors such as information technology and new materials for satellite investments [15]

Core Insights - A significant system upgrade is occurring in the Chinese securities industry, marked by the launch of the new core business system UF3.0 by Hengsheng Electronics [2][3] - UF3.0 represents a shift from a "trading channel" to a "wealth management engine," supporting 24/7 operations with high concurrency and low latency [2][4] - The successful implementation of UF3.0 in 11 securities firms, including major players like China Merchants Securities and Dongfang Securities, sets a benchmark for digital transformation in the industry [2][5] Industry Transformation - The core business system is essential for various operations such as account opening, trading, clearing, risk control, and customer service, serving as a foundational infrastructure for business operations [4] - The transition towards wealth management and internationalization in the securities sector presents challenges to traditional core business systems, necessitating the development of UF3.0 [4][5] - UF3.0 is designed to support comprehensive financial services and modern IT infrastructure, addressing the evolving needs of the securities industry [4][5] Technological Advancements - UF3.0 employs a cloud-native architecture and distributed, full-stack technology to enhance system capabilities, ensuring high performance and flexibility [2][7] - The system features a dual-state architecture that separates stable and agile operations, allowing for rapid iteration and innovation in response to business demands [7][9] - The integration of self-developed technologies and products into UF3.0 is crucial for maintaining financial information security and achieving IT autonomy in the securities industry [8] Implementation and Collaboration - The successful rollout of UF3.0 involved deep collaboration between Hengsheng Electronics and various securities firms, establishing a solid foundation for its implementation [3][9] - The transition to UF3.0 was managed through agile methodologies, automated data migration tools, and comprehensive operational monitoring to ensure a smooth upgrade process [9] - As more firms adopt UF3.0, the Chinese securities industry is poised to build a digital ecosystem based on the new core business system, marking a new phase in wealth management transformation [9]

证券代码：600999 证券简称：招商证券 公告编号：2025-038 招商证券股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.119元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/17 | － | 2025/9/18 | 2025/9/18 | 差异化分红送转： 否 公司2025 年 6 月 26 日的2024年年度股东大会授权董事会决定公司 2025 年中期利润分 配方案，分红金额不低于 2024 年中期分红，且分红比例不超过相应期间归属于公司股东净利 润 40%。本利润分配方案经公司 2025 年 8 月 28 日召开的第八届董事会第二十二次会议审议 通过。 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记 ...

该行表示，投资策略方面，长线看布局，中线看交付兑现，强推重点龙头公司。个股方面，人形整机首 推优必选(09880)、小鹏汽车-W(09868)，智驾供应链重点推荐地平线机器人-W(09660)、禾赛科技 (02525,HSAI.US)、速腾聚创(02498)，机器人零件关注敏实集团(00425)。该行上调优必选及地平线目标 价至分别155港元及13.8港元，维持"增持"评级。 招商证券国际发布研报称，AI+智能驾驶及AI+机器人双赛道迎来多重利好，板块效应增强，龙头股估 值提升。 ...

Core Viewpoint - The report from China Merchants Securities International highlights the positive developments in the AI + smart driving and AI + robotics sectors, leading to enhanced sector effects and increased valuations for leading stocks [1] Investment Strategy - The investment strategy suggests a long-term layout, a mid-term focus on delivery realization, and a strong recommendation for key leading companies [1] Recommended Stocks - The report specifically recommends the following stocks: - Humanoid robot: First recommendation is UBTECH Robotics (09880) - Xpeng Motors (09868) for smart driving - Key suppliers in the smart driving supply chain include Horizon Robotics (09660), Hesai Technology (02525, HSAI.US), and SUTENG JUCHUANG (02498) - For robotics components, attention is drawn to Sensata Technologies (00425) [1] Target Price Adjustments - The target prices for UBTECH Robotics and Horizon Robotics have been raised to HKD 155 and HKD 13.8 respectively, while maintaining a "Buy" rating [1]

招商证券国际发表研究报告指，AI+智能驾驶及AI+机器人双赛道迎来多重利好，板块效应增强，龙头 股估值提升。投资策略方面，长线看布局，中线看交付兑现，强推重点龙头公司。个股方面，人形整机 首推优必选、小鹏汽车，智驾供应链重点推荐地平线、禾赛科技、速腾聚创，机器人零件关注敏实集 团。该行分别上调优必选及地平线目标价至155港元及13.8港元，维持"增持"评级。 ...

格隆汇9月8日｜招商证券国际研究报告指，优必选(9880.HK)上半年归母净亏损4.1亿元人民币，按年及 按季分别收窄20%及32%，符合该行预期；期内收入按年升27.5%，净利率为66.6%，按年改善39.4个百 分点。公司9月起将开始为此前9,000万元汽车客户大单批量交付，全年工业机型出货上调至500台以 上；教育机器人天空行者科研版200至300台，预计今年总交付超过800台。另外，公司于9月再获国内知 名企业2.5亿元采购合同。该行分别上调2025至27年收入预测5%、4%及7%，亏损预测减少4%、2%及 22%，反映机器人订单及交付强于预期；目标价由110港元升至140港元，评级增持。 ...

招商证券国际研究报告指，优必选(9880.HK)上半年归母净亏损4.1亿元人民币，按年及按季分别收窄 20%及32%，符合该行预期；期内收入按年升27.5%，净利率为66.6%，按年改善39.4个百分点。公司9 月起将开始为此前9,000万元汽车客户大单批量交付，全年工业机型出货上调至500台以上；教育机器人 天空行者科研版200至300台，预计今年总交付超过800台。另外，公司于9月再获国内知名企业2.5亿元 采购合同。该行分别上调2025至27年收入预测5%、4%及7%，亏损预测减少4%、2%及22%，反映机器 人订单及交付强于预期；目标价由110港元升至140港元，评级增持。 ...

| 上半年深圳券商A股IPO新受理情况 | | | --- | --- | | 证券简称 | 项目数 | | 国信证券 | 6 | | 招商证券 | 4 | | 平安证券 | 2 | | 第一创业 | 1 | | | | 深圳券商2025年上半年营收、归母净利润情况 | | | | --- | --- | --- | --- | --- | | | | | | (单位:亿元) | | 证券简称 | 营业总收入 | 营收同比 | 归母净利润 净利润同比 | | | 国信证券 | 110.75 | 51.84% | 53.67 | 71.00% | | 招商证券 | 105.20 | 9.64% | 51.86 | 9.23% | | 国投证券 | 56.31 | 27.43% | 16.97 | 39.67% | | 长城证券 | 28.59 | 44.24% | 13.85 | 91.92% | | 第一创业 | 18.32 | 20.20% | 4.86 | 21.41% | | 五矿证券 | 5.07 | -13.67% | 1.17 | -3.36% | | 英大证券 | 3.89 | 3.71% | ...