（编辑 任世碧） 证券日报网讯 12月29日，招商证券发布公告称，公司第八届董事会第二十七次会议审议通过《关于公 司2025年三季度内部审计工作报告的议案》《关于修订〈招商证券股份有限公司洗钱和恐怖融资风险管 理办法〉的议案》《关于确定公司2025年度审计费用的议案》等多项议案。 ...

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 ） 证券代码：600999 证券简称： 招商证券 编号： 2025－056 （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第八 屆董事會第二十七次會議決議公告》，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12月29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、李德林先生、李曉霏先生、黃堅先生、張銘文先生及丁璐莎 女士；本公司職工代表董事為馬小利先生；以及本公司獨立非執行董事為葉熒志先 生、張瑞君女士、陳欣女士、曹嘯先生及豐金華先生。 招商证券股份有限公司 第八届董事会第二十七次会议决议公告 本公司董 ...

二、董事会会议审议情况 证券代码：600999 证券简称： 招商证券 编号： 2025－056 招商证券股份有限公司 第八届董事会第二十七次会议决议公告 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）第八届董事会第二十七次会议通知 于 2025 年 12 月 26 日以电子邮件方式发出。会议于 2025 年 12 月 29 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，实际出席董事 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。 （一）关于公司 2025 年三季度内部审计工作报告的议案 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会预审通过。 （二）关于修订《招商证券股份有限公司洗钱和恐怖融资风险管理办法》 的议案 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 （三）关于确定公司 2025 年度审计费用 ...

Core Insights - The report from China Merchants Securities highlights the integration of open-source GPT models into e-commerce, creating a closed-loop conversion from intent to transaction, significantly shortening the user decision-making path [1] - ChatGPT has partnered with major retailers like Etsy, Shopify, Walmart, and Target to pilot AI-driven direct payment, contextual recommendations, and local fulfillment services, marking a new entry point for online traffic for traditional retail giants [1] Group 1: E-commerce Transformation - Open-source GPT models are driving e-commerce from "self-search" to "intelligent agents," enhancing user experience and operational efficiency for small and medium-sized businesses [1] - Walmart saw approximately 15% of its total referral traffic come from ChatGPT in September, up from 9.5% in August, indicating a significant increase in AI-driven traffic [2] - Target has innovatively integrated fresh and local inventory with DriveUp fulfillment, providing a personalized and one-stop shopping experience [2] Group 2: Competitive Responses - Amazon has opted for a closed-source self-developed Rufus model to control platform traffic and data, focusing on personalized memory, scene recognition, and multimodal search capabilities [3] - Rufus is expected to see a 140% year-over-year increase in monthly active users and a 210% increase in interaction volume by 2025, enhancing user conversion rates [3] - Amazon is also developing AI chips, Trainium and Inferentia, to support Rufus, ensuring cost-effective AI service operations [3] Group 3: AI Integration in Chinese Market - Alibaba's "Qwen" project, centered around the Qwen model, aims to create an intelligent assistant app that facilitates AI-driven shopping experiences [4] - The "豆包" service has integrated with Douyin Mall, achieving over 10 million downloads in its first week, showcasing strong user engagement and ecosystem integration [4] - The Qwen3 model ranks among the top globally, enhancing Alibaba's competitive edge in AI and content innovation [4] Group 4: Investment Opportunities - The acceleration of AI in e-commerce is reshaping the industry chain and monetization models, presenting investment opportunities in related companies [5] - Companies like "什么值得买" and SaaS firms such as 光云科技 are rapidly advancing AI product integration, enhancing the entire process from recommendation to customer service [5] - Other notable companies include 淘宝系生态 companies like 若羽臣, 青木科技, and marketing agencies like 易点天下 and 蓝色光标, which are also positioned for growth in this evolving landscape [5]

招商证券首次覆盖文远知行，予增持评级。 ...

招商证券认为，随着海外商业化的加速和车队规模的扩大，预计公司收入将实现高速增长，预测2025至 2027财年收入分别为5.5亿元人民币(下同)、9.5亿元、20.1亿元，分别同比增长52.7%、72.1%及112%， 并看好公司在robotaxi行业卡位及增长潜力。 招商证券发布研报称，文远知行-W(00800)是全球L4自动驾驶领域的技术先锋与商业化先行者，当前全 球Robotaxi行业进入拐点，公司凭借优势的海外商业化落地、产品矩阵全布局、技术和硬件储备，有望 扩大竞争优势，首次覆盖给予"增持"评级。 ...

智通财经APP获悉，招商证券发布研报称，文远知行-W(00800)是全球L4自动驾驶领域的技术先锋与商 业化先行者，当前全球Robotaxi行业进入拐点，公司凭借优势的海外商业化落地、产品矩阵全布局、技 术和硬件储备，有望扩大竞争优势，首次覆盖给予"增持"评级。 招商证券认为，随着海外商业化的加速和车队规模的扩大，预计公司收入将实现高速增长，预测2025至 2027财年收入分别为5.5亿元人民币(下同)、9.5亿元、20.1亿元，分别同比增长52.7%、72.1%及112%， 并看好公司在robotaxi行业卡位及增长潜力。 ...

Group 1 - The core viewpoint of the article is that Wenyan Zhixing is a technological pioneer and commercial leader in the global L4 autonomous driving sector, with the Robotaxi industry reaching a turning point [1] - The company is expected to expand its competitive advantage due to its strong overseas commercialization, comprehensive product matrix, and technological and hardware reserves [1] - With the acceleration of overseas commercialization and fleet expansion, the company's revenue is projected to grow rapidly, with forecasts of 550 million, 950 million, and 2.01 billion yuan for the fiscal years 2025 to 2027, representing year-on-year growth rates of 52.7%, 72.1%, and 112% respectively [1] - The company is well-positioned for growth and potential in the Robotaxi industry, leading to an initial "buy" rating from the brokerage [1]

Group 1 - Major institutional investors are continuously increasing their holdings in A500 ETF and other broad-based products, providing stable incremental capital to the market [1] - The significant net subscription of A500 ETF may be influenced by quarter-end adjustments, but this factor is considered to have a relatively limited impact on the capital situation [1] - Following the substantial subscription of A500, there has been an accelerated net inflow of financing funds, indicating a positive trend in market dynamics [1] Group 2 - As the market learns and adapts, investors are positioning themselves in anticipation of the "spring rally," with ongoing accumulation of market profitability [1] - The continuous appreciation of the offshore RMB is expected to facilitate the gradual return of foreign capital to the Chinese market, further improving the capital situation [1] - Overall, the market is gradually building upward momentum, with a potential "cross-year + spring" rally expected to unfold [1]

Core Viewpoint - The announcement by Shengyuan Environmental on December 26, 2025, revealed significant losses from a private fund investment, highlighting issues within the private fund industry, including risk control failures and potential falsification of net asset values [1][5]. Investment Losses - Shengyuan Environmental's wholly-owned subsidiary, Xiamen Jinlingji, invested 60 million yuan in a private fund, which saw its net value plummet to 0.1846 yuan within nine months, resulting in a loss of 46.92 million yuan, exceeding 10% of the company's audited net profit for the last fiscal year [1][3]. Risk Control Measures - The private fund contract included several risk control measures, such as limiting single asset investments to no more than 25% of net assets and requiring cash assets to exceed 50% when net value fell below 0.8. However, these measures were not effectively implemented [3][4]. - Specific failures included unauthorized trading by the fund manager and a lack of adherence to information disclosure requirements, leading to the potential falsification of net asset values [4][5]. Fund Performance - The fund's net value dropped from 0.9215 yuan on December 4 to 0.2596 yuan by December 11, marking a 71.83% decline in just one week, with cumulative losses reaching 81.54% by December 25 [4][6]. Regulatory Actions - Following the discovery of the significant losses, Shengyuan Environmental established a special task force and reported the matter to law enforcement and the China Securities Regulatory Commission [8]. - The company's major shareholders committed to compensating for the investment losses, and the company received a warning from the Xiamen Securities Regulatory Bureau for failing to disclose the losses in a timely manner [11]. Industry Context - The case of Shengyuan Environmental is not isolated, as other companies have also faced substantial losses in private fund investments, underscoring the inherent risks associated with private fund management and the importance of regulatory oversight [10].