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7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8月6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 ...

截至月份: 2025年7月31日 狀態: 新提交 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 致：香港交易及結算所有限公司 | 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 | | 7,422,005,272 | | 2. 股份分類 | 普通股 | H 股份類別 | | | | 於香港聯交所上市 (註1) | ...

杠杆资金 正在加速入场。 国元证券认为，融资余额占流通市值比率处于低位，融资余额环比增长2.3%，杠杆资金情绪稳定。 继续看好后市 A股两融余额的变动与行情走势高度相关。展望后市，不少券商认为行情还会延续。 招商证券称，A股在8月创下新高的可能性比较大。展望8月，市场指数可能在8月中上旬呈现震荡的格 局，在8月中下旬重新回归此前的上行趋势，并可能继续创新高。8月中上旬，在前期市场明显上涨后， 进入业绩披露月。整体来看，上市公司业绩喜忧参半，部分涨幅比较大的偏主题概念类股票面临业绩披 露前的调整压力。而8月下旬业绩披露靴子落地后，重新进入业绩真空期状态。8月上旬，对于中美关税 冲突升温的担忧可能一直反复，但是到8月12日前后，新一轮关税事件节点落地后，更加临近大阅兵和 四中全会，风险偏好有望重新恢复。 杠杆资金情绪稳定 券商中国记者注意到，今年以来，两融余额增长较快，年初时（2025年1月2日），两融余额是1.86万亿 元，至今增长了大概1400亿元。2024年初、2023年初、2022年初、2021年初两融余额分别是1.66万亿 元、1.55万亿元、1.83万亿元、1.64万亿元。2015年时，两融余额短暂突 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 招商证券表示，在当前经济弱复苏/稳定复苏的环境下，市场风险偏好的变化主导市场节奏。7月政治局 会议强调政策的连续性与稳定性、灵活性和预见性，宏观流动性将继续保持宽松状态。当前9月美联储 降息概率较大，美元指数、美债利率大概率下行，但多因素可能导致预期反复、波动增大。增量资金层 面，当前仍是融资资金+私募基金+产业/主题ETF等活跃资金主导，在其他类型的场外资金明显入市之 前，预计小盘风格仍将延续。 2000ETF（561370）跟踪中证2000指数，该指数选取市值规模较小且流动性较好的2000只证券作为指数 样本，涵盖机械设备、电子、计算机等多个行业，能够有效捕捉小盘股的增长潜力，为投资者提供多样 化的投资选择，可以关注小盘股板块的后续弹性预期。 ...

Core Viewpoint - The investigation into Gao Xiang, the general manager of the institutional business department at China Merchants Securities, highlights serious disciplinary violations linked to a commission rebate scheme involving quantitative trading firms, particularly related to the case of Li Cheng, the market director of Huanfang Quantitative [1][3][4]. Group 1: Investigation and Management Changes - Gao Xiang is under investigation for serious violations and is being scrutinized by the disciplinary committees of China Merchants Group and Zhongshan City [3]. - The institutional business department, where Gao worked, generated 10.233 billion yuan in revenue in 2024, accounting for 48.98% of the company's total revenue [3]. - Gao's appointment was short-lived, as he took office less than a month before being investigated, following a recent leadership change at the Shenzhen branch [3]. Group 2: Commission Rebate Scheme - The internal commission rebate system at China Merchants Securities allows brokers to receive 40% of the net trading commissions as performance bonuses [4]. - Gao's case is directly linked to the investigation of Li Cheng, who, along with a former manager, allegedly misused the commission rebate system to siphon off 118 million yuan over six years [4]. - The investigation reveals a potential hidden mechanism of commission rebates between brokers and quantitative private equity firms, violating regulatory guidelines [4]. Group 3: Systemic Risks and Regulatory Response - The Gao Xiang case serves as a warning for internal governance at China Merchants Securities and exposes systemic risks in commission sharing during the rapid growth of quantitative trading [5]. - The new leadership, including Zhu Jiangtao, is expected to focus on balancing performance and compliance, which will be crucial for the industry's transformation [5]. - Regulatory measures are being strengthened, as indicated by the proposed revisions to the Securities Industry Professional Reputation Information Management Measures, which will include any commercial bribery in the record of unlawful conduct [4].

| 全球平板电脑出货量 (市场份额和年增长率) | | | | | | | --- | --- | --- | --- | --- | --- | | Canalys PC 分析统计数据: 2025 年第二季度 | | | | | | | 2025 年 | | 2025 年 | 2024 年 | 2024 年 | संच हिं | | 商 | 第二季度 | 第二季度 | 第二季度 | 第二季度 | | | 버렸을 | | 市场份额 | 버분들 | 市场份额 | | | 25 25 | 14,108 | 36.1% | 13,773 | 38.6% | 2.4% | | 三星 | 6,656 | 17.1% | 6,776 | 19.0% | -1.8% | | 华为 | 3,231 | 8.3% | 2,501 | 7.0% | 29.2% | | 時寝 | 3,098 | 7.9% | 2,485 | 7.0% | 24.7% | | 小米 | 3,051 | 7.8% | 2,144 | 6.0% | 42.3% | | 真临 | 8,891 | 22.8% | 8,042 | 22.5% | 10.6 ...

Core Viewpoint - The solid-state battery industry is accelerating its commercialization process, with expectations for vehicle integration starting in 2026 and large-scale production by around 2030 [1][3]. Group 1: Industry Development - The research and development of solid-state batteries is progressing rapidly, transitioning from laboratory to pilot production lines [2]. - Leading battery manufacturers have achieved pilot production levels, with vehicle integration expected to begin in 2026 [2][3]. - Major players like CATL and BYD are investing heavily in solid-state battery technology, with CATL aiming for small-scale production by 2027 and large-scale production by 2030 [3]. Group 2: Material Trends - The industry is increasingly focusing on sulfide electrolytes as the main direction for solid-state batteries, with the LSPC route gaining traction [2][4]. - Sulfide electrolytes have shown ion conductivity levels approaching that of liquid lithium batteries, but environmental concerns and solid-solid interface issues pose challenges for commercialization [4]. Group 3: Production Challenges - Lithium sulfide, a key raw material for sulfide electrolytes, has a high production cost exceeding 3 million yuan per ton, accounting for over 50% of the battery cell cost [5]. - Current domestic lithium sulfide manufacturers are primarily at the pilot production scale, and environmental regulations regarding hydrogen sulfide may present significant barriers to mass production [5].

Group 1 - The issuance of bonds by securities firms has reached nearly 770 billion yuan this year, reflecting a year-on-year increase of over 32%, indicating a strong capital replenishment trend in the industry [1] - A total of 70 securities firms have issued bonds this year, with 24 firms issuing over 10 billion yuan each, showcasing the active participation of major players like China Galaxy and Huatai Securities [1] - The increase in bond issuance is expected to enhance the business expansion capabilities of leading firms and improve the overall capital adequacy ratio of the securities industry, thereby strengthening its risk resistance and market competitiveness [1] Group 2 - Yecai Xin has been appointed as the new chairman of Invesco Great Wall Fund, bringing a background from China Huaneng Group, which may enhance the company's shareholder background and inject new vitality into its business development [2] - The leadership change reflects the vitality of the fund industry and is expected to bring positive expectations for the capital market [2] Group 3 - In August, the issuance of new funds has surged, with 72 new funds launched, indicating a relatively abundant market liquidity [3] - Fund companies are shifting their strategies from merely pursuing scale to improving product lines, which is a sign of a more rational industry approach [3] - This trend is likely to provide incremental capital to the market, particularly benefiting the securities sector and promoting healthy market development [3] Group 4 - Dongfang Securities has completed the repurchase of 26.7032 million A-shares, accounting for 0.3143% of its total share capital, with an average repurchase price of 9.37 yuan per share [4] - The repurchase reflects the company's recognition of its intrinsic value and is expected to boost investor confidence and optimize its capital structure [4] - The trend of share buybacks in the securities sector may lead to a re-evaluation of industry valuations and enhance the stability of financial stocks [4]

证券代码：600999 证券简称： 招商证券 编号： 2025－031 招商证券股份有限公司 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 同意修订《招商证券股份有限公司企业年金方案》。 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 招商证券股份有限公司（以下简称公司）第八届董事会第二十一次会议通知 于 2025 年 8 月 1 日以电子邮件方式发出。会议于 2025 年 8 月 5 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 本次会议审议并通过了关于修订《招商证券股份有限公司企业年金方案》的 议案。 ...

招商证券股份有限公司 本次交易的内幕信息知情人买卖股票情况的核查期间为：本次重组交易首次 披露前六个月起至上市公司重组报告书披露前一日止，即2024年12月20日至2025 年7月23日。 关于中盐内蒙古化工股份有限公司本次重大资产重组 相关内幕信息知情人买卖股票情况的自查报告 的核查意见 中盐内蒙古化工股份有限公司（以下简称"中盐化工"或"上市公司"）的 参股公司中盐（内蒙古）碱业有限公司拟实施定向减资。本次交易构成上市公司 重大资产重组。 招商证券股份有限公司（以下简称"招商证券"或"独立财务顾问"）作为 本次交易的独立财务顾问，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上海证券交易所上市公司自律监管 指引第6号——重大资产重组》《监管规则适用指引——上市类第1号》等有关法 律法规及规范性文件的规定，对本次交易相关内幕信息知情人在本次重组交易首 次披露前六个月起至上市公司重组报告书披露前一日止（即2024年12月20日至 具本核查意见。 本核查意见中所引用的简称和释义，如无特殊说明，与《中盐内蒙古化工股 份有限公司参股公司减资之重大资产重组报告书（草案） （修 ...