Core Viewpoint - The report from China Merchants Securities highlights five key sectors with marginal improvements to focus on in August: AI applications, AI hardware, non-bank financials, defense and military industry, and innovative pharmaceuticals [1] Short-term Focus - The five sectors identified for short-term attention include AI applications, AI hardware, non-bank financials, defense and military, and innovative pharmaceuticals [1] Long-term Strategy - The long-term strategy suggests focusing on cycles and supply-demand dynamics, emphasizing the progress of societal intelligence under the new technology cycle, including continuous iteration of large models, improvement of computing infrastructure and AI ecosystem, commercialization of AI business models, and AI's empowerment of consumer electronics and robotics [1] Domestic Substitution Cycle - Attention is drawn to the domestic substitution cycle, particularly in the context of self-controllable industrial chains related to domestic large models, AI applications, computing power, and the integrated circuit industry [1] Carbon Neutrality Cycle - The report also emphasizes the carbon neutrality cycle, focusing on cost reduction and efficiency improvement across the entire industry chain, including solar energy, wind energy, energy storage, hydrogen energy, and nuclear power [1] Electrification and Intelligence Trend - The trend towards electrification and intelligence is highlighted, with an increase in the penetration rate of electric smart vehicles [1]

证券日报网讯 8月5日晚间，招商证券发布公告称，公司第八届董事会第二十一次会议审议通过了《关 于修订的议案》。 （文章来源：证券日报） ...

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第八 屆董事會第二十一次會議決議公告》，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8月5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、黃堅先生、張銘文先 生及丁璐莎女士；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。 第八届董事会第二十一次会议决议公告 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 ...

Core Viewpoint - The A-share market is experiencing significant growth in new investor accounts, indicating a positive outlook for the capital market and a shift towards equity investments, which is beneficial for the securities sector [6][7]. Group 1: Market Performance - On August 5, the Shanghai Composite Index rose nearly 1%, reaching a new high for the year, with over 3,900 stocks gaining in value, driven by strong performance from heavyweight stocks [1]. - The leading securities ETF (560090) has seen a 0.94% increase, marking two consecutive days of gains and attracting over 13 million yuan in net inflows over the past five days [1][3]. Group 2: Securities Sector Growth - The component stocks of the leading securities ETF (560090) almost all experienced gains, with notable increases such as a 6% rise in Xinda Securities and over 3% in Hongta Securities [3]. - The top ten component stocks of the securities ETF include companies like Dongfang Caifu and CITIC Securities, with trading volumes and estimated weights indicating strong market interest [4]. Group 3: Investor Behavior and Market Dynamics - In July 2025, new A-share accounts reached 1.96 million, a 71% increase compared to July 2024, reflecting a significant rise in investor participation [6]. - The increase in new accounts is associated with a positive shift in investor sentiment towards the capital market, as evidenced by a notable rise in the proportion of household savings allocated to A-shares [6][7]. - The market is entering a phase characterized by increased activity and liquidity, with a strong feedback loop of capital inflow driving market growth [7][9]. Group 4: Future Outlook for Securities Firms - The securities sector is expected to benefit from the increase in new accounts, leading to enhanced liquidity and potential performance improvements for brokerage firms [9]. - Positive policy developments and market conditions are anticipated to support the growth of brokerage firms' earnings and valuations, with a focus on both short-term and long-term opportunities [9].

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 第八届董事会第二十一次会议决议公告 招商证券股份有限公司董事会 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。 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。 2025 年 8 月 5 日 1 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经8月5日讯（记者 高艳云）近期，沪指在3600点关口附近持续震荡，市场情绪有所波动。包括 招商证券、中信证券、中信建投、银河证券等在内的多家头部券商陆续发布研报，表达对市场中长期向 好的坚定信心。 中信证券官方微信公众号直言"坐稳扶好"，同时发文指出"牛市，也会换挡""3600点以上，波动加大"。 撰文用语还颇为"鸡汤"，道理与逻辑十足，比如"记住，对于大部分普通人来说，要掌握的不是牛市赚 钱的技能，而是终其一生、穿越各种周期性波动的、财富稳健增长的能力。"值得注意的是，该文又是 一篇"10万+"，且转发过万。 中信建投资深策略分析师夏凡捷直言，全球货币宽松和A股资金面充裕的环境不变，投资者的牛市预期 不变，新赛道的结构性景气不变。阶段性震荡整固，有利于A股慢牛行情行稳致远。 银河证券首席策略分析师杨超称，市场交投活跃度整体仍处于较高水平，预计市场维持在震荡偏高中枢 运行，关注结构性机会。中长期来看，市场向好趋势不改。 华泰证券分析师何康认为，目前赚钱效应已回调至7月中旬位置，市场抛压相对可控，短期A股或进入 波动率放大的平台期 ...

证券研究报告 | 宏观点评报告 2025年08月05日 点评报告 频率:每月 相关报告 1、《制造业 PMI或延续偏弱— 一7月 PMI 数据点评》2025-07- 31 张静静 S1090522050003 ≥ zhangjingjing@cmschina.com.cn 张岸天 S1090522070002 zhangantian@cmschina.com.cn S1090524070004 罗 丹 Y luodan7@cmschina.com.cn 张玉书 研究助理 zhangyushu@cmschina.com.cn □ 风险提示:政策效果存在不确定性;关税政策存在不确定性。 故请阅读末页的重要说明 CMS 0 招商证券 7 月 PMI 数据显示制造业收缩加剧,非制造业扩张动能减弱。制造业新订 单指数降至 49.4%,非制造业新订单指数创阶段性低点 45.7%,内外需均 表现相对较弱。随着"抢出口"效应消退,新订单"青黄不接",但从出 口高频数据看,7月当月的出口增速或与6月基本持平,PMI 新订单的走 弱或更多反映未来月份出口增速走弱概率较大。制造业生产指数降至 50.5%. 建筑业商务活动指数大幅回 ...

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300059 | 东方财富 | 1.58亿 | 2.41% | -8426.69万 | -1.29% | -7352.85万 | -1.12% | | 600958 | 东方证券 | 1.48 Z | 10.67% | -2868.62万 | -2.07% | -1.19 Z | -8.59% | | 868T09 | 工商银行 | 1.42 Z | 5.41% | -1.28亿 | -4.90% | -1345.58万 | -0.51% | | 002673 | 西部证券 | 9014.83万 | 12.95% | 352.64万 | 0.51% | -9367.47万 | -13.46% | | 601211 | 圆泰海通 | 8256.91万 | 5.43% | -7496.03万 | -4.93% | -760.88万 | -0.50% | | 601198 ...

Group 1 - The market has a high expectation for the Federal Reserve to cut interest rates in September, with the probability rising from 37% to over 80% after the release of the non-farm payroll data on August 1 [1] - The July non-farm employment data was significantly revised down, with only 73,000 jobs added, far below the expected 109,000, triggering recession warning signals [1] - The resignation of hawkish Federal Reserve member Adriana Kugler increases the political feasibility of rate cuts [1] Group 2 - The anticipated interest rate cut is expected to alleviate housing burdens and stimulate demand in the real estate, home appliance, and tool industries, with consumer spending in these sectors projected to grow in Q1 and Q2 of 2025 [2] - Companies in the tool sector, such as Xianfeng Holdings, Juxing Technology, and Chuangke Industrial, are closely linked to the U.S. real estate cycle, with rate cuts expected to boost sales data [2] - In the black and white goods sector, brands like TCL and Hisense are targeting the high-end market, while Haier is leveraging local manufacturing advantages to capture market share and improve overseas profit margins [2] Group 3 - In the two-wheeler sector, companies like Ninebot, Taotao, and Chunfeng are establishing overseas bases, effectively avoiding tariffs through production in countries like Vietnam, Thailand, and Mexico [3]

Core Viewpoint - The securities sector is experiencing positive momentum, with significant increases in stock prices and trading volumes, indicating strong investor interest and potential growth opportunities in the market [1][3][6]. Group 1: Market Performance - The CSI All Share Securities Company Index rose by 0.38% as of August 5, 2025, with notable increases in individual stocks such as Xinda Securities (up 5.59%) and Dongxing Securities (up 2.60%) [1]. - The securities ETF managed by Harvest (562870) also saw a rise of 0.40%, reflecting overall positive sentiment in the sector [1]. Group 2: Trading Activity - The securities ETF by Harvest recorded a turnover rate of 1.55% and a transaction volume of 5.3764 million yuan, with an average daily trading volume of 38.984 million yuan over the past year [3]. - In the past week, the ETF's scale increased by 83.6478 million yuan, marking the highest growth among comparable funds, and its shares grew by 94 million [3]. Group 3: Fund Inflows - Over the last five trading days, the Harvest securities ETF experienced net inflows on four occasions, totaling 111 million yuan, indicating strong investor confidence [3]. Group 4: Sector Composition - As of July 31, 2025, the top ten weighted stocks in the CSI All Share Securities Company Index accounted for 60.37% of the index, with companies like Dongfang Wealth and CITIC Securities leading the list [3][4]. Group 5: Earnings Forecast - As of August 1, 2025, 27 listed securities firms had released their semi-annual earnings forecasts, with 24 firms expected to be profitable, including 23 firms projecting earnings growth [6]. - The brokerage and margin trading businesses are benefiting from favorable policies, leading to increased market transactions, while the investment banking sector is seeing a recovery in IPOs and refinancing activities [6][7]. Group 6: Investment Opportunities - The positive earnings forecasts, combined with ongoing capital market reforms and expectations of liquidity easing, suggest that there are significant investment opportunities in the brokerage sector for the second half of the year [7].