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8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9月4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 ...

Core Viewpoint - Dalian Heavy Industry is actively engaging with institutional investors to discuss its business development, order status, and overseas operations, highlighting its strategic growth plans and market opportunities [1] Business Layout and Development History - Dalian Heavy Industry was established in 1993 and transformed into a joint-stock company in 2007, listing on the Shenzhen Stock Exchange in 2008. After a major asset restructuring in 2011, it has developed into a diversified industrial group with six collaborative business segments [2] Detailed Analysis of Business Segments - In 2024, the sales revenue distribution across various segments is as follows: Material Handling Equipment (14.46%), Engineering General Contracting (7.35%), New Energy Equipment (25.78%), Core Components (8.79%), Metallurgical Equipment (18.96%), and Others (3.88%) [3] - Key products include strong market positions in material handling equipment (e.g., stacker-reclaimers), metallurgical equipment (e.g., continuous casting and rolling equipment), and new energy equipment (e.g., wind turbine components) [3] - Revenue growth drivers for 2024 include increased demand for material handling equipment due to port infrastructure needs, with sales of large stacker-reclaimers expected to rise by 80% and sales revenue from dumpers projected to grow by 102.76% [3] - For 2025, revenue growth is anticipated to continue based on favorable market conditions in ports and wind energy sectors, while by 2027, the company aims for stable revenue growth through strategic planning and digital transformation [3] Orders and Downstream Market Conditions - As of August 2025, the company has a cumulative contract backlog of 34.53 billion yuan. Most downstream industries are experiencing stable growth, while the metallurgical sector is undergoing structural adjustments [4] - The company has established subsidiaries or offices in multiple countries, exporting products to 96 countries, with significant overseas revenue from Australia, particularly in the material handling equipment segment [4] - The company expects overseas revenue to double due to its international business strategy, participation in the Belt and Road Initiative, and increased demand in the Indian market [4] - Future growth targets include maintaining overseas business at over 20% of total revenue, supported by regional market strategies and localized services [4] Other Important Matters - The company has implemented cost control measures and institutional reforms to enhance governance and operational efficiency, focusing on digital transformation and long-term mechanisms [5] - A stock incentive plan is in place to attract talent and align with the company's growth stage and industry trends [5]

Core Viewpoint - The sell-side research business in China's securities industry is considered the "crown jewel," reflecting a brokerage's professional capability and comprehensive influence, despite not generating significant profits [2][3]. Summary by Sections Sell-Side Research Capability Measurement - The measurement of sell-side research capabilities among brokerages is primarily based on the total amount of commission allocated by public funds and their rankings. The recent commission ranking, following the public fund commission reform, highlights the strengths and weaknesses of research and service capabilities [3][4]. Top Tier: Expected Reshuffling and Surprises - The merger of two traditional institutions, Guotai Junan and Haitong Securities, into Guotai Haitong Securities has created a reshuffling opportunity in the top tier of sell-side research. However, the merged entity did not surpass CITIC Securities, which remains the leader with a significant gap in commission income [4][5]. Commission Rankings - CITIC Securities leads with a total commission of 319 million yuan, holding a market share of 7.13%. Guotai Haitong Securities follows with 268 million yuan, while GF Securities ranks third with 250 million yuan [5][6][8]. Competitive Landscape - The competition for the second and third positions in the sell-side research market is expected to be intense, particularly between Guotai Haitong and GF Securities, given their close commission figures [7]. First Tier: Strong Contenders - The top ten brokerages are characterized by complete systems, strong teams, and significant influence. The rankings are subject to change based on performance in the latter half of the year [9][10]. Rising Institutions - Zhejiang Securities, Shenwan Hongyuan, and CICC have shown significant improvements in their rankings without the benefit of mergers, indicating genuine growth in their research capabilities [11][12]. Second Tier: The "Billion Club" - The second tier of brokerages, ranked 11th to 20th, is highly competitive, with many firms vying for the "billion club" threshold. The top three in this tier are Tianfeng Securities,招商证券, and东吴证券, all closely matched in commission income [14][15]. Notable Exceptions - Guolian Minsheng Securities, which also underwent a merger, is uniquely positioned in the rankings due to its late merger timing, potentially affecting its future standings [16]. Bottom Tier: Rare Positive Growth - Among the bottom ten brokerages, there are rare examples of positive growth, particularly华源证券 and华福证券, which have seen significant increases in their commission income due to strategic hires and team expansions [17][19].

Core Viewpoint - The company intends to use part of its idle raised funds to temporarily supplement its working capital, ensuring that this does not affect the progress of its investment projects [1][5][6]. Summary of Fundraising Situation - The company raised a total of approximately 3.999 billion RMB through a non-public offering of up to 177,147,918 shares, with a net amount of about 3.995 billion RMB after deducting issuance costs [1]. - As of June 30, 2025, the company has utilized approximately 388.66 million RMB of the raised funds for various projects, including pig breeding and working capital supplementation [2]. Previous Use of Idle Funds - The company previously approved the temporary use of up to 110 million RMB of idle raised funds for working capital, with a usage period not exceeding 12 months [3][4]. Current Plan for Idle Funds - The company plans to use up to 110 million RMB of idle raised funds to temporarily supplement working capital, with the same 12-month usage period [4][5]. - The funds will only be used for operations related to the company's main business and will not affect the normal progress of investment projects [5][6]. Internal Decision-Making Process - The company held board and supervisory meetings on September 4, 2025, to approve the use of idle funds, ensuring compliance with relevant regulations [5][6]. Financial Efficiency and Cost Savings - By using idle funds for working capital, the company expects to save approximately 1.65 million RMB in financial costs, reducing reliance on bank loans [6].

格隆汇9月4日｜港股延续昨日跌势，三大指再度呈现高开低走行情，市场情绪持续低迷。截止收盘，恒 生指数跌1.12%险守25000点大关，国企指数跌1.25%，恒生科技指数跌1.85%。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 盘面上，大型科技股、大金融股(银行、保险、券商)等权重多数表现低迷拖累大市下行，其中，阿里巴 巴跌3.2%，小米跌超2%，招商证券(600999)、广发证券(000776)跌近2%，中国太保(601601)跌超5%领 衔内险股走低，内银股尾盘虽部分拉升但总体依旧疲弱；半导体芯片股跌幅较为明显，晶门半导体跌超 7%，龙头股中芯国际跌6.67%；由于黄金价格因获利了结而走弱，连续上涨的黄金股大肆回调，潼关黄 金跌近9%，中国黄金国际、灵宝黄金跌超7%，生物医药股、汽车股、苹果概念股等热门板块齐跌。 另一方面，农产品(000061)股、餐饮股、乳制品股 ...

Core Viewpoint - The report from China Merchants Securities International maintains a target price of HKD 33.5 for China Resources Beer (00291) and an "Accumulate" rating, highlighting the company's strong free cash flow and low capital expenditure needs [1] Group 1: Dividend Policy - The company has increased its interim dividend payout ratio to 26% and expects the payout ratio to exceed 50% by 2025, indicating a strong commitment to returning value to shareholders [1] - The robust balance sheet and stable profit margins suggest that dividends will remain a core part of the investment rationale [1] Group 2: Sales Performance - In the second half of the year, sales growth for China Resources Beer in July and August is expected to outpace that of the first half [1] - Management anticipates that performance in the second half will improve due to retail and digital expansion, as well as enhanced customer relationship management [1]

Core Viewpoint - The report from China Merchants Securities International maintains a target price of HKD 33.5 for China Resources Beer (00291) and an "Accumulate" rating, highlighting the company's strong free cash flow and low capital expenditure needs [1] Group 1: Dividend Policy - The company has increased its interim dividend payout ratio to 26% and expects this ratio to exceed 50% by 2025, indicating a strong commitment to returning value to shareholders [1] - The robust balance sheet and stable profit margins suggest that dividends will remain a core part of the investment logic [1] Group 2: Market Performance - In the context of a sluggish growth environment, the rising dividend payout ratio is seen as providing downside protection and supporting valuation [1] - Looking ahead to the second half of the year, sales growth for China Resources Beer in July and August is expected to outpace that of the first half, driven by retail and digital expansion as well as effective customer relationship management [1]

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8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9月4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 ...

智通财经APP获悉，招商证券发布研报称，六氟供需已处于紧平衡状态，若明年行业继续增长，明年可 能出现供需缺口。该行认为当前六氟磷酸锂价格有望继续上涨。考虑头部储能厂商的今明年在手订单较 为充足，目前储能排产的强势有望延续。从表面的供需态势看，接下来几个月六氟供需会处于紧平衡的 状态，考虑到明年需求仍有增长，明年六氟供需可能出现缺口。综上该行预计六氟价格上行有较好的持 续性。 招商证券主要观点如下： 下游需求强劲，锂电排产数据持续超预期 产业反馈，2025Q3锂电池排产环比仍有15%以上增长。部分格局相对有序的环节，在过去2年多下跌 后，开始迎来价格的向上拐点，其中，六氟磷酸锂环节的价格走势可能比较领先，该环节前三家企业市 占率近70%，集中度高，且当前六氟价格下仅天赐等个别企业盈利，二三线厂商普遍亏损，小厂关停较 长时间。近期，六氟公开市场报价已上涨至5.8万元/吨，TOP三的企业目前均处于满产状态，考虑接下 来几个月份排产继续向上，六氟供需已处于紧平衡状态，若明年行业继续增长，明年可能出现供需缺 口。该行认为当前六氟磷酸锂价格有望继续上涨。 风险提示：下游需求不及预期、新产能过快投放或爬坡 近期，六氟磷酸锂 ...

Core Viewpoint - A federal judge ruled that Google can retain its Chrome browser but must terminate exclusive search engine contracts for devices, while the company's AI continues to progress strongly, supported by a robust ecosystem of Android, YouTube, Chrome, and cloud services, which creates a competitive moat for its advertising business despite competition from chatbots [1] Group 1: Company Performance - Alphabet's valuation is the lowest among major US tech stocks, and the stability and strength of its advertising and cloud business make the risk-reward profile attractive [1] - The company has exceeded earnings expectations in recent quarters, indicating strong operational performance [1] Group 2: Future Projections - The firm expects a compound annual growth rate (CAGR) of 12% for revenue and 13% for operating profit from fiscal years 2024 to 2027 [1] Group 3: Target Price and Rating - Based on discounted cash flow analysis, the target price for Alphabet has been raised from $225 to $270, with a rating of "Buy," positioning it alongside industry favorites like Meta, DoorDash, and Netflix [1]