招商证券总裁朱江涛出席并发表主题演讲。朱江涛在介绍招商证券ESG发展战略时表示，招商证券ESG 战略明确创造了资本循环助力低碳转型、强化低碳赋能，增进民生福祉的四大使命——聚焦可持续金 融、气候风险应对、数字化转型、社会价值创造，招商证券建立了管理、激励、协同、考核四大保障机 制，做好相应的能力建设和资源匹配，全力推动ESG战略的实施。 朱江涛表示，招商证券ESG发展具有高屋建瓴的顶层设计，作为国务院国资委体系内规模最大的证券公 司，以及具有百年历史的招商局集团旗下的核心金融企业，公司始终坚信企业的可持续发展不仅是社会 责任的履行，更是长期价值创造的基石。2023年底，招商证券制定了专门的ESG战略，以高质量金融服 务助力中国经济、社会可持续发展，成为践行金融强国施明德领先投资银行。 责任编辑：张恒星 专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。 2025可持续全球领导者大会由世界绿色设计组织（WGDO）与新浪集团联合主办，国际财务报告准则 基金会（IFRS Foundation）北京办公室协办，新浪财经与世 ...

公司持续在AI领域加大投入并取得获益，1)微信方面，AI功能进一步丰富，赋能更多应用场景，如在内 容浏览中提供关键词智能检索，为微信小店商家提供智能客服回复，以及支持对视频号内容自动文字总 结等;2)游戏方面，AI赋能内容制作及虚拟队友等功能，加大《王者荣耀》《和平精英》等长青游戏内 应用，对吸引玩家的营销方案也有所赋能;3)广告方面，进一步加大AI在创作、投放、推荐及效果分析 中的应用，提升点击率和转化率及广告主回报。 目前公司AI能力已经对广告及长青游戏等业务产生了实质性的贡献，C端应用元宝DAU排名国内AI原生 应用Top3，9月28日混元发布并开源原生多模态生图模型"混元图像3.0"，并在LMArena发布的文生图榜 单中位居第一。随着公司进一步加大了对元宝应用与微信内AI等新AI机遇的投入，短期内对可能带来 成本上升，但该行认为公司现有高质量收入带来的经营杠杆将有助于消化相关影响，保持财务稳健，且 相关应用场景的落地有望加速，带来业绩增长增量空间。 智通财经APP获悉，招商证券发布研报称，维持腾讯控股(00700)"强烈推荐"投资评级。公司主营业务稳 健，核心游戏业务表现亮眼，AI赋能下广告等各业务 ...

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on global action, innovation, and sustainable growth [1] - The event is co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the Shanghai Huangpu District Government [1] - Approximately 500 prominent guests are expected, including around 100 international attendees, featuring politicians, former officials, representatives from international organizations, Nobel Prize winners, Turing Award winners, and leaders from Fortune 500 companies [1] Group 1 - The conference aims to explore new pathways for sustainable development and inject "Chinese momentum" into global sustainable governance [1] - The event is an upgrade from the previous four "ESG Global Leaders Conferences," indicating a growing emphasis on sustainability [1] - Zhu Jiangtao, President of China Merchants Securities, will deliver a keynote speech at the conference [1]

Core Insights - The event organized by China Merchants Securities at Jinan University focused on the application of big data technology in the financial industry, providing insights to 105 graduate students in financial technology [1][2] Group 1: Industry Insights - The course featured Wang Chao, head of the big data development team at China Merchants Securities, who explained the origins, evolution, and complete technical system of big data, emphasizing core technologies like Hadoop, HDFS, Spark, and Flink [2] - Wang analyzed how big data technology drives the transformation of the securities industry from traditional operations to digital and intelligent upgrades, highlighting the integration of diverse external data sources for precise customer profiling, intelligent risk control, targeted marketing strategies, and business operation optimization [2] Group 2: Educational Impact - The event provided students with valuable opportunities to engage with industry frontiers, effectively broadening their professional perspectives and deepening their understanding of financial technology applications [3] - By incorporating the latest industry technology dynamics and practical experiences into the classroom, the initiative helps students build a bridge between theory and practice, laying a solid foundation for their future career development [3] Group 3: Future Collaboration - Looking ahead, China Merchants Securities plans to deepen cooperation with Jinan University in areas such as talent cultivation, academic research, and employment guidance, aiming to nurture high-quality financial technology talents with international vision, innovative spirit, and solid skills [4]

Core Viewpoint - The report from China Merchants Securities International maintains a target price of $1215 for Netflix and an "overweight" investment rating, highlighting strong content reserves that support robust growth in the second half of the year [1] Group 1: Content and Programming - Netflix is expected to release major titles in Q4, including "Stranger Things," "The Perfect Match," "The Diplomat," and NFL live broadcasts, which will continue to capture audience share in the streaming market [1] - The collaboration with Spotify is anticipated to enrich Netflix's content ecosystem and expand into the podcasting sector [1] Group 2: Financial Performance - The company is projected to see a boost in stock price due to the performance in Q3 and the release of significant programming in Q4, with expectations of a price increase by early 2026 [1]

Core Viewpoint - The market is expected to experience a "first dip, then rise" pattern in Q4, with potential for upward movement driven by accumulating marginal positive factors [1][3] Market Factors - The marginal positive factors supporting the Hong Kong stock market include basic economic conditions, policy developments, liquidity, and valuation [2] - Despite a slowing macroeconomic environment in China, the new economy, particularly technology, shows strong growth with a reported profit growth rate of 31.7% in the first half of the year [2] - The U.S.-China tariff situation is anticipated to be a short-term disturbance, with a likelihood of easing tensions in the future [2] - The upcoming Fourth Plenary Session of the Communist Party is expected to introduce new policies that will enhance fiscal and monetary effectiveness, particularly in technology innovation and domestic demand [2] Liquidity and Interest Rates - U.S. inflation is stabilizing, leading to expectations of "preventive rate cuts" by the Federal Reserve, with predictions of two rate cuts in Q4 and three in the following year [2] - The inflow of foreign capital into the Hong Kong market is expected to continue, supported by the anticipated easing of U.S. monetary policy [2] Market Style - The market style is characterized by a balance between large-cap and small-cap stocks, with a relative preference for growth stocks due to the current liquidity conditions [4] Investment Strategy - The recommended investment strategy includes "four offensive sectors" (metals, technology, electricity, insurance) and "two defensive positions" (turnaround stocks, dividend stocks) [5] - The offensive sectors focus on resilient varieties, with specific attention to the AI industry and its potential for growth [5] - Defensive positions are aimed at long-term investments and risk mitigation, particularly in essential consumer goods and high-dividend stocks [6]

三维天地上市募集资金总额为58,591.80万元，扣除不含增值税的发行费用后，募集资金净额为51,553.96 万元。三维天地于2021年12月23日披露的招股说明书显示，该公司拟募集资金50,031.59万元，计划用于 质量大数据平台研发及产业化项目、数据资产管理智能化升级项目、武汉研发中心建设项目、营销服务 中心建设项目。 三维天地公开发行新股的发行费用(不含增值税)合计7,037.84万元，其中，承销及保荐费用4,952.67万 元。 中国经济网北京10月15日讯三维天地（301159）(301159.SZ)日前披露2025年半年度报告。 2025年1-6月，公司实现营业收入6,926.30万元，同比增长4.60%；归属于上市公司股东的净利润 为-6,057.69万元，上年同期为-6,890.31万元；归属于上市公司股东的扣除非经常性损益的净利润 为-6,093.76万元，上年同期为-6,466.58万元；经营活动产生的现金流量净额为-6,732.23万元，上年同期 为-1.05亿元。 三维天地于2022年1月7日在深圳证券交易所创业板上市，公司发行前的总股本为5,800.00万股，向社会 公开发行人民 ...

Core Points - Marco Polo Holdings Co., Ltd. has received approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission for its initial public offering (IPO) and main board listing [1][4] - Investors are required to fulfill their payment obligations by October 15, 2025, to avoid forfeiting their subscription [1] - The underwriter, China Merchants Securities Co., Ltd., will underwrite any shares that are not subscribed by investors [1] Summary by Sections - **IPO Details** - The IPO application has been approved and registered, allowing for the public offering of shares [1] - The shares offered online will have no restrictions on circulation and can be traded immediately upon listing [2] - **Investor Obligations** - Investors who fail to pay for shares after winning a subscription three times within 12 months will be barred from participating in future online subscriptions for six months [2][3] - The announcement serves as a payment notification for investors who have won shares in the online subscription [3] - **Subscription Results** - A total of 150,560 winning numbers were announced, with each winning number allowing for the subscription of 500 shares of Marco Polo A-shares [3]

招商证券预计，受避险情绪的影响，黄金价格会继续维持强势。而中长期内，有三方面因素继续推动黄 金价格中枢上移：（1）全球央行持续购买黄金对冲美元信用风险。（2）全球黄金ETF由黄金净卖出方 转为净买入方。去年三季度至今年二季度，全球黄金ETF和全球央行合计净买入黄金1490吨，相当于过 去5年全球央行净买入黄金规模的34.3%。（3）市场预期今年美联储还有两次降息。另外，明年美联储 主席换人后，降息幅度存在高于当前利率点阵图所反映的情况。也就是说，未来黄金价格至少是两轮驱 动，即货币属性和金融属性共同驱动。预计黄金价格有望在未来继续创新高。 ...

Core Viewpoint - The brokerage sector is expected to maintain a growth trend in net profit for Q3 2025, continuing the over 50% year-on-year increase seen in the first half of 2025, driven by strong market trading volumes [1][8]. Market Performance - The average daily trading volume for the Shanghai and Shenzhen markets in Q3 2025 reached 2.04 trillion yuan, representing a year-on-year increase of 153% and a quarter-on-quarter increase of 37% [1][3]. - The average margin financing and securities lending balance for Q3 2025 was 2.12 trillion yuan, up 49% year-on-year and 17% quarter-on-quarter [1][3]. - The Hong Kong market saw an average daily turnover (ADT) of 2,550 billion HKD year-to-date, a 93% increase compared to 2024 [6][7]. Investment Business - The stock market performed well, with key indices reaching new highs in 2025: the CSI 300 index increased by 17.90%, the ChiNext index by 50.40%, and the STAR 50 index by 49.02% [1][2]. Bond Market - The yield on 10-year government bonds rose to 1.86% during the reporting period, while the CSI All Bond Index fell by 1.78% [2]. - Despite an increase in equity exposure by most brokerages, the bond market's decline led to a slight decrease in proprietary trading income for Q3 2025 [2]. Brokerage and Margin Financing Business - The brokerage sector is expected to generate 437 billion yuan in revenue for Q3 2025, reflecting a year-on-year increase of 111% and a quarter-on-quarter increase of 43% [3]. - New A-share accounts opened in September 2025 totaled 2.9372 million, marking a 61% year-on-year increase [3]. Investment Banking Business - The A-share IPO scale for Q3 2025 was 38 billion yuan, up 148% year-on-year and 77% quarter-on-quarter [4]. - The total scale of refinancing (including private placements, rights issues, and preferred shares) was 74 billion yuan, a year-on-year increase of 189% [4]. Asset Management Business - The market saw a significant recovery in newly established equity funds, with 2,093 million units created in Q3 2025, a 304% year-on-year increase [5]. - The total scale of ETFs reached 5.6 trillion yuan by the end of Q3 2025, a 31% increase from the end of Q2 2025 [5]. International Business - The performance of the Hong Kong market and IPO activities has been active, with 71 new companies listed year-to-date, raising 187.3 billion HKD [6][7]. - The top brokerages are expected to maintain high growth in their overseas businesses, particularly those that completed capital increases for international subsidiaries [7]. Investment Recommendations - The brokerage sector is projected to achieve a net profit of 610 billion yuan in Q3 2025, reflecting a year-on-year increase of 54% [8]. - Investment opportunities are recommended in three main lines: strong comprehensive institutions benefiting from industry competition optimization, brokerages with high earnings elasticity, and firms with strong international business competitiveness [8].