Summary of Conference Call Company and Industry Involved - The conference call involves a company in the "车路云一组化产业" (Vehicle Road Cloud Integration Industry) sector, with participation from the company's Vice General Manager and a representative from the government. Core Points and Arguments - The Vice General Manager and the government representative provided insights into the latest developments in the Vehicle Road Cloud Integration Industry [1] - The company is focused on updating its operational and profit outlook in relation to these industry trends [1] Other Important but Possibly Overlooked Content - The call included analysis from an analyst named Liu Wenshu and a colleague named Liu Xinyi, indicating a collaborative effort in understanding the industry dynamics [1]

浙商证券股份有限公司 2023 年年度股东大会会议资料 浙商证券股份有限公司 2023 年年度股东大会 会议资料 浙商证券股份有限公司董事会 二〇二四年六月 1 / 103 浙商证券股份有限公司 2023 年年度股东大会会议资料 2023年年度股东大会议程 现场会议时间：2024年6月25日上午10:00 现场会议地点：杭州市五星路201号浙商证券十一楼会议室 主持人：董事长吴承根 一、宣布会议开始 七、投票表决 八、会场休息（统计现场、网络投票结果） 九、宣布会议表决结果 十、律师宣布法律意见书 二、宣布出席现场会议的股东人数、代表股份数 三、介绍现场参会人员、列席人员 四、推举现场计票人、监票人 五、审议议案 六、股东发言及公司董事、监事、高管人员回答股东提问 浙商证券股份有限公司 2023 年年度股东大会会议资料 会议须知 为维护股东的合法权益，确保浙商证券股份有限公司（以下简称 "公司"）2023年年度股东大会（以下简称"本次大会"）的正常秩序和 议事效率，根据《公司法》《上市公司股东大会规则》等法律、法规 和《公司章程》等规定，现就会议须知通知如下： 一、本次大会期间，全体参会人员应维护股东的合法权 ...

证券代码：601878 证券简称：浙商证券 公告编号：2024-034 浙商证券股份有限公司 关于召开 2023 年年度股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 6 月 25 日 10 点 00 分 召开地点：杭州市五星路 201 号浙商证券十一楼会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年6月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 25 日 至 2024 年 6 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交 ...

Investment Rating - The report gives a "Recommended" rating for the company with a target price of 14.1 RMB, compared to the current price of 11.13 RMB [1]. Core Insights - The company has a strong regional advantage in Zhejiang, which supports its brokerage and investment banking business for long-term growth. It has the highest market share in corporate bond and company bond underwriting in Zhejiang for five consecutive years [1][12]. - The company is focusing on wealth management and investment banking, with a notable increase in its distribution and institutional services, while the decline in commission rates is slowing down [1][28]. - The company is pursuing external mergers and acquisitions, specifically targeting Guodu Securities to enhance its business capabilities and regional presence [1][7]. Summary by Sections Company Overview - The company, Zhejiang Securities, is a state-controlled listed brokerage firm based in Zhejiang, with 74 branches in the province, representing 57% of its total branches [1][19]. - It aims to transition into a medium-sized brokerage by 2030, emphasizing high-quality development and service to the real economy [12][17]. Business Analysis - Wealth Management: The company has seen significant growth in its brokerage business, with a CAGR of 43.84% from 2018 to 2021, and it continues to invest in financial technology to maintain its market share [1][28]. - Investment Banking: The company has a strong local presence in bond underwriting, with a market share that has consistently ranked first in Zhejiang [1][24]. - Asset Management: The company is focusing on its asset management subsidiary, which has recently gained a public fund license, indicating a shift in strategy [1][17]. - Futures Business: The company maintains a commission rate that has been higher than the industry average for ten consecutive years [1][17]. External Growth Strategy - The company is actively pursuing the acquisition of Guodu Securities, which is expected to complement its existing business and enhance its overall strength [1][7]. - The report highlights the supportive regulatory environment for mergers and acquisitions in the securities industry, which could facilitate this strategic move [1][7]. Financial Projections - The company is projected to achieve EPS of 0.52, 0.59, and 0.69 RMB for 2024, 2025, and 2026 respectively, with corresponding BPS of 7.45, 7.87, and 8.36 RMB [1][2]. - The current price corresponds to a PB of 1.49, 1.41, and 1.33 for the next three years, indicating a favorable valuation compared to peers [1][2].

证券代码：601878 证券简称：浙商证券 公告编号：2024-032 浙商证券股份有限公司 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 49 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,267,124,971 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 58.9873% | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事长吴承根先生主持，本次会议采用现场会议记名式投票 表决方式结合网络投票方式举行，会议的召集、召开及表决方式符合《公司法》 等相关法律、法规、规章和《公司章程》的规定。 (一) 股东大会召开的时间：2024 年 5 月 27 日 (二) 股东大会召开的地点：杭州市五星路 201 号浙商证券十一楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 2024 年第一次临时股东大会决议公告 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 ...

北京市嘉源律师事务所 关于浙商证券股份有限公司 2024 年第一次临时股东大会的法律意见书 师事务所 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 l = R COME START YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:浙商证券股份有限公司 北京市嘉源律师事务所 关于浙商证券股份有限公司 2024年第一次临时股东大会的法律意见书 嘉源(2024)-04-403 北京市嘉源律师事务所(以下简称"本所")接受浙商证券股份有限公司(以 下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公司法》") 《上市公司股东大会规则》(以下简称"《股东大会规则》"等现行有效的法律、 行政法规、部门规章、规范性文件(以下简称"法律法规")以及《浙商证券股 份有限公司章程》(以下简称"《公司章程》")的有关规定,指派本所律师对公司 2024 年第一次临时股东大会(以下简称"本次股东大会")进行见证, ...

证券代码：601878 证券简称：浙商证券 公告编号：2024-033 浙商证券股份有限公司 关于竞拍国都证券股份有限公司股份 的进展公告 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个别及连带责任。 一、本次交易概述 2024 年 5 月 7 日，浙商证券股份有限公司（以下简称"公司"）召开第四届 董事会独立董事专门会议 2024 年第四次会议、第四届董事会第十九次会议及第 四届监事会第十二次会议，审议通过了《关于参与竞拍国华能源所持国都证券股 份的议案》，同意公司参与国华能源投资有限公司（以下简称"国华能源"）所持 国都证券股份有限公司（以下简称"国都证券"或"标的企业"）448,516,574 股 股份（对应国都证券 7.6933%股份）的竞拍（以下简称"本次交易"）。本次交易 不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 以上具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的相 关公告。 二、交易进展情况 近日，公司收到上海联合产权交易所通知，公司成为国华能源所持有的国都 ...

证券代码：601878 证券简称：浙商证券 公告编号：2024-031 浙商证券股份有限公司 第四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个别及连带责任。 浙商证券股份有限公司（以下简称"浙商证券"或"公司"）第四届董事会 第二十一次会议于 2024 年 5 月 15 日以书面方式通知全体董事，于 2024 年 5 月 21 日以通讯表决方式召开。会议应表决董事 9 人，实际表决董事 9 人。会议的 召开符合《公司法》和《公司章程》规定。 特此公告。 浙商证券股份有限公司董事会 2024 年 5 月 23 日 经审议，作出决议如下： 一、审议通过公司《关于浙商资本、浙商投资共同参与设立浙江浙商专精 特新（金华）股权投资基金的议案》 为有力地支持浙江省"415X"先进制造业集群建设，更好地发挥投资服务实 体经济的重要作用，进一步助力省内经济发展与战略部署，公司两家投资子公司 浙商资本和浙商投资，拟参与设立浙江浙商专精特新（金华）股权投资基金（以 下简称"金华基金"）。金华基金规模 20 亿元，浙商资本 ...

证券研究报告 光伏产业链磨底企稳，胶膜行业盈利拐点初现 ——光伏胶膜行业深度报告 行业评级：看好 2024年5月12日 ...

Financial Data and Key Indicators Changes - The solid-state battery industry is expected to see significant advancements, with a focus on high energy density and safety features, although the current industrialization progress is slower than anticipated [7][61] - The material costs for solid-state batteries are currently estimated at 1.5-2.5 yuan/Wh, which is significantly higher than traditional liquid batteries, indicating a need for cost reduction strategies [37][61] Business Line Data and Key Indicators Changes - The transition from liquid to semi-solid and solid-state batteries is gaining momentum, with several companies like NIO and SAIC already launching products using semi-solid batteries [57] - Companies such as CATL and BYD are actively developing solid-state battery technologies, with plans for mass production in the coming years [54][59] Market Data and Key Indicators Changes - The domestic market is seeing rapid advancements in the oxide route for solid-state batteries, with companies like Weilan New Energy and Qingtao Energy leading the way [53] - The overall capacity planning for semi-solid battery production in China is projected to exceed 400 GWh, with investments surpassing 200 billion yuan [53] Company Strategy and Development Direction - The industry is focusing on the development of semi-solid batteries as a transitional technology towards full solid-state batteries, with significant investments in R&D and production capabilities [5][8] - Companies are encouraged to explore partnerships and collaborations to enhance their technological capabilities and market reach [6][59] Management Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the industrialization of solid-state batteries, including technical difficulties and cost reduction hurdles [61] - The outlook remains optimistic, with expectations for significant advancements in battery technology and production efficiency by 2030 [44][61] Other Important Information - The solid-state battery technology is still in its infancy, with various companies exploring different electrolyte materials and configurations to enhance performance [18][22] - The industry is witnessing a shift towards more sustainable and efficient battery technologies, driven by regulatory support and market demand for electric vehicles [41][62] Q&A Session Summary Question: What are the current challenges in solid-state battery development? - The main challenges include the slow industrialization progress of semi-solid and solid-state batteries, fluctuations in raw material prices, and potential shifts in technology routes that could impact market demand [61] Question: What is the expected timeline for mass production of solid-state batteries? - Companies anticipate that full solid-state battery production will begin around 2027, with some manufacturers planning to introduce pilot production lines by 2026 [57][61]