证券代码：600999 证券简称： 招商证券 编号： 2025－025 招商证券股份有限公司 第八届董事会第十九次会议决议公告 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。 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）第八届董事会第十九次会议通知于 2025 年 5 月 23 日以电子邮件方式发出。会议于 2025 年 5 月 26 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 （一）关于聘任张兴先生、王治鉴先生为公司副总裁的议案 聘任张兴先生、王治鉴先生担任公司副总裁，任期自本次董事会审议通过之 日起，至第八届董事会届满之日止。 1 签发与代理协议和派息账户等有关的指示、指引、决定、通知及批准等。 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 2025 年 5 月 2 ...

Core Insights - The instant retail industry is experiencing rapid growth, with a projected market size exceeding 1.7 trillion by 2030 and an estimated CAGR of approximately 20% over the next five years [1][2] - Instant retail is characterized by local supply and an immediate delivery system, creating differentiated value that complements rather than replaces traditional e-commerce [2] - The platform model in instant retail shows superior profitability and larger scale potential compared to the self-operated model, with major players like Meituan, JD, and Alibaba competing effectively [2][3] Industry Overview - Instant retail is a high-efficiency online retail format focused on local supply and immediate delivery, driven by increasing consumer demand for convenience and the online transformation of offline retail stores [2] - The industry is not expected to significantly replace traditional e-commerce but rather create additional market value [2] Competitive Landscape - Among the platform models, Meituan's flash purchase service is noted for its strong competitive advantages, including superior consumer awareness and delivery capabilities, positioning it for long-term growth [1][3] - JD's instant retail is viewed as an incremental growth opportunity rather than a replacement for its core e-commerce business, with fast-moving consumer goods being a key growth driver [3] - Alibaba's approach to instant retail is more about leveraging group synergies, with a focus on enhancing traffic to its main e-commerce business rather than prioritizing instant retail as a standalone growth area [3]

Core Viewpoint - The company is experiencing significant growth in 2024, driven by innovation and strong performance in its automotive parts business, which has established partnerships with major automotive manufacturers and emerging players in the industry [1][2]. Group 1: 2024 Performance Drivers - The automotive parts segment has seen rapid growth, contributing to both revenue and profit increases, with major clients including Geely, Changan, FAW, Chery, GAC, and BYD [1]. - The revenue share of major assembly projects has increased to 67.97%, with a focus on integrated and modular capabilities [1]. - The company has developed innovative products in line with automotive intelligence trends, such as smart cockpits, and has a robust supply chain management system [1]. - The oil and gas equipment business has maintained stable growth, with domestic oil production increasing for eight consecutive years, and the company holds a market share of over 80% in certain key technologies [1][4]. - The high-performance functional materials segment has expanded, with a 14.05% revenue increase, driven by partnerships with leading companies like BOE and BYD [1]. Group 2: 2025 Outlook - The company anticipates steady growth in 2025, supported by government subsidies for the automotive sector and a predicted 4.7% increase in total vehicle sales, with a 24.4% rise in new energy vehicle sales [2]. - The oil and gas equipment sector is expected to benefit from national strategies focusing on energy security and the development of deep-sea resources [2][4]. - The high-performance functional materials market is projected to grow, despite challenges in certain areas, as the company shifts focus to pressure testing membranes and other electronic materials [2]. Group 3: Strategic Initiatives - The company is enhancing its customer base in the new energy vehicle sector, with 72% of new projects related to this market [3]. - In deep-sea technology, the company has established long-term partnerships with major oil companies and is advancing key technologies for deep-sea oil and gas extraction [3][4]. - The company is implementing various measures for market value management, including governance improvements and investor relations strategies [4]. Group 4: Financial Performance - In Q1 2025, the company reported a main revenue of 2.155 billion yuan, a year-on-year increase of 13.66%, and a net profit of 186 million yuan, up 11.3% [5]. - The company maintains a debt ratio of 40.46% and has seen a 20.81% increase in net profit after deducting non-recurring items [5]. Group 5: Analyst Predictions - Analysts predict net profits of 902 million yuan for 2025, increasing to 1.108 billion yuan in 2026, with a target price set at 22.00 yuan [6].

Core Viewpoint - The report from China Merchants Securities International maintains a "Buy" rating for Xpeng Motors (09868.HK) with a target price of HKD 115, reflecting a 2.5x price-to-sales ratio for the fiscal year 2025, indicating a higher valuation compared to other leading new energy vehicle manufacturers due to faster growth prospects [1] Group 1 - The forecasted revenue CAGR for Xpeng Motors from fiscal years 2024 to 2027 is 56%, significantly outpacing its peers [1] - The launch of new vehicles starting in May is expected to act as a catalyst for the company's stock price, with anticipated improvements in delivery capacity, average selling price (ASP), and gross margin [1] - In the first quarter of 2025, the company's net loss attributable to shareholders was RMB 660 million, narrowing by 51.5% year-on-year and 50.1% quarter-on-quarter, aligning with the firm's expectations [1] Group 2 - The strong product cycle initiated in May is expected to enhance the product lineup, with the company projected to achieve its first profit in the fourth quarter [1]

Group 1 - The core viewpoint of the article is that招商证券 has initiated coverage on药明合联 with a "strong buy" rating, highlighting the company's growth potential in the future [1] - The report emphasizes that药明合联 has demonstrated significant advantages in technology and speed in both R&D and manufacturing [1] - The integrated CRDMO (Contract Research, Development, and Manufacturing Organization) advantage is expected to support the growth of leading enterprises and star projects, indicating a promising scaling opportunity in the market [1] Group 2 - The projected net profits for药明合联 are estimated to reach 1.44 billion, 1.88 billion, and 2.56 billion RMB for the years 2025, 2026, and 2027 respectively [1] - The report marks the first coverage of the stock by招商证券, reflecting a positive outlook on the company's future performance [1]

Core Viewpoint - The company, Zhejiang Airo Network Energy Technology Co., Ltd., is facing significant declines in net profit and revenue for the year 2024, primarily due to inventory backlog in Europe and intensified market competition, despite ongoing investments in research and development [1][6]. Financial Performance - The company's net profit attributable to shareholders for 2024 is 203.60 million yuan, a decrease of 80.88% compared to 2023, while the net profit after deducting non-recurring gains and losses is 141.57 million yuan, down 86.39% year-on-year [1][13]. - Total operating revenue for 2024 is 3.07 billion yuan, reflecting a decline of 31.30% from 4.47 billion yuan in 2023 [13]. - Research and development expenses increased by 20.62 million yuan, a growth of 75.00% year-on-year, representing 15.66% of operating revenue, up 9.51 percentage points from the previous year [14][16]. Operational Challenges - The company is experiencing a decline in its main business revenue due to market conditions in Europe, which is its largest sales market [1][10]. - Increased competition and the need for product innovation are driving the company to enhance its R&D efforts, which has led to higher management costs as well [1][9]. Industry Context - The company operates in a technology-intensive industry where rapid product updates and technological advancements are crucial for maintaining competitiveness [6][7]. - The European market's transition towards clean energy and the associated policies significantly impact the company's performance, with potential risks arising from subsidy reductions and local industry protection measures [10][11][12]. Governance and Compliance - The company has established a robust governance framework and complies with relevant regulations, ensuring effective internal controls and information disclosure practices [2][4]. - During the continuous supervision period, no violations or breaches of commitments were reported by the company [2][5]. Research and Development - The company has a strong focus on R&D, with a significant number of patents and proprietary technologies developed in-house, which are critical for its product offerings [14][15]. - The ongoing investment in R&D is aimed at diversifying the product matrix to meet market demands, particularly in household energy storage systems and commercial photovoltaic inverters [1][14]. Fund Utilization - The company raised a total of 2.23 billion yuan through its initial public offering, with all funds allocated to designated projects and managed in compliance with regulatory requirements [17][19]. - As of December 31, 2024, the balance of the raised funds was 1.61 billion yuan, reflecting proper management and allocation of resources [17][19].

Smartphone Industry - Global smartphone shipments increased by 1.5% YoY in Q1 2025, while China's shipments rose by 3.3% YoY, driven by demand recovery and preemptive stockpiling by brands like Apple in response to tariffs [1][2] - Apple's performance indicates limited impact from tariffs due to inventory and supply chain optimization, with potential to maximize avoidance of future tariffs through global production strategies [2] - Domestic Android brands are less affected by tariffs, with a focus on subsidy policies and AI innovations to boost sales [1][2] PC and Tablet Market - Global PC shipments grew by 4.9% YoY in Q1 2025, reaching 63.2 million units, attributed to preemptive shipments due to tariffs and the transition to Windows 10 alongside AI innovations [3] - The industry anticipates a mild recovery in 2025, with significant impacts expected from AI PC innovations showcased at events like COMPUTEX [3] Wearable Technology - AI glasses shipments reached 600,000 units in Q1 2025, marking a 216% YoY increase, primarily driven by Meta's Rayban glasses [3] - The wearable technology sector is projected to see a 135% YoY increase in total sales for 2025, reaching 5.5 million units [3] XR (Extended Reality) - VR and MR demand showed a decline of 23% YoY in Q1 2025, with total sales expected to drop by 19.3% for the year [4] - AR sales remained stable, with growth potential linked to AI-integrated AR glasses expected to launch later in the year [4] Smart Home Devices - Global TV shipments saw a slight increase of 1.2% YoY in Q1 2025, with expectations for continued growth in Q2, driven by domestic market demand [5] - The upcoming release of the Nintendo Switch 2 is anticipated to stimulate replacement demand [5] Automotive Industry - Domestic vehicle exports are minimally impacted by tariffs, with a notable increase in domestic sales by 11% YoY in Q1 2025 [6] - The automotive sector is witnessing advancements in intelligent driving technologies, with several companies launching new systems [6] Robotics Sector - Tesla's Optimus robot project is progressing well, with plans to deploy thousands of units in factories by the end of the year [6] - The robotics industry is expected to enter a mass production phase in 2025, with significant contributions from various tech companies [6]

本次会议由监事会召集人朱立伟先生召集。应出席监事 6 人，实际出席 6 人。出席会议的监事有：朱立伟、孙献、黄峥、彭陆强、尹虹艳、陈鋆。 证券代码：600999 证券简称： 招商证券 编号： 2025－024 招商证券股份有限公司 第八届监事会第十三次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届监事会第十三次会议通知于 2025 年 5 月 14 日以电子邮件方式发出，会议于 2025 年 5 月 19 日以通讯表决方 式召开。 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《公司章程》的规定。 二、监事会会议审议情况 本次会议审议并通过了《关于招商证券股份有限公司原首席信息官霍达同志 离任审计报告的议案》。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 特此公告。 招商证券股份有限公司监事会 2025 年 5 月 19 日 1 ...

金十数据5月16日讯，招商证券国际发报告指，腾讯控股(00700.HK)凭借其强大的社交网络护城河和人 工智能技术，该行认为腾讯在人工智能代理、广告和利润率扩张方面有潜在的盈利及估值上升机会。现 市价处基于今明两年17及15倍预测市盈率，高于同业，以SOTP估值后，上调目标价5%，由621港元升 至650港元，维持"买入"评级。报告表示，腾讯第一季业绩表现理想，人工智能驱动的提升日趋明显， 且进一步推动盈利增长。同时，游戏及广告业务在人工智能的带动下维持强劲增长势头，首季资本开支 投资亦如期进行。 招商证券升腾讯目标价5% 料仍有潜在盈利及估值上升机会 ...

Core Viewpoint - The dairy industry is facing demand pressure in 2024, but policies promoting childbirth subsidies are expected to boost consumption recovery [1][4] Group 1: Performance Review - The dairy industry is experiencing weak recovery in Q4 2024 and Q1 2025 due to external demand pressures and inventory destocking [2] - Major companies like Yili and Mengniu are controlling shipments to destock, leading to revenue declines for most companies in 2024 [2] - Yili and Mengniu have taken steps to clean up their balance sheets by recognizing goodwill impairment, which is expected to lead to improved performance in Q2 2025 [2] Group 2: Operational Situation - Milk prices have been on a downward trend since 2022, leading to a reduction in dairy cow inventory by 4.5% to 6.3 million heads and a 2.8% decrease in raw milk production to 41.61 million tons in 2024 [3] - The overall gross margin of the industry has improved due to falling milk prices, with companies maintaining cautious promotional strategies and reducing sales expense ratios [3] - The profitability of major companies is expected to improve in Q1 2025, with Yili's net profit margin exceeding market expectations after excluding one-time income [3] Group 3: Investment Recommendations - The supply side is undergoing accelerated destocking, with continued pressure on upstream operations due to falling milk prices and rising feed costs [4] - Policies promoting childbirth subsidies are expected to enhance dairy product consumption, with companies like Feihe and Yili responding by offering product subsidies of 1.2 billion and 1.6 billion respectively [4] - The overall outlook for the industry is positive, with expectations of improved supply-demand balance and stronger performance from leading companies [4]