或者其保荐的公司采取监管措施的事项及 无 整改情况 （以下无正文） | 招商证券股份有限公司 | | | | --- | --- | --- | | 关于深圳市朗坤科技股份有限公司 | | | | 保荐机构名称：招商证券股份有限公司 | | 被保荐公司简称：朗坤科技 | | 保荐代表人姓名：王玉亭 | | 联系电话：0755-82943234 | | 保荐代表人姓名：刘畅 联系电话：0755-82960330 | | | | 一、保荐工作概述 | | | | 项目 | | 工作内容 | | （1）是否及时审阅公司信息披露文件 | | 是 | | （2）未及时审阅公司信息披露文件的次数 | | 0次 | | （1）是否督导公司建立健全规章制度（包括但不限于防止关 | | | | 联方占用公司资源的制度、募集资金管理制度、内控制度、内 | | 是 | | 部审计制度、关联交易制度） | | | | （2）公司是否有效执行相关规章制度 | | 是 | | （1）查询公司募集资金专户次数 | | 12 次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | | 是 | | （1）列席公司股东大会次数 | | ...

Group 1 - The core viewpoint of the articles emphasizes the growing interest in dividend and value stocks in the A-share market, driven by policies encouraging long-term capital allocation [1][12] - The "Redemption Value Index" is highlighted for its strict selection criteria, requiring companies to have a consistent dividend growth over three years, thus avoiding high dividend traps [5][6][10] - The index's performance is noted to be superior, with an annualized return of approximately 8.7% from the end of 2009 to the end of 2024, indicating its stability and attractiveness for long-term investors [8][12] Group 2 - The articles discuss the current market's return to fundamental pricing logic, with core assets and dividend styles showing strong defensive characteristics amid economic uncertainties [2][3] - The analysis of dividend indices reveals significant differences in their selection criteria and industry exposure, with the "Redemption Value Index" focusing on stable cash flow sectors like coal and banking [4][5][7] - The investment value of high-dividend assets is reinforced by the current macroeconomic environment, where the imbalance between asset and liability supply favors dividend-paying stocks [13][14] Group 3 - The articles suggest that the "Redemption Value Index" aligns well with the "China Special Valuation" theme, as a significant portion of its constituents are state-owned enterprises, making it attractive for long-term institutional investors [11][12] - The index's design aims to mitigate risks associated with traditional dividend strategies by emphasizing sustainable and growing dividends, thus enhancing its appeal to risk-averse investors [9][10] - Recommendations for investors include diversifying into dividend ETFs with staggered payout schedules to ensure consistent cash flow, catering to conservative investment strategies [15]

Core Viewpoint - The USDA report for the 2025/26 global agricultural supply and demand forecasts indicates a potential decline in global corn production, while an increase in coarse grains, soybeans, and wheat production is expected. This leads to a tighter global corn supply and a more relaxed supply-demand balance for wheat and soybeans, suggesting a positive outlook for international corn prices [1]. Group 1: Corn - The USDA report forecasts a record global corn production of 1.265 billion tons for 2025/26, a year-on-year decrease of 0.66%, with significant increases expected from the US, Ukraine, and Argentina [1]. - Argentina's corn production is projected to rise by 3 million tons to 53 million tons, a 6% increase year-on-year, due to expanded planting area [2]. - Global corn demand is expected to reach a record 1.274 billion tons, resulting in a supply gap of approximately 9.45 million tons, although this gap is expected to narrow compared to the previous year [1]. Group 2: Wheat - Global wheat production is anticipated to reach a record 808 million tons for 2025/26, an increase of about 1.1% year-on-year, with major production increases in the EU, India, and China [3]. - The total global wheat consumption is projected to expand to 808 million tons, a year-on-year increase of approximately 0.5%, leading to a supply surplus of about 520,000 tons [3]. - The global wheat export volume is expected to rise to 213 million tons, an increase of approximately 6.87 million tons from the previous year, with the EU expected to see the largest increase among major exporters [3]. Group 3: Soybeans - Global soybean production is forecasted to grow to 427 million tons for 2025/26, a year-on-year increase of about 1.4%, primarily driven by increased production in Brazil and Paraguay [4]. - Brazil's soybean production is expected to reach a record 175 million tons, an increase of 6 million tons from the previous year, while Argentina's production is projected to decrease by 500,000 tons [4]. - The global soybean export volume is anticipated to increase by 4% to 188 million tons, with significant contributions from South American countries [5].

5月初，招商证券发布公告，公司总裁吴宗敏到龄退休离任，离任后不在公司及其控股子公司任职。 不曾想，短短不到半个月时间，招商证券又一高管发生变动。5月12日晚，招商证券发布公告称，副总 裁张浩川因个人原因辞职，并已按照公司相关规定做好工作交接。 | 姓名 | 离任职务 | 离任时间 | 原定任期到 期日 | 离任原因 | 是否继续在上 市公司及其控 | 具体 职务 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 股子公司任职 | | 公开承诺 | | 张浩川 | 副总裁 | 2025年5月 2027年1月 | | 个人原因 | 否 | 无 | 否 | | | | 12日 18 H | | 辞职 | | | | 按照招商证券的2024年财报数据，张浩川将在2025年达到53岁，并不触及退休条件。因此对于此次张浩 川的提前离任，招商证券解释为"个人原因辞职"。招商证券同时强调道，张浩川辞职后，将不在上市公 司及其控股子公司任职。 在正式加盟招商证券之前，张浩川主要在保险行业从事投资工作。2019年10月至20 ...

Industry Overview - In 2024, the growth of sow production capacity is expected to be slow, leading to limited growth in pig supply in 2025, which may result in better-than-expected pig prices [1] - The average national pig price in Q1 2025 is reported at 15.0 CNY/kg, showing a year-on-year increase of 3.9% and a quarter-on-quarter decrease of 9.6% [1] - The total pig output from listed companies in Q1 2025 reached 47.59 million heads, a year-on-year increase of 26% and accounting for 24% of the national output [1] Company Performance - Major listed pig companies turned profitable in Q1 2025, primarily due to favorable pig prices, declining feed costs, and improved production efficiency [2] - The total profit for 16 listed pig companies in Q1 2025 was 8.2 billion CNY, with operating cash flow reaching 13.1 billion CNY, leading to a reduction in the debt-to-asset ratio by 0.2 percentage points to 60% [2] - The construction projects and capital expenditures of major listed pig companies continued to decline, with year-on-year decreases of 41% and 25%, respectively, due to cautious expectations regarding future pig prices [2] Investment Recommendations - The company recommends focusing on high-quality pig companies with significant cost advantages and strong performance delivery capabilities, specifically highlighting Muyuan Foods and Wens Foodstuff Group [1] - Other companies to watch include Shennong Group and Dongrui Co., Ltd. [1]

Core Viewpoint - The report from China Merchants Securities emphasizes the gradual clearing of the industry and reaffirms the investment value in the liquor sector, noting that the industry is currently in a challenging period with signs of adjustment among second and third-tier companies [1] Group 1: Industry Performance - The revenue, net profit, and cash collection for the liquor industry in Q4 and Q1 were 255.6 billion, 98.3 billion, and 275.1 billion yuan respectively, showing year-on-year growth of 1.5%, 0.2%, and 4.0% [1] - For the entire year of 2024, the liquor industry's revenue, net profit, and cash collection are projected to be 442.2 billion, 166.6 billion, and 478 billion yuan, reflecting year-on-year increases of 7.3%, 7.4%, and 5.3% [1] - The Q4 performance showed revenue, net profit, and cash collection of 102.2 billion, 34.9 billion, and 122.1 billion yuan, with year-on-year changes of 1.2%, -3.4%, and -7.4% respectively, indicating a continued adjustment phase for many companies [1] Group 2: Company Resilience and Cash Flow - Leading companies exhibit stronger resilience, with high-end liquor maintaining stability, such as Moutai showing double-digit growth and Wuliangye managing inventory effectively [2] - The overall contract liabilities for the liquor sector in Q1 2025 were 43.8 billion yuan, reflecting a year-on-year increase of 10.0% but a decrease of 10.4 billion yuan compared to Q4, indicating a release of channel leverage risk [2] - Cash flow performance is slightly better than revenue, as companies manage to maintain stable prepayments despite the challenges [2] Group 3: Profitability and Cost Pressures - The overall gross margin is under pressure, with high-end liquor experiencing some decline and regional liquor facing structural upgrades [3] - Companies are increasing sales expenses to cope with competition, with Wuliangye and Shui Jing Fang benefiting from reduced sales expenses leading to improved profitability [3] - The dealer structure is diversifying, with strong brands like Fenjiu and Gujing seeing rapid growth in their dealer networks [3]

Group 1: Management Changes in Securities Firms - Zhang Haochuan, Vice President of China Merchants Securities, resigned for personal reasons, and will not hold any position after resignation [1] - The resignation follows the retirement of President Wu Zongmin, who announced his retirement due to age on May 7, leading to concerns about management stability [1] - The company confirmed that there are no significant disagreements with the board and has completed the necessary work handover, indicating limited long-term impact [1] Group 2: Technology Innovation Bonds - The People's Bank of China and the China Securities Regulatory Commission announced support for the issuance of technology innovation bonds, including securities firms as eligible issuers [2] - Eleven securities firms, including CITIC Securities and China Merchants Securities, have confirmed the issuance of technology innovation bonds, with a total scale exceeding 10 billion [2] - This initiative is expected to enhance financing channels for securities firms and direct more funds towards technology innovation, benefiting related industry sectors [2] Group 3: Growth of Billion-Level Private Equity Firms - As of May 12, the number of billion-level private equity firms reached 87, an increase of 3 since the end of March, indicating a recovery in the issuance market [3] - Four firms exited the billion-level category while seven new firms entered, reflecting increased competition in the industry [3] - The growth in both subjective and quantitative billion-level private equity firms suggests a restoration of market confidence and potential for increased capital inflow [3] Group 4: Restrictions on Dividend Funds - Several dividend-themed equity funds have announced subscription limits due to increased interest in low-valuation, stable assets amid market fluctuations [4] - China Europe Fund and Western Li De Fund have implemented subscription limits to protect the interests of fund holders and ensure stable operations [4] - The restrictions may lead investors to reassess dividend assets, potentially impacting market fund flows and increasing attention on related industry sectors [4]

Group 1 - The core viewpoint of the news is that Shandong Heda Group Co., Ltd. is actively engaging with investors through an online event and has undergone continuous supervision training for its management team to ensure compliance and improve governance [1][2][3][4][5][6][9]. Group 2 - The company will participate in the "2025 Shandong Listed Companies Investor Online Reception Day" on May 15, 2025, to enhance interaction with investors [1][2]. - Key executives, including the chairman and financial director, will address investor concerns regarding the company's performance, governance, and sustainable development during the event [2][3]. - The continuous supervision training conducted by the sponsor, China Merchants Securities, covered new regulations and compliance responsibilities for the company's board and management [3][4][5][6][10][12]. Group 3 - The company issued 6 million convertible bonds with a total fundraising amount of 600 million yuan, netting approximately 592.75 million yuan after deducting related expenses [9][10]. - The bonds were approved by the China Securities Regulatory Commission and began trading on July 19, 2023, under the name "Heda Convertible Bonds" [9][10]. - The company has complied with all regulatory requirements regarding information disclosure and the use of raised funds, ensuring transparency and accountability [12][17][18].

招商证券股份有限公司 关于山东赫达集团股份有限公司 向不特定对象发行可转换公司债券 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐人"）作为山东赫 达集团股份有限公司（以下简称"山东赫达"、"发行人"或"公司"）向不特 定对象发行可转换公司债券的保荐人，负责本次可转债发行上市后的持续督导工 作，持续督导期自 2023 年 7 月 19 日至 2024 年 12 月 31 日止。招商证券根据《证 券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》 《深圳证券交易 招商证券股份有限公司关于山东赫达可转债项目持续督导保荐总结报告书 所上市公司自律监管指引第 13 号——保荐业务》等有关规定，出具本持续督导 保荐总结报告书，具体内容如下： 一、保荐人及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法 律责任。 （二）保荐人及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）对保荐总结报告书相关事项进行的任何质询和调查。 （三）保荐人及保荐代表人自愿接受中国证 ...

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。 | 姓名 | 离任职务 | 离任时间 | | 原定任期到 期日 | | 离任原因 | 是否继续在上 市公司及其控 | 具 体 职务 | 是 否存 履 行完 | 在未 毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股子公司任职 | | 公开承诺 | | | 张浩川 | 副总裁 | 2025 年 | 5 月 | 2027 年 月 | 1 | 个人原因 | 否 | 无 | 否 | | | | | 12 日 | | 18 日 | | 辞职 | | | | | 一、提前离任的基本情况 二、张浩川先生离任对公司的影响 张浩川先生已按照公司相关规定做好工作交接。 证券代码：600999 证券简称： 招商证券 编号： 2025－023 招商证券股份有限公司 关于公司副总裁离任的公告 公司董事会谨向张浩川先生在担任公司副总裁期间对公司所做出的积极贡献表示 衷心感谢！ ...