智通财经APP获悉，招商证券发布研报称，维持对航空行业的"推荐"投资评级。2025年上半年民航业呈 现需求快增、客座率提升、票价承压但Q2企稳的特征，预计2025-27年行业供需关系将持续改善。随着 飞机引进放缓及利用率提升，供给增速收缩至年均6%，而需求端在国内线稳健增长(复合增速3.6%)及 国际线加速恢复(2025年超2019年水平)驱动下，年均复合增速达6.8%，行业盈利修复趋势明确。油价下 行预期进一步利好成本端改善，暑运旺季收益指标有望企稳回升。 招商证券主要观点如下： 2025-26年行业供需改善、中期向上趋势明确 行业处在疫情后修复阶段，出行消费需求有一定的韧性，经济和消费刺激政策利好国内出行需求增长， 国际出行需求正常化后有望持续增长。受全球供应链不畅影响，供给释放偏紧。同时随着OPEC+组织 增产的推进，油价同比有望持续下降，直接降低成本，利好需求恢复及盈利增长;展望未来行业供需再 平衡、盈利回升的趋势明确。从中长期角度看，行业盈利的持续爬升将为市值的修复提供支撑。短期来 看，24年暑运旺季运力已经大幅释放、同时票价水平较23年大幅回落，今年暑运有望实现主要收益指标 的企稳回升。 风险提示 ...

FF301 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6月30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7月7日 I. 法定/註冊股本變動 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 7,422,005,272 證券代號 (如上市) 06099 說明 法定/註冊股份數目 面值 法定/註 冊股本 上月底結存 1,274,521,534 RMB 1 RMB 1,274,521,534 增加 / 減少 (-) 0 RMB 0 本月底結存 1,274,521,534 RMB 1 RMB 1,274,521,534 本月底法定/註冊股本總額： RMB 8,696,526,806 備註： 第 1 頁 共 11 頁 v ...

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6月30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7月7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，基础设施板块业绩较为稳定、派息能力强，依然是优质的红 利标的，从估值优势上看，建议关注港股基础设施红利资产的配置价值。该行认为头部高速今年业绩稳 健、派息预期稳定，经过近期股价调整后股息率逐渐回归至4%左右，进入可配置区间。港口方面，看 好头部港口板块，中长期看分红有提升空间。综上，降息周期下红利资产仍有配置价值，当前基础设施 板块头部标的H股相较A股估值差仍存，未来有收敛空间，建议关注港股红利资产估值提升空间。 招商证券主要观点如下： 2025年上半年，市场风险偏好提升、偏防御风格的基础设施板块跑输wind全A指数 从交运各子板块涨跌幅来看，2025/1/2-2025/6/30申万高速公路指数下跌2.5%、申万港口指数下跌 1.2%、申万铁路指数下跌3.1%，wind全A指数上涨8.7%。公路、铁路、港口均跑输指数，主要原因是连 续3年上涨导致板块估值已基本修复至合理位置，且今年以来市场风险偏好提升、防御型板块关注度下 降。 25年上半年交运基础设施板块基本面表现符合预期，预计下半年高速公路维持稳健，铁路客运持续增 长、货运量有提升空间，港口集装箱吞吐持续好于散杂货 ...

Group 1: Industry Overview - Moutai's batch price stabilizes and rebounds, indicating potential improvement in sentiment within the liquor sector [1][11] - Short-term demand fluctuations are expected to lead to a quarter-on-quarter slowdown in the liquor sector for Q2 2025, but leading liquor companies are working to maintain price stability [1][11] - The snack sector shows stability in traditional channels and rapid growth in membership supermarket channels, with new products expected to launch in the second half of 2025 [1][11] Group 2: Company-Specific Insights - Luzhou Laojiao is actively embracing new consumption trends, improving market inventory, and planning to expand its terminal count to 4 million over the next five years [2] - Yanghe's new leadership is expected to drive organizational adjustments and enhance operational dynamics, with new products launched to target younger consumers [3] - Jiu Gui Jiu is focusing on brand education and product strategies, including low-end and low-alcohol products, while optimizing its channel structure [4] - New Dairy is experiencing double-digit growth in low-temperature milk, with cost advantages expected to enhance profit release capabilities [5] - Jin Zai Foods is in a cautious operational phase, with stable performance in traditional and snack channels, while exploring new product launches [6] - Youyi Foods is seeing strong sales performance and successful new product launches, particularly in membership channels [7] - Zhongchong's self-owned brands are growing, with stable domestic market performance and increased overseas factory output [8] - Petty's domestic market is expanding into staple food areas, with a focus on low-sensitivity, high-nutrition products [9] - Anjiu Foods has successfully listed its H-shares, raising approximately 2.302 billion HKD from the global offering [10]

Core Viewpoint - The company, Shandong Heda Group Co., Ltd., is changing part of the fundraising purpose from the issuance of convertible bonds to permanently supplement working capital, which is deemed necessary for its operational needs and will not adversely affect other investment projects [1][5][9]. Fundraising Overview - The company was approved to issue 6 million convertible bonds with a total fundraising amount of 600 million RMB, netting approximately 592.75 million RMB after deducting issuance costs [1][2]. - As of June 30, 2025, the company has utilized approximately 457.47 million RMB of the raised funds, leaving a balance of about 135.76 million RMB [2][4]. Fund Usage Details - The remaining funds include 120 million RMB that was temporarily used to supplement working capital and has since been returned [2][4]. - The company plans to terminate the investment project for "Hershey's annual production of 15 billion plant capsules and intelligent three-dimensional warehouse upgrade project," which was initially planned for an investment of 181.68 million RMB [5][6]. Reasons for Fund Usage Change - The decision to halt the aforementioned project is influenced by changes in the international situation and market environment, which have affected the project's feasibility [5][6]. - The remaining funds will be used for daily operations and business development, enhancing the efficiency of fund usage and alleviating financial pressure [5][8]. Impact of Fund Usage Change - The change in fund usage is considered a prudent adjustment that aligns with the company's operational needs and will not negatively impact other investment projects [5][8]. - The company aims to optimize resource allocation and reduce financial costs, thereby improving operational efficiency and safeguarding the interests of the company and its investors [8][9]. Approval Process - The board of directors and the supervisory board have approved the change in fund usage, which will be submitted for further approval at the shareholders' meeting and the bondholders' meeting [8][9].

Core Viewpoint - The company, Shandong Heda Group Co., Ltd., is increasing its expected daily related transactions for the year 2025, with a focus on maintaining fair and reasonable pricing in accordance with market principles [1][2]. Summary by Sections Daily Related Transactions Overview - Shandong Heda held a board meeting on April 25, 2025, to confirm and approve the expected daily related transactions for the year [1]. - The company plans to increase the transaction limit with Mitijia Yue (Shandong) Board Materials Co., Ltd. to a maximum of 250 million yuan, raising the total expected transactions to 671.2116 million yuan [2]. Related Party Introduction and Relationship - Mitijia Yue is a subsidiary of Mitijia (Shanghai) Food Technology Co., Ltd., in which Shandong Heda holds a 49.0385% stake through its subsidiary [3]. - As of December 31, 2024, Mitijia Yue reported total assets of 335.238 million yuan and a net loss of 5.017 million yuan [2][3]. Main Content of Related Transactions - The daily related transactions with Mitijia Yue are considered normal business operations, conducted under fair market conditions [4]. Purpose and Impact of Related Transactions - The transactions aim to support the company's business development and production needs, adhering to fair market principles, and are not expected to adversely affect the company's financial status or independence [4]. Review Procedures and Special Opinions - The independent directors approved the increase in expected related transactions, affirming that it aligns with legal regulations and does not harm the interests of the company or minority shareholders [5]. - The board and supervisory committee also supported the increase, confirming that the pricing is based on fair market standards [5]. Sponsor's Verification Opinion - The sponsor, China Merchants Securities, has no objections to the increase in expected daily related transactions, confirming that the decision-making process complies with relevant regulations [5].

Core Viewpoint - In the first half of 2025, shipping stocks experienced significant volatility due to tariffs and geopolitical conflicts, but overall showed an upward trend, with the Shenwan Shipping Index rising by 1.9% year-to-date, outperforming the CSI 300 Index by 4.1 percentage points [1][2]. Shipping Industry Overview - The shipping sector is characterized by a strong cyclical nature, with a clear positive correlation between high-frequency freight rates and stock prices. In the container shipping segment, a phase of increased shipping activity has enhanced freight rate elasticity, with the China Containerized Freight Index (CCFI) remaining at a high level [2]. - The oil shipping market benefited from increased production by oil-exporting countries and intensified U.S. sanctions, leading to a recovery trend in freight rates, although the Baltic Dirty Tanker Index (BDTI) saw a year-on-year decline due to a high base from the previous year [2]. - The dry bulk shipping market faced a weaker outlook in the first half of 2025, with high coal and iron ore inventories leading to a decline in the Baltic Dry Index (BDI) [2]. Container Shipping - Container shipping capacity continues to be delivered, with demand significantly impacted by tariffs and geopolitical tensions. Despite fluctuations in freight rates due to changing tariff policies, the overall market remains relatively strong. The demand growth for ton-miles is projected at 2.6% for 2025 and -2.9% for 2026, assuming the Red Sea remains closed in 2025 [3]. - Freight rate outlook for the second half of 2025 suggests a return to normal seasonal variations after a high-level decline, with smaller vessel types facing less delivery pressure and emerging markets showing better prospects than mainline routes [3]. Oil Shipping - The oil shipping market is heavily influenced by geopolitical conflicts, with a favorable supply-demand balance for Very Large Crude Carriers (VLCCs) in 2025. The first half of 2025 saw freight rates fluctuate due to Middle Eastern conflicts and increased U.S. sanctions on Iran [4]. - Demand growth for oil ton-miles is expected to be 0.5% for 2025 and -1.3% for 2026, with limited growth in VLCC capacity projected at 0% for 2025 and 2.5% for 2026 [4]. Dry Bulk Shipping - The dry bulk shipping sector is expected to see a year-on-year decline in market conditions, with a focus on iron ore trade ton-miles improvement in 2026. High inventories of bulk commodities have led to a slowdown in transport volumes, with demand growth projected at -0.8% for 2025 and 0.9% for 2026 [5]. - Freight rates are anticipated to experience slight recovery in Q3 2025, but overall market conditions are expected to remain weaker than the previous year [5]. Investment Opportunities - In the second half of 2025, the focus should be on the regional container shipping market, benefiting from increased inter-regional maritime trade, with freight rates remaining relatively high. Notable companies to watch include DeXiang Shipping, HaiFeng International, and ZhongGu Logistics, which are expected to show significant growth in the first half of 2025 [6]. - There are also opportunities for left-side positioning in oil tanker stocks, which currently have relatively low valuations and significant upside potential during peak seasons or in the event of regional conflicts. Companies like COSCO Shipping Energy and China Merchants Jinling are recommended for consideration [6].

据港交所文件：微脉公司通过港交所上市聆讯，联席保荐人为招商证券国际、德意志银行。 相关链接 ...

Group 1 - The role of industrial and commercial energy storage (ICS) as a flexible resource in the electricity market is increasingly prominent, with mature electricity markets in Europe and the US providing a clear profit model for ICS [1][2] - The economic viability of ICS has reached a turning point due to declining industry chain prices, targeted policy support, and the widespread adoption of dynamic electricity pricing, leading to an expected surge in demand [1][3] - The current installed capacity of ICS in Europe is significantly lower than that of household storage, with only 1.6 GWh compared to 33 GWh for household storage as of the end of 2024 [3] Group 2 - The profitability model for ICS in mature electricity markets has become well-established, providing sufficient revenue sources for industrial and commercial energy storage systems [2] - The expected increase in installed capacity for ICS in Europe is projected to reach 1.3 GWh by 2025, representing a substantial year-on-year growth of 87% [3] - Domestic companies have launched integrated solutions that offer higher energy density, faster deployment, and enhanced safety, positioning them to benefit significantly from the growing market demand [1][4]