Core Viewpoint - The report summarizes the continuous sponsorship work conducted by China Merchants Securities Co., Ltd. for Zhuzhou Huari Precision Tools Co., Ltd. regarding its issuance of convertible bonds to unspecified objects, with the sponsorship period ending on December 31, 2024 [1]. Group 1: Sponsorship Overview - The sponsorship work is divided into two phases: the due diligence recommendation phase and the continuous supervision phase, with the latter ending on December 31, 2024 [3]. - During the due diligence recommendation phase, the sponsor conducted investigations, prepared application documents, and cooperated with regulatory reviews [3]. - In the continuous supervision phase, the sponsor focused on ensuring the company's compliance with operational norms, internal control systems, and information disclosure obligations [4]. Group 2: Company Compliance and Cooperation - The company provided timely and accurate documents and information necessary for the bond issuance, ensuring the authenticity and completeness of the materials [4]. - During the continuous supervision phase, the company adhered to legal requirements for operations and information disclosure, actively cooperating with the sponsor's inspections and training [4]. Group 3: Fund Management and Usage - The sponsor reviewed the management and usage of the raised funds, confirming compliance with relevant regulations and proper storage and usage procedures [5]. - As of December 31, 2024, the company has not yet fully utilized the raised funds, and the sponsor will continue to oversee the management and usage of the remaining funds [5].

Group 1 - The core viewpoint of the news is that China Chengxin International has assigned a "AAA" rating to the first phase of the public issuance of technology innovation corporate bonds by China Merchants Securities Co., Ltd. for professional investors [1] - China Chengxin International recognizes the strong industry position, high brand recognition, diversified financing channels, and improved profitability of China Merchants Securities, supported by its actual controller, China Merchants Group [1] - The report also highlights the increasing market competition and the risks associated with the company's innovation and international expansion efforts [1] Group 2 - China Merchants Securities was established on August 1, 1993, with an initial registered capital of 25 million yuan, and has undergone multiple capital increases and restructuring [2] - The company was renamed in 2002 and listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange in 2009 and 2016, respectively, with its registered capital increasing to 8.697 billion yuan as of the end of 2024 [2] - China Merchants Group indirectly holds 44.17% of the company's shares, maintaining its status as the actual controller [2] Group 3 - China Chengxin International believes that the credit level of China Merchants Securities will remain stable over the next 12 to 18 months [3]

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4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5月8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 ...

Core Viewpoint - The retirement of Wu Zongmin as the president of China Merchants Securities marks a significant leadership change, with the company expressing gratitude for his contributions during his tenure, which lasted over three years [1][4]. Group 1: Leadership Transition - Wu Zongmin has retired due to reaching the retirement age, and he will not hold any position in the company or its subsidiaries after his departure [1]. - The company will promptly select a new president and board members, with the chairman, Huo Da, temporarily assuming the president's responsibilities during this transition [1][4]. - There is speculation regarding the new president's identity, but sources indicate that no successor has been finalized yet [1][5]. Group 2: Performance During Tenure - Under Wu Zongmin's leadership, China Merchants Securities has seen steady growth in net profit, with projections of 8.072 billion yuan, 8.764 billion yuan, and 10.386 billion yuan for 2022, 2023, and 2024 respectively [1][4]. - The company maintained its position as the fourth largest in the industry during Wu's tenure, with a projected revenue of 20.891 billion yuan in 2024, reflecting a year-on-year growth of 5.4% [4]. - The integration of AI technology into business operations was a significant achievement during his leadership, enhancing productivity in wealth management by 23% [3]. Group 3: Future Challenges - The new leadership will face challenges, particularly in the investment banking sector, which is expected to experience a downturn in 2024 following a cooling financing market in 2023 [5]. - The investment banking revenue of China Merchants Securities has reportedly shrunk by over 50% compared to three years ago, indicating a need for strategic planning and client engagement [5].

瑞财经 王敏 5月6日，招商证券(SH600999)发布关于公司执行董事、总裁离任公告。 | 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 | | | 总裁 | | 2025 年 5 2027 年 1 | | | | | | | | 月6日 | 月 18日 | | | | | | | 董事、董事会战 | 公司股东 | | | | | | | | 略与可持续发展 | 大会选举 | 2027 年 1 | | | | | | | 委员会委员、董 | 产生新任 | 月 18日 | | | | | | | 事会风险管理委 | | | | | | | | 吴宗敏 | 员会委员 | 董事之日 | | 到龄退休 | 否 | 无 | 否 | | | 《香港联合交易 | | | | | | | | | 所有限公司证券 | 公司股东 | | | | | | | | 上市规则》 ...

5月6日，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。 公开资料显示，吴宗敏于2022年1月正式担任招商证券总裁一职，至今执掌超过3年，对于吴宗敏的付 出，招商证券表示，"吴宗敏任职期间恪尽职守、勤勉尽责，持续完善公司治理，全面贯彻执行董事会 各项决策部署，深化改革创新，坚守风险合规底线，推动公司战略规划有效落地、实现高质量发展。" 招商证券同时强调，吴宗敏已按照公司相关规定做好工作交接，其离任不会导致公司董事会成员低于法 定人数。在总裁空缺期间，暂由公司董事长霍达代行总裁职责。 续聘不到半年就离任 拒绝"超龄服役" 公开资料显示，吴宗敏出生于1965年。按此计算，吴宗敏将在2025年达到60周岁，因此，对于吴宗敏的 离任，招商证券解释为"到龄退休"。 值得注意的是，2024年12月31日，招商证券曾发布了第八届董事会第十三次会议决议公告。彼时，招商 证券续聘吴宗敏为公司总裁，任期自2025年1月1日起至第八届董事会届满之日止，议案表决获得全员同 意通过。 南都·湾财社进一步梳理招商证券2024年财报，在这份财报中，吴宗敏执行董事、总裁的任期终止日期 均为2027年1月。这 ...

2025年一季度上半年基础化工行业资产负债率虽有所抬升，但总体保持稳定 招商证券发布研报称，2025年一季度基础化工行业业绩同比上升;资产负债率虽有所抬升，但总体保持 稳定;另全行业营运能力小幅提升。2025年一季度，国际局势风云变化，美国存在贸易争端预期催化国 内出口加速，中东地区局势对国际油价波动造成影响，当前状况下，国内国产替代等高附加值行业备受 关注，同时机器人等高科技行业相关产业链受到资本市场青睐。建议关注未来具有成长性，高科技高附 加值类及低估值的行业龙头的投资机会，维持行业投资评级为"推荐"。 招商证券主要观点如下： 基础化工行业2025年一季度业绩同比上升 2025年一季度基础化工行业(申万)累计实现营业总收入5329.07亿元，同比增长8.53%;归母净利润341.09 亿元，同比增长17.99%。受到贸易争端预期、国内经济稳中向好影响，一季度国内基础化工行业营收 净利润双增长，即使外部环境仍旧保持复杂性、严峻性，但中国经济保持高速增长，化工行业在经历两 年的磨底阶段后，部分化工产品价格已经开始有所反弹，当前化工行业仍处于底部区间，随着需求恢 复，该行认为，化工行业增速有望逐步提高。 风险提 ...

截至发稿， 招商证券(06099.HK)涨7.68%、 中信证券(06030.HK)涨 6.35%、 国联民生(01456.HK)涨5.22 %、 中国银河(06881.HK)涨4.40 %、 中金公司(03908.HK)涨 3.92%。消息方面，中国人民银行行长潘功 胜5月7日在国新办发布会上宣布，降准0.5个百分点，并降低政策 利率0.1个百分点。 ...

| 姓名 | 离任职务 | 离任时间 | 原 定 到期日 | 任 期 | 离任原因 | 是否继续在上 市公司及其控 股子公司任职 | 具 体 职务 | 是 否存 履 行完 公开承诺 | 在未 毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 总裁 | 2025 年 5 月 6 日 | 2027 月 18 日 | 年 1 | | | | | | | 吴宗敏 | 董事、董事会战 略与可持续发展 委员会委员、董 事会风险管理委 员会委员 | 公 司 股 东 大 会 选 举 产 生 新 任 董事之日 | 2027 月 18 日 | 年 1 | 到龄退休 | 否 | 无 | 否 | | | 上 | 《香港联合交易 所有限公司证券 市 规 则 》 第 3.05 条项下授权 | 公 司 股 东 大 会 选 举 产 生 新 任 | 不适用 | | | | | | | | | 代表（以下简称 授权代表） | 董事之日 | | | | | | | | 一、提前离任的基本情况 证券代码：600999 证券简称： 招商证券 编号： 2025－ ...

Core Viewpoint - 康希通信 reported a significant increase in revenue for 2024, but faced substantial losses in net profit and cash flow, indicating potential challenges in profitability despite revenue growth [1][2]. Financial Performance Summary - **2024 Financial Results**: - Revenue reached 522.79 million yuan, a year-on-year increase of 25.98% from 414.96 million yuan [2]. - Net profit attributable to shareholders was -76.13 million yuan, compared to a profit of 9.92 million yuan in the previous year, marking a decrease of 867.30% [2]. - Deducted non-recurring gains, the net profit was -96.20 million yuan, down from 1.88 million yuan, a decline of 5,210.68% [2]. - Operating cash flow was -169.44 million yuan, worsening from -0.98 million yuan year-on-year [2]. - **Q1 2025 Performance**: - Revenue for the first quarter was 13.54 million yuan, showing a substantial growth of 64.53% compared to 8.23 million yuan in the same period last year [3]. - Net profit attributable to shareholders was -3.02 million yuan, slightly worse than -2.41 million yuan in the previous year [3]. - Deducted non-recurring gains, the net profit was -3.31 million yuan, compared to -2.75 million yuan [3]. - Operating cash flow improved to -2.25 million yuan from -3.13 million yuan year-on-year [3]. IPO and Fundraising Details - 康希通信 was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 17, 2023, with an initial public offering of 63.68 million shares at a price of 10.50 yuan per share [3]. - The total amount raised was 668.64 million yuan, with a net amount of 599.67 million yuan, which was 18.20 million yuan less than originally planned [4]. - The funds are intended for the development and industrialization of next-generation Wi-Fi RF front-end chips, IoT RF front-end chips, and the establishment of a technology R&D center [4].