该行预计，阿里巴巴截至12月财季CMR增速将同比放缓至6%，同时预计季度亏损将显著收窄。另预计 集团中国商业整体收入在2026-2027财年分别增12%及9%，2026年经调整EBITDA分别年减37%，2026年 则年增35%。整体而言，该行将阿里巴巴2026-2027财年归母净利润预测上调1-3%，其中云业务收入上 调抵消了国际电商及其他板块的下调。该行继续维持集团为中国互联网首选，保持对其AI领导力、云 业务加速及核心商业稳健前景的积极判断。 智通财经APP获悉，招商证券国际发布研报称，阿里巴巴-W(09988)管理层表示，未来三年无AI泡沫， 并拟上调此前2026-2028财年总计3800亿元人民币的资本开支。该行对阿里云的持续加速保持乐观，预 计其2026-2027财年收入同比增34%及35%。暂维持港股目标价198港元及"增持"评级。 ...

招商证券国际发布研报称，阿里巴巴-W(09988)管理层表示，未来三年无AI泡沫，并拟上调此前2026- 2028财年总计3800亿元人民币的资本开支。该行对阿里云的持续加速保持乐观，预计其2026-2027财年 收入同比增34%及35%。暂维持港股目标价198港元及"增持"评级。 该行预计，阿里巴巴截至12月财季CMR增速将同比放缓至6%，同时预计季度亏损将显著收窄。另预计 集团中国商业整体收入在2026-2027财年分别增12%及9%，2026年经调整EBITDA分别年减37%，2026年 则年增35%。整体而言，该行将阿里巴巴2026-2027财年归母净利润预测上调1-3%，其中云业务收入上 调抵消了国际电商及其他板块的下调。该行继续维持集团为中国互联网首选，保持对其AI领导力、云 业务加速及核心商业稳健前景的积极判断。 ...

Core Viewpoint - The current market valuation of the express delivery industry is considered relatively high compared to the performance expected in 2026, with a focus on growth drivers for performance recovery in 2026 [1] Express Delivery Industry Core Data - In October 2025, the national express delivery volume reached 17.6 billion pieces, showing a year-on-year growth of 7.9%, with a decline of 4.9 percentage points compared to the previous month [1] - The average revenue per delivery piece was 7.48 yuan, reflecting a year-on-year decrease of 3.0%, with a narrowing decline of 1.9 percentage points compared to the previous month [1] - The total revenue from express delivery business amounted to 131.67 billion yuan, representing a year-on-year growth of 4.7%, with a decline of 2.5 percentage points compared to the previous month [1] Consumer Data - From January to October, the total retail sales reached 41.2 trillion yuan, growing by 4.3% year-on-year, with October retail sales at 4.6 trillion yuan, a year-on-year increase of 2.9% [2] - The cumulative online retail sales of physical goods from January to October reached 10.4 trillion yuan, growing by 6.3% year-on-year, with October online retail sales at 1.25 trillion yuan, a year-on-year increase of 4.9% [2] - The e-commerce penetration rate for the first ten months was 25.2%, down by 0.7 percentage points year-on-year, while the October penetration rate was 26.9%, up by 0.5 percentage points year-on-year [2] Listed Express Delivery Companies Core Data - The growth rate of delivery volume varies among companies, with SF Express benefiting from proactive business development, achieving a year-on-year increase of 26.3% in October 2025, while Yunda, Shentong, and YTO experienced changes of +12.8%, -5.1%, and +4.0% respectively [3] - The average revenue per delivery piece for SF Express, YTO, Yunda, and Shentong in October was 13.18, 2.23, 2.11, and 2.18 yuan respectively, with year-on-year changes of -10.0%, -3.5%, +4.5%, and +7.4% [3] - In October, the express delivery revenues for SF Express, YTO, Yunda, and Shentong were 20.1 billion, 6.2 billion, 4.5 billion, and 5.0 billion yuan respectively, with year-on-year changes of +13.7%, +9.0%, -0.9%, and +11.8% [3] - The market share of Yunda and Shentong increased, with their respective market shares in October being 13.3%, reflecting a year-on-year change of -0.5% and -0.1 percentage points [3]

Core Insights - The National Press and Publication Administration announced the approval of 178 domestic game licenses and 6 imported game licenses on November 26, indicating a stable monthly issuance of licenses, which is expected to boost market confidence in the gaming industry [1][3]. Industry Overview - As of November, a total of 1,532 domestic game licenses and 92 imported game licenses have been issued this year, showing a significant increase compared to the same period in 2024 [1][3]. - The distribution of the 178 domestic licenses includes 167 mobile games, 7 games for both mobile and client platforms, 3 client-only games, and 1 game available on mobile, client, and web platforms [1]. Company Highlights - Key games approved in this round include titles from major companies such as: - Ksyun Network's "Ice and Snow King" - Iceberg Network's "Little Guardian" - Perfect World's "Dream New Zhu Xian: Light Enjoy" - Other notable titles from various developers [2]. - Tencent continues to maintain a strong portfolio with 14 evergreen games, while Giant Network's "Supernatural Action Group" has exceeded expectations [4]. - Companies like 37 Interactive Entertainment and Perfect World are also expected to contribute to profit growth with their new game launches and existing titles [4].

Core Insights - The report from China Merchants Securities International predicts an acceleration in AI model integration by 2026, with the U.S. leading in advanced agents and multimodal models like GPT-5 and Gemini 3, while China is rapidly closing the gap through efficient open-source models, creating intense competition in the global market [1] Industry Summary - Cloud capital expenditures remain high to meet the surging demand for inference, indicating a robust investment environment in AI technologies [1] - The emergence of AI agents is expected to trigger a competitive battle for traffic entry points in 2026, highlighting the strategic importance of AI in future market dynamics [1] Company Preferences - The firm maintains a favorable view on large tech companies for their optimal positioning in AI monetization, leveraging strong core businesses to subsidize AI investments and implement monetization strategies [1] - In the Chinese internet sector, the preferred order of segments is advertising > cloud > gaming > value-added services > e-commerce = local services > live streaming, indicating a strategic focus on advertising and cloud services [1] - The firm continues to favor companies with characteristics such as stable profit growth, competitive moats, good risk-reward profiles, and substantial shareholder returns, with top picks being Tencent, Alibaba, and Bilibili [1] - In the U.S. stock market, the preferred order for large tech companies is Alphabet > Meta > Amazon > Microsoft, reflecting a strategic preference based on their capabilities in AI [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 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: ● 被担保人名称：CMS International Gemstone Limited ● 本次担保金额及已实际为其提供的担保余额：本次担保金额为不超过7亿人民币。截至本次担保生效 前一日，招商证券国际有限公司为CMS International Gemstone Limited提供的担保余额为16亿人民币。 ● 本次担保是否有反担保：否 ● 对外担保逾期的累计数量：无 ● 特别风险提示：被担保人是特殊目的公司（SPV）,自成立以来未开展除债券发行外的其他业务活动， 无其他投资活动，2024年末被担保人资产负债率超过70%，请投资者充分关注担保风险。 一、担保情况概述 CMS International Gemstone Limited 1.成立日期：2021年8月18日 2.实收资本：美元1元 (一) 担保基本情况 招商证券股份有限公司（以下简称招商证券或公司）的全资子公司招商证券国际有限 ...

Core Viewpoint - The report from China Merchants Securities indicates that incremental capital is expected to maintain a stable net inflow in December, with foreign capital activity likely to continue to rebound [1][4]. Group 1: Market Style Outlook - The market style is expected to focus on large-cap stocks, with a potential shift from growth to value [2]. - Historical data shows that large-cap styles have outperformed in December, influenced by policy expectations from key domestic meetings and the upcoming annual report preview window [2]. - The central bank's recent monetary policy report suggests a "cross-cycle" approach, indicating that policy support may be more pronounced next year [2]. Group 2: External Factors - The likelihood of a hawkish rate cut by the Federal Reserve in December is high, which may lead to a peak in the US dollar index, reducing external liquidity's impact on the market compared to November [2]. - The demand for foreign capital is expected to increase due to the anticipated strength of the RMB, driven by year-end settlement needs and a peak in the dollar index [2]. Group 3: Fund Flows and Liquidity - December is projected to see stable net inflows of incremental capital, with foreign capital activity expected to rise [4]. - The monetary market's liquidity remained stable in November, supported by the central bank, and is likely to continue being reasonably ample in December [4]. - New equity fund issuance is expected to provide additional capital for sectors like AI and chips, with significant fundraising occurring in early December [2][4]. Group 4: Market Sentiment and Preferences - Market risk appetite has fluctuated, with a shift towards defensive trading characteristics, favoring low-volatility sectors such as banking and textiles [5]. - Defensive sectors have performed well, while previously high-performing sectors like technology and automotive have seen declines [5].

（编辑 丛可心） 证券日报网讯 12月4日晚间，招商证券发布公告称，公司全资子公司招证国际因业务发展需要，为其下 设境外特殊目的机构SPV发行总金额不超过7亿元人民币的票据提供连带责任保证担保，担保期限3年， 担保范围为发行票据项下应支付的全部款项及未按约定支付该等款项而导致的损失，不存在反担保。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 茲載列招商證券股份有限公司在上海證券交易所網站刊登之《招商證券股份有限公司關於 間接子公司發行中期票據並由全資子公司提供擔保的公告》，僅供參閱。 承董事會命 招商證券股份有限公司 霍達 董事長 （股份代號：6099） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條規則作出。 中國深圳，2025年12月4日 於本公告日期，本公司執行董事為霍達先生及朱江濤先生；本公司非執行董事為羅 立女士、劉振華先生、李德林先生、李曉霏先生、黃堅先生、張銘文先生及丁璐莎 女士；以及本公司獨立非執行董事為葉熒志先生、張瑞君女士、陳欣女士、曹嘯先 生及豐金華先生。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 证券代码：600999 证券简称：招商证券 公告编号：2025-050 招商证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 ...

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11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12月4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, ...