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 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: 一、担保情况概述 (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 国际有限公司（以下简称招证国际）因业务发展需要，为其下设境外特殊目的机 构 CMS International Gemstone Limited（以下简称 SPV）发行总金额不超过 7 亿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。 担保生效日期为 2025 年 12 月 4 日。 1 | | 2025 年 9 月 30 日 (未经审计 1) | 2024 年 12 月 31 日 (未经审计 1) | | --- | --- | --- | | 资产总额 | 1,095,407,691 | 1,087,360,8 ...

慕思股份于2022年6月23日在深圳证券交易所主板上市，发行的股票数量为4,001.00万股，发行价格 为38.93元/股，保荐机构为招商证券股份有限公司，保荐代表人为邓永辉、康自强。 慕思股份首次公开发行股票的发行费用约8,044.55万元（各项费用均为不含税金额），其中，保荐 及承销费用5,700.00万元。 （责任编辑：田云绯） 中国经济网北京12月4日讯 慕思股份(001323.SZ)今日收报27.06元，跌幅2.66%，总市值117.73亿 元。该股目前处于破发状态。 上市次日即2022年6月24日，慕思股份盘中最高价报61.67元，为该股上市以来最高价。 慕思股份首次公开发行股票募集资金总额为155,758.93万元，扣除发行费用8,044.55万元，募集资金 净额为147,714.38万元。慕思股份于2022年6月13日披露的招股说明书显示，该公司原拟募集资金 147,714.38万元，用于华东健康寝具生产线建设项目、数字化营销项目、健康睡眠技术研究中心建设项 目。 ...

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, ...

招商证券公告称，其全资子公司招证国际拟为下设境外特殊目的机构SPV发行不超7亿人民币的3年期票 据提供连带责任保证担保，担保生效日为2025年12月4日。截至本次担保生效前一日，招证国际为SPV 提供的担保余额为16亿人民币。SPV自成立以来仅开展债券发行相关业务，2024年末资产负债率超 70%。截至2025年12月2日，公司及控股子公司无逾期担保，此次担保在授权额度内，风险可控。 ...

Core Viewpoint - The report from China Merchants Securities International indicates a weakening in wholesale numbers for some domestic car manufacturers in November, with a forecasted year-on-year decline of 8.7% in retail sales of passenger vehicles due to high base effects and reduced subsidies impacting the industry in Q4 [1] Automotive Sector Summary - The overall retail sales of passenger vehicles in November are expected to remain flat month-on-month but show a significant year-on-year decline [1] - China Merchants Securities International suggests that market sentiment is currently very pessimistic, indicating a potential opportunity for forward-looking investments [1] Stock Recommendations - The firm recommends Geely Automobile as the top pick due to high earnings certainty and undervaluation, with a target price of HKD 32 [1] - BYD and Xpeng Motors are also recommended with target prices of HKD 130 and HKD 115 respectively [1] - In the automotive parts sector, Minth Group and Fuyao Glass are recommended with target prices of HKD 42 and HKD 86 respectively [1] - All five stocks are rated as "Buy" [1] Long-term Outlook - The company maintains a positive long-term outlook on the "AI + Automotive" and "AI + Robotics" sectors, highlighting potential catalysts in Q1 of the following year, including the IPO of Yushutech and the release of Tesla's third-generation robot [1] - Recommended stocks in the AI sector include Youbixuan, Horizon Robotics, and Hesai Technology, with target prices of HKD 172, HKD 13.8, and USD 28 respectively, all rated as "Buy" [1] - The report also includes a recommendation for Extreme Wisdom [1]

Group 1 - The core idea of the news is the collaboration between China Merchants Securities and the Southern University of Science and Technology to enhance AI technology applications in the financial sector through specialized lectures [1][2][3] Group 2 - The first lecture focused on the application of AI technology in the securities industry, highlighting the development history of AI and large models, and showcasing the multi-layered technical system of China Merchants Securities' AI platform [2] - The AI platform's design includes "basic resources-platform capabilities-solutions," demonstrating practical applications in areas such as intelligent account opening, content recommendation, document processing, digital employees, and programming assistants [2] Group 3 - The second lecture delved into the ecosystem of large model technology, explaining the core technologies of large language models and multimodal models, and detailing the complete production process from pre-training to reinforcement learning [3] - Examples of large model applications in investment research analysis, intelligent investment advisory, investment decision-making, document processing, and wealth management were presented, illustrating the shift in the securities industry from "tool application" to "ecosystem reshaping" [3] Group 4 - The event provided students with insights into cutting-edge AI applications in finance, expanding their understanding of the integration of AI and finance [3] - By engaging with university students, China Merchants Securities established a vital bridge for industry-academia collaboration, laying a solid foundation for the cultivation of financial technology talent and ongoing industry innovation [3]

Core Viewpoint - The report from China Merchants Securities International indicates that the decline in sales for some Chinese automakers in November was expected, and it suggests forward-looking investments in quality stocks [1] Group 1: Automotive Manufacturers - Recommended stock: Geely Automobile (00175), expected to launch around 10 new models next year, driving domestic sales while maintaining high export growth [1] - Other recommended stocks include BYD Company (01211) and Xpeng Motors-W (09868) [1] Group 2: Auto Parts Manufacturers - Recommended stock: Mindray Group (00425), due to its entry into humanoid robots and low-altitude economy sectors, opening new market opportunities [1] - Another recommended stock is Fuyao Glass (03606), noted for its strong position in the industry chain and steady growth [1] Group 3: Robotics and Autonomous Driving - The report highlights a general decline in stock prices for companies in the robotics and autonomous driving sectors, influenced by the broader AI industry [1] - Long-term outlook remains positive for AI combined with automotive and robotics sectors, with recommendations for companies such as UBTECH Robotics (09880), Horizon Robotics-W (09660), Hesai Technology-W (02525), and DeepGlint-W (02590) [1]

Core Viewpoint - The report from China Merchants Securities International indicates that the decline in sales for some Chinese automakers in November was expected, and it suggests forward-looking investments in quality stocks, particularly recommending Geely Automobile as a top pick for its anticipated new models and strong export growth [1] Group 1: Automotive Manufacturers - Geely Automobile (00175) is highlighted as a primary recommendation, with expectations of around 10 new models driving domestic sales and maintaining high export growth next year [1] - Other recommended stocks include BYD (002594) and Xpeng Motors-W (09868) [1] Group 2: Auto Parts and Components - The report recommends Minth Group (00425) for its entry into humanoid robots and low-altitude economy sectors, indicating new market opportunities [1] - Fuyao Glass (600660) (03606) is also recommended due to its strong positioning within the industry chain and stable growth prospects [1] Group 3: Robotics and Autonomous Driving - The report notes a general decline in stock prices for companies in the robotics and autonomous driving sectors, attributed to the broader AI industry trends [1] - Long-term prospects remain positive for AI applications in automotive and robotics, with recommendations for companies such as UBTECH Robotics (09880), Horizon Robotics-W (09660), Hesai Technology-W (02525), and DeepRobotics-W (02590) [1]

Core Viewpoint - The report from China Merchants Securities International initiates coverage on Great Wall Motor (02543) with a target price of HKD 56 and a rating of "Buy," forecasting a compound annual growth rate (CAGR) of 50% in sales from 2024 to 2027, driven by new product launches and improved profit margins [1] Group 1: Sales and Profitability - The expected CAGR for sales from 2024 to 2027 is 50% [1] - Gross margin is projected to improve by approximately 100 basis points annually [1] - The introduction of new products, including three-fold and electric assist models, is anticipated to drive an increase in average selling price (ASP) [1] Group 2: Online and International Expansion - The share of online sales is expected to rise to about 35% by 2026, with a gross margin of around 50%, significantly higher than the 27-28% margin from offline sales [1] - Revenue growth is expected to accelerate in the second half of 2025, with a projected 50% increase in Q3 and over 85% year-on-year growth in October [1] - The overseas business aims for revenue of RMB 150 million by 2026 and RMB 300 million by 2027, benefiting from higher profit margins in the European and American markets, where electric assist penetration is 20-30%, compared to less than 5% in China [1] Group 3: Catalysts for Growth - Four major catalysts are expected to be released in 2026: 1) The high-end product line has been officially launched, with three-fold models priced between RMB 5,000 and 7,000, set to debut in Q4 2025 [1] 2) Self-production is projected to enhance gross margins by 200-300 basis points [1] 3) The online transformation is expected to maintain over 50% growth, with a gross margin of about 50% [1] 4) Further expansion into international markets is planned [1]

该行表示，四大催化剂将在2026年集中释放：1)高端产品线已正式落实：三折车型定价5000-7000元人 民币，已于2025年第四季正式推出。2)自主生产提升200-300个基点毛利率，3)线上转型：此渠道维持 50%以上的增长，毛利率约50%，而线下仅27-28%。预计线上收入将在2026年达到35%(相比2024年的约 25%)。4)再进军国际市场。 该行预计2025年下半年营收增长加速，第三季增长约50%，10月线上年增超85%;海外业务目标2026年营 收1.5亿元人民币(下同)，2027年达3亿元，地域结构有利于利润率提升，因欧美市场电助力渗透率达20- 30%，中国仍不足5%。 招商证券国际发布研报称，首予大行科工(02543)目标价56港元，评级"增持"。该行预计2024-2027年销 售额复合年增长率达50%，毛利率每年提升约100个基点，主要驱动因素包括：三折叠及电助力新品推 出带动ASP上升、自主生产修复200-300个基点利润率，以及线上渠道占比在2026年提升至约35%，其毛 利率约50%，其显著高于线下的27-28%。 ...