■ "夯实文化软实力 积极履责显担当"系列专题报道 治国有常，利民为本。党的二十届四中全会体现了以人民为中心的立场。全会强调，"十五五"时期经济 社会发展必须坚持人民至上，以满足人民日益增长的美好生活需要为根本目的，加大保障和改善民生力 度，扎实推进全体人民共同富裕。 招商证券党委书记、董事长霍达日前在接受中国证券报记者专访时表示，实现人民对美好生活的向往是 中国式现代化的出发点和落脚点。 霍达认为，投资者是资本市场之本，高质量开展投资者教育、保护投资者合法权益，是夯实市场信心、 激发市场活力的基础工程，是推动共同富裕、落实普惠金融的重要抓手，也是金融机构践行金融为民理 念、服务国家战略的职责使命。近年来，招商证券着力深化投资者教育工作的创新实践与长远布局，通 过构建"陪伴式"投教体系，切实守护投资者权益，助力夯实资本市场根基。 在全周期服务维度，招商证券将投教贯穿投资者服务全流程。市场热点涌现、政策密集出台时，第一时 间推出"新手研习社""新规速览"等内容，如2025年下半年以来，随着市场情绪逐步回暖、新入市投资者 持续增加，公司迅速推出"新手研习社"系列服务，将股票、基金、港股通等业务的复杂规则转化为通俗 ...

编者按 日前，党的二十届四中全会审议通过"十五五"规划建议，明确提出"优化金融机构体系，推动各类金融 机构专注主业、完善治理、错位发展"，这为包括证券公司在内的金融机构实现高质量发展指明了方 向。近年来证券公司在持续强化经营数据等"硬指标"的同时，纷纷发力文化建设并积极承担社会责任， 不断夯实"软实力"，实现经营效益和社会效益双丰收。 为学习宣传贯彻党的二十届四中全会精神，中国证券报联合中国证券业协会推出"夯实文化软实力 积极 履责显担当"系列专题报道，旨在通过分享证券公司在加强文化建设以及服务经济、社会、环境和谐发 展方面的典型案例与先进经验，体现证券公司近年来在培育中国特色金融文化、践行行业文化理念、履 行社会责任的积极成效，共同推动证券行业高质量发展。本篇为系列报道第十六篇。 治国有常，利民为本。党的二十届四中全会体现了以人民为中心的立场。全会强调，"十五五"时期经济 社会发展必须坚持人民至上，以满足人民日益增长的美好生活需要为根本目的，加大保障和改善民生力 度，扎实推进全体人民共同富裕。 招商证券（600999）党委书记、董事长霍达日前在接受中国证券报记者专访时表示，实现人民对美好生 活的向往是中国式 ...

治国有常，利民为本。党的二十届四中全会体现了以人民为中心的立场。全会强调，"十五五"时期经济 社会发展必须坚持人民至上，以满足人民日益增长的美好生活需要为根本目的，加大保障和改善民生力 度，扎实推进全体人民共同富裕。 招商证券党委书记、董事长霍达日前在接受中国证券报记者专访时表示，实现人民对美好生活的向往是 中国式现代化的出发点和落脚点。 招商证券（600999）党委书记、董事长霍达： 以"陪伴式"投教助力夯实资本市场根基 霍达认为，投资者是资本市场之本，高质量开展投资者教育、保护投资者合法权益，是夯实市场信心、 激发市场活力的基础工程，是推动共同富裕、落实普惠金融的重要抓手，也是金融机构践行金融为民理 念、服务国家战略的职责使命。近年来，招商证券着力深化投资者教育工作的创新实践与长远布局，通 过构建"陪伴式"投教体系，切实守护投资者权益，助力夯实资本市场根基。 ● 本报记者 徐昭 赵中昊 厚植为民情怀 深耕创新实践 在霍达看来，从监管导向到行业实践，"以人民为中心"的发展思想已深度融入资本市场改革发展的全过 程。作为国有金融机构，招商证券始终将投教工作与践行金融使命紧密结合，把"保护投资者利益、提 升投资者 ...

Core Insights - The event at the national-level investor education base of China Merchants Securities aimed to provide first-year finance students from Shenzhen University with an immersive learning experience about the securities market and wealth management industry trends [1][5] Group 1: Immersive Learning Experience - The activity included visits to ten functional areas such as the Securities History Review Area and the Shenzhen Reform and Opening-up Chronicle Area, allowing students to gain a comprehensive understanding of the development of the Chinese securities market [2] - Historical materials showcased the evolution of the securities market from pilot exploration to standardized development, emphasizing the close relationship between capital markets and regional economic growth [2] Group 2: Professional Development Insights - A specialized lecture by the Assistant General Manager of the Wealth Management Department addressed key questions regarding the role of wealth advisors, resource acquisition, and career development in the context of AI technology [3][4] - The lecture highlighted the transition of wealth advisors from product sellers to "exclusive wealth managers," emphasizing their roles in cognitive guidance, financial planning, resource coordination, and long-term client relationships [3] Group 3: Educational Integration and Industry Impact - The innovative model of "scene experience + specialized teaching + interactive communication" effectively enhanced students' financial literacy and risk awareness while preparing quality talent for the financial industry [5] - China Merchants Securities aims to deepen the integration of investor education into the national education system, continuously enriching financial education and contributing to the stable development of the capital market [5]

Group 1 - The core point of the article is that China Merchants Securities Co., Ltd. announced that its wholly-owned subsidiary, China Merchants Securities International Co., Ltd., will provide a joint liability guarantee for the issuance of medium-term notes by the offshore special purpose company CMS International Gemstone Limited, with a maximum amount of 600 million RMB and a guarantee period of 3 years [1] - As of December 2, 2025, the stock price of China Merchants Securities was 16.29 RMB, down 0.67% from the previous trading day, with a total market capitalization of 141.666 billion RMB [1] - The company reported that as of November 27, 2025, the actual guarantee balance for its controlling subsidiary was 1.506 billion RMB, accounting for 1.16% of the latest audited net assets, and there are currently no overdue guarantees [1] Group 2 - The guaranteed party has a debt-to-asset ratio exceeding 70%, but it is within the scope of the company's consolidated financial statements, indicating that the related risks are controllable [1]

Core Insights - The article discusses the recent developments in the Hong Kong pharmaceutical sector, particularly focusing on the innovative drug industry, which is experiencing a shift from short-term volatility to long-term growth potential driven by policy support and market dynamics [1][4][19]. Group 1: Market Trends and Dynamics - The recent pullback in the Hong Kong pharmaceutical sector is attributed to short-term market sentiment fluctuations and profit-taking, rather than fundamental changes in the industry [4][5]. - The innovative drug sector in China is transitioning from a follower to a leader in the global market, supported by favorable policies and capital influx [5][17]. - The performance of CXO (Contract Research Organization) services has significantly improved, with profits increasing over 50% year-on-year, indicating a strong recovery in the pharmaceutical sector [19][20]. Group 2: Investment Opportunities - Investors are encouraged to consider index-based investments in the innovative drug sector, leveraging the advantages of ETFs such as diversification, low entry barriers, and cost efficiency [1][22]. - The Hang Seng Healthcare Index offers broad coverage of the pharmaceutical sector, while the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index focuses on high R&D investment companies [2][21]. - The innovative drug sector is expected to benefit from ongoing liquidity improvements due to anticipated interest rate cuts by the Federal Reserve, making it an attractive investment opportunity [5][24]. Group 3: Policy and Regulatory Environment - Domestic policies are increasingly supportive of genuine innovation, which is expected to stabilize profit expectations for pharmaceutical companies [7][8]. - The introduction of a new pricing mechanism for innovative drugs and the establishment of a commercial insurance directory for high-priced drugs are key developments that enhance market conditions for innovative drug companies [7][8]. - The regulatory environment is shifting towards a more rational approach to drug procurement, which is expected to provide a stable pricing framework for pharmaceutical companies [20]. Group 4: Long-term Growth Drivers - The long-term growth of the innovative drug sector is underpinned by a combination of supportive policies, improving industry fundamentals, and diverse internationalization strategies [15][17]. - The shift from theme-based investment to performance-driven investment in the innovative drug sector reflects a growing focus on actual product commercialization and profitability [11][12]. - The valuation logic for innovative drugs is evolving, with significant overseas licensing deals providing benchmarks for global market potential, thus enhancing company valuations [13][14].

Group 1 - The core point of the announcement is the resignation of Zhang Yafei, the Deputy General Manager of China Merchants Securities Asset Management Co., Ltd., due to personal reasons [1][2][3] - The resignation took effect on December 1, 2025 [3] - The announcement was made in accordance with the regulations of the "Publicly Raised Securities Investment Fund Information Disclosure Management Measures" and the "Supervision Management Measures for Directors, Supervisors, Senior Management Personnel and Practitioners of Securities Fund Management Institutions" [2]

北京商报讯（记者 刘宇阳）12月2日，招商证券资产管理有限公司（以下简称"招商证券资管"）发布高 级管理人员变更公告。公告显示，副总经理张亚非因个人原因于12月1日离任。招商证券资管表示，上 述事项已经公司第三届董事会第九次会议审议通过，并将按有关规定进行备案。 | 基金管理人名称 | 招商证券资产管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 《山 | | | 券基金经营机构董事、监事、高级管理人员及从业人 | | | 员监督管理办法》 | | 高管变更类型 | 离任基金管理人副总经理 | | 离任高级管理人员职务 | 副总经理 | | | --- | --- | --- | | 离任高级管理人员姓名 | 张亚非 | | | 离任日期 | 2025-12-01 | | | 离任原因 | 个人原因 | | | 转任本公司其他工作岗位的说明 | | 图片来源：公告前图 | ...

Core Viewpoint - The company has provided a guarantee of up to 600 million RMB for CMS International Gemstone Limited, a special purpose vehicle (SPV), to support its issuance of notes, with a focus on business development and liquidity enhancement [1][3]. Summary by Sections Guarantee Overview - The guarantee amount is capped at 600 million RMB, with an existing guarantee balance of 1 billion RMB provided by China Merchants Securities International Limited for CMS International Gemstone Limited [1]. - The guarantee does not have a counter-guarantee and there are no overdue guarantees [1]. Internal Decision-Making Process - The guarantee was approved by the company's board on April 18, 2025, and subsequently ratified at the annual shareholders' meeting on June 26, 2025 [2]. Basic Information of the Guaranteed Party - CMS International Gemstone Limited was established on August 18, 2021, with a registered capital of 1 USD and is located in the British Virgin Islands [2]. - The company primarily serves as an offshore bond issuer and has not engaged in other business activities [2]. Main Content of the Guarantee Agreement - The guarantee covers all payments due under the issued notes and any losses resulting from non-payment [3]. Necessity and Reasonableness of the Guarantee - The issuance of the notes aims to support business development and enhance liquidity, with the SPV being a wholly-owned subsidiary of the company [3]. - The SPV has a debt-to-asset ratio exceeding 70%, but the company maintains 100% control, allowing for manageable risk [3]. Board of Directors' Opinion - The board supports the guarantee as it falls within the approved limits and is expected to facilitate the company's overseas business development without harming shareholder interests [3]. Cumulative External Guarantee and Overdue Guarantees - As of November 27, 2025, the company has no overdue guarantees or guarantees involved in litigation [4]. - The total guarantee amount for the company's subsidiaries is within the limits set by recent audited net assets [3][4].

Core Viewpoint - The announcement details that China Merchants Securities Co., Ltd. will provide a guarantee for its wholly-owned subsidiary, CMS International Gemstone Limited, for the issuance of medium-term notes not exceeding 600 million RMB, with a guarantee period of three years [2][4]. Group 1: Guarantee Overview - The total guarantee amount is capped at 600 million RMB, with an existing guarantee balance of 1 billion RMB provided by China Merchants Securities International Limited for CMS International Gemstone Limited [2]. - The guarantee does not have a counter-guarantee and there are no overdue guarantees [3][4]. - The guarantee will take effect on December 1, 2025 [5]. Group 2: Internal Decision-Making Process - The guarantee was approved by the company's board of directors on April 18, 2025, and subsequently ratified at the annual shareholders' meeting on June 26, 2025 [6]. Group 3: Financial and Operational Details of the Guaranteed Entity - CMS International Gemstone Limited was established on August 18, 2021, with a registered capital of 1 USD and is located in the British Virgin Islands, primarily serving as an offshore bond issuer [7]. - The entity has a debt-to-asset ratio exceeding 70% as of the end of 2024, indicating a high level of leverage [3][8]. Group 4: Necessity and Reasonableness of the Guarantee - The issuance of the medium-term notes is aimed at supporting business development and enhancing liquidity [8]. - The risk associated with the guarantee is considered controllable as the parent company holds 100% equity in the subsidiary, allowing for oversight of its debt repayment capacity [8]. Group 5: Board of Directors' Opinion - The board believes that the guarantee is within the approved limits and will facilitate the development of the company's overseas business without harming the interests of the company or its shareholders [8]. Group 6: Current Guarantee Status - As of November 27, 2025, the company has no overdue guarantees and has not faced any litigation related to guarantees [9].