Core Viewpoint - Meituan-W (03690) has exceeded expectations in operating profit for new businesses in Q3 2023, indicating a positive outlook for profitability recovery by 2026 as competition becomes more rationalized [1] Group 1: Financial Performance - The operating profit for new businesses in Q3 2023 surpassed expectations [1] - The forecast for Q4 2023 includes strong growth in flash sales and double-digit growth in the dining and travel sectors [1] - New business growth is expected to accelerate in Q4 2023, with a year-on-year increase of 19% [1] Group 2: Future Projections - For 2026, core local business revenue is projected to grow by 12% year-on-year, with operating profit reaching 18 billion RMB [1] - New business revenue is anticipated to increase by 18% year-on-year in 2026 [1] Group 3: Investment Rating - The target price for Meituan is maintained at 139 HKD with an "Accumulate" rating [1]

投资机会方面，如果指数上行则关注非银金融，除此之外，主要交易机会围绕中央经济工作会议等可能 会有的政策方向，重点关注涨价资源品、服务消费和科技领域自主可控。 转自：新华财经 编辑：林郑宏 新华财经上海12月1日电 招商证券研报分析认为，展望12月，市场在经历了三个月的震荡蓄势后，终于 要选择方向，而选择向上突破发动跨年行情的概率较高。结合三季报，十五五规划，增量资金和投资者 结构以及全球宏观环境变化，12月市场将会发动指数级别上行的跨年行情。 资金面方面，2025年1月实施了印发《关于推动中长期资金入市工作的实施方案》要求提升商业保险资 金A股投资比例，新增保费投入A股比例要提升，而每年一季度都是保险开门红，新增保费配置股票需 求增加，12月是提前布局的时机。而美元指数重新走弱和人民币汇率走强为外资重新流入提供了基础。 过去两整年基金业绩普遍较高，进入年底年初居民存款增加较多，居民配置权益基金的概率加大。12月 容易形成各路增量资金的共振，从而形成经典的跨年行情。 ...

活力集团向港交所主板递交上市申请，由招商证券国际和民银资本联席保荐。该公司是中国知名的综合 出行平台，提供多模式出行产品及服务，主要通过航班管家及高铁管家为个人旅客提供旅行相关服务， 并为企业客户提供数据及技术服务以及为品牌提供营销服务。业绩记录期内，公司收入主要来自旅行相 关服务。 2024年，活力集团在中国综合互联网出行服务市场总GMV中排名第八，市场份额约1.4%。在中国在线 火车票预订市场中，按2024年GMV计算，该公司是中国第三大第三方平台，市场份额约2.4%。 ...

最佳分析师荣誉榜，招商证券荣获4个领域研究大奖；菁英分析师荣誉榜，招商证券荣获4个领域研究大 奖，名单如下： 责任编辑：郭栩彤 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，第七届新浪财经金麒麟最佳分析师评选结果揭晓，招商证券研究团队荣获"最具特色研究机 构第五名"、"菁英研究机构第九名"。 ...

Core Viewpoint - Kangxi Communication (688653.SH) reported a significant increase in revenue for the first three quarters of 2025, but also posted substantial net losses, indicating challenges in profitability despite revenue growth [1][2]. Financial Performance - The company achieved a revenue of 526 million yuan in the first three quarters of 2025, representing a year-on-year growth of 39.32% [1][2]. - The net profit attributable to shareholders was a loss of 30.53 million yuan, while the net profit excluding non-recurring items was a loss of 48.36 million yuan [1][2]. - The net cash flow from operating activities was negative at 79.66 million yuan [1][2]. - For the year 2024, the company reported a revenue of 523 million yuan, a year-on-year increase of 25.98%, but also a net loss of 76.13 million yuan compared to a profit of 9.92 million yuan in the previous year [2]. IPO Details - Kangxi Communication 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, accounting for 15% of the total share capital post-IPO [3]. - The IPO price was set at 10.50 yuan per share, and the total funds raised amounted to 668.64 million yuan, with a net amount of 599.67 million yuan after expenses [4]. - The actual net fundraising was 18.20 million yuan less than the original plan of 781.70 million yuan, which was intended for various projects including the development of new generation Wi-Fi RF front-end chips [4]. Shareholder Information - The actual controllers of Kangxi Communication are PINGPENG, Peng Yuhong, and Zhao Huan, with PINGPENG and Peng Yuhong being a married couple [4].

Core Viewpoint - The report from China Merchants Securities indicates that Siyuan Electric's North American AI data center construction is starting, which may lead to significant order overflow due to the shorter construction cycle compared to the power grid and the relatively open supply chain [1] Group 1: North American Market Opportunities - The company is expected to benefit from order overflow as high-voltage transformer capacity from suppliers in Europe, the US, and Japan is insufficient [1] - Besides transformers, the company has strong competitiveness in switchgear and current transformer businesses, which may allow it to penetrate the data center sector and drive scalable development in North America [1] - The North American data center represents a crucial breakthrough for the company in entering the North American market, potentially becoming a significant growth driver for overseas business in the coming years [1] Group 2: Revenue and Profitability Outlook - The investment in North America, along with rising infrastructure investments in Europe and the Middle East, presents substantial potential for increasing the company's overseas revenue share and profitability [1] - The domestic business continues to expand steadily, contributing to overall growth [1] - The earnings forecast for 2026-2027 has been raised to 4.5 billion and 6 billion yuan, respectively, while maintaining a "strong buy" rating [1]

Group 1 - The lithium battery solvent industry has seen a recovery in supply and demand dynamics, with leading companies operating at high utilization rates and solvent prices beginning to rise slightly [1][2] - The profitability of lithium battery solvents is expected to improve significantly next year due to restrained capacity expansion by major enterprises [1][2] - EC solvent is projected to have a prominent role, being a key raw material for various additives, with estimated demand exceeding 300,000 tons driven by lithium battery additives by 2026 [1][3] Group 2 - The market for lithium battery solvents is currently concentrated, with the top three companies holding over 70% market share, although they have been operating at a loss in the first three quarters of this year [2] - Recent weeks have shown a notable increase in EC prices, with a significant rise of 70% observed in the past week [3] - The supply landscape for EC is also concentrated, with HaiKe XinYuan and ShiDa ShengHua having capacities of 300,000 tons and nearly 200,000 tons respectively, contributing to over 70% market share [3]

召开的日期时间：2025年12月19日10点 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： 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开地点：广东省深圳市福田区福田街道福华一路111号招商证券大厦 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年12月19日 至2025年12月19日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投票，应按照《上海证券交易 所上市公司自律监管指引第1号 ...

6099 於2025年12月19日（星期五）舉行的 2025年第二次臨時股東大會之代表委任表格 與本代表委任表格 有關的H股數目 （附註1） 本人╱吾等 （附註2） 地址為 為招商證券股份有限公司（「本公司」） 股H股 （附註2） （附註4） 附註： 收集個人資料聲明 閣下是自願提供 閣下及 閣下委任代表的姓名及地址，以用於處理就本公司股東大會有關 閣下委任代表的 任命及投票指示（「該等用途」）。我們可能向為本公司提供行政、電腦及其他服務的代理人、承辦商或第三者 服務供應商，以及其他獲法律授權而要求取得有關資料的人士或其他與上述所列出的該等用途有關以及需要接 收有關資料之人士提供 閣下及 閣下委任代表的姓名及地址。 閣下所提供 閣下及 閣下委任代表的姓名 及地址將就履行上述該等用途所需的時間保留。有關存取及更正相關個人資料的要求可按照香港法例第486章 《個人資料（隱私）條例》提出，而有關要求均須以書面郵寄至本公司之香港主要營業地點，地址為香港中環康 樂廣場8號交易廣場一期48樓。 1. 請填上以 閣下名義登記與本代表委任表格有關的H股數目。如填上數目，則本代表委任表格將被視為 僅與該等H股有關。如未有填上數 ...

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通告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 6099 2025年第二次臨時股東大會通告 茲通告招商證券股份有限公司（「本公司」）謹訂於2025年12月19日（星期五）上午十時正假 座中國廣東省深圳市福田區福田街道福華一路111號招商證券大廈舉行2025年第二次臨時 股東大會（「臨時股東大會」），藉以審議及批准下列決議案。除非另有定義，本通告所使 用詞彙與本公司日期為2025年11月28日之通函所定義者具有相同涵義。 1.09 廢止《招商證券股份有限公司監事會議事規則》。 承董事會命 招商證券股份有限公司 董事長 特別決議案 - 1 - 1. 審議和批准關於撤銷監事會並修訂或廢止相關制度的議案： 1.01 撤銷監事會並修訂《招商證券股份有限公司章程》； 1.02 修訂《招商證券股份有限公司股東大會議事規則》； 1.03 修訂《招商證券股份有限公司董事會議事規則》； 1.04 修訂《招商證券股份有限公司獨立董事制度》； 1.05 修訂《招商證券股份有 ...