此乃要件 請即處理 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函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 閣下對本通函任何內容或對應採取的行動如有任何疑問，應諮詢 閣下股票經紀或其他註冊證 券交易商、銀行經理、律師、專業會計師、獨立顧問或其他專業顧問。 閣下如已出售或以其他方式轉讓名下所有招商證券股份有限公司的股份，應立即將本通函連同 隨附之代表委任表格一併交予買方或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理人 以轉交買方或承讓人。 6099 (1) 建議撤銷監事會並修訂或廢止相關制度；及 (2) 2025年第二次臨時股東大會通告 董事會函件載於本通函第3頁至第6頁。 臨時股東大會將於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，臨時股東大會通告載於本通函第N-1頁至第N-3頁。 本通函隨附臨時股東大會上使用的代表委任表格。此代表委任表格亦分別刊載於香港聯交所網 站(www.hkexnews.hk)及本公司網站(ww ...

证券代码：600999 证券简称：招商证券 公告编号：2025-048 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。 关于召开2025年第二次临时股东大会的通知 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 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 召开的日期时间：2025 年 12 月 19 日 10 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 招商证券股份有限公司 (五)网络投票的系统、起止日期和投票时间。 1 股东大会召开日期：2025年12月19日 本次股东大会采用的网络投票系统：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 ...

招商证券股份有限公司 二○二五年第二次临时股东大会 会议资料 2025年12月19日·深圳 大 会 议 程 会议时间： 1、现场会议的召开日期、时间： 2025年12月19日 10:00 2、网络投票的起止日期和时间： 通过交易系统投票平台的投票时间： 2025年12月19日 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： 2025年12月19日 9:15-15:00 会议地点：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 议 程： 一、宣布会议开始 二、审议各项议案 三、宣布现场出席会议股东人数、代表股份数 四、投票表决 五、问答交流 六、宣布表决结果 七、律师宣布法律意见书 八、宣布会议结束 | | | | | 关于撤销监事会并修订或废止相关制度的议案 | 1 | | --- | --- | --- | | 附件 | 1：《招商证券股份有限公司章程》条款变更新旧对照表 | 4 | | 附件 | 2：《招商证券股份有限公司股东大会议事规则》条款变更新旧对照表 | 123 | | 附件 | 3：《招商证券股份有限公司董事会议事规则》条款变更新旧对照 ...

Core Viewpoint - The report from China Merchants Securities International maintains a target price of HKD 50 for Suton Juchuang (02498) and an "Accumulate" rating, highlighting the significant growth potential in the ADAS and robotics sectors, with expectations of entering a profit cycle by 2026-2027 fiscal years [1] Group 1: Financial Performance and Projections - The company is expected to achieve profitability in Q4 of this year, with strong shipments in ADAS and robotics projected to exceed one million units [1] - Q4 laser radar shipments are anticipated to reach a record high, with October deliveries at 120,000 units and expected month-on-month growth in November and December [1] - ADAS shipments are projected to approach 600,000 units in 2025 and exceed one million units in 2026, with the digital EM platform already designated for 49 vehicle models [1] Group 2: Market Demand and Partnerships - There is a surge in demand for EM4 long-range radar for L3 autonomous driving, with capacity bottlenecks expected to be resolved by Q1 2026 [1] - The company has exclusive partnerships in the lawnmower robot sector, with expected shipments of 200,000 units by 2026 [1] - The overall shipment guidance for the robotics segment is nearly one million units for next year, and a new generation of Robotaxi models has been designated in collaboration with Didi Autonomous Driving, with an industry expectation of reaching a scale of 100,000 units in the next 3-5 years [1]

针对L3级自动驾驶，500线以上超远距雷达EM4需求激增，2026年第一季解决产能瓶颈。割草机器人领 域与全球头厂商独家合作，预计2026年出货量达20万台。明年机器人板块整体出货指引近100万台， Robotaxi方面,与滴滴自动驾驶达成新一代车型定点(单车10颗雷达)，行业预计未来3-5年Robotaxi将达10 万台级规模，公司已覆盖全球90%头部玩家，该市场将带来确定性增量。 该行预计，公司今年第四季将实现盈利，明年ADAS及机器人出货强劲，指引均超百万台，因此维持目 标价和评级，同时预计第四季度激光雷达出货量将创新高，10月交付量达12万台，预计11、12月环比增 长。 2025年ADAS出货量预计接近60万台，2026年超100万台，数位化EM平台已获49款车型定点。 智通财经APP获悉，招商证券国际发布研报称，维持速腾聚创(02498)目标价50港元及"增持"评级， ADAS与机器人业务空间庞大，未来海外高毛利订单与Robotaxi业务将增厚利润，可望进入盈利周期， 维持2026-2027财年获利预测基本不变。 ...

Group 1 - The core viewpoint of the article is that Pony.ai (小马智行-W, 02026) has exceeded revenue expectations in Q3, benefiting from the explosive growth of its Robotaxi business [1] - The G7 model in Guangzhou has achieved breakeven in unit economics, validating the company's Robotaxi business model and indicating a rapid move towards scalable replication [1] - The market remains cautious regarding the company's profitability inflection point, with the recent stock price correction reflecting adjustments in expectations rather than a weakening of fundamentals [1]

Core Viewpoint - The supply of live pigs remains relatively loose in October, influenced by policy guidance from the National Development and Reform Commission, leading to a slight decrease in the average weight of pigs being sold, which increases short-term supply pressure and causes a notable decline in pork prices during the month [1][2]. Supply and Demand Dynamics - The supply side of live pigs is still relatively loose, and due to capacity regulation, group pig enterprises are reducing the weight of their sales, which adds short-term supply pressure and contributes to a significant decline in pork prices [2]. - The overall pork consumption is entering a seasonal peak but is weaker than market expectations, dragging down pork prices throughout the month [1][2]. Industry Performance - The industry is experiencing expanded losses, with the average loss per self-bred and purchased pig reaching 155 yuan and 281 yuan respectively [2]. - The number of breeding sows in the country has entered a phase of reduction, with a significant acceleration in the decline of breeding sow capacity observed in October, with a month-on-month decrease of 1.1% [2][3]. Company Recommendations - The company recommends focusing on pig enterprises with significant cost advantages and strong performance delivery capabilities, specifically highlighting Muyuan Foods (002714.SZ) and Wens Foodstuff Group (300498.SZ) [1][2]. - Other companies to watch include Shennong Group, Dekang Agriculture, Dongrui Co., and COFCO Joycome [2]. Production and Sales Data - In October 2025, 15 listed pig enterprises collectively sold 17.52 million pigs, representing a year-on-year increase of 30% and a month-on-month increase of 23%, primarily due to the release of capacity from leading pig enterprises [3]. - The average weight of pigs sold by major listed companies continued to decline, with an average weight of 121 kg, down 1.9% year-on-year and 1.5% month-on-month [3].

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Tongcheng Travel (00780), highlighting the sustained release of leisure travel demand since the summer peak season, driven by the company's subsidy strategy and an increase in the proportion of hotels rated three stars and above, leading to a trend of simultaneous growth in both volume and price in the hotel business [1] Group 1: Revenue and Performance - The company achieved revenue of 5.51 billion yuan, representing a year-on-year increase of 10.4%; adjusted EBITDA reached 1.51 billion yuan, up 14.5%, and adjusted net profit was 1.06 billion yuan, increasing by 16.5%, with both revenue and performance meeting expectations [1] - In Q3 2025, the company generated revenue from accommodation bookings, transportation tickets, vacation services, and other businesses amounting to 1.58 billion, 2.21 billion, 900 million, and 820 million yuan respectively, with other businesses performing exceptionally well, primarily driven by strong growth in hotel management [1] - As of September 30, 2025, the number of hotels under the group's management platform increased to nearly 3,000, with an additional 1,500 hotels in preparation; the acquisition of Wanda Hotel Management Co., Ltd. was completed on October 16, 2025, with 239 hotels operated under Wanda as of Q3 2025 [1] Group 2: Profitability and Margins - The company's overall gross margin was 65.7%, an increase of 2.3 percentage points year-on-year; the management, R&D, and sales expense ratios were 5.3%, 9.3%, and 31.1% respectively, with an adjusted net profit margin of 19.2%, up 1.0 percentage point, indicating steady improvement in profitability [2] Group 3: User Growth and Services - The average monthly paying users reached 47.7 million, an increase of 2.8%, while annual paying users totaled 250 million, up 8.8%, marking a historical high; the total number of travelers served over the past 12 months was 2.02 billion, reflecting a 7.3% increase, indicating a continued steady growth trend in paying users [3]

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Tongcheng Travel (00780), highlighting the sustained release of leisure travel demand since the summer peak season, driven by the company's subsidy strategy and an increase in the proportion of hotels rated three stars and above, leading to a trend of rising volume and price in hotel business [1] Group 1: Revenue and Performance - The company achieved revenue of 5.51 billion yuan, representing a year-on-year increase of 10.4%, with adjusted EBITDA of 1.51 billion yuan (+14.5%) and adjusted net profit of 1.06 billion yuan (+16.5%), meeting expectations [1] - In Q3 2025, revenue from accommodation booking, transportation ticketing, vacation business, and other businesses reached 1.58 billion, 2.21 billion, 900 million, and 820 million yuan respectively, with strong performance in hotel management driving growth [1] - As of September 30, 2025, the number of hotels under the group's management platform increased to nearly 3,000, with an additional 1,500 hotels in preparation, and the acquisition of Wanda Hotel Management Co., Ltd. was completed on October 16, 2025, managing 239 hotels under Wanda [1] Group 2: Profitability and Margins - The company's overall gross margin was 65.7%, an increase of 2.3 percentage points year-on-year, indicating steady improvement in profitability [2] - The management, R&D, and sales expense ratios were 5.3%, 9.3%, and 31.1% respectively, with an adjusted net profit margin of 19.2%, up by 1.0 percentage point, aligning with expectations [2] Group 3: User Growth and Services - The average monthly paying users reached 47.7 million, an increase of 2.8%, while annual paying users grew to 250 million, up by 8.8%, marking a historical high [3] - The total number of travelers served in the past 12 months was 2.02 billion, reflecting a year-on-year increase of 7.3%, indicating a continued upward trend in paying users [3]

辛欣在课程总结中强调，视觉资产塑造第一印象、有效沟通搭建信任桥梁、生活场景注入情感温度、IP 势能放大个人价值、认知引力深化专业影响，五维能力共同构成新时代财富管理人才的核心竞争力，更 是学子未来对接职场、服务客户的关键根基。此次专题课程既是知识传递与职业启蒙的深度融合，更是 校企协同育人的具体实践。鲜活的案例分享、实用的能力拆解，让学子们清晰把握财富管理行业职业路 径与能力要求，进一步坚定以硬核专业为基、以综合软实力赋能的成长方向。未来，招商证券将持续优 化课程体系与教学模式，深化校企合作联动，搭建优质学习实践平台，为金融行业培育更多兼具专业实 力与人文温度的新生力量，助力行业高质量发展。 本次课程由招商证券财富管理部总经理助理辛欣主讲，聚焦视觉资产、有效沟通、生活场景、IP势能与 认知引力五大核心维度，系统拆解财富管理人才从校园迈向职场需具备的关键软实力。课程开篇以"视 觉资产"为切入点，结合国际金融行业职业路径与着装规范，详解男女职场着装色彩法则、风格搭配及 配饰选择，引导学子构建"专业、可信、得体"的视觉表达体系，夯实投资者关系建立的第一印象基础； 在IP势能塑造环节，倡导以"利他思维"将专业知识融入 ...