Core Viewpoint - The company aims to leverage the accelerating IPO issuance pace to enhance revenue through various strategies, focusing on strengthening its client base and optimizing its investment banking services [1] Group 1: Business Strategy - The company will actively grasp the favorable timing of the accelerated IPO issuance [1] - It plans to enhance revenue levels through multiple measures [1] - The company is committed to deepening its presence in branch institutions, investment platforms, and with China Merchants Bank [1] Group 2: Client Development - The company aims to strengthen its client system and solidify its enterprise customer base [1] - It will continuously build a technology investment banking brand and dynamically optimize the "three investment" linkage mechanism [1] - The company seeks to enhance cooperation with VC institutions, focusing on early identification of quality technology enterprises [1] Group 3: Industry Focus - The company is actively promoting the "Strong Chain Project" to connect "Leaping Enterprises" with leading enterprises [1] - It aims to deepen the integration of industry and finance, focusing on three core tracks: digital technology, green technology, and life sciences [1] - The company intends to explore high-quality enterprises within the industrial chain and actively support China Merchants Group's third entrepreneurial phase [1]

Core Viewpoint - The company is actively responding to the national "digital finance" policy and is committed to the "AI + finance" strategy of the China Merchants Group, aiming to transform into an "AI securities company" through comprehensive AI integration [1] Group 1: Digital Transformation Strategy - The company has upgraded its "digital planning" to "intelligent planning" and has established the "Tianqi" model system, implementing the "5A methodology" for large language model applications [1] - The company is focusing on a full-scale AI transformation across business development models, service models, operational management mechanisms, and technology platform architecture [1] Group 2: Wealth Management Innovations - In the wealth management sector, the company is exploring the creation of an AI-centric wealth management ecosystem, integrating high-frequency scenarios such as market data, information, asset allocation, investor education, and customer service [1] - The company has developed an AI wealth assistant for C-end clients and an internal AI assistant named "Zhao Xiaogu" for frontline business support [1] Group 3: Institutional Services Enhancement - The company has launched the "Zhao Shang Securities Zhizhi" integrated service brand for institutions, creating a one-stop intelligent research workstation [1] - The "AI Research Institute" has been fully upgraded to assist researchers in generating financial report comments, weekly and monthly reports [1] Group 4: Investment Banking Advancements - The company is focusing on an intelligent undertaking platform in the investment banking sector, launching an operational support platform to enhance marketing success rates, project undertaking efficiency, and integrated management levels [1] Group 5: Investment Research Improvements - The company aims to enhance the trading and market-making capabilities of its investment research platform and to improve its range of business categories [1]

证券日报网2月6日讯 ，招商证券（600999）在接受调研者提问时表示，公司坚定推进财富管理业务转 型，围绕"以客户为中心"的核心战略，充分发挥证券研究专业优势，锚定客户资产增值、AUM稳步增 长的目标，构建数字化驱动的线上线下（300959）一体化的财富管理业务新生态。在"以客户为中心"方 面，公司通过"e招投"基金投顾业务，为大众客户提供普惠金融服务；财富客户方面，以财富顾问团队 为核心，通过构建公募优选、私募50等优选产品，满足财富客户的资产配置需求；高净值客户方面，通 过升级智远私行定制服务方案、"私享会""走进上市公司"等高端个性化定制及投资咨询服务，满足高净 值客户综合服务需求。另外，公司通过分级赋能培训体系和"财富管理平台""财富+"小程序、企业微信 等线上服务工具，为财富顾问实现精准赋能，提升财富顾问整体营销服务能力；打破财富顾问服务疆域 限制，扩大客户服务覆盖面，持续优化客户服务质量及服务体验。 ...

智通财经APP获悉，招商证券发布研报称，2026年一季度以来，各类存储产品价格环比急剧上涨，目前 在能见度范围内今年存储价格持续上涨可期，同时2026年全球新增供给有限，预计存储紧缺趋势将延续 至2027年。在价格与需求共振情况下，今年海内外存储将迎来业绩释放大年，后续市场价格趋势和各环 节公司业绩增长持续性是核心关注点，建议关注存储+设备+产业链三大核心环节相关公司。 招商证券主要观点如下： 库存端：产业链库存呈现显著的分化特征，原厂库存紧张将贯穿2026全年 原厂库存水位持续回落，服务器DRAM与NAND紧缺趋势预计将贯穿2026全年，奠定长期卖方市场基 础；中下游台厂与中国内地厂商普遍积极备货，其中中国内地模组厂Q3库存累计同比高增34%创历史 新高，以应对2026年供需缺口，后续有望在价格上行周期中通过低成本库存重估，释放巨大的利润弹 性。 价格端：AI产能挤占效应导致供需缺口持续扩大，26Q1合约价环比高增 现货价格方面，虽然DDR4价格首次出现小幅回调，但原厂供应停滞支撑整体价格维持高位，并不影响 整体价格走势；合约价格方面，在服务器强劲需求拉动下呈现急剧上涨态势，预计26Q1DRAM与 NAND ...

Core Viewpoint - The company has successfully transformed from a "crowdfunding platform" to an "AI + health services + insurance protection" closed-loop ecosystem, significantly increasing the proportion of health service revenue [1] Group 1: Business Transformation - The company has enhanced operational efficiency and scale effects through deep AI integration in content production, precise conversion, and risk control systems, leading to optimized revenue structure and released profitability [1] - The company is expected to have long-term business resilience and anti-cyclical capabilities supported by a multi-payer structure [1] Group 2: Competitive Positioning - In a highly fragmented digital healthcare market, the company has achieved differentiated competition by focusing on public health education, contrasting with serious medical platforms like Yimaitong [1] - The company leverages the strong brand trust accumulated from its previous crowdfunding platform, positioning itself as the starting point in the patient decision-making chain, especially among younger patients who prefer video consultations [1] Group 3: Market Potential - The company's consumer-oriented health content, such as topics on hair loss, sleep, and chronic disease management, has a broader audience and creates a strong psychological positioning at both the scene and patient ends [1] - The company is believed to have further value release potential at the current stock price level, with stock performance primarily dependent on the management's ability to continuously deliver on transformation results [1]

Core Viewpoint - The report from China Merchants Securities indicates that Easy Health (02661) has successfully transformed from a "crowdfunding platform" to a closed-loop ecosystem of "AI + health services + insurance protection," significantly increasing the proportion of health service revenue [1] Group 1: Business Transformation - The company has enhanced its operational efficiency and scale effects through deep AI integration in content production, precise conversion, and risk control systems, leading to optimized revenue structure and released profitability [1] - The firm is rated "Buy" with a target price of HKD 109.4, reflecting confidence in its long-term commercial resilience and counter-cyclical capabilities supported by a multi-payer structure [1] Group 2: Competitive Positioning - In a highly fragmented digital healthcare market, the company has achieved differentiated competition by focusing on public health education, contrasting with serious medical platforms like Yimaitong [1] - Leveraging the strong brand trust built from its origins in crowdfunding, the company has positioned itself as the starting point in the patient decision-making chain, particularly appealing to younger patients who prefer video consultations [1] Group 3: Market Opportunities - The company's consumer-oriented health content, addressing issues like hair loss, sleep, and chronic disease management, has a broader audience and creates a strong psychological presence at both the scene and patient ends [1] - The firm is expected to have further value release potential at current stock price levels, with stock performance primarily dependent on the management's ability to deliver on transformation results [1]

公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2026年2月5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 | | 7,422,005,272 | | 2. 股份分類 | 普通股 | H 股份類別 | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | ...

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: 2026年1月31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: 2026年2月5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 | | 7,422,005,27 ...

招商证券发布研报称，印尼矿业官员周二表示，由于印尼政府提出大幅减产计划，该国矿商已暂停现货 煤炭出口。该行认为此次供给扰动对动力煤影响大于焦煤。主因资源禀赋方面印尼煤炭多以露天开采低 卡煤为主。建议关注受益于现货煤占比较高和海外业务占比较高的兖矿能源(600188.SH)，和稳健经营 标的如中煤能源(601898.SH)、陕西煤业(601225.SH)等。 2.本次供给扰动之下，国内动力煤现货价格有望反弹 根据印尼统计局数据，2025年印尼煤炭出口量5.3亿吨，占全年产量比例67%。出口结构中，中国占比 最高40%，达到2.1亿吨。 全年维度，不同假设下，中国进口印尼煤炭或下滑2411-5089万吨。 情景一：假设2026年印尼煤炭产量与能矿部指引一致，即6亿吨;产量出口比例和出口结构中国占比和 2025年一致;则2026年印尼出口中国煤炭或达到1.61亿吨，同比下降5089万吨。 情景二：假设2026年中RKAB额度有所提升，印尼煤炭产量达到7亿吨;产量出口比例和出口结构中国占 比和2025年一致;则2026年印尼出口中国煤炭或达到1.87亿吨，同比下降2411万吨。 短期维度，本次供给扰动有望推动国内动力 ...

招商证券发表研报指，首次覆盖轻松健康并给予"增持"评级，目标价为109.4港元。轻松健康成功完成 从众筹平台向AI+健康服务+保险保障闭环生态转型，健康服务收入占比显著提升，该行看好公司在多 支付方结构支撑下的长期商业韧性与抗周期能力。AI深度赋能内容生产、精准转化与风控体系，显著 提升营运效率并持续放大规模效应，推动收入结构优化与盈利能力释放。 该行指，在数字医疗高度分散的竞争格局中，公司透过深耕大众科普实现了与医脉通等严肃医疗平台的 错位竞争。不同于对标医生群体的学术推广模式，公司利用前身轻松筹积淀的深厚品牌信任感。在看病 先刷影片的年轻化就医习惯下，公司已成为患者决策链条的起点。这种面向大众的消费型健康内容(如 脱发、睡眠及慢病管理)受众更广，且在场景端与患者端形成极强的心理占位，使得公司在赛道拥挤的 数字健康行业中展现出独特的品牌护城河。 ...