香港联交所最新资料显示，8月26日，易方达基金管理有限公司增持招商证券（600999）(06099)161.78 万股，每股作价18.0842港元，总金额约为2925.66万港元。增持后最新持股数目约为1.02亿股，最新持 股比例为8.02%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月26日，易方达基金管理有限公司增持招商证券 (06099)161.78万股，每股作价18.0842港元，总金额约为2925.66万港元。增持后最新持股数目约为1.02 亿股，最新持股比例为8.02%。 ...

Core Viewpoint - Li Auto's Q2 performance fell short of expectations, with weak sales growth during the new model gap, but profitability is steadily improving [1] Group 1: Financial Performance - Li Auto's new electric model i8 has seen smooth deliveries, with management projecting cumulative deliveries to reach between 8,000 to 10,000 units by the end of September [1] - The company has a strong cash position exceeding 100 billion, providing sufficient resources to navigate short-term headwinds [1] - The forecast for net profit (non-GAAP) for Li Auto has been revised downwards by 48%, 28%, and 25% for the years 2025 to 2027, reflecting pressure on profitability during the new model gap [1] Group 2: Market Outlook - The market is overly pessimistic about the company's product cycle, overlooking its management efficiency, channel expansion potential, and overseas growth opportunities [1] - The third quarter is expected to be the low point for delivery volumes, with the launch of the i6 model anticipated to reverse market pessimism [1] Group 3: Investment Recommendations - The recommendation is to buy on dips, maintaining a "buy" rating, while lowering the target price for Hong Kong shares to 115 HKD and for US shares to 30 USD, which corresponds to a 19 times price-to-earnings ratio for the fiscal year 2026, representing a 27% discount to the company's historical average valuation [1]

招商证券国际表示，当前市场对公司产品周期过度悲观，忽略公司精细管理提效能力，渠道下沉拓展空 间以及海外拓展空间。公司有超过千亿现金，有足够源应对短期逆风。预计三季度是交付量低点，i6上 市后将扭转市场悲观预期。该行分别下调理想汽车2025至2027年净利润预测(非GAAP)48%、28%、 25%，反映新品断档期盈利承压。 招商证券国际发布研报称，理想汽车-W(02015,LI.US)今年次季度业绩低于预期，新车空窗期销量增长 乏力，但盈利能力稳中有升，纯电新品i8交付顺利，管理层预计截至9月底累计交付目标为8,000至 10,000台，产能与供应链稳定性良好，i8市场接受度好于预期。建议逢低吸纳，维持"增持"评级，下调 港股目标价至115港元、美股目标价至30美元，相当于2026财年19倍市盈率，相对公司历史平均估值折 让27%。 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 22.37 CNY, compared to the current price of 18.98 CNY [4][10]. Core Views - The company's return on equity (ROE) for the reporting period is 3.9%, with a year-on-year increase of 0.1 percentage points. The quarterly ROE is 2.2%, showing a quarter-on-quarter increase of 0.4 percentage points and a year-on-year increase of 0.1 percentage points [2]. - The total revenue for the reporting period, excluding other business income, is 10.4 billion CNY, representing a year-on-year growth of 9%. The quarterly revenue is 5.8 billion CNY, with a quarter-on-quarter increase of 11.5% [7]. - The net profit attributable to the parent company is 5.19 billion CNY, reflecting a year-on-year increase of 9.2% and a quarterly increase of 5.7% [7]. Financial Performance - The company's self-operated business income amounts to 4.12 billion CNY, with a quarterly income of 2.61 billion CNY, showing a quarter-on-quarter increase of 1.1 billion CNY [3]. - Interest income from credit business is 4.53 billion CNY, with a quarterly income of 2.22 billion CNY, showing a quarter-on-quarter decrease of 0.95 million CNY [3]. - The company's asset turnover rate is 2.1%, with a quarterly rate of 1.2%, both showing year-on-year increases of 0.1 percentage points [2]. Market Position - The company's market share in margin financing is 5.15%, with a year-on-year decrease of 0.13 percentage points [3]. - The average yield of actively managed equity funds in the same quarter is +1.41%, showing a quarter-on-quarter decrease of 1.87 percentage points and a year-on-year increase of 4.02 percentage points [3]. Future Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.45 CNY, 1.56 CNY, and 1.67 CNY respectively, with corresponding book values per share (BPS) of 13.98 CNY, 15.02 CNY, and 16.06 CNY [10][11].

Core Viewpoint - The report from China Merchants Securities indicates that the banking sector is expected to see a reopening of excess return windows as macro liquidity approaches its peak, despite ongoing pressures from insurance non-standard maturities and a mid-term market outlook that remains positive for banks [1][2]. Group 1: Market Performance and Trends - From mid-July to mid-August, market trading volume increased and indices reached new highs, leading to a reduction in bank focus [1]. - As of August 29, 42 A-share banks reported a year-on-year revenue growth of 1.03%, PPOP growth of 1.13%, and net profit growth of 0.77% for the first half of 2025, showing improvements compared to the first quarter [2]. Group 2: Banking Sector Dynamics - The banking sector's profit improvement in Q2 was attributed to a reduction in bond market pressures and a decline in deposit rates, which provided confidence in bank interest margins [3]. - The report highlights that if the asset side of banks does not align with the reduction in deposit costs, the benefits may be negated by continued credit demand pressures [3]. Group 3: Policy and Structural Changes - The need for banks to focus on serving the real economy and high-quality development is emphasized, with a warning against low interest rates leading to misallocation of resources and increased non-performing loans [4]. - Macro policy design is crucial for guiding banks to prioritize genuine credit demand and avoid internal competition, especially during economic downturns [5]. - Positive changes are noted in policy measures aimed at improving the banking sector's asset side pressures, with expectations for a shift towards supporting the real economy and enhancing overall economic well-being [5].

轻松健康集团在港交所提交IPO申请，中金公司、招商证券国际为联席保荐人。 ...

Core Viewpoint - The company, China Merchants Securities, reported a positive performance in its 2025 interim financial results, with significant year-on-year growth in revenue and net profit, alongside a planned cash dividend distribution for shareholders [1][2][4]. Financial Performance Summary - For the first half of 2025, the company achieved a total revenue of 10.52 billion yuan, representing a year-on-year increase of 9.64% [1][4]. - The net profit attributable to shareholders reached 5.186 billion yuan, up 9.23% compared to the previous year [1][4]. - The second quarter of 2025 saw a single-quarter revenue of 5.807 billion yuan, also reflecting a 9.64% year-on-year growth [1]. - The net profit for the second quarter was 2.878 billion yuan, marking an 11.11% increase year-on-year [1][4]. - The company's debt ratio stood at 80.46%, with investment income reported at 6.544 billion yuan [1]. Dividend Distribution Summary - The board of directors approved a mid-term profit distribution plan, proposing a cash dividend of 1.19 yuan per 10 shares (tax included), with no stock dividends or capital reserve transfers [2][4]. - The total amount of profit to be distributed is approximately 1.034 billion yuan, based on a total share capital of 8,696,526,806 shares as of June 30, 2025 [2]. - The cash dividend is expected to be distributed by October 28, 2025, with specific dates to be announced later [3][4].

Core Viewpoint - The report outlines the ongoing related party transactions of Chengdu Haoneng Technology Co., Ltd. and the verification opinions from the sponsor, China Merchants Securities Co., Ltd., regarding these transactions and their compliance with relevant regulations [1][5]. Group 1: Daily Related Transactions Overview - The company has engaged in related party transactions with Haoneng Shichuan (Luzhou) Precision Manufacturing Co., Ltd., totaling 13.22 million yuan for asset sales [1]. - The company plans to increase its expected daily related transactions for 2025, with a total estimated amount of 70.76 million yuan for purchasing differential housing and other goods from the related party [1][2]. Group 2: Related Party Information - Haoneng Shichuan was established on April 21, 2025, with a registered capital of 200 million yuan, and is a joint venture where the company holds a 50% stake [2][3]. - The related party has not generated revenue or profit since its establishment, indicating a focus on future growth [3]. Group 3: Transaction Pricing and Policies - The pricing for related transactions is based on market principles, considering raw material costs, labor, and manufacturing expenses, ensuring fairness and compliance with legal standards [4][5]. - The company emphasizes that these transactions do not harm the interests of the company or its shareholders, particularly minority shareholders [5]. Group 4: Approval Procedures for Related Transactions - The board of directors approved the related transactions, with the related director abstaining from voting, and independent directors confirmed the legality and necessity of the transactions [5][6]. - The transactions do not require further approval from the shareholders' meeting, streamlining the process [5]. Group 5: Sponsor's Verification Opinion - The sponsor, China Merchants Securities, has no objections to the related transactions, confirming that all necessary legal procedures were followed and that the transactions are based on operational needs [6].

证券代码：600999 证券简称： 招商证券 编号： 2025－035 招商证券股份有限公司 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： ? 每股分配比例：每股派发现金红利 0.119 元（含税）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前招商证券股份有限公司（以下简称公 司）总股本发生变动的，拟维持分配总额不变，相应调整每股分配比例，并将在 相关公告中披露。 一、 利润分配方案内容 截 至 2025 年 6 月 30 日 ，公司母公 司报表中 期末未 分配利润为 人民 币 股权登记日登记的总股本为基数分配利润。本次利润分配方案如下： 向 H 股股东支付。港币实际派发金额按照第八届董事会第二十二次会议召开日前 五个工作日中国人民银行公布的人民币兑换港币平均基准汇率计算。 根据公司 2024 年年度股东大会授权，公司 2025 年中期利润分配方案经公司 第八届董事会第二十二次会议审议通过后即可实施，公司将于 2025 ...