格隆汇7月30日｜招商证券国际发表报告指，中国游戏市场在上半年实现强劲增长，凭借新产品、AI及 精细化营运，该行重点覆盖公司的表现超越同行。对于第二季及全年展望，该行认为丰富的游戏储备有 望持续推动增长，利润率扩张。该行预计腾讯、网易及哔哩哔哩第二季游戏收入将按年增长15%、18% 及13%，2025财年按年增15%、13%及13%。 招商证券维持腾讯为中国互联网行业首选，因其具备稳固商业护城河、良好增长前景、市场领导地位以 及在AI应用生态上的潜力，目标价由650港元升至670港元。另外，该行对网易目标价由154美元升至 166美元，哔哩哔哩目标价由25美元升至28美元。 ...

招商证券国际发表报告指，中国游戏市场在上半年实现强劲增长，凭借新产品、AI及精细化营运，该 行重点覆盖公司的表现超越同行。对于第二季及全年展望，该行认为丰富的游戏储备有望持续推动增 长，利润率扩张。该行预计腾讯、网易及哔哩哔哩第二季游戏收入将按年增长15%、18%及13%，2025 财年按年增15%、13%及13%。招商证券维持腾讯为中国互联网行业首选，因其具备稳固商业护城河、 良好增长前景、市场领导地位以及在AI应用生态上的潜力，目标价由650港元升至670港元。另外，该 行对网易目标价由154美元升至166美元，哔哩哔哩目标价由25美元升至28美元。 ...

Core Insights - On July 29, shareholders of China Merchants China Fund (00133) transferred shares from China Merchants Securities Hong Kong to Tianfeng International Securities and Futures, with a transfer value of HKD 240 million, representing 10.13% of the total shares [1] Company Summary - China Merchants China Fund announced that as of June 30, 2025, its unaudited net asset value per share is USD 5.122, equivalent to HKD 40.21 [1]

Group 1 - The core point of the article is that China Merchants China Fund has transferred its shares from China Merchants Securities Hong Kong to Tianfeng International Securities and Futures, with a market value of HKD 240 million, accounting for 10.13% of the total [1] - As of June 30, 2025, the unaudited net asset value per share of China Merchants China Fund is reported to be USD 5.122, equivalent to HKD 40.21 [1]

Core Viewpoint - The company is committed to serving the real economy and has outlined a new five-year strategy focusing on "intensive, digital, technology-driven, and international" development paths to support the growth of new productive forces [1][2]. Group 1: Technology and Innovation - The company emphasizes the importance of technology as the primary productive force and innovation as the main driving force, establishing a capital service system that covers the entire lifecycle of enterprise development [3]. - It has built a digital knowledge base for key industrial chains, focusing on sectors such as new energy and biomedicine, and has completed 8 technology innovation equity financing projects totaling 10.458 billion yuan in 2024 [3]. - The company has invested approximately 7.86 billion yuan in technology innovation since 2020, actively supporting key core technology breakthroughs [3][4]. Group 2: Green Finance - The company is driving low-carbon transformation through a diversified financial toolset, creating a green finance ecosystem that integrates investment and product innovation [5]. - Since 2022, it has facilitated equity financing of 24.57 billion yuan for companies related to carbon neutrality and new energy, and underwrote green bonds totaling 43.23 billion yuan [5]. Group 3: Inclusive Finance - The company has launched the "Leap Plan" to provide comprehensive financial services for early-stage quality enterprises, with 554 companies included in the program by the end of 2024, totaling an investment of 2.5 billion yuan [7]. - It has expanded its "insurance + futures" business to support agricultural production and is developing a pension financial service system to enhance residents' retirement security [9]. Group 4: Strategic Partnerships and Industry Integration - The company has organized industry chain connection activities to facilitate collaboration between emerging technology companies and industry leaders, resulting in over 50 companies achieving business connections in various sectors [8]. - It is enhancing its wealth management services by transitioning to a "buy-side advisory" model, serving over 80,200 clients with assets under management of approximately 5.112 billion yuan [8].

Core Viewpoint - The news discusses the verification opinion of招商证券 regarding the partial lifting of the lock-up period for shares of苏州银行, allowing these shares to be listed and traded on the market. Group 1: Share Issuance and Changes - 苏州银行's total share capital before the IPO was 3,000,000,000 shares, which increased to 3,333,333,334 shares after the IPO, including 3,000,000,000 restricted shares and 333,333,334 unrestricted shares [2][3] - As of July 18, 2025, 苏州银行's total share capital is 4,470,662,011 shares, with 81,703,527 shares still under lock-up [3][10] - The current lifting of the lock-up involves 7,262,540 shares from 871 shareholders, representing 0.1624% of the total share capital, which will be tradable starting August 4, 2025 [3][10] Group 2: Shareholder Commitments - Shareholders, including directors and senior management, have committed to a lock-up period of 36 months post-IPO, with additional conditions for share transfers during and after this period [4][5] - Specific commitments include restrictions on share transfers and conditions for selling shares after the lock-up period, ensuring that any sales do not exceed 25% of their holdings annually for two years after the lock-up [5][6] - New shareholders who acquired shares during the IPO process also committed to a minimum lock-up period of three years, with limits on the percentage of shares they can sell annually thereafter [8][9] Group 3: Financial Integrity and Compliance - As of the verification date, there are no instances of non-operational use of funds by shareholders or any violations of commitments regarding share transfers [10] - The verification confirms that the lifting of the lock-up period complies with relevant regulations and that shareholders have adhered to their commitments regarding share restrictions [15]

一、本次解除限售股份的基本情况 招商证券股份有限公司关于浙江华统肉制品股份有限公司非公开发 行限售股份解除限售上市流通的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐人"）作为浙江华 统肉制品股份有限公司（以下简称"华统股份""本公司"或"公司"）的持续 督导保荐人，根据《深圳证券交易所股票上市规则》《证券发行上市保荐业务管 理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关 规定，对华统股份非公开发行限售股份解除限售上市流通的事项进行了核查， 核查情况及核查意见如下： 经中国证券监督管理委员会《 《关于核准浙江华统肉制品股份有限公司非公开 （证监许可《 2022〕1036 号）核准，华统股份向特定对象上海 发行股票的批复》 华俭食品科技有限公司《 （以下简称《 "上海华俭"）非公开发行人民币普通股《 （A 股） 股票 132,200,000 股，本次发行新增股份于 2022 年 8 月 1 日在深圳证券交易所上 市。限售期为自本次发行结束新股上市之日起三十六个月。 本次发行后至本核查意见出具日， ...

该行预计毛戈平在明星产品驱动下，其收入将从2024年39亿元增长至2027年98亿元，实现36%的年均复 合增长率(CAGR)，主要受益于明星单品的成熟放量及各业务板块间的协同效应。其中，护肤品业务预 计将以43.5%的CAGR增长，占总收入比重提升至42.8%。线下渠道预计以26.2%的CAGR增长，年净增 约40个专柜(至2027年增加到498个)；同时，单店坪效提升至630万元，依托高端护城河与高接触式服 务，满足稳定消费需求。在线渠道预计以46.4%的CAGR增长，占比提升至56.8%，通过扩大覆盖范围与 明星单品带动高投资回报率。 招商证券国际发表研究报告，首次覆盖毛戈平，给予"增持"评级，目标价为102.4港元，基于2026年中 期预测市盈率38.5倍。该行指出，若毛戈平复制雅诗兰黛的发展路径，在未来完成区域性品牌收购并建 立泛亚洲高端定位，有望进一步提升估值至50倍市盈率水平，从而更好地支持其护肤品业务占比与利润 率表现。 ...

为持续向投资者普及ETF基础知识，招商证券携手十大基金公司，联合全景网共同举办2025年招商证 券"招财杯"ETF实盘大赛系列直播，旨在帮助投资者提升资产配置与风险管理能力，促进ETF市场的健 康发展。 2025年7月24日，"招财杯"ETF实盘大赛系列直播邀请到了银华基金指数投资分析师辛迪，一起探讨 《创新药板块崛起，后市还有哪些机会？》。 辛迪表示，经过近几年的快速发展，我国已成为全球创新药领域的重要力量，尤其在研发管线规模、靶 点覆盖及国际化合作方面表现突出，而众多创新药企也将开始进入成果兑现阶段，中国创新药行业或正 在进入厚积薄发的"收获期"。 "总体而言，政策、资本、产业因素共振，中国创新药行业长期成长逻辑坚实。"辛迪进一步表示，"我 认为创新药估值仍有非常充足的上扬空间。" 部分企业业绩超预期，创新药或步入"收获期" 辛迪：从基本面来看，我们认为创新药仍是当前医药板块中产业趋势最为明确且具备未来成长空间的子 行业，全年维度创新药作为医药板块的投资主线不会变化，创新药大时代已然到来。此外，7月中报业 绩预告/快报陆续披露，GLP-1景气赛道、困境反转的原料药等表现亮眼，从半年报情况看，部分企业 H1 ...

Core Viewpoint - The recent adjustment of the predetermined interest rate for life insurance products to 1.99% marks the first downward revision since the implementation of the dynamic adjustment mechanism, which helps the industry mitigate long-term interest spread loss risks in a low-interest-rate environment [1][2][5]. Group 1: Interest Rate Adjustments - The China Insurance Industry Association announced a new predetermined interest rate of 1.99%, down from 2.34% and 2.13% in the previous two quarters, triggering the dynamic adjustment mechanism for the first time [2][3]. - Major insurers such as China Life, Ping An, and Taikang have announced that starting in September, the maximum predetermined interest rates for ordinary life insurance products will be reduced from 2.5% to 2.0%, and for participating insurance from 2.0% to 1.75% [1][3]. Group 2: Competitive Landscape - The gap between the maximum predetermined interest rates for participating insurance and ordinary insurance has narrowed to 25 basis points (BP), enhancing the competitive advantage of insurance products [3][5]. - The adjustment of the maximum predetermined interest rates for various insurance products reflects a clear shift towards floating yield products, indicating a strategic transformation by leading insurers [5]. Group 3: Market Impact and Product Transition - The adjustment is expected to stabilize market expectations and industry development, reducing the impact on insurers' daily operations, especially during the year-end sales peak [4]. - The transition to new products is anticipated to be swift, with a one-month timeframe for switching, which may lessen the short-term impact of product suspensions on premium growth compared to previous years [4].