证券研究报告 招商蛇口 (001979 CH) 2025 年中期策略会速递— 拿地力度增强，积极推动证券化 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 房地产开发 | 6 月 4 日招商蛇口出席了我们组织的 2025 年中期策略会，会上公司就近期 运营情况进行交流，去年四季度以来公司投拓力度显著增强，多 REITs 平 台助力资产证券化，融资成本持续优化，维持"买入"评级。 开发业务：销售降幅收窄，投拓积极性提升 2025 年前 4 月，公司累计销售面积达 205.9 万方，销售额 498.3 亿元，同 比分别-20.06%/-15.29%，销售额降幅较 24 年收窄 10pct。销售均价显著提 升，前四月销售均价为 2.4 万/平，同比增长 6.0%。拿地方面，今年投资强 度显著加强，前 4 月拿地强度逾 50%，较去年的 22%大幅提升。 资管业务：持有物业布局全面，借力 REITs 推进资产证券化 (16) (4) 8 19 31 Jun-24 Oct-24 Feb-25 Jun-25 (%) 招商 ...

Group 1 - Tiger Securities (NASDAQ:TIGR) and Futu Holdings (NASDAQ:FUTU) experienced stock price increases, with Tiger closing at $8.41 (up 1.94%) and Futu at $112.14 (up 6.93%) on June 4 [1] - A recent investigation revealed that Tiger Securities is allegedly continuing to develop new clients in mainland China and facilitating account openings through potentially fraudulent means, despite being previously identified by the China Securities Regulatory Commission (CSRC) as engaging in illegal securities business [1] - The CSRC announced in December 2022 that it would advance the rectification of illegal cross-border operations by companies like Tiger Securities, formally categorizing their activities targeting mainland investors as "illegal securities business" [1] Group 2 - In response to the allegations, Tiger Securities stated that the reports are false and that they ceased accepting new account applications from mainland users as of December 31, 2022, only servicing existing clients with prior proof of account opening with other overseas brokers [2] - The founder of Tiger Securities, Wu Tianhua, expressed skepticism regarding the claims, arguing that the account opening process cannot be solely attributed to the actions of individual marketing personnel, raising questions about whether these actions are part of the company's broader practices [2] - Recent experiences of journalists posing as new clients successfully opening accounts at Tiger Securities further corroborate the allegations of regulatory violations [2]

日本5月30日当周净买进国外股票 -11441亿日元，前值 -5247亿日元。 ...

Core Insights - The trust industry in China has shown significant growth, with total trust assets reaching a record high of 29.56 trillion yuan by the end of 2024, marking a year-on-year increase of 23.58% [1][2] - The allocation of trust funds has shifted notably towards the securities market, with the scale of funds directed to this area reaching 10.27 trillion yuan, a 55.61% increase from the end of 2023 [1][3] - The trust industry is expected to continue evolving, focusing on enhancing service quality to the real economy and adapting to regulatory changes [4][5] Trust Asset Growth - As of the end of 2024, trust assets totaled 29.56 trillion yuan, an increase of 2.56 trillion yuan (9.48%) from mid-2024 and 5.64 trillion yuan (23.58%) from the end of 2023 [2] - The scale of fund trusts reached 22.25 trillion yuan, growing by 11.53% from mid-2024 and 28.02% from the end of 2023 [2] Fund Allocation Trends - The proportion of funds directed towards the securities market has significantly increased, with 46.17% of total fund trusts allocated to this sector by the end of 2024 [3][4] - The funds directed to the securities market amounted to 10.27 trillion yuan, reflecting a 23.14% increase from mid-2024 and a 55.61% increase from the end of 2023 [3] Impact of Policy Changes - The shift in fund allocation aligns with government policies aimed at revitalizing the capital market and boosting investor confidence [3] - The trust industry is adapting to new regulations, which have led to a transformation in how trust companies operate and allocate funds [4] Support for the Real Economy - By the end of 2024, 28.81% of fund trusts were directly invested in the real economy, with an additional 46.17% indirectly supporting it through the securities market, totaling 16.68 trillion yuan [4] - The growth of charitable trusts has also been notable, with 539 charitable trusts registered nationwide in 2024, surpassing previous years [4] Future Opportunities - Ongoing pilot programs for trust property registration are expected to create new opportunities for the trust industry, with initiatives launched in Beijing and Shanghai [5] - The trust registration company is actively working on establishing a robust registration system to support the industry's development [5]

Core Viewpoint - The securities industry is undergoing a transformation from "scale expansion" to "quality improvement," leading to frequent changes in senior management positions across various brokerages [1][2]. Group 1: Management Changes - In 2023, several brokerages have experienced significant changes in their executive teams, including the appointment of new presidents and general managers [2]. - Notably, on June 3, 2023, China Merchants Securities announced the appointment of Zhu Jiangtao as president, following other recent changes in its executive lineup [2]. - At least five brokerages have seen executives retire due to age, including CITIC Securities, China Merchants Securities, and others [2]. Group 2: Talent Strategy - The high-quality development of the securities industry is closely linked to talent strategy, with a trend of hiring executives with diverse backgrounds from banks and insurance companies [1][3]. - New executives typically possess extensive experience in the securities industry and often have prior roles in other financial institutions, enhancing the brokerages' capabilities [2][3]. - The introduction of cross-industry executives is expected to improve business collaboration, innovation, and resource integration within brokerages [3]. Group 3: Market Recruitment - Market-based recruitment has become a significant method for selecting new executives, allowing brokerages to attract high-quality talent and optimize governance structures [4][5]. - For instance, Chengtong Securities publicly announced the recruitment of a general manager and deputy general manager, emphasizing the need for experienced candidates [4]. - This trend of market recruitment is seen as a way to break traditional internal selection limitations and bring in fresh perspectives and innovative thinking [5].

随着老铺黄金、泡泡玛特等个股赚钱效应的持续发酵，大批新消费、人工智能和生物医药等领域的内地 企业纷纷谋求赴港IPO，并迅速催生了新一轮港股开户热潮。 值此风口，记者调查发现，2022年就被证监会认定为非法经营证券业务的跨境互联网券商老虎证券 （TIGR），目前依然在北京等地违规发展内地新客户、开立新账户，通过涉嫌伪造材料等手段，主动 帮助不符合条件的内地客户成功开户，并通过技术手段为新增客户获取其App留"后门"。 记者进一步调查还发现，老虎证券目前还在北京、上海、广州、深圳、杭州以及合肥等多地大量招聘工 作人员，包括但不限于证券经纪业务、投资银行业务和资产管理业务等券商前台岗位，以及人力、财 务、行政、技术、客服和运营等中后台岗位。 5月28日，记者就有关问题对老虎证券进行了书面采访，但截至发稿前尚未收到任何回应。 港股火爆催生跨境违规揽客生意 某80后炒股客告诉记者，经过朋友引荐，他通过微信与老虎证券的一位客户经理T（匿名处理）取得了 联系。在没有任何监管政策告知和风险揭示的情况下，T直接发给他老虎证券证券开户链接 （www.tigersecurities.com）及开户流程资料，并告知其"选择身份证开户 ...

证券研究报告·固定收益·固收深度报告 固收深度报告 20250604 结构化融资再观察：城投 ABS 市场回顾与前 瞻（市场篇） [Table_Tag] [Table_Summary] 观点 2025 年 06 月 04 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 徐津晶 执业证书：S0600523110001 xujj@dwzq.com.cn 相关研究 《结构化融资再观察：城投 ABS 市场 回顾与前瞻（政策篇）》 2025-06-03 《周观：交易主线缺位，债市难逃脱 震荡行情（2025 年第 21 期）》 ◼ 存量城投 ABS 券种结构及票面利率分布：1）从债券种类来看，当前城 投 ABS 市场呈现以企业 ABS 产品为主导，少量 ABN 产品补充的格局， 表明证监会主管的 ABS 因其备案制的高效性、基础资产类型的灵活性， 成为城投平台资产证券化融资的主流方式，而交易商协会主管的 ABN 因依托银行间市场发行并采用注册制管理，且其流动性受限于银行间市 场投资者结构，非标属性较强，因此在当下城投平台融资端严监管 ...

Group 1 - In May 2025, A-share new account openings totaled 1.56 million, with individual investors accounting for 1.5484 million and institutional investors for 0.07147 million, reflecting a year-on-year increase of 22.86% despite the impact of the "May Day" holiday [1][3][5] - The total number of new accounts opened in 2025 showed a fluctuating trend, peaking in March at 3.0655 million, followed by a decline in April and May due to seasonal factors [5][6] - The increase in new accounts is positively correlated with market performance, indicating a strong market sentiment and confidence among investors, particularly after a significant surge in October to December 2024 [6][7] Group 2 - The rise in individual investor participation is expected to benefit brokerage firms, with forecasts indicating a new cycle of growth in the securities industry in 2025, particularly in brokerage and proprietary trading businesses [7] - Analysts predict that the performance of the securities industry will continue to recover, with growth prospects for brokerage and margin financing businesses, while proprietary and asset management businesses show resilience [7] - The current market conditions suggest potential upward movement, with strong beta attributes in the brokerage sector likely to enhance overall market sentiment [7]

Core Insights - The trust asset scale in China reached 29.56 trillion yuan by the end of 2024, marking a year-on-year growth of 23.58%, despite a significant profit decline of 45.52% to 23.09 billion yuan [1][7] - The implementation of the "three-category" regulation in 2024 has prompted the industry to adjust positively, indicating a need for new revenue and profit growth points [1][2] Trust Asset Scale and Growth - The trust asset scale increased by 2.56 trillion yuan from mid-2023, reflecting a growth rate of approximately 9.5%, and a year-on-year increase of 5.64 trillion yuan [1][2] - Over the past 15 years, the trust asset scale has fluctuated, initially rising to a peak of 26.25 trillion yuan before experiencing a decline due to regulatory changes, stabilizing in mid-2022, and now approaching 30 trillion yuan [2] Business Structure Optimization - The "three-category" regulation has shifted the focus of trust companies from traditional non-standard financing to more diversified and specialized asset service trusts, asset management trusts, and charitable trusts [2] - By the end of 2024, wealth management service trusts exceeded 1 trillion yuan, with family trusts at 643.58 billion yuan and insurance trusts at 270.40 billion yuan [3] Fund Trust Allocation - By the end of 2024, the scale of fund trusts reached 22.25 trillion yuan, with a year-on-year increase of 28.02% [4][5] - Fund trusts directed towards the securities market amounted to 10.27 trillion yuan, representing a significant year-on-year growth of 55.61% [5][6] Profitability Challenges - The trust industry faced a decline in profits, with total operating income rising to 94.04 billion yuan, but profits plummeting to 23.09 billion yuan, nearly halving [7] - The shift towards asset service trusts, which typically have lower fees, has impacted overall profit margins, necessitating a focus on enhancing business yield [7] Support for the Real Economy - Approximately 28.81% of the 22.25 trillion yuan in fund trusts was directly allocated to the real economy, with an additional 46.17% indirectly supporting it through the securities market, totaling 16.68 trillion yuan [8]

招商证券股份有限公司 二○二四年年度股东大会 会议资料 大 会 议 程 关于招商证券国际有限公司及其下属全资子公司 2025 年度担保授权方案的议案 议案 1 关于公司 2024 年度董事会工作报告的议案 各位股东： 根据相关法律法规和《招商证券股份有限公司章程》（简称《公司章程》） 的规定，现提请股东大会审议公司 2024 年度董事会工作报告，具体如下: 一、2024 年度董事会主要工作 中央沉着应变、综合施策，特别是 9 月末果断部署一揽子增量政策，社会信心有 效提振，经济明显回升，全年经济运行总体平稳、稳中有进， GDP 同比增长 5%。 随着资本市场新"国九条"出台和"1+N"政策体系的逐步落地，以及一揽子增 量政策积极效应的持续显现，资本市场回暖向好，展现出较强韧性。12 月末， 上证指数同比上涨 12.7%，深证成指同比上涨 9.3%；全年 IPO 和再融资发行规模 均大幅下降，一级市场股权融资规模 2,485 亿元，同比下降 73%；二级市场日均 股基交易额 1.2 万亿元，同比增长 23%。 会议时间： 通过交易系统投票平台的投票时间： 的一年。公司积极应对监管新规实施、行业竞争加剧等考验，保 ...