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公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2026年3月27日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、鄧仁傑、江朝陽、朱立偉、黃堅及馬向輝；及本公司的 獨立非執行董事為田宏啟、李朝鮮、史永東、李健、黃玉山及盧力平。 招商銀行股份有限公司 股票代碼：600036 释义 / 重大风险提示 / 备查文件目录 招商银行股份有限公司 2025年度报告（A股） 释义 本公司、本行、招行、招商银行 ： 招商银行股份有限公司 招商银行股份有限公司 2025年度报告（A股） 目录 1 目录 2 释义 2 重大风险提示 2 备查文件目录 ...

Group 1 - The core point of the article is that China Tower Corporation has applied for a patent for a "DC power distribution system and method for communication base stations," indicating its focus on advancing communication technology [1] Group 2 - The patent application number is CN121643263A, with an application date of November 2025 [1] - The invention pertains to the field of communication equipment technology, specifically a DC power distribution system that includes at least one intelligent control module mounted on a fixed rail [1] - The intelligent control module connects to the negative terminal of a DC bus from a switch power supply and to the input terminal of communication equipment, featuring a protection unit, a metering unit, and a control unit [1] - The control unit allows for remote control of the protection unit, enabling differentiated, refined, and intelligent management of each branch [1] Group 3 - China Tower Corporation was established in 2014 and is based in Beijing, primarily engaged in civil engineering construction [1] - The company has a registered capital of 1,760,084,710.2 RMB [1] - According to data from Tianyancha, the company has invested in four enterprises, participated in 99,778 bidding projects, and holds 185 trademark records and 1,189 patent records, along with 77 administrative licenses [1]

Core Viewpoint - Haibao Life Insurance, established in 2018, has rapidly grown by leveraging the unique advantages of Hainan's Free Trade Port, achieving a premium growth rate of 39.8% in 2025, and demonstrating the potential for high-quality development in the insurance industry [1][4]. Group 1: Business Performance - In 2025, Haibao Life's new premium income reached 486 million yuan, a year-on-year increase of 79% [3][4]. - The company achieved a financial income of 293 million yuan with a financial return rate of 4.32% [3]. - Haibao Life's internet business ranked among the top four in small and medium-sized insurance companies, with its new premium scale entering the top fifteen in the industry [3]. Group 2: Product Innovation - The company launched three customized products, including the "Furui Future (Instant Enjoyment) Pension Annuity," focusing on customer needs in the context of an aging society [3][8]. - Haibao Life introduced a cross-border medical insurance product that covers specific medical devices and treatments, addressing local healthcare gaps [9]. - The "Hui Qiong Bao" project includes 115 specific drugs, enhancing its competitive edge in the market [9]. Group 3: Service Enhancement - Haibao Life has improved its claims efficiency, implementing a "fast claims channel" for small cases and a "serious illness advance payment" mechanism [5][11]. - The company has established a consumer rights protection committee and a dedicated consumer protection department to enhance financial consumer rights [13]. - The firm integrates insurance with community service, contributing to local welfare and promoting financial literacy [13]. Group 4: Strategic Development - Haibao Life is committed to a differentiated development path, focusing on regional resources and the unique advantages of Hainan's tourism, healthcare, and retirement sectors [4][11]. - The company has formed a product innovation leadership team to explore new product directions and service models in cross-border healthcare and wellness services [18]. - As the Free Trade Port enters a higher level of openness, Haibao Life aims to align its operations with international standards and enhance its innovative capabilities [16][18].

Investment Rating - The report maintains a "Positive" outlook for the gold and jewelry sector [6] Core Insights - In 2025, despite a significant increase in gold prices, domestic consumption of gold jewelry is expected to decline sharply, while the consumption of gold bars and coins is projected to grow rapidly [2][4] - The report highlights that high gold prices will continue to impact the consumption structure of gold jewelry in 2026, with a notable shift towards investment-oriented products [2] - The differentiation and branding of leading companies in the sector are expected to drive growth, even amidst market pressures [3][9] Summary by Sections - **Market Trends**: In 2025, China's total gold consumption is estimated at 950.096 tons, a decrease of 3.57% year-on-year, with gold jewelry consumption dropping by 31.61% to 363.836 tons, while gold bars and coins consumption is expected to rise by 35.14% to 504.238 tons [2] - **Company Performance**: Companies with strong branding and differentiation, such as潮宏基,菜百股份, and周大福, are projected to show significant profit growth, with潮宏基's non-net profit growth estimated at 125%-175% [9] - **Investment Recommendations**: The report recommends focusing on companies with strong branding and international expansion strategies, specifically suggesting to "buy" or "hold" stocks of潮宏基,老铺黄金,老凤祥, and周大生 [4][9]

Core Viewpoint - The report from Guosheng Securities indicates that Three Squirrels is experiencing temporary profit pressure, while the development of lifestyle stores presents new opportunities for growth [1] Financial Performance - The company expects to achieve a net profit attributable to shareholders of 135-175 million yuan by 2025, representing a year-on-year decline of 57.1%-66.9% [1] - For Q4 2025, the net profit attributable to shareholders is projected to be between -26 to 14 million yuan, reflecting a year-on-year decrease of 78.5%-138.6% [1] Market Position and Strategy - As a comprehensive snack retailer, the company has a deeper insight into consumer demand and is expected to drive growth through differentiated new products [1] - Three Squirrels has performed exceptionally well in the online market and is continuously exploring new business models [1] - The company plans to expand its distribution market layout in 2025 and is exploring a multi-category private brand supply system in lifestyle stores, while also tapping into instant retail opportunities [1] Innovation and Future Outlook - The company is gradually moving towards high-end, quality, and differentiated products based on "high-end cost performance," which enables rapid innovation [1] - Despite facing significant profit pressure due to rising traffic costs in the short term, the company is actively exploring new business models and is expected to realize new growth opportunities in the future [1] - The rating is maintained at "Buy" [1]

Group 1: Research Basic Information - The research object is Heshun Technology, belonging to the plastics products industry, and the reception time was on January 29, 2026. The listed company's reception staff included the board secretary, CFO Wu Xueyou, and the securities affairs representative Yu Xiaolu [17] Group 2: Detailed Research Institutions - The reception object type was a securities company, and the institution was CICC, with the relevant person being Fu Kaiming [20] Group 3: Company Overview - The company was established in 2003 and is a high - tech enterprise focusing on the R & D, production, and sales of differentiated and functional biaxially oriented polyester film materials. It can produce various polyester film products for different uses, mainly including colored photoelectric base films, other functional films, and transparent films, which are widely used in consumer electronics manufacturing processes, automobiles, and other fields [22] - The company will continue to adhere to the core business philosophy of "differentiation and functionality", base itself on colored photoelectric base films, expand other functional film products, and explore new materials, with a layout in high - performance carbon fiber projects [22] Group 4: Main Questions and Answers - Regarding the impact of the anti - involution in the BOPET film industry on the company, the company is steadily advancing product price adjustment work, focusing on the R & D and production of differentiated and functional films to avoid price competition in the low - end film market [22] - The company's carbon fiber project is steadily advancing the preparatory work before the trial production of the spinning process, and will disclose subsequent progress as required [22] - The company's carbon fiber products are positioned for high - performance applications, and potential customers are high - end core entities in fields such as aerospace, high - end equipment manufacturing, and high - end industrial applications. The company will actively engage with them, promote product sample delivery and performance verification, and drive cooperation [23] - Whether the company has an equity incentive plan will be comprehensively considered based on market conditions, company development strategies, and shareholder interests, and relevant information will be disclosed if there are decisions or progress [23]

Company Overview - Established in 2003, Hangzhou Heshun Technology Co., Ltd. focuses on the research, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [2] - The company produces various specifications and models of polyester film products, including color optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - Future plans include expanding product series and application fields while exploring new materials, particularly in high-performance carbon fiber projects for sustainable development [2] Industry Impact - The company is addressing the impact of industry price increases initiated by leading BOPET film manufacturers by steadily advancing its product pricing strategy [3] - Focus remains on differentiated and functional film products to enhance product value and avoid competition in low-end film markets [3] Carbon Fiber Project - The carbon fiber project is progressing with preparations for trial production in the spinning phase, with all tasks being carried out in an orderly manner [3] - Future potential customers for carbon fiber products are targeted in high-end sectors such as aerospace, high-end equipment manufacturing, and high-end industrial applications [3] - The company is actively engaging with potential clients and advancing product sampling and performance verification to facilitate cooperation [3] Incentive Plans - The company will consider stock incentive plans based on market conditions, development strategies, and shareholder interests, with timely disclosures of any decisions or progress [3]

Company Overview - Hangzhou Heshun Technology Co., Ltd. was established in 2003, focusing on the R&D, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [2] - The company produces various specifications and models of polyester film products, including color optical base films, functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - Future plans include expanding product series and application fields while exploring new materials, particularly in high-performance carbon fiber projects for sustainable development [2] BOPET Film Business - The BOPET film business is gradually improving, with several high-value-added new products developed and ready for sampling [3] - Performance improvement requires time, and impairment provisions from fundraising projects may impact current profits [3] Carbon Fiber Project - The carbon fiber project aims to enter a market dominated by a few companies, with high prices and concentrated supply [4] - The strategic goal is to develop and industrialize high-performance carbon fiber, creating synergy with existing BOPET film operations to enhance R&D and manufacturing capabilities [4] Strategic Planning - The company maintains a "differentiated, functional" positioning, focusing on high-end optical film production for short-term performance and high-performance carbon fiber for long-term growth [4] - Key applications include consumer electronics, new energy vehicles, and high-end equipment, establishing a dual-driven development model [4] - Short-term strategies involve deepening optical film business and optimizing product quality, while long-term strategies focus on scaling carbon fiber production and expanding into high-end applications [4] Target Customers for Carbon Fiber - Future customers for carbon fiber products are high-end enterprises in aerospace, high-end equipment manufacturing, and industrial applications [5] - The company will actively engage with potential clients and advance product sampling and performance validation [5] Equity Incentive Plans - The company will consider market conditions, development strategies, and shareholder interests when evaluating equity incentive plans [6]

Group 1: Company Overview - The company, established in 2003, specializes in the research, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [2] - Main products include color optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - The company aims to expand its product series and application fields while exploring new materials, particularly in high-performance carbon fiber projects for sustainable development [2] Group 2: Industry Challenges - The impact of industry internal competition on BOPET films is being addressed through a steady price adjustment strategy, focusing on differentiated and functional film products to enhance product value [3] - The company is actively avoiding low-end product price competition by emphasizing core competitiveness in product differentiation [3] Group 3: Carbon Fiber Project Progress - The carbon fiber project is progressing with preparations for trial production in the spinning phase, with all tasks being carried out in an orderly manner [3] - Carbon fiber products are categorized based on performance indicators, with tensile strength and elastic modulus as core classification standards [3] - The T series and M series are significant product categories, with M series having higher production complexity and added value compared to T series [3] Group 4: Shareholder Engagement - The company is considering a stock incentive plan based on market conditions, development strategy, and shareholder interests, with timely information disclosure as required [3]

Group 1: Company Overview - The company, established in 2003, specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyethylene terephthalate (BOPET) films [1] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - The company aims to expand its product range and application fields while exploring new materials, particularly in high-performance carbon fiber [1] Group 2: Industry Challenges - The impact of internal competition in the BOPET film industry is being addressed through a steady price adjustment strategy, focusing on differentiated and functional film products to enhance added value [2] - The company is avoiding low-end film price competition to maintain its competitive edge [2] Group 3: Carbon Fiber Project - The carbon fiber project is progressing with preparations for trial production in the spinning phase, adhering to legal and regulatory requirements for information disclosure [2] - The acquisition aims to enhance the vertical integration of the carbon fiber supply chain and improve business synergy, leveraging the target company's established market channels and customer resources [2] - Due diligence, auditing, and evaluation of the target company are set to commence soon [2]