截至2025年6月27日收盘，国泰海通(601211)报收于19.22元，下跌1.03%，换手率1.49%，成交量200.76 万手，成交额39.07亿元。 交易信息汇总: 主力资金净流出8266.01万元，占总成交额2.12%。 公司公告汇总: 国泰海通为境外全资附属公司GUOTAI JUNAN HOLDINGS LIMITED提供人民币 268.2亿元的担保，主要用于置换到期债务及一般公司用途。 国泰海通证券股份有限公司关于境外全资附属公司根据中期票据计划进行发行并由公司提供担保的公 告。证券代码：601211 证券简称：国泰海通 公告编号：2025-074。重要内容提示：被担保人名称： GUOTAI JUNAN HOLDINGS LIMITED；本次担保金额为人民币268.2亿元；本次担保实施后，本公司 为上述被担保人提供担保余额为210.5亿美元（含本次担保）；本次担保是否有反担保：否；对外担保 逾期的累计数量：无；特别风险提示：被担保人GUOTAI JUNAN HOLDINGS LIMITED的资产负债率超 过70%。 国泰海通证券股份有限公司境外全资子公司国泰君安金融控股有限公司的附属公司GUOT ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Aluminum is oscillating strongly with low inventory unchanged, and attention should be paid to the potential transmission of downstream negative feedback. The key contradiction lies in the total installation volume and production scheduling rhythm in the second half of the year. The confirmation of the demand inflection point still needs to wait for the confirmation of the inventory inflection point and changes in export shipping capacity. The downstream processing profit is at a low level in the same period over the years, and attention should be paid to the potential negative feedback and the resilience of downstream buying interest [3]. - Alumina has low inventory and low warehouse receipts, and the futures price is oscillating slightly higher. The resumption of production continues, but the dilemma of low inventory and few warehouse receipts remains unchanged. The valuation at the current price has become a key point affecting the long - short game. Attention should be paid to the accumulation of resumption of production to inventory and changes in port inventory [4]. Summary by Related Catalogs Trading End: Spreads, Trading Volume, and Open Interest - **Term Spreads**: The term B structure of Shanghai aluminum and alumina has narrowed. The average price of SMM A00 aluminum premium has changed from 180 yuan/ton to 100 yuan/ton, and the average price of SMM A00 aluminum (Foshan) premium has changed from 50 yuan/ton to -5 yuan/ton. The premium of Shandong alumina to the current month has changed from 248 yuan/ton to 119 yuan/ton, and that of Henan alumina has changed from 258 yuan/ton to 124 yuan/ton [9]. - **Monthly Spreads**: The monthly spread of Shanghai aluminum has widened [10]. - **Open Interest**: The open interest of the Shanghai aluminum main contract has increased significantly, and the trading volume has also increased. The open interest of the alumina main contract has remained stable at a high level, and the trading volume has rebounded this week [12]. - **Open Interest - Inventory Ratio**: The open interest - inventory ratio of Shanghai aluminum has declined, and that of alumina has continued to decline and is at a historically low level [18]. Inventory: Bauxite, Alumina, Electrolytic Aluminum, and Processed Products - **Bauxite**: Port inventory and inventory days have increased. As of June 27, the weekly imported bauxite port inventory has increased by 1760000 tons compared with last week. As of May, the bauxite port inventory and inventory days in China according to the阿拉丁 caliber have continued to increase. The port shipping volume has declined, and the floating inventory has shown differentiation. The alumina enterprises' bauxite inventory has rebounded in May [24][29][30]. - **Alumina**: The national total inventory has increased. As of June 26, the national alumina inventory has increased by 13000 tons to 3137000 tons compared with last week. The inventory in the alumina plant, electrolytic aluminum plant, and port has increased, while the inventory in the yard/platform/in - transit has decreased slightly [50]. - **Electrolytic Aluminum**: The inflection point of inventory accumulation needs further confirmation. As of June 26, the weekly inventory of aluminum ingot social inventory has increased by 10000 tons to 460000 tons [51]. - **Aluminum Rod**: Spot inventory and in - plant inventory have increased, and the shipping volume has declined [56]. - **Aluminum Profiles & Plate - Foil**: The raw material and finished product inventory ratios have shown differentiation. As of May, the finished product inventory ratio of SMM aluminum profiles has declined slightly, and the raw material inventory ratio has also declined slightly. The finished product inventory of SMM aluminum plate - foil has rebounded slightly, and the raw material inventory has increased [59]. Production: Output, Production Capacity, and Operating Rate - **Bauxite**: The domestic bauxite supply has shown a recovery trend, but the domestic bauxite output has declined in May. The supply of imported bauxite is still an important increment. The production in different provinces has shown differentiation [63]. - **Alumina**: The production capacity utilization rate has remained stable, but the loose fundamental pattern has not been reversed. As of June 27, the total operating production capacity of national alumina is 90000000 tons, with a weekly increase of 1400000 tons. The weekly output of domestic metallurgical - grade alumina is 1729000 tons, an increase of 14000 tons compared with last week [70]. - **Electrolytic Aluminum**: The operating production capacity remains at a high level, and the proportion of molten aluminum has increased seasonally. As of May, the operating production capacity of electrolytic aluminum has continued to remain at a high level, and the production capacity utilization rate has increased significantly. As of June 26, the weekly output of electrolytic aluminum according to the steel union caliber is 844900 tons, an increase of 20 tons compared with last week [74]. - **Downstream Processing**: The output of aluminum plate - foil has continued to decline slightly. The output of recycled aluminum rods and aluminum rods has declined, and the operating rate of leading downstream aluminum enterprises has continued to decline, with a strong off - season atmosphere [75][77][78]. Profit: Alumina, Electrolytic Aluminum, and Processed Products - **Alumina**: The smelter still has profits, and attention should be paid to the progress of maintenance and resumption of production. This week, the alumina profit has declined slightly, with the metallurgical - grade alumina profit of 304.9 yuan/ton according to the steel union caliber. The profits in Shandong, Shanxi, and Henan have declined, while the profit in Guangxi is better [85]. - **Electrolytic Aluminum**: The profit is still at a high level, but uncertain factors are interfering with market expectations. The complex global macro - economic situation, overseas geopolitical conflicts, and changing trade policies have increased uncertainty [92][95]. - **Downstream Processing**: The processing fee of aluminum rods has been significantly reduced, and the downstream processing profit is still at a low level [96]. Consumption: Import Profit and Loss, Export Profit and Loss, and Apparent Demand - **Import Profit and Loss**: The import profit and loss of alumina and Shanghai aluminum have rebounded [104]. - **Export**: From January to May, the cumulative year - on - year export of processed aluminum products has declined. In May 2025, the export of unwrought aluminum and aluminum products has continued to rebound, with a month - on - month increase of 29000 tons [106]. - **Apparent Consumption Volume**: The commercial housing transaction area has rebounded, and the automobile production has increased month - on - month [115].

1. Report Industry Investment Rating - The industry investment rating for lead is "Strong" in the medium - term, with a focus on the performance during the consumption peak season [3] 2. Core Viewpoints of the Report - The losses of secondary lead smelters have been repaired. For primary lead, smelters in Yunnan and other regions have undergone maintenance, resulting in a reduction in supply this week. For secondary lead, the supply of waste batteries is limited due to the off - season of replacement consumption, and the price of waste batteries has increased with the rise of raw materials. Meanwhile, the secondary lead price has been more significantly boosted, and the losses of smelters have been significantly repaired this week, leading to an increase in the operating rate of secondary lead [5]. - Driven by the expectation of the consumption peak season and the impact of the mid - year node, the downstream replenishment has strengthened marginally. At the mid - year node, some battery enterprises have increased their inventory preparation stage by stage. Coupled with the continued expectation of the subsequent consumption peak season, the inventory replenishment space of enterprises has also marginally expanded. It is expected that there will still be room for demand expansion during the traditional consumption peak season in the third quarter [5]. - The supply - demand contradiction may be more prominent in the third quarter, and the price will be on a medium - term upward trend. Currently, the replacement consumption is still weak, which restricts the supply of waste batteries. However, from the demand side, the subsequent strengthening of consumption is expected to provide support. The supply - demand contradiction may gradually become prominent, and the price may fluctuate upward. Attention should be paid to the consumption performance during the peak season in the third quarter [5] 3. Summary According to Relevant Catalogs 3.1 Trading Aspects (Price, Spread, Inventory, Funds, Trading Volume, Open Interest) - **Price and Spread**: The closing price of SHFE lead main contract last week was 17,125 yuan/ton, with a weekly increase of 1.87%. The closing price of the night session yesterday was 17,170 yuan/ton, with a night - session increase of 0.26%. The closing price of LmeS - Lead 3 last week was 1,992 dollars/ton, with a decrease of 0.15%. The LME lead cash - to - 3 - month spread was - 22.14 dollars/ton last Friday, an increase of 6.35 dollars/ton compared to the previous week. The spread between the near - month and the first - continuous contract was - 50 yuan/ton last Friday, a decrease of 15 yuan/ton compared to the previous week [6]. - **Inventory**: The SHFE lead warrant inventory last week was 45,885 tons, an increase of 2,025 tons compared to the previous week. The SHFE total lead inventory was 51,929 tons, an increase of 638 tons compared to the previous week. The social inventory was 56,000 tons, unchanged from the previous week. The LME lead inventory was 273,425 tons, a decrease of 10,650 tons compared to the previous week, and the ratio of cancelled warrants was 25.85%, an increase of 0.60% compared to the previous week [6]. - **Trading Volume and Open Interest**: The trading volume of the SHFE lead main contract last Friday was 40,650 lots, an increase of 13,772 lots compared to the previous week. The open interest was 51,800 lots, an increase of 17,693 lots compared to the previous week. The trading volume of LmeS - Lead 3 was 5,471 lots, an increase of 1,635 lots compared to the previous week. The open interest was 151,106 lots, a decrease of 2,923 lots compared to the previous week [6] 3.2 Lead Supply (Lead Concentrate, Waste Batteries, Primary Lead, Secondary Lead) - **Lead Concentrate**: The import volume of lead concentrate, domestic production, and inventory data are presented in the report. The import volume of lead concentrate shows certain fluctuations over the years. The inventory of lead concentrate in Lianyungang also fluctuates, and the operating rate of lead concentrate has its own trend. The processing fees for imported and domestic lead concentrates remain stable this week [24][25]. - **Primary and Secondary Lead**: For primary lead, smelters in Yunnan and other regions have undergone maintenance, resulting in a reduction in supply this week. The production and operating rate of primary lead show certain trends over the years. For secondary lead, the losses of smelters have been repaired this week, and the operating rate has increased. The production of primary lead and secondary lead combined also shows a certain trend [5][26]. - **Waste Batteries**: The supply of waste batteries is limited due to the off - season of replacement consumption, and the price of waste batteries has increased with the rise of raw materials. The price of waste batteries for electric vehicles and the cost of secondary lead show certain trends over the years [5][28] 3.3 Lead Demand (Lead - Acid Batteries, End - Users) - **Lead - Acid Batteries**: The export volume of lead - acid batteries shows certain fluctuations over the years. The operating rate of lead - acid batteries is affected by the consumption peak season expectation and the mid - year node, showing a certain trend. The monthly finished - product inventory days of lead - acid battery enterprises and dealers also show certain trends [32]. - **End - Users**: The monthly production of automobiles and motorcycles shows certain trends over the years. The actual consumption of lead also shows a certain trend [34]

Core Viewpoint - The article discusses the rising importance of stablecoins in the global financial system, particularly in the context of the U.S. legislative efforts to institutionalize stablecoins and their potential impact on the dominance of the U.S. dollar in international markets [2][5][11]. Group 1: Stablecoin Development - The People's Bank of China has publicly acknowledged stablecoins, indicating a shift from a gray area to a more legitimate status in the financial system [2][3]. - The U.S. is moving towards legislation that ties stablecoins to the U.S. dollar and U.S. Treasury bonds, which could enhance the role of cryptocurrencies in global transactions [3][5]. - The increasing share of cryptocurrencies in payment settlements is prompting the U.S. to act to maintain the dollar's global dominance [4][6]. Group 2: Implications for RMB and Global Currency Dynamics - The competition between major powers for currency influence is intensifying, with the U.S. seeking to secure its position through stablecoin legislation [11][12]. - China is also exploring the issuance of stablecoins backed by offshore RMB to promote its internationalization [14][15]. - The establishment of an offshore RMB international operation center was mentioned as a potential step to enhance the use of RMB in global trade [16]. Group 3: Market Trends and Investment Opportunities - The article highlights the trend of major companies in China, such as JD.com, Alibaba, and Tencent, applying for stablecoin licenses, indicating a significant shift in the financial landscape [18]. - The development of stablecoins and the associated payment systems is seen as an irreversible trend that could reshape global currency structures and create new wealth distribution opportunities [19][20]. - Investors are encouraged to focus on assets related to stablecoins, particularly those linked to offshore RMB, as these could provide significant returns in the evolving financial environment [24][25].

Core Insights - The 2-year government bond futures contract (2509) closed at +0.03% with a trading volume of 37,300 contracts as of June 27 [1][2] - The total trading volume for all contracts reached 38,400 contracts, an increase of 1,310 contracts from the previous day [1][3] - The top 20 positions showed a net short position with a difference of 18,880 contracts [1] Group 1: Trading Volume and Positions - The total trading volume for the 2-year government bond futures was 38,400 contracts, with a daily increase of 1,310 contracts [1][3] - The top 20 long positions totaled 88,100 contracts, an increase of 72 contracts from the previous day [1][4] - The top 20 short positions totaled 107,000 contracts, an increase of 48 contracts from the previous day [1][4] Group 2: Major Players - The top three long positions were held by Citic Futures (18,555 contracts), Ping An Futures (9,321 contracts), and Citic Jiantou (7,969 contracts) [1][3] - The top three short positions were held by Citic Futures (36,922 contracts), GF Futures (15,533 contracts), and Guotai Junan (11,576 contracts) [1][3] - The largest increase in long positions was seen in Yong'an Futures (2,301 contracts, +232), Guotai Junan (5,314 contracts, +181), and Huatai Futures (3,351 contracts, +157) [1][4]

Core Viewpoint - The lithium market is expected to experience a long bottoming period of 1-2 years before reaching balance, with a focus on leading companies that have significant cost advantages and can maintain or expand market share during this phase [1][4]. Group 1: Australian Lithium Market - In Q1 2025, Australian lithium production decreased by approximately 9% to 732,000 tons due to production cuts and slowed expansion in response to high costs and low prices [2]. - Greenbushes proactively reduced production by 13%, while PLS saw a 34% drop in output due to maintenance and project adjustments [2]. - Average FOB costs for sample mines fell by 10% to $418 per ton, while average selling prices increased by 4.75% to $833 per ton, slightly easing profit pressure on producers [2]. Group 2: South American Salt Lakes - South American salt lake companies demonstrated strong operational resilience, with SQM achieving its highest Q1 sales of 55,000 tons LCE, showcasing robust resource management [3]. - Lithium Argentina's C-O salt lake operations saw a 60% year-on-year increase in lithium carbonate production to 7,200 tons in Q1 2025 [3]. - South American salt lakes maintain considerable profitability and cash flow due to their significantly lower cost structure compared to hard rock lithium projects [3]. Group 3: Supply and Demand Dynamics - The supply elasticity is evident as major overseas lithium mines reduced production, while sales were hindered by lower ore grades, extreme weather affecting logistics, and weak end-user demand, resulting in net inventory reduction [3]. - The current oversupply situation has not fundamentally changed, and inventory digestion will require time [3]. - The overall inventory level is expected to begin depleting in the second half of the year, potentially providing stronger support for lithium prices as downstream demand is anticipated to seasonally recover in Q3 2025 [3].

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之內容概不負責，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。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02611） 海外監管公告 本公告乃由國泰海通證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《國泰海通證券股份有限公司關於境 外全資附屬公司根據中期票據計劃進行發行並由公司提供擔保的公告》，僅供參 閱。 承董事會命 國泰海通證券股份有限公司 朱健 中國上海 2025年6月26日 截至本公告日期，本公司的執行董事為朱健先生、李俊傑先生以及聶小剛先生； 本公司的非執行董事為周杰先生、管蔚女士、鐘茂軍先生、陳航標先生、呂春芳 女士、哈爾曼女士、孫明輝先生以及陳一江先生；及本公司的獨立非執行董事為 李仁傑先生、王國剛先生、浦永灝先生、毛付根先生、陳方若先生以及江憲先生。 证券代 ...

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: 证券代码：601211 证券简称：国泰海通 公告编号：2025-074 国泰海通证券股份有限公司 关于境外全资附属公司根据中期票据计划进行发行 并由公司提供担保的公告 一、担保情况概述 国泰海通证券股份有限公司（以下简称公司或本公司）境外全资子公司国泰 君安金融控股有限公司（以下简称国泰君安金融控股）的附属公司GUOTAI JUNAN HOLDINGS LIMITED（以下简称发行人或被担保人）于2021年4月12日设立本金总 额最高为30亿美元（或等值其他货币）的境外中期票据计划（以下简称中票计划）， 此中票计划由本公司提供担保。 发行人于2025年6月26日在中票计划下发行一笔中期票据（以下简称本次发 行），发行金额为人民币25亿元。本次发行后，发行人在中票计划下已发行票据 的本金总额合计20.23亿美元。 1 本公告所述担保金额、担保余额及担保总额在计算时未包含浮动利率票据利息，浮动利率票据利息需根 据实际情况确定。 1 被担保人名称：GUOTAI JUNA ...

Core Insights - The "Top Leaders in Listed Securities Firms" ranking by Sina Finance recognizes outstanding contributions and influence of leaders in the securities industry, with Li Junjie of Guotai Haitong ranking 4th among comprehensive securities firms [1] Group 1: Company Performance - Guotai Haitong demonstrated strong growth during the evaluation period, with revenue and net profit growth rates of 20.1% and 38.9%, respectively, ranking first among eight comprehensive listed securities firms [6] - The growth in 2024 is primarily driven by brokerage and proprietary trading businesses, with revenues increasing by 15.5% and 61.8% respectively [6] - The average monthly active users of the Junhong APP reached 8.8471 million, a year-on-year increase of 11.1%, while the assets under management for the "Junxiang Investment" advisory service grew by 107.5% to 26.416 billion yuan [6] Group 2: Mergers and Acquisitions - Under Li Junjie's leadership, Guotai Junan successfully merged with Haitong Securities, marking the largest merger of listed securities firms in China's capital market history [8][9] - The merger was completed in just 191 days and resulted in total assets of 1.73 trillion yuan and net assets of 328.3 billion yuan, positioning the company as the industry leader in capital strength [9] - The combined entity boasts nearly 40 million retail clients and a monthly active user count of 15.1 million, both leading the industry [9] Group 3: Business Development - The investment banking segment faced challenges with a 20.76% decline in net income, yet market share increased, with a 16.9% rise in underwriting volume to 996.714 billion yuan [7] - The asset management business showed steady growth, with the management scale of Huashan Fund reaching 772.405 billion yuan, a 14.4% increase [7]

新华财经北京6月25日电（罗浩） 上交所公告显示，北京屹唐半导体科技股份有限公司首次公开发行股 票并在科创板上市定于2025年6月26日14:00-17:00网上路演。 招股书（注册稿）显示，屹唐半导体是一家总部位于中国，以中国、美国、德国三地为研发、制造基 地，面向全球经营的半导体设备公司，主要从事集成电路制造过程中所需晶圆加工设备的研发、生产和 销售，面向全球集成电路制造厂商提供包括干法去胶设备、快速热处理设备、干法刻蚀设备在内的集成 电路制造设备及配套工艺解决方案。 募集资金用途方面，屹唐半导体拟合计投资26.63亿元，用于屹唐半导体集成电路装备研发制造服务中 心项目、屹唐半导体高端集成电路装备研发项目、发展和科技储备资金，其中拟投入募集资金25亿元。 另据最新公告，屹唐股份本次IPO的证券代码／网下申购代码为688729，网上申购代码为787729，发行 价格为8.45元／股，发行数量为29,556万股，发行市盈率为51.55倍，按照本次发行价格计算的预计募集 资金总额约24.97亿元。国泰海通担任本次发行的保荐人（联席主承销商），中金公司担任本次发行的 联席主承销商。 屹唐股份本次IPO的网上和网下 ...