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） 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 董事長 中國上海 2025年6月25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。 证券代码：6 ...

证券代码：601211 证券简称：国泰海通 公告编号：2025-073 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 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: 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24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1.2亿美元。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16.75亿美元。 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 6、最新信用等级状况：不适用 被担保人 ...

Core Insights - The conference emphasized the importance of the futures market in the context of China's financial opening and its role in national strategies and risk management [1] - The global monetary system is undergoing significant changes, leading to a long-term bull market for gold, with potential depreciation of the US dollar and appreciation of other currencies [3] - The Chinese stock market is expected to perform well by 2025, driven by improved investor sentiment, declining discount rates, and supportive government policies [4] - The uncertain global market environment is reshaping asset pricing logic, with structural opportunities in equity markets and unclear performance in the commodity market [5] - The conference featured various sub-forums addressing key topics such as global trade restructuring and emerging technologies, providing valuable market analysis and investment direction [7] Group 1 - The futures market is positioned to play a significant role in China's financial landscape, focusing on collaboration with partners to enhance market stability and innovation [1] - The chief macroeconomic analyst highlighted the potential for a long-term bull market in gold due to shifts in global trust and currency dynamics [3] - The strategy chief expressed optimism for the Chinese stock market, citing reduced impact from economic fluctuations and favorable policy measures [4] Group 2 - The research director noted that global uncertainties are altering asset pricing, with a focus on structural opportunities in equities and a cautious outlook on commodities [5] - The conference included multiple sub-forums that explored critical issues in the market, aiming to enhance investor understanding and strategy [7]

Group 1 - The core viewpoint of the news highlights the significant rise in the Southern Securities ETF (512900) and the strong performance of the China Securities Company Index, indicating a bullish trend in the securities market [1] - The approval of Guotai Junan Securities (Hong Kong) to provide virtual asset trading services marks a pivotal moment for traditional Chinese financial institutions to engage in the virtual asset market [1] - Hong Kong is positioning itself as a global hub for virtual assets, leveraging its mature financial infrastructure and international regulatory framework, which is expected to accelerate the development of the virtual asset industry [1] Group 2 - The current regulatory environment encourages consolidation within the securities industry, with mergers and acquisitions seen as effective means for brokers to achieve external growth and enhance overall industry competitiveness [2] - The Southern Securities ETF closely tracks the China Securities Company Index, which categorizes companies into various industry levels, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the index include major players such as CITIC Securities, Dongfang Wealth, and Guotai Haitong, reflecting the concentration of market power within a few key firms [2]

Core Viewpoint - The resignation of Xu Yugen, the chief economist of Guotai Haitong Securities, has attracted significant market attention, reflecting a broader trend of talent mobility among chief economists in the securities industry this year [2][3]. Group 1: Xu Yugen's Background and Departure - Xu Yugen, an influential figure in the securities research field, holds a PhD in economics and has previously worked at Zhongshan Securities and Huatai United Securities [3]. - He joined Haitong Securities in 2011 and held various positions, including deputy director of the research institute and chief strategist [3]. - After the merger of Guotai Junan and Haitong Securities in April 2023, Xu was appointed as the chief economist of Guotai Haitong [3]. - His recent publication, which emphasizes a long-term investment philosophy, is viewed as a summary of his thoughts before leaving the industry, leading to speculation about his future career path [3]. Group 2: Industry Trends and Talent Mobility - The departure of Xu Yugen is part of a larger trend, with several prominent chief economists leaving their positions in 2023, indicating an escalating talent competition between leading and smaller securities firms [5]. - Notable departures include Yan Xiang from Huafu Securities to Founder Securities and Sun Binbin from Tianfeng Securities to Caitong Securities [5][6]. - The trend of chief economist resignations reflects intensified competition in the industry and a necessary return to rationality in research value [6].

Core Viewpoint - The departure of Xun Yugen from Guotai Junan Securities has sparked widespread attention and speculation within the industry, highlighting the challenges faced during the merger of Guotai Junan and Haitong Securities [2][3]. Company Changes - Xun Yugen's resignation as Chief Economist of Guotai Haitong Securities comes just two months after he took on the role, raising questions about the stability of leadership amid ongoing integration challenges following the merger [2][3]. - The merger of Guotai Junan and Haitong Securities has led to significant restructuring, with Xun's position experiencing a decline rather than an elevation, reflecting the complexities of merging two large firms [3]. Talent Dynamics - The ongoing merger has resulted in a notable talent exodus, with key analysts leaving for other firms, which poses a risk to the research capabilities of Guotai Haitong Securities [3][4]. - The departure of Xun Yugen may serve as a bellwether for future talent movements within the industry, as his next career move could influence other analysts to follow suit, intensifying competition for talent [5]. Industry Context - The integration of Guotai Junan and Haitong Securities has led to both opportunities for scale and challenges related to cultural clashes, compensation disparities, and overlapping positions, which have contributed to the loss of core talent [3][5]. - The firm currently boasts a team of 286 analysts, making it the second-largest after CICC, yet the ongoing departures of key personnel cast a shadow over its future integration success [3].

Group 1 - Chief economist Xun Yugen of Guotai Haitong is set to leave the company, raising concerns about the stability of the research team and potential market impact [1] - The merger of Guotai Junan and Haitong Securities has led to significant personnel changes, with both former research directors choosing to resign [1] - Xun Yugen's departure may introduce uncertainty for the company, reflecting accelerated talent movement post-merger and potentially affecting the long-term competitive landscape of the brokerage sector [1] Group 2 - The first batch of 26 new floating-rate funds has raised over 12.6 billion yuan, with 13 products already established, indicating strong market interest [2] - These funds implement a "reward and penalty" mechanism for fund managers, promoting a focus on performance and risk management [2] - The introduction of floating-rate funds is expected to enhance the long-term performance focus within the fund industry, positively impacting market dynamics [2] Group 3 - Credit bond ETFs have seen explosive growth in 2025, with total market size surpassing 204.68 billion yuan, accounting for 57% of the entire bond ETF market [3] - Initial offerings of credit bond ETFs have laid a strong foundation for this growth, with key products exceeding 10 billion yuan in size [3] - The surge in credit bond ETF popularity reflects strong investor demand for credit bonds, improving market liquidity and potentially lowering financing costs for issuing companies [3] Group 4 - Huatai Securities has received approval to issue up to 10 billion yuan in technology innovation bonds, aimed at supporting investments in the tech sector [4] - This move is expected to enhance the company's service capabilities in technology innovation, providing support for its stock price [4] - The issuance of technology innovation bonds aligns with policy support for innovation-driven development, boosting market confidence in the tech sector [5]

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。 承董事會命 國泰海通證券股份有限公司 朱健 董事長 中國上海 2025年6月24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。 证券代码：601211 证券简称：国泰海通 公告编号：2025-072 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 202 ...

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。 国泰海通证券股份有限公司（曾用名：国泰君安证券股份有限公司，以下简 称本公司）于 2024 年 11 月 26 日成功发行了国泰君安证券股份有限公司 2024 年度第八期短期融资券（以下简称本期短期融资券），本期短期融资券发行额为 人民币 40 亿元，票面利率为 1.90%，短期融资券期限为 210 天，兑付日期为 2025 年 6 月 24 日（详见公司于 2024 年 11 月 27 日登载于上海证券交易所网站 （http://www.sse.com.cn）的《国泰君安证券股份有限公司 2024 年度第八期短 期融资券发行结果公告》）。 2025 年 6 月 24 日，本公司完成了本期短期融资券的本息兑付工作。 特此公告。 国泰海通证券股份有限公司董事会 证券代码：601211 证券简称：国泰海通 公告编号：2025-072 国泰海通证券股份有限公司 关于 2024 年度第八期短期融资券兑付完成的公告 2025 年 6 月 25 日 ...

Core Insights - The main contract for the European shipping index futures closed at 2508, with a decrease of 7.00% and a trading volume of 71,600 contracts as of June 24 [1][3] - The total trading volume for all contracts reached 101,400 contracts, an increase of 1,080 contracts compared to the previous day [1][4] Position Data Summary - The top 20 positions showed a net short position with a difference of 938 contracts [1] - Among the top 20 positions, long positions totaled 43,200 contracts, a decrease of 1,075 contracts, while short positions totaled 47,200 contracts, a decrease of 1,957 contracts [1][4] Major Players - The top three long positions were held by CITIC Futures (5,019 contracts), Guotai Junan (4,857 contracts), and Huatai Futures (3,151 contracts) [1][4] - The top three short positions were held by Guotai Junan (6,651 contracts), CITIC Futures (4,161 contracts), and Dongzheng Futures (3,578 contracts) [1][4] Changes in Long Positions - The top three increases in long positions were from CITIC Futures (2,490 contracts, +301), Guoxin Futures (1,020 contracts, +160), and Founder Futures (1,132 contracts, +122) [1] - The top three decreases in long positions were from Guotai Junan (2,740 contracts, -447), Huishang Futures (1,334 contracts, -308), and Dongfang Caifu (1,254 contracts, -255) [1] Changes in Short Positions - The top three increases in short positions were from Huishang Futures (1,395 contracts, +166), Donghai Futures (698 contracts, +164), and CITIC Futures (2,541 contracts, +160) [1] - The top three decreases in short positions were from Galaxy Futures (1,230 contracts, -810), Guotai Junan (3,662 contracts, -608), and Dongzheng Futures (1,989 contracts, -527) [1]