Group 1: Aviation Industry - The summer travel season is expected to see optimistic supply and demand, with airlines actively pre-selling tickets following the end of the college entrance examination [1] - Limited growth in fleet size since 2025 and constrained capacity for additional flights will likely result in only slight increases in flight operations during the summer travel period [1] - The airline revenue management strategies have improved since April, leading to a positive trend in ticket prices, with expectations for profitability to reach new highs in the coming years [1] Group 2: Oil Transportation Industry - The escalation of geopolitical tensions, particularly the Israeli airstrikes on Iran, has led to a significant spike in oil prices and freight rates, benefiting the oil transportation market [2][3] - The supply of oil tankers is expected to remain rigid, while increased oil production will support sustained demand for oil transportation, indicating a favorable outlook for the sector [2] - The potential for geopolitical tensions to disrupt Iranian oil exports may enhance demand for compliant oil transportation services [3]

Report Information - Report Title: Aluminum & Alumina Industry Chain Weekly Report [1] - Report Date: June 15, 2025 [2] - Analyst: Wang Rong [2] Industry Investment Rating - Not provided in the report Core Views - Aluminum market valuation is not low, but the downward fundamental drivers are not clear. Short - term trading is complex, and the recent strength may be due to spot - end warehouse receipt issues. The impact of pre - placed export demand on subsequent demand and the inventory inflection point need to be observed. [3] - Alumina market is in short - term sideways movement with narrowing fluctuations and a slightly downward center. The inventory inflection point is approaching, and the multi - empty game is affected by reasonable valuation. [4] Summary by Directory Aluminum - **Price Movement**: Shanghai Aluminum showed strong performance this week, breaking through the mid - May high, but further upward space needs observation. [3] - **Micro - fundamentals**: As of June 12, aluminum ingot social inventory decreased by 45,000 tons to 463,000 tons. As of June 13, the weekly output of aluminum plates, strips, and foils continued to decline, while as of June 12, the output of aluminum profiles increased slightly. Aluminum rod processing fees dropped significantly by 150 yuan/ton to 180 yuan/ton, and the downstream processing profit has fallen to a low level in the same period of previous years. [3] Alumina - **Price Movement**: The alumina futures price continued to test the 2800 level. With the continuous increase in weekly operating capacity and operating rate, the inventory inflection point is approaching. The market may have pre - selected to reduce long positions or switch to short positions. [4] - **Micro - fundamentals**: As of June 12, the all - caliber social inventory of Alumina according to Aladdin was 3.129 million tons, a decrease of 4,000 tons from the previous week; the all - caliber inventory of Mysteel increased for two consecutive weeks. The domestic spot price of alumina fell, and the decline has widened. [4] Trading - **Term Spread**: Shanghai Aluminum's term structure changed to C - structure, and Alumina's term B - structure expanded. [9] - **Monthly Spread**: The monthly spread of Shanghai Aluminum's near - term contracts widened rapidly. [10] - **Position and Volume**: Shanghai Aluminum's main contract position and trading volume increased, while Alumina's main contract position decreased and trading volume rebounded. [12] - **Position - to - Inventory Ratio**: Shanghai Aluminum's position - to - inventory ratio increased significantly, while Alumina's position - to - inventory ratio continued to decline and is at a historically low level. [18] Inventory - **Bauxite**: As of June 13, Mysteel's weekly imported bauxite port inventory continued to accumulate, increasing by 300,000 tons from the previous week. As of May, the bauxite port inventory and port inventory days in China according to Aladdin continued to show an upward trend. [23] - **Alumina**: This week, the total alumina inventory increased, with a week - on - week increase of 13,000 tons. Aladdin's all - caliber inventory decreased by 4,000 tons to 3.129 million tons as of June 12. [43][47] - **Electrolytic Aluminum**: As of June 12, the social inventory of electrolytic aluminum decreased by 45,000 tons to 463,000 tons, and the destocking rhythm accelerated. [53] - **Processed Products**: This week, the spot and in - plant inventories of aluminum rods decreased slightly, and the outbound volume increased significantly. [54] Production - **Bauxite**: In May, the domestic bauxite supply showed a slight recovery, but the latest Mysteel domestic bauxite production in May declined. Imported bauxite is still an important factor driving the growth of the total domestic bauxite supply. [62] - **Alumina**: The alumina capacity utilization rate increased. As of June 13, the national total operating capacity of alumina was 88.7 million tons, with a week - on - week increase of 500,000 tons. The domestic metallurgical alumina output this week was 1.718 million tons, a week - on - week increase of 11,000 tons. [69] - **Electrolytic Aluminum**: As of May, the operating capacity of electrolytic aluminum remained at a high level. As of June 12, the weekly output of electrolytic aluminum according to Mysteel was 843,900 tons, a week - on - week increase of 400 tons. The proportion of molten aluminum increased seasonally. [75] - **Downstream Processing**: This week, the output of recycled aluminum rods increased by 2,060 tons week - on - week, the output of aluminum rods increased by 7,400 tons week - on - week, and the output of aluminum plates, strips, and foils decreased by 600 tons week - on - week. [78] Profit - **Alumina**: This week, alumina profit recovered. The profit of metallurgical alumina according to Mysteel was 451.5 yuan/ton. The profits of alumina in Shandong, Shanxi, and Henan all increased, and the profit performance in Guangxi was better. [89] - **Electrolytic Aluminum**: The profit of electrolytic aluminum remained at a high level, but the complex global macro - economic situation and uncertain factors interfered with market expectations. [96] - **Downstream Processing**: The processing fee of aluminum rods dropped significantly, and the downstream processing profit remained at a low level. [97] Consumption - **Import Profit and Loss**: The import profit and loss of alumina and Shanghai Aluminum increased. [105] - **Export**: In April 2025, the export of unwrought aluminum and aluminum products continued to rise, with a month - on - month increase of 12,000 tons. The export profit and loss of aluminum processing materials showed differentiation, and the export demand for aluminum products was affected by trade policy adjustments. [107][109] - **Consumption Volume**: The transaction area of commercial housing decreased, while the automobile production increased month - on - month. [116]

Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core Viewpoints - In the short term, the lead market is in a state of weak supply and demand, with prices fluctuating in a narrow range. The significant losses of secondary lead smelters limit the downside of prices, while weak replacement consumption restricts the short - term upward momentum. In the medium to long term, there is a relatively good risk - reward ratio for long positions, and subsequent consumption growth is expected to provide support. Attention should be paid to the mid - year sales push in June and the consumption performance during the peak season in the third quarter [5] Summary by Directory Trading Aspect (Price, Spread, Inventory, Capital, Transaction, Position) - **Price**: The closing price of the Shanghai Lead main contract last week was 16,945 yuan, with a weekly increase of 0.98%. The closing price of the overnight session yesterday was 16,920 yuan, with a decline of 0.15%. The closing price of LmeS - Lead3 last week was 1,960.5 dollars, with a decline of 0.68% [6] - **Spread**: The LME lead spot premium changed from - 26.98 dollars to - 25.93 dollars, an increase of 1.05 dollars. The spread between the near - month and the first - continuous contract changed from - 45 yuan to - 35 yuan, an increase of 10 yuan [6] - **Inventory**: Shanghai Futures Exchange (SHFE) lead warehouse receipts inventory increased by 2,430 tons to 44,229 tons, and the total SHFE lead inventory increased by 1,875 tons to 49,811 tons. The social inventory increased by 800 tons to 54,700 tons. The LME lead inventory decreased by 16,300 tons to 264,975 tons, and the注销仓单 ratio increased from 16% to 29.61% [6] - **Transaction and Position**: The trading volume of the SHFE lead main contract last Friday was 32,714 lots, an increase of 1,861 lots compared to the previous week. The position was 43,604 lots, a decrease of 6,371 lots. The trading volume of LmeS - Lead3 last Friday was 5,109 lots, an increase of 539 lots compared to the previous week. The position was 147,029 lots, a decrease of 122 lots [6] Lead Supply (Lead Concentrate, Waste Battery, Primary Lead, Secondary Lead) - **Lead Concentrate**: The import volume of lead concentrate shows a certain trend over different years. The domestic production of lead concentrate also has its own pattern. The inventory of lead concentrate in Lianyungang fluctuates. The processing fees of imported and domestic lead concentrates remain stable, and the profits of lead concentrate smelting have changed [25][26] - **Waste Battery**: The prices of waste electric vehicle batteries and waste battery shells have changed. The cost, profit and loss of secondary lead are affected by waste battery prices, and currently, secondary lead is in a state of significant losses [29] - **Primary Lead**: The production of primary lead shows a certain trend over different years, and the weekly operating rate also fluctuates. The production of by - products such as silver also has corresponding changes [27][28] - **Secondary Lead**: The production of secondary lead shows a certain trend over different years, and the operating rate is currently at a low level. The raw material inventory of secondary lead smelting enterprises also changes [27][29] Lead Demand (Lead - Acid Battery, End - User) - **Lead - Acid Battery**: The export volume of lead - acid batteries shows a certain trend over different years. The operating rate of lead - acid battery enterprises fluctuates, and the finished product inventory days of enterprises and dealers also change [33] - **End - User**: The production of automobiles and motorcycles shows a certain trend over different years, and the actual consumption of lead also has corresponding changes [35]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating a favorable investment rating for the industry [2]. Core Insights - The report highlights that the "H+A" policy is expected to introduce new capital into the A-share market, benefiting brokerage firms as intermediaries. The recent policy allows companies listed in Hong Kong to return to the Shenzhen Stock Exchange, which could enhance trading activity and expand the market capitalization of A-shares [2][3]. - The upcoming Lujiazui Forum is anticipated to announce significant financial policies, which could further impact the capital market positively [2]. - The report emphasizes the ongoing mergers and acquisitions in the industry, suggesting that active trading and increased client deposits will drive brokerage firms' performance in the first half of 2025 [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,864.18 with a slight decline of 0.25%, while the non-bank index rose by 1.16% to 1,787.09. The brokerage, insurance, and diversified financial sectors reported increases of 0.82%, 2.06%, and 0.43%, respectively [5][6]. Non-Bank Industry Insights - The report notes that the insurance sector is seeing a rise in stock investments, with companies like Xinhua Insurance planning to invest up to 15 billion RMB in a private equity fund, indicating a growing interest in long-term stock investments [2][3]. - The report suggests that the insurance sector's performance is expected to improve in the second quarter of 2025, with new business performance likely to recover [2]. Individual Stock Highlights - In the insurance sector, notable stock performances include China Life (+1.17%), Ping An (+2.00%), and Xinhua Insurance (+2.80%) in A-shares, while in H-shares, China Re (+6.67%) and China Pacific (+10.36%) showed significant gains [7]. - For the brokerage sector, the top performers included Xinda Securities (+9.67%) and Xiangcai Securities (+7.57%) [7]. Important Data - As of June 13, 2025, the average daily stock trading volume was 12,994.85 billion RMB, reflecting a 1.33% increase from the previous month [48]. - The margin trading balance stood at 18,213.25 billion RMB, indicating a year-on-year increase of 15.9% [52]. Policy Developments - The report discusses recent policy initiatives aimed at enhancing cooperation between state-owned and private enterprises, which could lead to increased investment opportunities in various sectors [17]. - The Hong Kong Securities and Futures Commission is actively working to attract diverse companies to list in Hong Kong, which may enhance market efficiency and competitiveness [18]. Recommendations - The report recommends focusing on leading brokerage firms with strong competitive positions, such as GF Securities, CITIC Securities, and Haitong Securities, as well as insurance companies like Xinhua Insurance and China Life [2].

Market Overview - Recent recovery in US stock indices continues since the market bottomed out in early April, with the S&P 500 index rising 2.3% and the Nasdaq 100 index increasing 2.6% over the last 10 trading days [4][5] - Positive US employment data, a decline in inflation rates towards long-term targets, and progress in US-China trade talks have collectively supported the upward trend in the stock market [4][5] Industry Performance - The technology sector has shown strong performance, benefiting from the resilience of the US economy and the recent US-China trade negotiations, which have alleviated some market concerns regarding tariffs imposed by the Trump administration [5][6] - The energy sector has also performed well, driven by rising international oil prices amid escalating tensions in the Middle East, particularly between Israel and Iran [8][11] - Energy prices have been on the rise since April-May, with investors anticipating further increases if conflicts in the Middle East escalate, potentially impacting oil supply routes [8][11] Consumer Sector Challenges - The consumer sector, both essential and discretionary, has faced challenges due to the cost pressures from tariffs imposed during the Trump administration, which have affected profit expectations [11][12] - Recent CPI data indicates a slowdown in inflation, with May CPI rising only 0.1% month-over-month, below market expectations, suggesting that consumer companies are hesitant to raise prices due to fears of losing customers [11][12] - The significant increase in customs tariff revenue, which surged 270% to $23 billion in May, reflects the impact of new tariffs, further complicating the outlook for consumer companies [11][12] Inflation and Economic Outlook - The recent decline in inflation data provides the Federal Reserve with some policy flexibility, potentially supporting the stock market [13] - However, the impact of tariffs on inflation may not be fully captured in the current data, and rising energy prices due to geopolitical tensions could lead to a rebound in inflation [13] - Investors are encouraged to focus on structural opportunities within the market, particularly in traditional energy and telecommunications sectors, while technology stocks remain attractive due to valuation recovery and stable demand for AI [13]

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發 行科技創新債券收到中國人民銀行准予行政許可決定書的公告》，僅供參閱。 承董事會命 國泰海通證券股份有限公司 关于发行科技创新债券收到中国人民银行 准予行政许可决定书的公告 朱健 董事長 中國上海 2025年6月13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 ...

（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 2024年度第五期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 國泰海通證券股份有限公司 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） 证券代码：601211 证券简称：国泰海通 公告编号： 2025-069 国泰海通证券股份有限公司 关于 2024 年度第五期短期融资券兑付完成的公告 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。 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 ...

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 10 月 16 日成功发行了国泰君安证券股份有限公司 2024 年度第五期短期融资券（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 2.00%，短期融资券期限为 240 天，兑付日期为 2025 年 6 月 13 日（详见公司于 2024 年 10 月 17 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 年度第五期短 期融资券发行结果公告》）。 2025 年 6 月 13 日，本公司完成了本期短期融资券的本息兑付工作。 证券代码：601211 证券简称：国泰海通 公告编号： 2025-069 国泰海通证券股份有限公司 关于 2024 年度第五期短期融资券兑付完成的公告 特此公告。 国泰海通证券股份有限公司董事会 2025 年 6 月 14 日 ...

国泰海通证券股份有限公司 关于发行科技创新债券收到中国人民银行 准予行政许可决定书的公告 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。 证券代码：601211 证券简称：国泰海通 公告编号：2025-070 公司将按照《全国银行间债券市场金融债券发行管理办法》（中国人民银行 令〔2005〕第 1 号）、《全国银行间债券市场金融债券发行管理操作规程》（中 国人民银行令〔2009〕第 6 号）和中国人民银行 中国证监会公告〔2025〕第 8 号等相关规定，做好科技创新债券有关信息披露工作，确保披露的信息真实、准 确、完整。 特此公告。 国泰海通证券股份有限公司董事会 2025 年 6 月 14 日 近日，国泰海通证券股份有限公司（以下简称公司）收到《中国人民银行准 予行政许可决定书》（银许准予决字〔2025〕第 75 号）（以下简称行政许可决定 书）。根据行政许可决定书，中国人民银行同意公司在全国银行间债券市场发行 不超过 150 亿元人民币的科技创新债券，专项用于支持科技创新领域投融资。行 政许可有效期为 2025 年 6 月 ...

公司名稱： 國泰海通證券股份有限公司(「本公司」) 呈交日期： 2025年6月13日 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | A股於上海證券交易所上市(證券代號: 601211) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份 ...