Core Insights - The main contract for liquefied petroleum gas (LPG) closed at 2508 with an increase of 2.15% as of June 19, with a trading volume of 63,200 contracts and a net short position among the top 20 positions of 1,822 contracts [1][3]. Trading Volume and Positions - Total trading volume for all LPG contracts was 180,500 contracts, a decrease of 35,500 contracts from the previous day [1][4]. - Among the top 20 positions, long positions totaled 86,800 contracts, an increase of 2,367 contracts, while short positions totaled 89,000 contracts, an increase of 3,139 contracts [1][4]. Major Players - The top three long positions were held by: - CITIC Futures with a total position of 13,047 contracts - Dongzheng Futures with a total position of 12,780 contracts - Guotai Junan with a total position of 11,629 contracts [1][4]. - The top three short positions were held by: - Guotai Junan with a total position of 12,422 contracts - CITIC Futures with a total position of 12,397 contracts - Dongzheng Futures with a total position of 10,090 contracts [1][4]. Changes in Positions - The top three increases in long positions were: - Galaxy Futures with an increase of 1,200 contracts - Founder Futures with an increase of 641 contracts - Anliang Futures with an increase of 570 contracts [1][3]. - The top three decreases in long positions were: - Guotai Junan with a decrease of 657 contracts - Nanhua Futures with a decrease of 545 contracts - Changjiang Futures with a decrease of 80 contracts [1][3]. Short Position Changes - The top three increases in short positions were: - Guotai Junan with an increase of 2,380 contracts - Haizheng Futures with an increase of 425 contracts - Huatai Futures with an increase of 326 contracts [1][3]. - The top three decreases in short positions were: - CITIC Futures with a decrease of 1,830 contracts - Changjiang Futures with a decrease of 84 contracts - Donghai Futures with a decrease of 20 contracts [1][3].

Core Viewpoint - The securities industry is expected to see a stable recovery in valuations and investment opportunities in the second half of 2025, despite a 7.51% decline in the A-share securities index since the beginning of the year [1][2]. Group 1: Industry Performance and Outlook - The securities sector's fundamental recovery is ongoing, with a notable 37.7% year-on-year growth in net profit for the first half of 2025 [2]. - The implementation of various reform policies in the capital market is anticipated to further stimulate market activity and investor interest [2]. - The net profit growth rate for the securities industry is projected to reach 17.3% year-on-year in 2025 under neutral assumptions, with an annualized ROE expected to rise to 6% [2]. Group 2: Mergers and Acquisitions - Active merger and acquisition activities are noted within the industry, including significant cases such as Guotai Junan's absorption of Haitong Securities and Guolian Securities' acquisition of Minsheng Securities [2]. - The ongoing mergers and acquisitions are expected to drive supply-side reforms in the securities industry, allowing larger firms to consolidate their advantages while providing opportunities for smaller firms to catch up [2]. Group 3: Investment Opportunities - Institutions recommend focusing on three main investment lines: 1. Securities firms with high growth potential and low valuations, particularly those expected to show significant performance improvements in the 2025 mid-year report [3]. 2. Leading comprehensive securities firms with balanced business structures and strong professional capabilities, which are better positioned to adapt to industry changes [3]. 3. Securities firms that may become acquisition targets or acquirers, as ongoing mergers and acquisitions are likely to continue [3]. - The combination of favorable policies, solid fundamentals, and liquidity is expected to enhance the resilience of the securities sector [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向 專業投資者公開發行科技創新公司債券獲得中國證券監督管理委員會註冊批覆的 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 国泰海通证券股份有限公司 关于向专业投资者公开发行科技创新公司债券 获得中国证券监督管理委员会注册批复的公告 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。 日前，国泰海通证券股份有限公司（以下简称公司）收到中国证券监督管 ...

证券代码：601211 证券简称：国泰海通 公告编号：2025-071 国泰海通证券股份有限公司 关于向专业投资者公开发行科技创新公司债券 获得中国证券监督管理委员会注册批复的公告 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。 日前，国泰海通证券股份有限公司（以下简称公司）收到中国证券监督管理委员会 （以下简称中国证监会）《关于同意国泰海通证券股份有限公司向专业投资者公开发行 科技创新公司债券注册的批复》（证监许可〔2025〕1213 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 150 亿元科技创新公司债券的 注册申请。 二、本次发行科技创新公司债券应严格按照报送上海证券交易所的募集说明书进 行。 三、本批复自中国证监会同意注册之日起 24 个月内有效,公司在注册有效期内可以 分期发行科技创新公司债券。 四、自中国证监会同意注册之日起至本次科技创新公司债券发行结束前，公司如发 生重大事项，应及时报告并按有关规定处理。 公司将按照有关法律法规和上述批复文件的要求办理本次科技创新公司债券发行 的相关事宜 ...

Core Viewpoint - Guotai Junan has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue technology innovation corporate bonds with a total face value of up to 15 billion yuan [1] Summary by Category Company Actions - The company plans to issue technology innovation corporate bonds totaling no more than 15 billion yuan [1] - The approval from CSRC is valid for 24 months from the date of registration [1] - The company can issue the bonds in multiple tranches within the validity period [1]

FF305 表格類別： 股票 狀態： 新提交 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18日 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）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

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 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17日 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 。 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 若購回/贖回股份將於期終結存日期之後購回/贖回結算完成之時予以註銷，則該等購回/贖回股份仍屬A部所述期終結存當日的已發行股份的一部分。該等購回/贖回股份的詳情應在B部作 出披露。 第 2 頁 共 6 頁 v 1.3.0 | 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 ...

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 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18日 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 若購回/贖回股份將於期終結存日期之後購回/贖回結算完成之時予以註銷，則該等購回/贖回股份仍屬A部所述期終結存當日的已發行股份的一部分。該等購回/贖回股份的詳情應在B部作 出披露。 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 | | | ...

Summary of Key Points Core Viewpoint - The PTA futures market shows a significant increase in trading volume and positions, indicating a bullish sentiment among major market players as of June 18, 2025 [1][3]. Trading Volume and Positions - As of June 18, the main contract PTA2509 experienced a price change of +3.45% with a trading volume of 1,953,100 contracts, and a total of 2,438,900 contracts traded across all contracts, an increase of 670,100 contracts from the previous day [1][3]. - The top 20 positions in the market show a net long position with a difference of 35,432 contracts, indicating a bullish outlook among traders [1]. Long and Short Positions - The long positions among the top 20 seats totaled 1,180,300 contracts, an increase of 96,500 contracts from the previous day, while short positions totaled 1,192,300 contracts, an increase of 88,600 contracts [1][3]. - The top three long positions were held by Guotai Junan (199,219 contracts), CITIC Futures (129,499 contracts), and Dongzheng Futures (105,243 contracts) [1][3]. - The top three short positions were also led by Guotai Junan (206,564 contracts), Dongwu Futures (126,550 contracts), and CITIC Futures (115,288 contracts) [1][3]. Changes in Positions - Among the top 20 long positions, the largest increases were seen in Guotai Junan (+17,432 contracts), CITIC Futures (+14,099 contracts), and Huatai Futures (+13,140 contracts) [1][3]. - Conversely, the largest decreases in long positions were recorded by Galaxy Futures (-4,848 contracts), Dongwu Futures (-1,426 contracts), and COFCO Futures (-1,150 contracts) [1][3]. - For short positions, the largest increases were noted in Dongwu Futures (+29,899 contracts), Founder Futures (+13,645 contracts), and Jianxin Futures (+8,449 contracts) [1][3]. - The largest decreases in short positions were observed in Morgan Stanley (-14,903 contracts), CITIC Futures (-2,963 contracts), and Zheshang Futures (-2,315 contracts) [1][3].

新浪期货 根据交易所数据，截至6月18日收盘主力合约短纤2508,涨跌+3.05%,成交量22.60万手，持仓数据显示前20席位呈现净 空，差额头寸为1984手。 短纤期货全合约总计成交40.29万手，比上一日新增6.28万手。全合约前20席位多头持仓24.02万手，比上一日增加8287手。全合约 前20席位空头持仓24.59万手，比上一日增加7132手。 根据合并数据显示，多头前三席位为中信期货，总持仓26938、国泰君安，总持仓22256、银河期货，总持仓15813；空头前三席位 为国泰君安，总持仓26772、中信期货，总持仓25290、浙商期货，总持仓16632； 主力合约前20席位中，多头增仓前三名分别是：银河期货、持仓10099、增仓1361，海通期货、持仓8110、增仓1171，乾坤期货、 持仓11433、增仓1150；多头减仓前二名分别是：中信建投、持仓5732、减仓-3455，永安期货、持仓5729、减仓-2000； 2025年6月18日短纤主力合约2508持仓数据一览 | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | ...