格隆汇10月24日丨国泰海通(02611.HK)公告，国泰海通证券股份有限公司(以下简称公司)于2025年10月 31日发布公司2025年第三季度报告，为便于广大投资者更全面深入地了解公司2025年第三季度经营成 果、财务状况，公司计划于2025年11月3日(星期一)10:00-11:00举行2025年第三季度业绩说明会，就投资 者关心的问题进行交流。 ...

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召 開2025年第三季度業績說明會的公告》，僅供參閱。 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10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；本公司的職工董事為吳紅偉 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 ...

重要内容提示： 会议召开时间：2025 年 11 月 3 日（星期一）10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 27 日（星期一）至 10 月 31 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dshbgs@gtht.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 证券代码：601211 证券简称：国泰海通 公告编号：2025-097 国泰海通证券股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 公司董事长朱健先生，总裁李俊杰先生，副总裁兼首席风险官、董事会秘书 聂小刚先生，副总裁兼首席财务官张信军先生，公司独立董事。 国泰海通证券股份 ...

Core Viewpoint - The new oral tobacco-free products are expected to have a favorable tax environment and less intense competition compared to vaping products, leading to the highest gross margins among new tobacco categories, attracting significant interest from international tobacco companies [1] Group 1: New Oral Tobacco Products - New oral tobacco products combine characteristics of heated non-combustible (HNB) and vaping products, addressing traditional oral tobacco's limitations such as high acceptance barriers and storage challenges [1] - The invention of new oral tobacco products has sparked global popularity, with the potential to replace traditional products and attract a new customer base through diverse flavor offerings [1] Group 2: Competitive Landscape - The market for new oral tobacco products has low entry barriers, but the market share remains concentrated among international tobacco companies, with no expected deterioration in market structure [2] - Factors supporting the current market structure include established customer bases and sales channels of traditional oral tobacco companies, a stable regulatory environment, and a short supply chain that enhances brand control over production [2] Group 3: Industry Catalysts - Philip Morris International's $16 billion acquisition of Swedish Match, the parent company of the leading brand ZYN, marks a significant direct investment in the new oral tobacco segment, reinforcing the industry's growth potential [3] - The FDA's approval of ZYN's 20 products for market release in January 2025, along with positive performance indicators from online distributors, further validates the industry's high growth outlook [3]

Core Viewpoint - Oushangyuan Intelligent Equipment Co., Ltd. has initiated the IPO counseling record with the Tianjin Securities Regulatory Bureau, aiming for listing on the ChiNext board, with Guotai Haitong as the counseling institution [1]. Company Overview - Oushangyuan was established on December 30, 2019, with a registered capital of 56.968 million yuan [1]. - The legal representative of the company is Zhang Tianti [1]. - The controlling shareholder is Tianjin Shino Enterprise Management Co., Ltd., holding 49.24% of the shares [1]. Business Focus - The company specializes in the process technology design for organic acid production and holds authorized strains with independent intellectual property rights [1]. - Oushangyuan is also a core equipment supplier for organic acid production [1]. - The company has obtained ISO9001 quality management system certification and has been recognized as a national-level specialized and innovative "little giant" enterprise, as well as a champion enterprise in a specific manufacturing sector in Tianjin [1]. Shareholding Structure - Zhang Tianti, through Tianjin Shino Enterprise Management Co., Ltd. and other partnerships, holds a total of 59.58% of the shares [3]. Management - Zhang Tianti serves as the chairman of the company and is responsible for executing company affairs as a director and manager [4].

Core Insights - The report from Guotai Junan indicates that Yushu Technology is expected to leverage capital markets to strengthen its leading position in the humanoid robot industry [1][3] - The recent launch of the H2 humanoid robot showcases significant upgrades in performance and design, enhancing its market competitiveness [2][3] Company Developments - Yushu Technology released the H2 humanoid robot, which stands 180 cm tall and weighs 70 kg, demonstrating advanced capabilities in both flexibility and stability [2][3] - The H2 robot features a humanoid design with a bionic face, 31 joints, and improved motion capabilities, allowing it to perform complex movements such as ballet and martial arts [3][4] Technological Advancements - The company has developed proprietary AI algorithms and hardware design capabilities, with over 200 patent applications and more than 180 granted patents [3][4] - The H2 robot's control algorithms utilize NVIDIA GPU acceleration for enhanced learning and performance in dynamic movements [4] Market Position and Growth Potential - Yushu Technology is positioned as a leader in the quadruped and humanoid robot sectors, with a projected global market share of 32.4% in 2024 [4] - The company plans to submit its IPO application in Q4 2025, which is expected to further support its growth and market presence [4]

Core Insights - The demand for high-performance storage chips is increasing due to overseas AI server requirements, leading to a significant rise in storage prices, with DRAM spot prices up by 5.6% month-on-month [1][3] - The electronic industry chain remains robust, with strong revenue growth in DRAM storage, connectors, and IC manufacturing, reflecting sustained investment demand from the overseas AIDC industry [1][3] - Domestic real estate and construction demand remains weak, with a notable decline in property sales and increased inventory pressure [2][3] Downstream Consumption - Real estate sales in 30 major cities decreased by 25.0% year-on-year, with first-tier cities seeing a drop of 36.6% [2] - Retail prices for passenger vehicles stabilized, with a year-on-year increase of 7.0% in early October, while air conditioning sales showed a decline in both domestic and export markets [2] - Agricultural prices, such as live pig prices, fell by 6.1% month-on-month due to increased supply and reduced holiday demand [2] Technology & Manufacturing - The electronic industry chain continues to perform well, driven by high demand for storage chips and a recovery in construction demand post-holiday, although year-on-year comparisons remain weak [3] - Coal prices increased by 5.5% month-on-month due to supply constraints and high demand from power plants [3] - Industrial metal prices are under pressure following the announcement of new tariffs by the U.S. on November 1 [3] Logistics & Transportation - Domestic freight logistics demand increased ahead of the e-commerce "Double Eleven" shopping festival, with highway truck traffic up by 24.7% month-on-month [4] - There was a significant rise in postal and express delivery volumes, with collection and delivery up by 8.8% and 14.8% respectively [4] - The shipping sector saw increased demand for exports due to new U.S. tariffs, leading to higher shipping prices and port throughput [4]

Core Insights - The "Implementation Plan for High-Quality Development of Ordinary High Schools in Shanghai" injects new momentum into the Shanghai education sector, promoting the optimization of educational resources, innovation in educational models, and digital transformation [1] Industry Summary - The education sector is expected to see new investment opportunities in areas such as personalized education, vocational training, and smart education due to favorable policy releases [1]

Group 1 - Zhongfu Shenying (688295.SH) closed at 25.68 yuan, with a decline of 3.28%, currently in a state of breaking issue [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 6, 2022, with an issuance of 100 million shares at a price of 29.33 yuan per share [1] - The total amount raised by Zhongfu Shenying was 2.933 billion yuan, with a net amount of 2.777 billion yuan, exceeding the originally planned fundraising by 932 million yuan [1] Group 2 - The funds raised are intended for projects including a 10,000-ton high-performance carbon fiber production line in Xining, aerospace high-performance carbon fiber testing line, and carbon fiber aerospace application R&D and manufacturing [1] - The issuance costs amounted to 156 million yuan, with Guotai Junan Securities receiving 660,400 yuan as sponsorship fees and 138 million yuan in underwriting fees shared with China International Capital Corporation [1]

Group 1 - The core viewpoint of the report is that Guoxin Technology (03800) maintains a "buy" rating, with projected BPS for 2025-2027 at 1.17, 1.22, and 1.28 CNY per share respectively [1] - The target price for the company is set at 1.59 CNY based on a 1.2x PB for 2026, using an exchange rate of 1 HKD = 0.92 CNY [1] - In Q3 2025, the company's profit from the photovoltaic materials business is expected to be approximately 9.6 billion CNY, which includes a post-tax gain of about 6.4 billion CNY from the sale of an associate [1] Group 2 - The average selling price of granular silicon in Q3 2025 was 42.12 CNY/kg, reflecting a quarter-on-quarter increase of 9.2 CNY/kg [2] - The average production cash cost for granular silicon was 24.16 CNY/kg in Q3 2025, showing a decrease of 1.15 CNY/kg from the previous quarter [2] - The company plans to use part of the proceeds from a recent subscription announcement to acquire target companies or assets in mainland China to increase granular silicon production capacity [2]