国泰海通证券股份有限公司 信息披露事务管理制度 第一章 总则 第二章 信息披露义务人及其职责 第二条 除非文中另有所指，本制度所称信息是指可能影响投资者决策或 对公司证券及其衍生品种交易的价格产生较大影响的信息，以及相关规则和证券 监管部门要求披露的其他信息。 第五条 本制度所称信息披露义务人，是指公司及其董事、高级管理人员、 股东、实际控制人，收购人，重大资产重组、再融资、重大交易有关各方等自然 人、单位及其相关人员，破产管理人及其成员，以及法律、行政法规和公司股票 上市地证券监管机构规定的其他承担信息披露义务的主体。 第六条 信息披露义务人应当忠实、勤勉地履行职责，按照相关规则，及 时、公平披露信息，并保证所披露的信息真实、准确、完整、简明清晰、通俗易 懂，不得有虚假记载、误导性陈述或重大遗漏。 第一条 为规范国泰海通证券股份有限公司（以下简称公司）信息披露工 作，维护公司、股东、客户、债权人及其它利益相关人的合法权益，根据《中华 人民共和国公司法》、《中华人民共和国证券法》、《上市公司信息披露管理办法》 （以下简称《信息披露管理办法》）、《上市公司信息披露暂缓与豁免管理规定》、 《上海证券交易所股票上市 ...

国泰海通证券股份有限公司 董事会薪酬考核与提名委员会工作规则 第一章 总则 第一条 为保障国泰海通证券股份有限公司（以下简称公司）董事会薪酬 考核与提名委员会（以下简称委员会）依法独立、规范、有效地行使职权，完善 公司治理结构，确保本委员会的工作效率和科学议事，根据《中华人民共和国公 司法》《中华人民共和国证券法》《证券公司监督管理条例》《上市公司治理准则》 《证券公司治理准则》《香港联合交易所有限公司证券上市规则》等有关法律、 法规、部门规章、规范性文件以及公司股票上市地上市规则（以下合称相关规则） 和《国泰海通证券股份有限公司章程》（以下简称《公司章程》）的规定，结合公 司实际情况，制定本规则。 第二条 委员会是董事会下设的专门委员会，对董事会负责，向董事会报 告工作。 第二章 人员构成与组织机构 第三条 委员会由三名以上董事组成，委员会成员应当具有与委员会职责 相适应的专业知识和工作经验，其中独立董事应占多数；委员会需委任至少一名 不同性别的董事；委员会委员由董事长提名，报董事会批准。 第四条 委员会设主任委员一名，由独立董事委员担任。主任委员由董事 长提名，报董事会批准。 第五条 委员的任期与该名董事 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 国泰海通：上半年营收238.7亿元人民币；上半年净利润157.37亿元，同比增长213.74%。 ...

Core Insights - Sulfide solid-state batteries are expected to become the mainstream choice due to their superior overall performance, with lithium sulfide being the core raw material and a vast potential market space attracting numerous companies [1][2]. Group 1: Industry Trends - The market for sulfide solid-state batteries is poised for growth, driven by high ionic conductivity, safety, and energy density advantages, with lithium sulfide as a key raw material [1]. - The industry is currently transitioning from technology validation to large-scale production, indicating a critical phase for market players [1]. Group 2: Production Methods - The mainstream preparation routes for lithium sulfide include solid-phase, liquid-phase, and gas-phase methods, each with its own advantages and disadvantages [2]. - Solid-phase methods are suitable for large-scale production but have high energy consumption and lower product purity [2]. - Liquid-phase methods address some of the shortcomings of solid-phase methods, offering higher purity and better results, although achieving stable batch production remains challenging [2]. - Gas-phase CVD methods are suitable for producing high-purity and uniform lithium sulfide [2]. Group 3: Competitive Landscape - Numerous companies are entering the lithium sulfide research and development space, leading to breakthroughs in process innovation, production line implementation, and performance validation [3]. - The industry is moving towards a phase of accelerated supply scale for lithium sulfide [3].

Group 1: Tariff Policy - The actual average import tariff rate in the U.S. increased by only 6.6 percentage points compared to the end of 2024, which is significantly lower than market expectations [1] - The changes in the U.S. import structure and the low proportion of taxable goods are the main reasons for the lower-than-expected tariff collection [1] - In the second half of the year, the average import tariff rate is expected to rise further with the implementation of new tariff rates and gradual enforcement of industry tariffs [1] Group 2: Impact on U.S. Enterprises - U.S. enterprises are currently bearing approximately 63% of the tariff costs, while consumers are responsible for less than 40% [2] - The transmission of tariff costs to enterprises has been slow, but as inventory is gradually consumed and trade policy uncertainty decreases, enterprises are likely to continue raising prices [2] - However, due to increased consumer sensitivity to prices, enterprises may still need to absorb a significant portion of the tariff costs [2] Group 3: Consumer Inflation - The dependence on imports is high for categories such as auto parts, new cars, clothing, and furniture [3] - If the average import tariff rate in the U.S. rises by 10% within the year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE year-on-year growth rate to 3.4%, assuming stable demand [3] - A significant decline in demand could help alleviate inflationary pressures in the U.S. [3]

Group 1: Tariff Policy - The actual average import tariff rate in the U.S. increased by only 6.6 percentage points compared to the end of 2024, which is significantly lower than market expectations [1] - The changes in the U.S. import structure and the low proportion of taxable goods are the main reasons for the weaker-than-expected tariff enforcement [1] - In the second half of the year, the average import tariff rate is expected to rise further due to the implementation of new tariff rates and gradual enforcement of industry tariffs [1] Group 2: Import Costs and Price Dynamics - The U.S. import price index, which reflects the dollar prices paid by importers excluding tariffs, shows no significant decline in import costs for goods other than energy and food since the implementation of equivalent tariffs in April [2] - U.S. companies are currently bearing about 63% of the tariff costs, while consumers are responsible for less than 40% [2] - As inventory is gradually consumed and trade policy uncertainty decreases, companies may continue to raise prices, although consumer sensitivity to prices may lead to companies absorbing a portion of the tariff costs [2] Group 3: Consumer Inflation - Goods such as auto parts, new cars, clothing, and furniture have a high dependency on imports, but the transmission of tariffs to prices in these categories remains unclear [3] - If the average import tariff rate in the U.S. rises by 10% this year, it could push the year-on-year growth rate of PCE to 3.1% and core PCE to 3.4%, assuming stable demand [3] - The "slow heating" inflation provides the Federal Reserve with room for a rate cut in September, but the uncertainty remains regarding the possibility of consecutive rate cuts thereafter [3]

Group 1 - The core viewpoint is that the AI industry is rapidly developing, driven by significant policy support and advancements in domestic AI models and chips, leading to a unified ecosystem of software and hardware [1][2]. - The State Council officially released the "Artificial Intelligence+" action plan, aiming for AI to be widely integrated into six key areas by 2027, with a target of over 70% application penetration for new intelligent terminals and agents [2][3]. - By 2030, AI is expected to fully empower high-quality development in China, with application penetration exceeding 90%, establishing the intelligent economy as a crucial growth driver [2][3]. Group 2 - The six key areas for action include: 1) AI + Science and Technology; 2) AI + Industrial Development; 3) AI + Consumption Quality; 4) AI + Public Welfare; 5) AI + Governance Capability; 6) AI + Global Cooperation [3]. - The government is focusing on enhancing foundational support capabilities such as models, data, and computing power, with an emphasis on optimizing the AI innovation ecosystem and strengthening talent development [3][4]. - The action plan also emphasizes the need to optimize the application development environment and strengthen policy and regulatory support for AI investments, including financial and fiscal backing [4].

Core Viewpoint - The company is actively embracing breakthroughs in large model technology, focusing on innovation and application in artificial intelligence, with a range of new products and services aimed at enhancing customer experience and addressing pain points in various sectors [2][3][8]. Business Performance - The company reported a main revenue of 670 million yuan for the first half of 2025, a year-on-year decrease of 14.57%, and a net profit attributable to shareholders of -62.18 million yuan, down 162.73% [9]. - The second quarter of 2025 saw a main revenue of 393 million yuan, a year-on-year decline of 19.75%, and a net profit attributable to shareholders of -21.75 million yuan, down 175.05% [9]. - The company's gross margin stands at 59.77% [9]. AI and Product Development - The company has obtained 10 patents in the field of artificial intelligence, focusing on deep learning and large model pre-training methods [2]. - The AI applications have expanded from basic customer service to process automation and decision support, with products like AI Assistant and AI Agent platforms [2]. - The company is enhancing its smart procurement business through various AI-driven products and services, facilitating digital transformation for state-owned enterprises [2][5]. Government Services - The company has launched a "Government Intelligent Body" service system to improve efficiency in government services, including smart consultation and smart application processes [3]. - The integration of AI technology aims to enhance the efficiency of public services and address common pain points in government operations [3][7]. Investment and Future Outlook - The company plans to invest 162 million yuan in developing industry-specific large models and data element operation platforms to enhance its technological competitiveness [8]. - The ongoing optimization of algorithms is expected to improve delivery and production efficiency, leading to an upward trend in gross margins [8]. Market Engagement - The company has engaged with 27 central enterprises and over 170 state-owned and large private enterprises, providing tailored solutions to meet industry needs [6]. - The company is focusing on the integration of AI in the public resource trading sector, with the release of a white paper on AI large models in this field [4].

Group 1 - The core viewpoint of the news is that Suochen Technology (688507.SH) is currently experiencing a decline in stock price, with a closing price of 102.10 yuan and a drop of 4.27%, resulting in a total market value of 9.098 billion yuan, indicating that the stock is in a state of breaking its initial offering price [1] - Suochen Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 18, 2023, with an issuance of 10.3334 million shares at a price of 245.56 yuan per share, underwritten by Haitong Securities Co., Ltd. [1] - The total funds raised from the initial public offering amounted to 253.74697 million yuan, with a net amount of 231.57491 million yuan, exceeding the original plan by 134.68455 million yuan [1] Group 2 - The total issuance costs for Suochen Technology's IPO were 22.17206 million yuan (excluding tax), with underwriting fees accounting for 19.23102 million yuan [2] - The company announced a cash dividend of 0.15 yuan per share (including tax) and a capital reserve transfer of 0.48 shares for every share held, resulting in a total distribution of 6.20001 million yuan in cash dividends and a transfer of 19.840032 million shares, increasing the total share capital to 61.173432 million shares [2] - For the 2023 annual profit distribution, the company plans to distribute a cash dividend of 3.80 yuan for every 10 shares (including tax) and a capital reserve transfer of 4.60 shares for every 10 shares, with the record date set for June 18, 2024 [2]

智通财经APP获悉，国泰海通证券发布研报称，上半年美国关税实际征收力度不及预期，企业提价的速 度也偏慢，使得通胀回升幅度相对温和。下半年美国实际进口平均税率将进一步抬升，企业提价速度或 将有所加快，在需求稳定的情况下，美国通胀或继续"慢热"起来。短期来看，"慢热"的通胀为美联储提 供了9月降息空间，但9月后是否能连续降息仍具有较高不确定性。 消费通胀：或逐步"慢热"。在商品中，汽车零部件、新车、服装鞋帽、家具陈设及用品等对进口的依赖 度较高。不过新车、服装鞋帽、个人护理、其他耐用品等分项目前关税传导仍不明显。总体来看，若年 内美国实际平均进口税率上升10%，在需求稳定的情况下，关税或将推升PCE同比增速至3.1%，推升核 心PCE同比增速至3.4%；而如果需求明显回落，则有助于缓解美国通胀压力。短期来看，"慢热"的通胀 为美联储提供了9月降息的空间，但9月后是否能开启连续降息仍具有较高不确定性。 国泰海通主要观点如下： 风险提示：美国就业市场持续恶化，特朗普对美联储施压力度增大 关税政策：税率加了多少？6月美国实际平均进口税率仅较2024年底上升6.6个百分点，明显不及市场预 期。美国进口结构的变化以及应税商 ...