国泰海通大楼 ◎记者 徐蔚 在科技创新与资本市场深度融合的浪潮中，证券行业服务科技创新的逻辑正从"单点支持"转向"生态共 建"。国泰海通以"全生命周期服务"为核心，陪伴天岳先进、普源精电等一批科创企业实现了从"技术突 破"到"全球领跑"的跨越。 完善科技金融生态 作为长期深耕科技金融领域的从业者，郁伟君对构建更完善的科技金融生态有诸多思考。他认为，这需 要政府、监管机构、金融机构、企业等多方协同，形成合力。 在政策引导层面，应优化创投资本股份转让环节的限制与成本，"让资本能'投得进、退得出、可持续投 入'，形成良性循环"；同时在人才保障上提供更多便利，"如住房、子女入学、医疗等，帮企业解决关 键人才的后顾之忧"。 "从科创板开板至今，我们已服务超100家企业登陆科创板，最长陪伴周期达20年。"郁伟君说，长期陪 伴的背后，是"产业深耕"与"生态协同"的双重底气。国泰海通始终紧跟国家科技自立自强战略，核心目 标是完善覆盖科技企业全生命周期的金融服务体系，提供高质量、全链条、差异化的综合服务。而这一 目标的落地，离不开团队、协同、资源三大维度的扎实布局。 郁伟君表示，在人才培育上，国泰海通早早打破传统投行的单一人才 ...

【深圳商报讯】（记者 陈燕青）在监管层的政策推动下，今年以来并购重组市场持续火热，年内上会 家数同比去年全年大增近1倍。从今年并购重组案例来看，产业链上下游整合成为主流方向；从行业来 看，信息技术、半导体、生物医药等"硬科技"行业并购标的较多，市场对未盈利资产的包容度提升。从 支付方式来看，定增、可转债、现金等各种支付工具更为多样化。 业内人士认为，并购重组正从数量扩张转向质量提升，战略协同、科技创新将共同塑造新一轮高质量并 购浪潮。 Wind数据显示，今年以来重大并购重组上会次数为29次，28家公司顺利过会。其中，罗博特科首次上 会被暂缓表决，二次上会通过。 开源证券研究所所长孙金钜指出，并购重组正成为科创企业技术突破与资源整合的核心工具。适用股份 对价分期支付机制、重组简易审核程序等并购重组新举措的案例有望不断落地，进一步助力提升科技企 业竞争力。 从审核来看，今年交易所针对重组项目的问询主要包括：并购后能否对标的实施有效整合及控制、收购 价的合理性、标的公司是否具有可持续经营能力等。 记者注意到，今年并购重组不乏借壳上市、吸收合并等经典案例。 从今年的并购案例来看，大多数为同行业或产业链上下游的整合，如 ...

Gemini 3在代码生成与前端设计领域展现出革命性进步，不仅彻底扭转了谷歌在编程竞赛中的竞争态 势，更通过架构创新为规模化商用铺平道路。其在LiveCodeBench上取得显著领先优势，在Design Arena的网站、游戏开发等四大赛区均位列第一。突破性的是，模型不仅能够生成功能代码，更具备"审 美智能"，能根据用户意图自动生成符合现代设计规范的交互界面，催生了"生成式UI"新范式。在技术 架构方面，Gemini 3采用稀疏MoE的全新设计，支持百万级token上下文长度，在长文档理解和事实回忆 测试中表现优异。尽管API定价处于行业高端，但通过提升token效率和首答准确率，实际任务完成成本 增幅有限，这种性能与成本间的精细平衡为模型在企业级市场的大规模应用提供了坚实支撑。 Gemini 3在智能体能力上实现质的飞跃，成为首个在消费级产品中深度融合通用Agent能力的基础模 型。其工具使用能力较前代提升30%，在终端环境测试和长时间跨度的商业模拟中表现卓越，能够自主 规划并执行复杂的端到端任务。配合全新推出的Antigravity智能体开发平台，开发者可在更高抽象层级 进行任务导向编程，将AI从辅助工具 ...

Core Insights - The securities industry is experiencing a new wave of development opportunities characterized by internationalization and diversification, driven by ongoing capital market reforms [1][4] - Companies like Guotai Junan are expanding their international presence, with recent acquisitions and investments in Southeast Asia, indicating a strategic push towards global operations [1][4] Group 1: International Expansion - Guotai Junan's board approved the acquisition of an Indonesian securities company, marking another step in its Southeast Asian expansion [1] - The company has previously established a presence in Singapore and acquired a majority stake in a Vietnamese investment securities firm [1] - As of the latest reports, Guotai Junan's subsidiaries cover multiple countries including the US, UK, Japan, and Australia, reflecting a broad international footprint [1] Group 2: Revenue Growth in International Business - Major Chinese securities firms are seeing significant growth in their international business revenues, with top firms like CITIC Securities and CICC leading the way [4][5] - In the first half of 2025, CITIC Securities reported revenue of 69.12 billion, a 13.57% increase, while CICC saw a remarkable 75.66% growth to 40.24 billion [5] - Guotai Junan's international business revenue reached 24.59 billion, marking a 76.21% increase, showcasing the strong performance of leading firms in the sector [5] Group 3: Challenges and Compliance - Despite the growth, firms face challenges such as regulatory compliance and governance issues when expanding internationally [6][7] - The need for effective risk management and compliance frameworks is critical, as firms must navigate complex legal environments and ensure adherence to local regulations [6][7] - Recent regulatory warnings highlight the importance of establishing robust governance structures for overseas subsidiaries to mitigate risks [6][7]

Core Viewpoint - Kuaishou-W (01024) maintains an "Overweight" rating with a target price of HKD 77.9, driven by significant improvements in profitability due to the recovery of online marketing service revenue and a robust 15.2% growth in e-commerce GMV, with AI technology playing a crucial role in optimizing content creation and enhancing advertising effectiveness [1] Group 1: Financial Performance - In Q3 2025, Kuaishou achieved revenue of CNY 35.55 billion, a year-on-year increase of 14.1% [2] - Gross margin stood at 54.7%, up 0.3 percentage points year-on-year [2] - Operating profit reached CNY 5.30 billion, a substantial increase of 69.9% year-on-year, with an operating margin of 14.9%, up 4.9 percentage points [2] - Adjusted net profit was CNY 4.99 billion, reflecting a year-on-year growth of 26.3%, with an adjusted net margin of 14.0%, up 1.3 percentage points [2] Group 2: User Engagement and AI Development - Kuaishou's DAU and MAU reached 416 million and 731 million respectively, with year-on-year growth of 2.1% and 2.4%, resulting in a DAU/MAU ratio of 56.9% [3] - Average daily usage time per user was 134.1 minutes, with total user engagement time increasing by 3.6% year-on-year [3] - E-commerce GMV hit CNY 385 billion, marking a 15.2% year-on-year increase, with short video e-commerce maintaining healthy growth [3] - The launch of the 2.5 Turbo model by Kuaishou AI in September 2025 significantly improved content generation efficiency, reducing creator costs by nearly 30% [3] - Kuaishou AI generated over CNY 300 million in revenue in Q3 2025, contributing to a 4%-5% increase in online marketing service revenue [3] Group 3: Online Marketing Services - Online marketing service revenue reached CNY 20.10 billion in Q3 2025, a year-on-year increase of 14.0% [4] - Both external and internal marketing service revenues experienced rapid year-on-year growth, with UAX consumption accounting for 70% of total external consumption [4] - Live streaming revenue was CNY 9.57 billion, up 2.5% year-on-year, while other service revenues surged by 41.3% to CNY 5.88 billion [4] - The monthly buyer structure in Kuaishou's e-commerce segment is showing healthy development, with increased repurchase frequency among active users [4] - The OneSearch architecture improved search order volume by nearly 5%, while OneRec enhanced e-commerce information flow, contributing to high single-digit GMV growth [4]

Core Viewpoint - Kuaishou-W (01024) maintains an "Overweight" rating with a target price of HKD 77.9, driven by significant improvements in profitability due to the recovery of online marketing service revenue and a 15.2% growth in e-commerce GMV [1] Group 1: Financial Performance - In Q3 2025, Kuaishou achieved revenue of CNY 35.55 billion, a year-on-year increase of 14.1% [1] - Gross margin stood at 54.7%, up 0.3 percentage points year-on-year [1] - Operating profit reached CNY 5.30 billion, a year-on-year increase of 69.9%, with an operating margin of 14.9%, up 4.9 percentage points [1] - Adjusted net profit was CNY 4.99 billion, reflecting a year-on-year growth of 26.3%, with an adjusted net margin of 14.0%, up 1.3 percentage points [1] Group 2: User Engagement and AI Development - Kuaishou's DAU and MAU reached 416 million and 731 million respectively, with year-on-year growth of 2.1% and 2.4% [2] - Daily average usage time per user was 134.1 minutes, with total user usage time increasing by 3.6% year-on-year [2] - E-commerce GMV reached CNY 385 billion, a year-on-year increase of 15.2%, with over 32% of GMV coming from general merchandise e-commerce [2] - The launch of the 2.5 Turbo model significantly reduced content creation costs by nearly 30% [2] Group 3: Online Marketing Services - Online marketing service revenue in Q3 2025 was CNY 20.10 billion, a year-on-year increase of 14.0% [3] - Both external and internal marketing service revenues experienced rapid year-on-year growth, with UAX consumption accounting for 70% of total external consumption [3] - Live streaming revenue was CNY 9.57 billion, up 2.5% year-on-year, while other service revenue surged by 41.3% to CNY 5.88 billion [3] - The end-to-end generative search architecture OneSearch improved mall search order volume by nearly 5% [3]

Group 1: Coal Price Trends - Coal prices have continued to rise, exceeding 830 CNY/ton, but a short-term peak may be reached [1] - The core reason for the recent coal price increase is a fundamental shift in the supply-demand dynamics since May [1] - The coal production for October was 410 million tons, a year-on-year decrease of 2.3%, but month-on-month stable [1] Group 2: Supply and Demand Analysis - The coal supply has contracted significantly due to government intervention against "involution," with production from July to October showing a continuous decline [1] - The total electricity consumption in August and September increased by 4.6%, a significant recovery from the 2.5% growth in Q1, indicating strong demand [1] - Despite entering the typical demand off-season, demand has remained unexpectedly high, particularly in East China [1] Group 3: Market Insights - As of November 14, 2025, the price of Q5500 coal at Huanghua Port was 837 CNY/ton, reflecting a 2.3% increase from the previous week [2] - The focus on domestic supply stability and reduced imports is expected to maintain a steady decline in total supply for the year [2] - The operating rate of major coking enterprises was reported at 79.18%, indicating a slight increase [2] Group 4: Recommended Stocks - The report recommends stocks in the coal sector, including China Shenhua Energy, Shaanxi Coal and Chemical Industry, and China Coal Energy [3] - Other recommended companies include Yanzhou Coal Mining and Jincheng Anthracite Mining [3]

Core Viewpoint - The report from Guotai Junan highlights that supply-side reforms remain a significant long-term change in the securities industry, indicating that the brokerage sector is currently undervalued compared to its fundamentals, with a current PB of 1.40x, which is at the 57% and 40% percentile of the past 5 and 10 years respectively. The report anticipates a valuation recovery driven by upcoming events and continues to recommend the sector [1]. Group 1 - The integration plan announced by China International Capital Corporation (CICC) involves a major asset restructuring, aiming to merge with Xinda Securities and Dongxing Securities, with a suspension period not exceeding 25 trading days [1]. - The integration is expected to be based on the need for improving the management of state-owned financial capital, with the actual controllers of China Xinda, China Dongfang, and other AMCs changing to Central Huijin, which will consolidate seven brokerage licenses under its umbrella [2]. - The merger is anticipated to enhance efficiency and support the development of a first-class investment bank [3]. Group 2 - The merger is projected to significantly enhance comprehensive strength, with expected synergies primarily in expanding the customer base and improving asset acquisition efficiency. Based on Q3 2025 data, CICC, Dongxing Securities, and Xinda Securities rank 8th, 25th, and 26th in the industry, respectively, and the integration could elevate their ranking to 3rd or 4th [4]. - Post-merger, the combined entity is expected to rank 3rd in net revenue, 6th in net profit attributable to shareholders, 4th in total assets, and 4th in net assets within the industry [4]. - The merger is likely to strengthen various business segments, with proprietary income expected to rise to 3rd place, and capital utilization efficiency is projected to improve, with CICC's leverage at 5.4x compared to Dongxing Securities at 3.2x and Xinda Securities at 3.8x. The brokerage business is also expected to enhance its customer base, particularly in regions like Fujian and Liaoning [4].

国泰海通发布研报称，截至10月29日，10月70g木浆高白双胶纸市场均价为4735元/吨，环比下跌66元/ 吨，跌幅1.37%，9月底华南地区投产的40万吨新产能逐渐放量，局部供给压力增加，对纸价利空为 主，国庆假期后，华南地区30万吨新产能试机，加重业者偏空心态。箱瓦纸方面，截至10月29日，中国 AA级瓦楞纸120g市场月均价2962元/吨，环比涨幅6.51%，同比涨幅12.88%，主要原料废纸市场表现偏 紧，原料结构性问题难以缓解，纸厂采购成本增加明显，纸厂多轮上调价格以缓解亏损压力 木浆：阔叶浆外盘继续报涨，国内价格上涨放缓 10月进口木浆现货市场均价涨跌各异，浆市交投偏刚需。第一，上海期货交易所纸浆期货市场偏弱运行 与终端需求不振共同拖累针叶浆价格震荡下行。第二，阔叶浆外盘连续报涨带来成本支撑，叠加国庆节 后有规模纸厂采购推动阔叶浆均价微幅探涨。第三，受再生纤维浆进口检测加严影响，部分需求转向本 色浆，带动其价格上行。第四，进口化机浆因流通货源有限与下游采购意愿低迷相互制约，价格承压走 低。 风险提示 海外木浆供应链扰动、下游消费需求不及预期等。 国泰海通主要观点如下： 文化纸：新投产能释放，需求疲 ...

国泰海通创新医药混合发起A（014157）基金经理为李子波。 11月20日，京新药业涨5.22%，截至发稿，报21.36元/股，成交2.76亿元，换手率1.84%，总市值183.92 亿元。 资料显示，浙江京新药业股份有限公司位于浙江省新昌县羽林街道新昌大道东路800号，成立日期1999 年2月13日，上市日期2004年7月15日，公司主营业务涉及化学制剂、传统中药、生物制剂、化学原料 药、医疗器械的研发、生产及销售。主营业务收入构成为：医药制造82.46%，医用器械17.54%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓京新药业。国泰海通创新医药混合发起A（014157）三季度 持有股数39万股，占基金净值比例为5.47%，位居第三大重仓股。根据测算，今日浮盈赚取约41.34万 元。 国泰海通创新医药混合发起A（014157）成立日期2021年12月23日，最新规模1.05亿。今年以来收益 17.96%，同类排名4386/8136；近一年收益16.49%，同类排名4438/8055；成立以来亏损5.15%。 截至发稿，李子波累计任职时间3年334天，现任基金资产总规模30.67亿元，任职 ...