来源：国泰海通 8月18日晚，国泰海通（601211.SH）发布公告称，其原定于8月22日实施的法人切换、客户及业务迁移 合并将推迟至9月12日。 此前7月21日晚间，国泰海通曾发布公告称，公司将于8月22日实施法人切换、客户及业务迁移合并，将 原海通证券在相关单位的法人主体切换为国泰海通，适时将原海通证券的客户及业务迁移合并入国泰海 通。 在距离8月22日仅剩数日时，国泰海通再发公告，将上述工作推迟21天至9月12日实施。国泰海通方面对 此回应南都·湾财社记者称，此举主要是为了充分做好各项准备工作，稳妥、有序推进相关事宜。 据国泰海通披露，此次推迟实施法人切换、客户及业务迁移已获得中国证券登记结算有限责任公司及其 京沪深分公司、上海证券交易所、深圳证券交易所、北京证券交易所、全国中小企业股份转让系统、各 签约存管银行及基金管理公司等相关单位的协同支持。 据悉，法人切换、客户及业务迁移合并相关工作涉及面广、复杂度高，需中国结算、各证券交易所、各 签约存管银行及基金管理公司等大量外部机构协调一致。此次调整，除时间变化外，对客户及业务无其 他实质性影响，且将有利于进一步保障各项工作平稳顺利实施，最大限度维护客户利 ...

Group 1 - The stock of He Yuan Bio (688238.SH) closed at 8.07 yuan, with a decline of 3.12%, currently in a state of breaking issue [1] - He Yuan Bio was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 22, 2022, with an initial public offering of 100 million shares at a price of 13.23 yuan [1] - The total amount raised from the IPO was 1.323 billion yuan, with a net amount of 1.197 billion yuan after expenses [1] Group 2 - The total issuance costs for He Yuan Bio's IPO amounted to 126 million yuan, including underwriting fees of 93.795 million yuan [2] - The company announced a capital increase plan, distributing 0.3 shares for every share held, resulting in an increase of 14,795,670 shares, bringing the total share count to 641,145,700 shares [2] - The ex-rights date for the capital increase was set for May 30, 2023 [2]

Core Insights - The brain-computer interface (BCI) industry is expected to accelerate its development due to proactive policy support from the government, with key technological breakthroughs anticipated by 2027 [1][2] - The global BCI market in the medical application sector is projected to reach $40 billion by 2030 and exceed $145 billion by 2040, indicating significant growth potential [1][5] Policy Support - The Ministry of Industry and Information Technology and six other departments issued guidelines to promote innovation in the BCI industry, aiming for breakthroughs in key technologies by 2027 and establishing advanced technical, industrial, and standard systems [2] - The guidelines also emphasize the application of BCI products across various sectors, including industrial manufacturing, healthcare, and consumer life, with plans to create 2 to 3 industrial development clusters [2] Payment Standardization - The National Healthcare Security Administration released a trial guideline for pricing projects related to neurological medical services, specifically establishing pricing for invasive BCI procedures [3] - Provinces such as Hubei, Zhejiang, and Jiangsu have set BCI medical pricing, addressing previous ambiguities in pricing standards and facilitating the adoption of BCI technologies in healthcare [3] Investment Activity - There has been a notable increase in investment activity within the BCI sector, with over 1,000 disclosed financing transactions and nearly 400 companies receiving investments totaling close to $10 billion as of April 2025 [4] - This influx of capital is expected to accelerate technological innovation and product iteration in the BCI field [4] Investment Recommendations - Companies such as Weisi Medical (688580.SH) are recommended for investment, with additional attention suggested for Xiangyu Medical (688626.SH), Mylande (688273.SH), and others [5]

Core Viewpoint - The current market is not at its peak for the year, and the Chinese stock market is likely to reach new highs in the second half of the year [2][4][6]. Group 1: Market Dynamics - The rise in the Chinese stock market this year is driven not by immediate improvements in the fundamentals but by a shift in investor sentiment, supported by factors such as accelerated economic transformation, systematic decline in risk-free interest rates, and frequent capital market reforms [2][6][10]. - Historical adjustments in the Hong Kong and A-share markets have been significant, with maximum declines exceeding 60%, comparable to Japan's lost decade, yet China's economic performance remains stronger [3][7][12]. Group 2: Investment Opportunities - Key investment opportunities in the future are expected to emerge in financial sectors and high-dividend stocks, including brokers, banks, insurance, and infrastructure operators [3][8][19]. - The focus on long-term logical assets, particularly those with stable and monopolistic positions, is crucial for investors in 2025 [10][19]. Group 3: Global Trade and Supply Chain - The trend of global trade indicates a decline in direct economic connections between China and the U.S., while indirect connections remain active, making exports and overseas expansion vital [3][12][14]. - The difficulty for other economies to quickly replace Chinese manufacturing capabilities has been highlighted, suggesting that U.S. policies may need to adjust due to internal pressures [12][13]. Group 4: Economic Policy and Market Sentiment - The Chinese market has adequately priced in risks and pessimistic expectations over the past few years, with a belief that more proactive economic policies will emerge by 2025 [8][19]. - The ongoing decline in domestic interest rates is expected to persist, influencing asset valuation and investment strategies [15][17]. Group 5: Wealth Management and Asset Allocation - Wealth management strategies should prioritize capital preservation in the current low-interest environment, with a focus on equities and high-dividend assets as attractive options [16][18]. - The changing landscape of capital markets, driven by reforms and regulatory measures, is enhancing the investability of the Chinese stock market [10][19].

北京商报讯（记者李海媛）8月18日，国泰海通发布公告称，拟定于2025年9月12日的日终清算后起，实 施法人切换、客户及业务迁移合并，将原海通证券股份有限公司的客户及业务迁移合并入国泰海通。 国泰海通[601211] 2025-08-19 15:00 5PMA = 10PMA = 20PMA = 30PMA = 21.64 20.98 20.32 19.66 19.00 18.35 17.69 17.03 + 16.37 399万 成交里 : 1300858 299万 200万 99.82万 o 05-30 06-24 06-12 08-19 07-04 国泰海通[02611] 2025-08-19 16:00 5PMA = 10PMA = 20PMA = 30PMA = 19.461 18.205 16.949 15.693 14.437 13.182 11.926 10.670 9.414 1.98亿,成交里:20487033 1.48亿 9899万 4950万 0 -- = = 05-30 06-11 08-19 06-23 07-04 08-07 07-16 （文章来源：北京商报） ...

碳酸锂期货全合约总计成交98.04万手，比上一日减少44.18万手。全合约前20席位多头持仓49.78万手，比上一日增加8881手。全 合约前20席位空头持仓60.37万手，比上一日减少3701手。 根据合并数据显示，多头前三席位为国泰君安期货，总持仓94860、中信期货，总持仓64678、永安期货，总持仓41030；空头前三 席位为国泰君安期货，总持仓113151、中信期货，总持仓90292、广发期货，总持仓62561； 主力合约前20席位中，多头增仓前三名分别是：一德期货、持仓8340、增仓2593，中信建投、持仓11396、增仓1576，浙商期货、 持仓16231、增仓1563；多头减仓前三名分别是：中信期货、持仓28790、减仓-1476，方正中期、持仓10285、减仓-427，中粮期 货、持仓5723、减仓-397； 主力合约前20席位中，空头增仓前三名分别是：华泰期货、持仓14180、增仓2283，申银万国、持仓5698、增仓979，方正中期、 持仓9303、增仓683；空头减仓前三名分别是：广发期货、持仓32014、减仓-1770，光大期货、持仓7725、减仓-1097，国泰君安 期货、持仓70 ...

Group 1 - The core event is the launch of the "818 Wealth Management Festival" by Guotai Junan, featuring a special program "Financial Broadcast 10 Hours, Smart Investment AI New Quality" that focuses on A-share market investment hotspots and emerging industries [1] - The program aims to help investors grasp trends, optimize allocation methods, and establish correct investment concepts such as rational, long-term, and value investing [1] - The event includes a live interaction segment where chief investment advisors engage with investors to address their concerns, enhancing trust and connection between clients and the platform [1] Group 2 - Guotai Junan has introduced a new generation of AI-driven app, Guotai Junan Lingxi, which integrates large model technology and intelligent investment services to improve service efficiency and optimize customer investment experience [4] - The app offers 24/7 smart live streaming services and utilizes digital human technology to create a diverse content production matrix, providing an immersive experience for investors [4] - The app features three intelligent service interfaces: dialogue, live streaming, and market monitoring, reshaping customer service paradigms and upgrading smart wealth management experiences [4] Group 3 - The company has established a "Wealth Management Dream Factory" to standardize the selection and training of investment advisors, creating a matrix of star investment advisor IPs and a rich series of content [6] - Investment advisor IPs participate in special live broadcasts to answer investor questions and promote asset allocation thinking through educational programs [6] - The company is exploring the best pathways for converting public traffic to private traffic, thereby expanding the effectiveness of professional services [6] Group 4 - Guotai Junan aims to continue leveraging its "professional + technology" advantage to reshape wealth management service paradigms and enhance clients' long-term investment success rates [9] - The company is committed to becoming a leading domestic and internationally recognized comprehensive wealth management institution, contributing to the high-quality development of the capital market [9]

Market Overview - The A-share market has seen an increase in trading activity, with margin financing balances continuing to rise and retail investor participation becoming more active [1] - Foreign capital has shifted to inflows, indicating a notable increase in incremental funds entering the market [1] Market Sentiment - The trading intensity has marginally improved, with the average daily trading volume for the entire A-share market rising to 21 trillion [1] - The turnover rate for the Shanghai Composite Index has increased to the 93rd percentile, while the CSI 300's turnover rate has reached the 91st percentile [1] - The number of daily limit-up stocks has increased to 74.4, with a maximum consecutive limit-up count of 5 [1] Profitability and Trading Concentration - The proportion of stocks that have risen has decreased to 54.4%, and the median weekly return for A-share stocks has dropped to 0.4% [1] - The industry rotation index has shown a marginal increase, with 13 industries having turnover rates in the historical 90th percentile or above [1] Fund Flow Analysis - Public funds have seen a decrease in new issuance to 5.947 billion, while overall stock allocations have increased [2] - Private equity confidence index has slightly rebounded, with a minor decrease in positions [2] - Foreign capital inflow amounted to 270 million USD, with northbound trading accounting for 11.0% of total trading [2] - The net buy for margin financing reached 45.7 billion, with trading volume accounting for 10.6% [2] Industry Allocation - There is a clear divergence in fund allocation, with foreign capital flowing out of the metals sector and primarily into electronics and machinery [3] - The net inflow for electronics was 13.27 billion, while machinery saw a net inflow of 4.01 billion [3] - Significant net outflows were observed in the coal and textile sectors [3] Hong Kong and Global Fund Flow - Southbound capital inflows have increased, with net purchases rising to 38.12 billion, marking the 92nd percentile since 2022 [4] - The Hang Seng Index rose by 1.7%, reflecting a general upward trend in major global markets [4] - Active foreign capital has begun to flow back into Chinese concept stocks for the first time since October 2024 [4]

朱健在致辞中简要回顾了国泰海通前身的两家公司与10个结对县的深厚情谊，在多年互动中助力相关地区从全面脱贫到乡村振兴，展现金融国企的责任担 当，取得良好社会反响。他提出，要站在新的起点，坚持"四个立足"，运用"一总一分一县"模式，接续传承责任，汇聚向善合力，与10个结对县进一步巩固 结对友谊、创新结对举措、拓展结对实践。一要"立足根本和长远"做好结对工作，在帮助当地提升产业能力、完善造血机制等方面着力。二要"立足合作共 赢"做好结对工作，建立双方常态化交流机制，努力实现资源共享、互利共赢。三要"立足汇聚向善合力"做好结对工作，继续发挥好公益枢纽作用，加强与 政府、高校、企业等战略客户的联动，不断扩大"金融向善"生态圈的影响力。四要"立足全员参与"做好结对工作，发挥公司布局全国优势以及"一总一分一 县"结对模式作用，鼓励员工在参与慈善公益中涵养家国情怀、砥砺责任担当。 转自：新华财经 为进一步做好"一司一县"结对帮扶、"百企结百村"工作，强化帮扶实效，助力乡村全面振兴，8月18日，国泰海通携手战略客户光明集团下属上海蔬菜集团 （上海市消费帮扶工作平台），举办首届"818·帮一帮"公益文化节暨消费帮扶公益集市。 国 ...

Core Viewpoint - In July, domestic heavy truck sales reached 85,000 units, representing a year-on-year increase of 46% but a month-on-month decline of 13% [1][2]. Sales Performance - Cumulative sales of domestic heavy trucks from January to July totaled 624,000 units, showing an 11% year-on-year growth [1][2]. - The sales structure indicates that in July, the proportions of semi-trailer trucks, cargo trucks, and incomplete vehicles in the overall heavy truck sales were 50.1%, 28.0%, and 21.9% respectively, compared to 51.9%, 25.3%, and 22.7% in 2024 [2]. - In July, semi-trailer truck sales were 43,000 units (up 29% year-on-year, down 12% month-on-month), while heavy cargo truck sales were 25,000 units (up 83% year-on-year, down 11% month-on-month) [2]. - Heavy incomplete vehicle sales in July reached 17,000 units, marking a 50% year-on-year increase but a month-on-month decline of 18% [2]. Natural Gas Heavy Trucks - In July, domestic natural gas heavy truck sales were 12,000 units, down 7% year-on-year and 3% month-on-month [3]. - Cumulative sales of natural gas heavy trucks from January to July were 100,000 units, reflecting a 14% year-on-year decline [3]. - The penetration rates for natural gas in heavy trucks and semi-trailer trucks were 14% and 27% respectively in July [3]. New Energy Heavy Trucks - In July, domestic new energy heavy truck sales reached 13,000 units, showing a significant year-on-year increase of 159% but a month-on-month decline of 10% [3]. - Cumulative sales of new energy heavy trucks from January to July were 88,000 units, representing a 172% year-on-year growth [3]. - The penetration rate for new energy heavy trucks was 16% in July, with a cumulative rate of 14% for the first seven months [3]. Investment Strategy and Recommendations - With economic recovery and the introduction of the "old-for-new" policy for heavy trucks in 2025, domestic heavy truck sales are expected to gradually rebound, with a forecast of 1.067 million units in 2025, an 18% year-on-year increase [4]. - The technology for domestic new energy heavy trucks has matured, and costs have decreased rapidly, indicating significant potential for penetration rate growth, expected to reach 15% by 2025 [4]. - The heavy truck industry still has growth potential, driven by domestic recovery and continuous export growth [4]. - Recommended stocks include Weichai Power (000338.SZ), China National Heavy Duty Truck Group (000951.SZ, 03808), CIMC Vehicles (301039.SZ), and Foton Motor (600166.SH), with FAW Jiefang (000800.SZ) identified as a beneficiary [4].