| 新任高级管理人员职务 | 副总裁 | | --- | --- | | 新任高级管理人员姓名 | 左秀海 | | 是否经中国证监会核准取得高管任职 | | | 资格 | | | l 中国证监会核准高管任职资格的日期 | | | 任职目期 | 2025-12-24 | | 过往从业经历 | 左秀海,硕士研究生,中共党员。2008年5月入职华宝证券 | | | 有限责任公司担任 CRM 分析员;2010年6月入职海通证券股 | | | 份有限公司,先后担任销售交易总部交易管理部经理,零售 | | | 与网络金融部交易管理部经理,财富管理中心交易管理部经 | | | 理、财富管理中心总经理助理、副总经理:2021年5月入职 | | | 上海海通证券资产管理有限公司,担任投资总监兼组合投资 | | | 部总监:2025年12月加入上海国泰海通证券资产管理有限 | | | 公司,现任党委副书记。 | | 取得的相关从业资格 | 证券从业资格、基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 研究生学历、硕士学位 | 北京商报讯（记者 刘宇阳 实习生 姚榕琰）12月24日，上海国泰海通证券资产管理有限公司（ ...

Core Viewpoint - The U.S. economy showed resilience in Q3 2025, driven by strong personal consumption, increased public spending, and enhanced export contributions, despite exhibiting a "K"-shaped divergence in income, business performance, and economic sectors [1][2][3][4]. Economic Performance - The U.S. GDP annualized growth rate for Q3 2025 was 4.3%, exceeding expectations of 3.3% and the previous value of 3.8%, indicating overall economic resilience [5][26]. - Key contributors to this economic resilience included personal consumption, public spending growth, and increased exports [2][23][27]. Personal Consumption - Capital market wealth effects significantly supported high growth in personal consumption, with a contribution rate of 2.39% to GDP in Q3 2025. Year-on-year, personal consumption grew by 2.8%, with goods consumption up 3.3% and services consumption up 2.5% [6][27]. - The performance of the capital markets, with major indices reaching historical highs, was closely linked to consumer spending [6][27]. Public Spending - Government consumption and investment saw a rebound, with a 0.55% increase in Q3 2025 compared to previous quarters' contractions. Notably, defense spending rose by 1.43% [6][27][28]. - The U.S. Treasury significantly raised its borrowing plan for Q3 2025 from an estimated $554 billion to $1.01 trillion, providing additional funding for government spending [6][27]. Export Growth - U.S. exports increased by 2.13% in Q3 2025, a significant rise compared to previous quarters, supported by a recovery in global economic activity and new trade agreements that reduced tariffs [7][28][29]. "K"-Shaped Divergence - The economy displayed a "K"-shaped divergence characterized by: - **Individual Level**: Income disparity led to consumption differences, with higher unemployment rates among minority groups and wealth concentration in the top 10% of households [3][11][32]. - **Business Level**: Large enterprises maintained a positive outlook, reflected in the S&P Global Composite PMI, while small businesses showed weaker performance as indicated by the NFIB optimism index [3][13][34]. - **Sector Level**: Investment and growth disparities were evident, with strong performance in private non-residential investments, particularly in equipment and intellectual property, while construction investment declined [3][15][35]. Future Outlook - The U.S. economy is expected to face short-term impacts from the government shutdown in Q4 2025, but overall resilience is anticipated to remain strong into 2026, with a likely recovery in Q1 2026 [4][18][25][37]. - The Federal Reserve is projected to implement 2-3 rate cuts in 2026, despite the economy's strength, due to structural weaknesses in the labor market and potential influences from leadership changes at the Fed [4][19][38].

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。 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、陳方若先生以及江憲先生。 证券代码：601211 证券简称：国泰海通 公告编号：2025-110 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第七屆 董事會第九次會議（臨時會議）決議公告》，僅供參閱。 承董 ...

Group 1 - The core point of the article is that Guotai Junan (SH 601211) held a temporary board meeting on December 24, 2025, to review reports regarding the performance assessment of senior management for the year 2024 [1] - For the first half of 2025, Guotai Junan's revenue composition is as follows: 40.93% from securities brokerage, 28.74% from institutional finance, 12.89% from asset management, 8.83% from international business, and 5.91% from investment banking [1] - As of the report date, Guotai Junan's market capitalization is 367.7 billion yuan [1]

证券代码：601211 证券简称：国泰海通 公告编号：2025-110 本议案已经公司董事会战略及ESG委员会全体成员事前审议通过。 二、审议通过了《关于公司部分高级管理人员2024年度考核等情况的报告》 表决结果：16票赞成，0票反对，0票弃权。关联董事李俊杰、聂小刚回避表 决。 本报告已经公司董事会薪酬考核与提名委员会全体成员事前审议通过。 特此公告。 国泰海通证券股份有限公司 第七届董事会第九次会议（临时会议）决议公告 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。 国泰海通证券股份有限公司（以下简称公司）第七届董事会第九次会议（临 时会议）于2025年12月24日以通讯表决方式召开。本次会议通知及文件于2025 年12月17日以电子邮件方式发出。本次会议应参与表决董事18人，实际参与表决 董事18人。本次会议召集、召开及表决程序符合《中华人民共和国公司法》、公 司《章程》和《董事会议事规则》的有关规定。本次会议审议通过了以下议案： 一、审议通过了《关于制定〈国泰海通三年战略规划纲要（2026-2028）〉 及〈国泰海通 ...

Group 1 - The core viewpoint is that Chinese enterprises are entering a new era of overseas expansion, advancing towards high-end segments of the global value chain, with expectations of resilient growth in external demand for Chinese technology manufacturing amid a global easing cycle [1][64][66] - The essence of overseas expansion for Chinese companies is to occupy high value-added segments of the global supply chain and achieve deep globalization, driven by rising domestic factor costs and stricter external market access [2][65] - Historical experiences indicate that overseas expansion is both a proactive strategic choice and a rational response to growth constraints, with emerging market countries typically entering an accelerated phase of overseas expansion after reaching a GDP per capita of approximately $15,000 [2][11][14] Group 2 - China's manufacturing industry is rapidly enhancing its global competitive advantage, transitioning from a "world factory" to a "global manufacturing center," with significant improvements in sectors such as power equipment, engineering machinery, and electric vehicles [3][21] - The export resilience of Chinese companies is evident through regional diversification and high-end product offerings, with non-financial listed companies showing higher overseas gross margins compared to domestic margins in sectors like engineering machinery and communication equipment [3][25][37] - The global industrial and infrastructure capital expenditure is entering an upward cycle, driven by easing monetary policies, with emerging markets experiencing accelerated industrialization and urbanization, leading to explosive demand for power and infrastructure [4][46][56] Group 3 - Industry recommendations include sectors such as power equipment, machinery, automotive, new materials, innovative pharmaceuticals, and gaming, driven by the acceleration of industrialization in emerging markets and the need for infrastructure updates in developed countries [5][68] - The transition to a "2.0 era" of overseas expansion involves moving from product exports to a systematic approach that includes capacity, brand, and channel development, with significant growth in foreign investment by Chinese non-financial enterprises [29][33] - The shift towards the ends of the "smile curve" indicates that Chinese technology companies are experiencing rising profit margins overseas, surpassing domestic margins, as they enhance their competitive positioning through innovation and systematic overseas expansion [37][38]

Core Viewpoint - Cathay Securities has initiated coverage on CloudWalk Technology (09678.HK) with a "Buy" rating, highlighting the company's strong prospects in AI voice applications [1] Financial Projections - The company is expected to achieve revenue of RMB 1.268 billion, RMB 1.943 billion, and RMB 2.659 billion for the years 2025, 2026, and 2027, representing year-on-year growth of 35%, 53%, and 37% respectively [1] - The net profit attributable to the parent company is projected to be RMB -245 million, RMB -135 million, and RMB -104 million for the same years, with year-on-year growth of 46%, 45%, and 23% respectively [1] Valuation - Using two valuation methods, a cautious approach has led to a target price of HKD 451.33 for the stock [1]

Group 1 - The core viewpoint of the report is that CloudWalk Technology (09678) is a leading player in AI voice technology with significant potential for application in various sectors, leading to a "Buy" rating from Guotai Junan [1][2] - The company was established in 2012 and developed the Atlas AI infrastructure in 2016, launching the proprietary 600 billion parameter model, Shanhai, in 2023, which supports a wide range of AI applications in smart living and healthcare [2] - The company has a workforce of 454 employees, with 68.7% dedicated to research and development, indicating a strong focus on innovation [2] Group 2 - In 2024, the company is projected to achieve revenue of 9.39 billion RMB, reflecting a year-on-year growth of 29.1%, with significant contributions from both daily life and medical business segments [3] - The revenue from daily life solutions is expected to grow by 27.8% in 2024 and 20.2% in the first half of 2025, while the medical business is anticipated to grow by 34.4% and 22.28% in the same periods [3] - The AI solutions market in China is projected to reach 1,804 billion RMB in 2024, with a compound annual growth rate (CAGR) of 33.7%, expected to grow to 11,749 billion RMB by 2030, with the company ranking fourth in the AI solutions market [3]

Group 1 - The core viewpoint of the report is that CloudWalk Technology (09678) is rated "Buy" due to its strong potential in AI voice applications and expected revenue growth from 2025 to 2027 [1] - The company is a pioneer in the commercialization of AGI technology in China, established in 2012, and launched its proprietary large model, the Shanhai Model, in 2023 [2] - The company has a workforce of 454 employees, with 68.7% dedicated to research and development [2] Group 2 - In 2024, the company is projected to achieve revenue of 9.39 billion RMB, a year-on-year increase of 29.1%, with significant contributions from both daily life and medical AI applications [3] - The revenue from daily life solutions is expected to grow by 27.8% in 2024, while medical business revenue is anticipated to grow by 34.4% [3] - The AI solutions market in China is projected to reach 1,804 billion RMB in 2024, with a compound annual growth rate (CAGR) of 33.7%, and is expected to reach 11,749 billion RMB by 2030 [3]

Group 1 - The core point of the announcement is that the Guotai Haitong New锐 Quantitative Stock Mixed Securities Investment Fund may trigger termination conditions as it has continuously reported a net asset value below 50 million yuan for 40 consecutive working days as of December 23, 2025 [1][2] - The fund's management will initiate a liquidation process if the net asset value remains below 50 million yuan for 50 consecutive working days, without the need for a meeting of fund shareholders [2] - The fund is managed by Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and the custodian is China Minsheng Bank Co., Ltd. [1] Group 2 - The fund's contract stipulates that if the number of fund shareholders falls below 200 or the net asset value is below 50 million yuan for specified periods, the fund management must disclose this in regular reports [1] - Upon entering the liquidation process, the fund will cease to process subscriptions and redemptions [3] - Investors are encouraged to read the fund's contract, prospectus, and product information for detailed information [3]