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国泰海通(02611) - 海外监管公告 - 国泰海通证券股份有限公司关於2025年9月12日实施法...
2025-08-18 11:06
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 中國上海 2025年8月18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、陳方若先生以及江憲先生。 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。 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 2025年9月12日實施法人切換、客戶及業務遷移的公告》,僅供參閱。 承董事會命 國泰海通證券股份 ...
国泰海通(02611) - 海外监管公告 - 国泰海通证券股份有限公司关於境外全资附属公司根据中期票...
2025-08-18 11:00
中國上海 2025年8月18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、陳方若先生以及江憲先生。 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。 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境 外全資附屬公司根據中期票據計劃進行發行並由公司提供擔保的公告》,僅供參 閱。 承董事會命 國泰海 ...
国泰海通:公司对子公司担保总额为346.72亿元
Mei Ri Jing Ji Xin Wen· 2025-08-18 10:06
国泰海通8月18日晚间发布公告称,截至公告披露日,若本次担保实施后,公司及其子公司对子公司担 保总额为368.68亿元人民币,占公司最近一期经审计净资产2的比例为21.59%。公司对子公司担保总额 为346.72亿元人民币,占公司最近一期经审计净资产的比例为20.3%。 (文章来源:每日经济新闻) ...
国泰海通(601211) - 国泰海通证券股份有限公司关于境外全资附属公司根据中期票据计划进行发行并由公司提供担保的公告
2025-08-18 10:00
证券代码:601211 证券简称:国泰海通 公告编号:2025-086 国泰海通证券股份有限公司 关于境外全资附属公司根据中期票据计划进行发行 并由公司提供担保的公告 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。 重要内容提示: 担保对象及基本情况 | | 被担保人名称 | GUOTAI | JUNAN | HOLDINGS LIMITED | | --- | --- | --- | --- | --- | | | 1 本次担保金额 | 24.53 | 亿元人民币 | | | 担保对象 | 实际为其提供的担保余额 | 24.48 | | 亿美元(含本次担保) | | | 是否在前期预计额度内 | □是 | □否 | 不适用:公司未预设担保额度 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 累计担保情况 1 对外担保逾期的累计金额(亿元) 无 截至本公告日上市公司及其控股子 公司对外担保总额(亿元) 368.68 对外担保总额占上市公司最近一期 经审计净资产的比例(%) 21.59 特别风险提示 □ ...
国泰海通(601211) - 国泰海通证券股份有限公司关于2025年9月12日实施法人切换、客户及业务迁移的公告
2025-08-18 10:00
为充分做好各项准备工作,经会商并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, 国泰海通原定于 2025 年 8 月 22 日的日终清算后实施的法人切换、客户及业务迁 移合并调整至 2025 年 9 月 12 日的日终清算后进行。 ●国泰海通证券股份有限公司(以下简称国泰海通)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(以下简称海通证券)的客户及业务迁移合并入国泰海通。 证券代码:601211 证券简称:国泰海通 公告编号:2025-087 国泰海通证券股份有限公司关于 2025 年 9 月 12 日实 施法人切换、客户及业务迁移的公告 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。 重要提示: 2025 年 7 月 22 日,国泰海通发布《国泰海通证券股份有限公司关于实施法 人切换、客户及业务迁移合并的公告》(公告编号:20 ...
国泰海通:7月美国服装零售增速连续2月改善 关注出口链和轻奢赛道结构性投资机会
Zhi Tong Cai Jing· 2025-08-18 08:57
Core Viewpoint - The report from Guotai Junan indicates a slowdown in China's textile and apparel retail growth in July, while online sales are accelerating. In contrast, U.S. textile and apparel retail has seen two consecutive months of acceleration in growth [1][2]. Group 1: China Textile and Apparel Retail - In July, China's retail sales of clothing, shoes, and knitted goods increased by 1.8% year-on-year, showing a slowdown compared to June's growth of 1.9%. Cumulatively, from January to July, the retail sales grew by 2.9% year-on-year, compared to a mere 0.5% in the same period last year [2]. - Online retail sales of clothing in China from January to July grew by 1.7% year-on-year, accelerating from 1.4% in the first half of the year, but down from 6.3% in the same period last year [2]. Group 2: U.S. Textile and Apparel Retail - In July, U.S. retail sales for clothing and accessories increased by 5.0% year-on-year, accelerating from June's growth of 4.7%. Cumulatively, from January to July, the growth was 4.4% year-on-year, compared to 2.0% in the same period last year [2]. Group 3: Performance of Taiwanese Manufacturers - In July, several Taiwanese manufacturers reported a slowdown in revenue growth compared to June. For instance, Yu Yuan's revenue growth was +0.5%, Feng Tai's was -8.8%, and Yu Qi's was +5.2%, contrasting with June's growth rates of +9.4%, -3.1%, and +23.3% respectively [3]. - The latest quarter saw strong brand momentum for On and Coach, with On managing to offset tariff impacts through price increases. Coach anticipates a $160 million impact on gross profit due to tariffs in FY26 [3]. Group 4: Company-Specific Insights - Tapestry reported FY25 revenue of $7.01 billion, a 5% year-on-year increase, with a gross margin rise of 2.1 percentage points to 75.4%. The net profit attributable to the parent company was $180 million, affected by an $850 million loss provision for Kate Spade, but showing a 25.6% growth when adjusted [3]. - Coach's performance was strong, with a neutral growth rate of 10% for the year. In FY25 Q4, Coach's growth accelerated to 13%, with core markets like North America, China, and Europe growing by 16%, 22%, and 12% respectively [3]. - On reported FY25 Q2 revenue of 750 million Swiss francs, a 32.0% year-on-year increase, with a gross margin increase of 1.6 percentage points to 61.5%. The company raised its full-year guidance for revenue growth to at least 31% [4].
国泰海通:暑运客流高峰将回落 快递多地或跟进提价
Zhi Tong Cai Jing· 2025-08-18 06:49
Group 1: Aviation Industry - The peak of summer travel is beginning to decline, with expectations for business travel to recover by mid-September [2] - In early August, summer travel maintained a peak with passenger flow increasing over 2% year-on-year and seat occupancy rising by over 1 percentage point [2] - The Civil Aviation Administration of China has initiated a self-regulatory convention to combat "involution" in the industry, which is expected to lead to a reduction in excessive low pricing in the short term [2] Group 2: Express Delivery Industry - Multiple regions are expected to follow suit in raising delivery prices, with regulatory strength determining the sustainability of these increases [3] - The State Post Bureau has emphasized opposition to "involution" competition, leading to price increases in various regions, such as a 0.2 yuan increase in Yiwu and a 0.4 yuan increase in Guangdong [3] - The second half of the year is anticipated to see a recovery in profitability for e-commerce express delivery, with potential for improved earnings elasticity and valuation recovery if price increases continue [3] Group 3: Shipping Industry - Oil shipping rates remain stable, with the Middle East to China VLCC TCE maintaining around $37,000 [4] - Recent discussions between the US and Russia have not resulted in a ceasefire agreement, but concerns about trade restructuring and reduced oil shipping demand are considered limited [4] - Supply rigidity in oil shipping continues, with an expected positive outlook for oil shipping demand growth due to increased crude oil production [4]
国泰海通:反内卷保障快递良性竞争 监管力度决定持续性
Zhi Tong Cai Jing· 2025-08-18 06:43
2)头部企业盈利修复目标坚定。考虑非理性价格战显著影响了加盟网点盈利与长期信心,2022年头部企 业盈利修复目标坚定,行业竞争趋缓且网络得到休养。3)快递员权益保障政策,驱动单票收入回升。 2021年6月七部委印发《关于做好快递员群体合法权益保障工作的意见》,8月底电商快递集体宣布自9 月全网派费上调0.1元/票,旨在落实政策提升快递员收入,抱团提价传导成本压力。 2025年快递"反内卷"力度超预期,短期竞争压力趋缓,中长期继续保障良性竞争 自2024下半年头部企业份额关注度再次明显提升,2025年春节后价格竞争力度继续增强。2025Q1行业 利润率同比承压,该行预计Q2降幅继续扩大,且快递网络稳定性风险再次凸显。7月上旬国家邮政局强 调将旗帜鲜明反对"内卷式"竞争,7月底召开快递企业座谈会要求确保网络平稳运行和基层网点稳定。 根据罗戈网,7月义乌底价率先要求提升约0.2元;8月广东多地跟进上调底价约0.4元,并高于义乌。该行 认为此轮"反内卷"自上而下将继续深化,后续多地或跟进治理。"反内卷"短期将缓和竞争压力,更重要 的是中长期继续保障良性竞争,有利于行业自然集中。 国泰海通发布研报称,维持快递增持评级。 ...
国泰君安期货商品研究晨报:黑色系列-20250818
Guo Tai Jun An Qi Huo· 2025-08-18 02:30
Report Industry Investment Ratings - Iron ore: Support remains as the macro risk appetite has not significantly declined [2][4] - Rebar: Wide - range oscillation [2][6] - Hot - rolled coil: Wide - range oscillation [2][6] - Ferrosilicon: Weak oscillation due to weak sector sentiment [2][10] - Silicomanganese: Weak oscillation due to weak sector sentiment [2][10] - Coke: Bullish oscillation [2][15] - Coking coal: Bullish oscillation [2][15] - Logs: Repeated oscillation [2][18] Core Views - The report provides investment ratings and trend analysis for various commodities in the black series, including iron ore, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and logs, based on their fundamentals and macro - industry news. Summaries by Commodity Iron Ore - **Fundamentals**: Relevant data is tracked from Mysteel, Dongcai Choice, and the research institute [4] - **Macro - industry news**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the 50% tariff on steel and aluminum imports, including hundreds of derivative products [4] - **Trend strength**: 1, indicating a relatively positive trend [4] Rebar and Hot - rolled Coil - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, basis, and spreads. For example, RB2510's yesterday's closing price was 3,188 yuan/ton, down 13 yuan/ton (- 0.41%); HC2510's was 3,439 yuan/ton, up 7 yuan/ton (0.20%) [6] - **Macro - industry news**: In early August 2025, key steel enterprises' average daily production of crude steel increased by 4.7%, pig iron by 3.2%, and steel decreased by 4.1%. Their steel inventory increased by 2.0% compared to the previous ten - day period. On August 14, steel production, inventory, and apparent demand data showed different trends [6][8] - **Trend strength**: 0 for both, indicating a neutral trend [8] Ferrosilicon and Silicomanganese - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, and various spreads. For example, the closing price of ferrosilicon 2509 was 5,754 yuan/ton, up 10 yuan/ton [10] - **Macro - industry news**: In July 2025, China's crude steel output decreased by 4.0% year - on - year. As of August 16, the total manganese ore inventory decreased by 1.65 million tons compared to the previous period [10][14] - **Trend strength**: 0 for both, indicating a neutral trend [13] Coke and Coking Coal - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot prices, basis, and spreads. For example, the closing price of JM2601 was 1,230 yuan/ton, up 16 yuan/ton (1.3%) [15] - **Macro - industry news**: On August 15, 2025 (local time), the Trump administration in the US announced an expansion of the 50% tariff on steel and aluminum imports, including hundreds of derivative products [16] - **Trend strength**: 0 for both, indicating a neutral trend [17] Logs - **Fundamentals**: Tracked data includes futures prices, trading volumes, open interests, spot - futures spreads, and various spreads of different log products. For example, the closing price of the 2509 contract was 815, with a daily increase of 0.7% [19] - **Macro - industry news**: In July 2025, M2 balance increased by 8.8% year - on - year, and M1 balance increased by 5.6% year - on - year [21] - **Trend strength**: 0, indicating a neutral trend [21]
锌:累库显性化
Guo Tai Jun An Qi Huo· 2025-08-18 01:51
Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating. 2. Report's Core View The report focuses on the zinc market, highlighting the visible inventory accumulation. It also presents the latest price, trading volume, inventory, and other fundamental data of zinc, along with the trend intensity of zinc. Additionally, it includes relevant news such as Trump's statements and China's central bank's monetary policy [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price**: The closing price of SHFE zinc main contract was 22,505 yuan/ton, up 0.11% from the previous day, while LME zinc 3M electronic trading closed at $2,796.5/ton, down 1.62% [1]. - **Trading Volume**: The trading volume of SHFE zinc main contract was 83,222 lots, an increase of 5,192 lots, and the trading volume of LME zinc was 10,973 lots, an increase of 3,256 lots [1]. - **Open Interest**: The open interest of SHFE zinc main contract was 76,347 lots, a decrease of 4,451 lots, and the open interest of LME zinc was 190,988 lots, a decrease of 2,725 lots [1]. - **Premium and Discount**: The premium of Shanghai 0 zinc was -50 yuan/ton, unchanged from the previous day; the LME CASH - 3M premium was -$5.22/ton, a decrease of $4.69/ton [1]. - **Inventory**: SHFE zinc futures inventory was 20,020 tons, an increase of 2,923 tons, and LME zinc inventory was 76,325 tons, a decrease of 1,125 tons [1]. 3.2 News - Trump stated that the possibility of reaching an agreement now depends on Zelensky, and parties are arranging a meeting between Zelensky and Putin. There is currently no plan to impose tariffs on China's purchase of Russian oil, but he may consider it in two or three weeks [2]. - The People's Bank of China aims to implement a moderately loose monetary policy, with positive factors increasing for a moderate recovery in price levels. It will further improve the interest rate regulation framework, increase credit support for technology - based SMEs, and correct pro - cyclical market behaviors [2]. 3.3 Trend Intensity The trend intensity of zinc is -1, indicating a relatively bearish view on the zinc market [3].