Core Insights - The main contract of the Shanghai Stock Exchange 50 Index futures closed at 2506 on May 23, with a decrease of 0.82% and a trading volume of 39,500 contracts [1][2] - The total trading volume for all contracts reached 51,800 contracts, an increase of 14,400 contracts compared to the previous day [1][3] - The top 20 positions showed a net short position with a difference of 4,625 contracts [1] Long Position Summary - The top three long positions were held by Guotai Junan with a total holding of 10,093 contracts, CITIC Futures with 9,554 contracts, and Dongzheng Futures with 4,225 contracts [1][3] - The long positions increased by 5,856 contracts from the previous day [1] - The top long position increases were from Guotai Junan (1,731 contracts), CITIC Futures (739 contracts), and Haitong Futures (586 contracts) [1][3] Short Position Summary - The top three short positions were held by Guotai Junan with 12,752 contracts, CITIC Futures with 10,132 contracts, and GF Futures with 6,771 contracts [1][3] - The short positions increased by 5,713 contracts from the previous day [1] - The top short position increases were from Guotai Junan (983 contracts), CITIC Futures (866 contracts), and Haitong Futures (777 contracts) [1][3] Overall Position Data - The total long positions for the top 20 members amounted to 57,400 contracts, while the total short positions reached 67,200 contracts [1][4] - The overall trading volume for all contracts was 72,100 contracts, with a net change of 20,100 contracts [1][4]

国泰海通发布研报称，居民基础物质需求已很大程度上满足，对个性化、情感属性的需求持续增加。近 年来该行看到美妆个护等品类的产品创新加速，在细分化、功效化、文化及情绪溢价等方向出现新的产 品迭代。美护板块为内需成长代表性板块，结构性机会突出，看好美妆个护公司产品创新下的长期成长 性，建议布局具备产品创新能力、受益赛道红利的标的：1)个护板块：推荐新渠道助力产品创新的公 司;2)美妆及医美板块：成分创新和情感价值下细分赛道有望高景气度的标的。 国泰海通主要观点如下： 美护悦己属性强、对新需求变化敏感度高，成为新消费主力赛道，带动多品类国货份额快速提升 从品类属性看，该行认为美护悦己需求较强，决定了其具备较高附加值、高毛利率，相应品牌商对消费 者需求变化的敏感度高，产品创新相对多，当下阶段以抖音为代表的内容电商渠道变化助力新产品快速 放大，因此在美妆、个护领域不断有新大单品驱动带来品牌及公司高增的结构性机会。国货品牌在产品 创新、新渠道布局上较外资品牌更加灵活高效，在本轮变化中份额持续提升，据欧睿数据测算，2021- 2024年我国护肤、彩妆、婴童护理、口腔护理、卫生巾等品类份额分别提升6.1pct、4.9pct、2 ...

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of Jiayuan Technology Co., Ltd.'s application for an initial public offering (IPO) and listing on the Growth Enterprise Market [1][3]. Group 1: Company Overview - Jiayuan Technology is a high-tech enterprise focused on providing IoT terminals and digital solutions in the smart power sector, aiming to enhance the perception, communication, and data processing capabilities of power terminal equipment and systems through IoT technologies [3]. - The company primarily engages in the research, production, and sales of smart integrated terminals (TTU) and low-voltage branch monitoring units (LTU), along with offering digital solutions such as smart distribution station rooms and remote intelligent inspections [3]. Group 2: IPO Details - Jiayuan Technology had initially planned to raise 911.78 million yuan (approximately 91.12 million) through the IPO, which was intended for various projects including the R&D and industrialization of smart power IoT terminal products and communication modules [4][5]. - The proposed investment allocation for the projects is as follows: - Smart power IoT terminal product R&D and industrialization: 345.50 million yuan - IoT communication module R&D and industrialization: 115.87 million yuan - UHF RFID-based smart IoT system R&D and industrialization: 119.88 million yuan - R&D center construction: 149.94 million yuan - Supplementing working capital: 180.00 million yuan - Total: 911.78 million yuan [5]. Group 3: Shareholding Structure - As of the signing date of the prospectus, Zhou Yunfeng directly holds 57.10 million shares, accounting for 38.54% of the total shares. Additionally, through Jiayuan Venture Capital and Jiayuan Phase III Venture Capital, he indirectly controls 28.00 million shares, representing 18.90% of the total shares, making him the controlling shareholder and actual controller of the company [4].

Group 1 - The core point of the news is the performance and structure of the Guotai Junan 180-Day Bond Holding Fund A, which has seen a slight decline in its net value and has a cumulative return since inception [1] - As of the end of 2024, the fund has a total size of 0.18 billion yuan, with a cumulative return of 7.88% since its establishment [1] - The fund's holder structure indicates that institutional investors hold 0.08 billion shares, accounting for 60.02% of the total, while individual investors hold 0.05 billion shares, making up 39.98% [1] Group 2 - The current fund manager, Liu Ming, has a strong background in fixed income investment, having previously worked at China Construction Bank and joined Guotai Junan Securities Asset Management in July 2023 [2] - Liu Ming has managed several funds in the past, including various bond and mixed funds, demonstrating extensive experience in the investment management field [2] - As of March 31, 2025, the top five holdings of the fund account for a total of 41.02%, with the largest holding being Guokai 1803 at 16.29% [3]

Group 1 - The core viewpoint of the articles highlights the transformation of the M&A market in Shanghai, shifting from simple scale expansion to value creation, driven by policy and industrial transformation [1][2][3] - Since the release of the "Six M&A Guidelines," there have been 78 major asset restructuring disclosures and 8 registrations in the Shanghai market, indicating a stable and orderly market [1][3] - The new regulatory framework has effectively addressed previous market concerns regarding M&A, enhancing confidence and leading to a significant increase in restructuring activities [2][3] Group 2 - The revised "Major Asset Restructuring Management Measures" introduced simplified review processes and innovative transaction tools, improving regulatory inclusiveness and efficiency [2][4] - The approval rate for restructuring applications has approached 90%, with a notable increase in the quality of targets and a reduction in review times [4][5] - The restructuring market has seen a 1.3 times increase in disclosed asset restructurings compared to the previous year, with major asset restructurings increasing by 3.2 times [3][6] Group 3 - The focus of M&A activities has shifted towards industrial integration and the development of new productive forces, with nearly 70% of restructuring efforts aimed at optimizing asset structures and enhancing core competitiveness [6][7] - High-tech sectors such as semiconductors, electronic equipment, and biomedicine have become increasingly active in M&A, with a 400% increase in major asset restructurings in strategic emerging industries [6][7] - There has been a notable increase in cross-border M&A activities, with companies seeking to expand internationally and acquire foreign assets [7][8] Group 4 - The introduction of installment payment mechanisms in M&A transactions has provided more flexibility and improved negotiation success rates [5][8] - The market atmosphere has improved significantly since the "Six M&A Guidelines," with several landmark and innovative cases emerging, including large-scale mergers exceeding 10 billion [5][6] - Regulatory changes have allowed for the acquisition of loss-making assets if they align with industrial logic and do not impair ongoing operations, promoting a more strategic approach to M&A [8][9]

表格類別： 股票 狀態： 新提交 公司名稱： 國泰海通證券股份有限公司(「本公司」) FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 呈交日期： 2025年5月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | A股於上海證券交易所上市(證券代號: 601211) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 國泰海通證券股份有限公司(「本公司」) 呈交日期： 2025年5月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | A股於上海證券交易所上市(證券代號: 601211) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份 ...

｜2025年5月23日 星期五｜ NO.1 获批！卡塔尔控股拿下华夏基金10%股权，成为第三大股东 点评：年内139只基金提前结募，权益类基金占比超50%，反映出市场对权益类资产的青睐。这一现象 或表明投资者风险偏好有所提升，对相关行业板块形成利好。同时，基金公司对未来市场持乐观态度， 提前结募或锁定更多资金，有助于股市整体资金面的稳定。 NO.4 国泰海通：赵慧文担任合规总监获证监会相关派出机构认可 国泰海通（601211/02611）发布公告，2025年5月22日，赵慧文担任公司合规总监的事宜已获中国证监 会相关派出机构认可，正式任职。这一任命是基于公司第七届董事会第一次会议审议通过的《关于提请 聘任公司高级管理人员的议案》，并在2025年4月3日获得通过。根据公告，赵慧文的任职将为公司合规 管理带来新的推动力，具体的任职信息已在2025年4月4日的相关公告中进行详细说明。 点评：国泰海通合规总监赵慧文任职获证监会认可，显示公司治理结构进一步完善。新任合规总监将强 化公司合规管理，提升市场信心。对券商板块而言，合规性提升有助于行业整体健康发展。短期内，市 场对国泰海通的治理能力将有所期待，可能带来积极的市 ...

证券代码：601211 证券简称：国泰海通 公告编号：2025-064 国泰海通证券股份有限公司 关于合规总监任职的公告 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。 2025 年 4 月 3 日，国泰海通证券股份有限公司（以下简称公司）第七届董事 会第一次会议审议通过了《关于提请聘任公司高级管理人员的议案》，聘任赵慧 文女士为公司合规总监，并在取得中国证监会相关派出机构认可后正式履职。具 体详见公司 2025 年 4 月 4 日在《中国证券报》《上海证券报》《证券时报》《证 券日报》和上海证券交易所网站（www.sse.com.cn）发布的公司第七届董事会第 一次会议决议公告（公告编号：2025-042）。 2025 年 5 月 22 日，赵慧文女士担任公司合规总监事宜已获中国证监会相关 派出机构认可，即日起正式任职公司合规总监。 特此公告。 国泰海通证券股份有限公司董事会 2025 年 5 月 23 日 ...

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；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。 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合 規總監任職的公告》，僅供參閱。 承董事會命 國泰海通證券股份有限公司 朱健 董事長 中國上海 2025年5月22日 2025 年 4 月 3 日，国泰海通证券股 ...