看好依沃西生存获益潜力 在ITT人群中，依沃西组和帕博利珠组的mPFS为11.14vs5.82mo，PFS HR=0.51(P<0.0001);在39%成熟度 时进行的mOS的期中分析(α分配值仅0.0001)结果显示，依沃西对比帕博利珠单抗具有显著的临床生存获 益，HR=0.777，降低死亡风险22.3%。我们认为，依沃西已初步展现优异的生存获益潜力，考虑到本次 数据分析的成熟度较低、且α分配值较小，依沃西生存获益的统计学获益情况有待后续跟踪观察。 智通财经APP获悉，国泰海通发布研报称，维持康方生物(09926)"增持"评级。公司核心产品接连实现临 床突破，步入收获期维持2025-2027年收入预测37.28/59.28/78.00亿元，采用PS估值法，给予2025年28X PS，对应目标价123.72港元(原128.14港元)。 国泰海通主要观点如下： 依沃西一线治疗NSCLC适应症获批上市 据公司微信公众号披露4月25日，依沃西单药用于PD-L1阳性(TPS≥1%)NSCLC一线治疗适应症获NMPA 批准上市。依沃西为全球首个在头对头"药王"帕博利珠单抗的III期临床研究中获得显著阳性结果的药 物，为 ...

智通财经APP获悉，国泰海通发布研报称，近期特朗普对关税，以及对美联储的态度等出现转变，市场 风险偏好有所改善，部分黄金多头获利了结、金价承压，工业金属价格震荡修复。但该行认为特朗普政 策的不确定性依旧存在，全球贸易格局、货币体系或重塑之下，金价中长期有望维持良好表现。同时国 内政策端预计将持续发力，内需预期提振，叠加铜铝等工业金属供给偏刚性，其价格获得有力的支撑。 4月22日，特朗普关税政策的态度发生转变，表示将"大幅降低"对华高额关税，以及表示没有解雇美联 储主席鲍威尔的计划，市场风险偏好有所修复，美股、美元指数反弹，4月22日金价创历史新高后回 落，短期金价受高位获利了结情绪影响承压。但该行认为特朗普政策的不确定性依旧存在，全球贸易格 局、货币体系或重塑，去美元化进程持续推进，央行购金需求高位等金价长周期利多未变，而且美联储 降息空间仍然充足，或对金价形成支撑。 工业金属：宏观情绪有所平复，内需预期支撑价格 宏观方面，美对华关税政策有所缓和，同时国内4月政治局会议强化底线思维，充分备足预案，二季度 政策端有望继续发力，市场风偏修复令工业金属价格震荡修复。目前逐步进入淡季国内下游需求表现尚 可，铜铝的加工 ...

Group 1: Lithium Market Overview - The lithium sector is experiencing a downward trend in prices, with the weekly contract price for lithium carbonate in Wuxi dropping by 2.84% to 68,500 yuan/ton, and the price in the Shanghai Futures Exchange decreasing by 2.85% to 68,200 yuan/ton [1] - Lithium concentrate prices have also declined, with the price reported at 793 USD/ton, a decrease of 15 USD/ton compared to the previous period [1] - The overall supply remains high despite some small lithium salt manufacturers reducing production due to cost pressures, while major manufacturers are improving efficiency through technological upgrades [1] Group 2: Supply and Demand Dynamics - The market sentiment is pessimistic due to an oversupply situation, with the North American lithium mining development potentially accelerating following the inclusion of the Smackover lithium mine in a key mineral fast-track project [2] - Demand is expected to weaken as the market approaches a traditional off-peak season, compounded by concerns over U.S. tariff policies affecting orders for energy storage batteries and lithium iron phosphate [2] - The average price for battery-grade lithium carbonate was reported between 68,200 and 71,400 yuan/ton, reflecting a 2.3% decrease from the previous week [2] Group 3: Cobalt Market Insights - The cobalt market is showing a relatively strong performance, with the demand primarily driven by essential purchases, while supply remains stable with most smelting plants maintaining normal production levels [3] - The average price for electrolytic cobalt was reported between 232,000 and 249,000 yuan/ton, which is a slight increase of 0.2% compared to the previous week [3] - Cobalt salt manufacturers are operating at high capacity, but the market is entering a buffer period as downstream enterprises have largely completed their inventory replenishment [3] Group 4: Price Trends in Related Materials - The average price for lithium iron phosphate decreased by 1.2% to a range of 31,900 to 33,400 yuan/ton [4] - The average price for ternary materials (622) also saw a slight decline of 0.1%, ranging from 107,800 to 118,600 yuan/ton [4]

Core Viewpoint - Guotai Haitong is expected to report a significant increase in net profit for Q1 2025, primarily due to negative goodwill from the merger with Haitong Securities, but the underlying operational performance remains comparable to peers [1][3][6]. Financial Performance - Guotai Haitong anticipates a net profit of 11.201 billion to 12.445 billion yuan for Q1 2025, representing a year-on-year increase of 350% to 400% [1][3]. - The adjusted net profit (扣非归母净利润) is projected to be between 2.973 billion and 3.383 billion yuan, reflecting a year-on-year growth of 45% to 65% [1][3][6]. - The substantial increase in net profit is attributed to approximately 8 billion to 9 billion yuan in non-recurring gains from negative goodwill, which lacks operational and cash flow support [6][7]. Merger and Goodwill Analysis - The negative goodwill arises because the acquisition cost of Haitong Securities was lower than the fair value of its identifiable net assets, indicating a "bargain purchase" [5][7]. - The share exchange ratio for the merger was set at 1:0.62, leading to concerns among some minority shareholders about a potential dilution of their equity [7][8]. Regulatory and Compliance Issues - In 2024, both Guotai Junan and Haitong Securities were rated as A-class investment banks based on their 2023 performance, but the upcoming rating for 2025 will depend on 2024 performance [2][9]. - Haitong Securities faced a doubling of penalties related to its investment banking operations in 2024, raising concerns about its future ratings [2][9][10]. - The former head of investment banking at Haitong, Jiang Chengjun, is under investigation for alleged misconduct, further complicating the firm's regulatory standing [9][11].

Group 1 - Hai Tong Asset Management has undergone significant management changes, with Lu Ying resigning as chairman and Tao Geng taking over the position [1][3] - The new executives, Tao Geng and Ye Ming, both come from the Guotai Junan Asset Management system, indicating a strategic integration following the merger of Guotai Junan and Haitong Securities [3][4] - Lu Ying has also stepped down from his role as chairman of Hai Fu Tong Fund and will return to the research field as the head of Guotai Haitong Securities Research Institute [4] Group 2 - The merger of Guotai Junan and Haitong Securities, which officially took place in April 2025, has positioned the newly formed Guotai Haitong as a leader in total assets and net assets in the domestic market [5][6] - The company has completed several integration steps, including changes in corporate governance, name changes, and organizational structure adjustments, with a focus on further integrating business systems and management practices [5][6] - Other asset management companies, such as Guotai Junan and CITIC Asset Management, have also experienced executive changes, indicating a broader trend of management adjustments within the industry [2][8][9]

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的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） 500,000,000美元於2026年到期2.00厘息的擔保票據（證券代號：40649） 400,000,000美元於2027年到期浮動厘息的擔保票據（證券代號：05041） 變更公司名稱及證券簡稱 茲提述國泰海通證券股份有限公司（「本公司」）日期分別為2025年3月16日及2025 年4月3日的公告（「該等公告」），以及日期為2025年3月17日的通函（「該通函」）， 內容有關（其中包括）本公司擬變更公司名稱及證券簡稱。除另有所指外，本公告 所用詞彙應與該通函內所界定者具有相同涵義。誠如該等公告所披露，本公司已 完成公司名稱的工商變更登記手續，並取得了上海市市場監督管理局換發的營業 執照。本公司中文名稱由「國泰君安証券股份有限公司」變更 ...

Financial Performance - Consolidated operating revenue for 2024 was CNY 43.397 billion, representing a year-on-year growth of 20.08%[9]. - Net profit attributable to the parent company was CNY 13.024 billion, with a year-on-year increase of 38.94%[9]. - Total revenue and other income for 2024 reached CNY 61.76 billion, an increase of 18.07% year-on-year[128]. - Wealth management business generated revenue of CNY 20.14 billion, growing by 15.47% and contributing 32.61% to total revenue[130]. - Investment banking revenue decreased by 23.53% to CNY 2.81 billion, contributing only 4.54% to total revenue[130]. - Institutional and trading business revenue increased by 25.52% to CNY 26.26 billion, accounting for 42.52% of total revenue[130]. - International business revenue surged by 51.26% to CNY 7.10 billion, contributing 11.49% to total revenue[130]. - Operating profit for 2024 was CNY 16,356,424, reflecting a 38.99% increase from CNY 11,768,452 in 2023[45]. - Total expenses for 2024 were 45.40 billion RMB, an increase of 12.00% year-on-year[146]. Asset and Capital Management - The company's total assets at the end of 2024 reached CNY 1,047.745 billion, an increase of 13.22% compared to the previous year[9]. - The net capital increased to RMB 98,387,241,939 from RMB 92,603,555,793, reflecting a growth of approximately 6.5% year-over-year[26]. - The total liabilities amounted to RMB 870.27 billion, reflecting a 15.72% increase year-over-year[153]. - The total equity increased to RMB 177.47 billion, representing a growth of 2.36% from the previous year[153]. - Financial assets measured at fair value and recognized in profit or loss amounted to RMB 408.473 billion, up 9.64% year-on-year[131]. - Cash held by clients increased to RMB 202.568 billion, a rise of 42.71% from the previous year, primarily due to fluctuations in the securities market[131]. Dividend and Shareholder Returns - The company plans to distribute a total cash dividend of CNY 6.258 billion for the year, accounting for 48.05% of the net profit attributable to the parent company[2]. - Basic earnings per share for 2024 were CNY 1.39, a 41.84% increase from CNY 0.98 in 2023[47]. Mergers and Acquisitions - The company completed the acquisition of Haitong Securities and raised supporting funds on March 14, 2025[2]. - The merger with Haitong Securities is projected to result in total assets of CNY 1.73 trillion and net assets of CNY 328.3 billion by the end of 2024, positioning the company as the industry leader in capital strength[15]. - The merger transaction received approval from the Shanghai State-owned Assets Supervision and Administration Commission on November 19, 2024[174]. - The merger between Guotai Junan Securities and Haitong Securities was approved by the China Securities Regulatory Commission on January 17, 2025, allowing for the absorption and merger process to proceed[177]. Risk Management and Compliance - The company emphasizes a commitment to risk management and compliance, aiming to enhance operational efficiency and risk control capabilities[17]. - The company plans to enhance its compliance and risk management system in 2024, focusing on proactive risk management and maintaining financial stability[141]. Digital Transformation and Innovation - The company is committed to a digital transformation strategy, incorporating technology into its cultural framework to enhance competitiveness[16]. - The company achieved a 50% improvement in quality control and review efficiency in its fully digital investment banking operations[138]. Market Position and Strategy - The company aims to solidify its leading position in the domestic market while facing competition from top international investment banks[18]. - The macroeconomic environment is expected to present challenges, but the company is prepared to respond with confidence and a focus on internal development[15]. - The company aims to achieve four key breakthroughs by 2025 to establish itself as a first-class investment bank with international competitiveness and market leadership[15]. Customer Engagement and Service - A focus on customer-centric operations will drive the integration of services, with an emphasis on professional specialization and collaboration[17]. - The company will implement a performance evaluation mechanism centered on customer satisfaction to align with its customer-centric business philosophy[17]. - The company plans to enhance its core capabilities in value discovery, trading services, and global pricing to improve client engagement and service quality[18]. ESG Commitment - The MSCI ESG rating improved to the highest level of AAA, reflecting the company's commitment to ESG principles[11]. - The company has a commitment to ESG (Environmental, Social, and Governance) principles, aligning with global investment trends[24].

三未信安于2022年12月2日在上交所科创板上市，公开发行新股1,914万股，发行价格为78.89元/股，募 集资金总额150,995.46万元，募集资金净额为137,086.41万元。 三未信安实际募资净额比原拟募资多96,743.2万元。三未信安2022年11月29日披露的招股书显示，三未 信安原拟募资40,343.21万元，用于密码产品研发升级、密码安全芯片研发升级、补充流动资金。 中国经济网北京4月25日讯三未信安(688489.SH)今日收报32.14元，跌幅5.97%，总市值36.89亿元。目前 该股股价处于破发状态。 三未信安的保荐机构(主承销商)是国泰君安证券股份有限公司(现名"国泰海通证券股份有限公司")，保 荐代表人是彭凯、刘文淘。三未信安公开发行新股的发行费用合计13,909.05万元(不含增值税)，其中国 泰君安证券股份有限公司获得保荐承销费用11,022.67万元。 保荐机构安排国泰君安证裕投资有限公司参与发行战略配售，跟投比例为公开发行股份的3.97%，即 76.0552万股，获配金额5999.99万元。国泰君安证裕投资有限公司承诺获得配售的股票限售期限为自三 未信安首次公开发行并 ...

本次减持原因为股东资金需求。股份来源为公司首次公开发行前股份及因权益分派实施资本公积转增股 本而取得的股份。减持价格按照减持实施时的市场价格确定。 采纳股份2023年5月10日公告权益分派实施公告，每10股派息(税前)4.5元，转增3股。除权除息日为2023 年5月16日。 采纳股份表示，本次减持的股东不属于公司控股股东和实际控制人及其一致行动人，本次减持计划不会 对公司治理结构及持续经营产生重大影响，不会导致公司控制权发生变更。 据新华社报道，2025年4月11日，国泰海通证券股份有限公司重组更名上市仪式在上交所举行。上交所 与国泰海通签订《证券上市协议》，国泰海通证券股份有限公司A股证券简称由"国泰君安"正式变更 为"国泰海通"，A股证券代码"601211"保持不变。证券简称变更，标志着国泰君安、海通证券合并重组 走完了全部程序。 2022年1月26日，采纳股份在深交所创业板上市，公开发行股票2350.88万股，为发行后总股本的 25.00%，发行价格为50.31元/股。该股目前处于破发状态。保荐机构(主承销商)为海通证券股份有限公 司，保荐代表人为钟祝可、张刚。 中国经济网北京4月25日讯采纳股份（30 ...

新华财经北京4月24日电（王菁）日前，为配合国泰君安证券和海通证券合并重组安排，上海清算所顺 利完成两家机构人民币利率互换集中清算业务存续期合约的合并，全力保障其银行间利率衍生品头寸平 稳整合。 据相关负责人介绍，这是上海清算所全力支持国泰海通证券合并整合工作，完成了目前为止银行间市场 最大规模的衍生品存续期合约合并。此前，上海清算所第一时间会同各方组建工作组，2周内研究形成 衍生品头寸合并方案并通过技术、业务测试验证，4天内完成有关内部处理流程，在两家机构重组更名 上市1周内，即实现其银行间利率衍生品近3000笔集中清算合约、数千亿元头寸的合并，顺利完成相关 盯市损益调整、利息计算、风险资源转移和资金结算路径切换等工作，且该过程未对市场其他清算成员 产生影响。 （文章来源：新华财经） 自2014年起，上海清算所陆续推出人民币利率互换、标准利率互换、标准债券远期等系列衍生产品，涵 盖FR007、SHIBOR、LPR、PrimeNCD、政策性金融债等多种挂钩标的，并同步提供债券冲抵保证金、 合约压缩、合约转移等增值服务，有效满足各类市场主体多样化的风险管理需求，持续降低机构参与成 本，提升清算效率。 2024年 ...