吴清：国泰海通合并初步实现1+1>2的效果 证券行业积极融入经济社会发展全局，实力明显提升，推进国泰海通合并等标志性重组案例平稳落地， 初步实现"1+1＞2"的效果。 12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发表致辞。 吴清：A股实现了量的合理增长和质的有效提升 吴清指出，今年以来，A股市场总体活跃，市值从8月份开始超过100万亿，实现了量的合理增长和质的 有效提升。 吴清表示，证券机构是资本市场链接投融资各方最重要的桥梁，对市场功能和生态完善发挥至关重要。 证券公司总资产达到14.5万亿元，净资产约3.3万亿元，四年多来，增长分别超过60%和40%，服务1200 多家科技创新企业上市。证券行业结构不断优化，包括国泰海通合并等标志性案例平稳的推动，1+1>2 的效果初步实现。中小机构聚焦细分赛道取得突破，向差异化、特色化发展转变。外资机构在境内业务 加快布局，对外开放进一步推进，有11家外资独资或控股的公司在华开展业务，展业兴业。 吴清：证券公司和投资机构要与投资者共赢共进 证券公司和投资机构在权益投资、风险管理等方面专业优势明显，要对接投资者不同的风险偏好、不同 规 ...

Group 1 - The chairman of the China Securities Regulatory Commission, Wu Qing, stated that the securities industry is actively integrating into the overall economic and social development, with significant strength improvements [1][2] - The merger of Guotai Junan and Haitong Securities is highlighted as a landmark restructuring case that has been smoothly implemented, achieving a preliminary effect of "1+1>2" [1][2]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：五道口江湖） 4、11月4日，张孙齐正式加入东方证券，张孙齐，国泰君安基金配置高级分析师，南京大学管理学学 士、金融工程硕士，曾任职于华泰证券。负责领域：基金研究、基金组合配置等 从黄燕铭5月6日加入到东方证券之后，越来越多的国泰君安研究所分析师跳槽到东方证券，据哈士奇同 学从证券从业系统不完全统计，加上黄燕铭，目前已经有15名国泰君安的分析师，： 12月 1、12月4日，郑月灵正式加入东方证券，郑月灵曾是国泰君安福建分公司首席ETF投顾，是该公司最年 轻的95后首席投顾，主要从事ETF投资策略研究、市场热点分析及投资者教育工作。 2、12月4日，黄汝南正式加入东方证券，黄汝南是国泰君安证券的宏观联席首席分析师，主要负责宏观 经济研究和市场展望。 3、12月3日，兰洋正式加入东方证券，兰洋是国泰君安证券股份有限公司的研究员，主要专注于有色金 属行业领域。 4、12月1日，张思宇已经正式加入东方证券，张思宇是国泰君安证券的策略分析师 11月份： 1、11月27日，于嘉懿正式加入东方证券，于嘉懿现任国泰君安证券有色金属行业首席分析师 ...

Core Insights - The 2025 Volcanic Engine Winter FORCE Conference is scheduled for December 18-19, focusing on Agentic AI's impact on industries, with three major releases planned: a complete refresh of the Doubao model family, upgrades to Agent development tools, and ecosystem expansion [3] Group 1: Conference Overview - The conference will feature three main forums and 20 specialized forums, covering topics such as AI in finance, education, and automotive sectors, as well as exploring the integration of Data and AI [2] - The event aims to provide a comprehensive analysis of the pathways for AI implementation across various industries [2] Group 2: Model Updates - The Doubao model 1.6 series will be highlighted, showcasing improvements in reasoning, mathematics, instruction adherence, and Agent capabilities, with a 63% reduction in comprehensive costs compared to Doubao 1.5 [3] - The conference will also focus on the further evolution of the Doubao model in deep thinking and multimodal integration, assessing the cost-performance optimization paths of the new generation [3] Group 3: Usage Metrics - As of May 2025, the daily token usage for the Doubao model exceeded 16.4 trillion, with a significant increase from 1.2 billion tokens in May 2024 to over 30 trillion tokens by September 2025, indicating a 253-fold growth [4]

Core Viewpoint - The Chinese securities industry is undergoing profound changes driven by the central government's call to cultivate first-class investment banks and institutions, with a focus on mergers and acquisitions and accelerated internationalization to enhance competitiveness [1] Group 1: Industry Transformation - The wave of mergers and acquisitions in the securities industry aims to enhance comprehensive strength through deep integration, moving beyond simple scale accumulation to achieve synergistic effects [1] - The merger of Guotai Junan Securities and Haitong Securities exemplifies this trend, resulting in significant revenue and profit growth, with a 101.6% increase in revenue to 45.892 billion yuan and a 131.8% increase in net profit to 22.074 billion yuan in the first three quarters of 2025 [2] - The consensus in the industry is that cultivating first-class investment banks is a long-term goal, requiring firms to focus on their core responsibilities and enhance their functions [1][2] Group 2: Internationalization and Market Opportunities - The internationalization of Chinese securities firms is accelerating, with overseas asset scales expanding and international business contributing significantly to profits; for instance, CICC's overseas business revenue reached 6.877 billion HKD (approximately 6.29 billion yuan), accounting for about half of its total revenue [2] - The demand in the Hong Kong and Asia-Pacific markets presents shared opportunities for many securities firms, with a focus on wealth management and cross-border derivative businesses [3][6] - Policies facilitating international operations and the emphasis on building first-class investment banks create a favorable environment for overseas business development [5][6] Group 3: Regulatory Environment and Industry Ecosystem - The new "National Nine Articles" outlines clear goals for the development of first-class investment banks by 2035, transitioning securities firms from traditional intermediaries to key players in serving the real economy [4] - Recent regulatory changes, such as the revised Major Asset Restructuring Management Measures, aim to enhance the merger and acquisition landscape, promoting resource concentration towards institutions with strong comprehensive service capabilities [4] - The classification evaluation system encourages a shift from scale-focused growth to quality and efficiency, supporting differentiated development among smaller firms [5] Group 4: High-Quality Development Goals - The securities industry is expected to enhance development quality during the 14th Five-Year Plan, aiming for a transition from large to strong and from local to global [6] - Headquartered comprehensive securities firms are likely to capture market share across various business lines, leading to significant growth in scale and profitability [6] - The focus on internationalization and the establishment of unique advantages in wealth management and retail trading will be crucial for the industry's evolution [6]

Core Viewpoint - The report from Guotai Junan Securities highlights the increasing competitive pressure in the retail pharmacy sector due to weakened demand, leading to a gradual supply-side contraction. The report emphasizes the growth potential of leading pharmacy chains by 2026, focusing on both organic and external growth opportunities [1]. Group 1: Market Trends - The retail scale of China's physical pharmacies (including drugs and non-drugs) is projected to reach 611.9 billion yuan in 2024, reflecting a year-on-year decline of 1.8% due to factors such as population decrease and changes in medical insurance accounts [1]. - The industry adjustment is expected to continue into the first three quarters of 2025, with the market size reaching 449 billion yuan, a year-on-year decrease of 1.9%, but showing signs of recovery on a month-on-month basis [1]. - In September 2025, the industry size is estimated at 53.8 billion yuan, marking a year-on-year growth of 0.8% and a month-on-month increase of 6.7% [1]. Group 2: Demand Side Analysis - Despite weak terminal demand, the pharmaceutical category is experiencing a recovery, with the retail scale of drug sales in physical pharmacies reaching 43.7 billion yuan in September 2025, reflecting a month-on-month growth of 6.9% and a year-on-year increase of 2.2% [2]. - The sales proportion of drugs in pharmacies increased by 0.8 percentage points year-on-year to 81.4%, while the proportion of health products decreased by 0.5 percentage points to 3.8% [2]. Group 3: Supply Side Dynamics - The number of physical pharmacies reached a new high in 2024, exceeding 700,000, representing over a 60% increase from the end of 2014, which has intensified competition in the industry [3]. - The number of stores in the industry decreased by 4,000 in Q4 2024 and by 3,000 in Q1 2025, with leading pharmacy chains showing lower closure rates compared to smaller chains [3]. Group 4: Future Outlook - Leading pharmacy chains are expected to recover first, with growth driven by both internal and external factors. The rising incidence of flu is anticipated to boost sales of respiratory-related medications [4]. - The current number of direct stores for leading chains is around 10,000, representing only about 1.5% of the industry, indicating significant room for growth and concentration in the market [4].

Group 1 - The core viewpoint is that Doubao has released a preview version of its AI mobile assistant, which acts as a system-level agent capable of executing complex commands, creating a complete loop from information search to processing and cross-application communication [1] - The Doubao mobile assistant achieves deep integration with the operating system, allowing for higher system permissions than a single app, enabling it to access underlying hardware capabilities and system services [1] - Users can activate the Doubao assistant through a sidebar, physical keys, or voice commands, allowing it to overlay on any interface without interrupting ongoing app processes [1] Group 2 - Doubao's assistant can understand the content on the user's current screen and engage in dialogue or perform actions based on that, such as generating replies or assisting with requests from WeChat friends [1] - The assistant can recognize UI elements on the screen and simulate human actions like clicking, swiping, and inputting, enabling complex cross-application tasks, such as price comparisons across shopping platforms or organizing travel plans [1] - The era of fully AI-enabled smartphones is approaching, providing brand manufacturers with opportunities for AI equity and competitive advantages [2] Group 3 - Doubao does not manufacture hardware but collaborates with mobile brand manufacturers at the operating system level, forming a business model where "model companies provide AI brains + mobile manufacturers provide hardware carriers" [2] - For mid to low-end smartphones, especially those unable to invest heavily in developing large models, integrating the Doubao assistant can enhance user AI experience and strengthen brand competitiveness in the AI era [2] - A richer edge hardware ecosystem is rapidly emerging, with Doubao's strong real-time voice, multimodal, and agent capabilities providing usability for devices like AI glasses, TWS earbuds, and AI pins [3]

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） （附註6） ： 附註： 2025年12月29日舉行的2025年度第二次臨時股東會 H股股東代表委任表格 與本代表委任表格有關之 H股股份數目 （附註1） 地址為 ， 或如其未能出席，則委任大會主席為本人╱吾等之代表，代表本人╱吾等出席本公司於2025年12月29日（星期一） 下午二時正假座中國上海市靜安區南京西路768號405室舉行的臨時股東會（「臨時股東會」）及其任何續會並於會上投 票。本人╱吾等指示代表就下列決議案按下列適用欄目中以「✓」所標示之意向代本人╱吾等投票。如無作出任何指 示，則代表可自行酌情決定就決議案投贊成票或反對票或棄權投票。 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | 棄權 | （附註4） | | --- | --- | --- | --- | --- | --- | | 1. | 審議及批准重續與華安基金就證券及金融產品交易及服 | | | | | | | 務之新框架協議。 | | | | | 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通告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份 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。 2025年度第二次臨時股東會通告 茲通告國泰海通證券股份有限公司（「本公司」）謹訂於2025年12月29日（星期一） 下午二時正假座中國上海市靜安區南京西路768號405室舉行臨時股東會（「臨時股東 會」），以審議及酌情通過下列決議案。除非文義另有所指，本通告所用詞彙與本公司 日期為2025年12月5日的通函（「通函」）所界定者具有相同涵義： 普通決議案 1. 審議及批准重續與華安基金就證券及金融產品交易及服務之新框架協議。 承董事會命 國泰海通證券股份有限公司 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） （股份代碼：02611） 代表委任表格連同經公證人簽署證明的授權書（如有）及其他授權文件（如有），須在不遲於臨時股 東會指定舉行時間不少於24小時前（即2025年12月28日（星期日）下午二時正之前）送達 ...

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下全部國泰海通證券股份有限公司的股份售出或轉讓，應立即將本通函及隨附的代表委任表 格交予買方或承讓人，或送交經手買賣或轉讓的銀行、持牌證券商或其他代理商，以便轉交買方或承讓 人。 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通函的內容概不負責，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通函全部或任何部份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） （股份代碼：02611） 持續關連交易 及 2025年度第二次臨時股東會通告 獨立董事委員會及獨立股東的獨立財務顧問 本公司謹訂於2025年12月29日（星期一）下午二時正假座中國上海市靜安區南京西路768號405室舉行臨時 股東會，臨時股東會通告載於本通函第EGM-1至EGM-2頁。 不論 閣下能否出席臨時股東會，務請 ...