证券代码：601211 证券简称：国泰海通 公告编号：2026-008 国泰海通证券股份有限公司 截至本公告披露日，公司的经营情况正常,各项业务均保持正常开展，各项 经营活动均合规有序进行，该事件不会对公司生产经营产生重大影响。 公司将严格按照法律法规要求履行信息披露义务。《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(http://www.sse.com.cn) 为公司指定信息披露媒体，公司相关信息以公司在上述媒体刊登或发布的公告为 准，敬请广大投资者理性投资，注意投资风险。 特此公告。 国泰海通证券股份有限公司董事会 2026 年 3 月 12 日 关于子公司相关媒体报道事宜的公告 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。 近日，国泰海通证券股份有限公司（以下简称公司）注意到部分媒体有关公 司控股子公司国泰君安国际控股有限公司（以下简称国泰君安国际）被香港证券 及期货事务监察委员会(以下简称香港证监会)及廉政公署(以下简称廉署)调查 的报道。经核实，2026年3月10日，香港证监会及廉署持 ...

Core Viewpoint - Recent investigations by the Hong Kong Independent Commission Against Corruption (ICAC) have targeted personnel from at least two Chinese investment banks, indicating potential regulatory scrutiny in the capital markets, particularly related to IPO activities [3][6]. Group 1: Investigation Details - Multiple sources reported that personnel from two Chinese investment banks in Hong Kong were investigated by the ICAC, including the head of the Equity Capital Markets (ECM) at Guotai Junan, Pan Jupeng, who was taken in for questioning [3][6]. - Another targeted location was the office of CITIC Securities in Hong Kong, although specific details regarding the individuals questioned and the matters involved remain undisclosed [3][6]. Group 2: Market Implications - The ECM department's primary role is to assist companies in equity financing activities, which includes initial public offerings (IPOs) and follow-on offerings, making the current investigations particularly relevant to market operations [3][6]. - Market analysts suggest that the recent actions may be linked to concerns over a surge in IPO applications, as the Hong Kong Securities and Futures Commission had previously noted an increase in new stock listings for 2025 and initiated market regulatory measures [3][6].

Group 1 - Multiple sources indicate that at least two Chinese investment banks in Hong Kong are under investigation by the Independent Commission Against Corruption (ICAC) this week [1] - Pan Jupeng, the head of the Equity Capital Markets (ECM) at Guotai Junan Securities in Hong Kong, was taken in for questioning [1] - Another firm, CITIC Securities, had its Hong Kong office raided by the ICAC [1] Group 2 - The ECM department's core function is to assist companies in equity financing activities, including initial public offerings (IPOs) and follow-on offerings [1] - Market analysts suggest that the recent actions may be related to IPO projects, as the Hong Kong Securities and Futures Commission had previously raised concerns about a surge in new stock listing applications for 2025 and initiated market regulations [1]

Core Viewpoint - The Hong Kong IPO market experienced significant activity in the previous year, with the Hong Kong Stock Exchange (HKEX) regaining its position as the world's leading venue for IPO financing, while concerns arise over the quality of IPO application submissions by certain sponsors [1] Group 1: Regulatory Actions - At least two Chinese investment banks in Hong Kong, including Guotai Junan and CITIC Securities, faced visits from the Independent Commission Against Corruption (ICAC) this week [1] - A joint letter was sent by HKEX and the Hong Kong Securities and Futures Commission (SFC) to all qualified IPO sponsors, emphasizing the need for attention to the quality of listing applications [1] Group 2: Market Conditions - The number of IPO applications in Hong Kong exceeded 300, indicating a robust market environment [1] - HKEX confirmed its commitment to ensuring timely and rigorous reviews of new listing applications to promote the healthy development of the capital market [1] Group 3: Quality Concerns - There have been instances of poorly prepared IPO application documents, including exaggerations and inaccuracies, with some sponsors failing to assign responsible personnel during critical phases such as feedback and allocation [1] - A joint statement from the SFC and HKEX outlined specific quality requirements for listing documents, aiming to enhance the overall quality of the IPO market [1]

Core Viewpoint - Recent reports from Goldman Sachs, Guotai Junan Securities, and CITIC Securities indicate that Fosun International (00656.HK) has a solid operational foundation and clear financial strategy, with future performance and growth potential being promising [1][2]. Group 1: Financial Performance and Forecast - Fosun International issued a profit warning on March 6, projecting a loss of approximately RMB 21.5 billion to RMB 23.5 billion for the fiscal year 2025, primarily due to one-time non-cash impairment charges and value reassessments [1]. - Despite the projected losses, the company emphasized that its operational fundamentals remain robust and it will continue to focus on its core business and financial strategies to promote growth and enhance long-term value [1][3]. Group 2: Strategic Initiatives - Guotai Junan Securities noted significant progress in Fosun's "streamlining and focusing" strategy, which involves divesting low-margin and high-volatility business segments while strengthening core competencies in consumption, finance, pharmaceuticals, and manufacturing [2]. - The management of Fosun International reiterated its commitment to the "streamlining and focusing" strategy, aiming for a profit target of "hundred billion" over the next three to five years [3]. Group 3: Valuation and Market Response - Guotai Junan Securities assigned a NAV value of HKD 147.8 billion to Fosun International, with a target price of HKD 7.24 based on a 0.4 times NAV valuation [2]. - Goldman Sachs set a target NAV discount rate of 70% for Fosun International, raising its target price to HKD 5.1, indicating a potential upside of 42.1% from the previous trading day [2]. - Following the profit warning, Fosun's stock price rose for two consecutive trading days, closing at HKD 3.84 on March 10, with a total market capitalization of HKD 31.36 billion, suggesting significant valuation recovery potential [3].

Core Viewpoint - Cathay Securities believes that Fosun International's operational fundamentals are improving, with accelerating profit momentum and potential for upward performance, assigning a "Buy" rating with a target price of HKD 7.24 and a NAV value of HKD 18.1 per share [1] Group 1: Financial Performance and Forecast - Fosun International issued a profit warning on March 6, projecting a loss attributable to shareholders of RMB 21.5 billion to RMB 23.5 billion for the fiscal year 2025, primarily due to one-time non-cash impairment charges and value reassessments, which do not affect overall operations and cash flow [1] - The company emphasizes its robust fundamentals and commitment to a "focus on core business" strategy and a "streamlining" financial strategy to promote business growth and solidify long-term value [1] Group 2: Strategic Initiatives - Fosun International plans to repurchase shares in the open market for a total amount not exceeding HKD 1 billion from the announcement of the 2025 annual results until the 2026 annual general meeting, with major shareholders and executives intending to increase their holdings by up to HKD 500 million within 12 months post-results [1] - The company is actively divesting low-margin, high-volatility businesses while strengthening its core competencies in consumer, finance, pharmaceuticals, and manufacturing sectors, aiming for improved profitability and a global industrial ecosystem [2] Group 3: Market Potential and Valuation - Cathay Securities values Fosun International at HKD 147.8 billion using NAV valuation, applying a 0.4x NAV multiple based on comparable companies, leading to a target price of HKD 7.24 [2] - The management has expressed a firm commitment to the strategic direction of "streamlining and focusing on core business," with positive developments in core sectors such as healthcare, insurance, and tourism, targeting a profit goal of "hundreds of millions" in the next three to five years [2] Group 4: Market Reaction - Following the profit warning announcement, Fosun International's stock price rose by 6.69% to HKD 3.83, with a total market capitalization of HKD 31.278 billion [4]

Report Summary Investment Rating The report does not provide an overall investment rating for the industry. Core Views - Aluminum: Affected by the Iran and Strait blockade news, overseas supply is tightening. In the short - term, the micro - demand for electrolytic aluminum is weak, but the price may be driven by overseas factors. Alumina spot is stable, and the trading sentiment on the disk has a greater impact [6][7]. - Cast aluminum alloy: Follows the trend of electrolytic aluminum, and the pricing center moves up. In the short term, the AD price may continue to fluctuate strongly under cost support and moderate supply release [127]. - Zinc: Attention should be paid to the supply - side contradictions, and the zinc price volatility intensifies. In the long - term, the supply - side contradictions will continue to dominate the price, and the zinc price operation center is expected to move up [185][188]. - Lead: With the addition of new delivery products, the price fluctuates weakly. The lead market shows a pattern of both supply and demand increasing, and the price is expected to remain weak overall [259][265]. - Tin: The short - term tight pattern remains unchanged, and it is expected to stabilize and rebound. The macro wind bias and the news of Myanmar's resumption of production have an impact on the price, but the fundamentals support the price [305][308]. - Platinum: Generally follows the trend of gold and silver, with wide - range fluctuations. Palladium: High - frequency data are all pessimistic. Platinum is expected to perform stronger than palladium, and the palladium price is expected to remain weak [400][401]. Summary by Category Aluminum & Alumina - **Market Performance**: The overseas aluminum price is strong, and LME aluminum has a significant increase. The price of alumina is under pressure due to the supply - demand pattern [6][8]. - **Supply**: The supply of overseas electrolytic aluminum is affected by the situation in the Middle East, with actual production cuts and supply disruptions. The domestic alumina supply is relatively loose, and the total inventory continues to accumulate [6][48]. - **Demand**: The short - term micro - demand for electrolytic aluminum is weak, and the downstream processing profit is at a low level [7]. - **Inventory**: The aluminum ingot social inventory has increased significantly, and the alumina total inventory has also continued to increase [7][48]. Cast Aluminum Alloy - **Market Performance**: Follows the trend of electrolytic aluminum, and the pricing center moves up. The ADC12 - A00 spread fluctuates sharply [123][125]. - **Supply**: The supply of waste aluminum is relatively loose, and the production of recycled aluminum is expected to gradually increase [127]. - **Demand**: The downstream demand recovers slowly, and the actual orders of enterprises are average [127]. - **Inventory**: The visible inventory of aluminum alloy ingots has decreased [127]. Zinc - **Market Performance**: The zinc price fluctuates sharply. The domestic inventory has increased, and the processing fee is at the bottom [185][188]. - **Supply**: The supply of zinc concentrate is marginally loose, but the subsequent supply pressure of refined zinc is still relatively large [188]. - **Demand**: The downstream demand is slowly recovering, and the demand for concentrated restocking is expected to be released [188]. - **Inventory**: The inventory of zinc ore and smelter finished products is at a high level, and the inventory of zinc ingots continues to increase [192]. Lead - **Market Performance**: The lead price rebounds slightly and then falls back. The spot is at a flat - water state, and the inventory is at a relatively high level [259][265]. - **Supply**: The production of primary lead increases, and the production of recycled lead is expected to gradually increase [265]. - **Demand**: The demand for lead - acid batteries recovers, and the finished - product inventory of batteries continues to decrease [265]. - **Inventory**: The total inventory of lead ingots in five regions has increased, and the inventory growth rate has slowed down [261][265]. Tin - **Market Performance**: The tin price falls from a high level, mainly due to the impact of the Iran conflict on the macro - risk preference and the expectation of resumption of production [305][308]. - **Supply**: The tight pattern of the supply side has not changed significantly [308]. - **Demand**: The sharp correction of the tin price stimulates the release of demand, and the spot maintains a premium [308]. - **Inventory**: The domestic social inventory and futures inventory have decreased [329]. Platinum & Palladium - **Market Performance**: Platinum generally follows the trend of gold and silver, with wide - range fluctuations. Palladium's high - frequency data are all pessimistic [400]. - **Supply**: The mining cost of platinum and palladium in South Africa is expected to increase, but the impact on production is uncertain [401]. - **Demand**: The overall sentiment of the precious metal sector is pessimistic, and the demand is affected by the macro - liquidity [401]. - **Inventory**: The inventory of NYMEX platinum has decreased slightly, and the inventory of NYMEX palladium has increased slightly [402].

Core Viewpoints - The report emphasizes the potential investment opportunities in the non-bank financial sector, driven by the government's focus on high-quality development during the Two Sessions [1][6]. Group 1: Industry Performance - As of March 7, 2026, the Shanghai Composite Index closed at 4124.19, down 0.93%, while the Shenzhen Component Index fell by 2.22% [11]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.65 trillion yuan, reflecting a week-on-week increase of 8.37% [6]. Group 2: Insurance Sector Insights - The Two Sessions outlined a blueprint for the insurance industry's high-quality development, focusing on enhancing social security and promoting commercial health insurance [16]. - The report suggests that the insurance sector's long-term profit margin is expected to improve, with specific recommendations to focus on companies like China Ping An and China Life [16]. Group 3: Securities Sector Insights - The report highlights the reform direction for the capital market during the 14th National People's Congress, emphasizing the need for deeper reforms in the ChiNext board and optimizing refinancing mechanisms [17][18]. - The introduction of new regulations on short-term trading is expected to enhance market fairness and liquidity, facilitating the entry of long-term funds [23][24]. Group 4: Key Company Valuations - China Ping An (601318.SH) has a current price of 62.67 yuan, with a target value of 83.17 yuan, indicating a buy rating [7]. - China Life (601628.SH) is rated as a buy with a current price of 42.69 yuan and a target value of 55.47 yuan [7].

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） 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。 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第七屆 董事會第十一次會議（臨時會議）決議公告》，僅供參閱。 承董事會命 國泰海通證券股份有限公司 朱健 证券代码：601211 证券简称：国泰海通 公告编号：2026-007 国泰海通证券股份有限公司 第七届董事会第十一次会议（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）第七届董事会第十一次会议（临 时会议 ...

证券代码：601211 证券简称：国泰海通 公告编号：2026-007 国泰海通证券股份有限公司 第七届董事会第十一次会议（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）第七届董事会第十一次会议（临 时会议）于2026年3月6日以通讯表决方式召开。本次会议通知及文件于2026年2 月27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《关于修订<国泰海通证券股份有限公司总裁工作细则>的 议案》 表决结果：18票赞成，0票反对，0票弃权。 二、审议通过了《关于公司向国泰君安期货有限公司增资的议案》 表决结果：18票赞成，0票反对，0票弃权。 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。 同意公司向国泰君安期货有限公司增资35亿元人民币用于补充净资本；授权 公司经营管理层在上述增 ...