登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2026年2月13日 1 公告基本信息 ■ 注：1、国泰海通1年定期开放债券型发起式证券投资基金（以下简称"本基金"）为定期开放基金，根据 基金合同的规定，本基金的封闭期为自原《国泰君安1年定期开放债券型发起式证券投资基金基金合 同》生效之日（含）起或自每一开放期结束之日次日（含）起满1年的期间。本基金第一个封闭期的起 始之日为原《国泰君安1年定期开放债券型发起式证券投资基金基金合同》生效日（含），结束之日为 原《国泰君安1年定期开放债券型发起式证券投资基金基金合同》生效日所对应的下一个年度对日的前 一自然日（含）。第二个封闭期的起始之日为第一个开放期结束之日次日（含），结束之日为第二个封 闭期起始之日所对应的下一个年度对日的前一自然日（含），依此类推。本基金在封闭期内不办理申购 与赎回业务，也不上市交易。 本基金自每个封闭期结束后第一个工作日（含）起进入开放期，期间可以办理申购与赎回业务。本基金 每个开放期最长不超过20个工作日，最短不少于5个工作日，具体时间由基金管理人在每个开放期前依 照《信息披露办法》的有关规定在规定媒介上予以公告。若由于 ...

上海国泰海通证券资产管理有限公司 特此公告。 2026年2月13日 国泰海通稳健汇利债券型证券投资基金基金合同全文和招募说明书全文于2026年2月13日在本公司网站 （www.gthtzg.com）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披露，供投资者查 阅。如有疑问可拨打本公司客服电话（95521）咨询。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证本基金一定盈利，也不 保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 MACD金叉信号形成，这些股涨势不错！ ...

Core Viewpoint - The report from Guotai Junan Securities indicates that Hunan Yuneng is expected to experience rapid growth in both shipment scale and profitability by 2025, benefiting from the current lithium battery upcycle [1] Group 1: Company Performance - Hunan Yuneng, as a leader in the lithium iron phosphate industry, is poised to fully benefit from the current lithium battery upcycle [1] - The company's lithium iron phosphate cathode material shipment volume has seen rapid growth due to surging demand from the downstream electric vehicle and energy storage markets [1] Group 2: Future Projections - By 2026, the demand for energy storage and electric vehicles is expected to further release, with the company's lithium iron phosphate shipment volume projected to reach 1.4 to 1.5 million tons [1] - Considering comparable companies in the industry, a price-to-earnings ratio of 19 times is assigned for 2026, with a target price adjustment to 105.64 yuan, maintaining a "buy" rating [1]

格隆汇2月12日｜国泰海通证券研报指出，恺英网络在AI应用领域多维布局，战略投资公司自然选择在 研多个C端AI产品，情感陪伴产品《EVE》持续推进，近期推出的《Elys》则是在AI社交领域的一次积 极探索。看好公司AI布局及其远期价值与估值提升潜力。公司积极布局AI领域，包括C端AI应用（自然 选择）和B 端AI 游戏工具（杭州极逸），有望持续受益于AI技术的发展和自身产品完善。预计2025- 2027年公司EPS分别为1.05/1.40/1.66元（相比上次预测下调了2025年EPS预测，主要由于营业外收入的 预测值减少），维持公司2026年目标价34.48元，对应2026年PE为24.6x。维持"增持"评级。 ...

Core Viewpoint - The report from Guotai Junan indicates that the price increase of traditional fiberglass electronic cloth has accelerated since February, confirming the view that the shift of weaving machine capacity to AI electronic cloth has led to a supply shortage of traditional cloth [1][2]. Group 1: Price Increase and Supply Shortage - The price of traditional electronic cloth has risen significantly in February, with the first week of February seeing prices for 7628 electronic cloth ranging from 4.9 to 5.45 yuan per meter, an increase of 0.5 to 0.6 yuan per meter compared to the previous month [2]. - The announcement from Taiyao Technology on February 10 regarding reduced supply of E-glass products due to strong demand for low-dielectric materials has further fueled expectations of a shortage in traditional cloth [2]. Group 2: Inventory Levels and Profitability - Current inventory levels for leading traditional electronic cloth manufacturers are only two weeks, compared to a normal level of 1 to 1.5 months, primarily due to the impact of weaving machines shifting to produce AI specialty cloth [3]. - The expected increase in prices is likely to boost profitability for leading companies, with China Jushi's traditional electronic cloth capacity at 1 billion meters and Jiantao's at 800 million meters [3]. Group 3: AI Electronic Cloth Demand - The shortage of traditional cloth and the strong demand for AI electronic cloth are interconnected, with 2026 expected to be a year of realization for AI specialty cloth demand [4]. - The demand for CTE cloth has been driven by the packaging board needs of AI chips and consumer electronics, while low-dielectric cloth is expected to see stable demand from specific applications [4]. Group 4: Recommended Stocks - The report recommends investment in China Jushi (600176.SH), Jiantao Laminated Board (01888), and China National Materials (002080.SZ), along with related companies such as International Composites (301526.SZ) and Honghe Technology (603256.SH) [5].

Group 1 - The core viewpoint of the news highlights Guotai Junan's recent developments in business expansion and personnel changes, particularly its leading position in the innovative REITs sector with a significant share in the first batch of REITs applications [1] - Guotai Junan is acting as a financial advisor for 6 out of the 10 REITs that aim to raise a total of 37.7 billion yuan, indicating its strong foothold in this emerging market [1] - The company has recently welcomed renowned analyst Zhang Yidong to Guotai Junan International, which is expected to enhance the group's domestic and international research collaboration and support its internationalization strategy [1] Group 2 - As of February 12, Guotai Junan's A-share price was 19.96 yuan, reflecting a 0.94% decrease from the closing price of 20.15 yuan on February 5, with a price fluctuation of 2.13% during this period [2] - On February 11, there was a net outflow of 62.56 million yuan in principal funds, accounting for 4.69% of the total transaction volume, but on February 12, the data showed a reversal with a net inflow of 15.15 million yuan [2] - The margin financing and securities lending balance was 7.236 billion yuan on February 11, representing a decrease of 0.53% from the previous day, while the Hong Kong stock performance was relatively strong with a 1.31% increase during the same period [2]

Group 1 - The core idea of the news is that Guotai Junan is launching the "2026 Five Blessings" campaign to enhance asset allocation services, aiming to meet the growing demand for wealth management among clients [1][2] - The campaign integrates professional asset allocation services with a festive theme, utilizing digital platforms to create engaging experiences for clients, thereby enhancing their understanding of wealth management [1][2] - Guotai Junan emphasizes the importance of asset allocation in a low-interest-rate environment, aiming to provide systematic investment research and differentiated solutions to improve long-term returns for clients [3][4] Group 2 - The company has developed a diverse product matrix covering multiple asset classes, including private equity and public funds, to cater to various risk preferences and investment needs [4] - The Junhong APP serves as a comprehensive wealth management platform, offering a full-service experience from pre-investment to post-investment, enhanced by AI capabilities [5][9] - Future plans include continuing to focus on client-centric services to meet the wealth management needs of a broader customer base, reinforcing the company's commitment to professional wealth management [12]

国泰海通发布研报称，近期，字节旗下的即梦团队发布Seedance2.0全新视频生成大模型，真正实现了 从"能生成"到"能商用"的跨越式突破，该模型首次实现了文字理解与字幕动效生成，可自动解析参考图 中的文字并添加合理动态效果。此进展标志着AI正从"单模态理解"向"全双工连续感知"与"跨模态深度 创作"跃迁。Seedance2.0的自主创作能力不仅重塑了内容生产与交互模式，更催生了涵盖视频生成、实 时交互、设计工具、端侧智能等环节的全新产业链投资机会。该行看好AI应用加速落地的长期发展空 间。 国泰海通主要观点如下： 根据极客公园测算，Seedance2.0生成15秒视频的可用率或达到90%，相较此前行业内平均值大概20%， 提升幅度较大。当生成的视频可用率提升后，可降低实际成本，以做90分钟的视频项目为例，成本有望 从1万多降低到2000元左右，将提升行业的使用量，其巨大的成本压缩，或可改变整个行业的底层逻 辑。 Seedance2.0标志着AI视频生成从"技术可行"向"商业可用"的关键跨越 过去一年，视频生成领域已完成从512像素静态图像到10秒电影级短片的代际跃升。此次升级的多镜头 叙事与角色一致性保障能 ...

白纸板：提价函推动价格上涨，经销商补库意向弱 截至1月28日，250-400g平张白卡纸市场成交含税月均价4268元/吨，环比+0.73%，同比-0.74%。影响价 格变动主要原因系：1)成本压力缓解有限，规模纸厂继续发函促涨;2)贸易商售价与成本出现倒挂，暂以 走货降库为主，价格拉涨谨慎;3)终端订单放量有限，贸易商出货欠佳。 箱瓦纸：纸厂涨价计划未落地，盈利承压 截至1月28日，中国AA级瓦楞纸120g市场月均价2751元/吨，环比-11.60%，同比5.82%。影响价格变动 主要原因系：1)月初规模纸厂涨价函未能落实，转为保价政策并多次下调出厂价格，中小纸厂库存高 位，选择主动让利出货;2)主要原料废纸延续跌势，纸厂为规避高价原料风险，连续下调原料收购价 格，成本支撑不足;3)终端春节订单陆续放量，下游包装厂订单量增加，对瓦楞纸消耗量增加。 废纸：国废消费量下降，价格整体下跌 国泰海通发布研报称，1月进口木浆现货市场中多空因素并存、结构性差异明显导致价格走势分化。其 中阔叶浆价格上涨，白卡纸继续发布提价函，文化纸价格企稳，盈利略有承压，预计木浆市场供应先降 后增，需求跟进不足，白纸价格逐步传导，黑纸价格 ...

Core Viewpoint - Guotai Junan is committed to digital wealth management transformation, focusing on customer-centric services and long-term value creation to enhance asset allocation for clients [1][2]. Group 1: Asset Allocation Services - The importance of asset allocation has increased in a low-interest-rate environment, prompting Guotai Junan to develop a systematic buy-side research and service framework covering 22 countries and regions, focusing on equities, fixed income, and alternative investments [6][7]. - The company has introduced the "Junying 50" asset allocation model for qualified investors, utilizing a tool-based small collective FOF product matrix to enhance advisory service efficiency and client experience [6][7]. Group 2: Product Offerings - Guotai Junan has created a diverse product matrix, including "Star 50" for selected private equity and "Star 100" for public funds, catering to various risk preferences and investment needs [7]. - The "Junying V50" product leverages top-tier research capabilities to offer high-end private wealth management solutions, while "Junying 100 E-start" focuses on ETF strategies, providing a comprehensive wealth management solution [7]. Group 3: Client Engagement and Education - The "2026 Five Blessings" event integrates asset allocation services with a festive theme, offering interactive financial education through games and activities to enhance clients' understanding of investment concepts [8][12]. - The event includes features like the "MBTI investment personality" assessment and various engaging activities to foster a deeper connection with clients and promote financial literacy [12]. Group 4: Digital Platform Enhancements - The Junhong App serves as a comprehensive wealth management platform, providing end-to-end online services for asset allocation, including diagnosis, planning, and tracking [13]. - The app has been upgraded to include an ETF section and a hot search list, offering a variety of investment products and services tailored to clients' risk-return preferences [13]. Group 5: Future Commitment - Guotai Junan aims to continue prioritizing customer needs in wealth management, expanding its professional capabilities to serve a broader client base and fulfill its mission as a leading wealth management institution [21].