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 ...

1. Report Title and Date - The report is titled "Stock Index Futures Data Daily Report" and dated December 4, 2025 [1][2] 2. Overall Market Performance Summary IM Contracts - The main IM contract rose 0.33% to close at 7,213.4 points. The total trading volume of the four IM contracts was 172,057 lots, down 5,429 lots from the previous day, and the total open interest was 357,216 lots, down 13,768 lots [4][5] IF Contracts - The main IF contract rose 0.32% to close at 4,530.6 points. The total trading volume of the four IF contracts was 92,574 lots, down 5,184 lots from the previous day, and the total open interest was 261,904 lots, down 3,942 lots [24][25] IC Contracts - The main IC contract rose 0.55% to close at 6,983.2 points. The total trading volume of the four IC contracts was 99,796 lots, down 2,272 lots from the previous day, and the total open interest was 244,189 lots, down 8,576 lots [43][44] IH Contracts - The main IH contract rose 0.34% to close at 2,968.2 points. The total trading volume of the four IH contracts was 39,273 lots, down 44 lots from the previous day, and the total open interest was 87,594 lots, down 3,020 lots [59] 3. Specific Contract Data IM Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 7,248.66 | 0.01% | 19,484 | -9% | 3,113 billion | -7% | - | - | | IM2512 | 7,213.40 | 0.39% | 116,454 | -2% | 1,674 billion | -2% | 181,088 | -11,986 | | IM2601 | 7,137.20 | 0.33% | 7,618 | 5% | 108 billion | 5% | 17,229 | 1,137 | | IM2603 | 6,987.80 | 0.38% | 35,706 | -4% | 497 billion | -4% | 102,333 | -1,707 | | IM2606 | 6,748.20 | 0.41% | 12,279 | -15% | 165 billion | -15% | 56,566 | -1,212 | [4] IF Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 | 4,546.57 | 0.34% | 14,720 | -13% | 3,488 billion | -7% | - | - | | IF2512 | 4,530.60 | 0.38% | 63,708 | -6% | 865 billion | -6% | 136,475 | -5,723 | | IF2601 | 4,512.20 | 0.32% | 3,708 | 0% | 5 billion | 0% | 8,471 | 505 | | IF2603 | 4,492.20 | 0.34% | 20,155 | -5% | 271 billion | -5% | 90,771 | 851 | | IF2606 | 4,441.60 | 0.27% | 5,003 | 0% | 67 billion | 0% | 26,187 | 425 | [24] IC Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 7,012.81 | 0.24% | 14,104 | -11% | 2,399 billion | -5% | - | - | | IC2512 | 6,983.20 | 0.61% | 64,721 | -4% | 901 billion | -4% | 123,278 | -10,513 | | IC2601 | 6,926.20 | 0.55% | 4,034 | 7% | 56 billion | 7% | 11,229 | 789 | | IC2603 | 6,812.20 | 0.59% | 23,747 | 0% | 323 billion | 0% | 76,774 | 1,096 | | IC2606 | 6,605.00 | 0.59% | 7,294 | 0% | 96 billion | 0% | 32,908 | 52 | [43] IH Contracts | Contract | Closing Price | Change | Trading Volume | Volume Change | Turnover | Turnover Change | Open Interest | Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2,974.34 | 0.38% | 3,628 | -6% | 886 billion | 4% | - | - | | IH2512 | 2,968.20 | 0.44% | 27,688 | 0% | 246 billion | 0% | 53,262 | -2,692 | | IH2601 | 2,959.80 | 0.34% | 1,268 | 25% | 11 billion | 25% | 2,694 | 228 | | IH2603 | 2,958.60 | 0.37% | 8,640 | 3% | 77 billion | 3% | 23,841 | -354 | | IH2606 | 2,943.80 | 0.36% | 1,677 | -29% | 15 billion | -29% | 7,797 | -202 | [59] 4. Basis and Annualized Basis Rate IM Contracts - The main IM contract was at a discount of 35.26 points, up 17.61 points from the previous day, with an annualized basis rate of -11.15% [5] IF Contracts - The main IF contract was at a discount of 15.97 points, down 3.12 points from the previous day, with an annualized basis rate of -8.04% [25] IC Contracts - The main IC contract was at a discount of 29.61 points, up 16.35 points from the previous day, with an annualized basis rate of -9.67% [44] IH Contracts - The main IH contract was at a discount of 6.14 points, down 1.46 points from the previous day, with an annualized basis rate of -4.72% [60] 5. Main Seats' Data IM2512 - For trading volume, the top five seats were CITIC Futures (on behalf of clients) with 14,784 lots, up 321 lots; Guotai Junan (on behalf of clients) with 11,474 lots, down 625 lots; Haitong Futures (on behalf of clients) with 5,779 lots, down 200 lots; Guoxin Futures (on behalf of clients) with 3,280 lots, down 59 lots; and Dongzheng Futures (on behalf of clients) with 3,042 lots, up 104 lots [19] - For long positions, the top five seats were Guotai Junan (on behalf of clients) with 15,520 lots, down 637 lots; CITIC Futures (on behalf of clients) with 10,314 lots, down 492 lots; Yide Futures (on behalf of clients) with 5,060 lots, up 9 lots; Haitong Futures (on behalf of clients) with 4,679 lots, down 376 lots; and Guotou Futures (on behalf of clients) with 4,084 lots, up 108 lots [19] - For short positions, the top five seats were CITIC Futures (on behalf of clients) with 20,445 lots, up 192 lots; Guotai Junan (on behalf of clients) with 15,590 lots, down 735 lots; Huatai Futures (on behalf of clients) with 5,813 lots, down 103 lots; Guoxin Futures (on behalf of clients) with 4,184 lots, down 164 lots; and Haitong Futures (on behalf of clients) with 4,118 lots, down 603 lots [19] Other Contracts - Similar data is provided for other contracts such as IF, IC, and IH in relevant sections of the report [38][54][76]

证券代码：601211 证券简称：国泰海通 公告编号：2025-105 国泰海通证券股份有限公司 关于召开2025年第二次临时股东会的通知 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。 重要内容提示： 股东会召开日期：2025年12月29日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第二次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 29 日 14 点 00 分 召开地点：上海市南京西路 768 号 405 室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 29 日 至2025 年 12 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 1 东会召开当日的交易时间段， ...

2025 年第二次临时股东会会议资料 国泰海通证券股份有限公司 2025 年第二次临时股东会会议资料 1 2025 年第二次临时股东会会议资料 国泰海通证券股份有限公司 2025 年第二次临时股东会会议议程 现场会议时间：2025 年 12 月 29 日 14 时 00 分 2 现场会议地点：上海市南京西路 768 号 405 室 召集人：国泰海通证券股份有限公司董事会 主持人：朱健董事长 一、 主持人宣布会议开始 二、 宣布股东会现场出席情况 三、 审议股东会议案 四、 股东发言及提问 五、 推选监票人和计票人 六、 股东投票表决 七、 休会（汇总统计现场投票情况和网络投票情况） 八、 宣布会议表决结果 九、 会议结束 2025 年第二次临时股东会会议资料 国泰海通证券股份有限公司 2025 年第二次临时股东会会议须知 为维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利召开，根据《公司法》《上市公司股东会规则》及公司《章程》《股 东会议事规则》和《香港联合交易所有限公司证券上市规则》等规定，特制定 本须知。 一、为保证股东会的严肃性和正常秩序，除参加会议的股东及股东代理人 （以下统称 ...

Core Viewpoint - The company, ShenGong Co., Ltd. (688233.SH), announced a strategic partnership to establish a venture capital fund with several investment firms, aiming to enhance its business development and sustainable growth in the semiconductor industry [1] Group 1: Strategic Partnership - ShenGong Co., Ltd. plans to collaborate with Guotai Junan Innovation Investment Co., Ltd., Jiangcheng Industrial Investment Fund (Wuhan) Co., Ltd., and Hubei Guoxin Industrial Investment Management Co., Ltd. to set up a venture capital fund [1] - The total scale of the fund is expected to be no less than 200 million RMB [1] - ShenGong Co., Ltd. intends to contribute 60 million RMB as a limited partner, representing a 30% stake in the fund [1] Group 2: Investment Focus - The primary investment focus of the fund will be on key equipment, components, and materials required for wafer manufacturing [1] - This investment direction aligns with the company's industry and strategic planning, facilitating the integration of industrial resources [1] - The collaboration is expected to leverage the expertise and resource advantages of professional institutions to identify high-quality projects that are synergistic with the company's business direction [1]

本次与专业机构共同投资设立产业基金主要投资方向为晶圆制造需要的关键设备、零部件、材料等方 向，与公司所处行业和战略规划契合，有利于公司借助专业机构的资源优势及投资管理经验，挖掘与公 司业务方向具有协同性的优质项目，加速产业资源整合，推动公司的产业生态布局和业务发展，提升公 司可持续发展能力。 智通财经APP讯，神工股份(688233.SH)发布公告，公司拟与国泰君安创新投资有限公司(以下简称"国泰 君安创新投资")、江城产业投资基金(武汉)有限公司(以下简称"江城基金")、湖北国芯产业投资管理有限 责任公司(以下简称"国芯投资")开展战略合作，共同设立"江城国泰海通神工(武汉)创业投资基金合伙企 业(有限合伙)" (暂定，最终以市场监督管理局核准名称为准，以下简称"产业基金"或 "合伙企业")，执 行事务合伙人、基金管理人为国泰君安创新投资，总规模不低于2亿元。其中，神工股份拟作为有限合 伙人认缴出资，预计认缴出资额为人民币6,000万元，认缴出资额拟分期实缴到位，预计认缴出资比例 为30%。 ...