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） 2025年半年度業績預增公告 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 賴該等內容而引致的任何損失承擔任何責任。 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13.09條和第13.10B條及香港法例第571章證券及期貨條例第 XIVA部刊發。 一、本期業績預告情況 （二）基本每股收益：人民幣0.52元。 三、本期業績預增的主要原因 2025年上半年，本公司把握市場契機，全面推動零售、機構和企業三大客戶 服務體系建設，穩步發展各項業務，取得較好經營業績。同時，本公司積極 推進換股吸收合併海通證券股份有限公司（「本次吸收合併」）相關工作，促進 全面整合融合，持續提升核心能力，加快向國際一流投資銀行邁進。報告期 內，本公司歸屬於母公司所有者的扣除非經常性損益的淨利潤增長的主要原 因 ...

证券代码：601211 证券简称：国泰海通 公告编号：2025-078 2.预计公司 2025 年上半年实现归属于母公司所有者的扣除非经常性损益的 净利润人民币 69.12 亿元到人民币 73.96 亿元，与上年同期（人民币 45.57 亿元） 相比，将增加人民币 23.55 亿元到人民币 28.39 亿元，同比增加 52%到 62%。 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： 1.国泰海通证券股份有限公司（以下简称公司）预计 2025 年上半年实现归 属于母公司所有者净利润人民币 152.83 亿元到人民币 159.57 亿元，同比增加 205%到 218%。 2.预计公司 2025 年上半年实现归属于母公司所有者的扣除非经常性损益的 净利润人民币 69.12 亿元到人民币 73.96 亿元，同比增加 52%到 62%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 1.经初步测算，预计公司 2025 年上半年实现归属于母公 ...

国泰海通（601211）公告，预计2025年上半年实现归属于母公司所有者净利润人民币152.83亿元到人民 币159.57亿元，同比增加205%到218%。预计公司2025年上半年实现归属于母公司所有者的扣除非经常 性损益的净利润人民币69.12亿元到人民币73.96亿元，同比增加52%到62%。 ...

新浪期货 根据交易所数据，截至7月14日收盘主力合约红枣2601,涨跌-2.03%,成交量19.27万手，持仓数据显示前20席位呈现净空， 差额头寸为13650手。 红枣期货全合约总计成交25.46万手，比上一日新增1.15万手。全合约前20席位多头持仓11.36万手，比上一日减少5132手。全合约 前20席位空头持仓13.02万手，比上一日减少3697手。 根据合并数据显示，多头前三席位为国泰君安，总持仓13207、浙商期货，总持仓11345、中信期货，总持仓7952；空头前三席位 为国泰君安，总持仓21281、中信期货，总持仓9431、东证期货，总持仓8695； 主力合约前20席位中，多头增仓前三名分别是：东证期货、持仓3842、增仓350，大地期货、持仓2560、增仓313，银河期货、持 仓3864、增仓221；多头减仓前三名分别是：广发期货、持仓3907、减仓-1155，国泰君安、持仓7129、减仓-1064，中信期货、持 仓4159、减仓-832； 主力合约前20席位中，空头增仓前三名分别是：国泰君安、持仓14621、增仓472，一德期货、持仓3756、增仓322，国联期货、持 仓2005、增仓25 ...

新浪期货 根据交易所数据，截至7月14日收盘主力合约铝2508,涨跌-1.45%,成交量20.86万手，持仓数据显示前20席位呈现净空，差 额头寸为18096手。 铝期货全合约总计成交41.70万手，比上一日新增19.87万手。全合约前20席位多头持仓45.59万手，比上一日减少2.11万手。全合约 前20席位空头持仓44.27万手，比上一日减少1.90万手。 根据合并数据显示，多头前三席位为中信期货，总持仓80738、国泰君安，总持仓49448、乾坤期货，总持仓43444；空头前三席位 为国泰君安，总持仓54260、中信期货，总持仓40704、东证期货，总持仓33068； 主力合约前20席位中，多头增仓前一名分别是：国信期货、持仓4765、增仓112；多头减仓前三名分别是：国泰君安、持仓 19947、减仓-3736，中信期货、持仓16620、减仓-2968，永安期货、持仓5064、减仓-1317； 主力合约前20席位中，空头增仓前三名分别是：东证期货、持仓11033、增仓3459，中信期货、持仓17881、增仓945，平安期货、 持仓3517、增仓126；空头减仓前三名分别是：中泰期货、持仓11840、减仓 ...

新浪期货 根据交易所数据，截至7月14日收盘主力合约集运指数欧线期货2510,涨跌+4.00%,成交量3.04万手，持仓数据显示前20席 位呈现净空，差额头寸为2813手。 集运指数欧线期货期货全合约总计成交5.81万手，比上一日新增2.07万手。全合约前20席位多头持仓3.31万手，比上一日增加1915 手。全合约前20席位空头持仓3.67万手，比上一日增加2717手。 根据合并数据显示，多头前三席位为国泰君安，总持仓3892、中信期货，总持仓3342、东证期货，总持仓2423；空头前三席位为 国泰君安，总持仓4718、方正中期，总持仓2796、一德期货，总持仓2757； 主力合约前20席位中，多头增仓前三名分别是：中辉期货、持仓511、增仓352，国泰君安、持仓1761、增仓269，东证期货、持仓 858、增仓264；多头减仓前三名分别是：东方财富、持仓527、减仓-165，南华期货、持仓522、减仓-43，华泰期货、持仓743、 减仓-41； 主力合约前20席位中，空头增仓前三名分别是：国泰君安、持仓2128、增仓491，东证期货、持仓1143、增仓307，广发期货、持 仓892、增仓237；空头减仓前 ...

Core Insights - xAI's Grok 4 has achieved a significant breakthrough in reasoning and computational capabilities, surpassing previous models by over ten times in pre-training and reasoning computation, with a training scale reaching a hundred times that of Grok-2 [2] - Despite its advancements, Grok 4 still has notable shortcomings in multimodal capabilities, particularly in image understanding and generation, which require substantial improvement to reach human-level audiovisual perception and interaction [1][4] Group 1: Performance and Capabilities - Grok 4 has demonstrated revolutionary progress in solving real-world problems, with voice functionality achieving double the response speed and halved latency, significantly enhancing user experience compared to competitors [3] - In the Vending-Bench test, Grok 4 generated a net asset value of 4694.15, more than double that of the second-place Claude Opus 4, validating its long-term strategic execution capabilities [3] - Grok 4's performance in the human-level evaluation (HLE) reached 45%, twice that of the previous leading AI, Gemini 2.5pro, showcasing its superior academic capabilities [2] Group 2: Future Developments - The next generation of Grok will focus on breakthroughs in video generation technology, aiming to create an AI video creation closed loop through end-to-end training on pixel input-output [4] - Plans are in place to launch a 3D resource auto-generation system integrated with Unreal Engine next year, aimed at empowering the gaming and film industries [4] - The ultimate goal is to develop a super-intelligent entity that combines deep thinking, real-time response, and multimodal collaboration, fundamentally reshaping human-machine collaboration paradigms [4]

Core Viewpoint - The announcement by the China Interbank Market Dealers Association regarding the low underwriting fees for bond issuance has sparked market attention and initiated a self-regulatory investigation into the practices of the involved institutions [1][3]. Group 1: Underwriting Fees and Market Reactions - The underwriting fees for the bond issuance by Guangfa Bank were reported as low as 700 RMB, raising concerns about the sustainability of such pricing in the market [1][2]. - Previous instances of low underwriting fees have been noted, including a case in September 2022 where fees ranged from 0.000046% to 0.0002%, which was also considered unusually low [2]. - The low fees have led to discussions on social media, highlighting the potential implications for the industry and the ability of firms to cover costs [1][2]. Group 2: Regulatory Response - The Dealers Association has expressed ongoing concern about the phenomenon of low-price competition in the bond underwriting sector, prompting them to issue a notification aimed at strengthening the norms for bond issuance and underwriting [3][4]. - Specific requirements were outlined for issuers and underwriters, including the need to conduct business based on market principles and to avoid practices that distort market prices [4]. - The Association emphasized the importance of maintaining investor rights and ensuring that underwriting fees do not fall below cost, as well as the need for transparency in the bidding process [4][5].

Core Viewpoint - The company Shenzhen Zhongke Feice Technology Co., Ltd. plans to raise up to RMB 250 million through a private placement of shares to specific investors, with the funds allocated for high-end semiconductor quality control equipment projects, headquarters upgrades, and working capital [1][4]. Group 1: Fundraising Details - The total amount to be raised is RMB 250 million, which will be net of issuance costs [1]. - The issuance will be directed towards three main projects: - Shanghai high-end semiconductor quality control equipment R&D and industrialization project with an investment of RMB 734 million [2]. - Shanghai high-end semiconductor quality control equipment R&D testing center project with an investment of RMB 446 million [3]. - Headquarters and R&D center upgrade project with an investment of RMB 620 million [3]. - Additional working capital of RMB 700 million [3]. Group 2: Issuance Structure - The issuance will target no more than 35 specific investors, including various financial institutions and qualified investors [4]. - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [4]. - The total number of shares to be issued will not exceed 96 million, representing 30% of the company's total share capital prior to the issuance [4][5]. Group 3: Control and Management - The actual controllers of the company, Chen Lu and Ha Chengshu, hold a combined 22.91% of the shares, and their control will not change post-issuance [5]. - The company’s main underwriter for this issuance is Guotai Junan Securities Co., Ltd. [6].

Core Viewpoint - The recent notification from the Ministry of Finance aims to guide insurance funds towards long-term stable investments, enhancing the assessment of state-owned commercial insurance companies over longer periods, which is expected to improve the stability of their profitability and increase their market participation [1][2][4]. Group 1: Notification Overview - The notification was released on July 11, focusing on enhancing the long-term assessment of state-owned insurance companies, thereby increasing their investment capacity in the market [2]. - The notification builds on previous measures, such as the performance evaluation method for commercial insurance companies introduced in July 2022, which assesses financial indicators like capital preservation and net asset return [2][3]. Group 2: Long-term Investment Strategy - The notification modifies the assessment of operational efficiency indicators, changing the evaluation of net asset return and capital preservation from a short-term focus to a combination of annual, three-year, and five-year indicators [3]. - It emphasizes the need for better asset-liability matching, urging state-owned insurance companies to enhance their management of assets and liabilities to optimize investment strategies [3]. Group 3: Market Impact - The notification is expected to increase the tolerance for short-term volatility among insurance funds, encouraging a focus on long-term value investments, which will stabilize the supply of long-term capital in the market [4]. - The overall goal is to create a "long money, long investment" ecosystem in the capital market, which will support the high-quality development of the real economy [2][3].