Investment Rating - The report maintains an "Outperform" rating for the company Newland (000997) with a projected dynamic PE of 25-30 times for 2025, indicating a reasonable value range of 34.75-41.70 CNY [6][33] Core Insights - The report highlights the strong growth potential in the spandex industry driven by rising demand from leisure and sportswear, predicting a supply gap of 32,500 tons on average from 2025 to 2027 [5][23] - The report emphasizes the upward trend in the photovoltaic industry, supported by recent price increases in distributed components and favorable government policies aimed at optimizing energy structure [5][26] Summary by Sections Macro Analysis - The macroeconomic analysis indicates a rebalancing of leverage structures, with government financing increasing while corporate financing remains low, reflecting a broader trend of macro leverage adjustment [4][18] Industry and Theme Highlights - In the chemical sector, spandex demand is expected to grow significantly, with a projected average supply gap of 32,500 tons from 2025 to 2027, driven by a compound annual growth rate (CAGR) of 12.26% in the sportswear segment [5][23] - The renewable energy sector is witnessing a price increase in distributed components, indicating a robust market performance and a positive outlook for the photovoltaic industry [5][26] Key Stocks and Other Commentary - Newland is noted for its comprehensive embrace of AI applications, enhancing merchant operations and smart terminals, with projected revenues of 8.273 billion CNY in 2024, growing to 10.038 billion CNY by 2026 [6][33] - The report suggests that the spandex industry will benefit from the increasing demand for leisure and sportswear, with significant growth expected in the coming years [5][22]

作为行业的从业者，瑞银切身体会到头部券商既要具有规模优势和提供全面服务的能力，又要有自身的 特色和差异化产品，提升品牌效应和客户黏性。 据介绍，这是有史以来亚太地区证券公司最大的并购交易，也是过去15年香港上市的中国公司之间最大 的并购交易。 瑞银作为国泰君安证券的境外独家财务顾问参与本次交易，也是目前唯一一家参与了全部两单"A+H"股 上市公司之间换股吸收合并的投行。 人民财讯3月17日电，国泰君安证券与海通证券合并后公司的股票将于3月17日开始交易。 瑞银集团全球投资银行部亚洲区副主席朱正芹表示，非常荣幸能够作为国泰君安证券的境外独家财务顾 问参与本次合并。 朱正芹认为，两家券商的合并，创造了一个兼具规模与特色的领先平台，看好合并后公司的前景，相信 合并后公司有潜力实现其打造具备国际竞争力与市场引领力的一流投资银行的战略构想。 ...

Core Viewpoint - Guotai Junan and Haitong Securities are undergoing a merger, with Guotai Junan planning to change its name to Guotai Haitong Securities Co., Ltd. This merger is significant as it is the first major merger among leading brokerages since the implementation of the new "Nine Policies" [1][2]. Company Name Change - The new name "Guotai Haitong" reflects the core elements of both companies, showcasing historical continuity and brand reputation while also indicating innovation and synergy from the merger [2]. - The name change has been pre-approved by the State Administration for Market Regulation and awaits approval from the shareholders' meeting [1]. Share Issuance and Listing - The merger has completed the issuance of shares, with 5.986 billion A-shares and 2.114 billion H-shares set to be listed on March 17. An additional 626 million A-shares will have a 60-month lock-up period and will not be listed [1]. Board of Directors - The new board of directors has been proposed, with key candidates including Zhu Jian, Li Junjie, and Nie Xiaogang as executive directors. The board will consist of nominees from shareholders holding 3% or more of the company [4]. - The merger aims to maintain cultural continuity and stability within the workforce, facilitating a smoother integration process [4]. Customer and Business Migration - Following the merger, Haitong Securities' clients will be integrated into the new company, with all services continuing as normal. Client rights and transaction methods will remain unchanged [6]. - The customer service hotline for Haitong Securities will change to 95521 starting April 7, 2025, with the previous hotline being phased out [6]. Industry Trends - The merger reflects a broader trend in the securities industry, with increased activity in mergers and capital increases. Recent reports indicate a significant uptick in capital operations among brokerages [8]. - Analysts predict that the brokerage sector has passed its performance low point, with expectations for improved fundamentals in the first half of the year, driven by increased market activity and a faster IPO approval rate [8].

Quantitative Factors and Their Construction 1. Factor Name: Small-Cap Factor - **Construction Idea**: The small-cap factor measures the performance of stocks with smaller market capitalization, which historically tend to outperform larger-cap stocks under certain market conditions [17][18] - **Construction Process**: The factor's crowding level is calculated using four indicators: valuation spread, pairwise correlation, long-term return reversal, and factor volatility. These indicators are combined into a composite score to assess the degree of crowding [18] - **Evaluation**: The small-cap factor showed a positive crowding level, indicating relatively strong performance and lower risk of factor failure [19] 2. Factor Name: Low-Valuation Factor - **Construction Idea**: This factor identifies stocks with lower valuation metrics, such as price-to-earnings or price-to-book ratios, which are expected to generate higher returns over time [17][18] - **Construction Process**: Similar to the small-cap factor, the low-valuation factor's crowding level is assessed using the same four indicators (valuation spread, pairwise correlation, long-term return reversal, and factor volatility) and combined into a composite score [18] - **Evaluation**: The low-valuation factor exhibited a slightly negative crowding level, suggesting moderate underperformance or potential risks of factor inefficiency [19] 3. Factor Name: High-Profitability Factor - **Construction Idea**: This factor targets stocks with strong profitability metrics, such as high return on equity (ROE) or net profit margins, which are often associated with stable and superior returns [17][18] - **Construction Process**: The factor's crowding level is calculated using the same methodology as the small-cap and low-valuation factors, combining the four indicators into a composite score [18] - **Evaluation**: The high-profitability factor showed a negative crowding level, indicating potential underperformance or risks of factor inefficiency [19] 4. Factor Name: High-Growth Factor - **Construction Idea**: This factor focuses on stocks with high growth rates in earnings or revenues, which are expected to deliver higher returns in growth-oriented market environments [17][18] - **Construction Process**: The high-growth factor's crowding level is also derived from the four indicators (valuation spread, pairwise correlation, long-term return reversal, and factor volatility) and combined into a composite score [18] - **Evaluation**: The high-growth factor exhibited the most negative crowding level among the factors analyzed, indicating significant underperformance and a higher risk of factor failure [19] --- Backtesting Results of Factors 1. Small-Cap Factor - **Valuation Spread**: 1.74 [19] - **Pairwise Correlation**: -0.32 [19] - **Market Volatility**: -0.38 [19] - **Return Reversal**: 1.43 [19] - **Composite Score**: 0.62 [19] 2. Low-Valuation Factor - **Valuation Spread**: -0.33 [19] - **Pairwise Correlation**: 0.05 [19] - **Market Volatility**: 0.15 [19] - **Return Reversal**: -0.29 [19] - **Composite Score**: -0.10 [19] 3. High-Profitability Factor - **Valuation Spread**: -1.23 [19] - **Pairwise Correlation**: -0.05 [19] - **Market Volatility**: 0.28 [19] - **Return Reversal**: -0.44 [19] - **Composite Score**: -0.36 [19] 4. High-Growth Factor - **Valuation Spread**: -2.04 [19] - **Pairwise Correlation**: 0.08 [19] - **Market Volatility**: -0.65 [19] - **Return Reversal**: -1.02 [19] - **Composite Score**: -0.91 [19]

中国经济网北京3月11日讯 东山精密(002384.SZ)昨日晚间发布关于申请向特定对象发行股票获得深圳证 券交易所上市审核中心审核通过的公告。 在本次发行获得中国证监会同意注册后，袁永刚和袁永峰拟认购本次向特定对象发行的金额分别为不超 过人民币112,320.00万元和28,080.00万元（以下简称"认购金额"），合计不超过140,400.00万元。 本次发行数量按认购金额除以本次向特定对象发行的每股发行价格确定，袁永刚、袁永峰认购数量分别 不超过99,928,825股、24,982,206股，发行数量合计不超过124,911,031股（含本数），未超过本次发行前 东山精密总股本的30%。 袁永刚、袁永峰作为东山精密控股股东、实际控制人，其认购本次向特定对象发行股票构成与公司关联 交易。 本次向特定对象发行股票后，东山精密控股股东、实际控制人仍为袁氏父子，本次发行不构成重大资产 重组，不会导致东山精密控制权发生变化，亦不会导致东山精密股权分布不具备上市条件。 东山精密本次向特定对象发行A股股票的保荐人（主承销商）为海通证券股份有限公司，保荐代表人为 吴熠昊、徐建豪。 东山精密于2025年3月10日收到深圳 ...

Core Viewpoint - The merger between Guotai Junan and Haitong Securities marks a significant milestone in the securities industry, reflecting accelerated consolidation and reform within the sector [1][3]. Group 1: Merger Details - Haitong Securities' A-shares will be delisted from the Shanghai Stock Exchange on March 4, following a decision by the exchange, with no trading period for delisting [1]. - The share exchange ratio for the merger is set at 1:0.62, meaning each share of Haitong Securities will convert into 0.62 shares of Guotai Junan [1]. - The entire process from merger proposal to regulatory approval is expected to take 181 days, from September 5, 2024, to March 4, 2025 [2]. Group 2: Investor Impact - After the delisting, Haitong Securities' A-share holders will not see their shares reflected in their accounts until the conversion to Guotai Junan shares is completed [2]. - Any shares of Haitong Securities that are pledged, frozen, or have other legal issues will retain their status during the conversion to Guotai Junan shares [2]. Group 3: Industry Implications - The delisting and share exchange of Haitong Securities signify a rapid acceleration in the consolidation of the securities industry, with larger firms likely to benefit from increased market concentration [3]. - The merger is expected to create a demonstration effect for other firms, potentially leading to strategic adjustments among smaller institutions [3].

新"国九条"实施以来，证券业首个头部机构并购项目"国君+海通"即将进入完成倒计时。 2月25日盘后，海通证券公告称，上交所决定对公司A股股票予以终止上市。 公司A股股票不进入退市整理期交易，将于3月4日终止上市。 同时，公告还对终止上市后相关后续事宜进行了披露。 同日，国泰君安也发布关于海通证券A股股东参与换股相关事项的提示性公告。 海通证券公告称，2月25日，海通证券收到上交所出具的自律监管决定书《关于海通证券股份有限公司 股票终止上市的决定》。 根据相关规定，公司股票不进入退市整理期交易，上交所将在公告公司股票终止上市决定之日后5个交 易日内，对公司股票予以摘牌，公司股票终止上市。 根据公告，在国泰君安换股吸收合并海通证券A股换股实施股权登记日收市后，在中国证券登记结算有 限责任公司上海分公司登记在册的海通证券全体A股股东持有的公司股票将按照1：0.62的比例转换为国 泰君安的A股股票，即每1股海通证券A股股票可以换得0.62股国泰君安A股股票。 投资者方面，公告称，在海通证券A股股票终止上市后，该公司A股股东的股票账户中即不再显示海通 证券A股股票，相对应的股票市值将无法在投资者账户总市值中体现，直至海 ...

Group 1 - The core viewpoint of the announcement is that Haitong Securities Co., Ltd. has decided to revoke its Horgos branch to optimize resource allocation and achieve economies of scale and core competitive advantages [1] - The company aims to provide efficient, high-quality, and comprehensive financial services to investors through this restructuring [1] - The revocation will be handled in accordance with the relevant requirements of the Securities Law of the People's Republic of China and the announcement regarding the cancellation or adjustment of certain administrative approval items for securities companies [1] Group 2 - The company will properly manage the process of revoking the branch and will file with the local branch of the China Securities Regulatory Commission after completing the business deregistration procedures for the Horgos branch [1] - The announcement was made on February 26, 2025, indicating a strategic move by the company to streamline operations [1]

证券代码：601211 证券简称：国泰君安 公告编号：2025-021 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。 国泰君安证券股份有限公司 关于海通证券股份有限公司 A 股股东参与换股 相关事项的提示性公告 国泰君安证券股份有限公司（以下简称"国泰君安"、"公司"）换股吸收 合并海通证券股份有限公司（以下简称"海通证券"）并募集配套资金暨关联交 易事项已于 2025 年 1 月 17 日获得中国证券监督管理委员会同意注册及核准批复。 根据相关规定，海通证券于 2025 年 2 月 7 日向上海证券交易所（以下简称"上交 所"）提交 A 股股票主动终止上市的申请，并于 2025 年 2 月 11 日收到上交所出 具的《关于受理海通证券股份有限公司股票主动终止上市申请的通知》（上证函 〔2025〕472 号）。 2025 年 2 月 25 日，海通证券收到上交所出具的自律监管决定书《关于海通 证券股份有限公司股票终止上市的决定》（〔2025〕40 号），上交所决定对海通 证券 A 股股票予以终止上市，海通证券 A 股股票将于 ...

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。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06837） 有關附屬公司2024年度業績快報之公告 本公告乃由海通證券股份有限公司（「本公司」）自願作出。 本公司之附屬公司海通恆信國際融資租賃股份有限公司（「海通恆信」）（於香港聯 合交易所有限公司上市，股份代號為1905）於2025年2月24日公佈其截至2024年 12月31日止年度業績快報公告（「公告」）。詳細內容請參閱海通恆信於香港聯合交 易所有限公司網站刊發的公告，網址如下：http://www.hkexnews.hk。 截至本公告日期，海通恆信由本公司間接持有約85.0%的權益，並為本公司之主 要附屬公司。公告所載有關初步財務數據僅限於海通恆信，並不能全面反映本公 司的營運或財務狀況。股東及潛在投資者買賣本公司證券時務請謹慎行事，且不 應完全依賴該等資料。 承董事會命 海通證券股份有限公司 執行董事兼總經理 李軍 中國‧上海 2025 ...