｜2025年6月3日 星期二｜ NO.1 国泰海通撤销33家原海通证券分公司 近日，国泰海通发布了关于撤销原海通证券33家分公司的公告。这也意味着，整合后的证券业"航母"加 速内部融合，全国分支机构布局全面优化。数据显示，截至5月30日，国泰海通证券从业人数为18779 人，居行业第一。而在2024年底，国泰君安证券从业人数为11365人，海通证券为7985人，两公司总计 员工为19350人。此前，1月18日发布的《国泰君安证券股份有限公司关于公司换股吸收合并海通证券股 份有限公司并发行A股股票募集配套资金的公告》中即已明确，"吸收合并完成后，海通证券依法解 散，原海通证券分支机构变更为国泰君安分支机构"。 6月2日，天风证券（601162）发布公告，控股股东湖北宏泰集团已完成增持计划，累计增持公司A股股 份1.79亿股，占总股本的2.06%，增持金额约为5.02亿元。 NO.4 今年前五个月基金业绩出炉，最高赚超70% 今年前五个月基金业绩出炉，最高赚超70%。具体来看，在主动权益类基金（不含QDII）中，北交所主 题基金表现十分抢眼，中信建投北交所精选两年定开混合基金今年以来收益率达到69.3%，暂列第一 ...

Core Viewpoint - The market is expected to experience a volatile upward trend led by small and mid-cap stocks after the holiday [1][2]. Market Indicators - The liquidity shock indicator for the CSI 300 index was 0.13, lower than the previous week (1.13), indicating current market liquidity is 0.13 standard deviations above the average level over the past year [2]. - The PUT-CALL ratio for the SSE 50 ETF options increased to 1.15, up from 0.94 the previous week, reflecting rising caution among investors regarding the short-term performance of the SSE 50 ETF [2]. - The five-day average turnover rates for the SSE Composite Index and Wind All A were 0.76% and 1.30%, respectively, indicating a decrease in trading activity, positioned at the 50.17% and 63.97% percentile since 2005 [2]. Macro Factors - The RMB exchange rate fluctuated last week, with onshore and offshore rates showing weekly declines of -0.08% and -0.48%, respectively [2]. - The US stock market showed a volatile upward trend, with the Dow Jones, S&P 500, and Nasdaq indices posting weekly returns of 1.6%, 1.88%, and 2.01% respectively [2]. - The US core PCE price index rose by 2.5% year-on-year, the lowest since March 2021, with a month-on-month increase of 0.1% [2]. Real Estate Sector - The total land acquisition amount for the top 100 enterprises from January to May 2025 reached 405.19 billion, a year-on-year increase of 28.8%, with the growth rate expanding by 2.2 percentage points compared to the previous month [2]. Technical Analysis - The Wind All A index broke below the SAR reversal indicator on May 23, indicating a bearish trend [2]. - The current market score based on the moving average strength index is 160, positioned at the 64.8% percentile since 2021 [2]. - The market has not yet formed a bottom, as the moving average strength index has not shown a significant decline [2]. Performance Overview - For the week of May 26 to May 30, the SSE 50 index fell by 1.22%, the CSI 300 index decreased by 1.08%, while the CSI 500 index rose by 0.32% and the ChiNext index dropped by 1.4% [3]. - The overall market PE (TTM) stands at 18.9 times, positioned at the 50.5% percentile since 2005 [3]. Factor and Industry Observations - Factor crowding remains stable, with small-cap factor crowding at 0.98, low valuation factor crowding at 0.11, high profitability factor crowding at -0.28, and high growth factor crowding at -0.04 [3]. - The industry crowding is relatively high in machinery, comprehensive, retail, environmental protection, and non-ferrous metals sectors, with transportation and non-ferrous metals showing significant increases in crowding [3].

Group 1 - The core point of the article is the announcement by Guotai Haitong regarding the cancellation of 33 branches of the original Haitong Securities, indicating an acceleration of internal integration within the newly formed securities giant [1][2] - As of May 30, Guotai Haitong Securities has 18,779 employees, leading the industry, while the combined total of Guotai Junan and Haitong Securities is 19,350 employees by the end of 2024 [1][4] - The restructuring includes the establishment of a new organizational structure with 7 business or management committees and 41 headquarters departments, indicating that the top-level design of the integration process is largely complete [3] Group 2 - The optimization of branch institutions aims to achieve precise optimization of human capital and cost restructuring, with the investment advisory team being the only group to see an increase in personnel [4][5] - The number of investment advisors for Guotai Junan and Haitong Securities combined is projected to be 5,763 by the end of 2024, while the current number for Guotai Haitong Securities is 5,852, reflecting an increase of 89 personnel [4] - The reduction in general securities business personnel from over 10,000 to 9,954 indicates a shift in focus towards more specialized roles within the company [4][5]

国泰海通证券股份有限公司 关于上海毕得医药科技股份有限公司 差异化分红的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 上海毕得医药科技股份有限公司（以下简称"毕得医药"或"公司"）首次公开 发行股票并在科创板上市持续督导期间的保荐机构，根据《证券发行上市保荐业 务管理办法》《上海证券交易所科创板股票上市规则》等有关法律法规和规范性 文件的要求，对毕得医药 2024 年度利润分配所涉及的差异化分红（以下简称"本 次差异化分红"）相关事项进行了核查，具体情况如下： 一、本次差异化分红的原因 公司第一次回购方案：2023 年 12 月 8 日召开第二届董事会第五次会议审议 通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用超 募资金及自有资金通过上海证券交易所交易系统以集中竞价交易方式进行回购 股份，回购的股份将全部用于员工持股计划或股权激励。回购股份价格不超过人 民币 95 元/股（含），回购的资金总额不低于人民币 5,000 万元（含），不超过 人民币 10,000 万元（含）。回购期限为自董事会审议通过本次回购方案之日起不 超过 12 个月。 公司第二次回购方 ...

每经记者｜李娜 每经编辑｜赵云 5月30日，国泰海通发布了关于撤销原海通证券33家分公司的公告。而这也意味着，整合后的证券业"航母"加速内部融合，全国分支机构布局全面优化。 数据显示，截至5月30日，国泰海通证券从业人数为18779人，居行业第一。而在2024年底，国泰君安证券从业人数为11365人，海通证券为7985人，两公司 总计员工为19350人。 客户与人员平稳迁移 公告显示，为确保经营平稳有序，国泰海通已在全国范围内完成分公司更名，并已换领新的营业执照、经营证券期货业务许可证等，现决定撤销重复存在的 原海通证券33家分公司，相关客户、人员等将在上述分公司撤销前迁移至国泰海通相应属地分支机构。 同时，国泰海通将根据相关要求结清上述分公司证券业务并终止其营业活动，办理市场主体注销等相关手续，并向上述分公司所在地中国证监会派出机构备 案。 对于客户最关心的服务连续性问题，3月17日发布《关于实施客户及业务迁移合并的联合公告》指出，自2025年3月14日吸收合并交割日起，合并后的国泰君 安承继及承接海通证券的全部资产、负债、业务、人员、合同、资质及其他一切权利与义务。于交割日后，国泰君安将办理公司名称、注册 ...

一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"证监会"）于 2020 年 8 月 18 日 签发的证监许可20201824 号文《关于同意思瑞浦微电子科技（苏州）股份有限 公司首次公开发行股票注册的批复》，公司获准向境内投资者首次公开发行人民 币普通股 20,000,000 股，募集资金总额为人民币 231,420.00 万元，扣除各项发行 费用（不含税）人民币 16,845.34 万元，实际收到的募集资金净额为人民币 所（特殊普通合伙）对本次募集资金到位情况进行了审验，并出具了普华永道中 天验字(2020)第 0818 号验资报告。 经证监会出具的《关于同意思瑞浦微电子科技（苏州）股份有限公司向特定 对象发行股票注册的批复》（证监许可2023562 号）同意，公司向特定对象发 行 A 股股票 12,044,399 股，募集资金总额为人民币 180,099.90 万元，扣除各项 发行费用（不含税）人民币 1,934.24 万元，实际募集资金净额为人民币 178,165.66 万元。上述募集资金已于 2023 年 10 月 23 日全部到位，普华永道中天会计师事 务所（特殊普通合伙）对本次募集资金 ...

其中，国泰海通证券股份有限公司总部、开源证券股份有限公司西安太华路证券营业部、东吴证券股份 有限公司上海西藏南路证券营业部分别买入1686.69万元、1533.90万元、973.62万元。 国泰海通证券股份有限公司总部、华宝证券股份有限公司舟山港航国际大厦证券营业部、中泰证券股份 有限公司潍坊四平路证券营业部分别卖出1082.05万元、716.82万元、606.41万元。 5月30日，纵横股份上涨20.00%登上龙虎榜，有价格涨跌幅限制的日收盘价格涨幅达到15%，知名游资 卖出。 买入金额最大的前5名营业部 买入额/万 卖出额/万 净额/万 国泰海通证券股份有限公司总部 1686.69 0.00 1686.69 开源证券股份有限公司西安太华路证券营业部 1533.90 0.00 1533.9 东吴证券股份有限公司上海 西藏南路证券营业部 973.62 0.00 973.62 瑞银证券有限责任公司上海浦东新区花园石桥路第二证券营业 部 805.32 0.00 805.32 机构专用 793.37 0.00 793.37 卖出金额最大的前5名营业部 买入额/万 卖出额/万 净 额/万 国泰海通证券股份有限公司总部 ...

国泰海通证券股份有限公司关于厦门延江新材料股份有限公司 向特定对象发行股票并在创业板上市 保荐机构编号： Z29131000 经中国证券监督管理委员会《关于同意厦门延江新材料股份有限公司向特定对 象发行股票注册的批复》（证监许可20213320 号）批复，同意厦门延江新材料股 份有限公司（以下简称"上市公司"、"公司"或"发行人"）向特定对象发行股 票 50,761,421 股，每股面值人民币 1 元，每股发行价格人民币 7.88 元，募集资金总 额为人民币 40,000.00 万元，扣除发行费用后，实际募集资金净额为人民币 39,166.34 万元。本次发行证券已于 2022 年 8 月 26 日在深圳证券交易所创业板上市。原国泰 君安证券股份有限公司担任其持续督导保荐机构，持续督导期间为 2022 年 8 月 26 日至 2024 年 12 月 31 日。鉴于原国泰君安证券股份有限公司换股吸收合并原海通 证券股份有限公司事项已获得中国证券监督管理委员会核准批复，本次合并交易已 于 2025 年 3 月 14 日完成交割，自该日起，存续公司国泰海通证券股份有限公司（以 下简称"国泰海通"）继续履行原国泰君安 ...

Group 1 - In the first five months of 2025, a total of 43 new companies were listed in the A-share market, representing a year-on-year increase of 13.16% compared to 38 companies in the same period last year [2] - The total net fundraising amount for these 43 new listings was 24.939 billion yuan, which is a 2.13% increase from 24.418 billion yuan in the same period last year [2] - The top three underwriting institutions for IPOs were Guotai Junan, Huatai United, and CITIC Securities, each handling 5 listings [2] Group 2 - A total of 21 law firms provided legal services for the 43 new listed companies, with Shanghai Jintiancheng leading with 8 cases, followed by Beijing Zhonglun with 6 cases, and Beijing Hairun Tianrui with 3 cases [4] - In the accounting sector, 15 accounting firms provided auditing services for the new listings, with Rongcheng leading with 8 cases, followed by Lixin with 7 cases, and Zhonghui with 6 cases [4]

Core Viewpoint - The brokerage industry is experiencing significant performance growth alongside notable operational differentiation, with a 83% year-on-year increase in profits for Q1, while proprietary trading and asset management businesses have seen declines of 38% and 55% respectively, indicating a critical period of transformation and differentiation within the sector [1]. Group 1: Institutional Business - The era of simple expansion in fixed income proprietary trading is over, and the current focus is on transformation, with three key directions: enhancing strategic trading capabilities, increasing client demand business investment, and exploring cross-border asset allocation [1]. - In equity business, the gradual increase in high-dividend OCI has become a consensus within the industry, suggesting a shift in investment strategies [1]. - Leading brokerages with comprehensive advantages and stronger cross-border asset allocation capabilities are expected to outperform [1]. Group 2: Wealth Management & Asset Management - The asset management sector is undergoing accelerated transformation, with public funds entering a new phase of development driven by continuous policy guidance since 2023 [1]. - The "Action Plan for High-Quality Development of Public Funds" aims to promote high-quality expansion of the industry and encourage differentiated development among fund companies, which will benefit leading brokerages with controlling stakes in public funds [1]. Group 3: Investment Recommendations - The brokerage industry is currently in a critical period of transformation and change, with recommendations to continue favoring leading comprehensive brokerages that possess balanced business structures and stronger professional capabilities [1].