近日，国泰君安吸收合并海通证券彻底落下帷幕，合并后公司采用新名称，即"国泰海通证券"。 二是，瑞银协助公司与监管机构、H股股东进行了大量的沟通工作，讲好合并后公司新的投资故事。两家公司在股 东表决的时候，在相关各个股东大会和类别股东会上都得到了99%以上记录性的高票通过的成果。 三是，瑞银作为证券同业，关于合并交易以及合并之后的整合事项，跟国泰君安、海通证券等分享见解。 在行业内，国泰君安证券和海通证券的合并重组，是新"国九条"实施以来头部券商合并重组的首单，也是目前中国 资本市场史上规模最大的A+H双边市场吸收合并、上市券商A+H最大的整合案例。 瑞银在此次合并案例中担任国泰君安的境外独家财务顾问，成为唯一一家参与了至今为止全部两单"A+H"股上市公 司之间换股吸收合并的投行，这背后有哪些挑战和关键难点，瑞银又是如何看待中国证券业合并浪潮趋势的？ 对此，证券时报·券商中国记者记者专访了瑞银全球投资银行部亚洲区副主席朱正芹，以及项目团队成员瑞银证券全 球投资银行部执行董事陈功。 ▲瑞银全球投资银行部亚洲区副主席 朱正芹 券商中国记者：本次交易中瑞银作为国泰君安的境外独家财务顾问，能否简要介绍一下瑞银在整个换股 ...

公告显示，经证监会核准，国泰君安吸收合并海通证券，自本次吸收合并交割日（即2025年3月14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，海通证券所持富国基金、海富通基金的股权亦归属于合并后的国泰君安，即合并后的国泰君 安成为富国基金、海富通基金的主要股东，上海国际集团有限公司成为海富通基金的实际控制人。 此次股权变更是国泰君安吸收合并海通证券的后续安排之一。2025年1月17日，中国证监会便核准了国 泰君安以新增59.86亿股股份吸收合并海通证券的方案，同时批准其募集不超过100亿元的配套资金。合 并交割日最终定于2025年3月14日，海通证券随后依法解散，其原有资产、负债、业务及人员均由国泰 君安全面承接。 具体而言，海通证券原持有富国基金27.775%股权（对应认缴出资1.4443亿元），以及海富通基金51% 股权（对应认缴出资1.53亿元），现均由国泰君安承继。截至2024年12月末，富国基金、海富通基金的 公募管理规模分别为10648.87亿元、1721.63亿元。 此外，合并前的国泰君安控股一家公募基金，Wind数据显示，国泰君安持有华 ...

Investment Rating - The report gives an "Outperform the Market" rating for both Blue Moon Group and CATL, indicating expected performance above the market average [6][27][31]. Core Insights - The jewelry sector is transitioning from channel-driven to brand-driven, with a focus on product structure upgrades leading to improved gross margins [8][9]. - The pet consumption market is expanding, driven by an increase in pet ownership and a demand for higher quality products [21]. - CATL is expected to maintain strong performance with a projected net profit growth from 645 billion to 932 billion CNY over the next three years [31]. Summary by Sections Jewelry Sector - The jewelry industry is seeing a shift towards brand-driven strategies, enhancing product offerings and improving profitability [8][9]. - The report highlights that the retail sales of gold and silver jewelry have shown a year-on-year increase of 5.4% in early 2025, indicating a recovery in demand [10]. - Companies like Chow Tai Fook and Zhou Dasheng are focusing on high-quality expansion and product structure improvements to capture market share [11][12]. Pet Consumption - The pet food sector is recommended due to the growing consumer interest and spending on pet-related products, with leading companies expected to outperform the market [21]. - The report notes a significant increase in online sales and engagement in the pet product category, with a 71% year-on-year growth in pet-related live commerce [21]. Blue Moon Group - The company is projected to recover from losses in 2024, with expected net profits turning positive by 2025, supported by a strong brand presence in the cleaning products market [27]. - The report anticipates a revenue growth of 16% in 2024, driven by increased sales across all product categories [25]. CATL - CATL is projected to maintain its leadership in the global battery market, with a significant increase in production capacity and a strong pipeline of new products [31]. - The company is expected to achieve a net profit of 645 billion CNY in 2025, with a favorable valuation range of 337.12 to 366.43 CNY per share [31].

Core Viewpoint - The merger between Guotai Junan and Haitong Securities marks the first major consolidation in the securities industry since the implementation of the new "National Nine Articles" policy, resulting in the establishment of Guotai Haitong Securities Co., Ltd. [1][2] Group 1: Merger Details - Guotai Junan announced the change of its name to Guotai Haitong Securities and disclosed significant matters regarding the merger, including the candidates for the board of directors and the arrangements for customer and business migration post-merger [1][3] - The merger process has progressed rapidly, with the capital operation aspects of the share swap and fundraising already completed [2] - The new company's leadership team has been largely formed, with key figures from both Guotai Junan and Haitong Securities expected to remain in their positions, barring age-related retirements [3][4] Group 2: Customer and Business Integration - Customers of Haitong Securities will be migrated to the merged entity, with their rights, commission methods, and fund transfers remaining unchanged [5] - All subsidiaries of Haitong Securities will continue to operate normally during the integration process, with plans to address any potential competition issues among subsidiaries [5] - The customer service hotline for Haitong Securities will change to 95521 starting April 7, 2025, with the previous hotline being phased out [6] Group 3: Share Issuance and Historical Context - The share issuance related to the merger has been completed, with 5.986 billion A-shares and 2.114 billion H-shares set to be listed on March 17 [8] - The merger is seen as a significant milestone in the industry, potentially setting a precedent for future consolidations among securities firms and contributing to supply-side reforms in the sector [9]

据国泰君安证券、海通证券此前公告，因国泰君安吸收合并海通证券，自2025年3月14日起，合并后国 泰君安将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。 人民财讯3月18日电，近期，各公募基金公司陆续发布旗下基金的基金托管人职责履行安排公告，原托 管在海通证券的基金后续托管服务将由国泰君安继续履行。 ...

Core Viewpoint - The merger between Guotai Junan Securities Co., Ltd. and Haitong Securities Co., Ltd. will result in Guotai Junan inheriting all assets, liabilities, businesses, personnel, contracts, qualifications, and other rights and obligations of Haitong Securities from the effective date of the merger [1] Group 1 - Haitong Securities' legal rights and obligations from documents signed before the merger will be inherited by Guotai Junan [1] - Guotai Junan will complete the registration of its name change and will conduct business and management activities under the new name [1] - Guotai Junan will continue to provide custody and operational outsourcing services previously offered by Haitong Securities [1] Group 2 - All asset management products previously managed by Haitong Securities, including public funds and private asset management plans, will have their custodian changed to Guotai Junan from the effective date of the merger [1] - Guotai Junan will inherit all rights and obligations as the custodian for these products, ensuring seamless custody services [1] - Guotai Junan will also continue to provide professional and efficient fund services as the fund service institution under relevant agreements [1]

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].

Group 1 - The recent decline in US stock markets has led to discussions about its impact on A-shares and Hong Kong stocks, with a prevailing view that A-shares may perform well despite US market fluctuations [1] - Historical analysis shows that during previous significant declines in the US market, A-shares and Hong Kong stocks have generally underperformed, indicating a strong correlation between US economic health and global equity markets [1] - The ideal scenario for investors is a situation where US stocks experience volatility while A-shares and Hong Kong stocks rise, drawing parallels to historical periods where Asian markets outperformed during US market stagnation [1] Group 2 - The AI revolution is seen as a catalyst for the transformation of China's economic structure, with potential for a revaluation of Chinese assets similar to past decades [2] - The launch of the domestic DeepSeek-R1 model is expected to accelerate the progress of AI applications in China, leveraging the country's large market and user base [2] - Key sectors such as AI applications, semiconductors, and high-end manufacturing are anticipated to produce influential technology giants, contributing to the revaluation of Chinese assets [2]