tt . t w 国泰海通证券2026年度销验会 2025年11月4-6日 | 北京 中国大饭店 URITIES : . .. . 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 150 - 100 - 50 。 国泰海通证券2026年度策略会 新征程 . . . : . . 国泰海通证券 . 国泰海通证券2026年度策略会 S HE 由 列入门 | 法律声明 更多国泰海通研究和服务 亦可联系对口销售获取 世 NG SECURITIES 重要提醒 Rations 11 - 新征程 国泰海通证券2026年度 TO 17.7 盟想想出家： ETF和场外复制指数基金行 ETF FTE . ali ิ์ 評学 26年度策略会 . 国泰海通证券 0 国泰海通证券2026年度策略会 国 泰 海 通 亚 斯 石 ...

国泰培廊计考 每通证券2026年度策略 2025年11月4-6日 | 北京 中国大饭店 扫码查看 · H 研究运营组制作 g (2 D . 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 ...

Core Points - The company has committed to implement stock buyback measures to stabilize its stock price and enhance investor returns [4][6][19] - The company and its major shareholders have made various commitments regarding profit distribution policies and measures to compensate for any dilution of immediate returns [12][15][19] - The company has outlined specific measures to avoid insider trading and market manipulation during stock buybacks [6][31] Group 1: Stock Buyback and Price Stabilization - The company will take measures to stabilize its stock price, including a commitment to buy back shares within a specified timeframe [1][4] - Non-independent directors and senior management are required to notify the board of their intent to increase shareholdings, with specific conditions for implementation [1][3] - If the stock price does not meet the conditions for stabilization, the management is not obligated to proceed with the buyback [1][3] Group 2: Profit Distribution and Compensation Measures - The company has established a profit distribution policy that will be strictly followed post-IPO, ensuring compliance with relevant regulations [19][20] - Measures will be taken to accelerate investment in projects funded by the IPO to enhance future returns for shareholders [13][15] - The company will strengthen internal controls and management to improve operational efficiency and profitability [14][16] Group 3: Commitments Against Fraud and Misconduct - The company has committed to repurchase shares if it is found to have engaged in fraudulent issuance practices [9][11] - Major shareholders have pledged to avoid conflicts of interest and ensure fair dealings in any related party transactions [29][31] - The company and its executives will face penalties for failing to adhere to these commitments, including potential compensation to investors for losses incurred [21][22][39]

Core Insights - The performance of 42 listed securities firms in the first three quarters of 2025 showed significant growth, with total operating revenue reaching 419.56 billion yuan and net profit attributable to shareholders at 169.05 billion yuan, marking increases of 42.55% and 62.38% respectively compared to the same period in 2024 [1][2] Revenue Breakdown - Brokerage business emerged as the fastest-growing segment, achieving revenue of 111.78 billion yuan, a year-on-year increase of 74.64%, driven by heightened market activity and increased trading commission income [2][6] - Proprietary trading followed with revenue of 186.86 billion yuan, up 43.83%, benefiting from improved investment returns in a rising A-share market [2] - Credit and investment banking businesses also saw growth, with revenues of 33.91 billion yuan and 25.15 billion yuan, reflecting increases of 54.52% and 23.46% respectively [2] - Asset management business growth was slower, with revenue of 33.25 billion yuan, only a 2.43% increase [2] Performance Disparities - There was notable performance differentiation among firms, with 11 firms exceeding 10 billion yuan in revenue, while Western Securities was the only firm to report a revenue decline of 2.17% [3][4] - Leading firms included CITIC Securities and Guotai Junan, with revenues of 55.81 billion yuan and 45.89 billion yuan, respectively, maintaining their positions in the top tier [2][3] Net Profit Analysis - Five firms reported net profits exceeding 10 billion yuan, with CITIC Securities leading at 23.16 billion yuan, followed closely by Guotai Junan at 22.07 billion yuan [3] - Despite overall growth, Huatai Securities experienced a modest net profit increase of only 1.69% [3] Accounting Policy Changes - Zhejiang Securities exited the "100 billion club" with revenue of 6.79 billion yuan, down from 11.90 billion yuan in 2024, due to changes in accounting policies related to standard warehouse receipts [4][5] - The adjustments affected nearly 20 listed securities firms, including major players like CITIC Securities and Guotai Junan, indicating a widespread impact on the industry [5] M&A Impact on Growth - Mergers and acquisitions significantly influenced growth in the brokerage sector, with firms like Guolian Minsheng, Guotai Junan, and Guoxin Securities reporting year-on-year increases of 293.05%, 142.80%, and 109.30% in brokerage revenue, respectively [6][7] - The integration of acquired firms is progressing smoothly, with successful system transitions and customer migrations reported by Guolian Minsheng and Guotai Junan [7]

Group 1 - The core point of the article is the launch of the "Shanghai Lingang Guotai Haitong Qihang Venture Capital Partnership (Limited Partnership)" which has completed registration with the Asset Management Association of China and has begun operations [1] - The total scale of the Qihang Venture Capital Fund is 400 million RMB, with an investment period of 10 years and an exit period of 5 years [1] - Guotai Haitong's subsidiary, Guotai Junan Innovation Investment Company, serves as the General Partner (GP) and fund manager for the venture capital fund [1]

Revenue Performance - The brokerage industry in A-shares has experienced significant revenue growth in the first three quarters of 2025, with CITIC Securities maintaining its position as the top performer with revenue of 55.815 billion yuan, the only firm exceeding 50 billion yuan [3][4] - Guotai Junan follows in second place with revenue of 45.892 billion yuan, while other firms have revenues below 30 billion yuan, highlighting the scale advantage of leading brokerages [3][4] - Western Securities is the only brokerage to report a revenue decline of 2.17% year-on-year, marking it as the sole negative performer in the industry [6] Net Profit Analysis - CITIC Securities leads the industry in net profit with 23.159 billion yuan, followed closely by Guotai Junan at 22.074 billion yuan, both surpassing the 20 billion yuan mark [7][8] - Three additional brokerages have net profits exceeding 10 billion yuan: Huatai Securities (12.733 billion yuan), China Galaxy (10.968 billion yuan), and GF Securities (10.934 billion yuan) [7][8] - Notably, the net profit growth rates for several brokerages are impressive, with Guolian Minsheng achieving a staggering 345.30% increase [9][10] Brokerage Business Income - The brokerage business has shown robust growth, with net income from brokerage fees across the industry experiencing significant increases, the lowest growth rate being 47.91% [11][12] - CITIC Securities leads in brokerage fee income with 10.939 billion yuan, closely followed by Guotai Junan at 10.814 billion yuan [12][13] - Guolian Minsheng stands out with a remarkable growth rate of 293.05% in brokerage fee income, indicating strong operational performance [11][14] Market Activity - The A-share market has maintained strong performance in 2025, with average daily trading volume for stock funds reaching 1.8723 trillion yuan, a 109% increase year-on-year [14] - The number of new investor accounts opened monthly averaged 2.47 million, reflecting a 46% year-on-year growth, contributing to the increased brokerage income [14]

Core Viewpoint - The article discusses the strategic outlook for Haitong Securities in 2026, emphasizing the importance of adapting to market changes and identifying investment opportunities in various sectors [2]. Group 1: Market Trends - The article highlights the anticipated market trends for 2026, focusing on the recovery of the economy post-pandemic and the potential for growth in sectors such as technology and renewable energy [2]. - It mentions the expected increase in consumer spending and investment in infrastructure, which could drive market performance [2]. Group 2: Investment Strategies - The article outlines specific investment strategies that Haitong Securities plans to implement, including a focus on high-growth sectors and diversification of investment portfolios [2]. - It emphasizes the importance of thorough research and analysis to identify undervalued assets and emerging market trends [2]. Group 3: Financial Projections - The article provides financial projections for 2026, indicating a potential increase in revenue and profitability for Haitong Securities, driven by strategic investments and market expansion [2]. - It notes that the company aims to achieve a significant market share in key sectors, which could enhance its competitive position [2].

国泰海通证券 海通证券2026年度策略 2025年11月4-6日 | 北京 中国大饭店 扫描二维码查看 研究报告合集 研究运营组制作 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 ...

Group 1 - The article discusses the upcoming strategy conference hosted by Haitong Securities, scheduled for November 4-6, 2025, at the Beijing China Grand Hotel [2] - It emphasizes the importance of the conference for clients of Guotai Junan Securities, highlighting the need for registration through designated sales contacts [4] - The content is specifically tailored for clients who have signed up for Guotai Haitong Securities research services, indicating a focus on maintaining service quality and managing investment risks [7]

Core Insights - The article discusses the upcoming conference focusing on macroeconomic challenges, investment strategies, and the future of artificial intelligence and robotics in various sectors [2][5][10]. Group 1: Macroeconomic Outlook - The conference will feature discussions on China's macroeconomic challenges and strategies to address them, led by experts from the Chinese Academy of Social Sciences [2]. - A session will cover the outlook for the U.S. economy and monetary policy, providing insights into global economic trends [2]. Group 2: Investment Strategies - The conference will include sessions on investment strategies for 2026, focusing on Chinese equity markets, Hong Kong stocks, and financial engineering [5]. - Experts will discuss the IPO market outlook for 2026, highlighting potential opportunities for investors [5]. Group 3: Artificial Intelligence and Robotics - A significant portion of the conference will be dedicated to the future of artificial intelligence, including its applications in various industries and the development of humanoid robots [3][5]. - Discussions will explore the integration of AI in financial services and the implications for the economy [8][10]. Group 4: Sector-Specific Insights - The conference will address the evolving landscape of consumer goods, including the growth of the beauty and beverage sectors, and the impact of new consumption trends [12][13]. - Sessions will also focus on the investment logic behind innovative pharmaceuticals and the potential for growth in the healthcare sector [21][22].