上海海通证券资产管理有限公司（以下简称"本公司"）董事会及董事保证公司旗下全部资产管理计划 2025年第4季度报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性，准确性 和完整性承担个别及连带责任。 本公司旗下2025年第4季度报告的资产管理计划如下： ■ 注：产品代码为资产管理计划的主代码 上述资产管理计划2025年第4季度报告全文于2026年1月21日在本公司网站（http://www.htsamc.com）和 中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披露，供投资者查阅。如有疑问可拨打本公 司客服电话95521咨询。 根据本集合计划资产管理合同约定，本集合计划于2025年12月31日终止。本集合计划自2026年1月1日起 进入清算程序，由于本集合计划持有"正源股份"（代码：600321）107,300.00股，已终止上市并进入全 国中小企业股份转让系统退市板块进行挂牌转让，股票简称：正源5（代码：400217），在本集合计划 首次清算时，暂时无法变现，本集合计划进行两次清算，其中首次清算期间为2026年1月1日开始至2026 年1月16日，第二 ...

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。 重要内容提示： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601211 证券简称：国泰海通 公告编号：2026-002 国泰海通证券股份有限公司 关于A股限制性股票激励计划预留授予部分 第三个限售期解除限售条件成就的公告 ● 公司A股限制性股票激励计划预留授予部分第三个限售期解除限售条件成就，符合解除限售条件的激 励对象共49名，可解除限售的限制性股票数量共计2,916,898股，约占公司当前总股本的0.02%。 ● 本次A股限制性股票办理完解除限售手续后，在上市流通前，公司将发布相关提示性公告，敬请投资 者注意。 国泰海通证券股份有限公司（曾用名：国泰君安证券股份有限公司，以下简称国泰海通或本公司或公 司）于2026年1月20日召开第七届董事会第十次会议（临时会议），审议通过了《关于公司A股限制性 股票激励计划预留授予部分第三个限售期解除限售条件成就并解除限售的议案》，根据公司2020年第一 次临时股东大会的授权，现对公司A股限制性股票激励计划（以下简称本激励 ...

查看完整回放 ▼ 关联阅读 ▼ 国泰海通｜《全球货币变局》研究合集 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 本公众订阅号(微信号 GTHT RESEARCH )为国泰海通证券股份有限公司(以下简称"国泰海通证券") 研 国泰海通丨"不同寻常"的黄金牛市 国泰海通｜黄金 · 宏观专题研究合集 国泰海通丨决胜于"价"——2026年宏观年度展望 ...

Core Viewpoint - The company plans to repurchase and cancel 81,712 restricted stocks from three incentive recipients due to alleged illegal activities or failure to meet performance targets, impacting its registered capital and requiring amendments to its articles of association [1] Group 1: Stock Repurchase Details - The repurchase price for the restricted stocks is set at 5.76 yuan per share [1] - The total repurchase amount will be 470,700 yuan, funded by the company's own resources [1] - Following the repurchase and cancellation, the company's registered capital will decrease by 81,712 yuan [1] Group 2: Compliance and Future Actions - The company will handle the necessary procedures related to the stock repurchase and disclose relevant information subsequently [1]

Group 1 - The report from Haitong Securities Asset Management Company indicates the transition of the Haitong Quality Upgrade One-Year Holding Mixed Asset Management Plan from the original Haitong Haihui Series - Xing Shi No. 1 plan, effective from January 10, 2022 [1] - The plan is set to last until December 31, 2025, and will terminate normally at that date unless it does not comply with legal regulations or requirements from the China Securities Regulatory Commission [1] - The cumulative net value for Haitong Quality Upgrade One-Year Holding Mixed A/C is reported as 2.6425 yuan and 2.5948 yuan, with cumulative returns of -20.28% and -21.72% respectively [1] Group 2 - The performance data shows that the Haitong Quality Upgrade One-Year Holding Mixed A has a year-to-date increase of 11.50%, while the cumulative return over one year is -20.28% [3] - The average return for similar funds is 33.12%, indicating a significant underperformance compared to peers [3] - The performance of the Haitong Quality Upgrade One-Year Holding Mixed C shows a year-to-date increase of 10.94% and a cumulative return of -21.72% over one year [4]

Core Viewpoint - The report from Haitong Securities Asset Management Company details the liquidation of the Haitong Core Advantage One-Year Holding Mixed Asset Management Plan, which will terminate on December 31, 2025, as per the asset management contract [1]. Summary by Sections Asset Management Plan Details - The Haitong Core Advantage One-Year Holding Mixed Asset Management Plan was officially changed from the Haitong Emerging Growth Asset Management Plan, effective from April 8, 2020 [1]. - The plan is set to last until December 31, 2025, and will terminate normally at that date unless it does not comply with legal regulations or requirements from the China Securities Regulatory Commission [1]. Performance Metrics - As of the last disclosed net value date on December 31, 2025, the cumulative net values for the mixed A/B/C classes are 1.0868 yuan, 1.0869 yuan, and 1.0573 yuan, respectively [1]. - The cumulative returns for the mixed A/B/C classes are -23.64%, -23.63%, and -25.77% [1]. Comparative Performance - The performance for the mixed A class shows a year-to-date increase of 33.57%, with a one-year return of 28.53% [3]. - The mixed B class has a year-to-date increase of 33.61% and a one-year return of 28.53% [5]. - The mixed C class shows a year-to-date increase of 32.89% and a one-year return of 28.20% [7]. - The average return for similar funds is 33.12% year-to-date, with a one-year return of 23.49% [3][5][7]. - The CSI 300 index has a year-to-date increase of 2.26% and a one-year return of 16.65% [3][5][7].

Group 1 - The core viewpoint of the report is that the CSRC is seeking public opinion on the "Derivatives Trading Supervision Management Measures (Trial) (Draft for Comments)", indicating a trend towards gradual regulation and steady development of the derivatives business in the long term [1] - The report suggests that the purpose of the draft is to implement the new "National Nine Articles" related arrangements and improve the regulatory system for derivatives business [1] - The report emphasizes that the derivatives business is expected to benefit from market activity and expansion, with a focus on the development potential of high-quality leading brokerages that leverage customer bases and professional capabilities [3] Group 2 - The revised measures continue the overall goal of "preventing risks and serving the real economy," with more specific and refined regulations compared to previous drafts [2] - Key modifications include the implementation of counter-cyclical adjustments in derivatives trading, maintaining reasonable leverage levels and market sizes, and optimizing specific rules related to business qualifications and risk management [2] - The measures also reflect a cautious innovation attitude, suggesting the prudent development of overly complex derivatives contracts and enhancing cross-border regulatory cooperation with foreign regulatory bodies [2]

Economic Overview - In 2025, China's GDP reached 1401879 billion yuan, achieving a year-on-year growth of 5.0%, with a quarterly slowdown primarily due to base effects [3][2] - The quarterly growth rates were 5.4% in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4, with Q4 being the lowest due to the impact of previous growth policies [3][2] - The economic structure continues to show signs of differentiation, with strong industrial production but persistent mismatches between capacity and demand [2][5] Production Insights - Industrial production showed a recovery in December 2025, with a year-on-year growth of 5.2%, reversing previous months' slowdown [9] - The annual growth of industrial value added was 5.9%, significantly higher than the overall GDP growth, indicating its role as a core driver for economic targets [9] - High-tech manufacturing and green transformation are driving forces, with high-tech industries growing by 11.0% in December [12] Consumption Trends - Retail sales of consumer goods grew by 3.7% in 2025, but Q4 saw a decline in growth momentum, with December's retail sales increasing by only 0.9% [16][20] - Rural consumption outperformed urban areas, with rural retail sales growing by 4.1% compared to 3.6% in urban areas [16][20] - Online retail sales increased by 8.6%, with food-related online sales growing by 14.5%, reflecting a shift towards convenience and immediate consumption [17] Investment Dynamics - Fixed asset investment decreased by 3.8% in 2025, with December showing a significant decline of 15.1% year-on-year [27] - Manufacturing investment is constrained by weak demand and profitability pressures, while infrastructure investment faces funding constraints and project shortages [28] - The real estate sector showed marginal recovery, with a narrowing of declines in sales area and sales value, but overall conditions remain weak [29]

Core Insights - The Hong Kong stock market has seen active financing since the beginning of the year, with equity financing reaching HKD 39.09 billion, a year-on-year increase of 316.27% [1] - Chinese securities firms are increasingly taking a leading role in the Hong Kong market, with six out of the top ten equity underwriting positions held by Chinese institutions, accounting for a total market share of 56.15% [1][2] Group 1: Market Performance - The Hang Seng Index rose by 27.77% in 2025, and the primary market equity financing reached HKD 612.7 billion, a year-on-year increase of 248.8% [1] - The active investment and financing environment is attributed to the deep involvement of intermediary institutions, providing valuable development opportunities for investment banks [1] Group 2: Underwriting and Advisory Services - In IPO sponsorship, China International Capital Corporation (CICC) led with a sponsorship scale of HKD 51.65 billion, followed by CITIC Securities (Hong Kong) at HKD 46.03 billion [2] - CICC also demonstrated a strong advantage in refinancing underwriting, with a scale of HKD 24.97 billion and 13 transactions [2] Group 3: Strategic Developments - Chinese securities firms are enhancing their presence in Hong Kong to capture growth opportunities, with several firms increasing capital for their subsidiaries and providing guarantees for business development [4] - For instance, Guotai Junan Securities announced plans to secure a bank loan of up to HKD 35 million to support its Hong Kong subsidiary [4] Group 4: Future Outlook - The Hong Kong market is becoming a crucial platform for Chinese securities firms to expand internationally, with expectations of increased opportunities as international investors seek quality Chinese assets [3] - The core opportunity for Chinese securities firms lies in leveraging their client networks and understanding of Chinese enterprises to serve "A+H" listed companies and support the internationalization of domestic industry chains [5]

Core Insights - The public REITs market in China has accelerated its issuance process over the past two years, providing stronger support for revitalizing existing assets and promoting high-quality development of the real economy [1][2] Group 1: Market Development - As of December 2025, there are 78 publicly listed REITs with a total issuance scale of 210.657 billion yuan and a total market value of 214.883 billion yuan, indicating a continuous increase in both the number and scale of market issuances [2] - The China Securities REITs total return index increased by 4.34% in 2025, showing a trend of rising first and then falling, followed by a significant rebound at year-end [2] - The public REITs market is expected to maintain rapid development and high attention in 2025, driven by favorable regulatory policies, continuous supply of quality assets, strong demand for stable dividend assets in a low-interest-rate environment, and improved operational stability of underlying assets [2] Group 2: Company Strategy - Guotai Junan Asset Management has established a dual-driven development pattern of "initial issuance + expansion" in the public REITs market, significantly enhancing market vitality [2][4] - The company views public REITs as a strategic business to provide financial services to the real economy and has formed a dedicated committee to coordinate resources for promoting public REITs [4] - The company has a leading advantage in the public REITs business, having secured multiple national firsts, and aims to create more value for investors through systematic promotion and refined operational management [4] Group 3: Asset Focus - Guotai Junan Asset Management focuses on various asset classes closely related to the real economy and people's livelihood, including commercial real estate, affordable rental housing, renewable energy, and municipal sectors, which possess stable cash flows and anti-cyclical properties [5] - The company is also continuously reserving cyclical assets such as industrial parks and logistics warehouses to provide diversified investment options for investors [5] Group 4: Future Plans - The future development plan of Guotai Junan Asset Management in the public REITs business will focus on four core areas: deepening regional presence, serving people's livelihood, empowering the real economy, and enhancing capabilities [6][7] - The company aims to strengthen its asset type expansion and regional layout, particularly in key areas like the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, while also exploring new infrastructure and long-term rental apartments [6] - The company plans to provide one-stop services for enterprises with asset revitalization needs, including investment banking, asset management, and operational services [7]