证券代码：601211 证券简称：国泰海通 公告编号：2025-076 附件：吴红伟先生简历 根据《中华人民共和国公司法》《国泰海通证券股份有限公司章程》以及法 律、法规和相关规范性文件等规定，国泰海通证券股份有限公司（以下简称公司 或本公司）于近日以通讯方式召开公司第五届第七次职工代表大会，选举吴红伟 先生为公司第七届董事会职工董事，自 2025 年 7 月 3 日起履行董事职责。同时， 根据公司第七届董事会第一次会议决议，吴红伟先生于同日起担任公司第七届董 事会审计委员会委员。其担任公司董事和审计委员会委员的任期与公司第七届董 事会的任期一致。 吴红伟先生未持有本公司股票，与本公司的控股股东及实际控制人、其他持 股 5%以上的股东及董事、高级管理人员不存在关联关系，不存在《上海证券交 易所上市公司自律监管指引第 1 号—规范运作》第 3.2.2 条规定的不得被提名担 任上市公司董事及影响公司规范运作的情形，其任职资格符合《中华人民共和国 公司法》 《上海证券交易所股票上市规则》 《证券基金经营机构董事、监事、高级 管理人员及从业人员监督管理办法》等相关法律法规的要求。 特此公告。 国泰海通证券股份有限公司 ...

Core Viewpoint - In the first half of the year, seven brokerage firms implemented share buybacks totaling 191 million shares and an aggregate amount of 2.031 billion yuan, indicating a positive trend in the brokerage sector's valuation recovery due to various supportive measures and an improving market environment [1][2]. Group 1: Share Buyback Details - Seven brokerages have disclosed their share buyback progress, with notable examples including Dongfang Securities, Guotai Junan, and Zhongtai Securities, which collectively repurchased millions of shares and spent significant amounts [2]. - Dongfang Securities repurchased 26.70 million shares for 250 million yuan, Guotai Junan repurchased 59.22 million shares for 1.051 billion yuan, and Zhongtai Securities repurchased 33.50 million shares for 213 million yuan [2]. Group 2: Future Buyback Plans - Some brokerages have announced future buyback plans, such as Hongta Securities, which plans to repurchase between 100 million and 200 million yuan worth of shares to support its ongoing development [3]. Group 3: Purpose of Share Buybacks - The primary objectives of the share buybacks include maintaining company value and shareholder rights, optimizing capital structure, and enhancing shareholder returns [4]. - Brokerages like Zhongtai Securities and Hongta Securities explicitly stated that their repurchased shares would be canceled to reduce registered capital and improve shareholder returns [4]. Group 4: Broader Market Management Strategies - In addition to share buybacks, several major shareholders of brokerages have announced plans to increase their holdings, reflecting a growing awareness of enhancing investor returns [5]. - For instance, Tianfeng Securities' major shareholder increased its stake by 1.79 million shares for 502 million yuan, while Changcheng Securities' major shareholder plans to invest between 50 million and 100 million yuan [5]. Group 5: Market Outlook - Analysts predict that with the influx of long-term capital and increased market stability, the risk appetite in the market is likely to improve, which may lead to a recovery in brokerage valuations [6].

Core Viewpoint - The report from Guotai Junan Securities indicates that rare earth prices are expected to continue rising, transitioning the sector into a more favorable phase due to increasing demand from both domestic and international markets [1] Group 1: Market Phases - The rare earth sector's price increases can be divided into three phases: (1) confirmation of price bottom and valuation recovery, (2) digestion of excess profits with leading companies growing alongside orders, and (3) explosive market conditions leading to accelerated price increases and broad sector gains [1] - Currently, the sector is in the second phase, awaiting a resonance of price increases in both domestic and international markets [1] Group 2: Price Trends and Future Outlook - Since February 2025, the increase in rare earth commodity prices has been modest, resulting in a gradual upward trend for the sector overall [1] - With the upcoming peak season for domestic electric vehicles and the anticipated replenishment demand from overseas, rare earth prices are likely to rise further, facilitating the transition to the third phase where both commodity prices and stock prices will resonate upward [1]

Group 1 - The pace of IPO acceptance in A-shares has accelerated in the first half of the year, with a total of 177 IPO projects accepted by the three major exchanges, involving 38 securities firms [1][2] - The competitive landscape among leading securities firms has changed, with Guotai Junan and Haitong Securities taking the lead in IPO projects, while CITIC Securities has temporarily lost its top position [2][3] - Over 70% of IPO acceptance projects and over 80% of IPO underwriting amounts are concentrated in the top ten securities firms, highlighting the "Matthew Effect" in the investment banking ecosystem [1][5] Group 2 - In June alone, 151 new IPOs were accepted, accounting for over 85% of the total in the first half of the year [2] - Guotai Junan led with 26 accepted projects, followed by CITIC Securities with 22, and CITIC JianTou with 14 [2][3] - The total fundraising scale for A-shares reached 35.79 billion yuan, with CITIC JianTou leading in fundraising at 8.43 billion yuan [2][3] Group 3 - In the overseas market, Chinese companies completed 55 IPOs with a total fundraising of approximately 13.4 billion USD, with the top ten intermediaries completing 30 projects and accounting for nearly 60% of the underwriting scale [3][4] - CICC ranked first in the overseas market with an underwriting scale of 1.16 billion USD, while Guotai Junan and CITIC JianTou ranked lower [3][4] Group 4 - Smaller securities firms face more challenges in the competitive investment banking landscape, with over 20 firms having less than three accepted projects [5][6] - Some smaller firms, like Dongxing Securities, have shown notable performance with four IPO projects and a fundraising scale of 2.545 billion yuan [6][7] - The path for smaller firms to break through includes seeking merger and acquisition opportunities and exploring differentiated business development [6][7]

报告导读： 2025 年 1-4 月全社会用电量增幅较弱导致火电需求下降 4.1% ，我们认为 这可能是中期对于煤炭需求端压力最大的时刻，煤炭的需求底部已现。 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称：从用电结构变化看电煤需求底部支撑——煤炭行业电煤需求深度研究 报告日期：2025.07.02 报告作者： 黄涛 （分析师），登记编号： S 0880515090001 王楠 瑀 ( 研究助理 ) ，登记编号：S 0880123060041 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听 内容 从全社会用电量的结构变化看用电核心产业变迁，经济对于电力的影响在快速削弱 。过去二十年来，二产 用电（主要是制造业）是拉动电力需求增长的核心，由于制造业与经济的强相关性，也造成了市场对于经 济与电力需求强相关的固有概念。但我们观察到电力消费弹性系数（用电量增速/GDP增速）在2018年以 后快速从历史均值的1左右提升至1.3-1.4，背后反映的是用电结构正在发生里程碑式的变化，三产（主要 是新能源车充换电、AI等）及城乡居民用电（电气化率提升）在2024年已经占到边际 ...

Summary of Key Points Core Viewpoint - The glass futures market shows a mixed trend with a slight increase in the main contract price, while trading volume and positions indicate a net short position among the top 20 participants [1]. Trading Data - As of July 3, the main contract for glass (2509) closed with a price increase of 1.56%, with a trading volume of 3,468,400 contracts, a decrease of 642,000 contracts from the previous day [1]. - The top 20 positions show a total long position of 1,007,900 contracts, down by 29,300 contracts, and a total short position of 1,295,000 contracts, up by 101,000 contracts [1]. Position Changes - The top three long positions are held by Guotai Junan (total position 123,994), CITIC Futures (77,440), and Huatai Futures (67,699) [1]. - The top three short positions are also led by Guotai Junan (256,566), followed by Galaxy Futures (110,307) and CITIC Futures (97,134) [1]. Notable Changes in Positions - The largest increase in long positions was seen in Shenyin Wanguo (26,127 contracts, an increase of 7,179), followed by GF Futures (30,838 contracts, an increase of 5,437) and CITIC Jiantou (39,244 contracts, an increase of 4,652) [1]. - The largest decrease in long positions was recorded by Dongzheng Futures (58,894 contracts, a decrease of 21,625), followed by Haitong Futures (30,643 contracts, a decrease of 11,952) and Everbright Futures (27,650 contracts, a decrease of 7,549) [1]. Overall Market Sentiment - The overall market sentiment appears to be leaning towards bearishness, as indicated by the increase in short positions among the top participants [1].

Group 1 - The core viewpoint is that China's electricity consumption structure is undergoing a milestone change, with the tertiary industry and residential electricity consumption accounting for 50% of the marginal increase, leading to a significant decrease in the correlation between electricity demand and economic growth [1] - The elasticity coefficient of electricity consumption has increased from around 1 to 1.3-1.4 since 2018, indicating a shift in the electricity consumption structure, with the tertiary industry and urban-rural residential electricity consumption becoming more prominent [1] - The peak pressure for thermal power from renewable energy substitution may have already passed, with coal prices expected to rebound and establish a new bottom at 620-650 yuan/ton [1] Group 2 - In Q1 2025, the total electricity consumption growth was only 2.5%, primarily due to a warm winter affecting urban and rural residential electricity consumption, which grew only 1.5% compared to 10.6% in 2024 [2] - The recovery of urban and rural residential electricity consumption in April and May indicates that Q1 may represent the bottom for annual electricity consumption growth [2] - The mid-term pressure on thermal power is expected to peak in 2025 due to the historical high of renewable energy installations in 2024 and the impact of new policies on solar power [2] Group 3 - The coal market's fundamentals are becoming clearer, with prices starting to rise as of June 20, reflecting an improvement in the supply-demand balance since May [3] - The overall coal supply is expected to decrease slightly throughout the year, with domestic production showing a significant decline in April and May compared to Q1 [3] - The coal price is anticipated to rebound during the summer peak electricity demand, establishing a bottom at 620-650 yuan/ton [3]

Group 1 - The core viewpoint of the article highlights a significant recovery in A-share equity financing in the first half of 2025, with total fundraising exceeding 761 billion yuan, marking a year-on-year increase of over 400% [1][3] - The investment banking landscape is undergoing a transformation due to a wave of mergers and acquisitions, leading to a more concentrated market structure [1][4] Group 2 - The top five securities firms dominate the equity underwriting market, holding nearly 70% of the market share, with CITIC Securities, Guotai Junan Securities, and CITIC Jianan leading with underwriting amounts of 145.49 billion yuan, 120.25 billion yuan, and 110.12 billion yuan respectively, together accounting for 48.67% of the market [3] - The number of IPO applications surged in the first half of 2025, with 180 companies accepted by exchanges, surpassing the total for the entire year of 2024, while the top ten sponsoring institutions secured over half of the market share with 96.5 projects [3] - Mid-sized securities firms are actively competing in the market, with firms like Guolian Minsheng Securities focusing on niche areas such as the Beijing Stock Exchange and the Growth Enterprise Market, achieving significant project sponsorship [3] Group 3 - The acceleration of mergers and acquisitions among securities firms is seen as a crucial strategy to enhance industry competitiveness, with notable cases such as the merger between Guolian Securities and Minsheng Securities, which significantly boosts their investment banking capabilities [4] - Industry experts believe that mergers and acquisitions will not only improve the competitive position of securities firms but also facilitate supply-side reforms within the industry [4] - The consolidation of the industry is expected to enhance overall competitiveness, optimize resource allocation, and promote healthy market development [4]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have announced support for the issuance of technology innovation bonds, expanding the range of issuers to include financial institutions, technology companies, private equity investment institutions, and venture capital institutions [1][2] Group 1: Issuance Plans - Major financial institutions such as the China Development Bank, Industrial and Commercial Bank of China, and Industrial Bank have announced plans to issue technology innovation bonds, with total issuance expected to reach 200 billion yuan from the China Development Bank and 100 billion yuan from the Industrial Bank [1] - As of May 8, 36 companies have announced plans to issue technology innovation bonds with a total scale of 21 billion yuan, while 14 companies have registered for issuance with a total scale of 18 billion yuan [1][2] - Securities firms have also responded actively, with announcements for a total of up to 17.7 billion yuan in technology innovation bonds, including plans from major firms like CITIC Securities and China Merchants Securities [2] Group 2: Funding Utilization - The funds raised from the issuance of technology innovation bonds will primarily support the development of technology innovation businesses, including investments in national technology innovation demonstration enterprises and manufacturing champions [1][3] - Specific allocations include 70% of funds from Guotai Junan being directed towards supporting technology innovation sectors such as integrated circuits, artificial intelligence, and renewable energy [3] Group 3: Market Impact and Trends - The inclusion of financial institutions as issuers of technology innovation bonds is expected to enhance market vitality and expand the market for technology innovation bonds, facilitating better funding support for technology innovation [2][4] - Data indicates that the issuance scale of technology innovation bonds is projected to exceed 1.2 trillion yuan in 2024, reflecting a year-on-year growth of 59% [3] - The average issuance interest rate for 5-year AAA-rated technology innovation bonds is expected to remain lower than that of ordinary corporate bonds, indicating a favorable financing environment for issuers [3][5]

科创债新规以来，券商除了自身发行科创债以外，还在积极发挥中介机构作用，帮助各类企业发行科创 债。 "作为宁波轨交科创债牵头主承销商，我们深度挖掘客户亮点，吸引银行机构、保险公司、基金公司等 多家投资机构踊跃参与。"中信建投证券称。 证券时报记者了解到，一方面，券商在承销科创债过程中第一时间响应政策，论证客户的科创属性，并 通过广泛推介询价，充分挖掘市场需求及资源，引入基石投资者；另一方面，券商还积极开展科创债的 做市报价服务，提升科创债市场流动性。 同时，监管对于券商的展业评价也将进一步完善。近日，中国人民银行、中国证监会就支持发行科技创 新债券有关事宜公告称，"建立科技创新债券专项承销评价体系和做市机制，组织做市商为科技创新债 券提供专门做市报价服务，建立承销、做市联动机制。提高科技创新债券承销、做市在承销商、做市商 评价体系中的权重。" 5月8日，中信建投作为牵头主承销商及簿记管理人，助力中国石化集团资本有限公司（下称"石化资 本"）成功发行新一期科技创新公司债券。 "我们与石化资本持续密切关注政策走向，第一时间响应政策号召，最终成功发行了相关支持政策发布 后的首单央企科技创新公司债券。"中信建投证券表示 ...