证券代码：601211 证券简称：国泰海通 公告编号：2025-105 国泰海通证券股份有限公司关于召开2025年第二次临时股东会的通知 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： ● 股东会召开日期：2025年12月29日 ● 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年12月29日 14点00分 召开地点：上海市南京西路768号405室 (五)网络投票的系统、起止日期和投票时间。 至2025年12月29日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的9:15- 15:00。 (六)融 ...

智通财经APP获悉，国泰海通证券发布研究报告称，服务消费景气提升，科技硬件延续涨价。上周 (11.24-11.30)中观景气表现分化，值得关注：1)内需景气线索有所增多，冰雪出行和电影市场景气度显 著提升，或反映地产和耐用品消费收缩之余，"吃喝玩乐"相关的服务型和大众品消费复苏趋势持续显 现。2)新兴科技行业延续高景气，但短期AI泡沫叙事影响下，TMT硬件景气增长的持续性有赖于AI应 用取得积极进展。后续重点关注AI应用商业化进展。3)建工需求偏弱，内需资源品大多偏弱震荡，海外 降息预期再度升温，国际金属价格大幅上涨;受铁矿增产影响，干散运价格环比延续提升。 国泰海通主要观点如下： 下游消费：服务消费景气显著提升，地产耐用品仍承压。1)服务消费：国内冰雪游景气度显著提升，根 据同程旅行，广州-哈尔滨26年元旦机票均价较25年11月提升约56%，主因国内气温下降，居民冰雪消 费情绪提升;电影票房同/环比+326.7%/+355.7%，主因引进爆款新片上映拉动观影需求增长。2)地产：30 大中城市商品房成交面积同比-34.3%，其中一线/二线/三线城市商品房成交面积同 比-31.6%/-33.9%/-40.7%， ...

Core Insights - The article focuses on optimizing a timing model based on price and volume factors, addressing issues of instability, signal volatility, and the reliability of single signals [1][2]. Factor Selection - The model employs a dual standard of group IC and threshold settings to tackle the challenge of unstable effectiveness, ensuring that selected factors can consistently predict outcomes across different value ranges [2]. Model Training and Signal Generation - A strategy of random grouping and independent training is used to filter noise and balance signal robustness. The signal generation process involves rolling smoothing and multi-group voting to ensure accurate and stable timing signals [3]. - Backtesting from 2019 to September 2025 shows significant improvements over benchmarks, with a 1-day signal yielding an annualized return of 3.61% and a Sharpe ratio of 1.12, outperforming the benchmark [3].

报告导读： 豆包推出 AI 手机助手预览版，持续探索 AI 大模型对手机的赋能，推动 Agent 形态的形成。 AI 手机的时代即将到来， 同时 更加丰富的端侧硬件生态加快崛起 投资建议。 豆包推出 AI 手机助手预览版，持续探索 AI 大模型对手机的赋能，推动 Agent 形态的形成。 AI 手机的时代即将到来，同时更加丰富的端侧硬件 生态加快崛起。 豆包发布 AI 手机助手预览版，作为系统级 Agent 可以执行复杂指令，实现从信息搜索到信息处理，再到跨应用沟通的完整闭环。 豆包手机助手实现了与操 作系统的深度融合，比单一 APP 有更高系统权限，可以调用底层硬件能力和系统服务。 用户无需点击图标进入，而是通过侧边栏、实体键或语音直接唤醒， 随时随地覆盖在任何界面之上。同时豆包手机助手运行不打断当前正在进行的 app 进程。 豆包助手能够"看懂"用户当前屏幕上的内容，并基于此进行对话或 操作（比如生成回复、协助用户处理微信好友的请求）。 同时豆包助手能够识别屏幕上的 UI 元素，模拟人手进行点击、滑动和输入等操作，实现复杂的跨应 用任务；比如帮助用户在多个购物平台上比价某商品并下单；出国做旅行攻略，在小红 ...

国泰海通证券股份有限公司（以下简称"公司"）自合并重组以来，积极践行"五要五不"中国特色金融文化，不断完善全链条廉洁从业管理体系，持续强 化廉洁文化价值引领，积极培育廉洁文化良好生态，深耕厚植崇廉尚洁文化根基，为公司高水平整合融合与高质量发展注入持久强劲"廉动力"。 强化党建引领，筑牢廉洁从业思想根基 公司党委切实发挥把方向、管大局、保落实的领导作用，认真履行全面从严治党主体责任，以《党建工作责任书》《党风廉政建设责任书》为抓手，深 化细化"四责协同"机制，推动党建工作与廉洁从业深度融合。通过开展"违反中央八项规定精神突出问题专项治理""整治违规吃喝问题"等专项行动，持续释 放一严到底的强烈信号。公司成立党风廉政建设和反腐败工作协调小组，定期召开专题会议，传达上级精神、部署重点任务，统筹推进廉洁从业各项工作， 持续营造风清气正的政治生态。 公司党委着力把廉洁文化建设与深入贯彻中央八项规定精神学习教育紧密结合，聚焦以"关键少数"带动"绝大多数"。举办三期覆盖全体中层干部的深入 贯彻中央八项规定精神学习教育专题读书班，并开展公司文化焕新专题研讨，通过共学共商共享铸牢廉洁文化理念，以作风建设引导廉洁文化入脑入心，以 ...

Group 1 - The report highlights that Japan's bond market experienced its most severe sell-off since 1999, driven by a combination of fiscal expansion, central bank policy shifts, and supply-demand imbalances [6][7][8] - The Japanese government's economic stimulus plan of 21.3 trillion yen (approximately 3.5% of GDP) raised concerns about debt sustainability, leading to increased selling pressure in the bond market [6][7] - The Bank of Japan's reduction in long-term bond purchases exacerbated supply pressures, with the 30-year bond yield reaching a historic high of 3.26% [7][8] Group 2 - The report identifies common characteristics of global bond market volatility, noting that developed markets have also experienced significant adjustments in response to central bank policy signals [11][12] - In the UK, a crisis of fiscal credibility led to a surge in 30-year gilt yields to the highest levels since 1998, reflecting concerns over government debt sustainability [12] - Australia's bond market saw a sharp increase in yields following unexpected inflation data, indicating a shift in market expectations regarding interest rate movements [13][15] Group 3 - The report discusses the vulnerabilities of emerging markets, highlighting that their bond markets are particularly sensitive to changes in central bank policies, leading to amplified volatility [20][21] - Argentina's recent crisis exemplifies this vulnerability, with a significant rise in sovereign debt risk premiums amid concerns over fiscal sustainability [21][22] - The report notes that emerging markets face challenges due to shallow liquidity and reliance on foreign capital, which can lead to rapid capital outflows in response to policy shifts [20][23] Group 4 - The report emphasizes the importance of balancing fiscal expansion, central bank operations, and market absorption capacity in the context of Japan's bond market [28][29] - It suggests that while Japan's experience offers lessons, significant differences exist in capital account management and monetary policy tools between Japan and other countries [28][29] - The report warns that ongoing fiscal stimulus in China could lead to reassessments of long-term interest rate levels, particularly if nominal growth does not meet expectations [28][30] Group 5 - The report outlines potential scenarios for Japan's bond market, particularly in light of the upcoming Bank of Japan policy meeting, where tensions between fiscal stimulus and monetary tightening may influence market reactions [33][34] - It notes that the yield curve could steepen if interest rate hikes materialize, but economic data surprises could limit long-term yield increases [34][35] - The report highlights the differentiated risk profiles of various bond maturities, with longer-duration bonds facing greater price volatility in a low liquidity environment [35][36]

□上交所发布数据显示，2025年前三季度，沪市新增资产重组单数达602家次，其中重大资产重组新增 76家次，同比增长117%，合计交易金额超4000亿元 □Wind统计数据显示，以独立财务顾问口径计算，截至目前，今年获受理并购重组项目数量排名靠前的 券商依次是华泰联合（11）、中信证券（10）、中信建投（10）、国泰海通（9）、中金公司（7），头 部券商优势明显 据上交所此前发布的数据，自"并购六条"发布以来，并购重组活跃度显著提升。2025年前三季度，沪市 新增资产重组单数达602家次，其中重大资产重组新增76家次，同比增长117%，合计交易金额超4000亿 元，远超去年同期。 华安证券投行部相关负责人对上海证券报记者表示，自"并购六条"发布后，监管层不断通过简化审核流 程、创新支付手段、明确私募基金重组锁定期"反向挂钩"等举措，降低企业并购成本与难度。2025年相 关规则进一步修订后，市场活力被充分激发。 在A股并购重组市场生态从"量变"到"质变"的过程中，产业整合"挑大梁"，科创属性成为本轮并购潮中 最鲜明的标签。据国联民生承销保荐统计，截至今年10月末，自"并购六条"发布以来新增披露的资产收 购类重组 ...

Core Viewpoint - Multiple factors support the performance of Chinese equities, maintaining a tactical overweight view on A/H shares [1] Group 1: Market Conditions - Global risk appetite has significantly declined, leading to increased asset volatility and panic selling, which has greatly released micro trading risks [1] - The importance of economic growth at the start of the 14th Five-Year Plan is highlighted, with an approaching policy window period suggesting the market may establish new expectations [1] Group 2: Regulatory Environment - The regulatory authorities show strong determination and action plans to stabilize the capital market in the short term [1] Group 3: Valuation and Investment Outlook - Factors that previously caused valuation discounts in the stock market have been alleviated, with tail risks decreasing and the stabilization of RMB assets [1] - The Chinese capital market is in a cycle of valuation recovery and significant development, with potential for substantial upside [1] - Chinese equities offer a higher risk-return profile compared to other major asset classes [1]

2025年12月1日，众生药业（股票代码：002317）在公司会议室接待了机构调研，国泰海通证券股份有 限公司、上海睿郡资产管理有限公司分析师及研究员参与了现场交流。公司董事会秘书杨威、证券事务 代表陈子敏就核心产品进展、临床研发及商业化战略等问题与机构进行了深入沟通。 核心产品进展：昂拉地韦片全球首款优势显著，商业化路径清晰 研发战略升级：加码众生睿创持股，强化创新布局 调研中，公司明确表示将持续聚焦呼吸系统、代谢性疾病领域，通过增持控股子公司众生睿创股权强化 研发协同。众生睿创作为公司创新转型的核心平台，专注于上述领域创新药研发与商业化，此次持股比 例提升后，公司将进一步整合资金、资源与管理优势，加速推进在研项目落地。 早研管线方面，公司已布局多个差异化项目：呼吸系统领域，针对呼吸道合胞病毒（RSV）的小分子药 物已确定临床前候选化合物（PCC），国内尚无同类药物获批；代谢领域，超长效GLP-1/GIP/GCG三受 体激动剂RAY0221已进入临床前研究，同时探索Amylin类多肽、口服GLP-1RA小分子等前沿赛道，持 续丰富管线梯队。 公司强调，本次调研未涉及应披露重大信息，未来将继续以"高质量、加速 ...

Core Viewpoint - The Guotai Junan Zimeng team has achieved significant recognition in the food and beverage research sector, winning the title of "Best Analyst in the Food and Beverage Industry" at the 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Awards, reflecting their deep understanding of consumer trends and a mature research framework [1][2]. Group 1: Team Performance - The Guotai Junan Zimeng team moved from second place in the 2024 awards to first place in 2025, indicating a strong competitive potential and improvement in research capabilities [2]. - The competition landscape changed significantly, with the GF Securities team ranking second and Huachuang Securities team dropping to fourth place [2]. Group 2: Award Details - The Guotai Junan team members include Zimeng, Yan Huijing, Xu Yang, Yao Shijia, Li Yao, Cheng Biheng, Zhang Yuxuan, Chen Liyu, Li Meiyi, Pang Yuze, Miao Xin, Zhang Jiaying, Yang Liu, Yan Qinghui, and Li Yibing [1]. - The awards highlighted the top teams in the food and beverage sector, with Guotai Junan taking first place, GF Securities second, and Changjiang Securities third [3]. Group 3: Industry Insights - The Zimeng team believes that the liquor industry is currently undergoing a rapid clearing adjustment phase, with inventory levels decreasing and stock prices potentially rising amidst market pessimism [9]. - The beer industry is expected to clear earlier than the liquor sector, with increasing differentiation within the industry, suggesting investors should focus on regionally competitive beer leaders [9].