人民财讯12月2日电，中泰证券（600918）研报表示，《疯狂动物城2》表现超预期，票房有望突破40亿 元。《疯狂动物城2》不仅拓展了影视IP的盈利空间，同时借助联名热度反哺电影传播，让超级IP的价 值持续放大。未来，经典影视IP商业价值开发将继续延伸；新IP的后链路开发将前置，电影宣发期即进 行商业拓展，形成声量的互动叠加。2025年贺岁档与2026年春节档，中国电影（600977）市场有望实现 持续火热。中泰证券认为，电影行业进入到高质量供给推动行业增长的阶段。2025年以来，引进片数量 快速恢复，动画电影呈现空前繁盛，电影IP后链路开发不断拓展，票房与非票双向增加，监管政策释放 积极信号，行业收入周期性、结构性难题的应对路径正逐渐拓宽。建议持续关注：优质内容供给及引进 方；电影院线；电影票务及服务。 ...

中泰证券股份有限公司 信息披露义务人的一致行动人：新汶矿业集团有限责任公司 住所及通讯地址：山东省泰安市新泰市新汶办事处 信息披露义务人：枣庄矿业（集团）有限责任公司 住所及通讯地址：山东省枣庄市薛城区泰山南路 股份变动性质：信息披露义务人认购公司向特定对象发行 A 股股票，持有 股份数量和比例增加 签署日期：2025 年 12 月 1 上市公司名称：中泰证券股份有限公司 股票上市地点：上海证券交易所 股票简称：中泰证券 股票代码：600918 信息披露义务人声明 简式权益变动报告书 四、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人没 有委托或者授权任何其他人提供未在本报告书中列载的信息和对本报告书做出 任何解释或者说明。 五、信息披露义务人承诺本报告书及其申报材料不存在虚假记载、误导性陈 述或重大遗漏，并对其真实性、准确性、完整性承担法律责任。 2 | | | 释义 在本报告书中，除非另有说明，下列简称具有如下含义： 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》和《公开发行证券的公司信息披露内容与格式准 则第 15 号——权益变动报告书》等 ...

证券代码：600918 证券简称：中泰证券 公告编号：2025-071 中泰证券股份有限公司 关于向特定对象发行股票 股东权益变动的提示性公告 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： 本次权益变动系中泰证券股份有限公司（以下简称"公司"）向特定对 象发行 A 股股票（以下简称"本次发行"）所致。 本次权益变动未导致公司控股股东及实际控制人发生变化。 根据《上市公司收购管理办法》（以下简称《收购管理办法》）的有关 规定，本次权益变动属于可以免于发出要约的情形。 一、本次权益变动基本情况 经中国证券监督管理委员会《关于同意中泰证券股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2025〕2259 号）同意，公司向特定对象发行 人民币普通股股票 996,677,740 股（以下简称"本次发行"），本次发行股份 已于 2025 年 11 月 28 日在中国证券登记结算有限责任公司上海分公司办理完毕 股份登记手续。 本次发行，公司控股股东枣庄矿业（集团）有限责任公司（以下简称"枣矿 集团"）以现金方式认购 ...

证券简称：中泰证券 证券代码：600918 中泰证券股份有限公司 向特定对象发行 A 股股票 上市公告书 保荐人（联席主承销商） 联席主承销商 二〇二五年十二月 特别提示 一、发行数量及价格 1、发行数量：996,677,740 股 2、发行价格：6.02 元/股 3、认购方式：现金 4、募集资金总额：5,999,999,994.80 元 5、募集资金净额：5,919,388,015.69 元 二、新增股票上市时间 本次发行新增股份将于限售期届满后的次一交易日起在上交所上市流通交 易，如遇法定节假日或休息日，则顺延至其后的第一个交易日。 三、新增股份的限售期安排 根据《注册管理办法》《证券公司行政许可审核工作指引第 10 号——证券公 司增资扩股和股权变更》等相关规定，结合公司存在控股股东和实际控制人的实 际情况，本次向特定对象发行股票完成后：枣矿集团认购的本次发行的股份自本 次发行结束之日起 60 个月内不得转让；其他持有公司股份比例超过 5%（含本数） 的特定发行对象，其本次认购的股份自发行结束之日起 36 个月内不得转让；持 有公司股份比例低于 5%的特定发行对象，其本次认购的股份自发行结束之日起 6 ...

东吴证券股份有限公司 关于 中泰证券股份有限公司 向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） （苏州工业园区星阳街 5 号） 二〇二五年十二月 声 明 东吴证券股份有限公司（以下简称"东吴证券"或"保荐人"）接受中泰证 券股份有限公司（以下简称"中泰证券""发行人"或"公司"）的委托，担任其 向特定对象发行 A 股股票的保荐人，为本次发行出具上市保荐书。 保荐人及保荐代表人根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发行注册管 理办法》（以下简称"《注册管理办法》"）等有关法律法规和中国证监会及上海证 券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行 业执业规范和道德准则出具上市保荐书，并保证所出具文件的真实性、准确性、 完整性。 在本上市保荐书中，除上下文另有所指，释义与《中泰证券股份有限公司向 特定对象发行 A 股股票募集说明书》一致。 | （三）保荐人的保荐代表人及其配偶，董事、监事、高级管理人员拥有发行 | | | --- | --- | | 人权益、在发行人任职等情况 | 18 ...

关于枣庄矿业（集团）有限责任公司 认购中泰证券股份有限公司 向特定对象发行 A 股股票免于发出要约事宜 之 专项核查意见 济南市龙奥西路 1 号银丰财富广场 C 座 19、20、25 层邮编：250014 19、20、25/F,BlockC,YinfengFortunePlaza,No.1Long'aoxiRoad,Jinan250014,China 电话/Tel:+8653186112118 传真/Fax:+8653186110945 网址/Website:http://www.grandall.com.cn 二〇二五年十二月 国浩律师（济南）事务所 | 目录 | | 1 | | --- | --- | --- | | 释义 | | 2 | | 第一节 | 正文 | 4 | | | 一、认购对象的主体资格 4 | | | | 二、本次发行及认购的批准和授权 5 | | | | 三、本次认购的基本情况 8 | | | | 四、本次认购符合《收购管理办法》规定的免于发出要约的情形 8 | | | 五、结论意见 | 9 | | | 第二节 | 签署页 11 | | 国浩律师（济南）事务所 专项核查意见 释义 除非 ...

证券代码：600918 证券简称：中泰证券 公告编号：2025-070 中泰证券股份有限公司 关于向特定对象发行股票结果暨股本变动公告 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： 预计上市时间：中泰证券股份有限公司（以下简称"公司""中泰证券" 或"发行人"）向特定对象发行人民币普通股（A 股）股票（以下简称"本次发 行"）对应的 996,677,740 股已于 2025 年 11 月 28 日在中国证券登记结算有限责 任公司上海分公司办理完毕登记、托管及限售手续。公司本次发行新增股份为有 限售条件流通股，将于限售期届满后的次一交易日起在上海证券交易所（以下简 称"上交所"）上市流通交易，如遇法定节假日或休息日，则顺延至其后的第一 个交易日。 资产过户情况：本次发行的股票全部以现金认购，不涉及资产过户情况。 1、本次发行履行的内部决策程序 2023 年 6 月 30 日，公司召开第二届董事会第六十九次会议，审议通过了《关 于公司向特定对象发行 A 股股票方案的议案》等议案，对公司符合向特定对象 发行 A 股 ...

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The 7th Sina Finance Golden Unicorn Best Analyst award was won by Zhongtai Securities in the electronics sector, with team members including Wang Fang, Yang Xu, Li Xuefeng, Liu Bowen, Hong Jialin, Ding Beiyu, and Kang Lixia [1] Group 2 - The storage super cycle is expected to begin, with mainstream and niche prices rising across the board, maintaining a tight supply-demand situation through 2026 [2] - The current round of storage price increases started in Q2 2025, with Q3 showing an expanded increase driven by the explosive demand from AI inference, and Q4 price hikes exceeding expectations [2] - The profitability of storage companies has significantly improved since Q3, and with continued price increases, profitability is expected to sustain [2] - AI is driving high demand for storage, with tight supply anticipated until 2026; mainstream storage demand is robust due to server needs and stable consumer electronics, while AI PCs and AI smartphones will contribute additional growth [2] - Limited new capacity for DRAM and conservative expansion for NAND, primarily through process upgrades, will lead to sustained tightness in supply through 2026 [2] - The exit of three major manufacturers has led to a contraction in supply for niche storage, with continued tightness expected for niche DRAM, SLC NAND, and NOR Flash prices starting to rise from Q3 [2]

Company Overview - Baima Tea is a leading tea brand and retail chain in China, covering all six major tea categories and tea-related products [2] - In 2024, Baima Tea is expected to rank first in the number of domestic tea chain stores and hold the largest market share in both Oolong and black tea categories [2] - The company has achieved a revenue and profit CAGR of 8.6% and 16.2% respectively over the past three years, with projected revenues and net profits of 2.143 billion and 224 million yuan in 2024 [2] - Baima Tea operates three main brands: the core Baima Tea brand, the sub-brand Xinjihua focusing on high-end Pu'er tea, and the newly established sub-brand Wanshanhong targeting younger consumers [2] Industry Landscape - The high-end tea market is growing faster than the overall market, with a projected market size of 325.8 billion yuan in 2024 and a high-end segment expected to reach 103.1 billion yuan [3] - The high-end tea market is anticipated to grow at a CAGR of 5.6% from 2024 to 2029 [3] - The Chinese tea market is characterized by a long-standing issue of "having categories but no brands," leading to a highly fragmented high-end tea market with a CR5 of approximately 5.6% in 2024 [3] - Baima Tea is expected to hold a market share of about 1.7% in the high-end tea market in China, ranking first [3] Brand Development - Baima Tea is recognized for its deep cultural heritage, being led by a descendant of a 300-year-old tea-making family and inheritor of the Intangible Cultural Heritage of Tieguanyin tea [4] - The company has established a strong brand image as a high-end tea brand in China, with a nationwide sales network covering various city tiers [4] - By mid-2025, Baima Tea plans to have a total of 3,585 stores, with 90% being franchise stores [4] - The company has successfully created a flagship product, "Saizhenzhu," which addresses consumer choice anxiety in the tea market [4] Future Growth Drivers - The company plans to increase its store penetration by adding 1,500 new stores within three years and upgrading existing stores to enhance customer experience and sales efficiency [5] - Baima Tea aims to strengthen its flagship product strategy and expand its product matrix to cover various price ranges and consumer demographics [5] - The company is exploring the development of pure tea beverages and expanding sales channels to establish Baima Pure Tea as a new growth point [5]

Company Background - Eight Horses Tea is a leading tea brand and retail chain in China, covering all six major categories of tea and tea utensils [1] - The company is expected to rank first in the number of tea chain stores in China by 2024, with significant market shares in Oolong and black tea [1] - Over the past three years, the company's revenue and profit have grown at a CAGR of 8.6% and 16.2%, respectively, with projected revenues and net profits of 2.143 billion and 224 million yuan in 2024 [1] - The company operates three main brands: the core brand Eight Horses Tea, the sub-brand Xinjihua focusing on high-end Pu'er tea, and the newly established sub-brand Wanshanhong targeting younger consumers [1] Industry Landscape - The high-end tea market is growing faster than the overall market, with a projected market size of 325.8 billion yuan in 2024 and a high-end segment size of 103.1 billion yuan [2] - The high-end tea market is expected to grow at a CAGR of 5.6% from 2024 to 2029 [2] - The Chinese tea market is fragmented, with a CR5 of approximately 5.6% in 2024, and Eight Horses Tea holds a market share of about 1.7% in the high-end segment, ranking first [2] Brand Development - Eight Horses Tea is recognized for its deep cultural heritage, with its founder being a descendant of a 300-year-old tea-making family and a practitioner of intangible cultural heritage techniques [3] - The company has established a strong brand presence in the tea retail sector, with a sales network covering all major cities in China [3] - As of the first half of 2025, the company plans to have a total of 3,585 stores, with 90% being franchise stores [3] Future Growth Drivers - The company aims to increase its store penetration by adding 1,500 new stores within three years and upgrading existing stores to enhance customer experience and sales efficiency [4] - It plans to strengthen its big product strategy and expand its product matrix to cover various price ranges and consumer groups [4] - The company is exploring the development of ready-to-drink pure tea beverages as a new growth point in the future [4]