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： 国泰君安证券股份有限公司（以下简称"公司"、"本公司"或"国泰君安"） 已于 2025 年 1 月 22 日披露《国泰君安证券股份有限公司关于换股吸收合并海通 证券股份有限公司并募集配套资金暨关联交易之 A 股异议股东收购请求权实施公 告》（公告编号：2025-009）。 公司本次 A 股收购请求权行权价格为 14.86 元/股，成功申报收购请求权的 A 股异议股东将以 14.86 元/股的行权价格获得现金对价。2025 年 2 月 5 日，公司 A 股股票收盘价为 17.78 元/股，相较 14.86 元/股溢价 19.65%，若公司 A 股异议 股东行使收购请求权，将可能导致一定亏损，敬请 A 股异议股东注意风险。 本公告仅对公司 A 股异议股东收购请求权相关事宜进行说明，不构成对投资 者申报行权的建议。 证券代码：601211 证券简称：国泰君安 公告编号：2025-013 国泰君安证券股份有限公司 关于换股吸收合并海通证券股份有限公司 并募集配套资金暨关联 ...

日前，国星宇航递表港交所，国泰君安国际为独家保荐人。 招股书显示，国星宇航致力于商业卫星星座建设，构建天地一体化AI基础设施，面向全球范围稳定持 续提供广泛覆盖、低成本、低门槛的商业化星基解决方案与天基智算服务。自公司成立以来，率先专注 于探索AI技术与卫星技术的交叉领域。公司已在开发AI卫星及星基解决方案领域取得了显著成就，推 动了卫星行业的创新发展。截至最后实际可行日期，公司与合作伙伴共同开发了6颗传统遥感卫星及1颗 AI应用卫星；公司亦自主开发了6颗AI有效载荷、4颗AI应用卫星及4颗AI智算卫星。此外，截至最后实 际可行日期，公司已成功完成13项太空任务。 公司持续升级AI卫星技术能力，创造了在卫星领域多个业界领先的突破。根据弗若斯特沙利文的资 料，随着XSD-15于2024年发射，公司已成功完成全球首次卫星在轨运行AI大模型的技术验证，验证了 模型在太空环境的运行适应性、卫星平台的可靠性和在轨AI计算性能的有效性。公司亦推出"AI卫星网 络系统"项目，一个专注于通过AI及太空边缘计算技术推进卫星数据处理的计划。于2019年，该项目获 工信部评选为工信部新一代人工智能产业创新重点任务。于2021年，公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 43.41 billion yuan for 2024, representing a year-on-year growth of 20%, and a net profit attributable to shareholders of 13.02 billion yuan, which is a 39% increase year-on-year [4][6] - The company achieved a weighted ROE of 8.14% for 2024, with the fourth quarter net profit showing a significant year-on-year increase of 368% [4][6] - The company is expected to benefit from the merger with Haitong Securities, enhancing its business capabilities [6] Financial Data and Profit Forecast - The company's projected financials for 2024 include: - Revenue: 43.41 billion yuan - Net profit attributable to shareholders: 13.02 billion yuan - Earnings per share: 1.37 yuan - P/E ratio: 13.28 [5][7] - The company anticipates continued growth with net profits projected at 14.33 billion yuan for 2025 and 17.03 billion yuan for 2026, reflecting year-on-year growth rates of 10% and 19% respectively [6][7] Business Performance - The company has a strong performance in self-operated and brokerage businesses, with self-operated investment assets totaling 447.6 billion yuan, benefiting from a high proportion of fixed-income assets [6] - The brokerage business has shown significant growth, with a 32% increase in securities trading volume compared to the beginning of 2024 [6] - The company’s investment banking segment has seen a decline in IPO underwriting scale, but it remains competitive in the market [6] Merger and Integration - The merger with Haitong Securities has received approval and is expected to enhance the company's position as a leading international investment bank [6]

Core Points - Guotai Junan reported a revenue of 43.406 billion yuan for 2024, representing a year-on-year growth of 20.1% [1] - The net profit attributable to shareholders reached 13.018 billion yuan, with a year-on-year increase of 38.87% [1] - The company's total assets have surpassed 1 trillion yuan for the first time [2] Business Strategy - The company is focusing on a customer-centric approach while advancing its retail, corporate, and institutional service systems [2] - Key tasks include enhancing business competitiveness, accelerating digital transformation, and improving management efficiency [2] - Guotai Junan is committed to developing five major areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2] Mergers and Acquisitions - The company is actively pursuing a stock swap to absorb Haitong Securities, aiming to accelerate its progress towards becoming a world-class investment bank [3]

Financial Performance - In 2024, the company's operating revenue reached RMB 43,406.24 million, a year-on-year increase of 20.10%[2] - The net profit attributable to shareholders of the listed company was RMB 13,018.08 million, reflecting a growth of 38.87% compared to the previous year[2] - The basic earnings per share increased to RMB 1.39, up 41.84% from RMB 0.98 in the previous year[2] - The net profit excluding non-recurring gains and losses was RMB 12,433.18 million, a 42.62% increase year-on-year[2] - The weighted average return on equity rose to 8.14%, an increase of 2.12 percentage points from the previous year[2] - The net asset value per share attributable to shareholders of the listed company was RMB 19.18, up 2.29% from RMB 18.75 at the beginning of the period[2] - The total assets at the end of the reporting period were RMB 1,047,318.61 million, representing a 13.17% increase from the beginning of the period[2] Strategic Initiatives - The company is actively pursuing a merger with Haitong Securities, aiming to enhance its position as a leading international investment bank[5] - The company is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance to drive steady business growth[5] - The company emphasizes a customer-centric approach and aims to enhance its business competitiveness and digital transformation[5]

Group 1 - The company Guotai Junan (601211) reported its performance forecast on January 24, 2024, indicating a revenue of 43.406 billion yuan, representing a year-on-year growth of 20.10% [1] - The net profit attributable to shareholders of the listed company reached 13.018 billion yuan, showing a year-on-year increase of 38.87% [1] - The basic earnings per share (EPS) for the company is 1.39 yuan [1]

2024 年度第四期短期融资券兑付完成的公告 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。 国泰君安证券股份有限公司（以下简称"本公司"）于 2024 年 10 月 11 日 成功发行了国泰君安证券股份有限公司 2024 年度第四期短期融资券（以下简称 "本期短期融资券"），本期短期融资券发行额为人民币 30 亿元，票面利率为 2.14%，短期融资券期限为 104 天，兑付日期为 2025 年 1 月 23 日（详见本公司 于 2024 年 10 月 12 日登载于上海证券交易所网站（http://www.sse.com.cn）的 《国泰君安证券股份有限公司 2024 年度第四期短期融资券发行结果公告》）。 证券代码：601211 证券简称：国泰君安 公告编号：2025-011 国泰君安证券股份有限公司 2025 年 1 月 23 日，本公司完成了本期短期融资券的本息兑付工作。 特此公告。 国泰君安证券股份有限公司董事会 2025 年 1 月 24 日 ...

证券代码：601211 证券简称：国泰君安 公告编号：2025-009 国泰君安证券股份有限公司 关于换股吸收合并海通证券股份有限公司并募集配套 资金暨关联交易之 A 股异议股东收购请求权实施公告 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： 国泰君安证券股份有限公司（以下简称"公司"、"本公司"或"国泰君安"） 于 2024 年 12 月 13 日召开的 2024 年第三次临时股东大会审议通过了关于换股吸 收合并海通证券股份有限公司（以下简称"本次吸收合并"）并募集配套资金暨 关联交易（以下简称"本次交易"）的相关议案，在 2024 年第三次临时股东大会 上就《关于国泰君安证券股份有限公司换股吸收合并海通证券股份有限公司并募 集配套资金暨关联交易方案的议案》中"本次换股吸收合并的具体方案"项下的 各项子议案、"决议有效期"子议案及《关于签署附条件生效的<国泰君安证券股 份有限公司与海通证券股份有限公司换股吸收合并协议>的议案》进行表决时均投 出有效反对票，并且自公司 2024 年第三次临时股东大会的股权登记 ...

Core Insights - Guotai Junan's research report highlights the launch of Doubao's real-time voice model on January 20, which is now fully available on the Doubao APP [1] Group 1: Product Features - The model can understand emotional input language, is connected in real-time, and possesses strong voice control capabilities, closely resembling human interaction with ultra-low latency and the ability to be interrupted at any time [1] - The overall satisfaction of the Doubao real-time voice model shows a significant advantage over GPT-4o, particularly in the naturalness of voice tone and emotional richness [1] Group 2: Market Applications - The integration of emotional voice interaction is expected to significantly benefit AI hardware and software applications, lowering usage barriers, improving efficiency, and enhancing user experience [1] - Key application scenarios include: 1. Emotional companionship and smart education applications, with a focus on companies like Shengtian Network and Kunlun Wanwei [1] 2. AI companionship hardware such as AI toys and AI pets, which can help hardware manufacturers and IP providers expand demand, with attention on Shanghai Film and Talking Tom [1] 3. Life efficiency products like AI glasses, AI headphones, and AI speakers will benefit from improved interaction methods, with a focus on companies like Xiaomi Group [1]