国泰海通公告，预计2025年年度实现归属于母公司所有者的净利润人民币275.33亿元到人民币280.06亿 元，同比增加111%到115%。2025年，国内资本市场活跃度与景气度上行，公司积极把握市场机遇，充 分发挥合并后的品牌优势、规模效应和互补效应，优化升级零售、机构、企业三大客户服务体系，以提 升综合能力实现客户经营"增量扩面、提质增效"，资产规模及经营业绩创历史新高，财富管理、机构与 交易等业务收入同比显著增长，此外因公司吸收合并海通证券股份有限公司所产生的负商誉计入营业外 收入。 ...

证券代码：601211 证券简称：国泰海通 公告编号：2026-004 国泰海通证券股份有限公司 2025年年度业绩预增公告 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： 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升 50% 以上。 国泰海通证券股份有限公司（以下简称公司）预计 2025 年年度实现归属 于母公司所有者的净利润人民币 275.33 亿元到人民币 280.06 亿元，同比增加 111%到 115%。 预计公司 2025 年年度实现归属于母公司所有者的扣除非经常性损益的 净利润人民币 210.53 亿元到人民币 215.16 亿元，同比增加 69%到 73%。 一、本期业绩预告情况 1.经初步测算，预计公司 2025 年年度实现归属于母公司所有者的净利润人 民币 275.33 亿元到人民币 280.06 亿元，与上年同期（人民币 130.24 亿元）相比， 将增加人民币 145.09 亿元到人民币 149.82 亿元，同比增加 111%到 115%。 2.预计公司 2025 年年度实 ...

（文章来源：每日经济新闻） 每经AI快讯，1月27日，国泰海通(601211.SH)公告称，预计2025年归属于上市公司股东的净利润为 275.33亿元至280.06亿元，同比增加111%至115%。2025年，国内资本市场活跃度与景气度上行，公司 积极把握市场机遇，充分发挥合并后的品牌优势、规模效应和互补效应，优化升级零售、机构、企业三 大客户服务体系，以提升综合能力实现客户经营"增量扩面、提质增效"，资产规模及经营业绩创历史新 高，财富管理、机构与交易等业务收入同比显著增长，此外因公司吸收合并海通证券股份有限公司所产 生的负商誉计入营业外收入。 ...

格隆汇1月27日丨国泰海通(601211.SH)公布，公司预计2025年年度实现归属于母公司所有者的净利润人 民币275.33亿元到人民币280.06亿元，同比增加111%到115%。预计公司2025年年度实现归属于母公司 所有者的扣除非经常性损益的净利润人民币210.53亿元到人民币215.16亿元，同比增加69%到73%。 报告期内，公司积极践行金融使命，主动服务国家重大战略，坚持稳中求进、主动作为，平稳高效完成 合并交易，有序推动整合融合，扎实做好金融"五篇大文章"，全面提升经营管理水平，初步实现"1+1＞ 2"的效果，为加快打造一流投资银行奠定坚实基础。 2025年，国内资本市场活跃度与景气度上行，公司积极把握市场机遇，充分发挥合并后的品牌优势、规 模效应和互补效应，优化升级零售、机构、企业三大客户服务体系，以提升综合能力实现客户经营"增 量扩面、提质增效"，资产规模及经营业绩创历史新高，财富管理、机构与交易等业务收入同比显著增 长，此外因公司吸收合并海通证券股份有限公司（以下简称本次吸收合并）所产生的负商誉计入营业外 收入。 ...

Group 1 - Yunnan Baiyao announced that it will accept a research visit from Guotai Junan on January 23, 2026, with representatives from the company participating in the meeting [1] - The company’s securities affairs representative and investor relations management will address questions raised by investors during the visit [1] Group 2 - International gold prices have surpassed $5,000, marking a 280% increase over the past seven years [1] - Experts suggest that the future trajectory of gold prices will depend significantly on the U.S. dollar, as well as factors such as the international monetary system, interest rate cuts, and technological revolutions [1]

Core Insights - 2025 is projected to be the "year of implementation" for liquid cooling in data centers, driven by the intersection of physical limits on computing density and stringent energy efficiency requirements [1][2] - The competition and complementarity between cold plate and immersion cooling technologies are shaping the direction of the liquid cooling industry, with cold plate currently holding an 80% market share [1][2] - The evolution of cooling technologies is leading to a shift from water-based to higher value-added cooling liquids, such as fluorinated liquids, particularly in high-power applications [2][3] Industry Overview - The choice of cooling liquid significantly impacts the safety, lifespan, and operational costs of liquid cooling systems, making it one of the highest value density segments in the liquid cooling supply chain [3] - Different types of liquid cooling systems have distinct structural designs and operational principles, leading to varied requirements for the physical and chemical properties of cooling liquids [3] - The market for water-based cooling liquids is highly open with many participants, while oil-based cooling liquids are characterized by high technical barriers and foreign brand dominance [3] Market Dynamics - The fluorinated liquid sector is undergoing a transformation, with traditional international giants like 3M strategically exiting due to environmental concerns, allowing Chinese companies with technological and supply chain advantages to rise [3] - The development of data center cooling liquids is evolving along four dimensions: higher efficiency, lower energy consumption, better environmental protection, and smarter systems [4] - Future cooling solutions will integrate materials science, thermodynamics, and intelligent control technologies, moving beyond being mere functional mediums [4]

Group 1: Space Photovoltaics - The space photovoltaic sector is gaining attention, with significant advancements in satellite power systems and perovskite solar cell research by Shanghai Port Bay [1] - Tesla CEO Elon Musk announced that SpaceX and Tesla aim to achieve an annual solar manufacturing capacity of 100GW within three years [1] - Shanghai Port Bay's subsidiary has successfully established a full-chain development model, ensuring the reliability of its core energy system products, which have supported the launch of 16 satellites [1] Group 2: AI Integration in Industry - The "Artificial Intelligence +" initiative has been incorporated into the 14th Five-Year Plan, aiming to integrate AI with various industries by 2025 [2] - By 2027, the goal is to promote the deep application of 35 general large models in manufacturing and to launch 1,000 high-level industrial intelligent entities [2] - Shanghai's government has introduced a three-year action plan to support the transformation of advanced manufacturing through AI applications [2] Group 3: AI Applications in Transportation - Shenzhen Urban Transport has developed a multi-modal AI control engine to support urban traffic governance and service upgrades, with plans to raise up to 1.8 billion yuan for AI applications [3] - Sujiao Technology has created an integrated low-altitude AI inspection platform for drone operations, enhancing efficiency in complex scenarios [3] - A strategic collaboration has been established to promote an "AI + communication + infrastructure" ecosystem [3] Group 4: AI in Engineering Design - Huasheng Group's subsidiary has launched the AiRoad system, significantly improving design efficiency by 8-10 times and overall design efficiency by 20-30% [4] - The Design Institute has made substantial progress in AI projects related to bridge design, developing a prototype intelligent design assistant capable of understanding and generating design plans [4]

2026年01月27日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | | 镍：印尼事件悬而未决，套保与投机盘博弈 | 2 | | --- | --- | | 不锈钢：印尼加剧镍矿担忧，镍铁跟涨支撑重心 | 2 | | 碳酸锂：采买补库需求支撑，下方空间有限 | 4 | | 工业硅：上游工厂减产，底部存支撑 | 6 | | 多晶硅：关注会议相关情况 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026 年 1 月 27 日 商 品 研 究 镍：印尼事件悬而未决，套保与投机盘博弈 不锈钢：印尼加剧镍矿担忧，镍铁跟涨支撑重心 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 145,380 | -2,630 ...

Core Insights - The article discusses significant events in the private equity fund market from January 19 to January 25, highlighting government initiatives and new fund establishments aimed at promoting innovation and investment in various sectors [5]. Government-Backed Funds - The National Development and Reform Commission announced plans to establish a national-level merger fund to enhance government investment and promote innovation and entrepreneurship [7]. - The Beijing Zhongguancun Science City Technology Growth Fund is set to invest in five sub-funds, focusing on various sectors including healthcare and robotics [8]. - The Pudong New Area government is launching a 2 billion yuan seed fund to support AI innovation, emphasizing collaboration with educational institutions [8]. - Guangzhou has introduced a pilot program to address financing challenges in technology transfer, allowing for a "first invest, then equity" model [9]. - Jiangsu Nanjing's advanced manufacturing fund is set to invest in high-end equipment and emerging industries, with a target size of 2 billion yuan [9]. Market-Driven Funds - Coller Capital successfully raised $17 billion for its CIP IX fund, marking the largest fund in the company's history, focusing on secondary market investments [14]. - Hengxu Capital completed the first closing of its fourth flagship fund, raising over 2 billion yuan, with plans to reach 3.5 billion yuan [15]. - The Xiamen Torch Fund II, with a size of 1 billion yuan, aims to invest in strategic emerging industries such as new materials and aerospace [16]. - The Hubei Port and Shipping Development Fund expanded to approximately 2.8 billion yuan, focusing on transportation projects [16]. Corporate Investments - Lek Electric plans to invest 190 million yuan in a venture capital fund targeting high-end manufacturing and core technologies [19]. - Ningbo Deyu plans to invest 86 million yuan in a fund focused on robotics and AI [20]. - Silver Technology is investing 50 million yuan in a private equity fund for communication and smart terminal industries [21]. - Wuyang Control's subsidiary intends to invest 30 million yuan in a fund targeting advanced technology and modern services [21].

Group 1 - The core viewpoint is that the comprehensive revision of the "Regulations on the Management of Toll Roads" has been in preparation for many years, and the four revisions have broad consensus in the industry. The policy optimization is expected to accelerate, with the amendment of the Highway Law being an important signal that may improve long-term returns in the industry [1][3][4] - The highway industry is experiencing a recovery in toll demand, with significant growth in traffic volume and profitability driven by the release of suppressed demand and expansion effects. However, from the second half of 2024 to the first half of 2025, the industry is expected to face continued pressure on traffic volume, particularly for freight vehicles, which may be affected by economic fluctuations and differentiated tolling [2][3] - The comprehensive revision of the "Regulations on the Management of Toll Roads" is crucial for the highway industry, as it has been in effect since 2004 and has ensured the rapid construction of China's highway network. However, rising construction costs and unchanged toll standards have led to declining returns on new and expanded projects, increasing financing difficulties and debt risks [3][4] Group 2 - The industry consensus on the policy revisions includes four key points: 1) Extension of operating periods for new projects from 25 years to 30 years, with the possibility of exceeding 30 years for large-scale projects; 2) Allowing extensions for renovation and expansion projects; 3) Introduction of compensation for exemptions based on pilot programs; 4) Establishment of a maintenance fee system based on the "user pays" principle [4] - The highway companies are actively optimizing their debt structures in response to the continuous decline in the Loan Prime Rate (LPR), which is expected to further reduce financial costs and support profitability growth in the highway sector. The stability of dividend policies and manageable capital expenditure pressures for future renovations and expansions make the transportation industry a preferred choice for dividends [2][3]