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]

Core Viewpoint - The market is expected to gradually stabilize, with a focus on industries that have shown strong past performance, reasonable valuations, and positive economic conditions [1] Group 1: Economic Outlook - Current monetary policy easing expectations have been delayed under the requirement to stabilize the exchange rate, but historical experience suggests that this phase is often at a bottom position, with subsequent reserve requirement ratio (RRR) cuts and interest rate reductions likely to lead to a significant market rebound [1] - The decision-makers' clear economic stance at this stage, along with high-frequency data such as PMI, production, and consumption in December 2024, is expected to help stabilize economic expectations, allowing the market to stabilize more quickly [1] Group 2: Industry Recommendations - Based on historical experience, three areas for investment are suggested: a. Industries with low valuations and strong past performance, such as machinery (engineering machinery/robots) and home appliances [1] b. Industries expected to see a recovery in prosperity, including military industry, consumer staples, and semiconductors [1] c. Early positioning in non-bank financials, as future monetary policy implementation is likely to drive market rebounds [1]

鉴于中国证券监督管理委员会已于 2025 年 1 月 17 日出具关于本次交易的 批复（以下简称"中国证监会批复"），且本次交易的其他条件均已满足，香港 联合交易所有限公司（以下简称"香港联交所"）对公司作为换股对价而发行的 2,113,932,668 股 H 股股票在香港联交所上市及允许交易事项所出具的有条件批 准已生效。 本次交易相关的生效及实施条件均已满足。 证券代码：601211 证券简称：国泰君安 公告编号：2025-008 国泰君安证券股份有限公司 关于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相关事项获得 香港联合交易所有限公司批准的公告 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"公司"）拟通过向海通证券股份有 限公司（以下简称"海通证券"）的全体 A 股换股股东发行 A 股股票、向海通证 券的全体 H 股换股股东发行 H 股股票的方式换股吸收合并海通证券并发行 A 股 股票募集配套资金（以下简称"本次交易"）。 公司董事会将根据中国证监会批复、香港联 ...

| 股票代码：601211 | 股票简称：国泰君安 | 上市地点：上海证券交易所 | | --- | --- | --- | | 股票代码：02611 | 股票简称：国泰君安 | 上市地点：香港联合交易所 | | 股票代码：600837 | 股票简称：海通证券 | 上市地点：上海证券交易所 | | 股票代码：06837 | 股票简称：海通证券 | 上市地点：香港联合交易所 | 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报告书 | 吸收合并方 | 被吸收合并方 | | --- | --- | | 国泰君安证券股份有限公司 | 海通证券股份有限公司 | | 中国（上海）自由贸易试验区商城路618号 | 上海市广东路689号 | 吸收合并方独立财务顾问 被吸收合并方独立财务顾问 二、吸收合并双方全体董事、监事、高级管理人员和国泰君安控股股东国资 公司及实际控制人国际集团承诺，如就本次交易所提供或披露的信息因涉嫌虚假 记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被中国证监会立案调 查的，在案件调查结论明确之前，将暂停转让各自拥有权益的股份，并于收到立 案稽查通知的两 ...

| 股票代码：601211 | 股票简称：国泰君安 | 上市地点：上海证券交易所 | | --- | --- | --- | | 股票代码：02611 | 股票简称：国泰君安 | 上市地点：香港联合交易所 | | 股票代码：600837 | 股票简称：海通证券 | 上市地点：上海证券交易所 | | 股票代码：06837 | 股票简称：海通证券 | 上市地点：香港联合交易所 | 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报告书摘要 | 吸收合并方 | 被吸收合并方 | | --- | --- | | 国泰君安证券股份有限公司 | 海通证券股份有限公司 | | 中国（上海）自由贸易试验区商城路618号 | 上海市广东路689号 | 吸收合并方独立财务顾问 被吸收合并方独立财务顾问 二〇二五年一月 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报告书摘要 吸收合并双方声明 本报告书摘要的目的仅为向公众提供有关本次交易的简要情况，并不包括重 组报告书全文的各部分内容。重组报告书全文同时刊载于上海证券交易所网站。 一、吸收合并双方及其全体董事 ...