炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：券研社 国泰海通再收监管罚单。近日，黑龙江证监局发布关于对国泰海通黑龙江分公司采取出具警示函措施的 决定。今年以来，国泰海通已多次因经纪、投行业务违规收到监管警示。 经黑龙江证监局调查，国泰海通黑龙江分公司（原国泰君安黑龙江分公司）存在多项问题，一是员工违 规买卖证券，二是员工违规操作客户证券账户，三是对员工管理不到位 分公司未能有效识别并防范上述行为，反映出分公司对合规管理不到位的问题。池浚作为时任的分公司 负责人，对分公司合规运营应当承担责任。 此外，崔刚在分公司任职期间违规操作客户证券账户、向他人推介销售非原国泰君安证券股份有限公司 发行或代销的金融产品。违反《证券经纪人管理暂行规定》《证券公司和证券投资基金管理公司合规管 理办法》的规定。 针对以上问题，黑龙江证监局决定对国泰海通证券股份有限公司黑龙江分公司、池浚、崔刚采取出具警 示函的行政监管措施。 关于对国泰海通证券股份有限公司黑 龙江分公司采取出具警示函措施的决 定 国泰海通证券股份有限公司黑龙江分公司： 经查,你分公司(原国泰君安证券股份有限公司黑龙江分公司) 存在 ...

证券日报网讯 12月29日，国泰海通发布公告称，公司2025年12月29日召开第二次临时股东会，审议通 过《关于公司与华安基金管理有限公司签署2026-2028年度证券及金融产品交易及服务框架协议的议 案》。 （文章来源：证券日报） ...

站在新起点，国泰海通相关负责人表示，未来将强化打造一流投行的使命担当，持续优化体制机制，释 放融合新活力与新动能。通过实施更具系统性、变革性、前瞻性的战略举措，不断强化核心能力，构建 客户经营新模式与新优势，充分发挥先行探路、示范引领、辐射带动作用，助力全球要素资源向上海集 聚，持续提升上海国际金融中心建设能级，为中国资本市场高质量发展贡献更大力量。 2025年以来，国泰海通坚持以客户为中心，统筹整合融合与经营管理工作，主动服务国家和上海重大发 展战略，扎实做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"，巩固提升核心 竞争优势，经营业绩实现大幅增长。 本报讯 （记者张文湘 见习记者占健宇）近日，在《证券日报》社有限责任公司举办的"2025证券市场年 会暨2025金骏马颁奖典礼"上，国泰海通（601211）证券股份有限公司（以下简称"国泰海通"）凭借在 服务国家战略、赋能实体经济等方面的突出实绩，成功获得"金骏马服务实体卓越机构"奖。 ...

召開臨時股東會 臨時股東會已於2025年12月29日下午二時正假座中國上海市靜安區南京西路768 號405室舉行。臨時股東會的召開及舉行均符合中國適用法律法規及本公司公司 章程的規定。 臨時股東會由本公司董事長朱健先生主持會議。本公司執行董事朱健先生、李俊 傑先生及聶小剛先生，本公司非執行董事周杰先生、管蔚女士、鐘茂軍先生、陳 航標先生、呂春芳女士、哈爾曼女士、孫明輝先生及陳一江先生，本公司職工董 事吳紅偉先生，本公司獨立非執行董事李仁傑先生、王國剛先生、浦永灝先生、 毛付根先生、陳方若先生及江憲先生，本公司副總裁、首席風險官、董事會秘書 聶小剛先生，及本公司部分高級管理人員出席了臨時股東會。 表決安排 提呈本公司股東於臨時股東會上表決的決議案已進行投票表決，包括現場投票表 決及（僅適用於本公司A股股東）網絡投票表決。本公司股東代表、本公司中國法 律顧問北京市海問律師事務所代表及本公司H股過戶登記處香港中央證券登記有 限公司獲本公司委任為臨時股東會的監票人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容 ...

证券代码：601211 证券简称：国泰海通 公告编号：2025-111 国泰海通证券股份有限公司 2025年第二次临时股东会决议公告 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： 境外上市外资股股东持股占股份总数的比例（%） 7.4906 注：有权出席股东会并投票的本公司股份总数为 17,513,622,829 股，本公司回购专用账户 中的 A 股股份不享有股东会表决权。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，由董事长朱健先生主持，会议的召集、召开 及表决方式符合《公司法》等法律、法规及公司《章程》的规定。 (五) 公司董事和董事会秘书的列席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 2,954 | | --- | --- | | 其中：A 股股东人数 | 2,952 | | 境外上市外资股股东人数（H 股） | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） ...

根据《中华人民共和国公司法》《中华人民共和国证券法》（以下统称"有关 法律"）及《国泰海通证券股份有限公司章程》（以下称"公司章程"）的规定， 本所作为国泰海通证券股份有限公司（以下称"公司"）的法律顾问，应公司的 要求，指派律师列席公司于 2025 年 12 月 29 日召开的 2025 年第二次临时股东会 （以下称"本次会议"），对本次会议召开的合法性进行见证，并依法出具本法律 意见书。 在本法律意见书中，本所律师仅对本次会议召集和召开的程序、表决程序及 出席本次会议现场会议的股东或股东代理人资格、召集人的资格是否符合有关法 律和公司章程的规定，以及本次会议审议的议案表决结果是否有效发表意见，并 不对本次会议所审议的议案内容以及议案所表述的事实或数据的真实性、准确性、 合法性发表意见。本所律师假定公司提交给本所律师的资料（包括但不限于有关 人员的居民身份证、授权委托书、企业法人营业执照等）真实、完整，资料上的 签字和/或印章均是真实的，资料的副本或复印件均与正本或者原件一致。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对与 出具本法律意见书有关的资料和事实进行了核查和验证，现发表法律意 ...

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation [2][4]. Group 1: Industry Development Strategy - The industry development strategy is projected in two dimensions: internally, to create a first-class investment bank through mergers and acquisitions; externally, to recommend the value of Chinese assets to global markets [2]. - High-quality development is the main theme, requiring securities firms to act as both market participants and builders, as well as to become "boosters" of technological innovation and "guardians" of residents' wealth [2]. Group 2: Mergers and Acquisitions - 2025 marks a critical year for mergers and acquisitions in the Chinese securities industry, with major firms merging and smaller institutions seeking transformation [4]. - Notable mergers include the formation of "Guotai Haitong Securities" from Guotai Junan and Haitong Securities, and the merger of Guolian Securities and Minsheng Securities, which has significantly improved their profitability rankings [4][5]. - The merger wave is reshaping the competitive landscape, with the top firms now dominating profit rankings [4]. Group 3: Classification Evaluation - The classification evaluation of securities firms is undergoing significant revisions in 2025, emphasizing the need for firms to enhance their functional roles and professional capabilities [6]. - New regulations remove the revenue bonus while increasing the emphasis on return on equity (ROE), guiding firms to focus on operational efficiency rather than mere scale [6][7]. Group 4: Margin Trading and Financing - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [9]. - Competition among firms has intensified, with some lowering financing rates below 4% to attract clients, indicating a shift towards long-term client retention strategies [9][10]. Group 5: Investment Banking and Technology - The securities industry is adapting to the "hard technology" era, with reforms aimed at providing more inclusive financing paths for tech companies [11]. - Firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [13]. Group 6: AI Integration - The adoption of AI technologies is rapidly transforming the securities industry, with firms implementing AI across various business functions, significantly improving efficiency [15]. - The shift towards AI-driven services is seen as a critical factor in maintaining competitive advantage, with some firms fully committing to AI integration [15]. Group 7: Internationalization - Chinese securities firms are deepening their internationalization efforts, expanding their service offerings beyond traditional roles to include cross-border wealth management and derivatives trading [17]. - The internationalization process is driven by both market demand and strategic goals, positioning firms as key players in the global market [17][18]. Group 8: Asset Management Transformation - The public offering process for asset management is reaching a turning point, with firms reassessing their roles in the broader asset management landscape [19]. - The transition of collective investment products is a priority, with many firms adapting to regulatory changes and focusing on private equity and other specialized products [20][21]. Group 9: Capital Space Optimization - Regulatory changes are encouraging firms to optimize capital management, with a focus on enhancing capital utilization efficiency [25]. - The average leverage ratio of listed securities firms is currently at 3.45 times, indicating room for improvement compared to other financial institutions [25]. Group 10: Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signals strategic realignments and resource restructuring following mergers and acquisitions [26]. - The name changes often reflect deeper integration and new strategic directions, indicating a shift in focus and operational capabilities [26][28].

Core Viewpoint - The merger of major brokerages is creating new industry giants, with the combined entity of Guotai Junan and Haitong Securities expected to lead the market in terms of total assets and net assets [1] Group 1: Company Performance - Guotai Junan has shown steady growth in performance prior to the merger, while Haitong Securities faced short-term pressure due to overseas asset impairments [1] - The merged company is projected to have total assets exceeding 2.01 trillion yuan and net assets of 338.9 billion yuan by the end of Q3 2025, ranking first in the industry [1] Group 2: Revenue and Profit Growth - Revenue growth rates for the merged company are forecasted at 36.0%, 12.4%, and 11.4% for the years 2025 to 2027, respectively [1] - The net profit growth rates for the same period are expected to be 95.0%, -3.3%, and 12.1%, indicating strong core business profitability despite one-time impacts [1] Group 3: Valuation - Using a segment valuation method, the estimated reasonable total market value of the company is projected to be in the range of 340 billion to 543.3 billion yuan, corresponding to a stock price range of 19.30 to 30.82 yuan per share [1] - Considering the company's industry position, strategic planning, business advantages, and capital strength, it is rated as "outperforming the market" [1]

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation, particularly through AI applications [1][2]. Mergers and Acquisitions - The year marks a critical phase for mergers and acquisitions in the securities industry, with major firms like Guotai Junan and Haitong Securities merging to form Guotai Haitong Securities, and other significant consolidations such as Guolian Securities and Minsheng Securities [3][4]. - The competitive landscape is shifting, with Guotai Haitong leading in net profit, and Guolian Minsheng's ranking improving significantly from around 40th to the top 20 [3]. - New merger cases are emerging, such as CICC's plan to merge with Xinda Securities and Dongxing Securities, potentially creating a new entity with over 1 trillion yuan in total assets [3]. Industry Integration Logic - Two main integration strategies are evident: resource consolidation under the same actual controller and market-driven mergers aimed at enhancing national influence [4]. - Analysts suggest that resource integration may become the most important way for securities firms to quickly enhance scale and comprehensive strength [4]. Classification Evaluation Reform - A significant revision of the classification evaluation for securities firms is underway, emphasizing the need for firms to enhance their functional roles and professional capabilities [5][6]. - The new regulations aim to shift focus from revenue expansion to improving operational efficiency and professional skills, thereby enhancing overall industry competitiveness [5]. Margin Trading Market - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [7]. - Several firms have raised their margin trading limits, and a price war on interest rates has begun, with some firms offering rates below 4% [8][9]. Investment Banking and Technology - The securities industry is adapting to a new era of "hard technology," with reforms aimed at providing more inclusive financing paths for tech companies [10][11]. - Securities firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [11]. AI Integration - The adoption of AI technologies is rapidly transforming the industry, with applications expanding across various business functions, significantly improving efficiency [12][13]. - Firms are moving towards an "AI-native" model, enhancing client engagement and operational management through AI tools [12]. Internationalization of Securities Firms - The internationalization of Chinese securities firms is accelerating, with a focus on comprehensive service capabilities and participation in global market competition [14][15]. - This trend is driven by the growing demand for cross-border services and the strategic goal of building first-class investment banks [14]. Asset Management Transformation - The public offering process for asset management is at a turning point, with firms reassessing their positioning in the broader asset management landscape [16][17]. - The industry is witnessing a decline in the rush for public fund licenses, with many firms withdrawing applications, indicating a shift in focus towards existing business optimization [16]. Impact of Fund Fee Reforms - The implementation of public fund fee reforms is pushing securities firms to enhance their research and wealth management capabilities, with a notable decline in commission revenues [18]. - Firms are transitioning towards a buyer advisory model, focusing on asset management and providing comprehensive solutions rather than merely selling products [18]. Regulatory Environment - Regulatory signals indicate a potential easing of capital requirements for high-quality institutions, aimed at improving capital utilization efficiency [19]. - Analysts suggest that enhancing leverage and capital efficiency could drive growth in high-value capital-intensive businesses [19]. Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signifies strategic realignments and resource restructuring following mergers and acquisitions [20][21]. - These changes reflect deeper integration and the influence of new stakeholders, indicating a shift in strategic focus and operational capabilities [20].

Group 1 - The core viewpoint of the report is that the company maintains a "buy" rating for Modern Dairy (01117), expecting EPS of 0.05 and 0.19 yuan per share for 2026 and 2027 respectively, benefiting from the reversal of the meat and milk cycle [1] - The company is progressing with the acquisition of China Shengmu, having signed an irrevocable voting proxy agreement on October 30, and plans to acquire 1.28% of Shengmu shares for 37.52 million HKD, which will trigger a mandatory general offer [2] - The acquisition will integrate upstream resources from the major shareholder Mengniu, enhancing scale effects, with the total herd size expected to exceed 610,000 heads and raw milk production to surpass 4 million tons [3] Group 2 - The dairy cow inventory is accelerating its reduction due to ongoing financial pressures and a decrease in heifer restocking, with the impact expected to manifest monthly [4] - The Ministry of Commerce has announced preliminary rulings on anti-subsidy investigations against dairy products from the EU, imposing temporary anti-subsidy tax guarantees, which is expected to accelerate domestic substitution in the dairy processing industry [4]