Core Viewpoint - New Ji Pharmaceutical has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan as the exclusive sponsor [1] Group 1: Technology Platforms - The company has developed two core technology platforms: soluble microneedle formulation technology platform and nasal inhalation formulation technology platform [1] Group 2: Core Products - The first core product is a dexmedetomidine microneedle patch aimed at providing a painless and convenient transdermal delivery method for preoperative sedation in both children and adult patients. This product is currently in Phase IIa clinical trials for pediatric patients in China, with Phase II trials for adult patients expected to begin in Q1 2026 [1] - The second core product, XJN010, is based on the nasal inhalation formulation platform and aims to deliver drugs rapidly through the nasal-brain pathway. It is currently in Phase II clinical trials in China [1] Group 3: Pipeline Products - The company has two additional products in the preclinical stage: XJN1102 (a soluble microneedle patch for adult type 2 diabetes and weight control, with plans to submit an IND application to NMPA and FDA in Q4 2026) and XJN2503 (a nasal inhalation formulation for the relief and prevention of chemotherapy-related nausea and vomiting, also planned for IND submission to NMPA in Q4 2026) [1]

Group 1 - The core viewpoint indicates that the global AI infrastructure continues to drive demand in the electronic industry, leading to price increases in technology hardware and metals, while domestic consumption shows marginal improvement in service sectors despite ongoing pressure in durable goods [1][2] - The report highlights a significant increase in high-end memory prices, with DRAM prices for DDR4 and DDR5 reaching $56.9 and $26.7 respectively, reflecting a week-on-week increase of 12.1% and 1.8% [3] - The central economic work conference proposed "in-depth implementation of special actions to boost consumption," suggesting potential unexpected policy space for consumption on both supply and demand sides by 2026 [2][3] Group 2 - Service consumption shows improvement, with Shanghai Disneyland's congestion index increasing by 11.2% week-on-week and 56.2% year-on-year, while the Hainan tourism price index rose by 0.9% [3] - The real estate sector remains under pressure, with a 21.5% year-on-year decline in transaction volume across 30 major cities, although the decline in sales is narrowing [3] - International metal prices have significantly increased due to expectations of monetary easing following a lower-than-expected U.S. CPI, while coal prices have sharply declined [4]

Group 1: Core Insights - The securities industry experienced a significant leadership turnover in 2025, with over 50 changes in chairpersons and general managers, marking a three-year high and indicating a governance transformation driven by mergers, equity changes, and generational shifts [1] - Mergers and acquisitions have become a key theme, with notable cases such as the merger of Guotai Junan and Haitong Securities, and the acquisition of Guorong Securities by Western Securities, which accelerated management restructuring [1] - The governance structure of newly merged entities is being redefined, exemplified by the leadership appointments in Guotai Haitong and Guolian Minsheng, which reflect a dual-track structure combining state-owned and professional management [1] Group 2: Talent Evolution - The turnover of executives is largely driven by retirement, with the "70s generation" becoming the backbone of management and the "80s generation" emerging in leadership roles [2] - Notable appointments include Qian Wenhai as chairman of Zhejiang Securities and the arrival of several "80s generation" chairpersons, indicating a shift towards younger leadership [2] - Companies are actively optimizing their business structures and recruiting new talent, as seen with Guosheng Securities hiring Zhao Jingliang as general manager [2] Group 3: Strategic Upgrades - New leaders are outlining strategic plans aimed at achieving international competitiveness, with a goal to develop 2 to 3 investment banks with global influence by 2035 [4] - Liu Cheng, chairman of CITIC Securities, aims to elevate the firm to a leading position within five years and achieve international competitiveness in the following five years [4] - The construction of a first-class investment bank is expected to be a core strategic focus during the 14th Five-Year Plan, with mergers and international expansion identified as key pathways [5]

本议案已经公司董事会战略及ESG委员会全体成员事前审议通过。 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！ 证券代码：601211 证券简称：国泰海通 公告编号：2025-110 国泰海通证券股份有限公司 第七届董事会第九次会议（临时会议）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。 国泰海通证券股份有限公司（以下简称公司）第七届董事会第九次会议（临时会议）于2025年12月24日 以通讯表决方式召开。本次会议通知及文件于2025年12月17日以电子邮件方式发出。本次会议应参与表 决董事18人，实际参与表决董事18人。本次会议召集、召开及表决程序符合《中华人民共和国公司 法》、公司《章程》和《董事会议事规则》的有关规定。本次会议审议通过了以下议案： 一、审议通过了《关于制定〈国泰海通三年战略规划纲要（2026-2028）〉及〈国泰海通"十五五"规 划〉的议案》 表决结果：18票赞成，0票反对，0票弃权。 二、审议通过了《关于公司部分高级管理人员2024年度考核等情况的报告》 表决结果：1 ...

Core Viewpoint - The report from Guotai Junan indicates that the U.S. economic data for Q3 2025 exceeded expectations, driven by resilient personal consumption, increased public spending, and enhanced export contributions [1] Group 1: Economic Performance - The U.S. economy is characterized by a threefold "K" shaped divergence, which includes disparities in personal income consumption, varying business conditions between large and small enterprises, and differences between new and old economies [1] - Despite short-term shocks expected in Q4, the overall resilience of the U.S. economy is anticipated to remain strong [1] Group 2: Monetary Policy Outlook - A preventive interest rate cut cycle is expected to continue, with projections of 2-3 rate cuts in 2026 [1]

（编辑 王雪儿） 证券日报网讯 12月24日，国泰海通发布公告称，公司第七届董事会第九次会议（临时会议）审议通过 《关于制定〈国泰海通三年战略规划纲要（2026-2028）〉及〈国泰海通"十五五"规划〉的议案》《关 于公司部分高级管理人员2024年度考核等情况的报告》。 ...

| 新任高级管理人员职务 | 副总裁 | | --- | --- | | 新任高级管理人员姓名 | 左秀海 | | 是否经中国证监会核准取得高管任职 | | | 资格 | | | l 中国证监会核准高管任职资格的日期 | | | 任职目期 | 2025-12-24 | | 过往从业经历 | 左秀海,硕士研究生,中共党员。2008年5月入职华宝证券 | | | 有限责任公司担任 CRM 分析员;2010年6月入职海通证券股 | | | 份有限公司,先后担任销售交易总部交易管理部经理,零售 | | | 与网络金融部交易管理部经理,财富管理中心交易管理部经 | | | 理、财富管理中心总经理助理、副总经理:2021年5月入职 | | | 上海海通证券资产管理有限公司,担任投资总监兼组合投资 | | | 部总监:2025年12月加入上海国泰海通证券资产管理有限 | | | 公司,现任党委副书记。 | | 取得的相关从业资格 | 证券从业资格、基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 研究生学历、硕士学位 | 北京商报讯（记者 刘宇阳 实习生 姚榕琰）12月24日，上海国泰海通证券资产管理有限公司（ ...

Core Viewpoint - The U.S. economy showed resilience in Q3 2025, driven by strong personal consumption, increased public spending, and enhanced export contributions, despite exhibiting a "K"-shaped divergence in income, business performance, and economic sectors [1][2][3][4]. Economic Performance - The U.S. GDP annualized growth rate for Q3 2025 was 4.3%, exceeding expectations of 3.3% and the previous value of 3.8%, indicating overall economic resilience [5][26]. - Key contributors to this economic resilience included personal consumption, public spending growth, and increased exports [2][23][27]. Personal Consumption - Capital market wealth effects significantly supported high growth in personal consumption, with a contribution rate of 2.39% to GDP in Q3 2025. Year-on-year, personal consumption grew by 2.8%, with goods consumption up 3.3% and services consumption up 2.5% [6][27]. - The performance of the capital markets, with major indices reaching historical highs, was closely linked to consumer spending [6][27]. Public Spending - Government consumption and investment saw a rebound, with a 0.55% increase in Q3 2025 compared to previous quarters' contractions. Notably, defense spending rose by 1.43% [6][27][28]. - The U.S. Treasury significantly raised its borrowing plan for Q3 2025 from an estimated $554 billion to $1.01 trillion, providing additional funding for government spending [6][27]. Export Growth - U.S. exports increased by 2.13% in Q3 2025, a significant rise compared to previous quarters, supported by a recovery in global economic activity and new trade agreements that reduced tariffs [7][28][29]. "K"-Shaped Divergence - The economy displayed a "K"-shaped divergence characterized by: - **Individual Level**: Income disparity led to consumption differences, with higher unemployment rates among minority groups and wealth concentration in the top 10% of households [3][11][32]. - **Business Level**: Large enterprises maintained a positive outlook, reflected in the S&P Global Composite PMI, while small businesses showed weaker performance as indicated by the NFIB optimism index [3][13][34]. - **Sector Level**: Investment and growth disparities were evident, with strong performance in private non-residential investments, particularly in equipment and intellectual property, while construction investment declined [3][15][35]. Future Outlook - The U.S. economy is expected to face short-term impacts from the government shutdown in Q4 2025, but overall resilience is anticipated to remain strong into 2026, with a likely recovery in Q1 2026 [4][18][25][37]. - The Federal Reserve is projected to implement 2-3 rate cuts in 2026, despite the economy's strength, due to structural weaknesses in the labor market and potential influences from leadership changes at the Fed [4][19][38].

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而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02611） 海外監管公告 本公告乃由國泰海通證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 截至本公告日期，本公司的執行董事為朱健先生、李俊傑先生以及聶小剛先生； 本公司的非執行董事為周杰先生、管蔚女士、鐘茂軍先生、陳航標先生、呂春芳 女士、哈爾曼女士、孫明輝先生以及陳一江先生；本公司的職工董事為吳紅偉先 生；及本公司的獨立非執行董事為李仁傑先生、王國剛先生、浦永灝先生、毛付 根先生、陳方若先生以及江憲先生。 证券代码：601211 证券简称：国泰海通 公告编号：2025-110 茲載列本公司於上海證券交易所網站發佈之《國泰海通證券股份有限公司第七屆 董事會第九次會議（臨時會議）決議公告》，僅供參閱。 承董 ...

Group 1 - The core point of the article is that Guotai Junan (SH 601211) held a temporary board meeting on December 24, 2025, to review reports regarding the performance assessment of senior management for the year 2024 [1] - For the first half of 2025, Guotai Junan's revenue composition is as follows: 40.93% from securities brokerage, 28.74% from institutional finance, 12.89% from asset management, 8.83% from international business, and 5.91% from investment banking [1] - As of the report date, Guotai Junan's market capitalization is 367.7 billion yuan [1]