证券代码：601211 证券简称：国泰海通 公告编号：2025-110 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。 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：16票赞成，0票反对，0票弃权。关联董事李俊杰、聂小刚回避表 决。 本报告已经公司董事会薪酬考核与提名委员会全体成员事前审议通过。 特此公告。 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 ...

Group 1 - The core viewpoint is that Chinese enterprises are entering a new era of overseas expansion, advancing towards high-end segments of the global value chain, with expectations of resilient growth in external demand for Chinese technology manufacturing amid a global easing cycle [1][64][66] - The essence of overseas expansion for Chinese companies is to occupy high value-added segments of the global supply chain and achieve deep globalization, driven by rising domestic factor costs and stricter external market access [2][65] - Historical experiences indicate that overseas expansion is both a proactive strategic choice and a rational response to growth constraints, with emerging market countries typically entering an accelerated phase of overseas expansion after reaching a GDP per capita of approximately $15,000 [2][11][14] Group 2 - China's manufacturing industry is rapidly enhancing its global competitive advantage, transitioning from a "world factory" to a "global manufacturing center," with significant improvements in sectors such as power equipment, engineering machinery, and electric vehicles [3][21] - The export resilience of Chinese companies is evident through regional diversification and high-end product offerings, with non-financial listed companies showing higher overseas gross margins compared to domestic margins in sectors like engineering machinery and communication equipment [3][25][37] - The global industrial and infrastructure capital expenditure is entering an upward cycle, driven by easing monetary policies, with emerging markets experiencing accelerated industrialization and urbanization, leading to explosive demand for power and infrastructure [4][46][56] Group 3 - Industry recommendations include sectors such as power equipment, machinery, automotive, new materials, innovative pharmaceuticals, and gaming, driven by the acceleration of industrialization in emerging markets and the need for infrastructure updates in developed countries [5][68] - The transition to a "2.0 era" of overseas expansion involves moving from product exports to a systematic approach that includes capacity, brand, and channel development, with significant growth in foreign investment by Chinese non-financial enterprises [29][33] - The shift towards the ends of the "smile curve" indicates that Chinese technology companies are experiencing rising profit margins overseas, surpassing domestic margins, as they enhance their competitive positioning through innovation and systematic overseas expansion [37][38]

Core Viewpoint - Cathay Securities has initiated coverage on CloudWalk Technology (09678.HK) with a "Buy" rating, highlighting the company's strong prospects in AI voice applications [1] Financial Projections - The company is expected to achieve revenue of RMB 1.268 billion, RMB 1.943 billion, and RMB 2.659 billion for the years 2025, 2026, and 2027, representing year-on-year growth of 35%, 53%, and 37% respectively [1] - The net profit attributable to the parent company is projected to be RMB -245 million, RMB -135 million, and RMB -104 million for the same years, with year-on-year growth of 46%, 45%, and 23% respectively [1] Valuation - Using two valuation methods, a cautious approach has led to a target price of HKD 451.33 for the stock [1]

Group 1 - The core viewpoint of the report is that CloudWalk Technology (09678) is a leading player in AI voice technology with significant potential for application in various sectors, leading to a "Buy" rating from Guotai Junan [1][2] - The company was established in 2012 and developed the Atlas AI infrastructure in 2016, launching the proprietary 600 billion parameter model, Shanhai, in 2023, which supports a wide range of AI applications in smart living and healthcare [2] - The company has a workforce of 454 employees, with 68.7% dedicated to research and development, indicating a strong focus on innovation [2] Group 2 - In 2024, the company is projected to achieve revenue of 9.39 billion RMB, reflecting a year-on-year growth of 29.1%, with significant contributions from both daily life and medical business segments [3] - The revenue from daily life solutions is expected to grow by 27.8% in 2024 and 20.2% in the first half of 2025, while the medical business is anticipated to grow by 34.4% and 22.28% in the same periods [3] - The AI solutions market in China is projected to reach 1,804 billion RMB in 2024, with a compound annual growth rate (CAGR) of 33.7%, expected to grow to 11,749 billion RMB by 2030, with the company ranking fourth in the AI solutions market [3]

Group 1 - The core viewpoint of the report is that CloudWalk Technology (09678) is rated "Buy" due to its strong potential in AI voice applications and expected revenue growth from 2025 to 2027 [1] - The company is a pioneer in the commercialization of AGI technology in China, established in 2012, and launched its proprietary large model, the Shanhai Model, in 2023 [2] - The company has a workforce of 454 employees, with 68.7% dedicated to research and development [2] Group 2 - In 2024, the company is projected to achieve revenue of 9.39 billion RMB, a year-on-year increase of 29.1%, with significant contributions from both daily life and medical AI applications [3] - The revenue from daily life solutions is expected to grow by 27.8% in 2024, while medical business revenue is anticipated to grow by 34.4% [3] - The AI solutions market in China is projected to reach 1,804 billion RMB in 2024, with a compound annual growth rate (CAGR) of 33.7%, and is expected to reach 11,749 billion RMB by 2030 [3]

Group 1 - The core point of the announcement is that the Guotai Haitong New锐 Quantitative Stock Mixed Securities Investment Fund may trigger termination conditions as it has continuously reported a net asset value below 50 million yuan for 40 consecutive working days as of December 23, 2025 [1][2] - The fund's management will initiate a liquidation process if the net asset value remains below 50 million yuan for 50 consecutive working days, without the need for a meeting of fund shareholders [2] - The fund is managed by Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and the custodian is China Minsheng Bank Co., Ltd. [1] Group 2 - The fund's contract stipulates that if the number of fund shareholders falls below 200 or the net asset value is below 50 million yuan for specified periods, the fund management must disclose this in regular reports [1] - Upon entering the liquidation process, the fund will cease to process subscriptions and redemptions [3] - Investors are encouraged to read the fund's contract, prospectus, and product information for detailed information [3]

Group 1 - Over 60% of the top 10 domestic securities firms in China have chosen Tencent Cloud to build a new generation of domestic big data platforms [1] - Major institutions such as CITIC Securities, Guotai Junan, GF Securities, Galaxy Securities, CITIC Construction Investment, and CICC have partnered with Tencent Cloud's big data platform TDBS [1] - The collaboration aims to support the upgrade of data infrastructure in the AI era [1]

Group 1 - Zhongguang Lightning's stock price increased by 5.08% to 16.33 yuan per share, with a trading volume of 979 million yuan and a turnover rate of 20.50%, resulting in a total market capitalization of 5.324 billion yuan [1] - The stock has risen for four consecutive days, with a cumulative increase of 25.73% during this period [1] - The company, Sichuan Zhongguang Lightning Technology Co., Ltd., was established on February 18, 2004, and listed on May 13, 2015, focusing on the research, production, and sales of lightning protection products, as well as providing integrated solutions for lightning protection projects [1] Group 2 - The main business revenue composition includes lightning protection products (68.02%), non-lightning protection products (27.30%), and lightning protection engineering and services (4.68%) [1] - Among the top ten circulating shareholders, Guotai Asset Management's fund entered the list, holding 670,200 shares, accounting for 0.21% of circulating shares, with estimated floating profits of approximately 529,500 yuan today and 2.1312 million yuan during the four-day rise [2] - The Guotai Haitong CSI 500 Index Enhanced A fund has a total scale of 2.316 billion yuan, with a year-to-date return of 31.38% and a one-year return of 29.46% [2]

智通财经APP获悉，国泰海通发布研报称，首次覆盖极智嘉-W(02590)，给予"增持"评级。公司为全球 最大的仓储履约类机器人解决方案提供商，2025H1实现营业收入10.3亿元，同比+31.0%。该行预计 2025-2027年归母净利润1.37/3.32/6.06亿元，收入分别为31.3/40.3/51.2亿元。公司主营业务结构清晰，技 术优势显著，该行采用PS估值最终给予公司2026年10.0倍PS估值，对应合理市值为403亿人民币，对应 公司目标价32.76港元(按1港元=0.92元换算)。 国泰海通主要观点如下： 加大具身智能方向研发投入，进一步提升行业领导地位 公司于2025年7月30日设立北京极智嘉具身智能科技有限公司，公司将通过"AI+机器人技术"，颠覆传 统的仓储自动化逻辑，实现通过软件算法层对机器人的柔性调度，以更低部署成本、更快响应速度，为 终端客户提供用户友好、技术先进的智能机器人解决方案。同时在"人工智能+仓储"的场景中，公司将 加大对机械手拣货、通用机器人等具身智能技术研发和相关产品业务投入，与公司现有仓储机器人业务 实现紧密协同，借助现有的品牌和业务网络，有望快速推进技术和产品的广 ...

国泰海通发布研报称，首次覆盖极智嘉-W(02590)，给予"增持"评级。公司为全球最大的仓储履约类机 器人解决方案提供商，2025H1实现营业收入10.3亿元，同比+31.0%。该行预计2025-2027年归母净利润 1.37/3.32/6.06亿元，收入分别为31.3/40.3/51.2亿元。公司主营业务结构清晰，技术优势显著，该行采用 PS估值最终给予公司2026年10.0倍PS估值，对应合理市值为403亿人民币，对应公司目标价32.76港元 (按1港元=0.92元换算)。 国泰海通主要观点如下： 25H1分业务看，公司机器人解决方案销售收入10.24亿元，同比+31.5%，占公司总收入99.9%;RaaS服务 业务收入0.01亿元。公司的技术创新、产品质量的承诺和长期可靠的服务吸引了全球超850家终端客户 的广泛认可和接受，公司已向全球40多个国家和地区交付了超66,000台机器人，其中服务全球超65家福 布斯世界500强企业，客户复购率超80%。2025年上半年，公司录得订单人民币17.6亿元，较2024年同 期增加30.1%。 加大具身智能方向研发投入，进一步提升行业领导地位 公司于2025年7月3 ...