人民财讯9月4日电，9月3日下午，上海清算所董事长马贱阳带队赴国泰海通（601211）证券调研，与国 泰海通证券董事长朱健座谈交流。双方围绕全面加强清算托管双支柱业务合作、推进人民币国际化、做 好金融"五篇大文章"等议题进行了广泛而深入地探讨交流。 ...

Group 1 - The core viewpoint is that structural recovery continues, with AI and overseas expansion being the key indicators for the second quarter report [1] - The performance growth rate of the non-financial oil and petrochemical sectors in the A-share market has slowed down in Q2 2025, but the structural recovery characteristics persist [1][2] - The internal economic indicators of technology growth are accelerating, driven by global AI industry resonance and overseas expansion [1][3] Group 2 - Total performance recovery is slowing, with mid-cap growth showing outstanding performance; net profit for non-financial sectors in Q2 2025 increased by 1.59% year-on-year, while revenue grew by 0.66% [2] - The growth rate of various sectors is diverging, with the main board, ChiNext, and North Exchange experiencing a slowdown, while the growth rate of the Sci-Tech Innovation Board has rebounded significantly [2] - The return on equity (ROE) for non-financial sectors in Q2 2025 has marginally declined, primarily due to a decrease in gross profit margin [2] Group 3 - Hard technology and non-bank sectors are showing superior performance, while cyclical consumption is experiencing significant divergence [3] - The technology sector, including optical electronics, semiconductors, and communication equipment, continues to thrive due to overseas AI investment and domestic demand for replacement [3] - In the cyclical sector, upstream growth is under pressure, but precious and minor metals are still growing rapidly due to rising expectations of overseas interest rate cuts [3] Group 4 - Capacity operation shows that traditional cyclical resources and equipment manufacturing are still undergoing capacity clearance, while emerging industries and new materials are expanding [4] - In Q2 2025, traditional cyclical industries are showing strong willingness to reduce capacity, while emerging technology hardware and certain consumer sectors are experiencing high capacity utilization rates [4] - The capacity cycle is entering an expansion phase in emerging technology industries and new consumption sectors, indicating a positive outlook for these areas [4]

投行业务是券商重要的主营业务之一，在服务实体经济方面发挥着关键作用。受益于市场活跃度提升， 券商投行业务收入扭转了此前的下滑态势，实现显著增长。具体来看，上半年，42家上市券商的投行业 务手续费净收入合计为155.3亿元，同比增长18.11%，占整体营收的比例达6.17%。 聚焦业内"第一梯队"的情况来看，上半年，在42家上市券商中有5家投行业务手续费净收入在10亿元以 上。其中，行业龙头中信证券上半年实现投行业务手续费净收入20.98亿元，同比增长20.91%；中金公 司上半年投行业务手续费净收入为16.68亿元，同比增长30.2%；国泰海通、华泰证券、中信建投上半年 投行业务手续费净收入分别为13.92亿元、11.68亿元、11.23亿元，分别同比增长19.37%、25.44%、 12.04%。 本报记者 于宏 今年以来，券商投行业务整体回暖。Wind资讯数据显示，上半年，42家上市券商的投行业务手续费净 收入合计为155.3亿元，同比增长超18%。其中，头部券商表现出色，有5家券商的上半年投行业务手续 费净收入超10亿元。 头部效应明显 对于券商投行业务的表现，萨摩耶云科技集团首席经济学家郑磊对《证券日 ...

Group 1 - The core viewpoint of the news is that the Guotai Junan Dividend Quantitative Stock Mixed Fund A (021919) reported a profit of 1.4507 million yuan in the first half of 2025, with a net value growth rate of 1.45% [3][4] - As of September 2, 2025, the fund's unit net value was 1.105 yuan, and the fund manager, Hu Chonghai, manages a total of 11 funds [3][4] - The fund's performance in terms of net value growth rates places it in the middle range compared to similar funds, with a three-month growth rate of 7.67% and a six-month growth rate of 10.98% [7] Group 2 - The fund focuses on high dividend, low volatility assets, which are seen as defensive during economic fluctuations, with a relative advantage in high dividend stocks due to low-risk interest rates and increased dividend payouts from listed companies [4] - The CSI Dividend Index fell by 3.07% in the first half of the year, but the long-term logic remains unchanged, with stable earnings from index constituent stocks primarily in consumer and public utility sectors [4] - Defensive sectors such as public utilities and transportation are expected to perform steadily during market fluctuations, while traditional high-dividend sectors like banking and coal benefit from policy support and resilient profits [4] Group 3 - As of June 30, 2025, the fund's weighted price-to-earnings ratio (TTM) was approximately 11.06 times, significantly lower than the industry average of 33.74 times [12] - The fund's weighted price-to-book ratio (LF) was about 0.81 times, compared to the industry average of 2.47 times, indicating lower valuations [12] - The weighted price-to-sales ratio (TTM) was around 0.8 times, while the industry average was 2.07 times, further highlighting the fund's attractive valuation metrics [12] Group 4 - The fund's weighted revenue growth rate (TTM) for the first half of 2025 was -0.02%, and the weighted net profit growth rate (TTM) was also -0.02%, indicating a stagnation in growth [21] - The fund's annualized return on equity was 0.07%, reflecting limited profitability growth [21] - The fund has maintained a high stock position, with an average stock position of 91.23% since inception, compared to the industry average of 85.36% [35] Group 5 - As of June 30, 2025, the fund had a total of 802 holders, with a total of 6.95427 million shares held, where individual investors accounted for 78.56% of the holdings [39] - The fund's turnover rate in the last six months was approximately 381.69%, consistently higher than the industry average [42] - The top ten holdings of the fund included major banks and energy companies, indicating a focus on stable dividend-paying stocks [45]

领先行业的仍是龙头券商。根据披露，中信证券上半年实现投行收入20.54亿元，为上市券商中该项收 入最高者。紧随其后的是4家龙头券商，为中金公司、国泰海通、华泰证券和中信建投，分别达到14.45 亿元、14.1亿元、11.86亿元和11.23亿元。 一批大中型券商也颇有斩获，上半年投行投入多在4亿元到10亿元区间，包括申万宏源（8.87亿元）、 东方证券（7.2亿元）、国联民生（5.44元）、天风证券（4.25亿元）等。当期投行收入在3亿至4亿元 的，有国金证券、国信证券、广发证券等。 "我主要看生物医药这块，年内科创板第五套标准重启，对这类企业有明显的利好。"她说。券商人士李 信也说，所在券商年内开展内部招聘，拟调配投行人员赴香港子公司，以便抓住港股IPO业务机遇。 今年以来，A股IPO受理数量增加、定增市场回暖，港股IPO亦持续火热，为券商带来了更多业务机遇。 第一财经综合券商中报及Wind数据发现，上半年，42家A股上市券商投行总营收超153亿元，以投行业 务手续费净收入口径计算，总收入达155亿元，同比增长约18%。 龙头券商的投行业绩增长强劲。上半年，"三中一华"及国泰海通投行业务收入均超10亿元。其 ...

请阅读最后评级说明和重要声明 丨证券研究报告丨 公司研究丨点评报告丨国泰海通（601211.SH） [Table_Title] 国泰海通 2025 年中报点评：合并后业绩实现高 增，打造国际一流投行 报告要点 [Table_Summary] 2025 年上半年，公司吸收合并后各业务条线实现大幅增长，带动业绩同比高增。中长期来看， 我们看好公司作为行业龙头在机构经纪与交易业务领域的持续拓展，依托于资源禀赋逐步开展 衍生品和配套业务的发展前景。 分析师及联系人 [Table_Author] 吴一凡 程泽宇 SAC：S0490519080007 SAC：S0490524090001 SFC：BUV596 %% %% %% %% research.95579.com 1 国泰海通（601211.SH） cjzqdt11111 [Table_Title 国泰海通 2025 2] 年中报点评：合并后业绩实现高 增，打造国际一流投行 [Table_Summary2] 事件描述 国泰海通发布 2025 年半年报，报告期内实现营业收入 238.72 亿元，同比+39.9%，实现归母 净利润 157.37 亿元，同比+213.7 ...

A股市场接连两日回调，9月3日，沪指收跌超1%，科创50跌超2%，创业板指涨0.95%，两市超4500只个股回调，成交额环比大幅缩量超5000亿元。证券 ETF龙头（560090）震荡下行，尾盘翘尾，收跌3.07%，弱势三连阴，但尾盘溢价达1.03%，反映买盘实力强劲！资金已连续3日涌入证券赛道，证券 ETF龙头（560090）近3日累计获净流入超1.6亿元。 （特此提示投资者关注二级市场交易价格溢价风险，若盲目投资溢价率过高产品，可能遭受重大损失） 证券ETF龙头（560090）标的指数成分股多数回调，东方财富大跌超4%，中信证券、国泰海通跌超3%，华泰证券、东方证券等跌幅居前。 【证券ETF龙头（560090）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万—级行业 | 现价 | 涨跌幅 | 成交额 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 300059 | 东方财富 | 非银金融 | 26.63 | -4.38% | 217.37 亿 | 15.98% | | 2 | 600030 | 中信证券 | ...

中金发布研报称，国泰海通（601211）(02611,601211.SH)今年上半年收入同比增长78%至238.7亿元人民 币，考虑到海通证券的合并及市场情绪上升，将其2025及2026年盈利预测分别上调65%及27%，至242 亿及206亿元人民币。中金维持国泰海通A股"跑赢大市"评级及港股"中性"评级;又将A股目标价上调14% 至26元人民币，港股目标价上调44%至18港元，认为公司各业务线优势稳健。 ...

智通财经APP获悉，中金发布研报称，国泰海通(02611,601211.SH)今年上半年收入同比增长78%至238.7 亿元人民币，考虑到海通证券的合并及市场情绪上升，将其2025及2026年盈利预测分别上调65%及 27%，至242亿及206亿元人民币。中金维持国泰海通A股"跑赢大市"评级及港股"中性"评级;又将A股目 标价上调14%至26元人民币，港股目标价上调44%至18港元，认为公司各业务线优势稳健。 ...

IPO申报日期：2022年6月10日 登录新浪财经APP 搜索【信披】查看更多考评等级 （一）公司基本情况 全称：国科天成科技股份有限公司 简称：国科天成 代码：301571.SZ 上市日期：2024年8月21日 上市板块：深证创业板 所属行业：计算机、通信和其他电子设备制造业 IPO保荐机构：国泰君安证券 保荐代表人：彭凯、沈昭 IPO承销商：国泰君安证券 IPO律师：北京金杜（成都）律师事务所 （6）发行费用及发行费用率 国科天成的承销及保荐费用为3897.67万元，承销保荐佣金率7.80%，高于整体平均数7.71% 。 IPO审计机构：致同会计师事务所（特殊普通合伙） （二）执业评价情况 （1）信披情况： 被要求删除招股说明书中实施时间较早、与发行人主营业务关联性较弱的相关法规政策；被要求对发行 人披露的股东信息进一步核查，完善专项核查说明；被要求说明招股说明书相关董事简历信息与公开信 息不一致的原因，进一步确认招股说明书信息披露的完整性、准确性；被要求进一步说明发行人是否符 合创业板定位。 （2）监管处罚情况：不扣分 （3）舆论监督：不扣分 （4）上市周期：扣分 2024年度已上市A股企业从申报到上市 ...