格隆汇10月16日丨国泰海通(02611.HK)公布，董事会会议将于2025年10月30日(星期四)举行，藉以(其中 包括)考虑及批准公司及其附属公司截至2025年9月30日止第三季度未经审计的业绩。 ...

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的內容概不負責，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分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 董事長 中國上海 2025年10月16日 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。 國泰海通證券股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會會 議將於2025年10月30日（星期四）舉行，藉以（其中包括）考慮及批准本公司及其 附屬公司截至2025年9月30日止第三季度未經審計的業績。 承董事會命 國泰海通證券股份有限公司 朱健 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） 董事會會議通知 ...

智通财经APP获悉，国泰海通发布研报称，25Q3权益市场整体向好，叠加保险公司优化资产结构提升 权益资产配置，预计投资收益显著提振，预测25年前三季度上市险企净利润在2024年同期高增长基础上 继续同比大幅增长，且较25年半年度的利润增长进一步提速。25年1-8月寿险保费增长景气，预计得益 于上市险企把握定价利率下调前窗口期推动新单集中销售，银保渠道日益成为价值增长的重要贡献来 源。财险方面，预计车险综改持续深化以及非车险"报行合一"导向下行业保费增长逐步由追求规模、速 度向追求质量、效益转变。 国泰海通主要观点如下： 预计财险保费缓慢增长，巨灾赔付提升不改COR改善趋势 预计车险综改持续深化以及非车险"报行合一"导向下行业保费增长逐步由追求规模、速度向追求质量、 效益转变。受制于25Q3台风等自然灾害仍然频发，预计赔付率仍有一定压力，得益于风险减量持续显 效预计对COR负面影响相对有限；另一方面，得益于上市险企严格落实监管"报行合一"强化费用管控， 预计费用率持续改善。预计25年前三季度上市险企COR延续改善态势，分别为：中国财险(96.1%，同 比-2.1pt)、平安财险(96.6%，同比-1.2pt)、 ...

箱瓦纸：纸厂持续拉涨，盈利修复 截至9月28日，中国AA级瓦楞纸120g市场月均价2777元/吨，环比涨幅5.27%，同比涨幅6.97%。首先， 规模纸厂继续上调出厂价，且发布国庆期间停机计划，因纸厂库存低位，部分中小纸厂跟涨意愿明显， 市场成交重心上移；其次，主要原料废纸价格上涨，在上下游产业链联动影响下，成本对纸价仍有较强 支撑；最后，下游包装厂订单表现不一，整体采购积极性有所减弱。 智通财经APP获悉，国泰海通发布研报称，9月初规模纸厂报盘多数稳定，整体接单有限叠加期货上市 预期，市场观望情绪增多。月内下游印厂接单一般，华南地区个别厂家受天气影响，存在短暂停机，原 纸消耗偏缓，叠加出版招标未至，市场整体走货不快。白纸板方面，华中地区新产能出纸时间推迟，加 之纸价底部拉涨促进纸厂出货提速，企业现货供应趋紧，对贸易商价格上调起到一定支撑作用。箱瓦纸 方面，规模纸厂继续上调出厂价，且发布国庆期间停机计划，因纸厂库存低位，部分中小纸厂跟涨意愿 明显，市场成交重心上移。 国泰海通主要观点如下： 文化纸：规模纸厂复产，需求疲软延续 截至9月28日，9月70g木浆高白双胶纸市场均价为4807元/吨，环比下跌137元/ ...

Core Viewpoint - Tongdahai (301378.SZ) reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges for the company [1][2]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 153.16 million yuan, a decrease of 14.93% compared to the same period last year [2]. - The net profit attributable to shareholders was -44.03 million yuan, representing a decline of 20.23% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was -47.06 million yuan, down 16.09% from the previous year [2]. - The net cash flow from operating activities was -128.48 million yuan, a decrease of 6.42% compared to the same period last year [2]. Previous Year Comparison - In 2024, the company reported a revenue of 439.56 million yuan, down 20.08% year-on-year [3]. - The net profit attributable to shareholders for 2024 was -50.33 million yuan, a drastic decline of 192.34% compared to a profit of 54.50 million yuan in the previous year [3]. - The net profit after deducting non-recurring gains and losses was -64.30 million yuan, a decrease of 235.13% from the previous year [3]. - The net cash flow from operating activities improved to -5.91 million yuan, a 67.53% increase compared to -18.21 million yuan in the previous year [3]. IPO and Fundraising Details - Tongdahai went public on March 20, 2023, on the Shenzhen Stock Exchange's ChiNext, issuing 11.5 million shares at a price of 95.00 yuan per share [3]. - The total funds raised from the IPO amounted to 1.09 billion yuan, with a net amount of 982.88 million yuan after deducting issuance costs [4]. - The final net fundraising amount was 17.12 million yuan less than originally planned [4]. Dividend and Capital Increase Announcements - On June 1, 2023, the company announced a cash dividend of 10.00 yuan per 10 shares and a capital increase of 5 shares for every 10 shares held [6]. - For the 2023 fiscal year, the company plans to distribute a cash dividend of 5.00 yuan per 10 shares and a capital increase of 4 shares for every 10 shares held, with the record date set for June 17, 2024 [6].

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][5]. Group 1: Regulatory Environment - The new delisting regulations that came into effect at the beginning of the year have led to a historical high of 13 companies reaching the mandatory delisting criteria for major violations as of October 15 [1][5]. - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission (CSRC) enforcing stricter oversight on financial fraud and other illegal activities [4][6]. Group 2: Role of Investment Banks - Eleven investment banks are under scrutiny for their roles in the delisted companies, with only two, First Capital and Wumart Securities, currently facing regulatory action [2][7]. - The complexity of the investment banks' responsibilities is highlighted by the fact that many of the involved companies frequently changed their advisory firms during periods of fraud [4][9]. Group 3: Case Studies of Delisted Companies - Notable cases include *ST Dongtong, which was involved in fraudulent activities from 2019 to 2022, leading to warnings issued to its sponsor, First Capital [7][8]. - Guandao Digital inflated its revenue by 1.465 billion yuan through fraudulent contracts and invoices, resulting in penalties for Wumart Securities, which served as its sponsor [8]. Group 4: Investment Banks' Due Diligence - Many investment banks provided "no objection" reports during the supervision periods of companies that were later found to have committed fraud, raising questions about their diligence [4][12]. - National Securities was the only firm to explicitly warn of risks associated with a client, indicating a lack of proactive risk management among other firms [12][13]. Group 5: Changes in Oversight Practices - Investment banks are reportedly increasing their efforts in due diligence, particularly during the ongoing supervision phases, in response to heightened regulatory scrutiny [15]. - Accounting firms are also enhancing their audit processes, adding independent review steps and increasing personnel to ensure thorough examinations [15].

Core Viewpoint - The recent announcement by the Ministry of Commerce on October 9 regarding comprehensive export controls on rare earth-related technologies and overseas items significantly expands the scope of control, enhancing China's pricing power in the rare earth sector and potentially catalyzing market performance [1] Group 1: Policy Impact - The new export control policy is systematic and comprehensive, strengthening China's pricing power in the rare earth market by extending controls to overseas transshipment and technology transfer [1] - The policy creates challenges for overseas companies in obtaining smelting and separation technologies, thereby consolidating China's competitive advantage across the entire industry chain [1] Group 2: Price Trends - Recent prices for praseodymium and neodymium oxide have remained stable within the range of 550,000 to 570,000, with some feedback indicating a reduction in orders from magnetic material manufacturers after November [2] - Despite the recent price fluctuations, the tightening of heavy rare earth smelting and separation capacity and ongoing policy catalysts are expected to provide strong support for prices [2] Group 3: Future Outlook - The price center for rare earths is expected to continue rising, with supply controls extending globally, reinforcing supply rigidity and potentially slowing the release of overseas supply [3] - Demand from sectors such as electric vehicles, wind power, and air conditioning remains robust, and the reinforcement of export controls may lead to increased restocking intentions from overseas terminals, further elevating the price center [3] Group 4: Recommended Stocks - Recommended stocks include Jinli Permanent Magnet (300748.SZ, 06680), China Rare Earth (000831.SZ), Guangsheng Nonferrous (600259.SH), and Northern Rare Earth (600111.SH), with additional mentions of Ningbo Yunsheng (600366.SH) and Zhenghai Magnetic Materials (300224.SH) [4]

Group 1 - The core viewpoint of the article highlights the launch of the G-FIRST 2.0 program by Bank of China, China Pacific Insurance, and Guotai Junan Securities, aimed at enhancing cross-border financial cooperation for Chinese enterprises [1][3] - The G-FIRST 2.0 initiative is designed to provide comprehensive support for Chinese companies seeking to expand globally, ensuring a seamless connection to international markets [1] - The event took place at the 2025 Shanghai Global Asset Management Forum, indicating a significant platform for discussing advancements in asset management and financial services [1]

报告指，公司是国内先天性心脏病介入医疗器械领导者，传统业务依托生物可降解技术，利润稳步提 升，并开辟心脏瓣膜产品为第二增长曲线，认为该两块业务将对公司未来一至五年有较大利润增厚。 海通国际发表报告，首次覆盖心泰医疗，予"跑赢大市"评级，目标价28.94港元。该行预测其2025至27 年各年每股盈利分别0.89元、1.15元及1.45元，考虑公司产品布局完善，以及公司近年新业务板块发展 较好，给予2025年目标市盈率30倍。 ...

Core Viewpoint - Cathay Pacific Haitong has initiated coverage on Western Cement with a "Buy" rating and a target price of HKD 3.73, projecting net profits for 2025 to 2027 at HKD 1.143 billion, HKD 1.422 billion, and HKD 2.015 billion respectively, with earnings per share of HKD 0.21, HKD 0.26, and HKD 0.37 [1] Industry Summary - China's cement production has been declining annually since 2022, with a rapid decrease in output, leading to weak demand that hampers supply-side price stabilization efforts [1] - Domestic cement prices have fallen to their lowest levels due to this decline in production [1] Company Strategy - The company began its overseas expansion strategy in 2020, with its first production line established in Mozambique [1] - The company has been expanding at a rate of entering one new country each year, and by the end of 2024, it will have operations in Mozambique, the Democratic Republic of the Congo, Ethiopia, and Uzbekistan [1] - The company is noted for its strong commitment to international expansion, timely execution, and rapid progress in its overseas ventures [1]