Core Viewpoint - The results of the inaugural "Top Leaders in Listed Securities Firms" ranking by Sina Finance have been released, with Du Wanzhong, the president of Guohai Securities, ranking 16th among growth and development securities firms [1] Group 1: Evaluation Criteria - The ranking aims to recognize the outstanding contributions and far-reaching influence of leaders in various securities firms, based on a comprehensive evaluation system that includes industry data, peer evaluations, and online presence [1] - The evaluation model consists of multiple dimensions, including foresight, control, innovation, compliance, and influence, with specific weightings assigned to each category [5][9] Group 2: Performance Metrics - Guohai Securities achieved a revenue growth rate of 0.69% and a net profit growth rate of 31.02%, with a return on assets (ROA) of 0.79% and a return on equity (ROE) of 1.94% [6] - The total asset growth rate was -14.55%, while net asset growth was 0.69% [6] - The brokerage business profit margin was 68.41%, ranking 36th among listed securities firms, while the investment banking business profit margin was 95.56%, ranking 5th [6] Group 3: Rankings and Scores - Guohai Securities scored 67.79 in industry data evaluation, ranking 37th among 50 listed securities firms and 17th among 28 participating industry-specific firms [14] - The peer evaluation score was 82.16, placing Guohai Securities 25th among 50 listed firms and 6th among 28 industry-specific firms [14] - The online presence evaluation received a score of 73.73, ranking 39th among 50 listed firms and 21st among 28 industry-specific firms [14]

Core Viewpoint - Guoquan Securities maintains a "Buy" rating for Guoquan (02517.HK) following the company's recent profit forecast, highlighting its focus on membership system development and increased online channel revenue, which strengthens the integration of online and offline retail systems [1] Group 1 - The company has reported a positive profit outlook due to its emphasis on building a membership system [1] - Online channel revenue has increased, creating a strong linkage with offline stores [1] - The company is establishing a comprehensive online and offline integrated instant retail system, enhancing its competitive edge in the "home dining" sector [1] Group 2 - Revenue projections for the company are estimated at 7.183 billion, 8.036 billion, and 9.080 billion yuan for the years 2025, 2026, and 2027 respectively [1] - The expected net profit attributable to the parent company is forecasted to be 340 million, 396 million, and 463 million yuan for the same years [1] - The company’s growth is supported by its extensive store network and supply chain advantages [1]

Group 1 - Cathay Pacific Haikou expects a net profit increase of 205%-218% for the first half of 2025, with a projected profit of 15.283 billion to 15.957 billion yuan [1] - The main reason for the profit increase is the merger with Haitong Securities, which has led to significant growth in wealth management and trading revenues [1] - Shenyuan Hongyuan anticipates a net profit increase of 92.66%-111.46% for the first half of 2025, with a projected profit of 4.1 billion to 4.5 billion yuan [6][7] Group 2 - Southern Airlines expects a net loss of 1.338 billion to 1.756 billion yuan for the first half of 2025, primarily due to changes in passenger structure and international uncertainties [2] - China Eastern Airlines projects a net loss of 1.2 billion to 1.6 billion yuan for the first half of 2025, influenced by intense domestic market competition [3] - Air China anticipates a net loss of 1.7 billion to 2.2 billion yuan for the first half of 2025, affected by market supply imbalances and international uncertainties [4] Group 3 - HNA Group expects to turn a profit in the first half of 2025, with a projected net profit of 45 million to 65 million yuan, attributed to improved market conditions and operational adjustments [5] - CICC forecasts a net profit increase of 55%-78% for the first half of 2025, with a projected profit of 3.453 billion to 3.966 billion yuan [8] - CITIC Securities anticipates a net profit increase of 55%-60% for the first half of 2025, with a projected profit of 4.43 billion to 4.573 billion yuan [9] Group 4 - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, representing an increase of 84.3%-120.5% [10] - Poly Developments anticipates a net profit decrease of 63.15% for the first half of 2025, with a projected profit of 2.735 billion yuan [11] - Luoyang Molybdenum expects a net profit increase of 51%-68% for the first half of 2025, with a projected profit of 8.2 billion to 9.1 billion yuan [13] Group 5 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, but with a significant reduction in losses compared to the previous year [14] - Tongwei Co. anticipates a net loss of 4.9 billion to 5.2 billion yuan for the first half of 2025, influenced by ongoing industry challenges [15] - Ganfeng Lithium expects a net loss of 300 million to 550 million yuan for the first half of 2025, an improvement from the previous year's loss [16] Group 6 - Jianghuai Automobile expects a net loss of approximately 680 million yuan for the first half of 2025, primarily due to increased competition in the international market [21] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, attributed to ongoing transformation challenges [22] - ST Huatuo expects a net profit increase of 107.2%-159% for the first half of 2025, with a projected profit of 2.4 billion to 3 billion yuan [23] Group 7 - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, marking a turnaround from losses [25] - Linyi Intelligent Manufacturing expects a net profit increase of 32%-67% for the first half of 2025, with a projected profit of 900 million to 1.14 billion yuan [27] - Pengding Holdings expects a net profit increase of 52.79%-60.62% for the first half of 2025, with a projected profit of 1.198 billion to 1.26 billion yuan [29] Group 8 - Hengtong Electronics expects a net profit increase of 740.95% for the first half of 2025, with a projected profit of approximately 251 million yuan [30] - Shengyi Technology anticipates a net profit increase of 50%-56% for the first half of 2025, with a projected profit of 1.4 billion to 1.45 billion yuan [31] - Founder Securities expects a net profit increase of 70%-80% for the first half of 2025, with a projected profit of 2.299 billion to 2.43 billion yuan [33]

Core Viewpoint - The performance forecasts for the first half of 2025 from multiple listed securities firms indicate a significant increase in net profits, with many firms reporting growth rates exceeding 100% year-on-year, driven by improved market conditions and enhanced wealth management and investment returns [1][3][7]. Group 1: Performance Forecasts - A total of 27 listed securities firms or their subsidiaries released mid-year forecasts, with 14 firms expecting net profit growth exceeding 100% [1]. - Notable firms include Huaxi Securities, expecting a net profit of 445 million to 575 million yuan, representing a year-on-year increase of 1,025.19% to 1,353.90% [2]. - Guolian Minsheng is projected to achieve a net profit of 1.129 billion yuan, reflecting a growth of 1,183.00% [2]. Group 2: Drivers of Growth - The increase in profits is attributed to a rise in capital market activity, leading to substantial growth in wealth management and securities investment returns [3]. - Guotai Junan reported a projected net profit of 1.092 billion to 1.137 billion yuan, indicating a year-on-year increase of 140% to 150% due to enhanced wealth management and self-investment performance [3]. - Huayin Securities noted a significant increase in wealth management revenue and fair value changes in equity investments, forecasting a net profit of 270 million to 350 million yuan, up 118.98% to 183.86% [3]. Group 3: Sector Outlook - The overall operating environment for the securities industry is improving, with expectations for continued strong growth in mid-year performance [7][8]. - Analysts suggest that the securities sector is entering a new phase of high-quality development, with a focus on differentiated competition and refined management practices [8]. - Recommendations include monitoring mergers and acquisitions, wealth management transformations, and innovative business licenses as key investment themes [8][9].

Major Events - Zhonghua Equipment plans to acquire 100% equity of Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025 [3] - Suzhou Planning intends to purchase 100% equity of Dongjin Aerospace through a combination of cash and stock issuance, with stock resuming trading on July 15, 2025 [4] - Aerospace Development's independent director was detained for personal reasons unrelated to the company's operations, which remain stable [5][6] - *ST Tianmao issued a risk warning regarding potential delisting due to failure to disclose annual reports in time [7] - ST Shuntian will suspend trading for one day on July 15, 2025, and will remove other risk warnings, changing its stock name to Jiangsu Shuntian [8] - Xinghui Entertainment plans to transfer 99.66% equity of Espanyol Football Club for €130 million, focusing on core business areas [9] Performance Reports - China Salt Chemical reported a 5.76% decrease in revenue to ¥5.998 billion and an 88.04% drop in net profit to ¥52.71 million for the first half of 2025 [10] - Jiu Gui Jiu expects a net profit of ¥8 million to ¥12 million, down 90.08% to 93.39% year-on-year, with revenue around ¥560 million, a 43% decline [11] - Suli Co. anticipates a net profit of ¥72 million to ¥86 million, up 1008.39% to 1223.91% year-on-year, driven by increased sales and prices [12] - Te Yi Pharmaceutical expects a net profit of ¥34 million to ¥38 million, a growth of 1164.22% to 1312.95% year-on-year, due to strong sales of its core product [13] - Huahong Technology forecasts a net profit of ¥70 million to ¥85 million, up 3047.48% to 3721.94% year-on-year, benefiting from improved market conditions [14] - Qianfang Technology expects a net profit of ¥150 million to ¥200 million, an increase of 1125.99% to 1534.65% year-on-year, influenced by fair value changes of equity instruments [15] - Huaxia Airlines anticipates a net profit of ¥220 million to ¥290 million, up 741.26% to 1008.93% year-on-year, due to improved flight demand [16] - Xianfeng Holdings expects a net profit of ¥34 million to ¥42 million, a growth of 524.58% to 671.53% year-on-year, mainly from non-recurring gains [17] - Xinyi Sheng expects a net profit of ¥370 million to ¥420 million, up 327.68% to 385.47% year-on-year, driven by AI-related investments [18] - Haili Co. anticipates a net profit of ¥30.5 million to ¥36 million, a growth of 625.83% to 756.71% year-on-year, due to improved sales [19] - Hengsheng Electronics expects a net profit of approximately ¥251 million, an increase of about 740.95% year-on-year, due to significant non-recurring gains [20] - Tianqi Lithium expects a net profit of ¥0 to ¥155 million, recovering from a loss of ¥5.206 billion in the previous year [21] - Shui Jing Fang forecasts revenue of ¥1.498 billion, down 12.84%, and a net profit of ¥105 million, down 56.52% [22] - CICC expects a net profit of ¥3.453 billion to ¥3.966 billion, an increase of 55% to 78% year-on-year [23] - Shenwan Hongyuan anticipates a net profit of ¥4.1 billion to ¥4.5 billion, a growth of 92.66% to 111.46% year-on-year [24] - Xinda Securities expects a net profit of ¥921 million to ¥1.044 billion, an increase of 50% to 70% year-on-year [25] - Shanxi Securities anticipates a net profit of ¥504 million to ¥544 million, a growth of 58.17% to 70.72% year-on-year [26] - Guohai Securities expects a net profit of ¥370 million, a growth of 159.26% year-on-year [27] - Guocheng Mining anticipates a net profit of ¥493 million to ¥548 million, a growth of 1046.75% to 1174.69% year-on-year [28] - China Rare Earth expects a net profit of ¥136 million to ¥176 million, recovering from a loss of ¥244 million [29] - Perfect World anticipates a net profit of ¥480 million to ¥520 million, recovering from a loss of ¥177 million [30] - Fangda Carbon expects a net profit of ¥50 million to ¥60 million, down 65.13% to 70.93% year-on-year [31] - Huanghe Xuanfeng expects a net loss of ¥285 million [32] - JA Solar anticipates a net loss of ¥2.5 billion to ¥3 billion, worsening from a loss of ¥874 million [33] - Shanxi Black Cat expects a net loss of ¥490 million to ¥540 million [34] - Ganfeng Lithium anticipates a net loss of ¥300 million to ¥550 million, improving from a loss of ¥760 million [35] - Xinda Real Estate expects a net loss of ¥3.5 billion to ¥3.9 billion [36] - Greenland Holdings anticipates a net loss of ¥3 billion to ¥3.5 billion [37] - Air China expects a net loss of ¥1.7 billion to ¥2.2 billion [39] - OFILM expects a net loss of ¥85 million to ¥115 million [40] - Vanke A expects a net loss of ¥10 billion to ¥12 billion [41] Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth ¥379 million, accounting for 12.26% of its 2024 audited revenue [42] - Gaode Infrared signed a procurement agreement worth ¥879 million, representing 32.84% of its 2024 audited revenue [43]

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company forecasts a substantial year-on-year increase in its H1 2025 net profit and basic earnings per share Key Financial Performance Indicators | Item | Jan-Jun 2025 (CNY Millions) | Jan-Jun 2024 (CNY Millions) | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 369.79 | 142.63 | 159.26% Increase | | Net Profit After Non-Recurring Items | 368.83 | 142.74 | 158.40% Increase | | Basic Earnings Per Share | 0.06 CNY/share | 0.02 CNY/share | - | - The performance forecast is categorized as **"year-on-year increase"**[3](index=3&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Performance growth is primarily driven by a stable domestic economy, strong secondary market, and increased revenue from core wealth and investment management businesses - Favorable macroeconomic environment: Domestic economy operated steadily in H1 2025, with major stock indices in the secondary market **fluctuating upwards**[3](index=3&type=chunk)[4](index=4&type=chunk) - Core business revenue growth: During the reporting period, the company's wealth management and investment management businesses achieved **year-on-year revenue growth**[4](index=4&type=chunk) [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The financial data in this performance forecast has not been audited by an accounting firm - The data in this performance forecast has **not been audited by an accounting firm**[2](index=2&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company cautions investors that this performance forecast is a preliminary estimate, with final accurate financial data subject to the official 2025 semi-annual report - This performance forecast is a **preliminary estimate**, and the specific accurate financial data will be subject to the company's officially disclosed **2025 semi-annual report**[5](index=5&type=chunk)

Key Points - The company, Guohai Securities, will pay the principal and interest of its second phase of corporate bonds on July 15, 2025 [1][2] - The bond, known as "22 Guohai 02," has a coupon rate of 3.65% and will pay interest annually [1][2] - The interest payment for each bondholder will be RMB 1,029.20 after tax deductions for individual and securities investment fund holders [1][2] - The bond's record date for interest payment is set for July 14, 2025, and the bond will be delisted on the same day after market close [1][2] - The company will entrust China Securities Depository and Clearing Corporation Limited Shenzhen Branch to handle the payment of principal and interest [1][2] - Individual bondholders are subject to a 20% personal income tax on the interest earned from the bonds [2][3] - Foreign institutional investors are exempt from corporate income tax and value-added tax on bond interest income until December 31, 2025 [3]

股票代码：000750 股票简称：国海证券 公告编号：2025-31 债券代码：133269 债券简称：22 国海 02 国海证券股份有限公司(以下简称"公司")于 2022 年 7 月 15 日发行国海证券股份有限公司 2022 年面向专业投资者 非公开发行公司债券（第二期）(以下简称"22 国海 02"或 "本期债券"，债券代码 133269)。本期债券将于 2025 年 7 月 15 日支付 2024 年 7 月 15 日至 2025 年 7 月 14 日期间的 利息及本期债券的本金。本次本息兑付的债权登记日为 2025 年 7 月 14 日，凡在 2025 年 7 月 14 日下午深圳证券交易所 收市后，在中国证券登记结算有限责任公司深圳分公司（以 下简称"中国结算深圳分公司"）登记在册的全体本期债券 持有人享有本次兑付的本金及利息。为确保本息兑付工作的 顺利进行，现将有关事宜公告如下： 1 一、本期债券基本情况 1.债券名称：国海证券股份有限公司 2022 年面向专业 投资者非公开发行公司债券（第二期） 2.债券简称：22 国海 02 3.债券代码：133269 国海证券股份有限公司 2022年面向 ...

Group 1 - Tianhong Fund Management Co., Ltd. has appointed Guohai Securities Co., Ltd. as a new agent for subscription and redemption of certain funds starting from July 9, 2025 [1] - Investors can consult Tianhong Fund Management Co., Ltd. or Guohai Securities Co., Ltd. for details regarding fund subscription and redemption processes [1] Group 2 - Starting from July 10, 2025, Tianhong Fund Management Co., Ltd. will suspend large subscriptions and regular investment business for the Tianhong CSI Hong Kong Stock Connect High Dividend Investment Index Fund for institutional investors, specifically for single transactions exceeding 5 million yuan [2] - Institutional investors are limited to a maximum cumulative subscription amount of 5 million yuan per day for a single fund account [2] - Other business operations, including redemption, will continue as normal during this suspension period, and the company will announce when large subscriptions will resume [2]

Core Viewpoint - The report from Guohai Securities highlights that breakthroughs in dexterous hands, a core component of humanoid robots, directly influence the commercialization process of these robots [1][2]. Market Size - The global market for humanoid robot dexterous hands is projected to reach 900 million yuan in 2025 and 37.6 billion yuan in 2030, with a compound annual growth rate (CAGR) of 110% over five years [5]. Industry Trends - The complexity of dexterous hands is increasing, driving demand for various components [3]. - The introduction of a 22-degree-of-freedom dexterous hand at the "werobot" launch event marks a significant advancement compared to the 11 degrees of freedom in second-generation robots [3]. Component Innovations - The application of micro-screws and tendon ropes is expanding, with companies like Tesla adopting these as more efficient transmission solutions [4]. - Flexible sensors, referred to as "electronic skin," are expected to gain importance due to their superior performance compared to traditional sensors [4]. - The use of PEEK materials is anticipated to rise as they gradually replace metals in mid-to-high-end applications, particularly in dexterous hands [4]. - End-to-end large models are enhancing the generalization capabilities of dexterous hands, enabling them to perform complex tasks more effectively [4]. Competitive Landscape - The market for dexterous hands is becoming increasingly competitive, with three main types of players: self-researching robot manufacturers, startups focused on dexterous hands, and companies extending their expertise from other sectors like automotive and new energy into robot components [6].