证券代码：000750 证券简称：国海证券 公告编号：2025-41 国海证券股份有限公司关于换领 《经营证券期货业务许可证》的公告 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 国海证券股份有限公司（以下简称公司）因变更注册资本、变更法定代表人事项向中国证券监督管理委 员会申请换领《经营证券期货业务许可证》。近日，公司收到了新换发的《经营证券期货业务许可 证》，具体信息如下： 二○二五年九月十七日 3.住所（营业场所）：广西桂林市辅星路13号 4.注册资本：6,386,174,477元人民币 5.法定代表人：王海河 6.证券期货业务范围：证券经纪；证券投资咨询；与证券交易、证券投资活动有关的财务顾问；证券承 销与保荐；证券自营；证券资产管理；融资融券；公募证券投资基金销售；代销金融产品。 特此公告。 国海证券股份有限公司董事会 1.统一社会信用代码：91450300198230687E 2.机构名称：国海证券股份有限公司 ...

格隆汇9月16日丨国海证券(000750.SZ)公布，公司因变更注册资本、变更法定代表人事项向中国证券监 督管理委员会申请换领《经营证券期货业务许可证》。近日，公司收到了新换发的《经营证券期货业务 许可证》。 ...

Group 1 - The company, Guohai Securities, has applied to the China Securities Regulatory Commission for a new business license due to changes in registered capital and legal representative [1] - The company has recently received the newly issued "Securities and Futures Business License" [1]

证券代码：000750 证券简称：国海证券 公告编号：2025-41 国海证券股份有限公司关于 换领《经营证券期货业务许可证》的公告 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 国海证券股份有限公司（以下简称公司）因变更注册资 本、变更法定代表人事项向中国证券监督管理委员会申请换 领《经营证券期货业务许可证》。近日，公司收到了新换发 的《经营证券期货业务许可证》，具体信息如下： 6.证券期货业务范围：证券经纪；证券投资咨询；与证 券交易、证券投资活动有关的财务顾问；证券承销与保荐； 证券自营；证券资产管理；融资融券；公募证券投资基金销 售；代销金融产品。 特此公告。 国海证券股份有限公司董事会 二○二五年九月十七日 1 2.机构名称：国海证券股份有限公司 3.住所（营业场所）：广西桂林市辅星路 13 号 4.注册资本：6,386,174,477 元人民币 5.法定代表人：王海河 1.统一社会信用代码：91450300198230687E ...

Market Overview - On September 16, the securities sector experienced a slight decline of 0.02%, with Guotai Junan leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Notable gainers included: - Shouchao Securities (601136) with a closing price of 22.55, up 6.27% and a trading volume of 1.0521 million shares, totaling 2.376 billion yuan [1] - Pacific Securities (660109) closed at 5.11, up 3.86% with a trading volume of 8.0596 million shares, totaling 4.071 billion yuan [1] - Great Wall Securities (002939) closed at 11.89, up 2.50% with a trading volume of 1.3189 million shares, totaling 1.573 billion yuan [1] - Notable decliners included: - Guotai Junan (601211) closed at 19.17, down 1.79% with a trading volume of 1.4302 million shares, totaling 2.758 billion yuan [2] - Guosen Securities (002736) closed at 13.70, down 1.79% with a trading volume of 516,300 shares, totaling 711 million yuan [2] - Dongfang Securities (600958) closed at 10.60, down 1.67% with a trading volume of 2.1958 million shares, totaling 2.341 billion yuan [2] Capital Flow Analysis - The securities sector saw a net outflow of 3.24 billion yuan from institutional investors, while retail investors experienced a net inflow of 1.636 billion yuan [2] - The capital flow for individual stocks showed: - Dongfang Caifu (300059) had a net inflow of 387 million yuan from institutional investors, but a net outflow of 342.7 million yuan from retail investors [3] - Shouchao Securities (601136) had a net inflow of 345 million yuan from institutional investors, with significant outflows from both retail and speculative investors [3] - Pacific Securities (660109) recorded a net inflow of 157 million yuan from institutional investors, but outflows from retail investors [3]

Core Viewpoint - The report from Guohai Securities indicates a slight increase in net profit for the first half of 2025, with a focus on the company's growth in outpatient and surgical volumes, as well as advancements in AI technology within the ophthalmology sector [1] Financial Performance - The company's net profit attributable to shareholders for 1H2025 is 2.051 billion yuan, reflecting a growth of 0.05% [1] - The net profit excluding non-recurring items is 2.040 billion yuan, showing a significant increase of 14.30% [1] Operational Metrics - In 1H2025, the company achieved an outpatient volume of 9.25 million visits, which is an increase of 16.47% [1] - The number of surgeries performed reached 879,000, marking a growth of 7.63% [1] Changes in Reporting Standards - Starting from 2025, the reporting standard for corneal laser surgeries has changed from "one case per person" to "one case per eye," leading to retrospective adjustments in the previous year's surgical volume data [1] Growth Areas - The refractive and optometry segments are experiencing rapid growth, while cataract procedures are dragging down overall growth rates [1] - The company's overseas medical service network is continuously improving, contributing to a faster growth in foreign income [1] Technological Advancements - The company is developing and enhancing the "AI Smart Ophthalmology Hospital," which aims to improve AI-assisted diagnostic capabilities and has introduced the "AI Ophthalmologist" intelligent system [1] Competitive Position - The company is recognized as a global leader in the ophthalmology medical group, with a deepening domestic and international service network and medical innovation capabilities that create a long-term competitive advantage [1] - The investment rating is maintained at "Buy" [1]

Group 1 - The core viewpoint is that the global potash fertilizer demand is expected to grow steadily at a compound annual growth rate (CAGR) of 3.2% from 2025 to 2027, driven by increasing population and food security concerns [1][2] - On the supply side, there will be limited new potash production capacity before the end of 2026, with major new capacities facing high investment costs and existing mines entering marginal extraction phases, leading to increased mining difficulty and costs [1][2][4] - In the short term, domestic demand for potash fertilizer is expected to rise as the autumn application season approaches, supported by international market demand, particularly from India, which may help maintain high potash prices [1][2] Group 2 - Potash is one of the three essential nutrients for crop growth, with a stronger consumption elasticity compared to nitrogen and phosphorus fertilizers. Global potash demand is projected to grow from 60 million tons in 2016 to 72.5 million tons in 2024, with a CAGR of 2.4% [3] - China is a major consumer of potash, accounting for approximately 26% of global consumption. The apparent consumption of potassium chloride in China is expected to reach about 18.72 million tons in 2024, with a CAGR of approximately 5.5% from 2017 to 2024, surpassing the global average growth rate [3] - The global potash industry is characterized by resource monopolization, with major resources concentrated in Canada, Russia, Belarus, and Laos. By 2024, global potash production capacity is expected to be around 77.2 million tons, with limited new capacity additions before 2026 [4] Group 3 - The investment recommendation suggests maintaining a "recommended" rating for the potash fertilizer industry, highlighting key companies such as Yara International (000893.SZ), Salt Lake Potash (000792.SZ), and Oriental Tower (002545.SZ) for their strategic positions and growth potential in the potash market [5]

Core Viewpoint - Guohai Securities has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth opportunities for investors [1][2]. Financial Performance - As of August 29, Guohai Securities reported a net profit of 370 million yuan for the first half of 2025, representing a year-on-year growth of 159.26% [2]. - The company has cumulatively distributed dividends of 3.439 billion yuan since its A-share listing, with 676 million yuan distributed over the past three years [3]. Stock Market Activity - On September 16, Guohai Securities' stock price rose by 2.10%, reaching 4.86 yuan per share, with a trading volume of 361 million yuan and a turnover rate of 1.30% [1]. - The stock has increased by 14.35% year-to-date, with notable gains of 8.97% over the last five trading days, 7.28% over the last twenty days, and 24.94% over the last sixty days [1]. Shareholder Information - As of August 29, the number of shareholders for Guohai Securities decreased to 192,200, while the average number of circulating shares per person increased by 2.99% to 30,153 shares [2]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3].

Core Viewpoint - The demand for AI data centers is increasing, driven by high heat dissipation and high energy consumption, leading to a growing need for liquid cooling solutions [2][3]. Group 1: AI Data Center Capacity and Growth - According to Semianalysis, the global AI computing center installed capacity is expected to reach 7 GW in 2024, with further growth anticipated by 2028 [1][2]. Group 2: Liquid Cooling Solutions - The two main types of liquid cooling solutions for data centers are cold plate cooling and immersion cooling [3][4]. - Cold plate cooling can be further divided into single-phase and phase-change types, with single-phase primarily using deionized water and phase-change using fluorinated fluids [3]. - Immersion cooling liquids are categorized into synthetic oils and fluorinated liquids, with synthetic oils including hydrocarbon and silicone oils, and fluorinated liquids being ideal due to their chemical stability and low dielectric constant [4]. Group 3: Recommended Companies - For cold plate cooling, recommended companies include Haohua Technology (600378.SH), Juhua Co., Ltd. (600160.SH), and Sanmei Co., Ltd. (603379.SH) [3]. - For synthetic oils, Satellite Chemical (002648.SZ) is highlighted, while for silicone oil, the recommended company is Huamao Technology (603181.SH) [4]. - For fluorinated liquids, recommended companies include Sinoma Science & Technology (300037.SZ), Juhua Co., Ltd., Hualu Group (600623.SH), and Yonghe Co., Ltd. (605020.SH) [4].

Core Viewpoint - Guohai Securities report indicates that Sanqi Interactive Entertainment achieved a net profit attributable to shareholders of 1.4 billion yuan in H1 2025, representing a year-on-year increase of 10.72%, with a net profit of 1.387 billion yuan after deducting non-recurring items, up 8.83% year-on-year [1] Financial Performance - In Q2, the net profit attributable to shareholders reached 851 million yuan, showing a year-on-year growth of 31.24% and a quarter-on-quarter increase of 54.97% [1] - The company's performance in H1 2025 demonstrates strong profitability, suggesting that the current valuation does not fully reflect the recovery momentum and long-term growth potential [1] Product Development and Market Position - The game "Time Explosion" launched on the APP in January 2025, quickly reaching the top of the iOS free chart, while its mini-program version ranked 4th in the WeChat mini-game sales chart [1] - The APP version of "Heroes Have No Flash" also rapidly entered the top five of the iOS sales chart, with its mini-program version topping the WeChat mini-game sales chart [1] - The self-developed game "Douluo Dalu: Hunting Soul World" began public testing in July 2025, receiving over 10 million player reservations before launch and quickly topping the iOS free chart [1] Strategic Initiatives - The company is continuously expanding its self-developed capabilities and actively diversifying its product categories, supported by investments and deep partnerships with several high-quality developers, creating a rich external development reserve [1] - The diverse product matrix is expected to gradually convert into new game launches, continuously providing incremental growth for the company's performance [1] - The report initiates coverage with a "Buy" rating, indicating confidence in the company's future performance [1]