第一章 总 则 第一条 为加强对国海证券股份有限公司（以下简称国海证券 或公司）子公司的管理，提高国海证券及子公司的规范运作水平，保 护投资者的合法权益，根据《中华人民共和国公司法》《中华人民共 和国证券法》《证券公司和证券投资基金管理公司合规管理办法》《证 券公司全面风险管理规范》《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》 等法律、法规、规章、自律规则、规范性文件（以下简称法律法规） 及《国海证券股份有限公司章程》（以下简称《公司章程》）的有关 规定，结合公司的实际情况，特制定本制度。 第二条 本制度所称子公司是指国海证券持有半数以上的表 决权的或者持有半数或以下的表决权但通过与其他表决权持有人之 间的协议能够控制半数以上表决权的子公司。 第三条 国海证券对子公司按照"以公司治理为基、以监管要 求为纲、以绩效管理为核"的原则进行管理。子公司的发展战略与规 划应与国海证券整体发展战略与规划相匹配。 第四条 子公司应完善自身法人治理，健全内部控制，确保股 东会、董事会、经营层规范运作、科学决策。子公司未设股东会、董 事会的，其股东、董事对应参照执行。子 ...

证券代码：000750 证券简称：国海证券 公告编号：2025-58 国海证券股份有限公司 关于变更签字注册会计师的公告 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）于 2025 年 10 月 14 日、2025 年 10 月 30 日，分别召开第十届董事会第十 二次会议、2025 年第二次临时股东会，审议通过了《关于聘 任公司 2025 年度财务报告审计机构和内部控制审计机构的 议案》，同意聘任毕马威华振会计师事务所(特殊普通合伙) （以下简称毕马威华振）为公司 2025 年度财务报告审计机构 和内部控制审计机构。具体内容详见公司于 2025 年 10 月 15 日、2025 年 10 月 31 日在《中国证券报》《证券时报》《上 海 证 券 报 》《 证 券 日 报 》 以 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的《关于拟聘任会计师事 务所的公告》及相关决议公告。 一、签字注册会计师变更的情况 2025 年 12 月 26 日，公司收到毕马威华振出具的《关于 变更国海证券股份 ...

证券代码：000750 证券简称：国海证券 公告编号：2025-57 国海证券股份有限公司 第十届董事会第十四次会议决议公告 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）第十届董事会 第十四次会议通知于 2025 年 12 月 15 日以电子邮件方式发 出，会议于 2025 年 12 月 26 日在广西南宁市滨湖路 46 号国 海大厦 4 楼会议室以现场会议与视频会议相结合的方式召 开，会议应到董事 8 人，实到董事 8 人。倪受彬独立董事、 刘劲容独立董事通过视频方式参加会议，其他 6 名董事现场 参加会议。会议由公司董事长王海河先生主持。会议的召集、 召开、表决符合《公司法》及《公司章程》的规定，决议合 法有效。会议以投票表决的方式审议通过了如下议案： 一、《关于审议<国海证券股份有限公司董事和高级管 理人员所持本公司股份及其变动管理制度（2025 年 12 月修 订）>的议案》 本议案已经董事会薪酬与提名委员会会议、董事会审计 委员会会议审议通过。 同意修订公司《董事、监事和高级管理人员所持本公司 股份及其变动管理 ...

Core Viewpoint - Guohai Securities projects that Power Development (01277) will achieve operating revenues of 5406.45 million, 6118.27 million, and 6815.50 million yuan for the years 2025-2027, with net profits attributable to shareholders of 1288.04 million, 1879.75 million, and 2143.48 million yuan, reflecting a year-on-year change of -38.95%, +45.94%, and +14.03% respectively. The EPS is expected to be 0.15, 0.22, and 0.25 yuan, corresponding to current PE ratios of 7.83, 5.36, and 4.70 times. The company has strong profitability from its Dafanpu coal mine, a high and stable dividend payout ratio, and effective equity incentives that help reduce agency costs. With the upcoming production of the Yong'an and Wei Yi coal mines and the orderly acquisition of South Africa's MC Mining, there is still growth potential in performance, and the current valuation is low, indicating investment value with a "buy" rating [1]. Group 1 - The company is a private enterprise engaged in the integrated production and sales of coal, characterized by four advantages: high profitability, high dividends, high capacity growth, and high equity incentives [2]. - High profitability is evidenced by the company's ROE consistently leading major thermal coal enterprises from 2018 to 2024, driven by a high sales net profit margin averaging 36.97%, compared to 5%-20% for peers. The company achieves higher coal prices due to the quality of coal from the Dafanpu mine and efficient sales strategies, with gross profit per ton of coal remaining in the high range of 400-600 yuan/ton from 2021 to 2024, exceeding peers by 80-110 yuan/ton [2]. Group 2 - High dividends are supported by the company's low leverage and strong cash conversion ability, with the dividend payout ratio rising to 56.57% from 2022 to 2024. By mid-2025, the company has announced a total of 657.68 million yuan in interim and special dividends, resulting in a dividend yield of 6.56% based on market capitalization as of December 23. The company has consistently implemented "interim + final" dividends for eight consecutive years from 2017 to 2024, and has begun to issue special dividends for three consecutive years starting in 2023 [3]. - The company currently has a production capacity of 6.5 million tons of thermal coal and is building an additional 2.1 million tons of coking coal capacity (Yong'an and Wei Yi mines, expected to reach production in 2026/2027). Additionally, the company is gradually acquiring a 51% stake in the MC Mining project in South Africa, with the key Makhado project expected to begin joint commissioning in January 2026, targeting an annual raw coal extraction rate of 3.2-4 million tons. The new domestic and international capacities include higher value-added coking coal, which is expected to enhance the company's coal business performance in terms of both volume and price [3][4]. Group 3 - High equity incentives are reflected in the company's issuance of 263.50 million shares to employees under the 2023 share reward plan, representing 3.13% of the total shares issued on the grant date, which helps align the interests of management and shareholders, thereby reducing agency costs [4].

2026年作为"十五五"规划的开局之年，承载着承前启后、谋篇布局的重要使命。当前全球经济形势复杂 多变，地缘冲突频发、贸易保护主义抬头，中国经济如何在风高浪急的外部环境中突围？未来经济增长 动力何在？宏观政策将如何发力？大类资产配置又有哪些机遇？ 对此，近日，国海证券首席经济学家夏磊这样解读了2026年宏观经济展望。 外部环境：风高浪急下的不确定性与新挑战 谈及2026年中国经济面临的外部环境，夏磊指出，美国政策的不确定性成为影响全球经贸秩序的重要变 量。自2025年初特朗普政府上任以来，不断调整关税政策，方向和内容反复多变。以美国对欧盟的关税 政策为例，短短几个月内经历了多次变动，从实施20%"对等关税"，到暂停后保留10%基准关税，再到 计划加征50%关税，最终通过谈判降至15%，这种反复无常的调整给全球贸易带来巨大混乱。 更值得关注的是，美国核心内阁成员在贸易理念上存在明显分歧。贝森特作为"温和派"注重市场反馈， 格里尔作为贸易强硬派不愿在关税上让步，卢特尼克则被称为"内阁中最特朗普式的成员"，三人在贸易 谈判中甚至出现公开冲突，导致美方谈判目标混乱，进一步加剧了国际经贸环境的不确定性。 政策支持力度持 ...

Core Viewpoint - The article discusses the outlook for China's economy in 2026, emphasizing the need for coordinated efforts in promoting consumption, stabilizing investment, and strengthening exports to activate internal growth momentum despite a complex external environment [2][3]. Economic Growth Drivers - Consumption is highlighted as the main engine of economic growth, contributing 53.5% to GDP growth in the first three quarters of 2025, with a projected increase to 56.6% of GDP in 2024 [2]. - The article notes a significant gap in service consumption between China and countries like the U.S. and South Korea, indicating potential for growth in this area [2]. - Investment in high-tech industries is identified as a key growth area, with a focus on sectors such as integrated circuits and advanced materials, supported by national policies aimed at technological self-reliance [3]. Export Resilience - Despite global trade slowdowns, China's exports are expected to remain resilient due to market diversification and an improved product structure, shifting from labor-intensive goods to high-value products [3]. Policy Outlook - The macroeconomic policy for 2026 is expected to remain proactive, with ample room for both fiscal and monetary measures to ensure stable economic performance [3]. Asset Allocation Insights - The A-share market is anticipated to maintain a slow bull trend, driven by government support for capital market stability and a solid liquidity foundation [4]. - The technology sector is projected to be a core investment focus, with significant advancements in AI and a complete industrial ecosystem emerging in China [5]. - Gold is expected to see strong demand as a safe-haven asset amid global economic uncertainties, with central banks continuing to increase their gold reserves [5].

Core Viewpoint - The report from Guohai Securities highlights the new demand for high-speed interconnect protocols driven by Scale-Up in the era of large models, emphasizing the importance of bus interconnect in facilitating the development of AI models and applications, thereby creating a positive feedback loop from models to computing power [1] Group 1: High-Speed Interconnect Protocols - High-speed interconnect protocols serve the Scale-Up needs in the era of large models, with computer buses connecting systems and components for data transmission, control, and operation [1] - Mainstream interconnect protocols include NVLink, UALink, SUE, CXL, HSL, and UB, which are crucial for enhancing communication and expanding system bandwidth and device numbers [1] Group 2: NVLink and Competitors - NVLink is leading in the Scale-Up interconnect space, enabling high-speed communication between GPUs, while NVSwitch supports multi-GPU inference with low latency and high bandwidth [2] - The fifth-generation NVLink offers a single-channel bandwidth of 200 Gbps, significantly higher than PCIe Gen5's 32 Gbps [2] - Other protocols like UALink and SUE are also emerging, with UALink achieving a maximum data transfer rate of 200 GT/s and SUE leveraging Ethernet for efficient deployment [3] Group 3: Open Source and Evolving Requirements - NVLink Fusion is moving towards open-source collaboration with several companies, allowing for customized chip Scale-Up to meet model training and inference needs [4] - The evolution of computing power demands higher bandwidth and lower latency from interconnect technologies, as the performance of language models improves with increased model size, dataset size, and computational requirements [4]

二、ASIC芯片出货量有望上修，2026年液冷市场空间有望达到165亿美元 非GPU散热需求崛起：2026年数据中心ASIC芯片出货量有望超800万颗，2027年有望突破1000万颗，未 来或将与同期GPU出货量相近，成为液冷市场重要增量来源。 市场规模测算：以单颗AI芯片1376美元计算，2026年英伟达GPU液冷市场有望达119亿美元，ASIC液冷 市场有望达46亿美元，整体数据中心液冷市场规模有望达165亿美元(约1162亿元人民币)，2025-2026年 CAGR约59%。 智通财经APP获悉，国海证券发布研报称，英伟达(NVDA.US)GPU服务器之外，ASIC服务器亦逐步推 出液冷方案。随着头部CSP加速自研ASIC芯片的规模化部署与外部商用，数据中心液冷渗透率加速上 行。大陆已有企业已成为头部芯片厂商合作伙伴，本土有望诞生国际一流液冷厂商，维持对计算机行 业"推荐"评级。 国海证券主要观点如下： 一、AI服务器液冷渗透率加速上行，技术方案持续迭代 芯片功耗突破风冷上限：英伟达VR300(3600W)、AMDMI355(1400W)、谷歌TPU v7(约980W)等芯片 TDP逼近或超过1000W ...

Core Viewpoint - Chinese Online plans to list in Hong Kong, enhancing its overseas strategy and opening up growth opportunities [1] Group 1: Company Strategy - The company aims to broaden its financing channels to increase overseas short drama supply and investment scale, driving rapid growth for its two platforms, ReelShort and FlareFlow, which rank in the global Top 6 for short drama apps according to SensorTower data [1] - Listing will enhance Chinese Online's brand influence overseas, facilitating cross-border mergers and acquisitions and market expansion [1] - The company seeks to effectively avoid foreign exchange costs, thereby improving operational efficiency [1] Group 2: Product Development - Chinese Online is a pioneer in AI comic drama, with its production "From the Womb to the Counterattack" achieving over 100 million views by November 2025, and its first AI 3D comic drama "The Return of the Immortal: One Hand Controls the World" surpassing 64 million views [1] - In terms of IP cultivation, the domestic box office for "The King's Avatar 2" reached 533 million yuan, and it officially launched in the US and Canada in September 2025, continuing to expand its IP influence [1] Group 3: Industry Outlook - The overseas short drama market is experiencing high demand, with significant industry head effects [1]

Core Viewpoint - Chinese Online plans to go public in Hong Kong, enhancing its overseas strategy to unlock growth potential [1] Group 1: Company Strategy - The company aims to broaden its financing channels to increase overseas short drama supply and investment scale, driving rapid growth for its two platforms, ReelShort and FlareFlow, which rank in the global Top 6 for short drama apps as of November 2025 [1] - By enhancing its overseas brand influence, the company seeks to facilitate cross-border mergers and acquisitions and expand into international markets [1] - The move will help the company effectively avoid foreign exchange costs, thereby improving operational efficiency [1] Group 2: Product Development and Market Performance - The company has pioneered AI comic dramas, with its production "From the Womb to the Top" surpassing 100 million views, and its first AI 3D comic drama "The Return of the Immortal" achieving over 64 million views [1] - In terms of IP cultivation, the domestic box office for "The King's Avatar 2" reached 533 million yuan, and it officially launched in the U.S. and Canada in September 2025, continuing to expand its IP influence [1] - The overseas short drama market is experiencing high demand, with significant industry head effects [1]