Core Viewpoint - The 2025 Analyst Conference has commenced, signaling a potential bull market for A-shares as global capital is expected to flow into the market [1][5]. Group 1 - The 2025 Analyst Conference features over a hundred industry research leaders, public and private fund managers, and authoritative scholars gathering to explore investment truths that transcend market cycles [1][5]. - Lu Ying, Vice President of the Research and Institutional Business Committee at Guotai Junan Securities, attended the conference and served as an award presenter at the 7th Sina Finance Golden Unicorn Analyst Awards [1][5].

证券代码：601211 证券简称：国泰海通 公告编号：2025-105 国泰海通证券股份有限公司关于召开2025年第二次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 股东会召开日期：2025年12月29日 ● 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年12月29日 14点00分 召开地点：上海市南京西路768号405室 (五)网络投票的系统、起止日期和投票时间。 至2025年12月29日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的9:15- 15:00。 (六)融 ...

智通财经APP获悉，国泰海通证券发布研究报告称，服务消费景气提升，科技硬件延续涨价。上周 (11.24-11.30)中观景气表现分化，值得关注：1)内需景气线索有所增多，冰雪出行和电影市场景气度显 著提升，或反映地产和耐用品消费收缩之余，"吃喝玩乐"相关的服务型和大众品消费复苏趋势持续显 现。2)新兴科技行业延续高景气，但短期AI泡沫叙事影响下，TMT硬件景气增长的持续性有赖于AI应 用取得积极进展。后续重点关注AI应用商业化进展。3)建工需求偏弱，内需资源品大多偏弱震荡，海外 降息预期再度升温，国际金属价格大幅上涨;受铁矿增产影响，干散运价格环比延续提升。 国泰海通主要观点如下： 下游消费：服务消费景气显著提升，地产耐用品仍承压。1)服务消费：国内冰雪游景气度显著提升，根 据同程旅行，广州-哈尔滨26年元旦机票均价较25年11月提升约56%，主因国内气温下降，居民冰雪消 费情绪提升;电影票房同/环比+326.7%/+355.7%，主因引进爆款新片上映拉动观影需求增长。2)地产：30 大中城市商品房成交面积同比-34.3%，其中一线/二线/三线城市商品房成交面积同 比-31.6%/-33.9%/-40.7%， ...

Core Viewpoint - The company is committed to enhancing its integrity culture and management system, which is essential for its high-quality development and integration since its merger and restructuring [1]. Group 1: Strengthening Party Leadership and Integrity Culture - The company’s party committee plays a crucial role in guiding and implementing strict party governance, focusing on integrating party work with integrity practices [2]. - Special actions have been initiated to address issues such as violations of central regulations, reinforcing a strong message of accountability [2]. - Educational programs have been established to promote integrity culture among all employees, including the revision of compliance manuals and annual signing of integrity commitments [2]. Group 2: Improving Internal Control Management - The company has developed a comprehensive integrity management system, incorporating integrity goals into its corporate governance framework [3]. - A leadership group for integrity management has been established, ensuring oversight across all levels of the organization [3]. - Regular self-assessments and risk evaluations are conducted to identify and mitigate integrity risks within various departments [3]. Group 3: Focusing on Key Areas for Enhanced Integrity Control - The company is implementing targeted measures to address integrity risks in investment banking, including stricter due diligence processes and project evaluations [4]. - A management system for employee investment behavior has been established, ensuring compliance through pre-approval and post-check mechanisms [4]. - Financial discipline is being enforced to control risks associated with expense reimbursements and procurement processes [4]. Group 4: Cultivating a Positive Integrity Culture - The company integrates the "Five Musts and Five Must Nots" of Chinese financial culture into its new cultural framework, embedding integrity as a core value [5]. - Continuous educational initiatives are being conducted to raise awareness and promote integrity among employees through various platforms [5]. - A youth-led integrity culture promotion team has been formed to enhance grassroots engagement and education on integrity practices [5].

Core Viewpoint - Multiple factors support the performance of Chinese equities, maintaining a tactical overweight view on A/H shares [1] Group 1: Market Conditions - Global risk appetite has significantly declined, leading to increased asset volatility and panic selling, which has greatly released micro trading risks [1] - The importance of economic growth at the start of the 14th Five-Year Plan is highlighted, with an approaching policy window period suggesting the market may establish new expectations [1] Group 2: Regulatory Environment - The regulatory authorities show strong determination and action plans to stabilize the capital market in the short term [1] Group 3: Valuation and Investment Outlook - Factors that previously caused valuation discounts in the stock market have been alleviated, with tail risks decreasing and the stabilization of RMB assets [1] - The Chinese capital market is in a cycle of valuation recovery and significant development, with potential for substantial upside [1] - Chinese equities offer a higher risk-return profile compared to other major asset classes [1]

2025年12月1日，众生药业（股票代码：002317）在公司会议室接待了机构调研，国泰海通证券股份有 限公司、上海睿郡资产管理有限公司分析师及研究员参与了现场交流。公司董事会秘书杨威、证券事务 代表陈子敏就核心产品进展、临床研发及商业化战略等问题与机构进行了深入沟通。 核心产品进展：昂拉地韦片全球首款优势显著，商业化路径清晰 研发战略升级：加码众生睿创持股，强化创新布局 调研中，公司明确表示将持续聚焦呼吸系统、代谢性疾病领域，通过增持控股子公司众生睿创股权强化 研发协同。众生睿创作为公司创新转型的核心平台，专注于上述领域创新药研发与商业化，此次持股比 例提升后，公司将进一步整合资金、资源与管理优势，加速推进在研项目落地。 早研管线方面，公司已布局多个差异化项目：呼吸系统领域，针对呼吸道合胞病毒（RSV）的小分子药 物已确定临床前候选化合物（PCC），国内尚无同类药物获批；代谢领域，超长效GLP-1/GIP/GCG三受 体激动剂RAY0221已进入临床前研究，同时探索Amylin类多肽、口服GLP-1RA小分子等前沿赛道，持 续丰富管线梯队。 公司强调，本次调研未涉及应披露重大信息，未来将继续以"高质量、加速 ...

Core Viewpoint - The Guotai Junan Zimeng team has achieved significant recognition in the food and beverage research sector, winning the title of "Best Analyst in the Food and Beverage Industry" at the 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Awards, reflecting their deep understanding of consumer trends and a mature research framework [1][2]. Group 1: Team Performance - The Guotai Junan Zimeng team moved from second place in the 2024 awards to first place in 2025, indicating a strong competitive potential and improvement in research capabilities [2]. - The competition landscape changed significantly, with the GF Securities team ranking second and Huachuang Securities team dropping to fourth place [2]. Group 2: Award Details - The Guotai Junan team members include Zimeng, Yan Huijing, Xu Yang, Yao Shijia, Li Yao, Cheng Biheng, Zhang Yuxuan, Chen Liyu, Li Meiyi, Pang Yuze, Miao Xin, Zhang Jiaying, Yang Liu, Yan Qinghui, and Li Yibing [1]. - The awards highlighted the top teams in the food and beverage sector, with Guotai Junan taking first place, GF Securities second, and Changjiang Securities third [3]. Group 3: Industry Insights - The Zimeng team believes that the liquor industry is currently undergoing a rapid clearing adjustment phase, with inventory levels decreasing and stock prices potentially rising amidst market pessimism [9]. - The beer industry is expected to clear earlier than the liquor sector, with increasing differentiation within the industry, suggesting investors should focus on regionally competitive beer leaders [9].

Core Viewpoint - The steel industry is rated "overweight" by Guotai Junan Securities, with an expectation of increased industry concentration and high-quality development as key trends for future growth [1] Group 1: Demand and Supply Dynamics - The apparent consumption of five major steel products was 8.88 million tons, a decrease of 0.69% week-on-week but an increase of 1.2% year-on-year [1] - Total steel production was 8.557 million tons, with a week-on-week increase of 5.8 thousand tons, while total inventory decreased to 14.01 million tons, down 320 thousand tons [1] - The operating rate of blast furnaces among 247 steel mills was 81.09%, a decrease of 1.1 percentage points from the previous week [1] - The report anticipates that steel demand will stabilize, with a notable reduction in the negative impact from the real estate sector, while demand from infrastructure and manufacturing is expected to grow steadily [3] Group 2: Profitability and Cost Trends - The average gross profit for rebar was 91 CNY/ton, an increase of 30 CNY/ton week-on-week, while hot-rolled coil showed a gross profit of -47 CNY/ton, an increase of 18.4 CNY/ton [2] - The profitability rate for 247 steel companies was 35.06%, a decrease of 2.6 percentage points from the previous week [2] - The expectation is that iron ore production will accelerate, leading to a gradual easing of cost pressures in the steel industry, which may help restore the industry's profitability [2] Group 3: Policy and Market Outlook - The Ministry of Industry and Information Technology has released a plan for the steel industry that emphasizes production reduction policies to support advanced enterprises and phase out inefficient capacities [3] - Approximately 65% of steel companies are currently operating at a loss, indicating a market-driven supply adjustment is beginning to take shape [3] Group 4: Recommended Companies - Companies recommended include Baosteel, Hualing Steel, Shougang, and low-cost firms like Fangda Special Steel and New Steel [4] - Other recommendations include competitive advantage firms like CITIC Special Steel and Yongjin Co., as well as high-barrier material companies such as Jiuli Special Materials and Xianglou New Materials [4] - The report also highlights upstream resource companies like Hebei Steel Resources and Erdos as having long-term growth potential [4]

Group 1 - The core viewpoint of the articles highlights the limited impact of real estate on listed insurance companies, with signs of recovery in the liability side expected to lead to better performance in 2026 [1][2] - The insurance industry saw a cumulative premium income of 54,833 billion yuan from January to October 2025, with a year-on-year growth of 8.0%, while the life insurance sector reported a premium income of 39,924 billion yuan, growing by 9.6% [2][3] - The non-life insurance sector's premium income for the same period was 14,908 billion yuan, reflecting a year-on-year increase of 4.0%, with auto insurance contributing 7,612 billion yuan and non-auto insurance 7,297 billion yuan [3][4] Group 2 - The life insurance sector is expected to see a significant increase in new business value (NBV) growth in 2026, driven by the transformation of dividend insurance products and stable investment returns [4] - The non-life insurance combined ratio (COR) is anticipated to improve further due to enhanced management practices, indicating a positive outlook for the sector [4] - The brokerage business reported an average daily trading volume of 19,404 billion yuan, showing a year-on-year increase of 67.05% [5][6]

Core Insights - The financial industry has a high demand for specialized talent who understand both business and technology, which is currently hard to find [1] - Guotai Junan Securities aims to develop a self-cultivation system for talent, encouraging business personnel to actively participate in AI application implementation [1] - The company believes that composite talent will play a crucial role in the large-scale application of future model products [1] Group 1 - The financial sector requires professionals who are proficient in both business and technology, highlighting a gap in traditional educational models [1] - Guotai Junan is exploring a "Finance + AI" talent cultivation model to better align with industry needs [1] - The firm has designed a "business personnel participation mechanism" to lower the technical barriers for employees [1] Group 2 - The initiative aims to empower business personnel to independently address practical issues in their work through AI [1] - Guotai Junan seeks to continuously expand its talent pool by fostering internal practices and innovative mechanisms [1] - The emphasis on composite talent is seen as vital for the future scalability of AI applications within the company [1]