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） 海外監管公告 本公告乃由國泰海通證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《國泰海通證券股份有限公司關於A股 限制性股票激勵計劃預留授予部分第三個限售期解除限售暨上市公告》，僅供參 閱。 承董事會命 國泰海通證券股份有限公司 朱健 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之內容概不負責，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份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 董事長 中國上海 2026年2月5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 ...

国泰海通（601211）证券是2025年由国泰君安与海通证券战略重组而成的行业巨头，以打造世界一流投行为目标。在投行、财富管理等领域占据领先地位。 公司始终以客户为中心，致力于通过科技赋能回馈市场，为资本市场高质量发展注入动力。 这一实践为金融科技领域树立了标杆。其"业务属性驱动"理念解决了证券行业"技术运维不懂业务、业务人员看不懂链路"的共性难题，且低侵入、配置化的 架构可复用于银行、保险等领域。该项目的负责人表示："方案不仅实现了技术保障与业务支撑的视角统一，更推动了运维技术从成本中心向价值中心的转 型。" 当前证券行业传统调用链工具长期存在技术与业务脱节的痛点：运维人员仅能监控技术指标，却无法直接关联具体业务场景。当故障发生时，排查需跨系统 查询业务日志、数据库和接口文档，效率低下且易误判。国泰海通证券的系统运行团队针对这一难题，推出了"链路即业务"监控方案，其核心创新体现在三 大维度：首先，业务属性穿透式嵌入技术。项目采用无侵入式请求拦截（基于JavaAgent/网关拦截器），自动捕获调用链中的业务功能唯一标识 （functionid）、业务状态（成功/失败）及状态码（如"1001-资金充足"），并实 ...

Core Viewpoint - The establishment of the Shanghai M&A Private Equity Fund Phase III Partnership (Limited Partnership) with a capital contribution of 830 million RMB indicates a significant move in the private equity investment landscape, focusing on equity investment, investment management, and asset management activities [1]. Group 1: Fund Establishment - The Shanghai M&A Private Equity Fund Phase III Partnership was established on February 5, 2026, with a total capital contribution of 830 million RMB [1]. - The executing partner of the fund is Haitong M&A (Shanghai) Private Fund Management Co., Ltd. [1]. - The fund's operational scope includes private equity activities such as equity investment, investment management, and asset management, which will require registration with the Asset Management Association of China before commencing operations [1]. Group 2: Contributors - The fund is jointly funded by several entities, including Haitong Kaiyuan Investment Co., Ltd., Haitong M&A (Shanghai) Private Fund Management Co., Ltd., and Changxin Bochuang Technology Co., Ltd. [1]. - The involvement of these companies suggests a collaborative effort in enhancing investment capabilities within the private equity sector [1].

证券代码：601211 证券简称：国泰海通 公告编号：2026-006 国泰海通证券股份有限公司 关于 A 股限制性股票激励计划预留授予部分 第三个限售期解除限售暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 2,916,898股。 公司高级管理人员自愿性承诺：基于对公司未来发展前景的信心及对公司 价值的认可，在本次公司 A 股限制性股票解除限售上市流通之日起 12 个月内，不 以任何方式减持公司 A 股股票，亦不会要求公司回购所持公司 A 股股票。 国泰海通证券股份有限公司（曾用名：国泰君安证券股份有限公司，以下简 称国泰海通或本公司或公司）于 2026 年 1 月 20 日召开第七届董事会第十次会议 （临时会议），审议通过了《关于公司 A 股限制性股票激励计划预留授予部分第 三个限售期解除限售条件成就并解除限售的议案》，根据公司 2020 年第一次临时 股东大会的授权，现对公司 A 股限制性股票激励计划（以下简称本激励计划或激 ...

北京市海问律师事务所 二零二六年一月 海问律师事务所 HAIWEN & PARTNERS 北京市海问律师事务所 关于国泰海通证券股份有限公司 回购注销部分 A 股限制性股票及预留授予的 A 股限制性股票第 三个限售期部分 A 股限制性股票解除限售条件成就的 法律意见书 关于国泰海通证券股份有限公司 回购注销部分 A 股限制性股票及预留授予 的 A 股限制性股票第三个限售期部分 A 股 限制性股票解除限售条件成就的 法律意见书 地址：北京市朝阳区东三环中路 5 号财富金融中心 20 层（邮编 100020） Address：20/F, Fortune Financial Center, 5 Dong San Huan Central Road, Chaoyang District, Beijing 100020, China 电话(Tel): (+86 10) 8560 6888 传真(Fax)：(+86 10) 8560 6999 www.haiwen-law.com 北京 BEIJING 丨上海 SHANGHAI 丨深圳 SHENZHEN 丨香港 HONG KONG 丨成都 CHENGDU 北京市海问律师事 ...

Group 1 - Zhang Yidong, a prominent strategist and chief economist, has officially joined Guotai Junan Securities, taking on roles in the executive committee and as head of the equity research department [1][4] - His departure from Industrial Securities was motivated by a desire to focus on overseas markets, particularly in Hong Kong, as part of his career transition [3][4] - Zhang has a strong academic background and extensive experience in the industry, having worked for nearly 20 years at Industrial Securities and received numerous awards for his research [4] Group 2 - Zhang Yidong maintains a positive outlook for the Chinese stock market in 2026, emphasizing the importance of structural opportunities and long-term growth over short-term economic fluctuations [5] - He identifies four key areas for investment in 2026: AI and technology, dividend assets in a low-interest environment, value discovery in traditional industries, and strategic assets like gold and rare earths [5] - Zhang highlights the return of foreign capital to China, particularly through passive ETFs and active management strategies, indicating an increased allocation towards Chinese assets [7]

Group 1 - Zhang Yidong, a prominent strategist, has joined Guotai Junan after leaving his previous position at Industrial Securities, where he served as the co-director of the Economic and Financial Research Institute and Global Chief Strategist [1][2] - His new role at Guotai Junan includes being a member of the Executive Committee of Haitong International Securities and overseeing the stock research and sales trading departments, focusing on cross-border integration of research operations [1] - Zhang has over 20 years of experience in sell-side research, covering A-shares, Hong Kong stocks, and U.S. markets, and has received numerous accolades, including being the first New Fortune Platinum and Diamond Analyst in the total research field [2] Group 2 - Zhang expressed his desire to focus on overseas business and contribute to telling China's financial story to global investors, emphasizing the importance of seizing China's asset pricing power [3] - He believes that the Chinese stock market is entering a historic opportunity comparable to the real estate boom after 1998, driven by the need for high-quality economic development [3][4] - The revitalization of the asset side of the balance sheet is seen as crucial for unlocking economic potential and achieving high-quality development goals by 2035 and 2049 [4] Group 3 - The stock market is viewed as a key engine for economic growth, similar to the role of real estate post-1998, with state-owned enterprises and asset revaluation leading the way [4] - The consensus among local governments is shifting towards asset securitization and leveraging state-owned resources, with the stock market serving as a pivotal mechanism for this transformation [4] - Zhang's recent insights suggest that the Hong Kong stock market is expected to continue its bull run into 2026, driven by improving profitability and liquidity [5]

Group 1 - The core viewpoint is that the fiber optic industry is entering a price increase trend, driven by rising demand for G657A2 and other products, leading to reduced supply of G652D and longer delivery times [2][4] - The demand for fiber optics is significantly boosted by AI-driven data centers and DCI (Data Center Interconnect) scenarios, with global fiber demand expected to continue rising [3][4] - The export performance of fiber optic and cable companies is strong, with overseas markets becoming an important growth point for the industry [3][6] Group 2 - The competition in computing power is driving a concentrated explosion in fiber demand, with AI data centers requiring significantly more fiber than traditional data centers [4][5] - The demand for specialty and multimode fibers is growing, with companies rapidly advancing in the development and application of hollow-core fibers [5] - Major domestic fiber optic manufacturers are expected to benefit from the price increase trend, with profit elasticity likely to be continuously revised upwards [6]

Core Viewpoint - Despite the positive earnings forecasts from multiple securities firms, their stock prices have declined, raising concerns among investors about the disconnect between performance and market valuation [1][2][5]. Group 1: Earnings Performance - As of February 4, 2026, 29 securities firms have reported significant earnings growth for 2025, with notable performances including CITIC Securities achieving a net profit exceeding 30 billion yuan, setting a new industry record, and Guolian Minsheng's net profit soaring by 406% [1][3][4]. - The overall performance of the securities sector has been lackluster, with the CSI Securities Index showing a year-to-date decline of 1.83%, underperforming the Shanghai Composite Index, which rose by 3.36% [1][7]. Group 2: Market Reactions - On February 2, 2026, the A-share market experienced a pullback, with securities stocks declining despite a subsequent rebound in the overall market on February 3, where the CSI Securities Index fell by 0.19% [2]. - However, on February 4, 2026, the securities sector saw a collective rise, with all 49 constituent stocks of the CSI Securities Index closing in the green, led by Hualin Securities with a 5.9% increase [2]. Group 3: Valuation and Market Sentiment - Analysts are questioning whether the valuation of the securities sector is set to recover, as many firms are expected to report strong earnings, yet the sector's stock prices remain depressed [3][8]. - The CSI Securities Index's annual growth of 2.54% in 2025 was significantly lower than the Shanghai Composite Index's 18.41% increase, indicating a persistent undervaluation of the sector [7][8]. Group 4: Growth Drivers - The growth in the securities sector is attributed to three main factors: improved market conditions leading to increased trading volumes, ongoing optimization of business structures among leading firms, and the release of policy benefits that enhance profitability channels [6][8]. - The competitive landscape is intensifying, with firms focusing on core business areas such as brokerage and proprietary trading, which are becoming the main engines of profit growth [6].

2、家电家居与以旧换新领域：这是本轮"两新"政策的最直接受益者。国家层面对于汽车、家电以旧换 新的补贴力度加大，有效降低了消费者的换新成本，刺激了存量市场的更新需求。特别是智能化、绿色 化家电产品，更符合当前的消费升级趋势。 近日浙商证券首席经济学家李超表示，从整体的政策导向看，2026年财政政策有必要保持积极态势，维 持一定的赤字水平。同时，从货币政策角度看，适度宽松状态下降准降息仍会存在。对于中央经济工作 会议确定的2026年经济工作头项重点任务"内需"，李超指出，从扩大内需角度看，2026年需要更加注重 消费的重要性。过去在扩大内需问题上，房地产是最主要的逆周期变量，消费往往被当作顺周期变量。 而未来，市场需要认识到，消费将是最重要的逆周期变量。"对于2026年的中国股市，不需要再特别关 注利率，而需要更加关注风险偏好。若市场信心能保持长期相对乐观，股市仍有望通过估值抬升来延 续'慢牛'行情。"李超说。 市场相关领域梳理 1、食品饮料与白酒领域：该领域直接受益于内需扩大和居民消费意愿的回升。随着元旦、春节等传统 消费旺季的临近，礼赠、宴席等场景需求有望集中释放。 据《东方财富Choice数据》消息，A股 ...