Core Viewpoint - The lithium battery sector is expected to experience a BETA-level market driven by both industry prosperity and new technologies by 2025, with a focus on overseas capital expansion and price increases in specific segments [1] Industry Changes - Lithium prices as of March 21: lithium carbonate at 74,000 yuan/ton (down 0.9% MoM) and lithium hydroxide at 70,000 yuan/ton (down 0.4% MoM) [1] - In February 2025, domestic wholesale sales of new energy passenger vehicles reached 830,000 units, a YoY increase of 79.6% but a MoM decrease of 6.7%; cumulative sales for January-February were 1.72 million units, up 48% YoY [1] Market Performance - Since March 2025, half of the lithium-related sectors have outperformed the CSI 300 and SSE 50 indices, with copper foil, auto parts, and Tesla concepts showing significant gains of 12%, 8%, and 5% respectively compared to the CSI 300 [2] - Monthly transaction volumes in various segments have increased significantly, with high attention on energy storage, humanoid robots, Tesla concepts, charging piles, solid-state batteries, auto parts, and low-altitude economy [2] - Current valuation levels for solid-state batteries, lithium mines, and lithium battery copper foil are relatively low compared to historical levels, indicating potential for valuation recovery [2] Research Focus - Lithium sulfide accounts for nearly 70% of the cost in solid-state batteries, with current market prices exceeding 5 million yuan/ton; high costs and early patent layouts by Japanese and Korean companies are key challenges for industrialization [3] - Domestic companies like Enjie (002812) are adopting solid-phase processes to avoid patent issues and reduce reliance on high-cost materials, potentially leading to early industrial application of lithium sulfide [3] Industry Insights - In February 2025, new energy vehicle sales in China and Europe showed strong growth, with sales of 829,000 and 199,000 units respectively, reflecting YoY increases of 80% and 27% [4] - In February 2025, domestic energy storage installations reached 3 GWh, a YoY increase of 192%, while cumulative installations for January-February were 11 GWh, up 58% YoY [4] Production Tracking - In March, lithium battery production is expected to see a MoM change of 2% to 23% and a YoY growth of 11% to 75%, maintaining a high prosperity outlook [5] - The price of cobalt has surged nearly 60% since the beginning of 2025, driving up prices in the positive electrode and cell segments, while negative electrode raw material costs have decreased by 21% [5]

Summary of Key Points Core Viewpoint - The announcement details the provision of a guarantee by the company for its wholly-owned subsidiary, Guojin Financial Holdings (Hong Kong) Limited, to secure a bank loan from Ping An Bank, amounting to HKD 70 million, aimed at enhancing the subsidiary's competitive strength and operational development [1][2]. Group 1: Guarantee Overview - The guarantee amount is set at HKD 70 million, with no counter-guarantee involved [1]. - The company will provide a guarantee for the offshore bank loan application by Guojin Financial Holdings to Ping An Bank [2]. - The internal decision-making process for the guarantee was approved in meetings held on July 11, 2024, and July 29, 2024 [2][3]. Group 2: Financial and Operational Details - Guojin Financial Holdings is a wholly-owned subsidiary of the company, with a registered capital of HKD 609 million [5]. - The subsidiary operates in various financial sectors, including securities trading, futures trading, investment banking, and asset management [5]. - Recent financial data for Guojin Financial Holdings includes total assets, total liabilities, and net profit, although specific figures were not detailed in the announcement [5]. Group 3: Board and Shareholder Approval - The board of directors has approved the guarantee, emphasizing that the financial risks are manageable and will not harm the interests of the company and its shareholders [6]. - Independent directors have also provided their consent regarding the guarantee [6]. Group 4: Cumulative Guarantee Information - As of the announcement date, the total amount of guarantees provided by the company to its subsidiaries is approximately RMB 764.6 million, representing about 2.32% of the company's equity attributable to shareholders as of September 30, 2024 [6].

重要内容提示: ●被担保人名称：国金金融控股（香港）有限公司（以下简称 "国金金控"） ●本次担保金额为港币7,000万元整。 ●本次担保是否有反担保：无 ●对外担保逾期的累计数量：无 证券代码：600109 证券名称：国金证券 公告编号：临 2025-13 国金证券股份有限公司 关于为国金金融控股（香港）有限公司 提供内保外贷的公告 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、准确性和完整性承担个别及连带责任。 1 合同，该笔合同项下综合授信额度金额为7,000万港币，授信品种为 离岸流动资金贷款、离岸循环贷款，流动资金贷款单笔期限不超过1 年，离岸循环贷款单笔期限不超过3个月，循环后总贷款期限最长不 超过1年。 2025年3月，公司与平安银行签订《最高额保证担保合同》（以 下简称"担保合同"），约定公司以信用方式向平安银行申请内保外 贷业务，为公司下属全资子公司国金金控向平安银行申请银行贷款提 供担保。 （二）上述担保事项履行的内部决策程序 公司分别于2024年7月11日与2024年7月29日召开第十二届董事 会第十六次会议及2024年第三次临时股 ...

Core Viewpoint - Guojin Securities has given a "Buy" rating to Jiazhe New Energy, highlighting the company's project development expansion and potential asset structure optimization [1] Financial Performance - In the 2024 annual report, Jiazhe New Energy reported a revenue of 2.42 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 630 million yuan, a year-on-year decrease of 21.5% [2] - In Q4, the company achieved a revenue of 610 million yuan, a year-on-year increase of 5.6%, with a net profit of 79 million yuan, down 48.4% year-on-year [2] Operational Analysis - The company's scale growth has mitigated the impact of new energy market entry, with stable power generation business performance. The abandonment rates for wind and solar energy were 4.2% and 4.7%, respectively, with year-on-year increases of 1.2 percentage points and 3.0 percentage points [3] - The on-grid electricity prices for wind and solar were 0.45 yuan/kWh and 0.36 yuan/kWh, respectively, showing decreases of 0.02 yuan/kWh and 0.09 yuan/kWh year-on-year [3] - The revenue from the "new energy power station development-construction-operation-sale" business was 2.28 billion yuan, a slight decrease of 0.14% year-on-year, with a gross profit margin of 62.71%, down 0.16 percentage points year-on-year [3] - The company is expanding project development outside of Ningxia, with existing projects in Heilongjiang and Guangxi, where the coal benchmark electricity prices are significantly higher than in Ningxia, potentially leading to increased profitability [3] Market Position and Strategy - With the recent policy changes allowing for full market entry of new energy, the company’s extensive market transaction experience is expected to yield excess returns. The company has been providing specialized trading services since obtaining sales agency qualifications in August 2021 [4] - The company plans to distribute cash dividends of approximately 1 yuan per 10 shares, totaling about 243 million yuan, which is 38.63% of the net profit attributable to shareholders [4] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to 660 million yuan, 770 million yuan, and 930 million yuan, corresponding to price-to-earnings ratios of 15, 13, and 10 times, respectively, maintaining a "Buy" rating [5]

Group 1 - The core viewpoint is that the valuation expansion elasticity and space of Hong Kong innovative drugs may be stronger than that of A-shares, with expectations for mid-to-long-term revenue improvement [1][4] - The Hong Kong innovative drug sector has a higher "R&D expense ratio" and "overseas revenue proportion," indicating a higher "newness" factor, and its overall net profit growth has consistently outperformed A-shares since H1 2023 [1][4] - The Hong Kong innovative drug industry is more sensitive to U.S. Treasury rates and benefits more from overseas liquidity easing, which positively impacts valuation [1][4] Group 2 - The domestic economic recovery is showing signs of weakening, with a reliance on policy subsidies for consumption recovery facing sustainability challenges [2] - The U.S. "stagflation" risk is increasing, which may lead to a pause in the interest rate cut cycle by the Federal Reserve, potentially accelerating the risk of U.S. economic recession [2] - The innovative drug sector is recommended for investment due to short-term gross margin recovery and long-term revenue improvement, driven by factors such as AI empowerment, a rebound in global pharmaceutical investment activities, and potential fiscal support [3][6]

Core Insights - Nvidia's CPO switch Quantum-X was officially launched at the GTC 2025 conference, with strong demand for Blackwell chips, indicating a robust market for AI-related hardware [1][2] - The Quantum-X switch features a liquid cooling solution for power management, 18 detachable silicon optical engines per Quantum-X800 chip, and a total of 1152 single-mode optical fibers, suggesting significant opportunities for related suppliers [2][5] Nvidia's CPO Switch Launch - The Quantum-X switch's energy efficiency is reported to be 3.5 times better than traditional pluggable optical modules, highlighting its advanced technology [1] - Nvidia disclosed that the four major cloud service providers in the U.S. are expected to purchase 1.3 million Hopper architecture chips in 2024 and 3.6 million Blackwell architecture chips in 2025, reflecting a strong demand for chips [1] Investment Trends in Telecom - Tencent's 2024 capital expenditure exceeded 76.76 billion yuan, a year-on-year increase of 221%, with expectations for 2025 capital expenditure to be around 80-100 billion yuan [2] - China Mobile's AI investment has surpassed 12 billion yuan in the past two years, with plans to invest 37.3 billion yuan in computing power by 2025, while China Unicom's computing power investment increased by 19% in 2024 [2] Growth in AI Demand - The demand for DeepSeek has surged, leading to a significant increase in GPU utilization from 20% to 68%, with resource sales rates reaching 77% [3] - The revenue from mobile cloud services is projected to reach 100.4 billion yuan in 2024, driven by the growth of AI model demands [3] Sector-Specific Insights - In the server segment, domestic AI chip manufacturers are expected to benefit from increased inference demand in 2025, while Nvidia's server OEMs like Foxconn are recommended for investment [4] - In the switch market, Ruijie Networks and Unisplendour are key suppliers for major internet companies, indicating a competitive landscape [4] - The optical module sector is seeing growth with companies like LightSpeed Technology and Shijia Photonics poised for large-scale production of high-speed optical modules [4] Liquid Cooling Technology - Liquid cooling is emerging as the mainstream cooling technology for next-generation servers, with Nvidia's Quantum-X switch utilizing this design for efficient heat dissipation [5] - The liquid cooling market is expected to expand significantly, with domestic suppliers like Invec accelerating their international presence [5] Investment Recommendations - Companies in the server, IDC, switch, optical module, and liquid cooling sectors are recommended for investment, driven by both domestic and international AI development [6]

证券代码：600109 证券简称：国金证券 公告编号：临2025-12 特此公告。 国金证券股份有限公司 | 债券名称 | | | | | 国金证券股份有限公司 第二期短期融资券 | | 2025 | | | 年度 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25 | 国金证券 | CP002 | | 债券流通代码 072510043 | | | | | | | 发行日 | 2025 | 年 3 月 | 19 | 日 | 起息日 | 2025 | 年 3 | 月 | 20 | 日 | | 兑付日 | 2026 | 年 3 月 | 20 | 日 | 期限 天 | 365 | | | | | | 计划发行总额 | 10 | 亿元人民币 | | | 实际发行总额 | 10 | 亿元人民币 | | | | | 票面利率 | 2.08% | | | | 发行价格 | 100 | 元/百元面值 | | | | 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinam ...

Core Viewpoint - The current recovery in the liquor industry is based on a stabilization of market conditions, with a potential for further improvement driven by policy changes expected in September 2024 [1] Industry Analysis - The report highlights a similarity between the current market conditions and the previous turning point from 2011 to 2016, indicating a bottoming out and waiting for a right-side recovery catalyst [1] - The recent feedback from the Spring Festival has confirmed that the industry's performance is entering a phase of slowing decline, akin to the situation in 2015, which marked a mid-term turning point [1] - The ongoing Two Sessions and the rollout of consumer-related policies are accelerating market expectations for recovery, similar to the trends observed in 2016 [1] Investment Recommendations - The current market has not fully priced in the recovery expectations, with cautious forecasts for mid-term EPS of liquor companies and the price expectations for Feitian Moutai [1] - The potential for aggressive investment in the liquor sector stems from the certainty of the recovery itself, indicating that the current market rally may extend beyond initial expectations [1]

证券代码：600109 证券简称：国金证券 公告编号：临 2025-11 债券代码：242508 债券简称：25 国金 01 国金证券股份有限公司 本期债券发行价格为每张人民币100元，全部采用网下面向专业 投资者簿记建档的方式发行。 本期债券发行工作已于2025年3月6日结束，实际发行规模10亿元， 期限3年，票面利率为2.14%。 特此公告。 国金证券股份有限公司 董事会 2025年面向专业投资者公开发行公司债券（第一期） 发行结果公告 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、准确性和完整性承担个别及连带责任。 根据中国证券监督管理委员会《关于同意国金证券股份有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可[2024]77号）， 国金证券股份有限公司（以下简称"公司"）获准向专业投资者公开 发行公司债券面值总额不超过150亿元，批复有效期自同意注册之日 起24个月内有效，公司在注册有效期内可以分期发行公司债券。 根据《国金证券股份有限公司2025年面向专业投资者公开发行公 司债券（第一期）发行公告》，公司2025年面向专业投资者公开 ...

| 证券代码：600109 | 证券简称：国金证券 | 公告编号：临 | 2025-10 | | --- | --- | --- | --- | | 债券代码：194002 | 债券简称：22 国金 01 | | | 国金证券股份有限公司 关于"22 国金 01"公司债券兑付兑息完成的公告 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、准确性和完整性承担个别及连带责任。 国金证券股份有限公司（以下简称"本公司"）于 2022 年 3 月 4 日发行了国金证券股份有限公司 2022 年面向专业投资者非公开发 行公司债券(第一期)（债券简称：22 国金 01、债券代码：194002）, 发行总额为人民币 10 亿元，票面利率为 3.19%，发行期限为 3 年。 详见公司于 2025 年 2 月 25 日登载于上海证券交易所网站 （http://www.sse.com.cn）的《国金证券股份有限公司 2022 年面向 专业投资者非公开发行公司债券(第一期)2025 年本息兑付及摘牌公 告》。 2025 年 3 月 4 日，本公司"22 国金 01"公司债券兑付 ...