证券代码：601688 证券简称：华泰证券 公告编号：临 2025-063 华泰证券股份有限公司 第六届董事会第二十次会议决议公告 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法律责任。 一、董事会会议召开情况 华泰证券股份有限公司（以下简称"公司"）第六届董事会第二 十次会议通知及议案于 2025 年 10 月 16 日以专人送达或电子邮件方 式发出。会议于 2025 年 10 月 30 日以现场及视频会议方式召开，现 场会议地点为南京。会议应到董事 13 人，实到董事 11 人，陈仲扬、 张金鑫等两位非执行董事未亲自出席会议，其中：陈仲扬书面委托柯 翔非执行董事代为行使表决权，张金鑫书面委托张伟董事长代为行使 表决权。会议由公司董事长张伟主持。公司部分高级管理人员列席会 议。本次会议有效表决数占董事总数的 100%，符合《公司法》、公司 《章程》和《董事会议事规则》的规定。 二、董事会会议审议情况 本次会议审议通过了相关议案，并形成如下决议： 表决结果：13 票赞成，0 票反对，0 票弃权 公司 2025 年第三季度报告于同日在上 ...

Financial Performance - Total operating revenue for Q3 2025 was CNY 10.91 billion, a decrease of 6.94% compared to CNY 13.98 billion in the same period last year[8] - Total profit for the period was CNY 5.99 billion, down 14.74% from CNY 7.02 billion year-on-year[8] - Net profit attributable to shareholders was CNY 5.18 billion, a decline of 28.11% from CNY 7.21 billion in the previous year[8] - Basic earnings per share decreased by 29.49% to CNY 0.55 from CNY 0.78 in the same period last year[9] - Net profit for the first three quarters of 2025 was ¥12.72 billion, slightly down from ¥12.74 billion in 2024, indicating stable profitability[27] - Net profit for the first three quarters of 2025 was ¥8.01 billion, up 29.9% from ¥6.17 billion in 2024[34] Assets and Liabilities - Total assets increased by 25.98% to CNY 1,025.85 billion from CNY 814.27 billion at the end of the previous year[9] - The total liabilities of the company were RMB 820,383,688,847.27, compared to RMB 622,376,572,865.76 in the previous year, reflecting a rise of approximately 32%[24] - The company's total assets held for sale decreased by 100% to zero, primarily due to the disposal of subsidiaries[16] - The total liabilities increased to 641,075,067,725.05 RMB from 484,081,008,155.08 RMB, indicating a rise of about 32.5%[32] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 10.54 billion, a significant decrease of 88.89% compared to CNY 94.88 billion in the previous year[11] - Cash flow from operating activities generated a net inflow of ¥10.54 billion, a decrease from ¥94.88 billion in the previous year, indicating a shift in cash management[29] - Cash inflow from financing activities totaled 187,841,157,790.99 RMB, an increase of 15,864,890,168.62 RMB year-over-year[30] - Cash flow from investing activities showed a net outflow of ¥38.47 billion, compared to a net inflow of ¥8.07 billion in 2024[38] Income and Expenses - Total operating expenses amounted to ¥12.61 billion, an increase from ¥11.39 billion, primarily due to higher business and management costs[26] - Total operating revenue for the first three quarters of 2025 reached ¥16.97 billion, a 47.5% increase from ¥11.51 billion in the same period of 2024[34] - Investment income surged to ¥7.98 billion, compared to ¥3.25 billion in the previous year, marking a 145.5% increase[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 195,494[19] - The company repurchased and canceled 438,495 A-shares during the reporting period, resulting in a total share capital of 9,026,863,786 shares[22] Other Financial Metrics - The company's goodwill increased by 392.62% to approximately ¥252.92 million, primarily due to the acquisition of subsidiaries[16] - The company's total contract liabilities increased by 57.29% to approximately ¥164.67 million, mainly due to an increase in pre-received fees and commissions[17] - The company's net interest income increased by 151.27% to approximately ¥3.27 billion compared to the same period last year, primarily due to a decrease in interest expenses[17]

华泰证券股份有限公司董事会专门委员会工作细则 (2025 年修订) 第三条 专门委员会由三至五名董事组成，其中审计委员会、提 名委员会、薪酬与考核委员会中独立非执行董事应过半数并担任召集 人，审计委员会的召集人为会计专业人士。 第四条 专门委员会委员由董事长或者全体董事的三分之一以 上提名，并由董事会选举产生。 第五条 专门委员会设立主任委员（召集人）一名，负责主持委 员会工作。 发展战略委员会主任委员由公司董事长担任。其他委员会的主任 委员在委员内选举，并报请董事会批准产生。 第六条 各委员会任期与董事会任期一致，委员任期届满，连选 可以连任。期间如有委员不再担任公司董事，自动失去委员资格，并 由委员会根据上述规定补足委员人数。 1 独立非执行董事连任时间不得超过六年。 第七条 专门委员会应当向董事会负责，按照《公司章程》的规 定向董事会提交工作报告。董事会在对与专门委员会职责相关的事项 作出决议前，应当听取专门委员会的意见。 第一章 总则 第一条 为完善公司治理结构，强化董事会决策功能，根据《中 华人民共和国公司法》《上市公司独立董事管理办法》《证券公司治理 准则》《上市公司治理准则》《上海证券交易所股票 ...

Group 1 - The core point of the article is that Huatai Securities reported a net profit attributable to shareholders of 5.183 billion yuan for the third quarter of 2025, representing a year-on-year decline of 28.11% [1]

Core Viewpoint - Huatai Securities reports that Flat Glass's third-quarter net profit exceeded expectations due to the recovery of photovoltaic glass prices, leading to a rebound in gross margin, along with asset impairment reversals [1] Group 1: Financial Performance - Flat Glass's net profit for the third quarter surpassed expectations, primarily driven by the recovery in photovoltaic glass prices [1] - The company's gross margin improved as a result of the price recovery and asset impairment reversals [1] Group 2: Inventory and Sales Outlook - As of the end of the third quarter, Flat Glass's inventory decreased by 38.4% quarter-on-quarter, indicating a potential easing of inventory pressure [1] - The company is expected to see sales growth due to improved supply and demand dynamics in the photovoltaic glass industry [1] Group 3: Price Stability and Profitability - The report anticipates that photovoltaic glass prices will remain relatively stable in the fourth quarter amid industry consolidation [1] - The company's profitability is expected to continue improving, with earnings estimates for 2025 to 2027 projected at 1.04 billion, 1.8 billion, and 2.28 billion respectively [1] Group 4: Investment Rating - Huatai Securities maintains an "Overweight" rating for Flat Glass, raising the target price from HKD 12.79 to HKD 13.54 [1]

Core Viewpoint - The collaboration between Japan and the United States, with a total investment of $550 billion, aims to support power infrastructure, particularly in nuclear energy, led by Westinghouse's $80 billion investment [1] Group 1: Investment Overview - Japan and the United States have established a $550 billion investment framework that encompasses various aspects of power infrastructure, including base load power sources, grid equipment, on-site power, backup power, energy storage, and internal power sources related to AI [1] - Westinghouse is at the forefront with an $80 billion investment specifically targeting nuclear power [1] Group 2: Demand and Supply Dynamics - On the demand side, there is a significant increase in the need for data centers to connect to the grid, highlighting ongoing issues of electricity shortages and the necessity for grid expansion in the United States [1] - On the supply side, the $550 billion investment framework covers the entire process of AI-related power infrastructure, indicating a comprehensive approach to addressing both demand and supply challenges [1] Group 3: Future Projections - In terms of construction pace, it is predicted that the United States will delay the retirement of coal power plants in the short term while increasing investments in solar storage and solid oxide fuel cells (SOFC) [1] - In the medium term, there will be a comprehensive construction of large gas turbines, and in the long term, a focus on nuclear power development is anticipated [1] - The electric new sector is expected to see a variety of opportunities across different segments during this transition [1]

每经AI快讯，华泰证券指出，"十五五"规划建议围绕地产新模式的构建，基于长期视角对行业发展赋 能。随着"好房子"上升为行业标准，或进一步放大产品能力差异，推动企业竞争格局重塑。标的方面， 我们继续推荐"好信用、好城市、好产品"的"三好"地产股以及分红与业绩稳健的头部物管公司。 ...

华泰证券指出，预计美联储12月较大概率继续降息。当前市场定价的12月降息概率下降至60%左右，鲍 威尔也表示降息仍有变数，取决于后续就业和通胀数据走势。从就业数据来看，首申和岗位空缺等数据 显示就业市场偏弱，但近期ADP发布的周度就业数据显示10月以来就业市场有所企稳，与NFIB雇佣意 愿的持续回升一致；从通胀数据来看，9月CPI整体不及预期，且通胀预期仍然保持稳定。我们认为， 虽然就业市场下行风险后续或有所下降，但就业修复较慢，且通胀整体温和，联储12月继续降息仍然是 基准情形；如果2026年就业市场持续改善，且通胀高于联储目标水平，市场当前所定价的2026年接近降 息3次或难以兑现。考虑到就业市场后续或有企稳，联储继续降息，且缩表结束，美元流动性整体仍然 维持宽松，有助于支撑美国资产价格。 （文章来源：第一财经） ...

华泰证券指出，"十五五"规划建议围绕地产新模式的构建，基于长期视角对行业发展赋能。随着"好房 子"上升为行业标准，或进一步放大产品能力差异，推动企业竞争格局重塑。标的方面，我们继续推 荐"好信用、好城市、好产品"的"三好"地产股以及分红与业绩稳健的头部物管公司。 （文章来源：第一财经） ...

每经AI快讯，欣旺达（SZ 300207，收盘价：33.23元）发布公告称，2025年10月29日，欣旺达接受华泰 证券等投资者调研，公司董事会秘书曾玓等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，欣旺达的营业收入构成为：工业制造业占比100.0%。 截至发稿，欣旺达市值为614亿元。 每经头条（nbdtoutiao）——"十五五"规划建议的18个新提法，释放了哪些重要信号？ （记者 张明双） ...