本文源自：金融界 作者：A股君 华泰证券最新股价报21.12元，较前一交易日上涨0.65元。盘中最高触及21.85元，最低下探20.47元，成 交金额达40.46亿元。 华泰证券属于证券行业，业务范围涵盖证券经纪、投资银行、资产管理等领域。公司注册地位于江苏， 同时在香港联交所上市。 8月13日主力资金净流入1.52亿元，近五个交易日累计净流入4.35亿元。 风险提示：证券市场波动较大，投资需谨慎。 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-035 华泰证券股份有限公司关于间接全资子公司根据中期 票据计划进行发行并由全资子公司提供担保的公告 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法律责任。 重要内容提示： 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（人民币亿元） | | - | | --- | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保总额（人民币亿元） | | 370.77 | | 对外担保总额占上市公司最近一期经审计净资产的比例（%） | | 19.34 | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 100% □担保金额超过上市公司最近一期经审计净资产 50% | | | □对合并报表外单位担保金额达到或超过最近一期经审计净资 | | | | 产 | 30%的情况下 | | | 对资产负债率超过 | 70%的单位提供担保 | | 1 一、担保情况概述 华泰证券股份有限公司（以下简称"公司"或"本公司"）境外全 资子公司华泰国际金 ...

Group 1 - The securities sector is experiencing significant gains, with Changcheng Securities and Guosheng Financial Holdings hitting the daily limit up, while Bank of China Securities and Dongwu Securities have increased by over 7% [1] - Huatai Securities and Huaxi Securities have also shown strong performance, rising by more than 4% [1]

Group 1 - Chinese brokerage stocks saw significant gains, with Guolian Minsheng up 6.95% to HKD 6.62, CITIC Securities up 4.91% to HKD 13.9, Huatai Securities up 4.47% to HKD 19.85, and CITIC Jiantou up 3.02% to HKD 29.32 [1] - As of August 11, 29 A-share listed brokerages disclosed their 2025 semi-annual performance forecasts, with 27 expecting profit increases and 2 turning losses into profits. Notably, 14 brokerages forecasted a net profit increase exceeding 100% for the first half of the year [1] - Founder Securities predicts a 27.8% year-on-year increase in the brokerage sector's main revenue for the first half of 2025, with a 60.8% increase in net profit attributable to shareholders. Excluding the negative goodwill impact from the merger of Guotai Junan and Haitong, the net profit growth is expected to be 48.0% [1] Group 2 - Donghai Securities highlights the gradual establishment of a multi-tiered capital market system aimed at enhancing the investment value of listed companies and returns for investors. Upcoming marginal relaxations in the financing market and further opening of interconnectivity may enhance the attractiveness of the capital market [1] - Recent disclosures of listed brokerages' interim performance indicate that overall profit growth in the first half of the year has exceeded expectations. The sustained high trading activity in the second half may further catalyze brokerage performance, emphasizing the investment opportunities arising from the interim report disclosure window [1]

Group 1 - Chinese brokerage stocks have seen significant gains, with Guolian Minsheng up 6.95% to HKD 6.62, CITIC Construction Investment up 4.91% to HKD 13.9, Huatai Securities up 4.47% to HKD 19.85, and CITIC Securities up 3.02% to HKD 29.32 [1] - As of August 11, 29 A-share listed brokerages have disclosed their 2025 semi-annual performance forecasts, with 27 expecting profit increases and 2 turning losses into profits. Notably, 14 brokerages anticipate a net profit increase of over 100% for the first half of the year [1] - Founder Securities predicts a 27.8% year-on-year increase in main revenue for the brokerage sector in the first half of 2025, with a 60.8% increase in net profit attributable to shareholders. Excluding the negative goodwill impact from the merger of Guotai Junan and Haitong, the net profit growth is expected to be 48.0% [1] Group 2 - Donghai Securities highlights the gradual establishment of a multi-level capital market system aimed at enhancing the investment value of listed companies and returns for investors. Upcoming policies may lead to marginal easing in the financing market and further opening of connectivity, which could enhance the attractiveness of the capital market [1] - Recent disclosures of interim performance from listed brokerages indicate that overall profit growth has exceeded expectations for the first half of the year. The sustained high trading activity in the second half may further catalyze brokerage performance, emphasizing the investment opportunities presented during the interim reporting period [1]

Group 1: Overall Situation of Fund Advisory Combinations - As of the end of July 2025, there are a total of 450 fund advisory combinations available on the Tian Tian Fund APP, an increase of 4 from the previous month [2][8] - The distribution of fund advisory combinations includes 399 stock-bond central combinations, 32 track-type combinations, and 19 regional combinations, with stock-bond central combinations being the most prevalent [2][8] - The newly added combinations include one aggressive and one balanced stock-bond central combination, along with two conservative combinations [2][8] Group 2: Performance Tracking of Advisory Combinations - Over the past year, the median return of aggressive stock-bond central combinations outperformed similar FOF products, while balanced and conservative combinations underperformed [14][17] - In July, all track-type combinations showed positive median returns, with military, smart manufacturing, pharmaceuticals, new energy, consumption, dividends, and central state-owned enterprise combinations outperforming their benchmarks [22][23] - The median return of regional strategy combinations, including Hong Kong and overseas strategies, also outperformed their benchmarks in July [22][23] Group 3: Changes in Fund Holdings - The conservative advisory combinations reduced their bond fund holdings while increasing their allocation to QDII funds, with QDII fund average positions rising by 0.48% [32][35] - Balanced advisory combinations decreased their index fund holdings and increased their stock fund allocations, with stock fund average positions increasing by 0.33% [32][35] - Aggressive advisory combinations reduced their mixed fund holdings and increased their index fund allocations, with index fund average positions rising by 0.42% [32][35] Group 4: Tracking of Individual Fund Holdings - The most favored active equity funds by advisory combinations include those managed by value style managers, quantitative strategy managers, and technology theme managers [41] - The top actively increased funds include quantitative strategies and technology themes, with significant increases in holdings for funds managed by Ma Fang, Yi Wei, and Sun Meng [41] - The most favored QDII funds include those targeting global growth industries, particularly the E Fund Global Growth Select [41]

综合指数增强型发起式证券投资基金新增销售 机构的公告 根据上银基金管理有限公司（以下简称"本公司"）与华泰证券股份有限公司、国泰海通证券股份有限公 司签署的销售协议和相关业务准备情况，自2025年8月13日起，上述机构将开始销售本公司旗下部分基 金。 一、适用基金范围 ■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 上银基金管理有限公司关于上银上证科创板 客户服务电话：95553/95521 3、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 考虑自身的风险承受能力，在了 ...

Market Overview - The market experienced a rebound with the Shanghai Composite Index recording a seven-day rise, and all three major indices reached new highs for the year. The total trading volume in the Shanghai and Shenzhen markets was 1.88 trillion yuan, an increase of 54.5 billion yuan compared to the previous trading day [1] Economic Outlook - Huatai Securities maintains its prediction for the Federal Reserve to initiate its first interest rate cut in September, with a total of two cuts expected within the year. The recent inflation data indicates that tariffs have a mild impact on inflation, reducing constraints on the Fed's rate cut decisions [2] Robotics Industry - CITIC Jiantou highlights the flourishing domestic robotics sector, supported by various local government policies and subsidies. The industry is witnessing advancements in components such as dexterous hands and joint modules, which are expected to accelerate the iteration of embodied intelligent robots [3] Investment Opportunities - CITIC Securities emphasizes the importance of the upcoming mid-year report season for Hong Kong stocks, predicting a slowdown in profit growth for the first half of 2025. However, sectors like retail, education, diversified finance, and gaming are expected to see upward revisions in profit growth [4]

Core Viewpoint - Huatai Securities maintains the judgment that the Federal Reserve will implement its first interest rate cut in September and will lower rates twice within the year [1] Inflation and Tariffs - July inflation data in the U.S. indicates that the transmission of tariffs to inflation is relatively mild [1] - Research by Cavallo et al. shows that after tariffs are announced, the maximum increase in commodity prices occurs within 10-15 weeks (3-4 months) [1] - Due to weak perceived demand, companies only pass on 50-60% of the tariff pressure to consumers, preventing a larger increase in inflation [1] Future Outlook - With an expected increase in tariffs in August, core inflation may continue to rise moderately [1] - Weak corporate demand and a weakening labor market will constrain the extent of inflation increases [1] - The slowdown in demand and accelerated deportation of illegal immigrants suggest that the labor market will continue to face pressure in the third quarter [1]

Group 1 - The core viewpoint is that the economic focus on expanding domestic demand and promoting high-quality development will remain unchanged through 2025, leading to sustained growth in electricity demand [1] - The record high temperatures since June have resulted in continuous breakthroughs in peak electricity load, indicating strong resilience in electricity demand growth [1] - The expectation for electricity demand growth to outpace GDP growth in 2025 is supported by new productive forces, secondary industry exports, and residential consumption [1] Group 2 - The growth in electricity demand is expected to drive investment in power equipment and power generation industries [1] - The investment in power equipment is anticipated to resonate with the demand for primary network infrastructure and base-load supportive power generation [1]