Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to issue zero-coupon convertible bonds amounting to 10 billion yuan, primarily to support the development of its overseas business and supplement other operating funds [8] - The issuance is expected to have a significant dilution effect on H shares but minimal impact on A shares, with an initial conversion price set at 19.7 HKD per H share, representing a 7% premium over the previous trading day [8] - The company’s leverage ratio is projected to increase slightly before the conversion of the bonds but is expected to decrease post-conversion, indicating a manageable impact on overall leverage [8] - The financing is anticipated to bolster the company's international business, which has shown a revenue contribution of 14% in the first half of 2025, with plans to expand into mature and emerging markets [8] - The regulatory environment is supportive of domestic brokers expanding overseas, which aligns with the company's strategic goals [8] - The long-term outlook for the securities industry remains positive, driven by capital market reforms and a recovering macroeconomic environment, which is expected to enhance market investment enthusiasm [8] Financial Projections - Total revenue is projected to be 36.58 billion yuan in 2023, increasing to 42.34 billion yuan by 2027, with a notable decline in 2025 [1] - Net profit attributable to shareholders is forecasted to grow from 12.75 billion yuan in 2023 to 20.99 billion yuan in 2027, with a significant increase in 2025 [1] - The earnings per share (EPS) is expected to rise from 1.41 yuan in 2023 to 2.32 yuan in 2027, reflecting a positive growth trajectory [1] - The price-to-earnings (P/E) ratio is projected to decrease from 15.41 in 2023 to 9.48 by 2027, indicating an attractive valuation over time [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company plans to issue zero-coupon convertible bonds amounting to 10 billion yuan, primarily to support the development of its overseas business and supplement other operating funds [8] - The issuance is expected to have a significant dilution effect on H shares but minimal impact on A shares, with an initial conversion price set at 19.7 HKD per H share, representing a 7% premium over the previous trading day [8] - The financing is anticipated to enhance the company's international business, which has shown a revenue contribution of 14% in the first half of 2025, with expectations for further growth in mature and emerging markets [8] - The report highlights a favorable policy environment for domestic brokers to expand internationally, with regulatory encouragement for cross-border financial services [8] - The company has adjusted its profit forecasts upward, expecting net profits of 17.1 billion, 20.1 billion, and 21 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 11%, 18%, and 4% [8] Financial Projections - Total revenue is projected to be 36.58 billion yuan in 2023, increasing to 41.47 billion yuan in 2024, followed by a decline to 35.23 billion yuan in 2025, and then recovering to 40.59 billion yuan in 2026 and 42.34 billion yuan in 2027 [1] - The company's net profit attributable to shareholders is forecasted to grow from 12.75 billion yuan in 2023 to 15.35 billion yuan in 2024, reaching 17.07 billion yuan in 2025, and further increasing to 20.13 billion yuan in 2026 and 20.99 billion yuan in 2027 [1] - The report indicates a decrease in the price-to-earnings (P/E) ratio from 15.41 in 2023 to 9.48 by 2027, suggesting an improving valuation over time [1]

致：香港交易及結算所有限公司 公司名稱: HTSC（於中華人民共和國註冊成立，中文公司名稱為华泰证券股份有限公司及在香港以HTSC名義開展業務）(「本公司」) 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601688 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,307,818,106 | RMB | | 1 RMB | | 7,307,818,106 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,307 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: HTSC（於中華人民共和國註冊成立，中文公司名稱為华泰证券股份有限公司及在香港以HTSC名義開展業務）(「本公司」) 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601688 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,307,818,106 | RMB | | 1 RMB | | 7,307,818,106 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,307 ...

Core Viewpoint - Chinese brokerage stocks have seen a rise in afternoon trading, with several firms reporting significant gains, driven by positive earnings forecasts and a favorable market environment [1] Group 1: Stock Performance - Huatai Securities (601688) increased by 5.38%, reaching HKD 17.84 [1] - China International Capital Corporation (601995) rose by 4.58%, reaching HKD 21.92 [1] - Guotai Junan Securities (02611) gained 4.71%, reaching HKD 17.79 [1] - China Galaxy Securities (601881) increased by 2.71%, reaching HKD 10.62 [1] - China Merchants Securities (600999) rose by 2.32%, reaching HKD 14.54 [1] Group 2: Earnings Reports - As of the end of January, five listed brokerages, including CITIC Securities (600030), have released earnings reports for 2025, with 17 others providing performance forecasts, accounting for about 50% of all listed brokerages [1] - Collectively, these 22 brokerages are expected to report positive earnings, with eight firms anticipating a year-on-year increase in net profit exceeding 70% [1] Group 3: Market Outlook - Shenwan Hongyuan believes that the brokerage sector is experiencing improving conditions, with a favorable external business environment [1] - The current phase is characterized by a mismatch between fundamentals and valuations, with diminishing pressure from funding [1] - Guotai Junan Securities highlights that the brokerage sector is likely to benefit from both performance and valuation improvements due to ongoing investment reforms [1]

消息面上，近期券商密集发布业绩快报及预增报告。Wind统计显示，截至1月底，中信证券等5家上市 券商已披露2025年业绩快报，另有17家披露了当期业绩预告，合计占到上市券商总数的五成左右。整体 来看，上述22家券商业绩集体报喜，8家去年的归母净利润增幅预计超七成。 申万宏源认为，券商板块景气度不断向好，内外展业环境顺风顺水，关注板块Beta属性。当前时点，券 商板块处于基本面与估值错配阶段，且考虑资金面压制已经边际消退，建议关注券商板块自身的贝塔属 性。国泰海通证券指出，受益于投资端改革，券商业绩持续改善。年初以来市场持续活跃，券商板块有 望受益业绩与估值双升。 智通财经APP获悉，中资券商股午后走高，截至发稿，华泰证券(06886)涨5.38%，报17.84港元；中金公 司(03908)涨4.58%，报21.92港元；国泰海通(02611)涨4.71%，报17.79港元；中国银河(06881)涨2.71%， 报10.62港元；招商证券(06099)涨2.32%，报14.54港元。 ...

Core Viewpoint - Bank of America Securities upgraded Huatai Securities (06886) from "Neutral" to "Buy," citing the resolution of uncertainties in fundraising with the issuance of convertible bonds, and maintaining a target price of HKD 22.1, indicating attractive current valuation and robust fundamentals [1] Group 1: Fundraising and Convertible Bonds - Huatai Securities plans to issue HKD 10 billion zero-coupon convertible bonds maturing next year, with a conversion price of HKD 19.7 per share, which corresponds to a price-to-book ratio of 1x for 2024 after excluding dividends [1] - The potential dilution from the full conversion of these bonds is approximately 5.6% [1] - The proceeds from the bond issuance will support the company's overseas business expansion, aligning with the board's previous plan to inject RMB 9 billion into overseas operations [1] Group 2: Financial Outlook and Capital Structure - Bank of America Securities believes that after the bond issuance, the company still has equity financing capacity under general authorization, with a potential issuance scale of up to 20% of total share capital [1] - The firm maintains its earnings forecast for Huatai Securities, indicating confidence in the company's financial stability and growth prospects [1]

智通财经APP获悉，美银证券发布研报称，相信随着可换股债券落实发行，华泰证券(06886)在筹措资金 方面的不明朗因素已大致消除，将其投资评级由"中性"上调至"买入"，认为当前估值仍具吸引力，又指 公司基本面保持稳健，境外资本补充或带来上行空间，对盈利预测维持不变，目标价22.1港元。 华泰证券宣布拟发行明年到期的100亿港元零息可换股债券，转换价为每股19.7港元，相当于撇除股息 后2024年市账率的1倍，若悉数转换，潜在摊薄为约5.6%，集资所得将用于支持海外业务扩张，与董事 会此前提出向境外业务注资90亿元人民币的计划一致。美银证券指，此次发行完成后，公司根据一般性 授权仍具备股本融资空间，潜在发行规模可达总股本的20%。 ...

Core Viewpoint - Bank of America Securities reports that Huatai Securities plans to issue HKD 10 billion zero-coupon convertible bonds maturing next year, with a conversion price of HKD 19.7 per share, aligning with the board's previous plan to inject RMB 9 billion into overseas operations [1] Group 1: Bond Issuance Details - The conversion price of HKD 19.7 per share corresponds to a price-to-book ratio of 1x for 2024, excluding dividends [1] - If fully converted, the potential dilution effect is approximately 5.6% [1] - The proceeds from the bond issuance will support the expansion of overseas business [1] Group 2: Financial Implications - Following the bond issuance, the company retains capital financing capacity under general authorization, with a potential issuance scale of up to 20% of total share capital [1] - The completion of this issuance is expected to eliminate uncertainties regarding the company's fundraising efforts [1] Group 3: Investment Rating and Valuation - Bank of America Securities upgrades the investment rating for Huatai Securities from "Neutral" to "Buy" [1] - The current valuation is considered attractive, with a target price set at HKD 22.1 [1] - The company's fundamentals remain robust, and the overseas capital injection may provide upward potential [1]

Group 1 - The core viewpoint of the articles highlights the strong performance expectations for listed securities firms in 2025, driven by a vibrant capital market and robust growth in brokerage and proprietary trading businesses [1][2] - As of January 30, 2025, 21 listed securities firms have disclosed their performance forecasts, with leading firms like CITIC Securities and Guotai Junan expected to maintain their market dominance, projecting CITIC Securities' net profit to exceed 30 billion yuan and Guotai Haitong's net profit growth rate to exceed 100% year-on-year [1] - Smaller securities firms are anticipated to show even greater profit elasticity, with Guolian Minsheng forecasting a year-on-year net profit growth rate exceeding 400% [1] Group 2 - The growth drivers for the 2025 performance of these listed securities firms include brokerage and proprietary trading businesses, supported by a favorable A-share market environment and government policies aimed at stabilizing growth and boosting the capital market [2] - Factors such as a moderately loose liquidity environment, continuous optimization of the capital market, and the restoration of investor confidence are expected to collectively enhance the performance of the securities sector [2] - The current valuation of the securities sector is at a historical low, presenting a defensive rebound opportunity, with recommendations to focus on strong leading firms and those with competitive advantages in wealth management, proprietary trading, and cross-border business [2]