证券代码：601688 证券简称：华泰证券 公告编号：临 2025-057 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 | | 被担保人名称 | | | 华泰国际财务有限公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | | | 亿港币 3.85 | | 担保对象 | 实际为其提供的担保余额 | | | 8.64 亿美元 | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 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 | | 402.44 | | 元） | | | | 对外担保总额占上市公司最近一期经审计净资产的比例（%） | | 21 ...

Core Points - Huatai Securities experienced a stock price decline of 2.01% on October 22, trading at 21.43 CNY per share with a market capitalization of 193.446 billion CNY [1] - The company reported a year-to-date stock price increase of 24.45%, with a 2.55% decline over the last five trading days [1] - As of June 30, 2025, Huatai Securities achieved a net profit of 7.549 billion CNY, representing a year-on-year growth of 42.16% [2] Financial Performance - The company’s main business revenue composition includes wealth management (43.24%), institutional services (19.75%), international business (14.23%), investment management (11.89%), and other (10.89%) [1] - Cumulative cash dividends since the A-share listing amount to 41.539 billion CNY, with 12.640 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 210,100, a reduction of 6.11% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 550 million shares, an increase of 20.3993 million shares from the previous period [3]

Core Viewpoint - Huatai Securities published a research report indicating that Rongchang Biologics' core products have recently reported multiple clinical results, showcasing the global competitiveness of the company's pipeline and potential acceleration in overseas expansion [1] Group 1: Clinical Results - The oncology product line presented 11 research results at the 2025 ESMO, with 2 studies selected for Late-Breaking Abstract (LBA) [1] - Data readouts for Taitasip are expected to peak, with upcoming presentations at ACR/ASN [1] Group 2: Financial Projections - The company maintains its net profit forecasts for 2025 to 2027 at -346 million, 3 million, and 536 million respectively [1] - The target price for A-shares is maintained at 138.89 yuan, while the target price for H-shares has been raised from 137.1 HKD to 139.96 HKD, with a "Buy" rating upheld [1]

Core Viewpoint - The report from Huatai Securities highlights the launch of the "Wind Energy Beijing Declaration 2.0" at the Beijing International Wind Energy Conference on October 20, with over 1,000 representatives from global wind energy companies. The declaration sets a target for annual new wind power installations in China to be no less than 120 GW for the 14th Five-Year Plan and 140 GW for the 15th Five-Year Plan, reinforcing confidence in the industry's development [1]. Industry Summary - The wind power industry is expected to enter a phase of volume and profit recovery due to increasing demand and rising prices of wind turbines [1]. - The focus is on leading wind turbine manufacturers and offshore wind projects, both domestically and internationally, as key areas for investment [1].

Core Viewpoint - The Beijing International Wind Energy Conference opened on October 20, where representatives from over 1,000 global wind energy companies jointly released the "Wind Energy Beijing Declaration 2.0," aiming for an average annual new installed capacity of no less than 120 GW for the "14th Five-Year Plan" and 140 GW for the "15th Five-Year Plan," reinforcing confidence in industry development [1] Industry Summary - The wind power industry is expected to enter a phase of volume and profit recovery due to increasing demand and rising wind turbine prices [1] - It is recommended to focus on leading wind turbine manufacturers and offshore wind & overseas segments [1]

Market Overview - The report from Huatai Securities indicates a potential return to "high market trading" in the short term, contingent on whether the Bank of Japan's normalization of monetary policy is delayed [1] - The recent exit of the Komeito party from the ruling coalition temporarily caused a pullback in "high market trading," but the election of high-profile candidate Suga Yoshihide may lead to a resurgence in this trading pattern, characterized by rising Japanese stocks, increasing bond yields, and a depreciating yen [1] Monetary Policy Implications - The focus remains on the Bank of Japan's monetary policy normalization, particularly the statements expected from the October meeting [1] - Despite short-term fluctuations, the pressure for the Bank of Japan to normalize its monetary policy in the medium to long term remains significant [1] Inflation and Real Exchange Rate - Japan's Consumer Price Index (CPI) has exceeded the 2% target for 37 consecutive months, resulting in significantly negative real interest rates persisting for an extended period [1] - There is an urgent need for the real exchange rate of the yen to appreciate, which could occur through a market-driven appreciation of the yen or via high inflation and rising asset prices if the government opts for an accommodative monetary policy [1] - The long-term impact of achieving "appreciation" through high inflation and asset price increases is expected to be more substantial [1]

Core Viewpoint - Huatai Securities (601688) announced the issuance of its 2021 corporate bonds aimed at professional investors, with a total issuance amount of 1.1 billion yuan and a coupon rate of 3.94% [1] Group 1 - The bonds, referred to as "21 Huatai 16," will start paying interest on October 27, 2025, for the period from October 25, 2024, to October 24, 2025 [1] - Each bond has a face value of 1,000 yuan, resulting in an interest payment of 39.40 yuan (including tax) per bond [1]

Group 1 - The core point of the article is that Huatai Securities has announced the issuance of perpetual subordinated bonds aimed at professional investors, with specific details regarding interest payments and rates [1] Group 2 - The bonds, referred to as "21 Huatai Y2", will start paying interest on October 28, 2025, for the period from October 28, 2024, to October 27, 2025 [1] - The coupon rate for this bond issuance is set at 4.00%, with a face value of RMB 1,000 per bond, resulting in an interest payment of RMB 40.00 (including tax) [1]

Core Viewpoint - Huatai Securities has announced the issuance of perpetual subordinated bonds aimed at professional investors, with a fixed interest rate of 4.00% [1] Group 1: Bond Issuance Details - The bonds, referred to as "21 Huatai Y2," will begin interest payments on October 28, 2025, covering the period from October 28, 2024, to October 27, 2025 [1] - Each bond has a face value of RMB 1,000, resulting in an interest distribution of RMB 40.00 (including tax) per bond [1]

Core Points - Huatai Securities (06886) announced the issuance of its 9th phase corporate bonds aimed at professional investors, with the bonds set to start interest payments on October 27, 2025, for the period from October 25, 2024, to October 24, 2025 [1] - The total issuance amount for this bond series, referred to as "21 Huatai 16," is 1.1 billion yuan, with a coupon rate of 3.94% [1] - Each bond has a face value of 1,000 yuan, resulting in an interest distribution of 39.40 yuan (including tax) per bond [1]