Group 1 - The core viewpoint of the report indicates that the market is experiencing a period of adjustment due to key events both domestically and internationally, referred to as a "super week" [1] - The report highlights that the market has seen a reduction in trading volume and is currently in a phase of volatility expansion, with localized hotspots expected to remain active [1] - It notes that the current profit-making effect has reverted to levels seen in mid-July, suggesting a potential stabilization in market pressure [1]

华泰证券策略团队最新研报指出，上周进入海内外关键事件频发的"超级周"，后半周在美元指数、政策 预期扰动下，市场缩量调整，但考虑到目前赚钱效应已回调至7月中旬位置、市场抛压相对可控，短期 A股或进入波动率放大的平台期，局部热点活跃或为基准情形。结合题材容量、补涨空间、业绩持续性 分析，目前具备补涨逻辑且景气改善持续性的板块主要集中于AI、产能出清及自主可控方向。配置 上，把握赔率思维，关注白色家电等跌出股息率性价比的稳健及潜力高股息品种及Q2业绩回升且具备 补涨逻辑的方向，如存储芯片、光纤光缆、氯碱、航空装备、 智能驾驶、机器人等。战略上超配大金 融、创新药、军工。 ...

Group 1 - The core viewpoint is that market trends dictate the behavior of dominant funds, which in turn influences the structure and model of rising industries, with a historical tendency for concentrated leading industries rather than high-cut low-rotation [2] - Recent market performance has shown a gradual focus on trend-based sectors such as AI, innovative pharmaceuticals, resources, and technology innovation board [2] - The market is expected to experience a cooling period as incremental liquidity slows down, which is necessary for stable long-term growth [2] Group 2 - In July, market risk appetite continued to recover, but high-dividend sectors were dragged down by banks, leading to a mixed performance within major indices [3] - Some stable and potential high-dividend stocks have become attractive due to their current yield, indicating a gradual emergence of configuration value [3] - The focus for August is on cyclical high-dividend stocks that are expected to perform well due to improved supply-demand structures [3] Group 3 - The market is currently undergoing a short-term adjustment after a previous breakout, with a need to refocus on main lines as the market stabilizes [4] - The adjustment phase is expected to digest economic growth rate expectations and policy shifts aimed at structural adjustments [4] Group 4 - The market is anticipated to return to a volatile state in August, with potential upward movements before the September 3 military parade [5] - Key sectors to watch include AI, robotics, and advanced manufacturing, which are expected to lead the market back to a strong mid-term position [5] Group 5 - The core logic supporting the current market trend remains intact despite recent fluctuations, with several potential catalysts on the horizon [6] - Upcoming events such as the release of GPT-5 and the September 3 military parade are expected to positively influence market sentiment [6] Group 6 - The overall bullish logic driven by liquidity remains unbroken, with expectations for the market to maintain strength in August [7] - The recommended sector focus includes undervalued large-cap tech growth, innovative pharmaceuticals, and global pricing resources [7] Group 7 - The market is expected to exhibit a rotation and supplementary rise, with particular attention on machinery and electrical equipment sectors [8] - Long-term focus areas include consumption, technological independence, and high-quality dividend stocks [8] Group 8 - The likelihood of A-shares reaching new highs in August is considered high, with a potential upward trend resuming after mid-August [9][10] - The market is expected to benefit from improved free cash flow and continued inflow of external capital [10] Group 9 - The market is currently in a phase of adjustment but remains on an upward trend, with support from various technical indicators [13] - Recommended sector allocation includes a balanced approach focusing on financials and technology growth sectors [13]

Investment Rating - The report maintains a positive investment rating for the non-bank sector, suggesting a favorable outlook for both insurance and securities companies [6]. Core Insights - The reintroduction of VAT on bond interest is expected to have a limited impact on insurance companies, with a continued focus on "tax-exempt assets + high dividends" strategies in the investment sector [1]. - The overall investment style for insurance capital is expected to remain "fixed income +", but with a potential increase in equity allocation as net investment income may face pressure due to declining long-term interest rates [2]. - The non-bank sector has shown resilience, with the non-bank index outperforming the broader market in July, driven by strong performance from securities and insurance indices [3]. - Domestic policies are expected to support market recovery, with ongoing efforts to enhance the attractiveness and inclusivity of the capital market [4]. Summary by Sections Market Review - Major indices experienced a decline, with the non-bank sector showing relative strength, particularly in the insurance index, which was less affected by market fluctuations [10]. - The non-bank financial index fell by 2.40%, while the insurance index only decreased by 0.15% [10]. Securities Sector - The report highlights a robust performance in the securities sector, with significant increases in trading volumes and IPO underwriting [18]. - As of August 1, 2025, the cumulative IPO underwriting scale reached 566.81 billion, and refinancing underwriting was 8103.24 billion [18]. Insurance Sector - The insurance sector is expected to benefit from a dual enhancement of "dividends + capital gains" as policies encourage long-term capital market participation [5]. - Key insurance companies to watch include Sunshine Insurance, China Pacific Insurance, New China Life, Ping An, China Life, and China Property Insurance [44]. Investment Recommendations - The report suggests a focus on expanding equity allocations within insurance portfolios, with a positive outlook for the performance of major securities firms [43][44].

Core Viewpoint - Huatai Securities reported that HSBC Holdings' revenue for the first half of the year increased by 5.7% year-on-year, while pre-tax profit grew by 5.1% year-on-year, indicating a mixed performance with a 1.5 percentage point increase in growth rate compared to the first quarter and a 3.8 percentage point decline [1] Financial Performance - HSBC's revenue growth of 5.7% year-on-year and pre-tax profit growth of 5.1% year-on-year reflects strong operational performance despite some fluctuations in growth rates [1] - The board has approved a second dividend of $0.1 per share and plans to initiate a share buyback of up to $3 billion [1] Future Outlook - The company is expected to maintain strong non-interest income growth, although there is an increase in provisions [1] - Earnings per share forecasts for 2025 to 2027 are projected at $1.23, $1.28, and $1.34 respectively, remaining stable or slightly increasing compared to previous estimates [1] - The wealth management outlook for the company is considered promising, with a target price-to-book ratio of 1.25 times for 2025 and an increase in target price from HKD 98.19 to HKD 112.25 [1]

2025年8月1日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价。根据网下专业机构投 资者询价结果，经发行人和主承销商协商一致，最终确定本期债券票面利率为1.63%。 格隆汇8月1日丨HTSC(06886.HK)公告，根据《华泰证券股份有限公司2025年面向专业投资者公开发行 短期公司债券(第六期)发行公告》，华泰证券股份有限公司2025年面向专业投资者公开发行短期公司债 券(第六期)(债券简称"25华泰S6")期限为7个月(212天)，票面利率询价区间为1.2%-2.2%，本期债券票面 利率由发行人和主承销商根据网下利率询价结果在利率询价区间内协商确定。 ...

Group 1 - Huatai Securities (06886) announced the public issuance of short-term corporate bonds (Phase VI) aimed at professional investors, with a term of 7 months (212 days) [1] - The final coupon rate for this bond issuance was determined to be 1.63% based on the inquiry results from professional institutional investors and negotiations between the issuer and the lead underwriter [1]

Group 1 - The company, Huatai Securities, announced the issuance of a short-term corporate bond (the sixth phase) aimed at professional investors, with a maturity of 7 months (212 days) [1] - The final coupon rate for this bond issuance was determined to be 1.63% based on the results of inquiries from professional institutional investors and negotiations between the issuer and the lead underwriter [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司， 中文公司名稱為華泰證券股份有限公司，在香港以HTSC名義開展業務） （股份代號：6886） 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 茲載列本公司在上海證券交易所網站刊登之《華泰證券股份有限公司2025年面向 專業投資者公開發行短期公司債券（第六期）票面利率公告》，僅供參閱。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名 稱註冊成立的股份有限公司，於2007年12月7日由前身 華泰證券有限責任公司改制而成，在香港以「HTSC」 名義開展業務，根據公司條例第16部以中文獲准名稱 「華泰六八八六股份有限公司」及英文公司名稱「Huatai Securities Co., Ltd.」註冊為註冊非香港公司，其H股於 2015年6月1日在香港聯合交易所有限公司主板上市（股 票代碼 ...

Group 1 - The report maintains an investment rating of "Outperform the Market" for the non-bank financial sector [2][43]. - The core viewpoint emphasizes that the current market sentiment is recovering, supported by a series of policy implementations, which may lead to further increases in trading volume and index rebounds [43][44]. - The report highlights that the brokerage sector's price-to-book (PB) ratio is still at historical low levels, indicating potential for growth [44]. Group 2 - The report reviews the performance of the brokerage sector from 2003 to 2025, noting that the sector has experienced significant excess returns compared to the CSI 300 index during various market cycles [5][9]. - It identifies that the brokerage sector's beta has shown a slight recovery in 2025, currently at 1.66, indicating higher volatility compared to the market [5][6]. - The report points out that the current trading volume in the brokerage sector is positively correlated with the index performance, suggesting that increased trading activity often leads to higher index values [23][41]. Group 3 - The report indicates that the H-share brokerage stocks have shown stronger elasticity in the current market cycle, outperforming their A-share counterparts significantly [12][16]. - It notes that the average daily trading volume of the H-share brokerage sector has reached historical highs, with a peak of 15.3% of the total Hong Kong market trading volume [41]. - The report recommends specific brokerage firms such as GF Securities, East Money, CITIC Securities, Huatai Securities, and Hong Kong Exchanges for investment consideration [44].