来源：新浪证券-红岸工作室 2月3日，华泰证券跌4.05%，成交额47.39亿元。两融数据显示，当日华泰证券获融资买入额6.56亿元， 融资偿还4.32亿元，融资净买入2.25亿元。截至2月3日，华泰证券融资融券余额合计67.42亿元。 融资方面，华泰证券当日融资买入6.56亿元。当前融资余额67.31亿元，占流通市值的4.23%，融资余额 超过近一年50%分位水平，处于较高位。 分红方面，华泰证券A股上市后累计派现428.93亿元。近三年，累计派现139.94亿元。 机构持仓方面，截止2025年9月30日，华泰证券十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股4.42亿股，相比上期减少1.08亿股。中国证券金融股份有限公司位居第七大流通股东，持 股1.53亿股，持股数量较上期不变。国泰中证全指证券公司ETF（512880）位居第九大流通股东，持股 1.31亿股，为新进股东。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.c ...

Group 1 - The core viewpoint of the articles highlights the strong performance expectations for listed securities firms in 2025, with major firms like CITIC Securities and Guotai Junan maintaining their market leadership [1][2] - As of January 30, 2025, 21 listed securities firms have disclosed their performance forecasts, with CITIC Securities expected to achieve a net profit exceeding 30 billion yuan and Guotai Haitong projecting a year-on-year net profit growth rate exceeding 100% [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% for 2025 [1] Group 2 - Brokerage and proprietary trading businesses are identified as the core drivers of performance growth for these listed securities firms in 2025 [2] - The A-share market is expected to remain active in 2025, with a high level of performance in the securities industry, suggesting investment opportunities in the sector [2] - Factors such as a stable growth policy, a conducive capital market environment, and the restoration of investor confidence are expected to drive the upward trend in the securities sector [2] Group 3 - The current valuation of the securities sector is at a historical low, presenting a defensive rebound opportunity [2] - It is recommended to focus on leading securities firms with strong overall capabilities and those with differentiated competitive advantages in wealth management, proprietary trading, and cross-border business [2] - Related concepts in the Hong Kong stock market include Huatai Securities, GF Securities, China Galaxy, Guotai Haitong, CICC, CITIC Securities, and others [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：601688 证券简称：华泰证券 公告编号：临2026-017 华泰证券股份有限公司关于根据一般性授权 发行H股可转换债券的公告 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。 ● 公司拟根据一般性授权发行可转换为本公司H股股份的债券，不涉及本公司A股发行。 2026年2月3日（H股交易时段前），华泰证券股份有限公司（以下简称"本公司"或"公司"）根据一般性 授权与经办人签订了H股可转换债券认购协议，公司拟发行本金总金额10,000百万港元的可转换为公司 H股股份的债券（以下简称"本次发行"）。 本次发行系根据公司2026年第一次临时股东会审议通过的《关于建议股东会授予董事会发行股份一般性 授权的议案》实施，公司股东会已授予董事会关于发行股份（包括但不限于普通股、可转换为股份的证 券）的一般性授权（包括授权董事会订立协议、于相关期间作出或授予可能须于相关期间届满后，行使 该等权力的售股建议、协议、购股权及交换或转换股份的权力），新增发行股份（包 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 류因 | 股份數目 | | | ( 請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) * | | | | | | | | | 份自分比 | | | | | | | | | (%) | | CS20260202E00449 | 易方达基金管理有限公司 | 1201(L) | | 1,703,600(L) | HKD 18.8121 | 153,412,400(L) | 8.92(L)28/01/2026 | | 股份代號: | 06886 | | --- | --- | | 上市法國名稱: | 華泰證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 03/01/2026 - 03/02/2026 | 格隆汇2月3日丨根据联交所最新权益披露资料显示，2026年1月28日，华泰证券(06886.HK) ...

非银金融/证券Ⅱ 华泰证券（601688.SH） 再融资靴子落地，利好国际业务增长 2026 年 02 月 03 日 投资评级：买入（维持） 日期 2026/2/2 当前股价(元) 22.69 一年最高最低(元) 25.75/14.60 总市值(亿元) 2,048.20 流通市值(亿元) 1,657.90 总股本(亿股) 90.27 流通股本(亿股) 73.07 近 3 个月换手率(%) 80.96 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 64% 2025-02 2025-06 2025-10 华泰证券 沪深300 相关研究报告 《业绩超预期，综合实力行业领先— 华泰证券 2025 三季报点评》 -2025.10.31 高超（分析师） 卢崑（分析师） 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 事件：2 月 3 日上午，华泰证券公告拟根据一般性授权发行可转换为本公司 H 股 股份的债券。 再融资靴子落地，利好国际业务增长 本次发行 H 股零息可转债（悉数转换后）一共对 H 股股份稀释 29.53%，对总股 ...

行 业 及 产 业 非银金融/ 证券Ⅱ 行 业 研 究 / 相关研究 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证 券 研 究 报 告 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 2026 年 02 月 03 日 华泰及广发 H 股再融资落地，持续 加码国际业务 看好 ——券商板块跟踪 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 点 评 ⚫ 华泰证券：2026/2/3，华泰证券公告根据一般性授权发行 2027 年到期的 H 股零息转债 100 亿港 元。募资净额：拟 99.25 亿港元。初始转股价：每 H 股 19.70 港元（可予调整），较收盘价溢价 率 6.78%。若以初始转股价计，转股约 5.08 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The issuance of H-share zero-coupon convertible bonds is expected to dilute H-share capital by 29.53% and total capital by 5.6%, with proceeds aimed at overseas business development and working capital supplementation. This is anticipated to have short-term pressure on the stock price, particularly in the Hong Kong market, but is expected to benefit long-term international business growth and enhance overall ROE [4][5][6] - The company maintains its profit forecast, projecting net profit attributable to shareholders of 168 billion, 217 billion, and 251 billion yuan for 2025-2027, representing year-on-year growth of 9%, 29%, and 16% respectively. The corresponding PE ratios are 12.2, 9.4, and 8.2 times, with a current PB of 1.20 times [4][6] Financial Summary - Revenue is projected to reach 37,078 million yuan in 2025, with a year-on-year decrease of 10.6%, followed by a recovery to 43,144 million yuan in 2026 and 48,837 million yuan in 2027, with growth rates of 16.4% and 13.2% respectively [7][10] - Net profit attributable to shareholders is expected to be 16,750 million yuan in 2025, 21,680 million yuan in 2026, and 25,067 million yuan in 2027, with year-on-year growth rates of 9.1%, 29.4%, and 15.6% respectively [7][10] - The company's gross margin is projected to improve from 51.2% in 2025 to 58.5% in 2027, while the net margin is expected to rise from 45.2% to 51.3% over the same period [7][10] Valuation Metrics - The projected PE ratios for the company are 12.2 for 2025, 9.4 for 2026, and 8.2 for 2027, indicating a favorable valuation trend [7][10] - The projected PB ratios are 1.2 for 2025, 1.1 for 2026, and 1.0 for 2027, suggesting a decreasing trend in the price-to-book ratio [7][10]

Market Overview - On February 3, the securities sector declined by 0.12% compared to the previous trading day, with Huatai Securities leading the decline [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Individual Stock Performance - Huatai Securities (601688) closed at 21.77, down 4.05% with a trading volume of 2.19 million shares and a transaction value of 4.739 billion [2] - Dongwu Securities (601555) closed at 9.21, down 1.71%, with a transaction value of 693 million [2] - Other notable declines include GF Securities (000776) down 1.34% and China Merchants Securities (666009) down 0.95% [2] Capital Flow Analysis - The securities sector experienced a net outflow of 2.846 billion, while retail investors saw a net inflow of 1.851 billion [2][3] - Major stocks like China Galaxy (601881) had a net inflow of 1.68 million from institutional investors, while Shanxi Securities (002500) saw a net inflow of 1.3542 million [3] ETF Performance - The Huaxia Financial Technology ETF (516100) decreased by 5.20% over the last five days, with a net redemption of 8.387 million [5] - The Huaxia Securities ETF (515010) decreased by 2.66%, but saw an increase in shares by 7.5 million, indicating a net subscription of 10.319 million [5]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The equity market is expected to perform well, with a projected net profit growth of 50% year-on-year for 2025, and a 16% growth in 2026 from a high base [1][30] - The average daily trading volume of stock funds is anticipated to reach 19.814 trillion yuan in 2025, representing a 67% year-on-year increase [1][9] - The report highlights a significant recovery in IPO and refinancing activities, with IPO fundraising expected to grow by 96% in 2025 [1][14] - The bond issuance scale is expected to increase steadily, with a 13% year-on-year growth in 2025 [1][19] - The report emphasizes the low valuation of brokerage stocks and the potential for valuation recovery, particularly for large brokerages [1][24] Summary by Sections 1. Equity Market Performance - The average daily trading volume of stock funds is projected at 19.814 trillion yuan, a 67% increase year-on-year [1][9] - The number of new accounts opened in the Shanghai market is expected to average 2.5 million per month, an 8% increase from 2024 [1][9] - The financing balance is projected to reach 2.5242 trillion yuan, a 36% increase year-on-year [1][12] - The IPO market is expected to see 116 IPOs raising 131.8 billion yuan, a 96% increase year-on-year [1][14] - The refinancing market is expected to recover significantly, with a total of 950.9 billion yuan raised, a 326% increase [1][18] 2. Profit Forecast for 2025 - The report forecasts a 50% year-on-year increase in net profit for listed brokerages in 2025, with a 16% increase in Q4 [1][30] - The total revenue for the industry is expected to grow by 21% year-on-year [1][30] 3. 2026 Outlook - The report anticipates a 16% year-on-year increase in net profit for the industry in 2026, based on high baseline assumptions [1][37] - The growth in brokerage income from various segments is expected, including a 25% increase in brokerage business revenue [1][37] 4. Valuation and Recommendations - The report notes that the current valuation of brokerages is relatively low, with the CITIC Securities II index at 1.43x PB, indicating potential for valuation recovery [1][24] - Key recommendations include major brokerages such as CITIC Securities, Huatai Securities, and Guotai Junan [1][24]

中国经济网北京2月3日讯 华泰证券（601688.SH，06886.HK）今日A股收报21.77元，跌幅 4.05%；港股收报16.93港元，跌幅8.238%。 华泰证券昨晚发布关于根据一般性授权发行H股可转换债券的公告。2026年2月3日（H股交易时段 前），华泰证券根据一般性授权与经办人签订了H股可转换债券认购协议，公司拟发行本金总金额 10,000百万港元的可转换为公司H股股份的债券（以下简称"本次发行"）。 本次债券发行完成后，其募集资金净额（扣除佣金和预计开支后）估计约为9,924.7百万港币。公 司计划将本次发行的募集资金净额用于支持公司境外业务发展，以及补充其他营运资金。 公司将会向维也纳证券交易所运营的Vienna MTF申请批准债券上市。公司亦将向香港联交所申请 转换股份上市。 债券到期日为2027年2月8日，发行价为债券本金额之100.00%，债券为零票息，不计息。债券以 记名形式发行，指定面额为每份2,000,000港元，超出部分以1,000,000港元的整数倍。 经办人已知会公司，将向不少于六名独立认购人（彼等为专业投资者）发售债券。经作出一切合理 查询后，就董事所知、所悉及所信，各认 ...