釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 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的股份有限公司， 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） 董事會召開日期 董事會謹此宣佈，本公司將於二零二五年十月三十日（星期四）舉行董事會會議， 其中議程包括審議及批准本公司及其附屬公司截至二零二五年九月三十日止九個 月之第三季度業績及其刊發。 承董事會命 聯席公司秘書 張輝 中國江蘇，2025年10月16日 於本公告日期，董事會成員包括執行董事張偉先生、周易先生及王瑩女士；非執 行董事丁鋒先生、陳仲揚先生、柯翔先生、晉永甫先生及張金鑫先生；以及獨立 非執行董事王建文先生、王全勝先生、彭冰先生、王兵先生及老建榮先生。 「董事會」 指 本公司之董事會 「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 ...

Core Viewpoint - HTSC (06886.HK) announced that it will hold a board meeting on October 30, 2025, to review and approve the third-quarter results for the nine months ending September 30, 2025 [1] Summary by Category - **Company Announcement** - The board meeting will focus on the review and approval of the company's and its subsidiaries' third-quarter performance [1]

（於中華人民共和國註冊成立的股份有限公司， 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） 董事會召開日期 董事會謹此宣佈，本公司將於二零二五年十月三十日（星期四）舉行董事會會議， 其中議程包括審議及批准本公司及其附屬公司截至二零二五年九月三十日止九個 月之第三季度業績及其刊發。 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 承董事會命 聯席公司秘書 張輝 中國江蘇，2025年10月16日 於本公告日期，董事會成員包括執行董事張偉先生、周易先生及王瑩女士；非執 行董事丁鋒先生、陳仲揚先生、柯翔先生、晉永甫先生及張金鑫先生；以及獨立 非執行董事王建文先生、王全勝先生、彭冰先生、王兵先生及老建榮先生。 「董事會」 指 本公司之董事會 「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 ...

Core Viewpoint - The report from交银国际 maintains a leading rating for the securities industry, highlighting high investment value and potential opportunities due to short-term market fluctuations [1] Group 1: Earnings and Growth - The brokerage firms are expected to see a 20% quarter-on-quarter increase in profits for Q3, with year-on-year growth anticipated to remain above 50% [1] - In the first half of the year, listed brokerages reported a 51.5% year-on-year profit increase, with Q1 and Q2 showing growth rates of 53% and 50% respectively [1] - The average daily trading volume of A-shares for the first three quarters was 1.62 trillion RMB, reflecting a year-on-year increase of 104.6%, with Q3 expected to show a 208.8% year-on-year growth due to a low base [1] Group 2: IPO and Fundraising - The A-share IPO fundraising amount for the first three quarters reached 77.3 billion RMB, a 62% year-on-year increase, significantly higher than the 15% growth in the first half [2] - Total equity fundraising amounted to 896.2 billion RMB, a 3.4 times increase year-on-year, with 376.2 billion RMB (an 84% increase) when excluding the directed issuance by state-owned banks [2] - The top three firms in A-share IPO underwriting amounts were 中金, 国泰海通, and 华泰, while 中金 led in Hong Kong stock underwriting [2] Group 3: Market Performance and Valuation - The A-share market saw significant gains in Q3, with the CSI 300 index rising by 17.9% in the first three quarters, while small-cap indices, particularly the ChiNext and Sci-Tech 50 indices, exceeded 50% growth [2] - The current price-to-book ratio for the A-share securities industry index is 1.45, which is below the historical median of 1.51, indicating that the sector is still undervalued despite strong expected earnings growth [2]

Group 1 - The investment forum "Capital Dialogue Across the Equator - Understanding Indonesia's Real Economy" was successfully held in Jakarta, Indonesia, led by the Indonesian sovereign fund Danantara, with Huatai Securities and BNI Securities as co-organizers [1] - The forum aimed to deepen the connectivity between the capital markets of China and Indonesia, focusing on macroeconomic trends, emerging industry opportunities, and cross-border investment strategies [1] - Liang Hong, Chair of Huatai Securities' Institutional Business Committee, delivered a keynote speech highlighting China's economic rebalancing and transformation, emphasizing the importance of technological innovation and industrial upgrading as core drivers for long-term growth [1] Group 2 - Discussions at the forum included topics such as restructuring efficiency, risk management strategies, and investment opportunities, featuring insights from representatives of Danantara and the Indonesian Ministry of Finance [2] - Huatai Securities' Chief Analyst for Energy Transition, Liu Jun, engaged in a deep dialogue with representatives from Barito Group regarding low-carbon transition routes and the collaboration paths between Chinese and Indonesian companies in energy transition [2] - Huatai Securities organized core asset research and thematic discussions for investors, covering leading companies in various sectors such as finance, food production, mining, and e-commerce in Indonesia, providing comprehensive local market insights [2]

Core Insights - The total M&A transaction value in mainland China reached $340.2 billion in the first three quarters of 2025, representing a year-on-year increase of 80.3% but a quarter-on-quarter decline of 29.9% [2] - The number of announced transactions was 3,791, which is a 10.5% increase year-on-year and a 9.3% increase quarter-on-quarter [2] Cross-Border M&A - The total value of outbound M&A from mainland China was $18.1 billion, marking a year-on-year increase of 29.6% [5] - Foreign acquisitions of mainland Chinese companies totaled $11.6 billion, a decrease of 28.2% compared to the previous year [5] - Domestic M&A transactions dominated with a scale of $300.5 billion, showing a significant year-on-year growth of 106.3% [5] Industry Distribution - The financial sector led the M&A market in mainland China with a market share of 25.7% and a total transaction value of $87.4 billion, reflecting a year-on-year increase of 270.2% [8] - The energy and power sector held a market share of 17.5%, with a year-on-year growth of 193.4% [8] - The high-tech sector followed closely with a market share of 16.1% ($54.9 billion), experiencing a year-on-year increase of 108% [8] Financial Advisor Rankings - CICC ranked first among financial advisors with a market share of 16.1% (involved in transactions worth $54.8 billion) in the first three quarters of 2025 [11] - CITIC Securities held the second position with a market share of 15.1%, while Goldman Sachs ranked third with a market share of 12.2% [11] - In terms of transaction volume, CICC, ICBC, and CITIC Securities were the top three [11] Legal Advisor Rankings - The top three law firms by transaction value in the first three quarters of 2025 were Yingke Law Firm, King & Wood Mallesons, and JY Law Firm [13] - In terms of transaction volume, Fangda Partners, King & Wood Mallesons, and JunHe Law Firm led the rankings [13]

Group 1 - The core viewpoint of the news is that Huatai Securities has shown a significant increase in stock price and profitability, indicating strong performance in the financial market [1][2]. - As of October 16, Huatai Securities' stock price rose by 2.00% to 22.43 CNY per share, with a total market capitalization of 202.47 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 30.26%, with a 9.63% rise over the past 20 days and a 26.37% increase over the past 60 days [1]. Group 2 - For the first half of 2025, Huatai Securities reported a net profit of 7.549 billion CNY, representing a year-on-year growth of 42.16% [2]. - The company has distributed a total of 41.539 billion CNY in dividends since its A-share listing, with 12.640 billion CNY distributed over the last three years [3]. - As of June 30, 2025, the number of shareholders decreased by 6.11% to 210,100, while the average circulating shares per person remained unchanged at 35,836 shares [2][3].

Market Overview - The market rebounded yesterday, with the Shanghai Composite Index rising over 1% to return above 3900 points, and the ChiNext Index increasing over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.07 trillion, a decrease of 503.4 billion compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index rose by 1.22%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 2.36% [1] Financial Data Analysis - CICC commented on September financial data, noting that new credit increased year-on-year but was less than expected; however, after adjusting for debt replacement effects, credit may not be as weak as the data suggests [2] - M1 growth significantly exceeded market expectations, indicating a mild policy push, with policy financial tools beginning to take effect [2] - The reasonable growth of financial aggregate indicators will still rely on increased fiscal policy support moving forward [2] Renewable Energy Sector - Huatai Securities recommended focusing on the wind power and photovoltaic industry chains following the National Development and Reform Commission's issuance of a draft implementation plan for renewable energy consumption targets [3] - The new mechanism aligns with the "whole economy" emission reduction approach from the September UN Climate Change Summit and aims to enhance green electricity connections and trading [3] - Key beneficiaries may include leading wind turbine manufacturers, offshore wind projects, low-cost silicon materials, and high-efficiency batteries/components [3] Robotics Sector - CITIC Construction Investment highlighted a positive outlook for the humanoid robotics sector in the fourth quarter, viewing it as a critical period for the anticipated changes and mass production of Tesla's third-generation Optimus [4] - The domestic supply chain is expected to see continuous news releases regarding capital operations, order shipments, and application scenarios in Q4 [4] - The firm remains optimistic about the sector, recommending investments in the T chain and faster-growing segments such as sensors, dexterous hands, and specialized applications [4]

Core Viewpoint - The construction machinery industry is experiencing a recovery, with a notable increase in excavator sales projected for September 2025, indicating a positive trend in both domestic and international markets [1] Industry Summary - According to the Engineering Machinery Association, excavator sales are expected to reach 19,900 units in September 2025, representing a year-on-year growth of 25.4% [1] - Domestic and international sales are forecasted at 9,200 units and 10,600 units respectively, with year-on-year growth rates of 22% and 29% [1] - This growth is an acceleration compared to August's domestic and international sales growth rates of 15% and 11% [1] Company Recommendations - The company recommends focusing on leading players in the construction machinery sector and component manufacturers, highlighting the potential for rapid growth in second-hand excavator exports and the increasing market share of domestic brands overseas [1]

Core Viewpoint - The report from Huatai Securities indicates a slight slowdown in the year-on-year growth rate of social financing in September, primarily due to a lower net issuance of government bonds compared to a high base last year, while signs of stabilization in financing demand from households and enterprises are emerging [1] Group 1: Social Financing Trends - The year-on-year growth rate of social financing has slightly slowed down in September, attributed to a decrease in net issuance of government bonds [1] - Financing demand from households and enterprises is showing signs of stabilization at low levels [1] Group 2: Monetary Supply Indicators - The M2 year-on-year growth rate remains stable under high base conditions, while M1 growth has accelerated, indicating further improvement in liquidity [1] Group 3: Future Outlook - The introduction of new policy financial instruments is expected to stimulate loan demand, which will help support the growth rate of social financing in the fourth quarter [1] - The net issuance of government bonds in September was significantly lower year-on-year due to a shift in fiscal financing timing, with an expected net issuance of around 2.4 trillion yuan in the fourth quarter, which may represent a year-on-year decrease of 1.7 trillion yuan [1] - The acceleration of new policy financial instruments is anticipated to boost corporate loan demand, providing some support for the growth rate of social financing in the fourth quarter [1]