Core Insights - The recent emphasis on "anti-involution" by the Central Financial Committee indicates a significant policy shift aimed at addressing issues in various sectors, including photovoltaic, steel, and construction materials [2][3] - The current "anti-involution" policy is expected to differ from the 2016 "supply-side reform" in terms of industry characteristics, causes, and policy intensity [4][15] Group 1: Policy Background and Timing - The current macroeconomic environment mirrors that of 2016, with global economic slowdown, weak domestic demand, and declining capacity utilization leading to negative PPI growth [4][15] - The sequence of policy implementation for "anti-involution" is expected to follow a similar pattern to that of the "supply-side reform," starting with policy definition, followed by top-level design, and then specific industry policies [21][46] Group 2: Industry Characteristics and Opportunities - The "anti-involution" initiative focuses on advanced manufacturing sectors, which have shorter capacity formation times and higher private enterprise participation compared to traditional industries targeted in the 2016 reforms [4][25] - Industries such as wind power, steel, certain chemicals, photovoltaic, and coal are identified as having "involution" pressures, with potential for policy support and market recognition [3][6] Group 3: Market Impact and Investment Opportunities - The "anti-involution" policy is anticipated to boost PPI and corporate profitability, contingent on appropriate timing, policy strength, and demand-side coordination [3][4] - Historical data suggests that the initiation of supply-side reforms led to significant improvements in industrial profits, commodity prices, and capacity utilization rates, indicating potential for similar outcomes under the current policy [47][50] Group 4: Sector-Specific Insights - In the construction materials sector, self-balancing supply capabilities are strong, particularly in cement and fiberglass, with a focus on eliminating disorderly competition [7] - The steel industry is expected to enter a recovery phase by Q3 2024, aided by voluntary production cuts and favorable pricing dynamics [7] - The chemical industry is projected to benefit from supply-side adjustments driven by self-discipline and environmental regulations, with a recovery anticipated in the latter half of 2025 [8] - The automotive sector is shifting from price competition to value competition, with the "anti-involution" policy expected to stabilize pricing dynamics [8] - The agricultural sector, particularly in pig farming, is seeing policy measures aimed at reducing production capacity and optimizing structure, which may lead to price stabilization [9]

Core Viewpoint - The report from Huatai Securities indicates a decline in the growth rate of airline capacity during the off-peak season in June, with the three major airlines plus Spring Airlines and Juneyao Airlines showing a year-on-year supply increase of 4.7% while maintaining a high passenger load factor, which increased by 1.7 percentage points to 84.6% [1] Group 1 - The short-term focus should be on monitoring ticket prices and passenger load factors during the peak season, as the current sector may have already reflected the weaker ticket prices [1] - Huatai Securities believes that the industry's supply growth rate will remain low, and if the supply-demand relationship improves, combined with revenue management, airlines' profitability is expected to show elasticity [1] - The aviation sector continues to be recommended for investment [1]

Group 1 - The number of A-share investors has exceeded 240 million as of June 30 this year, indicating a new bull market is emerging in the A-share market [1][4][5] - The Shanghai Composite Index broke through the 3500-point mark in July, with trading volume maintaining over 1 trillion yuan for 30 consecutive trading days [1][3] - The market sentiment is optimistic, driven by ample liquidity and favorable external conditions, suggesting that the A-share market may continue to rise [3][9] Group 2 - In 2024, the total number of new investors reached 12.74 million, with individual investors accounting for 12.72 million, marking a 5.69% increase from the previous year [5] - The A-share merger and acquisition market has seen a significant increase, with over 200 disclosed M&A events in 2024, nearly quadrupling compared to the same period last year [7] - Major securities firms are dominating the M&A advisory market, with CITIC Securities leading with 25 projects and a total transaction amount of 101.27 billion yuan [7][8] Group 3 - The valuation levels of the A-share market are considered relatively low compared to global indices, enhancing the attractiveness of Chinese assets amid global market instability [9] - Investment strategies are suggested to focus on stable dividend assets, resource-related sectors benefiting from price increases, and new technology growth areas such as AI and solid-state batteries [10]

Group 1: Market Outlook - CICC holds a relatively positive view on the market for the second half of the year, despite short-term uncertainties [1] - Improvement in monetary indicators suggests that policies are taking effect, with recent high-level meetings emphasizing concerns over weak prices [1] - The current market level is significantly above the average cost of funds over the past year and three years, indicating an improving profit effect [1] Group 2: Sector Performance - Huatai Securities reports that major brokerages have seen a substantial increase in net profit for the first half of the year, with large firms experiencing a growth rate of 50%-80% and some small firms exceeding 1000% [2] - The core growth drivers for brokerages include wealth management, investment trading, and investment banking, reflecting a strong recovery in the equity market [2] - The current environment is favorable for brokerages, with a stable and active capital market supporting continued high trading volumes [2] Group 3: Economic Indicators - CITIC Securities notes that the likelihood of a Federal Reserve rate cut in July is low, with a maximum of two cuts expected for the year [3] - The core CPI in the U.S. has shown a consistent trend below expectations, primarily due to cooling rent inflation and used car prices [3] - Concerns remain regarding potential inflation rebound in the U.S., which may limit the scope for a weaker dollar and reduce the attractiveness of U.S. Treasury bonds [3]

Group 1 - The core viewpoint highlights that the brokerage industry has shown impressive performance in the first half of the year, with a significant increase in net profits among leading firms, reflecting enhanced market activity [1] - Among 32 brokerages that disclosed performance forecasts, 29 reported growth, with a total net profit expected to exceed 500 billion yuan, indicating a strong recovery in the sector [1] - The top-performing brokerages, such as Guotai Junan and CITIC Securities, have seen substantial profit increases, with Guotai Junan's net profit projected to grow by 205% to 218% year-on-year [1] Group 2 - Huatai Securities has received approval to issue company bonds totaling up to 40 billion yuan, which is expected to optimize its capital structure and support its stock price [2] - The approval reflects market confidence in Huatai Securities' qualifications and is likely to enhance the overall financing capacity of the brokerage sector, boosting market liquidity [2] Group 3 - Government investment funds have significantly increased their contributions, with a year-on-year growth of 151.22%, driven by favorable policies and regulatory easing [3] - This increase in funding is expected to improve the capital structure of companies and support various industry sectors, enhancing market confidence [3] Group 4 - Over 130 funds have been liquidated this year, indicating a trend towards market-driven fund issuance and exit, with popular themes like dividends and pharmaceuticals also facing challenges [4] - The trend of fund liquidation reflects the importance of market selection and fund management capabilities, leading to increased competition within the industry [4]

Core Viewpoint - Huatai Securities maintains the judgment that the Federal Reserve will implement rate cuts in September and December, considering the potential impact of tariffs on core goods inflation and a possible slowdown in the labor market [1] Inflation and Tariffs - The June CPI data indicates a rebound in inflation for goods with high import dependence, contradicting claims that tariffs do not translate into consumer prices [1] - The weighted average import tariff rate in the U.S. was only 8.7% in May, and some companies have delayed price transmission by consuming inventory [1] - It is anticipated that the impact of tariffs on inflation will become more evident, potentially pushing U.S. inflation higher in the short term [1] Business Sentiment - A survey by the New York Fed shows that 88% of manufacturing firms and 82% of service firms plan to pass on tariff costs to consumers within three months [1] - Jerome Powell stated during the June FOMC press conference that the Fed needs to observe the impact of tariffs over the summer, suggesting that the rise in inflation may already be within the Fed's expectations [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） 「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：6886），其A股於2010年2月26日在上海證券交 易所上市（股票代碼：601688），其全球存託憑證於2019 年6月在倫敦證券交易所上市（證券代碼：HTSC），除文 義另有所指外，亦包括其前身 承本公司董事會命 聯席公司秘書 張輝 海外監管公告 本公告乃根 ...

（股份代號：6886） （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） 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關於向專業 投資者公開發行公司債券獲得中國證監會註冊批覆的公告》，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。 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。 证券代码：601688 证券简称：华泰证券 公告编号：临 2025-030 华泰证券股份有限公司关于向专业投资者公开发行 公司债券获得中国证监会注册批复的公告 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 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-030 华泰证券股份有限公司关于向专业投资者公开发行 公司债券获得中国证监会注册批复的公告 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。 华泰证券股份有限公司董事会 2025 年 7 月 16 日 1 日前，华泰证券股份有限公司（以下简称"公司"）收到中国证 监会《关于同意华泰证券股份有限公司向专业投资者公开发行公司债 券注册的批复》（证监许可〔2025〕1342 号）文件。 根据该批复，中国证监会同意公司向专业投资者公开发行面值总 额不超过 400 亿元公司债券的注册申请。该批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分期发行公司债券。 公司董事会将按照有关法律法规和上述注册文件的要求及公司 股东大会的授权办理本次发行公司债券的相关事宜，并及时履行信息 披露义务。 特此公告。 ...

Core Viewpoint - China's export resilience in June exceeded expectations, reflecting a slight improvement in export growth in Q2 compared to Q1, driven by the "expedited shipping" effect ahead of the expiration of the "reciprocal tariff" exemption and a recovery in the global manufacturing cycle [1] Group 1: Export Performance - In June, China's exports were supported by short-term "rush export" demand as the deadline for the "reciprocal tariff" exemption approached on July 9 [1] - The overall export growth rate in Q2 showed a slight strengthening, indicating improved competitiveness of Chinese manufacturing [1] Group 2: Import Trends - In June, the year-on-year growth rate of imports in dollar terms increased by 4.5 percentage points from May to 1.1%, primarily driven by improvements in upstream imports and the "de-escalation" of tariffs between the US and China [1] Group 3: Future Outlook - Looking ahead, the "rush export" phenomenon may partially deplete demand, and the upward adjustment of US tariffs could impact imports, leading to a slight decrease in the overall year-on-year export growth rate in Q3 [1] - However, the recent increase in US tariffs on the EU and Mexico may enhance the relative competitiveness of Chinese exports [1]