Group 1 - Chinese brokerage stocks experienced a general rise, with notable increases in shares such as GF Securities (up 4.05% to HKD 21.08), Guotai Junan (up 1.93% to HKD 6.34), and China Merchants Securities (up 1.34% to HKD 16.59) [1] - Since 2025, there has been a significant increase in the enthusiasm for bond financing among brokerages, with 71 brokerages issuing a total of 672 bonds, raising a total of CNY 1.27 trillion, representing a year-on-year increase of 80.22% [1] - In 2025, 33 brokerages issued bonds exceeding CNY 10 billion, with leading brokerages dominating the issuance scale [1] Group 2 - Zhezhang Securities predicts that the profitability of brokerages will continue to grow significantly in Q3 2025, driven by increased market activity, with expected revenue growth of 42.4% year-on-year and net profit growth of 62.8% [2] - The firm anticipates that equity investment returns will be a key factor in the overall investment performance of brokerages, benefiting from a rising stock market, with investment business income expected to grow by 35% year-on-year in Q3 2025 [2]

Core Viewpoint - The essence of investment is a combination of "science" and "art," where quantitative analysis handles objective market rules, while active management addresses the qualitative aspects that cannot be quantified [2][5]. Investment Philosophy - The focus of investment should be on achieving absolute returns rather than outperforming benchmarks, emphasizing the importance of making profitable trades [2][8]. - The "three-price scoring system" (buy price, extreme bottom price, sell price) is designed to control 60%-70% of market volatility, ensuring absolute returns while managing risks [3][9]. Investment Strategy - The investment approach includes dynamic adjustments based on quarterly earnings reports, allowing for long-term holding of growth stocks and strategic buying/selling of cyclical stocks [3][11]. - The system encourages disciplined behavior among fund managers, helping to mitigate irrational actions during market fluctuations [3][17]. Quantitative and Active Management Integration - The integration of quantitative models with fundamental analysis allows for a comprehensive investment strategy that captures market trends while maintaining a focus on fundamental value [6][18]. - The collaboration between quantitative and fundamental teams results in a robust modeling process that enhances investment decision-making [11][19]. Market Outlook - The current market environment is characterized by high volatility, necessitating a focus on pricing principles to achieve absolute returns [9][23]. - The expectation is for a stabilization in the market, supported by improved fundamentals, particularly in capital expenditure and export sectors [24][23]. Team Management and Culture - The management philosophy emphasizes rule-based guidance and collaboration among team members to enhance investment outcomes [26][28]. - The focus on absolute returns in performance evaluation encourages a culture of accountability and continuous improvement within the investment team [26][30].

（文章来源：第一财经） 华泰证券指出，中国厂商通过高规格的游戏项目投入目前已经在海外逐渐站稳脚跟，尤其是国产二次元 游戏向日本的文化输出，依靠精美的制作和差异化的玩法已捕获众多玩家心智。同时，多端化发行也逐 渐成为中国厂商出海标配。我们看好中国出海游戏厂商在研发制作和本地化运营方面的潜力，并同时看 好日本具备经典IP穿越周期能力的头部厂商。 ...

Core Viewpoint - The market risk appetite continued to recover in September, with the current All A ERP below the rolling 5-year average, indicating a potential for further market improvement [1] Group 1: Market Performance - The overall performance of high dividend sectors weakened, with internal valuation differentiation increasing due to the influence of the banking sector [1] - "Anti-involution" related cyclical high dividend stocks performed relatively well this month, while banks and non-bank financials showed weakness [1] Group 2: Outlook for October - The trend of market risk appetite recovery is expected to continue into October, with TMT and high-end manufacturing sectors likely to outperform high dividend sectors due to favorable fundamental factors [1] - It is recommended to focus on "anti-involution" related cyclical high dividend stocks and some potential high dividend stocks in the investment strategy [1]

华泰证券指出，国内军用四足机器人产业链可分为本体、任务载荷两部分，本体类似于四肢和小脑，任 务载荷类似于大脑和工具。军用四足机器人总体设计与总装集成商以军工央企为主；任务载荷包括侦 察、打击、通信等类型；另外，景业智能等企业主要在购买本体、任务载荷基础上进行二次开发以满足 特种应用需求。四足机器人本体产业链、任务载荷供应商均有望受益于军用四足机器人放量。 ...

特此公告。 华泰证券（上海）资产管理有限公司 华泰紫金中债0-3年政策性金融债指数证券投资基金C类份额（以下简称"本基金C类份额"）（基金代 码：022354）于 2025 年10月9日发生大额赎回。为确保基金份额持有人利益不因份额净值的小数点保留 精度受到不利影响，经本基金管理人与基金托管人协商一致，决定自2025年10月9日起提高本基金C类 份额净值精度至小数点后8位，小数点后第9位四舍五入，并依此对申购赎回等业务进行处理。 本次小数位保留位数的处理不构成对《基金合同》的实质性变更，不对后续保留位数造成影响，根据 《基金合同》约定，本基金管理人网站、基金销售机构以及其他媒介披露的本基金C类份额的基金份额 净值和基金份额累计净值的披露结果仍精确到0.0001元，小数点后第5位四舍五入。本基金将自大额赎 回对基金份额持有人利益不再产生重大影响时，恢复基金合同约定的净值精度，届时不再另行公告。 投资者可以通过华泰证券（上海）资产管理有限公司网站https://www.htscamc.com或客户服务电话 4008895597咨询、了解本基金有关详情。 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运 ...

华泰证券(06886)发布公告，华泰证券股份有限公司2023年面向专业投资者公开发行公司债券(第九期) (品种二)(以下简称"本期债券")，将于2025年10月16日开始支付自2024年10月16日至2025年10月15日期 间的利息。债券简称:23华泰14，发行总额:人民币16亿元，票面利率3.35%。 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！ ...

华泰证券(06886)发布公告，华泰证券股份有限公司2023年面向专业投资者公开发行公司债券(第九期) (品种二)(以下简称"本期债券")，将于2025年10月16日开始支付自2024年10月16日至2025年10月15日期 间的利息。债券简称:23华泰14，发行总额:人民币16亿元，票面利率3.35%。 ...

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2023年面向 專業投資者公開發行公司債券（第九期）（品種二）2025年付息公告》，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 ...

Core Insights - The "Second Sina Finance Golden Unicorn Best Investment Advisor Selection" is currently underway, aiming to identify outstanding investment advisors and enhance the investment advisory IP construction [1] - The competition includes various categories such as stock simulation trading, ETF simulation trading, public fund simulation allocation, and social service evaluation, with over 10,000 investment advisors participating [1] ETF Simulation Trading Rankings - Liu Lichao from Dongguan Securities achieved the highest monthly return of 34.52% in the ETF simulation trading for September [2] - The second place was secured by She Wenzhi from Xiangcai Securities with a return of 24.66%, followed by Zhou Yang from Guoxin Securities with a return of 22.61% [2] - Other notable performers include Fan Chunqing from Nanjing Securities (19.86%) and Yang Yun from Zhongtai Securities (19.66%) [2][3] Performance Metrics - The top 10 investment advisors in the ETF simulation trading all reported returns above 16%, indicating strong performance in the simulated trading environment [2][3] - The rankings reflect a competitive landscape among investment advisors, showcasing their ability to generate significant returns in a simulated setting [1][2]