Core Insights - The report by Huatai Securities highlights the rapid development of multimodal large models (MLLM) and their applications, indicating that the field is approaching a critical turning point [1][4][15] Development Dynamics - MLLM is seen as an inevitable trend in the evolution of large language models (LLM), integrating capabilities from various modalities to expand application scenarios [1][6] - MLLM can be categorized into modular architecture and native architecture, with the latter showing significant advantages in performance and efficiency, albeit with higher computational and technical requirements [1][6] Commercialization Trends - Global progress in multimodal applications is faster overseas than domestically, with first-tier companies advancing more rapidly than second-tier companies, and multimodal products outpacing text-based products in commercialization [1][7] - Overseas chatbot products, such as those from OpenAI and Anthropic, have achieved annual recurring revenue (ARR) exceeding $1 billion, while domestic chatbot commercialization remains in its early stages [1][7] Video Generation Sector - Domestic companies excel in the video generation field, with products like ByteDance's Seedance 1.0 and Kuaishou's Kling achieving significant market presence [2][8] - Kuaishou's Kling reached an ARR of over $100 million within approximately 10 months of launch, marking a significant milestone in the domestic video generation sector [2][8] Future Outlook - The report anticipates that the singularity of multimodal large models and applications is approaching, driven by technological advancements and accelerated commercialization [5][15] - The integration of multimodal data processing will greatly expand AI's application scenarios, facilitating large-scale applications across various fields [4][15] Investment Opportunities - The report suggests potential investment opportunities in both computational power and application sectors, highlighting the demand for computational resources in native multimodal models and the growing AI needs in advertising, retail, and creative industries [9]

Group 1 - The Shanghai Stock Exchange has officially released the "Self-Regulatory Guidelines for Listed Companies on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier," enhancing the inclusiveness and adaptability of the Sci-Tech Innovation Board to better serve technological innovation and new productivity development [1][2] - The new policies are expected to guide capital towards national strategic needs, promoting a virtuous cycle of "technology-industry-finance" and solidifying the foundation for new productivity development [1][2] - The establishment of the Sci-Tech Growth Tier targets high-potential companies that have not yet reached profitability, providing them with a dedicated capital channel to accelerate core technology breakthroughs and industrialization processes [2][5] Group 2 - The reforms are anticipated to significantly enhance the attractiveness of the Sci-Tech Innovation Board for quality companies and long-term capital, providing more precise funding support and resource allocation for technological innovation enterprises [4] - The introduction of the "1+6" policy is seen as a major upgrade to the Sci-Tech Innovation Board's system, improving its inclusiveness for long-cycle, high-investment fields such as artificial intelligence and innovative pharmaceuticals [5] - Recent data indicates that nearly 86% of listed companies on the Sci-Tech Innovation Board have received support from private equity and venture capital, reflecting a shift in investment focus towards hard technology [5]

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for both beta and alpha resonance in the market due to upcoming mid-year performance catalysts [5]. Core Insights - The introduction of new regulations for insurance capital, promoting long-term investments, is expected to enhance the matching of assets and liabilities for insurance companies, thereby increasing their equity investment ratios and stabilizing profit margins [1]. - The performance of listed securities firms is anticipated to show robust growth in the first half of 2025, with several firms projecting significant year-on-year profit increases, driven by active market conditions and improved business operations [2]. - The China Securities Association's new self-regulatory management guidelines aim to enhance the quality of the securities industry, focusing on compliance and risk management, which is expected to support sustainable growth in the sector [3]. Summary by Sections Market Review - Major indices experienced gains, with the Shanghai Composite Index rising by 1.09% and the Shenzhen Component Index increasing by 1.78% during the week of July 7-11, 2025 [8]. Securities Sector - The total trading volume in the A-share market reached 8.80 trillion yuan, with a daily average trading amount of 1.47 trillion yuan, reflecting a 2.25% increase week-on-week and a 118.28% increase year-on-year [17]. - The IPO underwriting scale for the year reached 391.22 billion yuan, while refinancing underwriting amounted to 795.95 billion yuan as of July 11, 2025 [17]. Insurance Sector - The new regulations for insurance capital are expected to improve the long-term investment capabilities of insurance companies, enhancing their ability to provide stable returns and support economic growth [1]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 425.7 billion yuan, resulting in a net withdrawal of 226.5 billion yuan from the market, indicating tightening liquidity conditions [28]. Investment Recommendations - The report suggests focusing on leading insurance companies such as China Pacific Insurance, Sunshine Insurance, and China Life, as well as top securities firms like CITIC Securities and Huatai Securities, due to their strong market positions and growth potential [39][40].

Core Viewpoint - The article highlights the increasing competition among securities firms in the public REITs market, driven by a low-interest-rate environment and the scarcity of stable high-dividend assets, leading to a significant focus on REITs as an investment opportunity [1][2]. Group 1: Securities Firms as Major Players - The effective subscription confirmation ratio for the public REITs issued by Chuangjin Hexin Shounong REIT was only 0.7755%, indicating high demand and difficulty in acquiring shares [1]. - Among the offline investors, 43 securities firms' proprietary accounts participated, with the financial advisor CITIC Securities securing 1.63% of the issuance as a strategic investor [1][2]. - Securities firms have become the largest category of institutional investors in the REITs market, surpassing insurance asset management firms, with a holding of over 70 million public REITs shares [2][3]. Group 2: Investment Strategies and Market Dynamics - Securities firms are actively participating in the REITs market, utilizing their stable funding and flexible trading strategies to pursue absolute returns [2][4]. - The investment structure of securities firms is characterized by frequent trading and diversified holdings, with most individual holdings in the 1%-5% range, reflecting their role as liquidity providers [3][4]. - Public funds and asset management products are adopting a combination investment strategy, with REITs allocation around 3%, indicating a recognition of REITs as a tool for yield enhancement [3][4]. Group 3: Comprehensive Involvement of Securities Firms - Securities firms are deeply involved in various aspects of the public REITs market, including fund management, financial advisory, and participation in both new issuances and secondary market trading [4][5]. - The collaboration among different divisions within securities firms, such as investment banking, public funds, and proprietary trading, is exemplified by the coordinated efforts in the issuance of data center REITs [5][6]. - The limited number of public REITs managed by securities asset management firms is attributed to regulatory constraints, despite their potential to leverage their parent companies' resources in asset securitization [6].

（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關於間接全 資子公司根據中期票據計劃進行發行並由全資子公司提供擔保的公告》，僅供參 閱。 釋義 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，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 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-029 华泰证券股份有限公司关于间接全资子公司根据中期 票据计划进行发行并由全资子公司提供担保的公告 一、担保情况概述 华泰证券股份有限公司（以下简称"公司"或"本公司"）境外全 资子公司华泰国际金融控股有限公司（以下简称"华泰国际"）的附属 公司华泰国际财务有限公司（以下简称"华泰国际财务"）于 2020 年 10 月 27 日设立本金总额最高为 30 亿美元（或等值其他货币）的境外 中期票据计划（以下简称"中票计划"），此中票计划由华泰国际提供担 保（以下简称"本次担保"）。2025 年 7 月 11 日，华泰国际财务在上述 中票计划下发行一笔中期票据，发行金额为 1.00 亿美元。按 2025 年 6 月 30 日美元兑人民币汇率（1 美元=7.1586 元人民币）折算，担保金额 共计为人民币 7.16 亿元。 被担保人类型 法人 □其他 被担保人名称 华泰国际财务有限公司 被担保人类型及上市公司 持股情况 □全资子公司 □控股子公司 □参股公司 其他：公司全资子公司华泰国际的附属公司 主要股东及持股比例 公司通过华泰国际间接持有被担保 ...

Core Viewpoint - The private securities investment fund custody landscape is showing increasing concentration among leading brokerages, with the top three firms capturing nearly half of the market share in the first half of 2025 [1][4]. Group 1: Market Overview - A total of 5,296 new private fund products were registered in the market during the first half of 2025, with CITIC Securities leading with 898 products, accounting for 16.96% of the market [1][3]. - The combined market share of the top three brokerages—CITIC Securities, China Merchants Securities, and Guotai Junan—reached 46.58%, indicating strong competitive power in the private fund custody sector [4][5]. - Guotai Junan, after taking over the custody products from Haitong Securities, achieved a market share of 26.30% when combining the new products from Guotai Haitong and Haitong Securities, ranking first in the industry [1][3]. Group 2: Cumulative Custody Data - As of the end of 2024, China Merchants Securities led with a cumulative custody of 29,683 products, holding a market share of 21.35% [8][12]. - Guotai Junan and CITIC Securities followed with 23,691 and 19,459 products, respectively, showcasing significant scale advantages among the top firms [7][8]. - The cumulative custody volume of the top three brokerages reached 72,833 products, far exceeding other institutions [7]. Group 3: Strategic Importance of Custody Business - The private fund custody business is seen as a critical component of brokerages' asset management systems, providing a stable income source through custody fees, which typically range from 0.02% to 0.2% of fund size [15]. - Brokerages view custody services as an entry point for deeper collaboration with private fund managers, allowing them to expand their service offerings and enhance client retention [16]. - The custody business also enables brokerages to accumulate valuable data and experience, which can improve their overall service capabilities and support other asset management operations [16].

+ CCS2783 HUSH + NAME(S) AND ADDRESS OF REGISTERED SHAREHOLDER(S) 登記股東之姓名及地址 (A joint stock company incorporated in the People' s Republic of China with limited liability under the Chinese corporate name 华泰证券股份有限公司 and carrying on business in Hong Kong as HTSC) （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為华泰证券股份有限公司，在香港以 HTSC 名義開展業務） （Stock Code 股份代號：6886） DIVIDEND CURRENCY ELECTION FORM FOR 2024 FINAL DIVIDEND OF RMB 0.37 PER SHARE ("2024 FINAL DIVIDEND") If you wish to elect to receive the 2024 Final Dividend in Renminbi ...

Core Viewpoint - Huatai Securities maintains a "Buy" rating for China Aircraft Leasing Group (02588.HK) with a target price of HKD 82, citing improved upstream capacity and stable operational data as positive indicators for leasing rates and return on equity (ROE) [1] Financial Performance - The company recently disclosed its operational data for Q2 2025, showing a quarter-on-quarter improvement in upstream capacity [1] - It is expected that the core ROE for 2025 will remain roughly the same as in 2024 [1] - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is estimated at USD 700 million, USD 790 million, and USD 800 million respectively [1]

Core Viewpoint - Huatai Securities maintains a "Buy" rating for JD Group, adjusting the target price to HKD 179.72, anticipating robust retail performance in Q2 2025 with double-digit growth in both revenue and profit, despite pressures from new business investments like food delivery [1] Revenue and Profit Forecast - The company has revised its revenue forecasts for 2025, 2026, and 2027 to CNY 1.3 trillion, CNY 1.4 trillion, and CNY 1.5 trillion respectively, reflecting a slight adjustment [1] - Non-GAAP net profit estimates for 2025, 2026, and 2027 have been lowered to CNY 221 billion, CNY 415 billion, and CNY 551 billion, primarily due to higher-than-expected investments in food delivery [1] Business Synergy and User Retention - The potential for synergy and cross-selling within the e-commerce business is expected to take time to fully materialize, indicating a need for ongoing monitoring of user retention and collaborative progress [1]