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2025年面向專業投資 者公開發行公司債券（第二期）（品種二）2026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。 中國江蘇，2026年2月24日 於本公告日期，董事會成員包括執行董事王會清先生、周易先生及王瑩女士；非執行董 事丁鋒先生、于蘭英女士、柯翔先生、晉永甫先生及陳建偉先生；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。 债券代码:242498. SH 债券简称:25华泰G4 华泰证券股 ...

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2025年面向專業投資 者公開發行公司債券（第二期）（品種一）2026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., ...

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（第五期）（品種二）2026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., ...

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 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（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 ...

Core Insights - From 2023 to 2025, a total of 263 companies successfully listed on the Hong Kong stock market, with 252 of these being IPOs, excluding 11 companies that went public through GEM to Main Board transfers, introduction listings, and SPAC mergers [1] Group 1: Underwriters Performance Ranking - The top underwriter for the 252 Hong Kong IPOs was China International Capital Corporation (CICC) with 81 deals [2] - The second and third positions were held by CITIC Securities (Hong Kong) with 47 deals and Huatai Securities with 39 deals respectively [2][3] - Other notable underwriters included Morgan Stanley with 23 deals and China Merchants International with 18 deals [3] Group 2: Hong Kong Legal Advisors Performance Ranking - The leading Hong Kong legal advisor was King & Wood Mallesons with 33 deals [7] - The second position was held by Davis Polk & Wardwell with 26 deals, followed by Mayer Brown with 16 deals [7][8] - Other prominent legal advisors included Clifford Chance with 13 deals and K&L Gates with 10 deals [8] Group 3: Chinese Legal Advisors Performance Ranking - The top Chinese legal advisor was Jingtian & Gongcheng with 41 deals [12] - The second position was held by Tongshang with 29 deals, followed by Zhonglun with 20 deals [12][13] - Other notable firms included King & Wood Mallesons and Tian Yuan, both with 13 deals [13] Group 4: Accounting Firms Performance Ranking - The leading accounting firm was Ernst & Young with 73 audits [16] - KPMG and PricewaterhouseCoopers both had 55 audits, sharing the second position [16][17] - Deloitte followed with 42 audits, while Hong Kong Lixin Dehao had 9 audits [17]

Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

Group 1 - The Hong Kong IPO market saw a strong recovery in 2025, with 116 companies raising HKD 286.7 billion, regaining the top position globally, and an average first-day gain of nearly 40% [1][16][21] - The historical low of 28% for the IPO failure rate indicates a favorable environment for investors, driven by the dual forces of improved regulations and increased market liquidity [1][3][21] - The Hong Kong Stock Exchange (HKEX) has implemented reforms such as the "A+H" listing mechanism and a dedicated line for technology companies, which have lowered the barriers and costs for companies to go public [1][21][60] Group 2 - The IPO process in Hong Kong typically takes about six months to a year, with a success rate of approximately 38%, and involves critical stages such as material review and marketing [1][36][37] - The IPO system includes special mechanisms like the green shoe and red shoe mechanisms, which help stabilize the market and protect small investors' chances of winning shares [1][54][52] - The listing standards are designed to be multi-channel, accommodating various types of companies, including traditional industries and new economy sectors, with flexible requirements [1][54][59] Group 3 - There are three main ways to participate in Hong Kong IPOs: cornerstone investment, anchor investment, and public offering, each with different funding thresholds and flexibility [2][8][66] - Cornerstone investors have guaranteed allocations but face a six-month lock-up period, while anchor investors have no lock-up but uncertain allocations, making them suitable for flexible institutional and high-net-worth individuals [2][8] - Retail investors primarily participate through public offerings, which have lower thresholds and are supported by the red shoe mechanism to enhance their chances of winning shares [2][8][66] Group 4 - The report provides ten investment recommendations, emphasizing the importance of long-term cornerstone participation, diversified retail investment, and the use of scoring models for short-term investments [3][10] - It highlights that the quality of IPO projects and industry characteristics are more critical to secondary market performance than the quantity of IPOs [3][10] - The report also notes that technology and pharmaceutical sector IPOs have a positive catalytic effect on their respective sectors [3][10]

Core Viewpoint - The introduction of new refinancing regulations by the Shanghai, Shenzhen, and Beijing stock exchanges is seen as a positive development for the investment banking sector, providing opportunities for both large and small brokerage firms to adapt and capitalize on the changes [1][2][8]. Group 1: Market Response and Opportunities - The new refinancing regulations are expected to enhance the efficiency of refinancing processes, addressing previous concerns raised by market participants [2][10]. - In the first week following the announcement of the new regulations (February 10-12), at least 10 listed companies in the three exchanges issued new refinancing proposals, indicating a quick market response [2][11]. - The refinancing market in January saw a significant increase, with a total of 130 billion yuan raised, marking a 56% year-on-year growth and a 234% month-on-month increase [3][11]. Group 2: Impact on Brokerage Firms - Analysts believe that leading brokerage firms with strong pricing and underwriting capabilities will benefit the most from the new regulations, while smaller firms will need to find differentiated strategies to compete [4][12]. - The top five brokerage firms accounted for 54% of the underwriting volume in 2025, with CITIC Securities leading by underwriting 36 companies [4][12]. - Smaller brokerage firms are focusing on the Beijing Stock Exchange's refinancing market, which is seen as a key area for growth due to the concentration of small and medium-sized enterprises [5][13][14]. Group 3: Challenges and Requirements - The new regulations emphasize "supporting the strong and limiting the weak," which raises the bar for brokerage firms in terms of their capabilities, particularly in pricing for unprofitable technology companies [7][16]. - There is a limited number of firms with experience in pricing for unprofitable companies, highlighting a potential challenge for many in the industry [7][16]. - The ability to effectively integrate technology and finance is becoming increasingly important, requiring firms to enhance their understanding of industries and technologies [7][16].

Core Viewpoint - The introduction of new refinancing regulations by the Shanghai, Shenzhen, and Beijing stock exchanges is expected to improve the investment banking business, creating opportunities for both large and small brokerages [1][2]. Group 1: Policy Changes and Market Reactions - The new refinancing regulations aim to enhance the efficiency of refinancing approvals, responding to market demands and facilitating the rapid development of new economies [2]. - The first week following the policy announcement saw at least 10 listed companies in the three exchanges release new refinancing plans, indicating a positive market response [2][3]. - The refinancing market had already shown significant growth prior to the new regulations, with A-share refinancing in January reaching 130 billion, a year-on-year increase of 56% and a month-on-month increase of 234% [3]. Group 2: Impact on Investment Banking Landscape - The new regulations are expected to benefit leading brokerages with strong pricing and underwriting capabilities, while smaller firms may need to find differentiated development paths [4][5]. - The top five brokerages accounted for 54% of the underwriting cases in 2025, indicating a concentration of market power among leading firms [5]. - Smaller brokerages are focusing on the Beijing Stock Exchange's refinancing market, which presents opportunities for growth due to the concentration of small and medium enterprises [6][5]. Group 3: Challenges and Requirements for Brokerages - The new refinancing rules emphasize "supporting the strong and limiting the weak," raising the capability requirements for investment banks [7]. - There is a limited number of brokerages experienced in pricing for unprofitable companies, highlighting a gap in expertise that needs to be addressed [8]. - The ability to integrate industry knowledge and resources is becoming increasingly important for brokerages, especially in the context of financing technology innovation [8].

Core Viewpoint - Huatai Securities Co., Ltd. has successfully completed the issuance of its third short-term financing bond for 2024, raising a total of RMB 5 billion with a coupon rate of 1.95% and a maturity of 91 days, aimed at enhancing operational funds and optimizing debt structure [1] Group 1 - The total amount raised from this bond issuance is RMB 5 billion [1] - The coupon rate for the bond is set at 1.95% [1] - The maturity period for this short-term financing bond is 91 days [1] Group 2 - The funds raised will primarily be used to supplement the company's operational capital and support business development [1] - The bond issuance complies with relevant regulatory requirements and has been listed for trading in the interbank bond market [1] - This successful issuance is expected to help the company broaden its financing channels, reduce financing costs, and improve capital efficiency, positively impacting its financial condition and daily operations [1]