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）（品種一）2025年本息兌付及摘牌公告》， 僅供參閱。 釋義 重要内容提示: 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）（品种一）(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 利息和本期债券的本金。为保证还本付息工作的顺利进行,现将有关 事宜公告如下: 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 ...

Core Viewpoint - The A-share market has shown strong performance, driven by the surge in brokerage stocks, with all three major indices closing in the green on September 29, 2023 [1] Group 1: Market Performance - The Shanghai Composite Index rose by 0.9%, the Shenzhen Component increased by 2.05%, and the ChiNext Index gained 2.74% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion yuan, an increase of 14.6 billion yuan compared to the previous trading day [1] - Over 3,500 stocks in the market experienced an increase [1] Group 2: Sector Performance - Energy metals and brokerage sectors saw significant gains, while the education sector led the decline, and the black home appliances and internet e-commerce sectors performed poorly [3] - Solid-state battery concept stocks were particularly active, with companies like Tianqi Materials, Xiangtan Electric, and Wanrun New Energy seeing their stocks hit the daily limit [3] Group 3: Brokerage Stocks - Brokerage stocks experienced a collective surge in the afternoon, with major firms like GF Securities and Huatai Securities hitting the daily limit [5] - Analysts believe that brokerage stocks are in a period of significant improvement in sentiment and have not seen substantial increases previously, making them a key support for the market [5] - The National Development and Reform Commission indicated that economic operations still face challenges and will implement macro policies as needed, with a new policy financial tool totaling 500 billion yuan aimed at supplementing project capital [5] Group 4: Financing and Market Dynamics - Citigroup upgraded its rating on Chinese stocks to "overweight," citing a more favorable outlook compared to European stocks due to strong capital inflows into the local market [6] - Several brokerages have raised their financing business limits in response to the sustained demand in the margin trading market, indicating a strategic move to enhance market share and maximize credit business revenue [6][7] - The current financing balance accounts for 2.54% of the circulating market value, significantly lower than the historical peak of 4.72%, suggesting that the current market activity is based on a relatively stable foundation [7]

Core Viewpoint - The Hong Kong stock market is experiencing a strong recovery, driven by a surge in IPO activities and international investment interest, with significant contributions from Chinese securities firms [1][4][11]. Group 1: Market Performance - As of August 2025, the total financing amount for new stock issuances reached HKD 134.5 billion, a nearly sixfold increase compared to the same period in 2024, significantly outpacing global IPO financing growth [1]. - The average daily trading volume in the Hong Kong stock market reached HKD 240.2 billion in the first half of 2025, representing a year-on-year increase of 118% [4]. - The IPO fundraising amount in the first half of 2025 was HKD 109.4 billion, a staggering 716% increase year-on-year, making it the leading capital market globally [4]. Group 2: Performance of Chinese Securities Firms - The international business revenue of 15 A-share listed securities firms reached CNY 20.12 billion in the first half of 2025, a year-on-year increase of 3.35% [7]. - Among these firms, CITIC Securities led the industry with an international business revenue of CNY 6.91 billion, a growth of 13.57% year-on-year [7]. - CICC maintained its position as the top underwriter for Hong Kong IPOs, with a market share of 35% and an underwriting scale of USD 3.9 billion [4]. Group 3: Strategic Developments - Chinese securities firms are increasingly positioning Hong Kong as a strategic high ground for international business, with major firms like CICC and CITIC Securities actively hosting global investor conferences [3][11]. - The Hong Kong market is seen as a critical bridge for Chinese companies to access international capital, with a significant portion of IPOs being driven by domestic firms seeking to expand globally [2][12]. - The Hong Kong government is implementing policies to enhance the financial market environment, including simplifying the licensing process for foreign firms, which is expected to lower entry barriers for smaller securities firms [14]. Group 4: Future Outlook - The ongoing global economic integration and financial reforms in emerging markets are creating favorable conditions for the overseas expansion of Chinese securities firms [19]. - The demand for cross-border services is expected to grow as Chinese companies continue to seek international financing and as global investors look to allocate more capital to Chinese assets [19].

Core Viewpoint - The brokerage sector is experiencing a significant rally, driven by low valuations and strong performance expectations, with potential for continued upward momentum in the fourth quarter as institutional funds shift towards absolute returns [1][2][3]. Group 1: Market Performance - On September 29, the brokerage sector saw a notable surge, with the brokerage ETF (159842) rising by 5.19%, leading the market [2]. - Major brokerage stocks such as GF Securities and Huatai Securities hit the daily limit, while 49 out of 49 component stocks in the sector closed higher [2]. - The sector attracted a net inflow of 11.343 billion yuan, indicating a significant increase in trading volume compared to the previous trading day [2]. Group 2: Valuation and Performance Metrics - As of September 29, the securities index had a price-to-earnings (P/E) ratio of 19.52, which is in the 14.5% percentile over the past year, and a price-to-book (P/B) ratio of 1.52, in the 55% percentile [3]. - The brokerage sector has seen a cumulative decline of approximately 8% in September, underperforming major indices, which enhances its attractiveness for rebalancing funds [3]. Group 3: Earnings and Growth Potential - In the first half of 2025, 42 listed brokerages achieved a net profit of 104 billion yuan, a year-on-year increase of 65%, with core net profit growth of 52% [4][5]. - The second quarter alone saw a core net profit of 51.6 billion yuan, reflecting a year-on-year growth of 49% and a quarter-on-quarter increase of 21% [4]. - The brokerage sector is expected to benefit from a recovery in market conditions, with improved earnings and valuation recovery anticipated [4][5]. Group 4: Institutional Investment Trends - Institutional holdings in brokerage stocks are at a low of 0.64% as of the end of Q2 2025, indicating a significant underweight compared to the free float market capitalization of the CSI 300 [3]. - The current environment is seen as favorable for institutional investors seeking to increase exposure to the brokerage sector, driven by positive earnings expectations and low valuations [3][4].

Core Viewpoint - The A-share market experienced a strong upward trend on September 29, with all three major indices rising and trading volume exceeding 2 trillion yuan for the 13th consecutive day. The brokerage sector saw significant gains, indicating a positive market sentiment driven by supportive monetary policy measures [2]. Group 1: Market Performance - The A-share market showed a collective increase in all three major indices on September 29 [2]. - Trading volume in the Shanghai and Shenzhen markets surpassed 2 trillion yuan for the 13th consecutive day, reflecting heightened market activity [2]. - Brokerage concept stocks experienced a surge, with notable gains from companies such as GF Securities, Huatai Securities, and Guosheng Financial Holdings, which hit the daily limit [2]. Group 2: Monetary Policy Impact - The central bank's recent meeting emphasized the need for a moderately accommodative monetary policy to enhance credit supply from financial institutions [2]. - The policy aims to utilize tools such as securities, fund, and insurance company swaps, as well as stock repurchase loans, to stabilize the capital market [2]. Group 3: Future Outlook for Brokerages - According to a report from Kaiyuan Securities, the trading activity and margin financing scale in the third quarter have significantly improved, suggesting a potential increase in brokerage firms' performance in their Q3 reports [2]. - The report anticipates that investment banking, derivatives, and public fund businesses will continue to improve, with leading brokerages expected to see a rise in return on equity (ROE) driven by both overseas business growth and internal growth strategies [2]. - The brokerage sector remains undervalued, presenting strategic allocation opportunities for institutional investors, particularly in light of upcoming Q3 reports and policy events [2].

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

Market Performance - The Hong Kong stock market experienced a strong rebound, with the Hang Seng Index closing at 26,622.88 points, up 494.86 points, a rise of 1.89% [1] - The Hang Seng Tech Index surged by 129.14 points, closing at 6,324.25 points, reflecting a gain of 2.08% [1] Fund Flow - Despite the strong performance of the Hong Kong stocks, southbound funds showed a cautious attitude, with a net sell of over 1.6 billion HKD by the close [3] - In the previous week, southbound funds had a net buy of approximately 44 billion HKD in Hong Kong stocks [3] - Analysts suggest that the net selling may be related to the upcoming National Day and Mid-Autumn Festival holidays, as the A-shares will be closed for 8 days, leading to a temporary exit of some southbound funds [3] Sector Performance - Chinese brokerage stocks saw significant gains, with Huatai Securities (06886.HK), GF Securities (01776.HK), and Shenwan Hongyuan Hong Kong (00218.HK) rising over 12% [5] - Other notable performers included CITIC Securities (06030.HK) and Dongfang Securities (03958.HK), both up over 11% [5] - Tech stocks also performed well, with Alibaba-W (09988.HK) and Kuaishou-W (01024.HK) rising over 4%, and JD Group (09618.HK) increasing over 3% [7] - Gold stocks and lithium battery stocks also saw gains, with Tongguan Gold (00340.HK) up over 6% and CATL (03750.HK) up over 3% [7] Market Outlook - Huatai Securities noted a historical pattern in the Hong Kong market, indicating a "pre-holiday defense, mid-holiday rally, and post-holiday switch" effect [8] - Despite the closure of the southbound trading, internal factors are expected to remain more significant than external ones, with investor focus on domestic consumption data and fourth-quarter policy strength [9] - Historical data suggests a high success rate for "holding stocks over the holiday," with recommendations to maintain allocations in growth and consumer sectors before the holiday and shift to defensive positions afterward [9]

Market Performance - The Hong Kong stock market experienced a strong rebound, with the Hang Seng Index closing at 26,622.88 points, up 494.86 points, a rise of 1.89% [1] - The Hang Seng Tech Index surged by 129.14 points, closing at 6,324.25 points, reflecting a gain of 2.08% [1] Capital Flow - Despite the strong performance of the Hong Kong market, southbound capital showed a cautious attitude, with a net sell of over 1.6 billion HKD by the close [3] - In the previous week, southbound capital had a net buy of approximately 44 billion HKD, indicating a shift in sentiment possibly related to the upcoming National Day and Mid-Autumn Festival holidays [3] Sector Performance - Chinese brokerage stocks saw significant gains, with Huatai Securities, GF Securities, and Shenwan Hongyuan Hong Kong all rising over 12% [6] - Other sectors also performed well, including tech stocks like Alibaba and Kuaishou, which rose over 4%, and gold stocks, with Tongguan Gold increasing over 6% [8] Market Outlook - Huatai Securities noted a historical pattern in the Hong Kong market characterized by a "defensive stance before holidays, a rally during holidays, and a switch post-holiday," suggesting a potential strategy for investors [9] - The firm emphasized that internal factors may outweigh external ones, with a focus on domestic consumption data and policy measures for the fourth quarter [9] - Recommendations include maintaining positions in growth and consumer sectors before the holiday and shifting to defensive strategies afterward, with a focus on technology, consumer goods, and local financial stocks [9]

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of 309.1 billion HKD [1] - The Hang Seng Tech Index rose by 2.08%, while the Hang Seng China Enterprises Index increased by 1.62% [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at 173.4 HKD, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for 2026-2028 from 100-108 billion RMB to 130-135 billion RMB, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, while Xiaomi (01810) and Li Auto (02015) faced declines [2] Sector Performance - Major technology stocks generally rose, with Kuaishou and Alibaba increasing over 4%, while Xiaomi fell over 2% [3] - Financial stocks surged, with Huatai Securities (06886) up 12.55% and other major brokerages also showing strong gains [3] - The non-ferrous metals sector performed well following the release of a growth plan, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) seeing significant increases [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at over 180 million kilowatts, which is expected to drive significant investment [7] - The gaming and tourism sectors are anticipated to perform well during the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Dazhong Public Utilities (01635) surged by 15.97% following news of a successful IPO application for Moole Thread, which aims to raise 8 billion RMB [9] - Lakai Pharmaceuticals (02105) rose by 11.16% after reporting positive initial results for its obesity treatment in China [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

Market Overview - The Hong Kong stock market saw significant gains, with the Hang Seng Index rising by 1.89%, reclaiming the 26,500-point level, driven by strong performances in the financial, insurance, and real estate sectors [1] - The Hang Seng Tech Index increased by 2.08%, indicating a recovery from previous declines [1] Financial Sector - Major Chinese brokerage stocks experienced substantial gains, with Huatai Securities and GF Securities both rising over 12% [5] - Other notable performers included CITIC Securities, which rose nearly 12%, and China Galaxy Securities, which increased by approximately 9% [5] - Insurance stocks also performed well, with New China Life Insurance up over 6% and China Life Insurance rising more than 4% [6] Technology Sector - Large tech stocks rebounded, with Alibaba and Kuaishou both gaining over 4%, and JD.com increasing by more than 3% [3] - Semiconductor stocks were active, with Huahong Semiconductor rising by 5.64% and SMIC increasing by 4.87% [9] Gold and Precious Metals - Gold prices surged, breaking the $3,810 mark, marking a year-to-date increase of over 45% [1] - Gold mining stocks collectively rose, with Zhaojin Mining and Tongguan Gold both increasing by over 6% [7] Other Sectors - The gambling sector saw gains, with New Macau International Development rising over 11% and MGM China increasing by more than 5% [11] - Education stocks also saw a rise, with Australia Chengfeng Higher Education leading with a gain of over 50% [12] - Lithium battery stocks experienced significant increases, with Tianneng Power rising by 14.18% and Zhongxin Innovation rising by 8.47% [14] - Wind power stocks continued their upward trend, with Longyuan Power increasing by nearly 5% [15] Market Sentiment - The People's Bank of China emphasized the need for a moderately loose monetary policy, encouraging financial institutions to increase credit supply [6] - Looking ahead, analysts expect the Hong Kong stock market to continue reaching new highs in the fourth quarter, driven by favorable factors such as foreign capital inflows and a shift in focus towards AI-enabled narratives [19]