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Core Viewpoint - The 2024 annual report on the cultural construction practices of securities companies highlights the importance of promoting and practicing Chinese financial culture as a core element for the industry, aiming to enhance business growth and support the creation of first-class investment banks [1][7]. Group 1: Cultural Construction - Securities companies are focusing on strengthening the professional ethics of their employees and actively implementing the "Five Musts and Five Must Nots" practice requirements to create a new pattern where culture leads business and brand drives growth [1][2]. - Guotai Junan Securities is exploring the establishment of an IT-specific subculture system to enhance the cultural foundation for high-quality financial technology development [2]. - Industrial Securities is deepening its integrity culture through comprehensive measures, including revising compliance documents and conducting employee education to reinforce the foundation of integrity culture [2][3]. Group 2: International Expansion - Chinese securities firms are accelerating their international expansion, particularly in Southeast Asia and the Middle East, aiming to make international business a new engine for performance growth [4]. - China Galaxy Securities reported an international business revenue of 2.173 billion yuan, a year-on-year increase of 8.29%, establishing itself as a significant performance pillar [4]. - CICC has achieved a global layout breakthrough with the operation of its Vietnam representative office and the establishment of its UAE branch, leading the market in serving Chinese enterprises' global IPOs with a total financing scale of 4.424 billion USD [4]. Group 3: Investor Education - The securities industry is expanding innovative forms of investor education, integrating it into customer service, compliance operations, and brand building [5][6]. - Dongfang Securities launched the "Dongfang Star Investor Education" brand, enhancing internal employee training and promoting industry culture through various external activities [6]. - Huolong Securities created an engaging educational IP character inspired by traditional culture, using animated storytelling to teach investment principles in an interactive manner [6].

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。 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永續次級債券（第一期）發行結果公告》，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（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 ...

Core Viewpoint - The current global trend of de-dollarization is beginning, and Hong Kong, as one of the best offshore markets in Asia, is expected to see a revaluation of asset values [1] Group 1: Real Estate Market Outlook - The Hong Kong real estate market has undergone a prolonged adjustment and is now at a critical point of stabilization and recovery [1] - Despite facing short-term inventory destocking pressures, multiple positive factors such as potential appreciation of the Renminbi, spillover effects from the Hong Kong stock market, comprehensive policy relaxation, declining interest rates, and continuous inflow of talent from the mainland are expected to drive improvements in the Hong Kong real estate market [1] - The transaction volume and prices in the Hong Kong residential market are anticipated to stabilize and rebound starting in the second half of 2025 [1] Group 2: Commercial Assets - Commercial assets are expected to benefit from an improvement in economic conditions, driven by enhanced consumer spending and a recovery in rental prices [1] - There is a positive outlook for the valuation recovery of local developers and commercial operating companies in Hong Kong [1]

Core Viewpoint - The announcement details the partnership between Nuoan Fund Management Co., Ltd. and Huatai Securities Co., Ltd. for the sale of certain funds starting from May 26, 2025, allowing investors to conduct various transactions through Huatai Securities [1][2][3]. Group 1: Fund Sales and Services - Starting from May 26, 2025, investors can purchase, redeem, and inquire about specific funds through Huatai Securities, which will also provide after-sales services [1]. - The fund investment through Huatai Securities will include systematic investment plans (SIPs) and conversion services, with specific rules and fees outlined in the latest prospectus [2][3]. Group 2: Fee Rate Discounts - Investors will enjoy fee rate discounts for fund subscriptions and systematic investment plans as per Huatai Securities' regulations starting from May 26, 2025 [3]. - The conversion of funds will also have fee rate discounts applicable as per Huatai Securities' guidelines [3]. Group 3: Important Notes - The minimum subscription amount for the funds through Huatai Securities is set at 1 yuan, including subscription fees, subject to Huatai Securities' regulations [4]. - Different share classes of the same fund cannot be converted into each other [5]. - Investors must adhere to Huatai Securities' specific regulations when conducting related transactions [5].

Core Viewpoint - The construction sector in 2024 is expected to experience a year-on-year revenue decline of 4.10%, marking the first annual revenue drop from 2015 to 2024, with a net profit attributable to shareholders decreasing by 14.4% due to reduced real estate construction and slowing traditional infrastructure investment [1] Group 1 - The revenue decline is attributed to pressures from decreased real estate construction and a slowdown in traditional infrastructure investment, leading to increased financial strain on companies [1] - The increase in fixed costs and collection pressures has resulted in extended payment periods, contributing to heightened impairment provisions and further impacting profitability [1] - The return on equity (ROE) has decreased by 1.49 percentage points year-on-year due to lower net profit margins and turnover rates [1] Group 2 - In the first quarter of 2025, revenue and net profit attributable to shareholders are expected to decline by 6.0% and 8.8% respectively, as the policy effects have not fully materialized and the high base from the previous year remains a challenge [1] - It is anticipated that as policies gradually take effect and the base figures decrease, the sector's performance may improve on a quarterly basis, potentially entering a phase of deep integration in the long term [1]

Core Viewpoint - Huatai Securities expresses a long-term optimistic outlook on leading express delivery companies' market share growth despite the current low valuation of the express delivery sector [1] Group 1: Market Conditions - The express delivery sector is currently experiencing historical low valuations [1] - Since April, the year-on-year growth rate of parcel volume has slightly slowed down, which may intensify price competition during the off-peak season [1] Group 2: Company Strategies - Leading companies have a strong demand for market share, which is expected to drive their performance [1] - Companies are increasing policy investments, leading to higher costs, which may pressure profitability during the off-peak season [1] Group 3: Long-term Outlook - In the long term, leading express delivery companies are expected to enhance their market share through the application of digital tools and achieving economies of scale [1] - Strong cash flow and high-quality assets will help these companies solidify their industry position and mitigate the impact of price declines [1]

Core Viewpoint - The credit bond market has shown overall positive performance this year, with yields experiencing a downward trend, but the space for further decline in short-term credit bond yields and narrowing spreads is limited [1][2]. Credit Bond Market Analysis - As of May 21, the interbank credit bond market continues to show a downward trend in yields, with the AAA-rated 3-month yield slightly increasing by 1 basis point to 1.65%, while the 3-year yield remains stable around 1.83%, and the 5-year yield decreased by 2 basis points to 1.96% [2]. - The compression of credit spreads for 1-2 year credit varieties is nearing its limit, with 2-year credit spreads being less than 10 basis points above last year's lows, and 3-year varieties showing a distance of 10-20 basis points from last year's lows [3]. Investment Recommendations - Institutions are advised to focus on certain ticket opportunities with guaranteed yields, considering absolute yield perspectives for allocation [3]. - For institutions with weaker liability stability, it is recommended to focus on 2-3 year mid-low grade varieties, such as broker subordinated bonds, while also considering high-yield, medium-quality bonds in the 4-5 year range [3]. - For institutions with stronger liability stability, extending duration with a focus on 4-5 year varieties is suggested [3]. City Investment Bonds - City investment products remain a preferred choice among institutions, with a 20.7% quarter-on-quarter increase in cash for city investment bond issuers in Q1 2025, indicating improved liquidity due to debt relief funds [4]. - The overall supply of city investment bonds is slowing while demand continues to rise, benefiting credit spreads [4]. - Recommendations include focusing on low-grade bonds within 3 years and medium-high grade bonds in the 4-5 year range [4]. Industry Debt Performance - The overall performance of industry debt issuers has shown four main characteristics: continued decline in profitability, weak cash flow, reliance on inventory compression for cash flow, and weakened liquidity indicators [6]. - Approximately two-thirds of issuers show weakened performance, particularly in sectors like media, steel, trade, real estate, and construction [6]. - Industries performing relatively well include agriculture, logistics, non-ferrous metals, and electricity, while sectors like airports and public transport remain in loss but maintain good cash flow due to strong external financing capabilities [6]. Conclusion on Industry Debt Investment - Caution is advised for industry debt investments, with a focus on meticulous selection of bonds being crucial for future opportunities [7].

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永續次級債券（第一期）票面利率公告》，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（股 票代碼 ...

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index down 0.17% and the Shenzhen Component Index down 0.19%, while the ChiNext Index opened slightly higher [1] - The sectors showing the highest gains included computing power supply, MLCC, and food and drug traceability, while the pet economy and shipping ports sectors experienced the largest declines [1] Stock Performance - Shanghai Composite Index: 3381.87, down 0.17%, with 451 gainers and 1464 losers [2] - Shenzhen Component Index: 10274.68, down 0.19%, with 476 gainers and 2045 losers [2] - ChiNext Index: 2065.41, unchanged, with 226 gainers and 1030 losers [2] U.S. Market Impact - U.S. stock markets fell sharply, with the S&P 500 down 1.61% to 5844.61 points, the Nasdaq Composite down 1.41% to 18872.64 points, and the Dow Jones Industrial Average down 1.91% to 41860.44 points, marking the largest decline in a month [3] - Chinese concept stocks also weakened, with the Nasdaq Golden Dragon China Index down 0.72%, and notable declines in Alibaba, JD.com, and Baidu, while XPeng Motors saw a significant increase of 13% after positive earnings [3] Industry Insights - Citic Securities forecasts a recovery in the domestic wind turbine industry, driven by improved supply-demand dynamics and a focus on product quality, with both onshore and offshore markets expected to expand [4] - China Galaxy Securities indicates that the recent asymmetric interest rate cuts will stabilize bank interest margins, with positive factors accumulating in the banking sector, suggesting an upcoming performance inflection point [5] - Huatai Securities highlights the global nuclear fusion industry benefiting from policy support and technological advancements, with the Tokamak industry chain poised for significant gains as commercial applications are anticipated by 2031-2040 [6]