Group 1 - The core viewpoint of the article highlights that Meino Biotech is engaging with investors through a research meeting scheduled for September 23, 2025, where key company representatives will address investor inquiries [1] Group 2 - Meino Biotech's board secretary, Zhang Weiwei, and the head of the international marketing center, Yan Lingjun, will participate in the investor meeting [1] - The article mentions a significant national procurement event that has drawn attention across the industry due to concerns over low bidding prices, which require companies to provide clear explanations [1]

Group 1 - The article reviews the one-year anniversary of the A-share "924 market" and highlights that from September 24, 2024, to September 22, 2025, 2,952 analysts published 198,200 research reports [1] - The top three analysts by report volume are Fan Junhao from Huatai Securities in consumer discretionary with 1,214 reports, Xie Chunsheng from Huatai Securities in electronics and computing with 1,017 reports, and Yin Ruizhe from Guojin Securities in fixed income with 820 reports [1] - The quantity of research reports is influenced by multiple factors, including the nature of industry research, the frequency of data updates, the differing signing practices of chief analysts, and the varying focus on external versus internal services [1] Group 2 - The overall number of research reports reflects the workload of analysts but should not be the sole measure of their capability; both excessive and insufficient report volumes are undesirable [1]

Core Viewpoint - Huatai Securities (06886) has announced the issuance of corporate bonds aimed at professional investors, maintaining the same terms as existing bonds, with a total issuance scale of up to 6 billion yuan [1] Group 1: Bond Issuance Details - The sixth phase of corporate bonds (Type II) was completed on May 10, 2023, with a maturity period of 5 years from May 10, 2023, to May 10, 2028, and a coupon rate of 3.07% [1] - The issuance scale of the current bond is not to exceed 6 billion yuan, with a face value of 100 yuan per bond, and the issuance price determined through book-building [1] - The final issuance price for the current bond was set at 103.984 yuan after consultations between the issuer and the lead underwriter [1]

Core Points - Huatai Securities announced the completion of the issuance of its sixth phase corporate bonds aimed at professional investors on May 10, 2023, with a term of 5 years and a coupon rate of 3.07% [1] - The scale of the bond issuance for the current phase is capped at 6 billion yuan, with a face value of 100 yuan per bond, and the issuance price determined through book-building [1] - The final issuance price for the current phase of bonds was set at 103.984 yuan after consultations between the issuer and the lead underwriter [1]

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（第六期）（品種二）（續發行）發行價格公告》，僅供 參閱。 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（第六期）（品种二）（续发行） 发行价格公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 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「 ...

Core Viewpoint - The People's Bank of China has approved the launch of interest rate swap contracts linked to the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" to meet the diverse risk management needs of foreign institutions [1] Group 1 - Starting from September 22, the national interbank lending center, the interbank market clearing house, and the Hong Kong OTC Clearing Limited support the trading and centralized clearing of interest rate swap contracts linked to LPR1Y [1] - The first trading day for the LPR1Y-linked swap contracts was supported by Bloomberg on September 22 [1] - Standard Chartered Bank (China) and Huatai Financial Holdings (Hong Kong) completed their first interest rate swap transaction under the "Swap Connect" using LPR1Y as the reference rate on the same day [1]

Core Viewpoint - Huatai Securities experienced a decline in stock price, with a drop of 2.01% on September 23, 2023, and a total market capitalization of 175.93 billion yuan [1] Group 1: Stock Performance - As of September 23, 2023, Huatai Securities' stock price was 19.49 yuan per share, with a trading volume of 568 million yuan and a turnover rate of 0.40% [1] - Year-to-date, the stock price has increased by 13.18%, but it has decreased by 3.94% over the last five trading days and by 12.05% over the last 20 days [1] - Over the past 60 days, the stock price has risen by 11.88% [1] Group 2: Financial Performance - For the first half of 2025, Huatai Securities reported a net profit attributable to shareholders of 7.549 billion yuan, representing a year-on-year growth of 42.16% [2] - The company achieved zero operating revenue for the same period [2] Group 3: Shareholder and Dividend Information - As of June 30, 2025, the number of shareholders was 210,100, a decrease of 6.11% from the previous period [2] - The cumulative cash distribution since the A-share listing amounts to 41.539 billion yuan, with 12.640 billion yuan distributed over the last three years [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 550 million shares, an increase of 20.3993 million shares from the previous period [3] Group 4: Business Segments - Huatai Securities' main business segments include wealth management (43.24%), institutional services (19.75%), international business (14.23%), investment management (11.89%), and other services (10.89%) [1]

Core Viewpoint - Huatai Securities research report suggests that the e-commerce and express delivery sectors are recommended due to the combination of anti-involution and the upcoming peak season [1] Group 1: Industry Trends - August is traditionally a slow season for e-commerce and express delivery, but the anti-involution trend has boosted industry prosperity [1] - The certainty of price increases continuing until the end of the year is high, which is expected to enhance the profitability elasticity of the sector [1] Group 2: Long-term Outlook - The gradual implementation of social security and the standardized development of the industry are likely to elevate the valuation center in the medium to long term [1]

Core Viewpoint - Huatai Securities Co., Ltd. has approved the repurchase and cancellation of a portion of A-share restricted stocks, reducing its registered capital and updating its articles of association accordingly [2][3][4]. Group 1: Stock Repurchase and Capital Reduction - The company held its 2024 annual general meeting and approved the repurchase of 438,495 A-share restricted stocks, which will be canceled post-repurchase [2]. - Following the repurchase, the registered capital decreased from RMB 902,730.2281 million to RMB 902,686.3786 million [2]. - The company has completed the necessary registration changes with the Jiangsu Provincial Market Supervision Administration [2]. Group 2: Medium-Term Note Program - The company's indirect wholly-owned subsidiary, Pioneer Reward Limited, established a medium-term note program with a total principal amount of up to USD 3 billion [6]. - On September 22, 2025, the subsidiary issued two tranches of medium-term notes amounting to RMB 1.7 billion and HKD 2 billion, with a total guarantee amount of RMB 3.523 billion provided by the company [6][7]. - The company has applied for the listing of these notes on the Hong Kong Stock Exchange, expected to commence on September 23, 2025 [6]. Group 3: Guarantee and Risk Management - The company provides unconditional and irrevocable guarantees for the medium-term notes issued by Pioneer Reward Limited, which has a debt-to-asset ratio exceeding 70% [8]. - The total amount of guarantees provided by the company to its subsidiaries stands at RMB 370.40 billion, with no overdue debts reported [11].

Core Viewpoint - Huatai Securities has provided an unconditional and irrevocable guarantee for its indirect wholly-owned subsidiary, Pioneer Reward Limited, which has established an offshore medium-term note program with a maximum principal amount of $3 billion [1][3]. Group 1: Guarantee Details - The medium-term note program was established on July 31, 2023, and the company provided a guarantee for the issuance of two notes amounting to RMB 1.7 billion and HKD 2 billion, totaling RMB 3.523 billion when converted at the exchange rate of 1 HKD = 0.9116 RMB as of August 29, 2025 [1]. - As of the issuance date, the total guarantee amount provided by the company for Pioneer Reward Limited, including this issuance, is $3.596 billion [3]. Group 2: Necessity and Reasonableness of the Guarantee - The issuance of the notes is primarily aimed at repaying maturing offshore debts. Pioneer Reward Limited has a debt-to-asset ratio exceeding 70%, but the company holds 100% indirect ownership, allowing it to effectively monitor its debt repayment capacity, making the guarantee risk manageable [4]. Group 3: Internal Decision-Making Process - The company’s board of directors approved a general authorization for debt financing tools at meetings held on December 31, 2020, and February 8, 2021, allowing the company to provide guarantees for offshore debt financing tools for wholly-owned subsidiaries with a debt-to-asset ratio exceeding 70% [6]. - The total amount of guarantees provided by the company and its subsidiaries is RMB 37.04 billion, with RMB 30.44 billion specifically for its controlling subsidiaries, representing 19.32% and 15.88% of the company's latest audited net assets, respectively [7].