Summary of Conference Call Records Industry Overview - **Insurance Sector**: In Q1 2025, net profits for major insurers like China Ping An and China Taiping fell by 26% and 18% respectively, primarily due to declines in the bond market and equity market volatility. Conversely, PICC and China Life saw net profit growth of approximately 40%, with Xinhua also reporting positive growth, benefiting from favorable bond market and Hong Kong stock allocations [1][2]. - **Brokerage Sector**: The overall performance of 39 brokerages in Q1 2025 met expectations, with a 53% year-on-year increase in net profit, driven by a low base from the previous year and significant improvements in trading volume, which rose nearly 80% year-on-year. The number of new accounts opened increased by 32%, contributing significantly to retail business [1][3]. - **Public Fund Regulations**: New regulations for public funds shift the focus from short-term returns to long-term investor performance, potentially restoring trust and benefiting the industry's long-term development. This may exacerbate the "Matthew Effect," favoring leading fund companies [4]. - **Non-Banking Financial Sector**: The non-banking financial sector is significantly under-allocated, with only 1% of active equity funds invested compared to a standard of 6.5%. This indicates a potential recovery volume of approximately 150 billion, suggesting a sustained reallocation towards benchmark stocks, especially large-cap stocks [5][6]. Key Insights - **Brokerage Performance**: The brokerage sector is expected to see a 50% year-on-year growth in Q1 2025, with a forecasted 40% growth for the mid-year report and an overall annual growth expectation of around 25%. Current valuations remain low, with a focus on brokerages with strong retail advantages such as Guosen Securities, Huatai Securities, and GF Securities [7]. - **Insurance Recommendations**: Due to weak marginal improvements in the insurance sector, it is recommended to focus on undervalued stocks like China Taiping and China Ping An, as well as high dividend yield stocks like Jiangsu Jinzu [8]. - **Banking Sector Performance**: In Q1 2025, 42 listed banks reported a revenue decline of 1.7% and a net profit decline of 1.2%. The overall loan volume is expected to remain stable compared to 2024, with a slight narrowing of interest margins anticipated [9][14]. - **Real Estate Sector**: The real estate industry experienced a 7.5% revenue decline in Q1 2025, with a net profit loss of 10 billion yuan. The top 100 real estate companies saw a 30% drop in sales, although the decline was less severe than in previous periods. Companies with strong fundamentals in first-tier and strong second-tier cities are viewed positively [15][18]. Additional Considerations - **Market Dynamics**: The new public fund regulations may lead to a decrease in fees for banks, brokerages, and third-party sales agencies, impacting their revenues negatively but within expected limits [4]. - **Investment Strategy**: The recommendation for banks includes focusing on stable dividend strategies, with a preference for banks like CITIC Bank and Agricultural Bank of China, as well as regional banks benefiting from recovering demand from small and micro enterprises [14]. - **Future Outlook for Real Estate**: The real estate sector is expected to see a recovery in demand, particularly in first-tier and strong second-tier cities, with a focus on companies like Binjiang Group and China Merchants Shekou [18].

Group 1 - Multiple securities firms are holding mid-term strategy meetings to discuss investment opportunities in the context of global changes, particularly focusing on China's prospects [1][3][10] - The mid-term strategy meetings are seen as a way for securities firms to enhance investor education and promote high-quality development in the capital market [4][5] - The meetings are expected to attract significant investor attention, as they often highlight new capital opportunities [7][10] Group 2 - Securities firms are optimistic about the equity market opportunities in the second half of 2025, with strategies focusing on domestic consumption, technology, and structural opportunities abroad [6][10] - Analysts predict that the A-share market will benefit from the restructuring of international order, with expectations of a stable index and structural bull market [6][10] - The upcoming strategy meetings will also address the impact of external uncertainties and the need for fiscal policies to boost domestic demand [7][10] Group 3 - The mid-term strategy meetings are being held in various formats, including online live broadcasts, to reach a broader audience, particularly younger and tech-savvy investors [5][6] - Major securities firms have scheduled additional strategy meetings for late May and June, indicating a trend of increased engagement with investors [8][9] - The discussions will also cover the implications of geopolitical dynamics on the capital market, with a focus on the comparative advantages of Chinese assets [10]

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-021 华泰证券股份有限公司 关于召开2024年度股东大会、2025 年第一次 A 股 类别股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 20 日至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 重要内容提示： 一、召开会议的基本情况 （一）股东大会类型和届次 2024年度股东大会（以下简称"年度股东大会"）、2025 年第一次 A 股类别 股东会及 2025 年第一次 H 股类别股东会（有关 2025 年第一次 H 股类别股东会 的情况详见公司向 H 股股东发出的相关通告和其他相关文件），合称为"股东大 会"。 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-020 华泰证券股份有限公司 第六届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 华泰证券股份有限公司（以下简称"公司"）第六届董事会第十 七次会议通知及议案于 2025 年 5 月 15 日以专人送达或电子邮件方式 发出。本次会议于 2025 年 5 月 20 日以通讯方式召开。会议应参加董 事 12 人，实际参加董事 12 人。会议的召开符合《公司法》、公司《章 程》和《董事会议事规则》的有关规定。经董事审议，以通讯表决方 式审议通过了相关议案，并形成如下决议： 董事会第十七次会议审议通过的《关于选举公司第六届董事会执行董 事的议案》列入公司 2024 年度股东大会会议议程。会议具体时间、 内容及相关议案以股东大会通知为准。 一、同意关于选举公司第六届董事会执行董事的预案，并同意提 交公司股东大会审议。 表决结果：12 票赞成，0 票反对，0 票弃权 同意王莹女士为公司第六届董事会执行董事人选，待公司股东大 会选举通过后， ...

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," which outlines directions for the public fund industry, including optimizing fee structures for actively managed equity funds and enhancing the alignment of interests between fund companies and investors [1] Group 2: Company Initiatives - China Europe Fund has actively responded to the policy by launching the "Star Advisor Program," collaborating with Huatai Securities to inject momentum into the high-quality development of the industry [1][5] - Huatai Securities, as a leading domestic brokerage, has introduced the "Worry-Free Investment" service, which provides investors with tailored fund investment strategies and a one-stop wealth management experience [2] Group 3: Investment Strategies - The "Worry-Free Investment" service aims to create a diversified and global asset allocation framework, capturing various sources of differentiated returns, and has launched multi-asset allocation strategies that include traditional A-share investments and extend to overseas markets and fixed income [2] - The "Worry-Free Investment" team consists of over 100 professionals who have developed investment signals such as the "Worry-Free Valuation Thermometer" and "Worry-Free Seasonal Investment" to help investors navigate market investment rhythms [2] Group 4: Collaborative Efforts - The "Star Advisor Program" by China Europe Fund focuses on providing tailored services to top investment advisors in the wealth management sector, including developing high-quality educational content through the "European Master Class" service system [3] - A recent activity under the "Star Advisor Program" involved a deep dive into the humanoid robot industry, where a research team visited leading companies in Ningbo, Zhejiang, to explore technological breakthroughs and investment opportunities [3]

Core Viewpoint - The report from Huatai Securities indicates that the national real estate market in April 2025 shows continued pressure on the investment side, while the financing whitelist mechanism is alleviating the funding pressure on real estate companies. The year-on-year decline in housing prices has narrowed, and seasonal declines in transaction volumes are observed, with core cities performing better [1] Investment and Financing - The investment side of the real estate industry continues to face certain pressures [1] - The financing whitelist mechanism is effectively easing the financial strain on real estate companies [1] Market Performance - Year-on-year decline in housing prices has narrowed [1] - Seasonal decline in transaction volumes is noted, with core cities showing superior performance [1] Recommendations - Huatai Securities remains optimistic about the recovery pace of core cities, particularly first-tier cities [1] - The report recommends real estate stocks that possess the "three good" logic: good credit, good city, and good product [1] - Property management companies with stable dividends and performance are also expected to benefit from the market stabilization [1]

Core Viewpoint - The meeting emphasized the need for a moderately loose monetary policy to support the real economy, enhance financing efficiency, and ensure sustainable economic recovery amid external uncertainties [1][2]. Group 1: Policy Implementation - The meeting highlighted the importance of implementing a comprehensive monetary policy package to stabilize employment, businesses, markets, and expectations [1]. - Financial institutions are encouraged to enhance support for key areas such as technological innovation, consumption, small and micro enterprises, and foreign trade [1]. - The meeting called for maintaining a reasonable growth in total financial volume while ensuring effective financing for the real economy [1]. Group 2: Policy Tools Optimization - The total quota of two financial tools has been merged to 800 billion, improving convenience and flexibility [5]. - The range of participating institutions for swap facilities has been expanded from 20 to 40, and the collateral scope now includes Hong Kong stocks and restricted shares [5]. - The maximum loan term for repurchase and refinancing has been extended from 1 year to 3 years [5]. Group 3: Financial System Resilience - Despite significant external shocks, the domestic financial system remains robust, demonstrating strong resilience in the financial market [6]. - The RMB/USD exchange rate experienced slight depreciation before recovering to 7.2, with cross-border capital flows remaining relatively balanced [6]. Group 4: Future Expectations - Research indicates that further monetary policy easing is likely, with potential for rate cuts in the second quarter [12]. - Structural tools may be expanded to support sectors like technological innovation and green finance [13]. - The real estate financial policy is expected to be further optimized, with potential reductions in mortgage rates and relaxed lending policies in certain cities [14]. - Challenges remain for small and micro enterprises regarding financing difficulties, suggesting a need for improved credit loan ratios and guarantee mechanisms [15].

证券代码：601688 证券简称：华泰证券 公告编号：临2025-020 华泰证券股份有限公司 第六届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 华泰证券股份有限公司（以下简称"公司"）第六届董事会第十七次会议通知及议案于2025年5月15日以 专人送达或电子邮件方式发出。本次会议于2025年5月20日以通讯方式召开。会议应参加董事12人，实 际参加董事12人。会议的召开符合《公司法》、公司《章程》和《董事会议事规则》的有关规定。经董 事审议，以通讯表决方式审议通过了相关议案，并形成如下决议： 一、同意关于选举公司第六届董事会执行董事的预案，并同意提交公司股东大会审议。 表决结果：12票赞成，0票反对，0票弃权 同意王莹女士为公司第六届董事会执行董事人选，待公司股东大会选举通过后，王莹女士将正式履行公 司第六届董事会执行董事职责，任期至本届董事会任期结束。 二、同意关于增加公司2024年度股东大会议程的议案。 表决结果：12票赞成，0票反对，0票弃权 根据《公司法》和公司《章程》的有关规定，同意 ...

| 皇后大道東183號 | | | | | --- | --- | --- | --- | | 灣仔 | | | | | 香港 | | | | | 代扣所得稅信息 | | | | | | | 適用於宣派股息的代扣稅明細(包括股東類型和適用稅率)如下表所示。此外，對於高於 | | | | | 10%但低於20%稅率的協定國家居民，扣繳義務人派發股息紅利時應按協定實際稅率扣 | | | | 繳個人所得稅，無需辦理申請審批事宜。 | 對內地企業投資者通過滬港通投資本公司H股取得的股息紅利所得，本公司不代扣股息紅 | | | | | 利所得稅款，由企業自行申報繳納。其中，內地居民企業連續持有H股滿12個月取得的股 | | | | 息紅利所得，依法免徵企業所得稅。 | | | | | | 有關進一步詳情，請參閱本公司日期為2025年3月28日之截至2024年12月31日止年度之 | | | 業績公告。 | | | | | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | | | | （如適用） | | 非個人居民 | | | | | | （非中國內地登記地址） | 10% | 境外居民個人股東根據其居民身 ...

N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered holders(Note) , 21 May 2025 Huatai Securities Co., Ltd. (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) (the "Company") – Notice of Publication of Notices and Circular of the 2024 Annual General Meeting and the 2025 First H Share Class Meeting (the "Current Corporate Communications") If the Company does not rece ...