Core Viewpoint - Huatai Securities (06886.HK) has successfully completed the issuance of bonds amounting to 10,000 million HKD, with all conditions of the subscription agreement met as of February 10, 2026 [1] Group 1 - The total amount of bonds issued is 10,000 million HKD [1] - The bonds can be converted into H-shares under certain conditions, with an initial conversion price set at 19.70 HKD per H-share [1] - If all bonds are converted at the initial conversion price, they will convert into approximately 507,614,213 H-shares [1]

本公告僅供參考，並非收購、購買或認購任何證券的邀請或要約，亦不構成訂立協議以 進行任何該等事宜的邀請，亦非旨在邀請任何要約以收購、購買或認購任何證券。 本公告並非亦不構成於美國（包括其領土和屬地、美國任何州份和哥倫比亞地區）出售證 券的要約或邀請。本公告或其任何內容或其副本亦不得直接或間接攜進美國境內或於美 國境內派發。本公告所述證券未曾亦不會根據經修訂的1933年《美國證券法》（「證券法」） 或美國任何其他適用證券法律登記，且除非有關證券根據證券法辦理登記或獲得豁免遵 守證券法或美國任何其他適用證券法律的登記規定，不得於美國提呈發售、出售或以其 他方式轉讓。任何在美國提呈的證券公開發售必須由本公司刊發招股章程，當中須載列 本公司及管理層以及財務報表的詳細資料。本公司並無計劃在美國公開發售任何證券。 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份內容 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。 - 1 - 我們謹提述本公司日期為2026年2月3日有關建議發行債券的公告（「該公告」）。除另有界 定外 ...

Core Viewpoint - Huatai Securities plans to issue HKD 10 billion convertible bonds, which could significantly dilute its H-share equity, with a potential increase of approximately 29.53% in the number of H-shares if fully converted, indicating a substantial dilution effect compared to recent issuances by other firms like GF Securities [1][2][16]. Debt and Financial Pressure - As of September 30, 2025, Huatai Securities had a short-term interest-bearing debt of CNY 333.48 billion, accounting for 78.77% of its total interest-bearing debt, indicating significant short-term repayment pressure [1][7][19]. - The company has been actively issuing bonds, with a total of CNY 950 billion registered and issued in January 2026 alone, reflecting its urgent need for liquidity [6][19]. - Huatai Securities' bond financing accounted for 45.29% of its interest-bearing debt as of the first three quarters of 2025, ranking second in the industry for bond liabilities [20]. IPO Project Reserve - As of February 8, 2026, Huatai's investment banking subsidiary, Huatai United, had 15 A-share IPO projects in reserve, ranking fifth in the industry but significantly behind the top firms, with the leading firm having 44 projects [10][21][24]. - The withdrawal of two A-share IPO projects in January 2026 represented 50% of the total market withdrawals for that month, highlighting challenges in maintaining a robust IPO pipeline [9][21]. International Business and Revenue - Huatai Securities expects to raise approximately HKD 99.25 billion from the convertible bond issuance to support its international business and replenish working capital, despite a significant drop in its overseas revenue contribution from 37.22% to 14.23% year-on-year [4][18]. - The sale of its AssetMark platform for USD 1.793 billion (approximately CNY 12.7 billion) has impacted its international revenue, which was CNY 7.926 billion in 2023, with AssetMark contributing nearly half of that [4][18].

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.11%, the Shenzhen Component down 0.05%, and the ChiNext down 0.33%. Sectors such as media and computing leasing saw gains, while photovoltaic, superhard materials, and power grid equipment sectors experienced declines [1] External Market - U.S. stock indices closed higher, led by technology stocks, with the Nasdaq up nearly 1%. The Dow Jones increased by 0.04%, reaching a new historical high, while the S&P 500 rose by 0.5%, nearing its historical peak. The closing figures were: Dow Jones at 50,135.87 points, S&P 500 at 6,964.82 points, and Nasdaq at 23,238.67 points [2] - Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index up 0.12%. Notable movements included Alibaba up 0.30%, JD down 0.21%, and NIO down 2.98% [2] Industry Insights - CITIC Securities maintains an optimistic outlook for precious and non-ferrous metal prices through 2026, despite recent volatility in gold prices driven by market concerns over the Federal Reserve's independence and changes in the Iranian situation. The firm suggests that the market may have overestimated the hawkish stance of the new Fed Chair, Kevin Walsh, and anticipates that gold market fluctuations will stabilize once uncertainties are resolved [3] - Huatai Securities reports a significant increase in excavator sales, with January 2026 sales reaching 18,700 units, a year-on-year increase of 49.5%. Domestic sales were 8,723 units, up 61.4%, and exports were 9,985 units, up 40.5%. The firm expects a positive resonance in the excavator industry driven by key infrastructure projects and a potential recovery in real estate [4] - China Galaxy Securities identifies the current moment as a new starting point for the storage chip sector, driven by rapid growth in AI server demand and domestic production. The firm sees investment opportunities in related listed companies within the domestic storage industry [5] - CITIC Securities notes strong replenishment intentions in the liquor sector as the Spring Festival approaches, predicting that the 2026 Spring Festival will see better-than-expected performance in liquor sales due to increased consumer activity. The firm suggests that the liquor industry is at a long-term fundamental bottom, and any marginal improvements could significantly boost investment sentiment in the sector [6]

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (80016) at 100.00%, SenseTime Group Inc. (80020) at 80.12%, and Great Wall Motor Co. Ltd. (82333) at 75.14% [1][2] - The highest short-selling amounts are recorded for Xiaomi Corporation (01810) at 1.731 billion, Alibaba Group Holding Ltd. (09988) at 1.550 billion, and Meituan (03690) at 1.518 billion [1][3] - The top three stocks with the highest deviation values are New World Development Co. Ltd. (80016) at 44.46%, SenseTime Group Inc. (80020) at 35.88%, and China National Offshore Oil Corporation (80883) at 26.39% [1][3] Group 2 - The detailed short-selling ratio rankings show New World Development Co. Ltd. (80016) leading with a short-selling amount of 345,900 and a deviation value of 44.46% [2][3] - SenseTime Group Inc. (80020) follows with a short-selling amount of 257,500 and a deviation value of 35.88% [2][3] - Great Wall Motor Co. Ltd. (82333) has a short-selling amount of 70,700 and a deviation value of -3.29% [2] Group 3 - The short-selling amount rankings indicate Xiaomi Corporation (01810) at 1.731 billion with a short-selling ratio of 39.72% and a deviation value of 21.05% [3] - Alibaba Group Holding Ltd. (09988) has a short-selling amount of 1.550 billion with a short-selling ratio of 16.68% and a deviation value of 4.47% [3] - Meituan (03690) shows a short-selling amount of 1.518 billion with a short-selling ratio of 39.18% and a deviation value of 22.10% [3]

华泰证券(06886)公布，华泰证券股份有限公司2026年面向专业投资者公开发行公司债券(第一期)发行工 作已于2026年2月9日结束。本期债券最终品种一发行规模为40亿元，票面利率为1.85%，认购倍数为 2.96倍;品种二未实际发行。 ...

智通财经APP讯，华泰证券(06886)公布，华泰证券股份有限公司 2026 年面向专业投资者公开发行公司 债券(第一期)发行工作已于 2026 年 2 月 9 日结束。本期债券最终品种一发行规模为 40 亿元，票面利率 为 1.85%，认购倍数为 2.96 倍;品种二未实际发行。 ...

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。 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2026年面向專業投資 者公開發行公司債券（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 易所上市（證券代碼 ...

Core Viewpoint - Recent earnings reports from Microsoft, Meta, Google, and Amazon indicate a significant increase in capital expenditures for Q4 2025, with expectations of continued high growth in 2026 [1] Group 1: Industry Insights - Domestic CSPs are increasingly investing in AI infrastructure, leading to a rapid growth in demand for AI chips, with a clear shift towards domestic alternatives due to uncertainties in US export policies [1] - The competitive landscape for domestic AI chips is evolving, with a notable adjustment in market dynamics [1] Group 2: Company Performance - The company has maintained a leading position in supply capability, product iteration speed, and product definition accuracy after years of development, solidifying its status in the top tier of domestic AI chip manufacturers [1] - The net profit forecast for the company has been raised to 6 billion yuan for 2026 and 17.6 billion yuan for 2027, with a target price set at 1,679.4 yuan, reaffirming a "buy" rating [1]

Core Viewpoint - The majority of brokerages believe that despite recent volatility in the A-share market, market sentiment has been sufficiently released, and the adjustment phase may be nearing its end. The upcoming Spring Festival is expected to bring positive calendar effects, making it a good opportunity to hold stocks during the holiday [1][10][12]. Group 1: Market Sentiment and Predictions - Brokerages suggest that the current external disturbances have not significantly impacted China's industrial fundamentals, and the market's emotional release indicates that the adjustment is largely complete. A spring market rally is anticipated post-Spring Festival, making it advisable to hold stocks during the holiday [1][10][13]. - The sentiment in the market is expected to improve due to the "Spring Festival effect" and increasing event catalysts, which could create a favorable environment for equity assets [14][13]. - Historical data shows that A-shares tend to rise around the Spring Festival, and with manageable external risks, the current market remains in a bullish atmosphere, suggesting that holding stocks during the holiday may be a relatively better strategy [12][10]. Group 2: Investment Strategies and Sector Focus - Investment strategies should focus on maintaining a base in "resources + traditional manufacturing," while also increasing allocations in consumer and real estate chains. There is a recommendation to look for opportunities in the technology sector, particularly in AI-related industries [2][4][18]. - The focus on high-growth technology sectors, such as AI computing, robotics, and semiconductors, is emphasized as a key investment direction, alongside cyclical commodities that are expected to see price increases [18][5]. - The market is expected to experience a rotation, with sectors like TMT (Technology, Media, and Telecommunications) likely to perform better post-holiday, as historical trends indicate a recovery in risk appetite after the Spring Festival [17][11].