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：HTSC），除文 義另有所指外，亦包括其前身 承本公司董事會命 聯席公司秘書 張輝 中國江蘇，2025年7月28日 （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：68 ...

Core Viewpoint - The report from Huatai Securities indicates that the combination of high temperatures and supportive policies is significantly boosting domestic air conditioner sales, suggesting a focus on high-quality leading brands in the air conditioning sector [1] Group 1: Market Dynamics - Seasonal demand for air conditioners is notably influenced by summer heat, which has been prevalent in various regions since July 2025, enhancing inherent demand for air conditioning units [1] - The high temperatures have led to first-time purchases in low penetration areas and accelerated replacement cycles for existing units [1] - National subsidy policies are further strengthening market demand for air conditioners [1] Group 2: Sales and Profitability Outlook - The air conditioning retail sector is experiencing structural improvements due to the impact of high temperatures, with potential for "income-profit" synergy to be released in the third quarter [1] - The current market conditions present opportunities in the air conditioning sector characterized by low valuations and high dividend yields [1] Group 3: Long-term Investment Value - The air conditioning industry is witnessing a global expansion of its production capabilities, highlighting its mid-to-long-term investment value [1]

Core Viewpoint - The report from Huatai Securities indicates that the demand for computing power driven by AI is expected to grow significantly as major overseas internet companies accelerate the release of tokens, leading to a gradual digestion of market expectations regarding inference-related computing power needs [1] Group 1 - The market still has a considerable gap in expectations regarding global computing power demand [1] - The establishment of large-scale computing clusters globally and ongoing exploration of new model architectures will contribute to this growth [1] - The continuous advancement of pre-training and post-training Scaling Law suggests substantial room for growth in training-side computing power demand in the future [1]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" investment rating for the industry [1][2]. Core Insights - The non-bank financial sector has shown strong performance, with the Shenwan Non-Bank Index rising by 3.52% during the week, outperforming the CSI 300 Index, which increased by 1.69% [5]. - Public funds have significantly increased their allocation to the non-bank sector, with the active equity fund heavy positions in the sector rising by 99 basis points quarter-on-quarter to 2.16% in Q2 2025 [2]. - The report highlights a positive trend in brokerage firms' earnings, with 27 traditional brokerages reporting year-on-year profit increases for Q2 2025, indicating a robust recovery in the sector [2]. - The insurance sector is also expected to benefit from a decrease in the cost of new liabilities and an increase in the value of participating insurance options, leading to a favorable outlook for the insurance industry [2]. Summary by Sections Market Review - The CSI 300 Index closed at 4,127.16, with a weekly change of +1.69%, while the non-bank index closed at 1,989.03, reflecting a weekly increase of +3.52% [5]. - The brokerage sector saw a significant increase of 4.82%, while the insurance sector rose by 1.83% [5]. Non-Bank Industry News and Key Announcements - The report notes that the China Insurance Association has indicated that the current research value for the predetermined interest rate of ordinary life insurance products is 1.99%, which is expected to trigger a reduction in the maximum predetermined interest rate for new products [18]. - The report mentions that the market sentiment has improved significantly, with daily trading volumes exceeding 1.7 trillion yuan, indicating a high level of trading activity [2][15]. - The report also highlights that the brokerage firm Shouhua Securities plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant move in the competitive landscape of the brokerage industry [2][23].

Investment Rating - The report maintains a positive long-term investment outlook for the banking sector despite short-term fluctuations in stock performance [2][4]. Core Insights - The insurance sector is experiencing a shift with the adjustment of the guaranteed interest rates for life insurance products, which is expected to enhance the investment capabilities of leading insurance companies [2][13][17]. - The brokerage sector shows strong performance with a notable increase in stock prices, driven by favorable market conditions and increased trading activity [3][18][19]. - The banking sector is currently facing a downturn, but long-term growth potential remains intact, with a focus on selecting banks with strong fundamentals and high dividend yields [4][20][21]. Summary by Sections Insurance Sector - The insurance index increased by 1.83%, outperforming the CSI 300 index by 0.14 percentage points [2][12]. - The standard interest rate for ordinary life insurance products has been adjusted to 1.99%, down from 2.13%, prompting several insurance companies to lower their rates [13][14]. - The trend towards dividend insurance products is expected to grow, as they can effectively reduce liability costs and enhance competitiveness [14][17]. Brokerage Sector - The brokerage index rose by 4.82%, outperforming the CSI 300 index by 3.13 percentage points, indicating strong market sentiment [3][18]. - The average daily trading volume increased by 20% to 18,487 billion yuan, reflecting sustained market activity [18][40]. - The report highlights the potential for significant gains in the brokerage sector due to favorable macroeconomic conditions and ongoing financial technology advancements [19][20]. Banking Sector - The banking index fell by 2.87%, underperforming the CSI 300 index by 4.56 percentage points, indicating short-term challenges [4][20]. - Despite recent declines, the long-term outlook for the banking sector remains positive, with a focus on banks that exhibit strong earnings stability and high dividend yields [21][22]. - Investment strategies should prioritize banks with high asset quality and low non-performing loan ratios, as well as those benefiting from favorable market conditions [24][25].

Investment Rating - The report maintains a positive outlook on the non-bank sector, particularly in insurance and securities, suggesting a "Recommended" rating for key companies in these sectors [3][41]. Core Insights - The report highlights a reduction in the preset interest rates for life insurance products, with ordinary life insurance at 2.0%, participating insurance at 1.75%, and universal insurance at 1.0%. This adjustment is expected to optimize the liability structure of insurance companies and promote a shift towards non-guaranteed income products [1][3]. - The China Securities Regulatory Commission (CSRC) is focused on stabilizing the capital market and enhancing market vitality through reforms, which is anticipated to boost investor confidence and market performance [2][3]. - The report emphasizes the positive impact of recent monetary policies, including interest rate cuts, which are expected to enhance market sentiment and support the valuation recovery of quality listed companies [3][41]. Summary by Sections Market Review - Major indices showed positive performance, with the Shanghai Composite Index up by 1.67% and the Shenzhen Component Index up by 2.33% during the week [7]. - The non-bank financial sector saw a mixed performance, with the securities index rising by 4.82% [7][8]. Securities Sector - The report notes that the total trading volume in the A-share market reached 10.66 trillion yuan, with a daily average trading volume of 1.78 trillion yuan, reflecting a 14.20% increase week-on-week [16]. - The IPO underwriting scale for the year reached 560.64 billion yuan, while refinancing underwriting amounted to 8050.88 billion yuan [16][18]. Insurance Sector - The report indicates that the life insurance premium growth rate for major companies like China Life and Ping An Life has shown positive trends, with significant increases in premium income [24][25]. - The adjustment of preset interest rates is expected to lower the liability costs for insurance companies, enhancing their financial stability [1][3]. Investment Recommendations - The report suggests focusing on key insurance companies such as China Pacific Insurance, Sunshine Insurance, and Ping An Insurance, as well as leading securities firms like CITIC Securities and Huatai Securities [41][42]. - It also highlights potential benefits for non-bank institutions from the implementation of stablecoin regulations and cross-border payment innovations [3][41].

Group 1 - The 2025 Fortune China 500 list includes 8 companies based in Nanjing, with notable rankings such as Jiangsu Bank at 162nd and Suzhou Industrial Park Holding Group at 181st [1] - Six of the listed companies improved their rankings compared to the previous year, with Huatai Securities experiencing a significant rise of 93 places [1] Group 2 - Jiangsu Bank launched a promotional campaign linked to the "Su Super" sports event, resulting in a 112% year-on-year increase in dining and tourism transaction volumes [5] - Su Ning's MAX Super Experience Store opened in Nanjing, achieving sales of over 500 million yuan on its first day, showcasing a successful integration of technology and consumer experience [6] Group 3 - Nanjing Pharmaceutical is advancing its digital transformation with a fully digitalized herbal medicine preparation system, achieving a revenue of 53.696 billion yuan in 2024, a 0.20% increase year-on-year [7] - Huitongda is promoting the digital transformation of rural stores with its "AI Super Store Manager" system, enhancing operational efficiency [8] Group 4 - Suhao Holding Group is focusing on high-end textile and hardware trade, leveraging technology to enhance cross-border e-commerce services for small and medium enterprises [9] - Nanjing Bank is innovating financial services with a focus on supporting technology enterprises, having provided over 700 billion yuan in credit support to more than 70,000 tech companies [9] Group 5 - Jiangsu Guoxin is accelerating its transformation by developing new asset management and trust services, enhancing its capability to serve the economy [10] - The Nanjing government is continuously improving the business environment, emphasizing a user-centric approach to create a high-quality service system for enterprises [10]

Group 1 - The core point of the article highlights the significant growth in the bond market, particularly in the technology innovation bond sector, with a total underwriting amount of 381.39 billion yuan, representing a year-on-year increase of 56.48% [2][4] - A total of 68 securities firms participated as lead underwriters for 380 technology innovation bonds, continuing the explosive growth trend that began in 2020 [2][4] - The top three firms, CITIC Securities, CITIC Construction Investment, and Guotai Junan, captured over 47% of the market share in technology innovation bond underwriting [2][4] Group 2 - The performance of small and medium-sized securities firms has been notable, particularly in niche markets such as support bonds for small and micro enterprises and "Belt and Road" bonds, where they have made significant inroads [2][8] - In the "Belt and Road" bond sector, three small securities firms ranked among the top five underwriters, a significant increase from the previous year [2][8] - The underwriting amount for private enterprise bonds reached 239.39 billion yuan, showing a substantial increase from the previous year's 183.70 billion yuan [7] Group 3 - The regulatory environment has played a crucial role in the growth of the technology innovation bond market, with policies encouraging securities firms to enhance their capabilities in this area [6] - The merger of Guotai Junan and Haitong Securities has significantly impacted the rankings, with their combined underwriting amount surpassing that of other major firms [5] - The rural revitalization bond market saw a doubling in scale, driven primarily by the strong performance of leading securities firms [9]

2025年半年度私募市场 策略及流动性回顾 华泰证券资产托管部 本资料仅限华泰证券特定客户使用，请您仔细阅读末页风险提示 一、市场环境回顾：权益市场 2025年以来，股票方面，上证指数上涨2.76%，深证成指上涨0.48%，创业板指上涨0.53%；宽基指数普遍分化，沪深 300上涨0.03%，中证500上涨3.31%，中证1000上涨6.69%。 全球市场方面，2025年美国股票市场标普500上涨5.50%，纳斯达克指数上涨5.48%；恒生指数上涨20.00%，MSCI欧洲 上涨20.67%，MSCI新兴市场上涨13.70%。 2025年以来权益类资产收益 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% | 权益市场2025年以来表现 | | --- | | | 今年以来 | 2025M6 | 2025M5 | 2025M4 | 2025M3 | 2025M2 | 2025M1 | 2024M12 | 2024M11 | 2024M10 | 2024M9 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The rise of AI technology in the securities industry is transforming business operations, with firms like Huatai Securities leading the way through significant technological investments and innovations [1][4][6]. Group 1: Technological Investment and Development - Huatai Securities has established four major R&D bases in Nanjing, Shanghai, Beijing, and Shenzhen, with a leading scale of R&D personnel and investment in the industry [3][4]. - The company plans to invest over 1 billion yuan in technology in 2024, alongside other major firms like CITIC Securities and Guotai Junan [4]. - R&D personnel account for over 20% of Huatai Securities' total workforce, indicating a strong commitment to technological development [4]. Group 2: AI and Digital Transformation - Huatai Securities has initiated the exploration and application of large model technology in financial business scenarios, strategically waiting for application maturity before investing heavily [6]. - The company has implemented digital employees that work 24/7, significantly enhancing operational efficiency and reducing human error in tasks such as report production and compliance checks [8][9]. Group 3: Business Empowerment through Technology - Technology has significantly empowered Huatai Securities' wealth management, investment banking, and institutional business lines, leading to notable improvements in service delivery and operational efficiency [9][10]. - In wealth management, the introduction of intelligent customer service has enabled 24/7 online support, enhancing customer engagement and service efficiency [10]. - The investment banking sector has benefited from a fully self-developed platform, "Investment Banking Cloud," which streamlines processes and enhances compliance and risk management [10][11]. Group 4: Innovative Products and Platforms - Huatai Securities has developed innovative platforms such as the CAMS credit analysis management system and the FICC Elephant platform, which leverage big data and AI for comprehensive market coverage and risk management [11]. - These platforms support the firm's transition to a fully digitalized strategy trading and quantitative investment risk management approach [11].