Core Viewpoint - Huatai Securities has announced the issuance of perpetual subordinated bonds aimed at professional investors, with a fixed interest rate of 4.00% [1] Group 1: Bond Issuance Details - The bonds, referred to as "21 Huatai Y2," will begin interest payments on October 28, 2025, covering the period from October 28, 2024, to October 27, 2025 [1] - Each bond has a face value of RMB 1,000, resulting in an interest distribution of RMB 40.00 (including tax) per bond [1]

Core Points - Huatai Securities (06886) announced the issuance of its 9th phase corporate bonds aimed at professional investors, with the bonds set to start interest payments on October 27, 2025, for the period from October 25, 2024, to October 24, 2025 [1] - The total issuance amount for this bond series, referred to as "21 Huatai 16," is 1.1 billion yuan, with a coupon rate of 3.94% [1] - Each bond has a face value of 1,000 yuan, resulting in an interest distribution of 39.40 yuan (including tax) per bond [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2021年面向 專業投資者公開發行永續次級債券（第二期）2025年付息公告》，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 ...

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2021年面向 專業投資者公開發行公司債券（第九期）（品種二）2025年付息公告》，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 ...

考虑到周大福同店销售持续改善，华泰证券上调2026财年至2028财年归母净利润6%、7%、7%，各至 81.2亿、89.1亿、99亿港元。考虑到周大福作为行业龙头，同店销售持续向好，渠道调整有望助力盈利 质量提升，给予2026财年24倍市盈率，目标价从16港元上调至19.4港元，维持"买入"评级。 该行指，随着下半财年逐步进入黄金珠宝的消费旺季，以及集团在标志性系列产品方面不断发力、渠道 优化稳步推进，看好周大福基本面持续向好。展望未来，该行预计周大福2026财年或保持较高的关店数 量，2027财年公司净关店率有望下降。 华泰证券发表研究报告指，周大福公布2026财年第二财季(7-9月)经营数据，集团零售额按年增长 4.1%，其中内地/港澳及其他市场，按年分别增长3%、11.4%，季内集团不同地区及不同品类产品的同 店销售增速全面转正，主因定价黄金、黄金镶嵌等定价产品销售表现亮眼，叠加低基数效应。 ...

Core Viewpoint - Chinese brokerage stocks have collectively rebounded, with significant increases in share prices across various firms, indicating a positive market sentiment and potential recovery in the sector [1]. Group 1: Stock Performance - As of the latest update, brokerage stocks have seen gains exceeding 5%, 4%, and 3% respectively [1]. - Notable stock performances include: - Zhongdeng Company: Latest price at 22.240, up by 5.30%, with a trading volume of 402 million [2]. - CITIC Construction Investment Securities: Latest price at 13.780, up by 4.24%, with a trading volume of 77.8149 million [2]. - Huatai Securities: Latest price at 20.800, up by 3.69%, with a trading volume of 98.0652 million [2]. Group 2: Earnings Forecasts - Dongwu Securities announced an earnings forecast, expecting a net profit attributable to shareholders of 2.748 billion to 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65% [2]. - Dongguan Securities, a non-listed brokerage, projected total operating revenue for the first three quarters of this year to be between 2.344 billion and 2.591 billion, reflecting a year-on-year increase of 44.93% to 60.18% [2]. - The net profit forecast for Dongguan Securities is estimated to be between 862 million and 953 million, indicating a year-on-year growth of 77.77% to 96.48% [2]. Group 3: Market Trends and Valuation - According to Founder Securities, the brokerage sector is experiencing a clear trend of fundamental recovery in a high trading environment, with net profit growth expected to accelerate to 70% in the third quarter [2]. - The overall net profit for the brokerage sector is projected to increase by 54% year-on-year for the entire year, with current valuations not aligning with the improving performance, suggesting ample room for valuation adjustments [2].

Core Viewpoint - Chinese brokerage stocks in Hong Kong experienced a collective rebound on October 21, with significant gains across major firms [1] Group 1: Stock Performance - CITIC Securities (03908.HK) rose by 5.4%, reaching HKD 22.26 [1] - CITIC Construction Investment Securities (06066.HK) increased by 4.16%, trading at HKD 13.77 [1] - Huatai Securities (06886.HK) saw a rise of 3.79%, priced at HKD 20.82 [1] - China Galaxy Securities (06881.HK) gained 3.56%, with a price of HKD 11.63 [1]

Core Viewpoint - Chinese brokerage stocks are experiencing a collective rebound, with significant increases in share prices for major firms, indicating a positive market sentiment and potential recovery in the sector [1] Group 1: Stock Performance - China International Capital Corporation (CICC) rose by 5.4% to HKD 22.26 - CITIC Securities increased by 4.16% to HKD 13.77 - Huatai Securities saw a rise of 3.79% to HKD 20.82 - China Galaxy Securities gained 3.56% to HKD 11.63 [1] Group 2: Earnings Forecasts - Dongwu Securities announced an earnings upgrade, projecting a net profit of CNY 2.748 billion to CNY 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65%, surpassing last year's total profit [1] - Dongguan Securities, a non-listed brokerage, expects total operating revenue for the first three quarters to be between CNY 2.344 billion and CNY 2.591 billion, reflecting a year-on-year increase of 44.93% to 60.18% [1] - The anticipated net profit for Dongguan Securities is projected to be between CNY 862 million and CNY 953 million, indicating a year-on-year growth of 77.77% to 96.48% [1] Group 3: Market Analysis - Founder Securities noted a clear trend of fundamental recovery in brokerages due to a high trading environment, with net profit growth in the sector expected to accelerate to 70% in the third quarter [1] - The overall net profit for the brokerage sector is projected to increase by 54% year-on-year for the entire year, highlighting a mismatch between current valuations and improving earnings [1] - There is significant room for valuation upgrades in the brokerage sector, as the current valuations do not align with the expected performance improvements [1]

Core Viewpoint - Chinese brokerage stocks are experiencing a collective rebound, with significant increases in share prices for major firms, indicating a positive market sentiment and potential growth in the sector [1] Group 1: Stock Performance - China International Capital Corporation (CICC) shares rose by 5.4% to HKD 22.26 [1] - CITIC Securities increased by 4.16% to HKD 13.77 [1] - Huatai Securities saw a rise of 3.79% to HKD 20.82 [1] - China Galaxy Securities gained 3.56% to HKD 11.63 [1] Group 2: Earnings Forecasts - Dongwu Securities announced an earnings forecast, expecting a net profit of CNY 2.748 billion to CNY 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65% [1] - Dongguan Securities projected total operating revenue for the first three quarters of this year to be between CNY 2.344 billion and CNY 2.591 billion, reflecting a growth of 44.93% to 60.18% compared to the same period last year [1] - The expected net profit for Dongguan Securities is between CNY 862 million and CNY 953 million, indicating a year-on-year increase of 77.77% to 96.48% [1] Group 3: Market Analysis - Founder Securities noted a clear trend of fundamental recovery in the brokerage sector due to high trading activity, with net profit growth for the sector expected to accelerate to 70% in the third quarter [1] - The overall net profit for the brokerage sector is projected to grow by 54% year-on-year for the entire year [1] - Current valuations of brokerages do not align with the improving earnings, suggesting ample room for valuation adjustments [1]

Group 1 - On October 20, Huatai Securities experienced a stock price increase of 0.23% with a trading volume of 1.777 billion yuan [1] - The financing data for Huatai Securities on the same day showed a financing purchase amount of 253 million yuan and a financing repayment of 313 million yuan, resulting in a net financing outflow of 59.54 million yuan [1] - As of October 20, the total margin trading balance for Huatai Securities was 7.231 billion yuan, with the financing balance accounting for 4.57% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, Huatai Securities had 210,100 shareholders, a decrease of 6.11% from the previous period, while the average circulating shares per person remained unchanged at 35,836 shares [2] - For the first half of 2025, Huatai Securities reported an operating income of 0.00 yuan and a net profit attributable to shareholders of 7.549 billion yuan, reflecting a year-on-year growth of 42.16% [2] Group 3 - Huatai Securities has cumulatively distributed cash dividends of 41.539 billion yuan since its A-share listing, with 12.640 billion yuan distributed over the past three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder of Huatai Securities, holding 550 million shares, an increase of 20.3993 million shares from the previous period [3]