Core Viewpoint - HTSC (06886.HK) has entered into a subscription agreement to issue HKD 10 billion zero-coupon convertible bonds maturing in 2027, with an initial conversion price set at HKD 19.70 per share, representing a premium of approximately 6.78% over the last closing price of HKD 18.45 per share [1] Group 1 - The total principal amount of the bonds to be issued is HKD 10 billion [1] - The initial conversion price of HKD 19.70 allows for the conversion of the bonds into approximately 508 million H-shares, which is about 29.53% of the existing issued H-shares and approximately 5.62% of the total issued shares [1] - The net proceeds from the bond issuance, after deducting commissions and expenses, are estimated to be around HKD 99.247 billion, translating to a net issue price of approximately HKD 19.55 per converted share [1] Group 2 - The company intends to use the proceeds from the bond issuance to support its overseas business development and to supplement other operational funds [1]

证券代码：601688 证券简称：华泰证券 公告编号：临 2026-016 华泰证券股份有限公司 第七届董事会第二次会议决议公告 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。 一、董事会会议召开情况 华泰证券股份有限公司（以下简称"公司"）第七届董事会第二次 会议通知及议案于 2026 年 1 月 31 日以专人送达或电子邮件方式发出。 本次会议于 2026 年 2 月 2 日以通讯方式召开。会议应参加董事 13 人， 实际参加董事 13 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。 二、董事会会议审议情况 具体内容请参阅与本公告同日披露的《华泰证券股份有限公司关 于根据一般性授权发行 H 股可转换债券的公告》。 特此公告。 华泰证券股份有限公司董事会 2026 年 2 月 3 日 1 （一）关于豁免公司第七届董事会第二次会议通知时限的议案 表决结果：13 票赞成，0 票反对，0 票弃权 同意豁免本次董事会通知时限要求。 （二）关于公司根据一般性授权发行 H 股可转换债券的议案 表决结果：13 ...

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第七屆董事會第二次 會議決議公告》，僅供參閱。 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） 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201 ...

Core Viewpoint - The high dividend sector showed signs of recovery in January, driven by strong demand for dividend assets from insurance companies and the performance of cyclical high dividend stocks like oil, petrochemicals, and steel [2][4]. Market Overview - The overall market risk appetite continued to decline in January, with the full A ERP falling below one standard deviation of the past five-year average, indicating a challenging environment for market risk premium recovery [1][3]. - The volatility in cyclical stocks has impacted the market's profit-making ability, leading to a potential "small plateau" in investor risk appetite [3]. High Dividend Strategy - The configuration value of high dividend stocks has marginally increased compared to the previous month, suggesting a focus on stable high dividend stocks with defensive attributes and some potential high dividend varieties [1][3]. - The high dividend strategy's cost-effectiveness has improved, with the current full A ERP positioned at a historically significant level, requiring fundamental recovery or strong capital support for a breakthrough [3]. Sector Investment Opportunities - **Insurance**: The market sentiment remains strong, with expectations for continued positive performance in the insurance sector [5]. - **Oil and Petrochemicals**: Geopolitical tensions have raised concerns about global oil supply risks, leading to a rebound in oil prices. The Brent crude oil price forecast for 2026 has been raised to $65 per barrel [5]. - **Construction Materials**: The construction sector is expected to improve post-Spring Festival, with price increases in fiberglass, waterproof materials, and gypsum boards anticipated [5]. - **Utilities**: The electricity supply side is expected to stabilize, with coal prices remaining steady, indicating a bottoming out of electricity stock valuations [6]. - **Transportation**: The logistics sector is seeing a slight uptick in activity, particularly in road freight, as the Spring Festival travel season approaches [6]. - **Banking**: Banks are actively increasing lending, with profit margins expected to improve, particularly in light of a manageable impact from the real estate sector [7]. - **Real Estate**: The Hong Kong residential market has seen significant growth, with transaction volumes and prices rebounding, indicating a recovery trend [7]. - **Consumer Staples**: Leading companies in the consumer staples sector are expected to maintain stable cash flows and increase dividend payouts, benefiting from structural upgrades and international expansion opportunities [8].

1月至今，布伦特原油期货价格上涨约16%，伴随国内核心通胀指标2025H2延续修复趋势，通胀预期有所提升。复盘来看，在近五轮通胀周期中，由于原 油价格联动、库存消化、宽货币政策及黑天鹅事件催化，种植链现货价格上涨动力强，板块投资收益相对沪深300超额表现突出。且截至2025Q4，农业/种 植板块基金持仓占比1.18%/0.07%，分别处于近五年分位数的8%/12%，处于配置低位，建议加强配置。 复盘来看种植链在通胀周期超额收益明显 我们对近五轮通胀周期进行复盘， 2003-2005年、2006-2008年、2009-2012年CPI\PPI同步回升，股票市场则在CPI超过2%左右位置时往往开启主升浪，并 且明显早于CPI\PPI高点结束，而2015-2018年、2021-2022年PPI单侧回升，股票市场呈现结构性变化。因此前三轮我们选取大盘启动前三个月为起点，CPI 高点为终点，后两轮我们选取PPI快速回升至高点区间进行行业涨跌幅对比，发现种植业、农产品加工板块往往具备较为明显的超额收益，五轮通胀期间 合计相对沪深300超额收益达140pct、126pct，其中玉米种子公司、种植公司受益于粮价上涨表现突出， ...

Core Viewpoint - HTSC (06886.HK) has entered into a subscription agreement to issue HKD 10 billion zero-coupon convertible bonds maturing in 2027, with an initial conversion price set at HKD 19.70 per share, representing a premium of approximately 6.78% over the last closing price of HKD 18.45 per share [1] Group 1 - The total principal amount of the bonds to be issued is HKD 10 billion [1] - The initial conversion price of HKD 19.70 per share allows for the conversion of the bonds into approximately 508 million H-shares, which is about 29.53% of the existing issued H-shares and approximately 5.62% of the total issued shares [1] - The estimated net proceeds from the bond issuance, after deducting commissions and expenses, is approximately HKD 99.247 billion, equating to a net issue price of about HKD 19.55 per converted share [1] Group 2 - The company intends to use the proceeds from the bond issuance to support its overseas business development and to supplement other operational funds [1]

Core Viewpoint - Huatai Securities plans to issue zero-coupon convertible bonds totaling HKD 10 billion, maturing in 2027, to support overseas business development and supplement operational funds [1] Group 1: Bond Issuance Details - The total principal amount of the bonds to be issued is HKD 10 billion [1] - The initial conversion price for the bonds is set at HKD 19.70 per H-share, subject to adjustments [1] - The net proceeds from the bond issuance are expected to be approximately HKD 9.9247 billion [1] Group 2: Purpose of Fund Utilization - The funds raised from the bond issuance will be used to support the company's overseas business development [1] - Additionally, the funds will be allocated to supplement other operational capital [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。 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說明書，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。 HTSC 6886 - 1 - 建議根據一般性授權發行債券 本公司與經辦人於2026年2月3日（交易 ...

重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | Pioneer | Reward Limited | | --- | --- | --- | --- | --- | | | 本次担保金额 | | | 亿美元 6.99 | | 担保对象 | 实际为其提供的担保余额 | | | 37.99 亿美元 | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 累计担保情况 证券代码：601688 证券简称：华泰证券 公告编号：2026-015 华泰证券股份有限公司 关于为间接全资子公司发行中期票据提供担保的公告 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。 | 对外担保逾期的累计金额（人民币亿元） | - | | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保总额 （人民币亿元） | 514.16 | | 对外担保总额占上市公司最近一期经审计净资产的比例 （%） | 26.82 | | □对外担保总额超过最近一 ...

Group 1 - The company announced that it provided an unconditional and irrevocable guarantee for two medium-term notes issued by its wholly-owned offshore subsidiary, Pioneer Reward Limited, totaling 4.867 billion yuan [1] - After this issuance, the total guarantee amount provided by the company is 3.799 billion USD, including this new guarantee [1] - As of the announcement date, the total amount of guarantees by the company and its subsidiaries is 51.416 billion yuan, which accounts for 26.82% of the company's most recent audited net assets, with no overdue guarantees reported [1] Group 2 - The primary purpose of this issuance is to repay maturing offshore debts, indicating that the guarantee risk is manageable [1]