（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2025年面向 專業投資者公開發行短期公司債券（第四期）發行結果公告》，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。 华泰证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行 面值余额不超过人民币 400 亿元的短期公司债券（以下简称"本次债券"）于 2025 年 3 月 25 日获中国证券监督管理委员会出具的《关于同意华泰证券股份有 限公司向专业投资者公开发行短期公司债券注册的批复》（证监许可〔2025〕 589 号） 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 ...

Group 1 - Hong Kong brokerage stocks continue to rise, with Dongfang Securities increasing by 5.01% [1] - Other notable gains include Zhongzhou Securities up by 4.63%, Guolian Ming Sheng up by 3.84%, and Huatai Securities up by 3.43% [1]

Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project has attracted significant market attention, leading to a positive outlook for infrastructure stocks due to increased demand and valuation recovery [1] Group 1: Market Impact - Infrastructure stocks are benefiting from direct demand boosts and are experiencing valuation recovery due to previously overlooked factors such as low allocation, low valuation, debt reduction, and a shift away from excessive competition [1] Group 2: Beneficiary Companies - Two types of companies are expected to benefit: 1) Engineering firms directly involved in major projects related to the Yarlung Tsangpo River, including hydropower design and foundation engineering [1] 2) Leading construction companies with low valuations and high dividend yields [1]

华泰证券研报表示， 煤炭旺季已至，需求回暖催化煤价修复；供需宽松下生产端或有以量补价，"反内 卷"政策预期推升市场情绪，有望催化 煤炭板块估值修复。重申煤炭板块的红利逻辑，建议关注盈利能 力稳健有望保持高 分红比例的动力煤龙头，以及去年以来超产现象大幅减少的山西地区相关龙头公 司。 ...

Core Viewpoint - The A-share securities sector has been actively rising due to multiple favorable factors, including better-than-expected earnings, increased capital allocation, and business innovation [1][2]. Group 1: Performance - The securities sector saw a rise of over 6% from July 1 to July 23, with individual stocks like Zhongyin Securities leading with a 29.28% increase [1]. - Major listed brokers are expected to report significant profit growth, with Guotai Junan and Haitong Securities forecasting a net profit of 15.283 billion to 15.957 billion yuan for the first half of the year, representing a year-on-year increase of 205% to 218% [1]. - Other firms like Guolian Minsheng and Huaxi Securities are also expected to see over 1000% year-on-year growth in net profit [1]. Group 2: Capital Allocation - Public funds significantly increased their allocation to securities stocks in the second quarter, with the proportion of active equity funds holding securities stocks rising by 0.28 percentage points to 0.64% [1][2]. - The top five A-share securities stocks held by active equity funds as of the end of the second quarter were Huatai Securities, CITIC Securities, Dongfang Wealth, Guotai Junan, and China Galaxy, with holdings of 2.1 billion, 1.7 billion, 1.5 billion, 700 million, and 500 million yuan respectively [2]. Group 3: Business Innovation - The exploration of virtual asset businesses has emerged as a new highlight in the industry, with firms like Guotai Junan, Tianfeng Securities, and Dongfang Wealth entering the virtual asset trading service market through their Hong Kong subsidiaries [2]. - Analysts believe that the securities sector's valuation is currently low, with a price-to-book ratio of approximately 1.5, indicating a potential for valuation recovery [2]. Group 4: Industry Outlook - The securities sector is viewed as a preferred allocation direction in the market due to its "low valuation + high elasticity" appeal, with analysts optimistic about future performance [2]. - The framework for high-quality development in the securities industry is taking shape, with a focus on mergers and acquisitions, wealth management transformation, and innovation in licensing [3].

Market Overview - On July 23, the Hong Kong stock market experienced a significant rally, with the Hang Seng Index rising by 1.62% to close at 25,538.07 points, and the Hang Seng Technology Index increasing by 2.48% [2][3] - The total market turnover for the day was 333.07 billion HKD, with a net outflow of 1.32 billion HKD from southbound funds [2] Tencent Holdings - Tencent Holdings saw a notable increase of 4.94%, closing above 550 HKD per share, marking a new high in over four years, with a market capitalization of 50,594.48 billion HKD [6][5] - The company responded to news regarding the discontinuation of the WeChat real-time intercom feature, stating that a new voice input function has been added to enhance user experience [8] Technology Sector - Internet technology stocks collectively surged, with Kuaishou-W rising by 7.08% and Baidu Group-SW increasing by 6.08% [3] - The Hang Seng Technology Index's performance reflects a year-to-date increase of 28.59% [3] Chinese Brokerage Stocks - Chinese brokerage stocks showed strong performance, with notable gains from Guolian Minsheng (5.46%), Xingsheng International (5.17%), and Zhongzhou Securities (4.85%) [11] - The securities industry is currently benefiting from multiple favorable factors, including a 33% year-on-year increase in new A-share accounts and a significant rise in IPO numbers and financing scale in the Hong Kong market [13] Insurance Sector - The insurance sector was active, with China Life rising by 3.34%, contributing to a year-to-date increase of 51.44% [15] - According to research from China International Capital Corporation, the net profit growth rate for the Chinese insurance industry is expected to be 7.4% year-on-year in the first half of 2025 [18] New Energy Vehicle Sector - NIO-SW experienced an increase of 8.97%, driven by the announcement of dynamic test drive experiences for its new model, the L90, which is set to launch soon [20] Cement Sector - The cement sector faced a downturn, with Huaxin Cement dropping by 9.37% and other related stocks also declining due to a collective pullback in the Yajiang Hydropower Station-related sector [21]

（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關於間接全 資子公司根據中期票據計劃進行發行並由全資子公司提供擔保的公告》，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。 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 ...

Core Viewpoint - The bond market is experiencing adjustments with government bond futures declining across the board, while interbank bond yields are rising slightly. The market is influenced by short-term emotional shocks, but the fundamental economic data remains under various influences, indicating that the logic of monetary easing is still intact for the long term [1][6]. Market Performance - Government bond futures closed lower, with the 30-year main contract down 0.21% to 119.27, the 10-year main contract down 0.11% to 108.52, the 5-year main contract down 0.09% to 105.79, and the 2-year main contract down 0.03% to 102.38 [2]. - Interbank bond yields generally increased, with the 30-year government bond yield rising 0.25 basis points to 1.911%, the 10-year policy bank bond yield up 0.5 basis points to 1.7825%, and the 10-year government bond yield up 0.75 basis points to 1.7% [2]. Overseas Bond Market - In North America, U.S. Treasury yields fell across the board, with the 2-year yield down 2.31 basis points to 3.8292% and the 10-year yield down 3.17 basis points to 4.344% [3]. - In Asia, Japanese bond yields mostly rose, with the 10-year yield increasing 8.5 basis points to 1.588% [3]. - In the Eurozone, yields on 10-year bonds also decreased, with the UK yield down 3.3 basis points to 4.568% [3]. Primary Market - Agricultural Development Bank's financial bonds had winning yields of 1.3695%, 1.6649%, and 1.7888% for 1.074-year, 3-year, and 10-year terms, respectively, with bid-to-cover ratios of 2.54, 3.26, and 3.76 [4]. - The Ministry of Finance's 91-day and 182-day treasury bonds had weighted winning yields of 1.2231% and 1.3243%, with bid-to-cover ratios of 3.28 and 2.3 [4]. Funding Conditions - The central bank conducted a 7-day reverse repurchase operation of 150.5 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 369.6 billion yuan for the day [5]. - Shibor rates for short-term products mostly increased, with the overnight rate rising 5.0 basis points to 1.367% [5]. Institutional Perspectives - Citic Securities noted that the recent bond market adjustment reflects various factors, including "anti-involution" and water conservancy projects, suggesting that while short-term concerns exist, long-term opportunities may arise [6]. - Huatai Fixed Income highlighted that the bond market adjustment is driven by changes in three core logics, including strong performance of risk assets and marginal corrections in fundamental expectations [6]. - Hongze Fixed Income pointed out that despite the ongoing adjustments, there are still structural opportunities in the bond market, with a shift in focus from extremes to the middle ground [6].

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-031 华泰证券股份有限公司关于间接全资子公司根据中期 票据计划进行发行并由全资子公司提供担保的公告 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。 重要内容提示： 担保对象及基本情况 根据华泰国际财务与华泰国际、中国建设银行（亚洲）股份有限公 司（作为受托人）于 2025 年 1 月 24 日签署的《信托契据》，华泰国际 作为担保人就华泰国际财务在此中票计划下发行的中期票据，提供无条 件及不可撤销的保证担保。2025 年 7 月 23 日，华泰国际财务在该中票 计划下发行一笔中期票据，发行金额为 0.40 亿美元，由华泰国际提供 担保。 截至本次发行前，华泰国际作为担保人，已为发行人本次中票计划 项下的存续票据之偿付义务提供无条件及不可撤销的保证担保。本次发 行后，担保余额为 4.53 亿美元（含本次担保）。 四、担保的必要性和合理性 | | 被担保人名称 | | | 华泰国际财务有限公司 | | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a recommendation for the securities and insurance sectors, indicating a positive outlook despite potential challenges from trade friction and economic pressures [6]. Core Insights - The non-bank financial sector saw a significant increase in holdings, with the insurance sector's holdings rising to 1.54%, up 0.63 percentage points from the previous quarter, while the brokerage sector's holdings reached 0.90%, up 0.36 percentage points [5][21]. - The total market value of public funds reached 6,285.3 billion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [2]. - The insurance sector is benefiting from a recovery in premium income, with a cumulative premium income of 30,602 billion from January to May, reflecting a year-on-year growth of 3.8% [20]. Summary by Sections Public Fund Market Size - In Q2 2025, the total net value of funds was 33.7 trillion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [10]. - The non-monetary fund scale was 19.5 trillion, up 11% year-on-year and 7% quarter-on-quarter [10]. High Dividend Stock Holdings Analysis - The holdings of banks, electric equipment, transportation, public utilities, oil and petrochemicals, and coal showed varied changes, with bank holdings increasing by 16% [16]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.90%, with a 58% rise in shareholding volume to 669 million shares [18][19]. - The average daily trading volume for equity funds reached 1.49 trillion, a year-on-year increase of 57% [18]. Insurance Sector - The insurance sector's holdings increased significantly, with a notable rise in individual stock holdings for major companies like China Ping An and China Taiping [21]. - The insurance sector's holdings are still below the standard allocation of 1.91%, indicating potential for further investment [21]. Investment Recommendations - The report suggests focusing on key brokerage firms such as CITIC Securities and Guotai Junan, as well as insurance companies like China Taiping and China Ping An, due to their potential for growth in the current market environment [6].