本期债券发行工作已于2026年1月21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 1.99%，认购倍数为2.21倍;品种二发行规模为35亿元，票面利率为2.20%，认购倍数为2.31倍。 华泰证券(06886)发布公告，根据《华泰证券股份有限公司2026年面向专业投资者公开发行次级债券(第 一期)发行公告》，华泰证券股份有限公司2026年面向专业投资者公开发行次级债券(第一期)(以下简 称"本期债券")分为两个品种，其中品种一期限为3年，品种二期限为1816天。本期债券引入品种间回拨 选择权，回拨比例不受限制，公司将根据本期债券发行申购情况，在发行规模内，决定是否行使品种间 回拨选择权，但各品种的最终发行规模总额合计不超过75亿元(含75亿元)。本期债券发行价格为每张 100元，采取面向专业机构投资者公开发行的方式发行。 ...

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。 （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） 中國江蘇，2026年1月21日 於本公告日期，董事會成員包括執行董事張偉先生、周易先生及王瑩女士；非執 行董事丁鋒先生、陳仲揚先生、柯翔先生、晉永甫先生及張金鑫先生；以及獨立 非執行董事王建文先生、王全勝先生、彭冰先生、王兵先生及老建榮先生。 （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2026年面向 專業投資者公開發行次級債券（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 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2026-007 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 | 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 | | 493.10 | | 元） | | | | 对外担保总额占上市公司最近一期经审计净资产的比例（%） | | 25.73 | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 100% □担保金额超过上市公司最近一期经审计净资产 50% | | | □对合并报表外单位担保金额达到或超过最近一期经审计净资 | | | | 产 | 30%的情况下 | | | 对资产负债率超过 | 70%的单位提供担保 | | 1 一、担保情况概述 华泰证券股份有限公司（以下简称"公司"或"本公司"）境外全 资子公司华泰国际金融控股有限公司（以下简称"华泰国际"）的附属 公司华泰国际财务有限公司（以下简称"华泰国际财务"）于 2020 年 10 月 27 日设立本金总额最高为 30 亿美 ...

Core Viewpoint - The report highlights that Xingyu Co., Ltd. is advancing its Micro-LED industry layout by establishing a strategic partnership with ChipLink Integration and Jiufengshan Laboratory, aiming to invest 3 billion yuan in a new Micro-LED technology research and manufacturing project [1] Group 1: Strategic Partnership and Investment - Xingyu Co., Ltd. has signed a strategic cooperation agreement to jointly establish Wuhan Xingxi Guangke Technology Co., Ltd. with ChipLink Integration and Jiufengshan Laboratory [1] - The partnership involves a total investment of 3 billion yuan to develop Micro-LED intelligent lighting technology for automotive applications, optical communication, and AI display [1] Group 2: Industry Development and Goals - The collaboration aims to integrate automotive application scenarios, advanced chip manufacturing, and a national-level pilot platform to create a closed-loop from basic research to engineering mass production [1] - The initiative is expected to accelerate the industrialization and cost reduction of Micro-LED automotive lighting [1] Group 3: Growth Potential and Valuation - The company is extending its reach into high-value areas such as micro-displays and optical interconnects, seeking new growth trajectories [1] - The report anticipates performance growth driven by new vehicle cycles from new force customers and strategic investments in robotics, maintaining a "buy" rating with a target price of 222.42 yuan based on a 28x PE for 2026 [1]

该行将其目标价从20港元上调至26港元，维持"买入"评级。 华泰证券发表研报指，中国太平公布2025年业绩预增公告，预计归母净利润较2024年增加215%至 225%，估计公司下半年归母净利润按年涨幅高达723.1%至758.2%，大幅超出此前预期。报告指，去年 利润大增主要来源于投资业绩按年提升，及所得税税收政策的一次性影响。 展望今年，行业负债端有望全面转向分红险。当前分红险的实际收益率在3%左右水平，已较为明显地 高出传统险(预定利率2%)，在居民储蓄需求仍处于高位的背景下，储蓄性质较强的寿险产品仍具有较强 的吸引力，分红险有望在今年推动负债端保持有韧性的增长。 ...

Core Viewpoint - Huatai Securities reports that Bubble Mart's performance in Q4 last year showed strong resilience both domestically and internationally, supported by the strength of its IP matrix after the sales peak of Labubu 3.0 [1] Group 1: Performance Insights - The company's sales growth is underpinned by the strength of its IP matrix, indicating a solid foundation for future performance [1] - Bubble Mart repurchased 1.4 million shares for HKD 251 million on January 19, reflecting the company's confidence in its growth prospects [1] Group 2: Valuation and Recommendations - Huatai Securities believes that the sustainability of Bubble Mart's performance growth and its medium to long-term potential are undervalued [1] - The current market valuation is considered attractive amid existing market discrepancies, maintaining a "Buy" rating with a target price of HKD 410 [1]

钟山风雨，秦淮河畔。自江苏本土起步，从一家根植于此的地方券商，到跻身行业头部的综合金融集 团，华泰证券以"技术先锋"之姿屡开行业先河——首推远程交易终端、引领网上交易风潮、率先布局移 动互联网理财终端……在每一次市场变革中破局而立。其发展脉络，既是一部以创新为舟、以风控为桨 的奋进史，亦是中国证券业从初萌到茁壮的时代缩影。 而今，作为总资产逾万亿元、客户资产规模超五万亿元的行业头部机构，华泰证券既肩负着金融强国的 时代使命，也怀揣金融报国的赤子之心，在科技赋能与国际化战略驱动下，坚定锚定建设一流投资银行 的宏伟目标，矢志为中国式现代化注入澎湃金融动能。 王会清表示，随着中国经济新旧动能转化加速推进，"三新经济"（新产业、新业态、新商业）占到整个 中国GDP的比重从2020年的16%提升至2024年的18%，科技企业日益成为资本市场的中坚力量。A股市 值前50强中科技企业数量从"十三五"末的18家增至24家，人工智能、机器人、创新药等领域企业业绩增 长显著。 "作为连接实体经济与资本市场的桥梁，证券公司在服务现代化产业体系发展、助力新质生产力崛起等 方面正承担着愈发重要的角色，具有不可替代的关键作用。"王会清表 ...

Core Insights - The report from Huatai Securities indicates that the A-share market saw an increase in trading volume exceeding 3 trillion yuan in the first half of last week, but experienced a pullback in the latter half due to increased counter-cyclical policy adjustments [1] Group 1: Market Sentiment and Fund Flows - There is a divergence in funding sentiment, with leveraged funds and ETFs with a high proportion of individual holdings continuing to see net inflows into the market [1] - Financing activity remains robust, with a financing activity rate above 11% [1] - Conversely, broad-based ETFs with a high proportion of institutional holdings experienced significant net inflows, while ETFs with a high proportion of Huijin holdings saw a net outflow of approximately 135.1 billion yuan [1] Group 2: Market Performance and Future Outlook - The report analyzes the performance of the A-share market following the surge in trading volume, suggesting that short-term market sentiment remains elevated, leading to a volatile market trend [1] - It is noted that if there are catalysts related to fundamentals or liquidity, the overall trend of the A-share market may move upward [1] - Industries that have shown sustained growth following the increase in trading volume are primarily those that have fundamental backing and align with market themes [1]

Core Viewpoint - The U.S. House of Representatives is set to review the "SELF DRIVE Act of 2026" on January 13, 2026, which proposes to increase the FMVSS exemption limit from 2,500 vehicles to 90,000 and establish federal priority, indicating a rare bipartisan consensus that may break a decade-long legislative deadlock [1] Group 1: Legislative Developments - The proposed legislation aims to enhance the framework for autonomous driving, potentially accelerating the commercialization of Level 4 (L4) autonomous driving technology [1] - The bipartisan agreement in Congress is seen as a significant step towards resolving long-standing legislative issues in the autonomous vehicle sector [1] Group 2: Industry Trends - Waymo has reached a weekly order volume of 450,000, while Tesla's Cybercab is expected to begin mass production in April, marking a period of scale expansion for Robotaxi commercialization in the U.S. [1] - 2026 is identified as a critical year for the global L4 autonomous driving industry, with the clarification of the federal legislative framework in the U.S. and the rollout of Level 3 (L3) pilot programs in China [1] Group 3: Investment Recommendations - The report suggests focusing on key players within the autonomous driving industry chain, given the anticipated acceleration in commercialization and legislative support [1]

■ "证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 华泰证券（601688）党委书记王会清： 打造兼具本土优势和全球影响力的一流投资银行 钟山风雨，秦淮河畔。自江苏本土起步，从一家根植于此的地方券商，到跻身行业头部的综合金融集 团，华泰证券以"技术先锋"之姿屡开行业先河——首推远程交易终端、引领网上交易风潮、率先布局移 动互联网理财终端……在每一次市场变革中破局而立。其发展脉络，既是一部以创新为舟、以风控为桨 的奋进史，亦是中国证券业从初萌到茁壮的时代缩影。 而今，作为总资产逾万亿元、客户资产规模超五万亿元的行业头部机构，华泰证券既肩负着金融强国的 时代使命，也怀揣金融报国的赤子之心，在科技赋能与国际化战略驱动下，坚定锚定建设一流投资银行 的宏伟目标，矢志为中国式现代化注入澎湃金融动能。 潮平岸阔，正当扬帆破浪之时。华泰证券党委书记王会清日前在接受中国证券报记者专访时表示，党的 二十届四中全会擘画了"十五五"时期加快建设金融强国的宏伟蓝图，全会审议通过的"十五五"规划建议 提出"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能"，标志着资本市场将 在培育新质生产力、服务实体经济中发挥 ...