（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2022年面向 專業投資者公開發行永續次級債券（第一期）2026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。 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。 债券简称:22华泰Y1 华泰证券股份有限公司 2022 年面向专业投资者公开发行永续次 级债券(第一期)2026年付息公告 「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 Sec ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2026-006 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 | | 被担保人名称 | | 华泰国际财务有限公司 | | --- | --- | --- | --- | | | 本次担保金额 | 人民币 | 亿元 2.50 | | 担保对象 | 实际为其提供的担保余额 | | 21.18 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 | 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 | | 487.52 | | 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（%） | | 25.43 | | 特别风险 ...

Group 1 - The stock of Yaxing Integration (603929.SH) experienced a limit down, closing at 147.11 yuan, with a decline of 10.00% on January 19 [1] - On January 16, Yaxing Integration's stock hit the limit up, closing at 163.46 yuan, with an increase of 10.00% [2] Group 2 - Huatai Securities analysts maintained a "buy" rating for Yaxing Integration, citing optimistic prospects for overseas cleanroom investments in their report published on January 16 [1]

Core Viewpoint - The report from Kaiyuan Securities expresses optimism about the brokerage sector, highlighting the sustained growth of brokerage performance and the pressure on the funding side, indicating a significant lag in the brokerage sector [1] Group 1: Regulatory Developments - On January 16, the China Securities Regulatory Commission (CSRC) solicited opinions on the draft of the "Supervision and Management Measures for Derivative Transactions (Trial) (Draft for Comments)" [2] - The policy aims to strengthen the standardized management of the derivatives market, clarifying the CSRC's regulatory scope and emphasizing enhanced monitoring and cross-market regulation [3] - The policy supports the steady development of the derivatives market, encouraging risk management activities and limiting excessive speculation [3] Group 2: Impact on Brokerage Firms - The enhanced transparency in derivatives regulation is expected to benefit the long-term development of brokerage firms' derivatives business, providing a more stable operational framework for brokers and investors [4] - The derivatives business is highly concentrated, with top-tier brokers holding significant advantages; as of November 2023, the market share of the top five firms in swap and OTC options was 66% and 59%, respectively [4] - Top-tier brokers, such as CITIC Securities and Guotai Junan, can directly engage in stock hedging transactions, while secondary brokers are limited in their trading capabilities [4] Group 3: Market Stability and Investment Recommendations - Derivative tools are seen as beneficial for stabilizing market fluctuations, with the potential for relaxed scale restrictions favoring leading brokers [5] - The CSRC's commitment to a robust monitoring system for derivatives trading is expected to facilitate high-quality development in the derivatives business, contributing to market stability [5] - Investment recommendations include top brokers with strong international business and undervalued stocks, such as Huatai Securities and Guotai Junan, as well as firms with significant wealth management advantages like GF Securities [5]

Core Viewpoint - Huatai Securities initiates coverage on Lianlian Digital with a "Buy" rating and a target price of HKD 10.2, corresponding to a 2026 price-to-sales ratio of 5x [1] Group 1: Company Overview - Lianlian primarily provides cross-border payment solutions for Chinese merchants, facilitating foreign currency collection abroad and subsequent remittance back to China [1] - The company boasts a global network of licenses and partnerships, enabling transactions in over 130 currencies [1] Group 2: Financial Performance - In the first half of 2025, Lianlian's total payment volume (TPV) reached CNY 2.1 trillion, representing a year-on-year increase of 32% [1] - Cross-border payment TPV amounted to CNY 198.5 billion, showing a significant year-on-year growth of 94% [1] - Based on a service fee rate of 0.24%, cross-border payment revenue was CNY 473 million, up 27% year-on-year, accounting for 60% of total revenue [1] - Adjusted net profit for the first half of 2025 was approximately CNY 60 million, indicating a near break-even situation [1] Group 3: Growth Prospects - The company is expected to achieve TPV growth in cross-border payments, leveraging its advantages to generate economies of scale and improve profitability [1] - Lianlian's licensing advantages will support the development of next-generation payment solutions [1] - The company aims to enhance its cross-border payment services through iterative upgrades in payment technology, providing clients with more efficient, cost-effective, and compliant payment experiences [1]

Group 1 - The core viewpoint emphasizes a shift from narrative-driven trends to performance-based evaluations as the market enters the earnings forecast period, with a focus on sectors like chemicals, non-ferrous metals, and power equipment [2][5] - The adjustment of financing margin ratios is seen as a measure to stabilize the market and guide rational investment, indicating a potential shift towards a more balanced market environment [7][10] - The article highlights the acceleration of thematic rotation in the market, particularly focusing on domestic semiconductor and power sectors, driven by regulatory actions and strong demand [3][4] Group 2 - The market is expected to experience short-term fluctuations due to increased financing margin ratios and the cooling of previously hot themes, with a focus on sectors that show strong demand and industrial catalysts [4][8] - There is a recommendation for investors to adopt a cautious approach, focusing on sectors that benefit from structural changes and performance improvements, such as new energy and consumer goods [6][12] - The AI industry chain is identified as a key area for investment, with a consensus forming around its growth potential, despite some volatility in related sectors [13]

Group 1 - The market is expected to experience a shift from a one-sided trend driven by narratives and capital to a more performance-focused environment as annual report forecasts approach [2][4] - The adjustment of financing margin ratios is seen as a signal to guide rational investment and maintain market stability, with a focus on sectors like traditional manufacturing and resource pricing [2][5] - The recent regulatory measures aim to prevent excessive speculation and market manipulation, leading to a more rational return of market sentiment [3][4] Group 2 - The focus is shifting towards sectors with strong demand support and industrial catalysts, particularly in low-position technology areas such as domestic computing power and new energy [3][4] - The upcoming earnings disclosures are expected to heighten the competitive sentiment around performance, with attention on sectors that may exceed expectations [4][9] - The market is likely to transition into a consolidation phase after reaching previous highs, with a recommendation for investors to adopt a stable allocation strategy [5][7] Group 3 - The "spring market" is facing short-term pressures due to various factors, including complex overseas macro environments and domestic regulatory intentions [6][8] - Despite recent market weaknesses, there is potential for continued upward movement in the AI application sector, driven by strong fundamentals [6][11] - The overall market valuation remains reasonable, supported by macro policies and a gradual recovery in corporate earnings [9][10]

Market Overview - The Hong Kong stock market experienced fluctuations last week, rebounding significantly in the first half due to expectations around AI applications, easing overseas monetary policy, and short covering, but cooling down in the latter half, showing relative resilience [1] - Key factors driving the market rebound in Q1 remain unchanged, including overall loose financial conditions, foreign capital and southbound capital returning, upward revisions in profit expectations, and the attractiveness of Hong Kong stocks compared to A-shares [1] - The market sentiment has improved, with fear indicators moving out of panic zones and a notable decline in short positions, indicating a potential right-side harvesting period for the market [1] Earnings and Revenue Forecasts - Non-financial earnings and revenue forecasts have been revised upwards, with the most significant increases seen in the metals and electric new energy sectors [2] - Over the past four weeks, the consensus forecast for non-financial earnings has been revised up by 0.2%, while revenue forecasts have been slightly adjusted down by 0.1% [2] - The sectors with the largest upward revisions in earnings forecasts include metals (5.5%), electric new energy (2.8%), and light industry (2.1%) [2] Capital Flow and Liquidity - There has been a significant inflow of foreign capital, with net inflows into Hong Kong stocks reaching $2.82 billion, compared to $1.54 billion the previous week [3] - Active foreign capital has turned into net inflows, with the largest weekly net inflow since September 2024, while passive foreign capital inflows have also increased [3] - Southbound capital inflows have slowed, with approximately HKD 10.05 billion net inflow last week, primarily into media, computing, and retail sectors [3] Market Sentiment - The sentiment index for Hong Kong stocks has improved, reaching a reading of 33.7, indicating a recovery from panic levels [3] - Historical data suggests that entering the "panic zone" has led to a 100% success rate for Hong Kong stocks over the following month since the end of 2023 [3] - The current market environment is seen as a favorable time for positioning, with reduced short selling pressure and a shift towards a right-side harvesting phase [3] Investment Recommendations - Short-term focus should be on sectors related to the AI chain (semiconductors, software) and innovative pharmaceuticals, with a gradual accumulation strategy for high-quality new consumer stocks [4] - Mid-term recommendations include overweighting upstream sectors in the power chain (electric equipment and metals like copper and aluminum), insurance, and local real estate in Hong Kong [4] - Upcoming economic indicators to watch include GDP, industrial output, and retail sales figures [4]

Core Viewpoint - After the 2008 financial crisis, despite a significant decline in interest rates, global capital expenditure remained relatively restrained, with rising corporate cash reserves and commodity prices lagging behind equity assets. The acceleration of China's real estate deleveraging cycle has further integrated and cleared global commodity supply. The outbreak of the Russia-Ukraine conflict in 2022 and the rise in precious metal prices, along with accelerated AI-related investments in 2024, are expected to push certain industrial products beyond the supply-demand balance threshold. The recent price increases in cyclical goods indicate a trend of diffusion. It is anticipated that global capital expenditure will accelerate by 2026, with "consumables" growth potentially surpassing the previous "startup phase" of AI investments. Additionally, investment demand in global defense, trade, and traditional manufacturing may resonate upward, significantly boosting the "consumables" volume. This marks the first global large-scale capital expenditure cycle post-2008, emphasizing the sustained value of resource and cyclical goods from a long-term perspective [1]. Group 1 - Compared to 2024-25, the absolute volume of AI investment consumables is expected to rise significantly. The current AI investment cycle is larger and denser than the internet-related investments of the late 1990s, with a projected exponential increase in demand for bulk commodities by 2026, particularly in data centers and power infrastructure [2][8]. - The global fiscal policy is expected to synchronize in 2026, with increased defense and public investment spending. This round of fiscal expansion focuses on defense autonomy and supply chain security, leading to a significant rise in "consumables" [3][35]. - The global manufacturing cycle is anticipated to improve in 2026, closely related to the trends in industrial products. Factors such as the implementation of capital expenditure deductions from the "Big and Beautiful" Act and potential stabilization in real estate investment are expected to support manufacturing recovery [4][43]. Group 2 - China's investment and commodity demand are entering the second half of "de-real estate" dynamics. The decline in real estate-related demand has provided a buffer for global demand, but this buffer is expected to diminish as the real estate "consumables" volume approaches its decline's end [5][64]. - The inflationary environment and the "consumable" capital expenditure cycle are structurally increasing the value of commodity allocations. The rising physical demand for industrial products is expected to support the prices of cyclical goods, even amid slowing demand growth [6][5].

Core Viewpoint - The report from Huatai Securities indicates that the profitability of bulk chemicals is expected to reach a ten-year low in the second half of 2025 due to weak demand and the end of supply-side increments [1] Group 1: Industry Outlook - The current downturn in the chemical raw materials and products industry is characterized by a fixed asset completion growth rate turning negative starting June 2025 after three years of profit stagnation [1] - The new capacity for bulk chemicals is projected to be limited in 2026-2027, indicating a challenging environment for the industry [1] - The textile, clothing, and rubber-plastic products sectors are experiencing a continuous decline in inventory, marking a transition from active destocking to passive restocking for chemical raw materials and products [1] Group 2: Future Projections - Huatai Securities believes that the bulk chemicals sector is at a dual inflection point concerning capacity and inventory cycles, with a potential recovery expected as domestic and international demand rebounds in 2026 [1] - The sales volume of Chinese chemicals accounts for over half of the global market, suggesting that future capital expenditure intensity for companies will significantly decrease compared to the period from 2015 to 2025, while dividend payout ratios are expected to rise [1]