华泰证券(06886)发布公告，华泰证券股份有限公司2025年面向专业投资者公开发行公司债券(第七期)分 为两个品种，根据网下专业机构投资者询价结果，经发行人和主承销商协商一致，最终确定本期债券品 种一的票面利率为2.06%，品种二的票面利率为2.20%。 ...

智通财经APP讯，华泰证券(06886)发布公告，华泰证券股份有限公司2025年面向专业投资者公开发行公 司债券(第七期)分为两个品种，根据网下专业机构投资者询价结果，经发行人和主承销商协商一致，最 终确定本期债券品种一的票面利率为2.06%，品种二的票面利率为2.20%。 ...

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公司債券（第七期）票面利率公告》，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 票代碼：6886），其A股於2010年2月26日在上海證券交 易所上市（股票代碼：601688），其全球存託憑證於2019 年6月在倫敦證券交易所上市（證券代碼：HTSC），除文 義另有所指外，亦包括其前身 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。 ...

Core Viewpoint - Huatai Securities has raised the target price for SMIC's H-shares from HKD 63 to HKD 119 and for A-shares from CNY 118.3 to CNY 238, maintaining a "Buy" rating [1] Financial Projections - The firm maintains its net profit forecasts for 2025 to 2027, expecting annual increases of 26%, 22%, and 27%, reaching USD 620 million, USD 760 million, and USD 960 million respectively [1] Market Positioning - The firm is optimistic about SMIC's competitive advantage in advanced process technology and anticipates that the company will enter a new expansion cycle following its current A-share issuance, allowing it to capitalize on growth opportunities in the advanced manufacturing market [1]

Core Viewpoint - Huatai Securities has raised the target price for SMIC's H-shares from HKD 63 to HKD 119 and for A-shares from CNY 118.3 to CNY 238, maintaining a "Buy" rating [1] Financial Projections - The firm maintains its net profit forecasts for 2025 to 2027, expecting annual increases of 26%, 22%, and 27%, reaching USD 620 million, USD 760 million, and USD 960 million respectively [1] Market Positioning - The company is viewed positively for its competitive advantage in advanced process technology, with expectations of entering a new expansion cycle following the completion of its current A-share issuance [1] - SMIC is anticipated to fully capitalize on growth opportunities in the advanced manufacturing market [1]

消息面上，2025年以来，券商发债融资热情显著攀升。数据显示，截至10月9日，已有71家券商合计发 行了672只债券，合计募资金额达1.27万亿元，同比增长80.22%。具体来看，年内券商合计已发行证券 公司债359只，募资金额为7502.5亿元。从单家公司发债规模来看，年内有33家券商发债规模均超100亿 元，头部券商整体上居于前列。招商证券分析师表示，在利率中枢走低的背景下，债券融资成为券商扩 表的主要渠道，相关募集资金主要用于置换存量债务、降低资金成本，或补充营运资金以应对潜在行 情。 智通财经APP获悉，中资券商股普涨，截至发稿，广发证券(01776)涨4.05%，报21.08港元；国联民生 (01456)涨1.93%，报6.34港元；招商证券(06099)涨1.34%，报16.59港元；华泰证券(06886)涨0.78%，报 20.08港元。 业绩预测方面，浙商证券指出，市场活跃度提升，25Q3券商利润或延续高增，市场活跃度持续提升， 股市上涨可观，预计在经纪、投资及信用业务的驱动下，证券行业业绩继续亮眼，预计2025Q3累计， 上市券商营收同比增长42.4%，净利润同比增长62.8%。该行预计权益 ...

Core Viewpoint - The essence of investment is a combination of "science" and "art," where quantitative analysis handles objective market rules, while active management addresses the qualitative aspects that cannot be quantified [2][5]. Investment Philosophy - The focus of investment should be on achieving absolute returns rather than outperforming benchmarks, emphasizing the importance of making profitable trades [2][8]. - The "three-price scoring system" (buy price, extreme bottom price, sell price) is designed to control 60%-70% of market volatility, ensuring absolute returns while managing risks [3][9]. Investment Strategy - The investment approach includes dynamic adjustments based on quarterly earnings reports, allowing for long-term holding of growth stocks and strategic buying/selling of cyclical stocks [3][11]. - The system encourages disciplined behavior among fund managers, helping to mitigate irrational actions during market fluctuations [3][17]. Quantitative and Active Management Integration - The integration of quantitative models with fundamental analysis allows for a comprehensive investment strategy that captures market trends while maintaining a focus on fundamental value [6][18]. - The collaboration between quantitative and fundamental teams results in a robust modeling process that enhances investment decision-making [11][19]. Market Outlook - The current market environment is characterized by high volatility, necessitating a focus on pricing principles to achieve absolute returns [9][23]. - The expectation is for a stabilization in the market, supported by improved fundamentals, particularly in capital expenditure and export sectors [24][23]. Team Management and Culture - The management philosophy emphasizes rule-based guidance and collaboration among team members to enhance investment outcomes [26][28]. - The focus on absolute returns in performance evaluation encourages a culture of accountability and continuous improvement within the investment team [26][30].

（文章来源：第一财经） 华泰证券指出，中国厂商通过高规格的游戏项目投入目前已经在海外逐渐站稳脚跟，尤其是国产二次元 游戏向日本的文化输出，依靠精美的制作和差异化的玩法已捕获众多玩家心智。同时，多端化发行也逐 渐成为中国厂商出海标配。我们看好中国出海游戏厂商在研发制作和本地化运营方面的潜力，并同时看 好日本具备经典IP穿越周期能力的头部厂商。 ...

Core Viewpoint - The market risk appetite continued to recover in September, with the current All A ERP below the rolling 5-year average, indicating a potential for further market improvement [1] Group 1: Market Performance - The overall performance of high dividend sectors weakened, with internal valuation differentiation increasing due to the influence of the banking sector [1] - "Anti-involution" related cyclical high dividend stocks performed relatively well this month, while banks and non-bank financials showed weakness [1] Group 2: Outlook for October - The trend of market risk appetite recovery is expected to continue into October, with TMT and high-end manufacturing sectors likely to outperform high dividend sectors due to favorable fundamental factors [1] - It is recommended to focus on "anti-involution" related cyclical high dividend stocks and some potential high dividend stocks in the investment strategy [1]

华泰证券指出，国内军用四足机器人产业链可分为本体、任务载荷两部分，本体类似于四肢和小脑，任 务载荷类似于大脑和工具。军用四足机器人总体设计与总装集成商以军工央企为主；任务载荷包括侦 察、打击、通信等类型；另外，景业智能等企业主要在购买本体、任务载荷基础上进行二次开发以满足 特种应用需求。四足机器人本体产业链、任务载荷供应商均有望受益于军用四足机器人放量。 ...