人民财讯1月12日电，华泰证券展望2026，认为"出海"与"科技"均是市场的重要主线，而半导体洁净室 出海企业兼具双重优势，WSTS预计2026年全球半导体市场规模或冲击万亿美元大关(同比+25%)，其背 后或是全球科技巨头积极的资本投入。洁净室工程服务作为场务基础设施，新签订单率先迎来景气提 升。一方面，由于AI芯片对于工艺精度的极致要求，催生了更高规格的洁净室需求，使得先进制程单 位产能资本支出提升至成熟制程的约3～4倍；另一方面，成熟的洁净室专业工程师需时间培育项目现场 经验，海外地区人力扩张较慢，而大陆相关企业参与境外高端洁净室建设短期面临一定难度，短期制约 了境外洁净室"建设力"供给增长，供不应求下，境外洁净室产业链利润率有望提升，相关出海公司或迎 来收入与盈利能力双增。 ...

人民财讯1月12日电，华泰证券指出，上周，A股延续放量上涨，突破前高，风险偏好提升驱动的春季 躁动继续演绎。展望看，华泰证券认为，强动量效应下，春季行情或仍有空间，但从行业涨跌幅标准 差、成交额占比以及杠杆资金和ETF的动向看，交易结构较为集中，部分热点板块或需消化拥挤度压 力，行情转向轮动的概率逐步上升。业绩预告窗口期将至，建议结合基本面预期，寻找高性价比方向， 聚焦外需链景气改善品种以及后续有催化且拥挤度相对低的主题，具体到行业层面，建议关注游戏、免 税、电池、工程机械、农化。中期配置思路不变，电力链上游资源品逢低吸筹。 ...

Core Viewpoint - Ping An Fund Management Co., Ltd. has signed a sales agreement with Huatai Securities Co., Ltd. to add the latter as a sales institution for its products starting from January 12, 2026 [1]. Group 1: Sales Agreement and Product Offerings - Starting from January 12, 2026, investors can open accounts, subscribe, redeem, invest regularly, and convert funds through the newly added sales institutions [2]. - The same product's different share classes cannot be converted into each other [3]. Group 2: Fee Discounts - Investors who subscribe or regularly invest through the sales institution will enjoy fee discounts, with the specifics determined by the sales institution [4]. - The company does not impose restrictions on the discount rates for subscription fees, regular investment fees, and conversion fees, which are managed by the sales institution [4]. Group 3: Important Notes on Investment - Regular investment allows investors to set up automatic deductions for fund purchases, with minimum deduction amounts specified in the prospectus and related announcements [5]. - Fund conversion allows holders to switch their shares from one fund to another managed by the same fund manager, following the rules outlined in the company's announcements [5]. Group 4: Contact Information - Investors can consult for more details through Huatai Securities Co., Ltd. at 95597 or visit their website [7]. - Additionally, inquiries can be made to Ping An Fund Management Co., Ltd. at 400-800-4800 or their website [7].

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 1月9日主力资金净流出2.1亿元，占总成交额8.09%；游资资金净流入1.54亿元，占总成交额5.96%；散 户资金净流入5511.52万元，占总成交额2.13%。 公司公告汇总 华泰证券股份有限公司公告，其境外全资子公司华泰国际金融控股有限公司的附属公司华泰国际财务有 限公司于2020年10月27日设立最高本金总额30亿美元的境外中期票据计划，由华泰国际提供担保。2026 年1月9日，华泰国际财务发行一笔0.15亿美元中期票据，由华泰国际提供无条件及不可撤销的保证担 保。本次担保金额折合人民币1.05亿元，实际为其提供的担保余额为16.20亿美元。担保对象为公司间接 全资子公司，无反担保。截至公告日，公司及控股子公司对外担保总额为人民币452.53亿元，占最近一 期经审计净资产的23.61%，均为对子公司提供的担保，无逾期担保。 截至2026年1月9日收盘，华泰证券(601688)报收于23.95元，上涨0.0%，换手率1.49%，成交量108.65万 手，成交额25.92亿元。 当 ...

Core Viewpoint - The report from Huatai Securities indicates that the A-share market continues to rise with increased trading volume, driven by heightened risk appetite, suggesting that the spring rally may have further room to grow [1] Group 1: Market Trends - The A-share market has broken through previous highs, indicating a continuation of the spring rally driven by strong momentum effects [1] - The trading structure appears concentrated, with some hot sectors needing to alleviate pressure from overcrowding, increasing the likelihood of a rotation in market trends [1] Group 2: Investment Recommendations - As the earnings forecast window approaches, it is advised to seek high cost-performance opportunities, focusing on sectors with improved external demand and relatively low crowding [1] - Specific industries recommended for attention include gaming, duty-free, batteries, engineering machinery, and agricultural chemicals [1] Group 3: Mid-term Strategy - The mid-term allocation strategy remains unchanged, with a recommendation to accumulate upstream resource products in the power supply chain during price dips [1]

Core Insights - The internationalization process of Chinese securities firms is accelerating, with a focus on capital raising and expansion into overseas markets [2][3] - Multiple factors, including policy support, market opportunities, and competitive pressures, are driving the trend of Chinese securities firms increasing their capital in Hong Kong subsidiaries [3][4] Group 1: Capital Raising and Expansion - Guangfa Securities plans to raise approximately HKD 61.1 billion through a combination of H-share placement and convertible bonds to support its international business expansion [2] - Since 2025, at least five securities firms have announced capital increase plans for their Hong Kong subsidiaries, with a total proposed capital increase amount nearing HKD 200 billion [3] - The Hong Kong market is becoming a preferred platform for A-share leading companies to establish international capital platforms and for Chinese concept stocks to return [4] Group 2: Business Focus Areas - Chinese securities firms are focusing on three main areas for overseas business: cross-border financing, wealth management, and asset management [4] - The wealth management sector is experiencing rapid growth due to the increasing demand from high-net-worth individuals [4] - Breakthroughs in sectors such as large models, low-altitude economy, innovative pharmaceuticals, and brain-machine interfaces are reshaping the investment logic for Chinese assets, creating opportunities for qualified foreign institutional investors (QFII) [4] Group 3: Competitive Landscape - A "layered competition" and "differentiated development" trend is expected in the overseas business landscape of securities firms over the next 3 to 5 years [6][7] - Leading firms like CICC, CITIC, and Huatai are forming oligopolies in large-scale A+H listings and cross-border mergers, with the top three firms expected to capture over 70% of the market share [6] - Mid-sized firms are focusing on niche sectors such as renewable energy and healthcare, or deepening their presence in emerging markets like Southeast Asia and the Middle East [6][7]

华泰证券研报称，12月CPI同比较11月的0.7%进一步回升至0.8%，全年CPI同比较24年的0.2%略回落至 0%。12月食品价格延续改善，核心CPI环比回升至0.2%、同比持平于11月的1.2%，金饰在内的工业消 费品持续对核心CPI同比形成支撑。1月高频指标显示工业品价格呈现加速上涨，可能受供给侧约束、 信贷投放及财政支出"开门红"预期的提振。元旦假期出游人次同比大幅增长且半径扩大，亦有望对服务 业价格形成提振，整体价格回升的持续性仍需关注今年一季度财政扩张力度实际效果。此外，2026年以 旧换新政策对消费品的补贴支持延续、且范围有所优化，不排除服务消费有望得到额外支持，对需求侧 形成托举。 ...

Core Viewpoint - The report from Huatai Securities indicates that the U.S. added 50,000 non-farm jobs in December, falling short of Bloomberg's consensus estimate of 70,000, with a downward revision of 76,000 for October and November combined [1] Employment Data - The unemployment rate has decreased, but the significant downward revision in the previous two months has caused the three-month average of private sector non-farm job additions to drop to a low of 29,000 [1] - The employment diffusion index showed a decline in December compared to November, indicating a concentration of job growth in a few sectors [1] Future Outlook - The employment market is expected to gradually improve, with a focus on the "temperature difference" between economic growth and employment [1] - The Federal Reserve is anticipated to pause interest rate cuts from January to May, with potential cuts of 1-2 times after the new Fed chair takes office [1] - Despite the weak employment data, there has not been further deterioration, leading to the expectation that the Fed will hold off on rate cuts in January while monitoring subsequent data [1]

Group 1 - The Hong Kong IPO market has significantly rebounded in 2025, with 99 companies listed by December 12, raising over 250 billion HKD, accounting for 67% of the total fundraising for Chinese stocks, marking a 10-year high [1][18][20] - The IPO success rate in Hong Kong reached 73% in 2025, with an apparent return rate of 34%, both significantly higher than previous years, although the average one-hand winning rate dropped to 20%, the lowest in nearly a decade [1][20][22] - Looking ahead to 2026, the IPO financing in Hong Kong is expected to remain active, with 314 listing applications currently in processing, and the Hang Seng Index having increased by over 30% in 2025, which historically correlates with a more than 30% explanation of the following year's IPO activity [1][23][28] Group 2 - Key characteristics of the Hong Kong IPO market include a low listing rate of 37% since 2016 despite the registration system, no market capitalization requirements for IPO participation, and a significantly higher winning rate compared to A-shares [2][41][45] - The relationship between primary market financing and secondary market performance is weakly positive, driven by common factors such as a weak US dollar and low Hibor rates, with IPO financing typically representing a small proportion of market capitalization and trading volume, limiting the "liquidity extraction effect" [2][8][72] - Historical data shows that large IPOs tend to have a 56% probability of strengthening the Hang Seng Index post-listing, with consumer discretionary and technology sector IPOs providing some uplift to their respective sectors [9][77][79] Group 3 - A multi-dimensional screening model for selecting IPOs can enhance returns, with a scoring system based on market sentiment, company fundamentals, and issuance characteristics, indicating that selecting stocks with scores above 2.5 can improve returns by approximately 15 percentage points [10][31][41] - The performance of IPOs varies significantly across sectors, with consumer goods, non-ferrous metals, and pharmaceuticals showing strong performance, while sectors like home appliances and oil and petrochemicals lag behind [10][49]

Core Insights - The report maintains a positive outlook on the securities industry, highlighting a phase of profit growth, structural evolution, and valuation recovery for 2026 [1] Industry Performance Overview - The overall industry performance is expected to see significant growth in 2025, with a mismatch between valuation and performance [4] - From January to November 2025, the Securities II (Shenwan) index increased by 5.6%, underperforming the CSI 300, while the Hong Kong Chinese securities index rose by 42.7%, outperforming the Hang Seng index by 10.9 percentage points [6] - In the first three quarters of 2025, 42 listed securities firms reported a combined revenue and net profit increase of 43% and 62% year-on-year, respectively, with an annualized ROE increase of 2.5 percentage points to 7.3% [6] Business Review and Outlook - **Brokerage Business**: The brokerage business is expected to benefit from increased trading volumes, with significant revenue growth anticipated in 2025. However, a decline in commission rates may limit profitability in traditional channel businesses [8] - **Proprietary Trading**: The contribution of proprietary trading to industry performance has significantly increased, with differentiation among firms based on investment capabilities and equity positions. Leading firms are expected to see stable returns, while smaller firms may experience higher volatility [9] - **Asset Management**: The asset management sector is entering a recovery phase driven by public fund transformation, with expected revenue growth of 33% year-on-year in 2026 [10] - **Investment Banking**: The investment banking sector is anticipated to enter a recovery cycle in 2026, supported by improved market conditions and policy incentives [10] Investment Themes for 2026 - The securities sector is positioned as a cost-effective investment opportunity due to its low valuation and performance recovery phase. Key factors include a clear trend of asset allocation towards equities, a recovery in multiple business lines, and supportive policies [12] - Recommended focus on leading securities firms with stable ROE, such as CITIC Securities, Huatai Securities, and GF Securities, which are expected to achieve ROE of 10.1%, 9.4%, and 9.4% in 2026, respectively [12] - Attention should also be given to firms with distinctive asset management and investment banking capabilities, such as Industrial Securities and China International Capital Corporation, which are well-positioned to benefit from ongoing market trends [12] Policy Environment - The report outlines a clear policy direction for the securities industry, emphasizing a shift from scale expansion to functional positioning and high-quality development. This includes a focus on value competition and the optimization of risk control indicators for leading firms [30][32] - The regulatory framework is evolving to support differentiated capabilities and strategic positioning among firms, with an emphasis on enhancing professional services and internationalization [32][34]