每经AI快讯，9月29日，港股中资券商股早盘回暖，截至发稿，华泰证券(06886.HK)涨5.71%，报19.63 港元；招商证券(06099.HK)涨5.56%，报16.53港元；广发证券(01776.HK)涨4.97%，报18.81港元；中信 证券(06030.HK)涨5.08%，报28.52港元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

Core Viewpoint - Chinese brokerage stocks showed a rebound in early trading, with significant gains observed across major firms, indicating a positive market sentiment and potential growth in the sector [1] Group 1: Stock Performance - Huatai Securities (601688) rose by 5.71%, reaching HKD 19.63 [1] - China Merchants Securities (600999) increased by 5.56%, reaching HKD 16.53 [1] - GF Securities (000776) saw a rise of 4.97%, reaching HKD 18.81 [1] - CITIC Securities (600030) gained 5.08%, reaching HKD 28.52 [1] Group 2: Market Forecast - Huaxi Securities reported that by Q3 2025, 45 listed brokerages are expected to achieve adjusted revenue of CNY 158.1 billion in a single quarter, representing a year-on-year increase of 50% and a quarter-on-quarter increase of 21% [1] - For the first three quarters of 2025, these brokerages are projected to realize adjusted operating income of CNY 398.7 billion, reflecting a year-on-year increase of 44% [1] Group 3: Business Outlook - Kaiyuan Securities noted a significant increase in trading activity and margin financing scale in Q3, suggesting that the year-on-year growth rate of brokerage earnings in the quarterly report is likely to expand further [1] - Looking ahead, improvements are expected in investment banking, derivatives, and public fund businesses, with leading brokerages' overseas operations and organic growth driving return on equity (ROE) expansion [1] - The brokerage sector remains undervalued, with institutional underallocation, presenting strategic allocation opportunities, particularly with upcoming quarterly reports and policy events as catalysts [1]

Core Viewpoint - Huatai Securities has shown a positive stock performance with a year-to-date increase of 17.25% and a recent net inflow of funds, indicating investor confidence in the company [1][2]. Group 1: Stock Performance - On September 29, Huatai Securities' stock rose by 2.02%, reaching 20.19 CNY per share, with a trading volume of 640 million CNY and a turnover rate of 0.44%, resulting in a total market capitalization of 182.25 billion CNY [1]. - The stock has experienced a 1.51% increase over the last five trading days, a 5.43% decrease over the last 20 days, and a 14.65% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Huatai Securities reported a net profit attributable to shareholders of 7.55 billion CNY, reflecting a year-on-year growth of 42.16% [2]. - The company has distributed a total of 41.54 billion CNY in dividends since its A-share listing, with 12.64 billion CNY distributed over the past three years [2]. Group 3: Shareholder and Ownership Structure - As of June 30, 2025, the number of shareholders for Huatai Securities was 210,100, a decrease of 6.11% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 550 million shares, an increase of approximately 20.40 million shares from the previous period [2]. Group 4: Business Segments - Huatai Securities' main business segments include wealth management (43.24%), institutional services (19.75%), international business (14.23%), investment management (11.89%), and other services (10.89%) [1].

华西证券发布研报称，2025年三季度证券市场各项指标逐渐清晰。预计45家上市券商在2025Q3单季度 实现调整后营收1581亿元，同比增加50%，环比增加21%。2025年前三季度，预计45家上市券商实现调 整后营业收入3987亿元，同比增加44%。 开源证券则表示，三季度交易活跃度和两融规模提升明显，叠加低基数，券商三季报业绩同比增速有望 进一步扩大；向后展望，投行、衍生品和公募业务等业务有望接续改善，头部券商海外业务崛起和内生 增长导向有望驱动本轮头部券商ROE扩张，板块估值仍在低位，机构欠配明显，继续看好券商板块战略 性配置机会，关注三季报和政策事件催化。 智通财经APP获悉，中资券商股早盘回暖，截至发稿，华泰证券(06886)涨5.71%，报19.63港元；招商证 券(06099)涨5.56%，报16.53港元；广发证券(01776)涨4.97%，报18.81港元；中信证券(06030)涨5.08%， 报28.52港元。 ...

人民财讯9月29日电，华泰证券研报认为，节前避险需求下，市场或偏向震荡，投资者可小幅调整仓 位，向低位板块做切换，具体来看：1)资金对具备产业趋势催化的板块关注度仍较高，可在主线内部做 低位切换，关注国产算力、港股科技等AI方向，埋伏具备事件催化(10月13日世界聚变大会、11月初特 斯拉股东大会)的核聚变、机器人主题；2)"反内卷"与产能拐点仍是中期视角下的配置重点，关注基本 面改善有迹象，估值和筹码性价比相对高的化工及电池的吸筹机会；3)适度左侧布局大众消费，自下而 上选股是当前重点。 ...

Core Insights - The report from Huatai Securities highlights the historical calendar effect on the A-share market during the National Day holiday, indicating a tendency for market adjustments before the holiday and a rebound on the last trading day before the holiday [1] Group 1: Market Performance - A-shares typically face adjustments in the ten days leading up to the holiday, with a slight rebound on the last trading day, but the overall market remains weak [1] - The average increase in the five trading days following the holiday shows a higher average gain and win rate, with small-cap stocks outperforming large-cap stocks [1] Group 2: Trading Volume - Due to overseas uncertainties, investors tend to reduce their positions before the holiday, leading to an average trading volume decrease of 35% in the ten days prior to the holiday [1] - In contrast, the five trading days after the holiday see a significant increase in trading volume, indicating a stronger willingness among investors to enter the market [1] Group 3: Investment Style and Sector Performance - Defensive investment styles are expected to yield excess returns before the holiday due to stable income expectations [1] - Following the holiday, as uncertainties diminish, sectors such as growth and post-cycle real estate (including automotive and home appliances) are anticipated to exhibit higher elasticity [1]

华泰证券研报表示，近期A股市场进入上行平台期，结合日历效应来看，节前投资者情绪或以避险为 主，但考虑到资金正反馈仍在持续、基本面改善仍在蓄势，市场或偏向缩量震荡。节后，宏观不确定性 减弱，投资者交投意愿存在回暖动力，市场进入政策及业绩布局的窗口期。配置上，考虑到上周TMT 板块成交额占比回升、季末资金存在风格调整需求，建议投资者小幅调整仓位，关注主线低位板块，如 港股科技、国产算力、机器人，"反内卷"中化工、电池及大众消费龙头。 ...

Core Viewpoint - The A-share market has entered an upward platform period, with investor sentiment leaning towards risk aversion before the holiday, but a potential recovery in trading willingness post-holiday due to reduced macro uncertainties [1] Market Analysis - The market is expected to experience a period of low-volume fluctuations as the positive feedback from capital continues and the fundamentals improve [1] - After the holiday, there is a window for policy and performance layout as investor trading willingness is likely to recover [1] Investment Strategy - Investors are advised to make slight adjustments to their positions, focusing on low-position sectors such as Hong Kong technology, domestic computing power, and robotics [1] - The report highlights the importance of sectors benefiting from "anti-involution," including chemicals, batteries, and leading consumer goods companies [1]

华泰证券研报表示，7/8月全国火电发电量同比增长，考虑迎峰度夏对火电利用小时的提振，主要火电 公司2025年第三季度度电净利或有望继续提升。7/8月全国水电发电量同比下滑，不同流域存在分化； 核电机组稳健运行；1-8月装机增长支撑绿电运营商电量同比提升；7月全国天然气表观消费量同比提 升。展望2025年第四季度，火电关注电价vs煤价剪刀差；水电盈利主要取决于来水及汛期蓄水情况；绿 电关注机制电价细则和国补确权进展；燃气关注天然气需求是否改善；环保公司主要关注现金流、水价 调整、绿色和智慧潜能释放空间。 （文章来源：第一财经） ...

Core Viewpoint - The surge in bond issuance by securities firms in China reflects a strong demand for capital, driven by increased market activity, expansion of capital-intensive businesses, and favorable financing conditions in a low-interest-rate environment [1][4]. Group 1: Bond Issuance Scale - As of September 28, 2023, the total bond issuance by securities firms has exceeded 1.18 trillion yuan, marking an 83.27% year-on-year increase, with 616 bonds issued compared to 366 in the same period last year [2]. - Monthly issuance saw a significant increase, with July reaching 142.99 billion yuan and August further rising to 275.5 billion yuan, setting new records for both volume and scale [2]. - Leading firms dominate the issuance, with seven firms surpassing 50 billion yuan in bond issuance, including China Galaxy, which issued over 100 billion yuan [2]. Group 2: Use of Funds - The bond issuance is characterized by a diverse allocation of funds, including debt repayment, liquidity support, and targeted investments, particularly in margin trading and derivatives [3]. - A significant portion of the funds is used for refinancing high-interest debt, optimizing debt structures, and enhancing operational capital for business expansion [3]. Group 3: Factors Driving Demand - The increase in bond issuance is attributed to multiple factors, including a strong A-share market, lower financing costs, and a supportive regulatory environment [4]. - The A-share market's performance, particularly the Shanghai Composite Index surpassing key thresholds, has led to a surge in trading activity, boosting demand for capital [4]. Group 4: Issuance Costs - The average interest rates for bond issuance have decreased compared to the previous year, with company bonds averaging 1.89%, subordinate bonds at 2.25%, and short-term financing bonds at 1.77% [5]. - Debt financing is favored over equity financing due to its larger funding capacity, lower costs in the current environment, and flexibility in meeting different business funding cycles without diluting equity [5]. Group 5: Future Outlook - The demand for capital among securities firms is expected to remain strong, with projections indicating continued high bond issuance in the fourth quarter [6]. - Leading firms are likely to strengthen their competitive positions due to capital and cost advantages, potentially intensifying the "Matthew Effect" in the industry [6].