每经AI快讯，华泰证券表示，近期港股回调主因内外预期修正，但中期流动性宽松逻辑不改。配置上 建议寻找景气改善+低估值板块，尤其强调对科技板块的配置；短期交易围绕中报业绩展开，建议关 注：1)估值有性价比且景气改善的游戏和互联网电商龙头；2)前向12个月估值分位数略高但盈利兑现度 高，如港股创新药及非银金融。 ...

Core Viewpoint - Huatai Securities released a report indicating that the A-share market is entering a period of increased volatility due to key domestic and international events, with a focus on sectors that show potential for rebound and sustained performance [1] Market Analysis - The market experienced a contraction in trading volume due to fluctuations in the US dollar index and policy expectations, but the selling pressure is considered manageable [1] - The current profit-making effect has reverted to levels seen in mid-July, suggesting a potential stabilization in the market [1] Sector Focus - Key sectors identified for rebound potential include AI, capacity clearance, and self-controllable technologies, which are expected to show continuous improvement in performance [1] - Investment strategies should focus on sectors with high dividend yield and potential for recovery, such as white goods, storage chips, optical fiber cables, chlor-alkali, aviation equipment, intelligent driving, and robotics [1] Strategic Recommendations - The report suggests an overweight allocation in large financials, innovative pharmaceuticals, and military industries to capitalize on growth opportunities [1]

华泰证券研报称，8月1日，财政部和税务总局发布《关于国债等债券利息收入增值税政策的公告》 （《公告》），自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债 券的利息收入，恢复征收增值税，结束了此前阶段性的政策优惠。险资投资政府债，此前利息收入免征 增值税和所得税，此次对于新发政府债等债券恢复征收增值税，政府债所得税仍然免征。华泰证券估计 对新增政府债和金融债收益率的影响约为12bps，每年对整体净投资收益率影响约为2bps，影响有限。 ...

Group 1 - Recent market pullback is primarily due to the adjustment of internal and external expectations, with the Hang Seng Index experiencing a 4.5% decline from its recent peak, compared to a 2.3% decline in the CSI 300 [2][3] - The rise in US Treasury yields and the US dollar index has pressured the relative performance of Hong Kong stocks, with the dollar index surpassing the critical 100 mark [2][3] - The political bureau meeting did not exceed market's optimistic expectations, particularly regarding the cautious stance on cyclical commodities and real estate policies, leading to a cooling in related sectors [2][3] Group 2 - Despite the volatility, the mid-term allocation logic for the Hong Kong market remains unchanged, with a significant inflow of capital observed, including a net inflow of 59 billion HKD from southbound funds, the highest since April 11 [3][4] - The expectation of global liquidity remaining more inclined towards easing rather than tightening supports the Hong Kong market, despite recent dollar strength [3][4] - Recent events in the US, including unexpected job data and changes in Federal Reserve leadership, have raised questions about the credibility of US economic data and the independence of the Fed, impacting dollar stability [3][4] Group 3 - The current market's core contradiction lies in the rapid rotation of sectors, with high concentration and valuation levels in popular sectors, prompting a search for structural opportunities [4] - Strategic allocation should focus on sectors with improving sentiment and low valuations, particularly emphasizing technology stocks [4] - Tactical trading opportunities are expected to center around earnings reports, with a focus on leading gaming and e-commerce stocks that show value and improving sentiment [4]

Group 1 - The core viewpoint of the report indicates that the market is experiencing a period of adjustment due to key events both domestically and internationally, referred to as a "super week" [1] - The report highlights that the market has seen a reduction in trading volume and is currently in a phase of volatility expansion, with localized hotspots expected to remain active [1] - It notes that the current profit-making effect has reverted to levels seen in mid-July, suggesting a potential stabilization in market pressure [1]

华泰证券策略团队最新研报指出，上周进入海内外关键事件频发的"超级周"，后半周在美元指数、政策 预期扰动下，市场缩量调整，但考虑到目前赚钱效应已回调至7月中旬位置、市场抛压相对可控，短期 A股或进入波动率放大的平台期，局部热点活跃或为基准情形。结合题材容量、补涨空间、业绩持续性 分析，目前具备补涨逻辑且景气改善持续性的板块主要集中于AI、产能出清及自主可控方向。配置 上，把握赔率思维，关注白色家电等跌出股息率性价比的稳健及潜力高股息品种及Q2业绩回升且具备 补涨逻辑的方向，如存储芯片、光纤光缆、氯碱、航空装备、 智能驾驶、机器人等。战略上超配大金 融、创新药、军工。 ...

Group 1 - The core viewpoint is that market trends dictate the behavior of dominant funds, which in turn influences the structure and model of rising industries, with a historical tendency for concentrated leading industries rather than high-cut low-rotation [2] - Recent market performance has shown a gradual focus on trend-based sectors such as AI, innovative pharmaceuticals, resources, and technology innovation board [2] - The market is expected to experience a cooling period as incremental liquidity slows down, which is necessary for stable long-term growth [2] Group 2 - In July, market risk appetite continued to recover, but high-dividend sectors were dragged down by banks, leading to a mixed performance within major indices [3] - Some stable and potential high-dividend stocks have become attractive due to their current yield, indicating a gradual emergence of configuration value [3] - The focus for August is on cyclical high-dividend stocks that are expected to perform well due to improved supply-demand structures [3] Group 3 - The market is currently undergoing a short-term adjustment after a previous breakout, with a need to refocus on main lines as the market stabilizes [4] - The adjustment phase is expected to digest economic growth rate expectations and policy shifts aimed at structural adjustments [4] Group 4 - The market is anticipated to return to a volatile state in August, with potential upward movements before the September 3 military parade [5] - Key sectors to watch include AI, robotics, and advanced manufacturing, which are expected to lead the market back to a strong mid-term position [5] Group 5 - The core logic supporting the current market trend remains intact despite recent fluctuations, with several potential catalysts on the horizon [6] - Upcoming events such as the release of GPT-5 and the September 3 military parade are expected to positively influence market sentiment [6] Group 6 - The overall bullish logic driven by liquidity remains unbroken, with expectations for the market to maintain strength in August [7] - The recommended sector focus includes undervalued large-cap tech growth, innovative pharmaceuticals, and global pricing resources [7] Group 7 - The market is expected to exhibit a rotation and supplementary rise, with particular attention on machinery and electrical equipment sectors [8] - Long-term focus areas include consumption, technological independence, and high-quality dividend stocks [8] Group 8 - The likelihood of A-shares reaching new highs in August is considered high, with a potential upward trend resuming after mid-August [9][10] - The market is expected to benefit from improved free cash flow and continued inflow of external capital [10] Group 9 - The market is currently in a phase of adjustment but remains on an upward trend, with support from various technical indicators [13] - Recommended sector allocation includes a balanced approach focusing on financials and technology growth sectors [13]

非银行业周报 20250803 回调之后，积极布局非银板块 2025 年 08 月 03 日 ➢ 国债等债券利息重新开始征收增值税，预计对险企影响有限，投资端未来"免 税资产+高股息"策略或持续得到重视。2025 年 8 月 1 日，财政部发布《关于 国债等债券利息收入增值税政策的公告》（财政部 税务总局公告 2025 年第 4 号，以下简称《公告》），自 2025 年 8 月 8 日起，对在该日期之后（含当日） 新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。短期来 看，由于相关券种"新老划断"，老券有一定的溢价优势，同时公司债、信用债 等配置性价比相对提升，保险在完成预定利率下调的情况下，固收投资的压力有 所缓解，本次重征部分债券利息的增值税，我们认为对于险企固收投资收益率影 响有限。 ➢ 从险资的配置端来看，我们认为由于负债端的特性，整体投资风格"固收+" 的模式不会发生变化，但长端利率中枢下行背景下，净投资收益或持续承压，未 来股息和长股投分红对于净投资收益的贡献占比有望持续提升，鼓励保险作为中 长期资金入市的情况下，长期来看，权益配置有望持续提升，权益投资或更加重 视"绝对收益来源" ...

Core Viewpoint - Huatai Securities reported that HSBC Holdings' revenue for the first half of the year increased by 5.7% year-on-year, while pre-tax profit grew by 5.1% year-on-year, indicating a mixed performance with a 1.5 percentage point increase in growth rate compared to the first quarter and a 3.8 percentage point decline [1] Financial Performance - HSBC's revenue growth of 5.7% year-on-year and pre-tax profit growth of 5.1% year-on-year reflects strong operational performance despite some fluctuations in growth rates [1] - The board has approved a second dividend of $0.1 per share and plans to initiate a share buyback of up to $3 billion [1] Future Outlook - The company is expected to maintain strong non-interest income growth, although there is an increase in provisions [1] - Earnings per share forecasts for 2025 to 2027 are projected at $1.23, $1.28, and $1.34 respectively, remaining stable or slightly increasing compared to previous estimates [1] - The wealth management outlook for the company is considered promising, with a target price-to-book ratio of 1.25 times for 2025 and an increase in target price from HKD 98.19 to HKD 112.25 [1]

2025年8月1日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价。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，最终确定本期债券票面利率为1.63%。 格隆汇8月1日丨HTSC(06886.HK)公告，根据《华泰证券股份有限公司2025年面向专业投资者公开发行 短期公司债券(第六期)发行公告》，华泰证券股份有限公司2025年面向专业投资者公开发行短期公司债 券(第六期)(债券简称"25华泰S6")期限为7个月(212天)，票面利率询价区间为1.2%-2.2%，本期债券票面 利率由发行人和主承销商根据网下利率询价结果在利率询价区间内协商确定。 ...