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次 级债券(第三期)期限为5年。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2.24%。 ...

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。 （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2025年面向 專業投資者公開發行次級債券（第三期）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：6 ...

格隆汇9月18日丨华泰证券(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公司债券(第 六期)(以下简称"本期债券")分为两个品种，其中品种一期限为2年，品种二期限为3年。本期债券引入品 种间回拨选择权，回拨比例不受限制，公司将根据本期债券发行申购情况，在发行规模总额内，决定是 否行使品种间回拨选择权。各品种的最终发行金额合计不超过80亿元(含80亿元)。本期债券发行价格为 每张100元，采取面向专业机构投资者公开发行的方式发行。本期债券发行工作已于2025年9月18日结 束。 本期债券最终品种一发行规模为40亿元，票面利率为1.91%，认购倍数为2.55倍；品种二实际未发行。 ...

华泰证券(06886)公布，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(第六期)发行工 作已于2025年9月18日结束。本期债券最终品种一发行规模为40亿元，票面利率为1.91%，认购倍数为 2.55倍;品种二实际未发行。 ...

智通财经APP讯，华泰证券(06886)公布，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(第六期)发行工作已于 2025年 9月 18日结束。本期债券最终品种一发行规模为 40 亿元，票面利率 为 1.91%，认购倍数为 2.55 倍;品种二实际未发行。 ...

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。 （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2025年面向 專業投資者公開發行公司債券（第六期）發行結果公告》，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：6 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1] Core Viewpoints - The non-bank financial industry has shown significant performance over the past year, with a focus on the growth of equity and fund distribution [2][4] - The recent release of the "Classification Evaluation Regulations for Futures Companies" by the CSRC aims to enhance regulatory effectiveness and promote risk management within the industry [4][11] - The report highlights the growth in the scale of equity product distribution, with significant increases in various fund categories compared to the end of 2024 [5][12] Summary by Relevant Sections Investment Suggestions - The report emphasizes the importance of the newly released regulations for futures companies, which include improvements in the scoring mechanism and the optimization of the evaluation system to enhance service to the real economy [11][25] Market Review - The major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.52% and the CSI 300 Index by 1.38% during the week [13] - The non-bank financial index saw a slight increase of 0.28%, ranking 24th among 31 primary industries [13] Key Industry Data Tracking 1) Market Performance and Scale - The total trading volume in A-shares reached 11.63 trillion yuan, with an average daily trading volume of 2.33 trillion yuan, reflecting a decrease of 10.63% compared to the previous period [13][18] 2) Credit Business - As of September 12, the market had 3,017.37 billion shares pledged, accounting for 3.69% of the total equity, with a margin balance of 2.34 trillion yuan, showing a 2.33% increase [18] 3) Fund Issuance - In August 2025, new fund issuance reached 1,020.22 billion units, with a notable increase in equity fund issuance [18] 4) Investment Banking Business - The equity underwriting scale in August 2025 was 234.77 billion yuan, with IPOs amounting to 40.93 billion yuan [18] 5) Bond Market - The total price index of bonds has decreased by 1.94% since the beginning of the year, with the 10-year government bond yield rising by 25.93 basis points [18] Regulatory Policies and Industry Dynamics - The report discusses the CSRC's new regulations for futures companies, which aim to refine risk management and enhance the overall competitiveness of the industry [4][25] Key Announcements from Listed Companies - Notable transactions include the completion of the acquisition of Guorong Securities by Western Securities and the establishment of a new investment partnership by Zhongyuan Securities [27]

Core Viewpoint - AI is reshaping Baidu's long-term narrative, with the company being one of the few domestic internet firms possessing self-developed chip capabilities, AI infrastructure services, and various AI application scenarios [1] Group 1: Business Assets - Baidu has several significantly undervalued business assets within its ecosystem, including autonomous driving, self-developed Kunlun chips, and AI-enabled software applications like Baidu Wenku and Baidu Wangpan [1] - The report maintains a "Buy" rating for Baidu, raising the target price from 88 HKD to 236 HKD [1] Group 2: Kunlun Chip Valuation - The valuation for Baidu's Kunlun chip is set at 40.1 HKD per ordinary share, based on a projected price-to-sales ratio of 25 times for this year and a 59% equity stake in Baidu, which is slightly above the comparable company average of 22.9 times [1] - It is anticipated that by 2025, the external revenue scale of Kunlun chips will be comparable to that of another leading domestic firm, Cambricon, with Cambricon's expected revenue for 2025 being approximately 6.7 billion [1] - The valuation level for Kunlun chips is considered reasonable, reflecting a premium for being a leading player in China's domestic substitution market [1]

36氪获悉，华泰证券研报称，9月16日，商务部等9部门印发《关于扩大服务消费的若干政策措施》的通 知，提出五方面19条举措，其中关于传媒的核心内容包括：IP方面，鼓励传媒相关资源（如影视、IP、 内容平台等）与知名IP进行跨界合作，同时推动消费新业态新模式试点城市建设；内容方面，支持文 学、艺术、影视、动漫等领域精品创作，鼓励引进国外优秀体育赛事；业态方面，提升文化场馆活力， 促进体育娱乐消费，推动数字服务消费。华泰证券认为，本次文件的发布，意味着国家对文化及相关消 费产业的高度重视，促使传媒行业更加注重文化内涵的挖掘和传播，有助于从内容质量、IP变现渠道、 线下消费赋能等多维度提升行业活力。 ...

Market Overview - The three major indices in China opened lower, with the Shanghai Composite Index down 0.01%, the Shenzhen Component down 0.41%, and the ChiNext Index down 0.88% [1] - The performance of various sectors showed declines, particularly in precious metals, consumer electronics, and CPO [1] External Market - The Federal Reserve lowered interest rates by 25 basis points, leading to mixed results in the US stock market, with the Dow Jones up 0.57%, while the Nasdaq and S&P 500 saw declines of 0.33% and 0.10% respectively [3] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index increasing by 2.85%, and notable gains in companies like Baidu, NIO, and Pinduoduo [3] Industry Insights - Huatai Securities highlighted ongoing policy support for the media industry, emphasizing the importance of IP and content in enhancing offline consumption [4] - CITIC Securities expressed optimism about the bottoming out of the liquor industry, predicting that the industry's fundamentals may stabilize by Q3 2025, with significant pressures expected in the current quarter [5] - China Galaxy Securities noted that seasonal demand is expected to boost cement prices in the upcoming months, despite current oversupply issues [6] - CITIC Securities identified investment opportunities in the iodine industry, driven by increasing demand from perovskite solar cells and solid-state batteries, predicting a potential rise in iodine prices [7][8]