（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） 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。 （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2024年面向 專業投資者公開發行短期公司債券（第四期）2025年本息兌付及摘牌公告》，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 ...

Core Viewpoint - Huatai Securities reports that JD Health's total revenue for the first half of this year reached 35.29 billion yuan, representing a year-on-year increase of 24.5%, exceeding the market consensus growth expectation of 20.2% [1] Group 1: Revenue and Growth - JD Health's revenue growth is attributed to the rapid increase in traffic from JD's main platform, with daily active users (DAU) of the JD app growing by 44.8%, 33.4%, and 46.4% year-on-year from May to July 2025 according to QuestMobile [1] - The company is expected to benefit from increased advertising demand from upstream partners while enhancing its omnichannel medical service capabilities (B2C + O2O) to retain new users [1] Group 2: Profit Forecast and Valuation - Huatai Securities has raised JD Health's non-International Financial Reporting Standards (Non-IFRS) net profit forecasts for 2025 to 2027 by 26.1%, 32.5%, and 38.8%, projecting profits of 5.57 billion, 6.21 billion, and 6.9 billion yuan respectively [1] - The target price for JD Health has been adjusted from 42.1 HKD to 67.1 HKD, with a target Non-IFRS price-to-earnings ratio of 35 times for 2025, maintaining a "buy" rating [1]

Group 1 - The core viewpoint of the report indicates that SeaLand International's revenue increased by 28% year-on-year to $1.66 billion, and net profit attributable to shareholders rose by 79.7% to $630 million, exceeding the forecast of $600 million [1] - The significant growth in profitability is attributed to tariff disruptions and a substantial rise in container shipping rates in Southeast Asia [1] - The report maintains a positive outlook on the restructuring of the industry, which is expected to drive cargo growth within the Asian region, alongside a tightening supply of small and medium-sized container ships [1] Group 2 - Despite short-term fluctuations in shipping rates due to tariffs, geopolitical events, and seasonal factors, the supply-demand structure in the Asian container market is improving [1] - The report anticipates a significant increase in the price level compared to the 2010-2019 cycle [1] - Based on strong mid-term performance, the company has raised its net profit forecast for 2025 by 7% to $1.17 billion, while keeping the 2026 and 2027 profit forecasts unchanged [1] Group 3 - The target price for SeaLand International has been raised by 11% to HKD 31, based on a projected price-to-earnings ratio of 9.2 times for 2025, while maintaining a "Buy" rating [1]

Core Viewpoint - Haitong Securities reports that SeaLand International's revenue increased by 28% year-on-year to $1.66 billion, and net profit attributable to shareholders rose by 79.7% to $630 million, exceeding the firm's expectation of $600 million [1] Group 1: Company Performance - The significant year-on-year growth in the company's earnings is primarily driven by tariff disruptions and a substantial increase in container shipping rates in Southeast Asia [1] - The firm has raised its net profit forecast for SeaLand International for 2025 by 7% to $1.17 billion, while maintaining the profit forecasts for 2026 and 2027 [1] Group 2: Market Outlook - The company is optimistic about the growth in cargo volume driven by industry restructuring in the Asian region, alongside a tightening supply of small and medium-sized container ships [1] - Despite short-term fluctuations in shipping rates due to tariffs, geopolitical events, and seasonal factors, the supply-demand structure in the Asian container market is improving, with a significant increase in the price level compared to the 2010-2019 cycle [1] Group 3: Investment Rating - Based on a projected price-to-earnings ratio of 9.2 times for 2025, the target price for SeaLand International has been raised by 11% to HKD 31, with a "Buy" rating maintained [1]

Core Insights - NetEase Cloud Music reported a revenue of 3.827 billion yuan for the first half of the year, representing a year-on-year decrease of 6% [1] - Adjusted net profit reached 1.946 billion yuan, showing a significant year-on-year increase of 121%, primarily due to effective cost control [1] - The company is focused on building a comprehensive and differentiated content ecosystem, with stable growth in core online music service revenue [1] Financial Performance - The profit exceeded expectations mainly due to good cost and expense management [1] - The company has completed adjustments to its product pages in the first quarter, and future revenue from social entertainment services is expected to remain relatively stable [1] - The forecast for adjusted net profit for 2025, 2026, and 2027 is set at 3.091 billion, 2.656 billion, and 2.983 billion yuan respectively, with increases of 61%, 29%, and 36% [1] Valuation and Ratings - The target price for NetEase Cloud Music has been raised from 205.47 HKD to 360.42 HKD [1] - The rating remains "Buy" [1]

Group 1 - The core viewpoint is that the A-share market has seen a significant increase in trading volume, driven by active trading funds and ample market liquidity [1] - Financial data indicates a divergence in entity credit and M1 year-on-year, with traditional industries showing overall weakness; deposit data reflects signs of resident funds entering the market, suggesting that if the stock market can create a sustained profit effect, the liquid deposits could be a potential incremental source in the future [1] - Currently, the entry of resident funds into the market is primarily through leveraging existing funds, as evidenced by the continuous increase in the activity of leveraged funds, while the number of new accounts, public fund issuance, and private fund registrations have improved but with limited slope; ETFs have seen overall net outflows in the past month, with increasing industry differentiation [1] Group 2 - Foreign and insurance capital are also potential incremental funds worth monitoring, as their activity levels have recently increased [1] - The market trend is strong, and it is recommended to maintain a relatively high position; strategic allocations should focus on AI chains, innovative pharmaceuticals, military industry, and large financial sectors, with an internal adjustment to high and low positions [1] - Within AI, attention should be paid to domestic computing power and AI applications, while in pharmaceuticals, the focus should be on externally driven CDMO [1]

Investment Rating - The report maintains a positive investment outlook for the insurance sector, particularly highlighting undervalued insurance stocks as potential investment opportunities [4][38]. Core Insights - The report emphasizes the recent strategic acquisitions by Ping An in China Pacific Insurance and China Life, indicating a potential revaluation of undervalued insurance stocks due to increased institutional investment [1][2]. - It notes that the downward trend in long-term interest rates and the pressure on bond yields necessitate insurance companies to diversify into "quasi-fixed income" assets, enhancing stable income sources [2]. - The report highlights the robust performance of brokerage firms, with significant growth in brokerage and credit business revenues, indicating a recovery in the capital markets [3]. Summary by Sections Market Review - The report indicates a general increase in major indices, with the Shanghai Composite Index rising by 1.70% and the Shenzhen Component Index by 4.55% during the week [9]. - The non-bank financial sector saw a significant uptick, with the non-bank financial index increasing by 6.48% [9]. Securities Sector - Brokerage business saw a total trading volume of 12.09 trillion yuan, with a daily average of 2.02 trillion yuan, reflecting a 21.39% increase week-on-week [17]. - The report notes a substantial increase in IPO underwriting, with a cumulative scale of 592.44 billion yuan for the year [17]. Insurance Sector - The report highlights the low price-to-book (PB) ratios of China Pacific Insurance and China Life at 1.25x and 1.21x, respectively, suggesting potential for value reappraisal [1]. - It emphasizes the importance of insurance companies in the long-term investment landscape, particularly as they adapt to changing interest rates and market conditions [2]. Investment Recommendations - The report suggests focusing on key insurance companies such as Sunshine Insurance, China Pacific Insurance, New China Life, Ping An, China Life, and China Property & Casualty [4][39]. - In the securities sector, it recommends attention to leading brokerage firms like CITIC Securities, Huatai Securities, Guotai Junan, and GF Securities [4][39].

Core Viewpoint - Huatai Securities reported that Nexperia's revenue for the first half of the year was $2.24 billion, representing a year-on-year growth of 6.7%, while net profit was approximately $63 million, showing a significant year-on-year increase of 269% [1] Financial Performance - Revenue for the first half of the year reached $2.24 billion, with a year-on-year growth of 6.7% [1] - Net profit was around $63 million, reflecting a year-on-year increase of 269% [1] - EBITDA was approximately $230 million, with a year-on-year growth of 16.8% [1] - EBITDA margin improved by 0.9 percentage points year-on-year to 10.3% [1] Factors Driving Performance - The increase in profit margins may be attributed to a higher proportion of business from the Asia-Pacific region, which optimized the profit structure [1] - Improved operational efficiency in the EMEASA region contributed to the overall performance [1] - The scale effect from increased output of new projects also played a role in enhancing profitability [1] Future Outlook - The company is expected to continue its profitability recovery as the capacity utilization rate of its Chinese factory increases [1] - The completion of capacity transfer to Mexico and steady progress in cost reduction plans are anticipated to further support profitability [1] - Profit forecasts for net income from 2025 to 2027 are projected at $120 million, $180 million, and $220 million, respectively, corresponding to earnings per share of $0.05, $0.07, and $0.09 [1] Target Price Adjustment - The target price has been raised from HKD 6.6 to HKD 7.77, maintaining a "Buy" rating [1]

Core Viewpoint - Huatai Securities reports that Tencent Holdings' revenue for the second quarter increased by 14.5% year-on-year, driven by growth in various business segments [1] Revenue Growth - Tencent's revenue growth is attributed to the following segments: - Value-added services grew by 16% - Advertising revenue increased by 20% - Financial technology revenue rose by 10% - Corresponding gross profit margins improved by 3.4, 1.9, and 4.5 percentage points respectively [1] Long-term Outlook - Tencent is positioned as a leading developer in the shooting game sector, with expectations for dual growth from players and commercialization due to rapid domestic penetration - Notable game releases include "Delta Action" in July and the upcoming mobile version of "Valorant" on August 19 - Future game reserves include several important shooting and open-world games [1] Revenue Forecast Adjustments - Huatai Securities has raised Tencent's revenue forecasts for 2025, 2026, and 2027 by 2.7%, 4.7%, and 4.8% respectively - The primary driver for this adjustment is the continued expansion of WeChat stores, which is expected to boost advertising and financial technology growth - The company is also anticipated to benefit from ongoing developments in AI products [1] Target Price and Valuation - Based on a sum-of-the-parts (SOTP) valuation, Huatai Securities has increased Tencent's target price from 614.34 HKD to 742.19 HKD - This new target price corresponds to a 2025 price-to-earnings (PE) ratio of 24.3 times, up from the previous 19.9 times - The rating remains "Buy" [1]

Core Viewpoint - The report from Huatai Securities indicates that while external demand uncertainty is decreasing due to the reduction of U.S. tariff policy disruptions, the impact of a potential slowdown in global trade activities after the "export grabbing" trend subsides still needs to be observed [1] Group 1: Economic Indicators - From January to June, the broad fiscal expenditure, including general public budgets and government funds, increased by 8.9% year-on-year, a significant improvement compared to a decline of 2.8% in the same period last year, contributing positively to economic growth in the first half of the year [1] - The implementation of "reciprocal tariffs" in early August may significantly raise the U.S. weighted average import tariff level, introducing uncertainty to external demand trends [1] Group 2: Policy Implications - Continuous effective fiscal policy is crucial for stabilizing domestic demand and confidence [1] - The need for timely reinforcement of domestic fiscal measures after initial efforts, as well as the effectiveness of new policy financial tools in boosting investment, are areas of concern [1]