（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（第三期）（品種二）（續發行）發行結果公告》，僅供 參閱。 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。 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 ...

Group 1 - The core point of the article is that Mindray Medical (300760.SZ), a leading Chinese medical device manufacturer, plans to conduct a secondary listing in Hong Kong, aiming to raise at least $1 billion, with Huatai Securities and JPMorgan preparing for the stock issuance [1] - Mindray Medical is recognized as a global leader in medical devices and solutions, possessing the most comprehensive product line among domestic peers, with products such as monitors, anesthesia machines, ventilators, defibrillators, blood cell analyzers, and ultrasound devices ranking in the top three in global market share [1] - The company is advancing its medical ecosystem into clinical settings, with plans to launch the Qiyuan Critical Care Model in 2024, which is expected to expand into emergency, anesthesia, imaging, and laboratory departments, applying digital intelligence across various fields including assisted diagnosis, report generation and review, clinical case studies, knowledge retrieval, and teaching research [1]

Group 1 - China-based medical device manufacturer Mindray Medical (300760.SZ) plans a secondary listing in Hong Kong, aiming to raise at least $1 billion, with Huatai Securities and JPMorgan preparing the stock issuance [1] - Mindray Medical is a leading global supplier of medical devices and solutions, boasting the most comprehensive product line among domestic peers, with products like monitors, anesthesia machines, ventilators, defibrillators, blood cell analyzers, and ultrasound systems ranking in the top three globally [1] - The company's medical ecosystem is continuously deepening in clinical applications, with plans to launch the Qiyuan Critical Care Model in 2024, which is expected to expand into emergency, anesthesia, imaging, and laboratory departments, fully integrating digital intelligence in areas such as assisted diagnosis, report generation and review, clinical case studies, knowledge retrieval, and teaching research [1]

Core Viewpoint - China-based medical device manufacturer Mindray Medical (300760.SZ) plans to conduct a secondary listing in Hong Kong, aiming to raise at least $1 billion, with Huatai Securities and JPMorgan involved in the stock issuance process [1] Company Overview - Mindray Medical is a leading global supplier of medical devices and solutions, boasting the most comprehensive product line among domestic peers, including monitors, anesthesia machines, ventilators, defibrillators, blood cell analyzers, and ultrasound devices, all ranking in the top three in global market share [1] Product Development - The company is deepening its medical ecosystem focused on critical care, with plans to launch the Qiyuan Critical Care Model in 2024, which is expected to expand into emergency, anesthesia, imaging, and laboratory departments, applying digital intelligence across various fields such as assisted diagnosis, report generation and review, clinical case studies, knowledge retrieval, and teaching research [1]

Core Viewpoint - The Chinese fund distribution market is undergoing significant reshuffling, with a pronounced "Matthew Effect" where stronger institutions continue to gain market share while weaker ones fall behind [1][12]. Market Overview - As of mid-2025, the total equity fund holding scale of the top 100 distribution institutions reached 5.14 trillion yuan, a quarter-on-quarter increase of 7.12% [1]. - The non-monetary market fund holding scale surpassed 10.21 trillion yuan, with a quarter-on-quarter growth of 7.86% [1]. - The stock index fund scale rose to 1.95 trillion yuan, marking a substantial quarter-on-quarter increase of 17.39%, becoming a key driver for overall growth [1]. Institutional Performance - Among 57 brokerage distribution institutions, a significant divergence in performance is observed, with some institutions rising strongly while others are lagging [1]. - Leading brokerages such as CITIC Securities, Huatai Securities, and Guotai Junan Securities consistently rank in the top three across equity funds, non-monetary market funds, and stock index funds [4][11]. Growth Rates - Guotai Junan Securities reported a remarkable quarter-on-quarter growth of 78.47% in equity funds, 77.15% in non-monetary market funds, and 86% in stock index funds [6][7]. - China International Capital Corporation (CICC) and CITIC Jianan Securities also demonstrated strong growth, with CICC's non-monetary market funds increasing by 61.04% and CITIC Jianan's equity funds growing by 25.9% [7][11]. Declining Institutions - Eight brokerages showed a decline across all three core indicators, indicating a worrying trend for their competitiveness [7][11]. - Dongxing Securities experienced a significant drop in non-monetary market funds by 18.99%, alongside declines in equity and stock index funds [8][9]. Structural Changes - A notable structural change in the brokerage industry is observed, where the growth rate of non-monetary market funds outpaces that of equity funds for most institutions [11]. - The concentration in the stock index fund sector remains high, with 23 securities companies having over 10 billion yuan in scale, and six exceeding 50 billion yuan [11]. Future Outlook - Analysts suggest that the ongoing public fund reforms will further strengthen the market dominance of large internet platforms and leading brokerages, while smaller firms that fail to adapt may face increased pressure [12].

Core Insights - The China Securities Investment Fund Industry Association released the Top 100 list of public fund sales and retention scale for the first half of 2025, highlighting significant market players and trends in fund distribution channels [2][3]. Fund Sales Overview - The total non-monetary fund retention scale among the Top 100 institutions reached 10.2 trillion yuan, an increase of 6.9% compared to the end of the previous year [4]. - The equity fund scale was 5.1 trillion yuan, up 5.9%, while the fixed-income fund scale also reached 5.1 trillion yuan, increasing by 8.1% [4]. Channel Analysis Bank Channel - Banks maintained their leading position in the distribution of non-monetary funds, holding a 43% share, although this was a decline of 1.2 percentage points from the previous year [6]. - The non-monetary fund retention scale for banks was led by China Merchants Bank at 1.04 trillion yuan, followed by Industrial and Commercial Bank of China at 462.4 billion yuan [8]. - The bank channel saw significant growth in index funds, with a 38.7% increase in retention scale, outpacing third-party channels (16.0%) and securities firms (9.9%) [6]. Third-Party Channel - The third-party channel accounted for 35% of the total non-monetary fund retention scale, totaling 3.56 trillion yuan, with a growth of 8.9% [9]. - Ant Fund led the third-party channel with a retention scale of 1.57 trillion yuan, growing by 7.9%, while its fixed-income funds remained the strongest segment [9][10]. Securities Firm Channel - Securities firms held a total non-monetary fund retention scale of 2.09 trillion yuan, representing 20.4% of the market, with a slight increase of 0.4 percentage points [11]. - The stock index fund retention scale among securities firms reached 1.08 trillion yuan, growing by 9.9%, although their market share declined by 2.3 percentage points [11]. Fund Performance - The stock index fund scale reached 1.95 trillion yuan, increasing by 14.6%, while active equity funds saw a modest growth of 1.2% to 3.2 trillion yuan [5]. - The performance of active equity funds lagged behind the market index, with many investors still in recovery or redemption phases [5]. Regulatory Changes - The China Securities Regulatory Commission has proposed a revision to the management regulations for public fund sales fees, indicating a potential shift in focus towards equity products and the development of ETFs [13].

Core Viewpoint - The report from Xingzheng International highlights the growth potential in wealth management and institutional services, expressing optimism about Huatai Securities (06886) leveraging technology to create long-term performance advantages. The company is projected to achieve a net profit of 138.37 billion and 154.97 billion yuan in 2025 and 2026, respectively, with an initial "Buy" rating assigned [1]. Group 1: Financial Performance - In the first half of 2025, Huatai Securities reported operating revenue and net profit attributable to shareholders of 162.19 billion and 75.49 billion yuan, reflecting year-on-year increases of 31.0% and 42.2% [1]. - For Q2, the company achieved operating revenue and net profit of 79.87 billion and 39.07 billion yuan [1]. - The weighted average ROE increased by 1.12 percentage points to 4.3%, while the operating leverage, excluding client funds, rose by 6.0% to 3.48 times compared to the beginning of the year [1]. Group 2: Revenue Breakdown - In the first half of 2025, the company generated revenue from fee-based and capital-based businesses of 59.64 billion and 97.22 billion yuan, respectively. Management expenses increased by 0.8% year-on-year to 72.62 billion yuan, with the management expense ratio decreasing by 12.63 percentage points to 45.7% [2]. Group 3: Investment Banking and Brokerage - The investment banking sector showed recovery, with net income from brokerage, investment banking, and asset management at 37.54 billion, 11.68 billion, and 8.93 billion yuan, respectively. The brokerage business benefited from increased trading activity, leading to significant growth in agency securities trading revenue [3]. - The scale of fund advisory business grew by 16.4% compared to the beginning of the year, contributing to the brokerage business strategy and cross-border collaboration. The main underwriting amount increased by 150.7% year-on-year, ranking second in the industry for IPO underwriting scale [3]. - Bond underwriting achieved a year-on-year increase of 24.3% due to the comprehensive investment banking capabilities [3]. Group 4: Interest Cost Optimization and Investment Income - In capital-based businesses, net interest income and investment income reached 20.37 billion and 76.85 billion yuan, reflecting year-on-year increases of 186.6% and 52.1%, respectively. The strong performance in interest income was driven by a decline in interest expenses due to lower costs of interest-bearing liabilities [4]. - Investment income surged by 122.2% due to gains from the disposal of trading financial assets. The company accelerated its balance sheet expansion, with financial assets increasing by 20.6% to 4,340.59 billion yuan compared to the beginning of the year [4]. - The scale of bond investments grew, leading to year-on-year increases of 19.0% and 112.0% in trading financial assets and other debt investments, respectively. Non-trading equity investments significantly increased to 7.394 billion yuan, generating approximately 148 million yuan in dividend income [4].

投行盈利修复，经纪业务延续上行 收费类业务方面，经纪、投行和资管净收入分别为37.54、11.68、8.93亿元，经纪业务受益于交投活跃 度上行带动代理买卖证券业务收入显著增长;基金投顾业务规模较年初+16.4%，共同推动经纪业务链战 略与跨境协同，主承销金额同比+150.7%，IPO主承销规模排名行业第二;债券承销则凭借全牌照优势实 现主承销金额同比+24.3%，彰显综合投行实力。资管业务积极推进大投研体系建设，华泰资管AUM同 比+23.9%，参股基金公司南方基金、华泰柏瑞公募业务管理资产规分别较年初+4.9%、+5.7%，稳固公 募领先地位。 利息成本优化与投资端收益释放共振 资金类业务方面，利息净收入和投资收入分别为20.37、76.85亿元，同比分别+186.6%、+52.1%。利息 端表现亮眼，核心驱动在于有息负债成本回落，带动利息支出下降。投资端则受益于处置交易性金融资 产带来的收益释放，推动投资收益同比大增+122.2%。2025上半年，公司加快扩表节奏，金融资产较年 初增+20.6%至4,340.59亿元;其中，债券投资规模增长推动交易性金融资产及其他债权投资规模同比分别 +19.0%、11 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 关于景顺长城创业板综指增强型证券投资基金 新增华泰证券为销售机构的公告 为更好地满足广大投资者的理财需求，根据景顺长城基金管理有限公司（以下简称"本公司"）与华泰证 券股份有限公司（以下简称"华泰证券"）签署的委托销售协议，自2025年9月16日起新增委托华泰证券 销售本公司旗下景顺长城创业板综指增强型证券投资基金，具体的业务流程、业务开通情况、办理时 间、办理方式及费率优惠情况以华泰证券的安排和规定为准。现将相关事项公告如下： 一、适用基金 ■ 二、销售机构信息 销售机构名称：华泰证券股份有限公司 注册地址：江苏省南京市江东中路228号 办公地址：南京市建邺区江东中路228号华泰证券广场 法定代表人：张伟 联系人：李昭璇 客户服务电话：95597 网址：www.htsc.com.cn 三、相关业务说明 1、申购赎回等业务仅适用于处于正常申购期及处于特定开放日和开放时间的基金。基金封闭期、募集 期等特殊期间的有关规定详见对应基金的《基金合同》、《招募说明书》、《产品资料概要》等相关法 律文件及本公司发布的最新业务公告。 2、"定期定额投资业务"是基金申购业务的 ...

Group 1 - The latest ranking of fund distribution by securities firms shows a significant concentration effect, with 57 firms entering the top 100, indicating a strong trend of dominance among leading firms [1][2] - The top three firms in fund distribution are CITIC Securities, Huatai Securities, and Guotai Junan, reflecting the consolidation effect in the industry [1][2] - The top ten institutions account for nearly 59% of the total equity fund holdings among the top 100, highlighting the increasing concentration in the fund distribution market [1][2] Group 2 - Since August, Hong Kong-themed ETFs have attracted over 100 billion yuan in net subscriptions, indicating increased investor confidence in the Hong Kong market [3][4] - The technology and innovative pharmaceutical sectors are particularly favored, with significant net inflows into related ETFs, which may enhance the valuation levels of associated companies [3][4] - The large-scale inflow into Hong Kong ETFs is expected to boost market sentiment and inject new vitality into the Hong Kong stock market [3][4] Group 3 - Huatai-PB's Hong Kong subsidiary has received regulatory approval for multiple licenses, marking a significant step in its international expansion [4] - This approval is expected to enhance the company's global asset allocation capabilities and strengthen its competitiveness in international markets [4] - The development may encourage other public funds to accelerate their internationalization efforts, positively impacting the financial sector's openness [4] Group 4 - Southwest Securities announced that its subsidiary, Xizheng International Securities, will lose its listing status due to failure to meet resumption guidelines [5][6] - Although this subsidiary's scale is small and has a low impact on the overall operations of the company, it reflects challenges faced by smaller securities firms in overseas operations [5][6] - The company is proactively planning a transformation of its overseas business, indicating a strategic adjustment in response to market conditions [5][6]