证券代码：601688 证券简称：华泰证券 公告编号：临 2025-048 华泰证券股份有限公司关于间接全资子公司根据中期 票据计划进行发行并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | | 华泰国际财务有限公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | | | 亿美元 0.68 | | 担保对象 | 实际为其提供的担保余额 | | | 7.85 亿美元 | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 累计担保情况 | 对外担保逾期的累计金额（人民币亿元） | | - | | --- | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保总额（人民币亿 | | 375.94 | | 元） | | | | 对外担保总额占上市公司最近一期经审计净资产的比例（%） | | 19 ...

Group 1 - The core viewpoint of the report indicates that Lenovo Group is expected to benefit from the strong demand for AI-driven products in the second half of the year, maintaining a buy rating with a target price of 16 HKD based on a 15x FY2026E PE [1] Group 2 - Motorola's smartphone business has achieved a global breakthrough, with its foldable phone market share doubling to 28% in 2QCY25, a 14 percentage point year-over-year increase, surpassing Samsung to become the largest foldable phone manufacturer [2] - The Moto brand's smartphone revenue grew by 14.0% year-over-year, with sales exceeding market growth for eight consecutive quarters, particularly strong in emerging markets [2] - In the U.S. high-end market, the Motorola razr series is noted for being the most cost-effective foldable phone at a base price of 699 USD, driving record-high shipments [2] - The AI PC segment is experiencing rapid penetration, with a global market share of 24.6% in 2QCY25, and the market penetration rate for AI PCs has reached approximately 30% [3] - User engagement with AI applications is strong, with about 40% of users actively purchasing AI applications, indicating potential for further growth in AI application penetration [3] Group 3 - Lenovo's "China + N" global manufacturing strategy demonstrates significant advantages in the current trade environment, with over 30 manufacturing bases worldwide and 11 owned factories [4] - The company has completed a 2 billion USD zero-interest convertible bond investment with Saudi Arabia's Public Investment Fund, establishing a production base in Saudi Arabia expected to commence operations in 2026 [4] - This initiative aligns with Saudi Arabia's "Vision 2030" strategy, focusing on AI infrastructure and digital economy development [4]

Core Viewpoint - The report from Huatai Securities indicates that Lenovo Group is expected to benefit from the strong demand driven by the development of global hybrid artificial intelligence, maintaining a "Buy" rating with a target price of HKD 16, corresponding to a 15x FY2026E PE [1] Group 1: Motorola Mobile Business - Motorola's mobile business has achieved a global breakthrough, with its foldable phone market share doubling in 2QCY25, reaching 28%, an increase of 14 percentage points year-on-year, surpassing Samsung to become the largest foldable phone manufacturer globally [2] - The Moto brand's smartphone revenue grew by 14.0% year-on-year, with sales exceeding market growth for eight consecutive quarters, particularly strong in emerging markets [2] - In the U.S. high-end market, the Motorola razr series, priced at USD 699, has become the most cost-effective foldable phone, driving record-high shipments in the U.S. foldable phone market [2] Group 2: AI PC Market - The penetration rate of AI PCs is rapidly increasing, with hybrid AI solutions becoming a significant growth driver [3] - According to IDC data, Lenovo's global PC market share reached a record high of 24.6% in 2QCY25, with expectations for continued expansion of market share [3] - The current market penetration rate of AI PCs is approximately 30%, with user engagement for AI applications reaching about 40%, indicating strong potential for future growth in AI application penetration [3] Group 3: Global Supply Chain and Investment - Lenovo's "China + N" global manufacturing layout demonstrates significant advantages in the current trade environment, with over 30 manufacturing bases globally and self-owned factories in 11 countries [4] - This flexible production capability allows Lenovo to effectively respond to external uncertainties and ensure delivery efficiency through localized production in regions like Mexico and Hungary [4] - Lenovo has completed a USD 2 billion zero-interest convertible bond investment with Saudi Arabia's Public Investment Fund and is establishing a production base in Saudi Arabia, expected to commence operations in 2026, aligning with Saudi Arabia's "Vision 2030" strategy for AI infrastructure and digital economy development [4]

Group 1 - The core viewpoint of the report indicates that industries experiencing a bottoming out or recovery in prosperity are increasing, particularly driven by the AI industry cycle [1] Group 2 - Key industries benefiting from the AI cycle include communication equipment, storage, software, and gaming [1] - Industries benefiting from "anti-involution" policies or having their own price increase logic include coal, non-ferrous metals, certain chemical products (soda/agribusiness), steel, and new energy [1] - Industries with independent and sustainable prosperity cycles include general equipment, aerospace equipment, pharmaceuticals, and insurance [1] - Some cyclical products such as construction machinery and consumer goods are also showing signs of stabilization and recovery [1] Group 3 - Investment recommendations focus on sectors such as AI, pharmaceuticals, "anti-involution," and large financials, with a strategy of high cutting and low positioning [1] - Left-side layout benefits from the appreciation of the RMB, improved fundamentals, and relatively low valuations and chips in sectors like consumption and electric new energy [1] - Suggested areas of focus include innovative drugs, storage, software, non-ferrous metals, chemicals, construction machinery, insurance, and battery/photovoltaics [1]

华泰证券研报表示，回顾公用环保公司2025年中报情况，电力行业中火电受益于煤价下行，多数样本公 司度电净利同比提升。迎峰度夏期间，火电利用小时同比增速有望较二季度改善，看好火电三季度发电 量同比增速环比修复带来盈利能力提升；水电受来水影响业绩分化较明显；绿电业绩低于预期，主要是 二季度限电率提升、电价下行等多因素所致，但部分公司自由现金流同比改善，三季度业绩主要看风/ 光资源情况及补贴回款节奏；核电审批加快，在建项目投产有望为核电龙头贡献利润增量。天然气供需 相对宽松，燃气盈利承压，期待居民顺价推动毛差继续修复。环保公司自由现金流或继续改善。 ...

人民财讯9月9日电，华泰证券研报称，9月5日，证监会发布《公开募集证券投资基金销售费用管理规定 （征求意见稿）》，是继管理费、交易费改革之后的第三阶段改革。核心内容包括合理调降认购费/申 购费、销售服务费率水平，优化赎回安排，部分持有期限超过1年的不再计提销售服务费，设置差异化 的尾随佣金支付比例上限，建立基金直销服务平台。新规有望引导销售机构由赚取"流量"向赚取"保 有"转变，引导投资者长期持有基金。以近三年平均数据测算，销售费用改革每年整体降费约300亿元， 降幅约为34%（据中国基金报），有助于切实完善公募基金行业生态。 ...

格隆汇9月8日丨华泰证券(06886.HK)公告，华泰证券股份有限公司(以下简称"发行人")面向专业投资者 公开发行总额不超过人民币200亿元(含200亿元)的次级公司债券已于2024年7月31日获中国证券监督管 理委员会出具的《关于同意华泰证券股份有限公司向专业投资者公开发行次级公司债券注册的批复》 (证监许可〔2024〕1109号)。 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次级债券(第二期)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次级债券(第二期)(债券简称"25华泰C2")期限为5年，票面 利率询价区间为1.5%-2.5%。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。 2025年9月8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2.19%。 ...

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(第二期)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2.19%。 ...

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(第二期)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2.19%。 ...

2025年9月8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2.19%。 格隆汇9月8日丨华泰证券(06886.HK)公告，华泰证券股份有限公司(以下简称"发行人")面向专业投资者 公开发行总额不超过人民币200亿元(含200亿元)的次级公司债券已于2024年7月31日获中国证券监督管 理委员会出具的《关于同意华泰证券股份有限公司向专业投资者公开发行次级公司债券注册的批复》 (证监许可〔2024〕1109号)。 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次级债券(第二期)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次级债券(第二期)(债券简称"25华泰C2")期限为5年，票面 利率询价区间为1.5%-2.5%。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。 ...