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2023年面向 專業投資者公開發行永續次級債券（第一期）2025年付息公告》，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 ...

智通财经APP讯，华泰证券(06886)发布公告，公司2021年面向专业投资者公开发行公司债券(第七期)(品 种二)，简称"21华泰12"，将于2025年9月8日开始支付自2024年9月7日至2025年9月6日期间的利息。 本期债券票面利率(计息年利率)为3.78%，每手本期债券面值为人民币1000元，派发利息为人民币37.80 元(含税)。 ...

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2021年面向 專業投資者公開發行公司債券（第七期）（品種二）2025年付息公告》，僅供參閱。 中國江蘇，2025年9月1日 於本公告日期，董事會成員包括執行董事張偉先生、周易先生及王瑩女士；非執 行董事丁鋒先生、陳仲揚先生、柯翔先生、晉永甫先生及張金鑫先生；以及獨立 非執行董事王建文先生、王全勝先生、彭冰先生、王兵先生及老建榮先生。 债券代码：188325 债券简称:21 华泰 12 华泰证券股份有限公司 2021 年面向专业投资者公开发行公司债券 (第七期）（品种二）2025 年付息公告 本公司全体董事或具有同等职责的人员保证本公告内容不存在 任何 ...

中金发布研报称，华泰证券(06886)上半年收入同比升31%至162亿元人民币，归母净利润同比升42%至 75.5亿元人民币，单计次季归母净利润同比升29%至39亿元，符合预期。该行表示，考虑市场情绪回 暖、交投活跃度维持高位，将公司今年及明年盈利预测分别上调至167亿元及195亿元，将其目标价上调 25%至23.7港元，其评级为"跑赢行业"。 ...

智通财经APP获悉，中金发布研报称，华泰证券(06886)上半年收入同比升31%至162亿元人民币，归母 净利润同比升42%至75.5亿元人民币，单计次季归母净利润同比升29%至39亿元，符合预期。该行表 示，考虑市场情绪回暖、交投活跃度维持高位，将公司今年及明年盈利预测分别上调至167亿元及195亿 元，将其目标价上调25%至23.7港元，其评级为"跑赢行业"。 ...

Core Viewpoint - The report highlights a significant decline in transaction commissions paid by public funds to securities firms in the first half of 2025, indicating a shift in the cost structure and competitive dynamics within the brokerage industry [1]. Summary by Category Transaction Commissions - In the first half of 2025, 148 public funds paid a total of 4.472 billion yuan in transaction commissions to securities firms, a decrease of 2.302 billion yuan or approximately 34% compared to 6.774 billion yuan in the same period last year [1]. - The top five securities firms by commission income were: CITIC Securities (347 million yuan), Guotai Junan (283 million yuan), GF Securities (251 million yuan), Changjiang Securities (230 million yuan), and Huatai Securities (222 million yuan) [1]. Fund Commission Payments - 13 public fund companies paid over 100 million yuan in total commissions to securities firms. The leading fund, E Fund, paid 274 million yuan, a year-on-year decrease of 3.67% [1]. - Other notable fund commission payments included: Huaxia Fund (191 million yuan, down 18.97%), GF Fund (220 million yuan, down 17.75%), and Fortune Fund (203 million yuan, down 32.58%) [1]. Fund Trading Volumes - The top public funds by total stock trading amounts included E Fund (833.28 billion yuan), Huaxia Fund (742.04 billion yuan), and Fortune Fund (671.85 billion yuan) [2][3]. Changes in Commission Structure - A total of 15 public funds, including Yongying Fund and Debang Fund, saw an increase in commission payments due to a rise in the scale of equity funds managed, leading to higher trading volumes [8]. - The new commission regulations effective from July 1, 2024, limit the commission rates for passive equity funds to not exceed the market average, while other fund types cannot exceed twice the market average [9]. Brokerage Relationships - The report indicates a shift in the relationship between public funds and brokerage firms, with a notable reduction in the "rebate" to brokerage shareholders, as evidenced by the decline in commission payments to brokerage firms that are also shareholders [11]. - Only three of the top ten public funds had commission payments to brokerage shareholders exceeding 10% of their total commissions [13]. Transparency and Management Changes - The new regulations have increased transparency in commission payments, reducing the "gray" areas where additional services could be funded through commissions [14]. - Public funds are increasingly centralizing their trading operations to manage commissions more effectively and reduce risks associated with exceeding commission limits [14].

Core Insights - The international business competition among leading and small to medium-sized brokerages has intensified in the first half of 2025, with significant profit growth reported by major firms [1][2][3] - Major brokerages like CITIC Securities, CICC, Huatai Securities, and Guotai Junan have shown remarkable performance in their international business segments, with net profits from these operations becoming crucial to their overall profitability [1][2][3] - Smaller brokerages are also actively expanding their international business through various strategies, including capital increases and establishing subsidiaries, particularly focusing on the Hong Kong market and other key financial regions [4][5][6] Major Brokerages Performance - CITIC Securities reported a revenue of $1.492 billion and a net profit of $387 million in its international business for the first half of 2025, marking a year-on-year increase of 52.80% and 65.85% respectively [1] - CICC's international business achieved a revenue of 6.877 billion HKD and a net profit of 2.634 billion HKD, with net profit growth of 168.96%, indicating a strong contribution to the company's overall earnings [2] - Huatai Securities' international segment generated a revenue of 3.762 billion HKD and a net profit of 1.145 billion HKD, reflecting a 25.58% increase in net profit [2] - Guotai Junan's international business reported a revenue of 4.376 billion HKD and a net profit of 958 million HKD, with a net profit growth of 47.84% [3] Small to Medium-Sized Brokerages Initiatives - In January 2025, GF Securities increased its capital by 2.137 billion HKD to support its international business [4] - In March, Guojin Securities signed a guarantee contract to support its subsidiary's international operations [4] - In April, Huazhong Securities and Northeast Securities announced capital increases to establish subsidiaries in Hong Kong, each with a capital of 500 million HKD [4] - In June, Western Securities announced plans to invest 1 billion RMB to set up a wholly-owned subsidiary in Hong Kong [5] - In July, Dongwu Securities proposed a capital increase plan of up to 1.5 billion RMB for its international business [5] Trends and Predictions - Analysts noted three significant trends in the international business focus of brokerages: accelerated capital injection, broader business dimensions beyond traditional services, and simultaneous advancements in fintech and compliance infrastructure [6] - Future predictions for the international business of brokerages include a shift from single hub regional layouts to global networks, a transition from channel services to ecosystem innovation, and a deepening of technology-driven structural changes [6]

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, organized by Sina Finance in collaboration with Yinhua Fund, aiming to identify outstanding investment advisors and enhance the investment advisory IP construction [1] - The monthly ranking data for August shows that the top investment advisor in the public fund simulation configuration group is Wu Dayao from Guoyuan Securities, achieving a monthly return of 31.32% [1][2] - The second and third positions are held by Hong Xiaowei from Founder Securities with a return of 26.25% and Zhang Kun from GF Securities with a return of 23.07% respectively [1][2] Group 2 - The top 100 rankings for the public fund simulation configuration group for August include notable advisors such as Zhang Yefeng from Guotai Junan Securities with a return of 22.88% and Liu Jiafeng from Guoxin Securities with a return of 21.04% [2][3] - The performance of the top advisors indicates a competitive environment in the investment advisory sector, with several advisors achieving returns above 20% [2][3] - The rankings reflect the effectiveness of different investment strategies employed by various advisors across multiple securities firms [1][2]

Core Viewpoint - Huatai Securities reported that China Merchants Port's revenue for the first half of the year was HKD 6.46 billion, an increase of 11.4% year-on-year, while net profit was HKD 3.58 billion, a decrease of 19.5% year-on-year [1] Group 1: Financial Performance - Revenue for the first half of the year reached HKD 6.46 billion, reflecting an 11.4% year-on-year growth [1] - Net profit for the same period was HKD 3.58 billion, showing a year-on-year decline of 19.5% [1] Group 2: Future Outlook - Despite macroeconomic uncertainties, the company is expected to maintain stable performance in its core port operations in the second half of the year [1] - The long-term outlook remains positive due to the company's overseas terminal layout, which is anticipated to benefit from industry restructuring and drive steady growth in overall throughput [1] Group 3: Profit Forecast Adjustments - The company’s net profit forecasts for 2025 to 2027 have been revised down by 5%, 4%, and 4% respectively, to HKD 7.3 billion, HKD 7.86 billion, and HKD 8.51 billion [1] - The target price has been raised from HKD 15.6 to HKD 17.4 based on a 10 times price-to-earnings ratio for the fiscal year 2025, considering the growth potential from the overseas terminal layout [1]

Core Viewpoint - Huatai Securities reported that China Merchants Port's revenue for the first half of the year was HKD 6.46 billion, an increase of 11.4% year-on-year, while net profit was HKD 3.58 billion, a decrease of 19.5% year-on-year [1] Group 1: Financial Performance - Revenue for the first half of the year reached HKD 6.46 billion, reflecting an 11.4% year-on-year growth [1] - Net profit for the same period was HKD 3.58 billion, showing a 19.5% year-on-year decline [1] Group 2: Future Outlook - Despite macroeconomic uncertainties, the company is expected to maintain stable performance in its core port operations in the second half of the year [1] - The long-term outlook remains positive due to the company's overseas terminal layout, which is anticipated to benefit from industry restructuring and drive steady growth in overall throughput [1] Group 3: Profit Forecast Adjustments - The profit forecasts for 2025 to 2027 have been revised down by 5%, 4%, and 4% respectively, resulting in projected net profits of HKD 7.3 billion, HKD 7.86 billion, and HKD 8.51 billion [1] - The target price has been adjusted from HKD 15.6 to HKD 17.4, based on a 10x price-to-earnings ratio for the fiscal year 2025, reflecting the company's growth potential from its overseas terminal strategy [1]