海外監管公告 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（第四期）2026年付息公告》，僅供參閱。 （ 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） 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：6886），其A股於2010年2月26日在上海證券交易所上市（股 票代碼：601688），其全球存託憑證於2019年6月在倫敦證券交 易所上市（證券代碼：HTS ...

Core Viewpoint - The article discusses the paradox of the securities sector achieving record profits while remaining undervalued, highlighting the disconnect between performance and valuation in the context of a bull market [5][16]. Historical Review - An analysis of eight historical bull markets over the past 20 years reveals that a "triple bottom" of valuation, policy, and macroeconomic conditions is essential for market rallies [7]. - Key periods include the 2005-2007 stock reform bull market, the 2008 stimulus-driven rally, and the 2020 registration system for the ChiNext board, all of which saw significant excess returns in the securities index [8]. The Mystery of Divergence - In 2025, the securities sector is expected to achieve its highest profits ever, with an annualized ROE of 8.7% in the first three quarters, yet the sector's PB remains around 1.4, indicating a significant valuation gap [16][18]. - Investor concerns stem from issues such as severe business homogenization and reliance on brokerage services, raising doubts about the sustainability of the current market rally [19]. Current Conditions - The conditions for a "triple bottom" are becoming clearer, with the securities sector's PB at a historical low, indicating substantial theoretical recovery potential [22][23]. - Liquidity is increasing, with non-bank deposits rising by 6.41 trillion, a 147% year-on-year increase, and regulatory measures are expanding the operational scope for securities firms [23][24]. ROE Improvement Path - The report emphasizes a shift from reliance on brokerage services to a more diversified revenue structure, which is expected to enhance ROE [28]. - Key strategies include reducing volatility in proprietary trading, expanding international operations, and innovating new business lines, all of which are anticipated to drive ROE growth [30][31]. Investment Strategy - The article suggests focusing on leading firms that can grow into "carrier brokers" and those that can outperform through differentiated development in wealth management and investment banking [36][37]. - Specific companies highlighted for potential investment include CITIC Securities, Galaxy Securities, Huatai Securities, Haitong Securities, and Orient Securities, which are positioned to benefit from industry consolidation and specific business advantages [38]. Conclusion - The article concludes that with low valuations and strong earnings, the securities sector is poised for a comeback, supported by historical patterns of market behavior and ongoing improvements in profitability structures [41].

Core Viewpoint - The article discusses the paradox of the securities sector achieving record profits while remaining undervalued, highlighting the disconnect between performance and valuation in the context of a bull market [4][5]. Historical Review - An analysis of eight significant market cycles over the past 20 years reveals that a combination of valuation bottom, policy bottom, and macroeconomic bottom is essential for initiating a bull market in the securities sector [7][8]. - Historical data shows that when the price-to-book (PB) ratio of securities firms falls below the 3% percentile, it often marks the beginning of a market rally [9][10]. - The correlation between the rise in return on equity (ROE) and market performance is evident, with significant gains observed during periods of policy and macroeconomic easing [13][14]. The Mystery of Divergence - Despite the securities sector achieving an annualized ROE of 8.7% in the first three quarters of 2025, the PB ratio remains around 1.4, indicating a significant valuation gap [16][17]. - Investor concerns stem from issues such as severe business homogenization and reliance on brokerage services, raising doubts about the sustainability of the current market rally [19][20]. Current Conditions - The characteristics of the three bottoms are becoming increasingly clear, with the PB ratio at a historical low and liquidity conditions improving significantly [22][23]. - Policy measures are being implemented to expand the operational scope of securities firms, including support for new listings and virtual asset trading [24][26]. ROE Enhancement Path - The report emphasizes a shift from reliance on brokerage services to a more diversified revenue structure, which is expected to support ROE growth [28][29]. - Key strategies for enhancing ROE include reducing volatility in proprietary trading, expanding international operations, and exploring innovative business avenues [30][31][32]. Investment Strategy - The current state of the securities sector presents opportunities for both value recovery and growth realization, with a focus on identifying leading firms capable of significant expansion [36][38]. - Specific companies such as CITIC Securities, Galaxy Securities, Huatai Securities, Haitong Securities, and Orient Securities are highlighted as potential leaders in the sector [38]. Conclusion - The article concludes that with low valuations and strong earnings, the securities sector is poised for a comeback, supported by historical patterns and ongoing structural improvements in profitability [41].

Core Insights - The report from Huatai Securities quantifies the impact of AI Token deployment on China's power industry, indicating that the transition to the reasoning era in AI could lead to a 10% elasticity in electricity demand, boosting green certificates and capacity prices [1][2]. Group 1: AI Industry Transition - The AI industry has shifted from a training era to a reasoning era, with a narrowing gap in computing power between domestic and overseas players. The Agent model is expected to drive exponential growth in Token consumption [1][2][9]. - If the global daily Token call volume reaches trillions, combined with a 30%-50% market share of domestic large models and 70%-90% local computing power deployment, Token deployment could increase China's electricity and power demand by 8% and 18%, respectively [1][2]. Group 2: Electricity Cost Dynamics - The importance of electricity costs in AI computing competition is increasing, with the share of electricity in unit Token costs rising significantly. In high-performance training versions of AIDC, electricity accounts for only 5%, but this doubles to 10% under reasoning models, and can reach 20%-30% with self-developed reasoning-grade chips [1][7][9]. - The report highlights that while the current electricity cost is only 10% of Token costs, this share is expected to continue rising as chip efficiency improves [9][18]. Group 3: Price Elasticity and Market Dynamics - The demand for Tokens is expected to enhance China's green electricity demand by 4%-33% from 2026 to 2030, benefiting undervalued green certificate prices. The low utilization rate of reasoning models is likely to increase capacity prices by 50-300 yuan per kilowatt during the same period, while the impact on electricity prices will be relatively delayed [2][8]. - The report contrasts with market views by emphasizing that the AI race has entered the reasoning era, and the elasticity of Token demand on green certificates and capacity prices is significantly higher than on electricity prices [2][9]. Group 4: Investment Recommendations - The report recommends focusing on undervalued stocks in the green and thermal power sectors, particularly those benefiting from renewable energy demand, such as Longyuan H, Green Development, and China Power [10]. - Companies like Jinko Power, Jingneng Clean Energy, and others are highlighted for their potential to benefit from capacity price elasticity [10]. Group 5: Future Outlook - The report suggests that the power supply in China will not become a bottleneck for computing power expansion, given the country's ample electricity supply. The industrial electricity price gap between China and the U.S. is expected to further highlight China's advantages in power supply [1][7][21]. - The transition to the reasoning era is anticipated to attract more infrastructure investments, as the sensitivity of electricity costs in AIDC is expected to double, making it a more critical factor in the competitive landscape [20][21].

Core Viewpoint - Leading Chinese securities firms are extending their research capabilities overseas, with Huatai Securities partnering with SSI Securities Corporation in Vietnam to enhance cross-border investment research and services [1][3]. Group 1: Partnership and Research Expansion - Huatai Securities has established a strategic cooperation with SSI Securities to create a systematic research sharing mechanism, facilitating information exchange between Chinese and Vietnamese capital markets [1][3]. - The collaboration aims to leverage SSI's local market expertise to provide in-depth analysis of Vietnam's macroeconomics, industry dynamics, and listed companies, while also sharing Huatai's research insights with the Vietnamese market [3]. - This partnership is viewed as a significant step in Huatai's strategy to penetrate the Southeast Asian market, which is increasingly recognized for its growth potential [3]. Group 2: Industry Trends and Motivations - The trend of Chinese securities firms expanding their research internationally is driven by the need to cultivate world-class investment banks and adapt to industry transformation [6][7]. - The demand for cross-border research is fueled by the globalization of Chinese enterprises and the dual capital flow, with institutional clients being the primary focus [7]. - Key client groups include QFII/RQFII, overseas sovereign funds, hedge funds, family offices, and local financial institutions, all requiring tailored research support for global asset allocation and local market insights [7]. Group 3: Competitive Landscape - Major Chinese securities firms are accelerating their international research initiatives, with CITIC Securities covering 2,736 domestic listed companies and 1,360 overseas companies, aiming for a unified research service model [10]. - CITIC Jiantou has established a global research team focusing on key regions such as Hong Kong, Southeast Asia, and Europe, enhancing their global asset research capabilities [10]. - CICC's research team consists of over 300 professionals covering more than 40 industries, producing nearly 7,000 research reports in the first half of 2025 [11].

Core Viewpoints - The report emphasizes the potential investment opportunities in the non-bank financial sector, driven by the government's focus on high-quality development during the Two Sessions [1][6]. Group 1: Industry Performance - As of March 7, 2026, the Shanghai Composite Index closed at 4124.19, down 0.93%, while the Shenzhen Component Index fell by 2.22% [11]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.65 trillion yuan, reflecting a week-on-week increase of 8.37% [6]. Group 2: Insurance Sector Insights - The Two Sessions outlined a blueprint for the insurance industry's high-quality development, focusing on enhancing social security and promoting commercial health insurance [16]. - The report suggests that the insurance sector's long-term profit margin is expected to improve, with specific recommendations to focus on companies like China Ping An and China Life [16]. Group 3: Securities Sector Insights - The report highlights the reform direction for the capital market during the 14th National People's Congress, emphasizing the need for deeper reforms in the ChiNext board and optimizing refinancing mechanisms [17][18]. - The introduction of new regulations on short-term trading is expected to enhance market fairness and liquidity, facilitating the entry of long-term funds [23][24]. Group 4: Key Company Valuations - China Ping An (601318.SH) has a current price of 62.67 yuan, with a target value of 83.17 yuan, indicating a buy rating [7]. - China Life (601628.SH) is rated as a buy with a current price of 42.69 yuan and a target value of 55.47 yuan [7].

Economic Performance - Japan's economic sentiment improved in February, with the manufacturing PMI rising by 1.5 percentage points to 53.0 and the services PMI increasing by 0.1 percentage points to 53.8[3] - The actual GDP growth for Q4 2025 was 0.2% on a quarter-on-quarter annualized basis, below Bloomberg's consensus expectation of 1.6%[3] - January retail sales increased by 4.1% month-on-month, significantly exceeding the market expectation of 1.5%, driven mainly by a 12.5% surge in automobile sales[3] Inflation and Prices - Japan's CPI in January dropped to 1.5%, marking the first time in four years it fell below the Bank of Japan's 2% inflation target[4] - The core CPI (excluding fresh food and energy) rose to 2.5% in February, up from 2.4% in January, indicating persistent inflationary pressures in certain sectors[4] Export and Industrial Production - Japan's exports saw a significant year-on-year increase of 16.0% in January, while imports grew by only 2.3%[4] - The industrial production index rose by 2.7% month-on-month in January, with most sectors showing strength in production[4] Labor Market - The unemployment rate remained stable at 2.6% as of December 2025, with nominal wage growth increasing to 2.4%[3] - The number of formal employees remained unchanged, while the number of informal employees slightly decreased, indicating a stable labor market[3] Asset Prices - Following the ruling party's electoral victory, the TOPIX and Nikkei 225 indices both surged by 10.4% in February[6] - The Japanese yen depreciated to 155.9 against the US dollar, reflecting expectations of continued monetary easing[6] Policy Outlook - The ruling Liberal Democratic Party secured a two-thirds majority in the House of Representatives, paving the way for more expansive fiscal and monetary policies[5] - The Bank of Japan is expected to adopt a more cautious approach to interest rate hikes, with market expectations for a 46 basis point increase in 2026[6]

Investment Rating - The report assigns an "Outperform" rating to Huatai Securities, indicating a positive outlook for the company's future performance [5][8]. Core Insights - Huatai Securities is recognized as a leading brokerage firm with exceptional technological capabilities and a strong international presence, driven by a dual strategy of "technology empowerment + full business chain collaboration" [5][8]. - The company's international business has shown significant growth, with revenue reaching 2.3 billion yuan in the first half of 2025, accounting for 14% of total revenue, and a year-on-year increase of 93% when excluding the impact of the AssetMark sale [6][8]. - Huatai's investment in technology is a core competitive advantage, with the company ranking first in the industry for IT investment in 2024, amounting to 2.45 billion yuan [6][8]. Summary by Sections Financial Performance - Revenue projections for Huatai Securities indicate a growth trajectory, with expected revenues of 39.4 billion yuan in 2025, reflecting a year-on-year decrease of 5%, followed by a recovery to 46 billion yuan in 2026, and 49.1 billion yuan in 2027 [7][8]. - The net profit attributable to shareholders is forecasted to reach 18.1 billion yuan in 2025, with a growth rate of 18%, and further increasing to 22.1 billion yuan by 2027 [7][8]. Business Segments - **Wealth Management**: The brokerage's wealth management services, including securities brokerage and financial product sales, have seen a significant increase, with net income from brokerage services reaching 3.53 billion yuan in the first half of 2025, a 40% year-on-year increase [24][28]. - **Investment Banking**: Huatai has strengthened its position in the investment banking sector, achieving a market share of 13% in A-share IPO underwriting, ranking second in the industry [42][44]. - **International Business**: The company has established a comprehensive international business framework, with significant contributions from its operations in Hong Kong, the US, and Singapore, and a notable increase in its market share in Hong Kong IPO underwriting [85][86]. Technological Advancements - Huatai Securities has initiated a comprehensive digital transformation, launching the "AI Zhangle" app in October 2025, which integrates AI capabilities across key trading and analysis functions [91][92]. - The company has developed a robust technology platform, including the CAMS credit analysis management system and the FICC Elephant trading platform, enhancing its service capabilities [91][92]. Market Position - Huatai Securities has maintained a strong market position, with a total market capitalization of approximately 183.6 billion yuan and a circulating market value of about 183.6 billion yuan as of March 5, 2026 [3][4]. - The company's asset-liability ratio stands at 79.97%, with a net asset value per share of 19.07 yuan [3][4].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the macroeconomic outlook and government policies impacting various sectors, particularly focusing on the construction, energy, and real estate industries. Core Insights and Arguments 1. **GDP Growth Target**: The GDP growth target for 2026 is set at 4.5%-5.0%, aligning with expectations. However, there is a notable gap in fiscal spending versus debt increase, necessitating reliance on tax revenue recovery and central government support for local tax sources [1][2][3]. 2. **Dual Carbon Policy**: The dual carbon policy has shifted from "energy consumption control" to "carbon emission control," enhancing quantitative constraints. This is expected to benefit sectors like carbon accounting software, carbon trading, smart grids, and hydrogen energy [1][4]. 3. **Coal Sector Outlook**: The coal sector is viewed as having a "second growth curve," driven by AI-related electricity demand growth, which offsets dual carbon pressures. Domestic and import supply reductions are anticipated, with coal prices expected to rise from a bottoming phase, suggesting over 50% upside potential for coal stocks [1][20][21]. 4. **Debt Market Expectations**: The bond market has already priced in the subdued fiscal expectations, with a short-term forecast for 10-year government bond yields to retreat to 1.85%-1.9%. There remains room for interest rate cuts throughout the year [1][12][14]. 5. **Construction and Building Materials**: The focus is on major projects under the "15th Five-Year Plan," with significant investment opportunities in western development, major canals, and high-standard farmland construction. The construction materials sector is nearing a profitability inflection point, with leading companies like Oriental Yuhong expected to benefit [1][22][26]. 6. **Consumer Sector Trends**: Consumer spending is expected to show a "high-low" rhythm, with potential weakness in Q2. Opportunities in high-end travel and service consumption are highlighted, particularly with the expansion of spring break trials [2][15]. 7. **Investment Directions**: The report emphasizes investment in new infrastructure, urbanization, and livelihood improvements, with a focus on projects like major railways and hydropower. The total investment in these areas is projected to exceed 8 trillion yuan [22][24]. 8. **Real Estate Policy Changes**: The real estate sector's focus has shifted from risk prevention to stabilizing the market, with a new emphasis on a "people-centered" approach. The reform of housing provident funds is highlighted as a key support mechanism [27][30][31]. Other Important but Potentially Overlooked Content 1. **Tax Revenue Recovery**: The anticipated recovery in tax revenue due to price increases and economic expansion is crucial for addressing the fiscal gap [2][3]. 2. **AI and Energy Demand**: The demand for coal is expected to increase due to AI-driven electricity needs, indicating a shift in energy consumption patterns [20]. 3. **Urban Renewal Initiatives**: The report outlines significant urban renewal projects, with a focus on old neighborhood renovations and infrastructure safety, potentially driving demand for construction materials [23][34]. 4. **Green Energy Initiatives**: The introduction of "green fuels" and a multi-energy approach is noted, with major state-owned enterprises involved in clean energy projects [24]. 5. **Market Sentiment**: The overall market sentiment reflects cautious optimism, with expectations for gradual recovery in various sectors, particularly in construction and real estate [1][10][12]. This summary encapsulates the key points discussed in the conference call, providing insights into the macroeconomic environment and sector-specific developments that may influence investment strategies moving forward.

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關於間接全資子公司 根據中期票據計劃進行發行並由全資子公司提供擔保的公告》，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。 （ 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 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. ...