Group 1 - Some brokerage stocks experienced an increase, with Xinda Securities rising over 5% [1] - Great Wall Securities and Guosheng Jinkong both saw increases of over 3% [1] - Jinlong Co. rose over 2%, while several other securities firms, including GF Securities, First Capital, and Everbright Securities, increased by over 1% [1]

Group 1 - A-share market sees a rise in several brokerage stocks, with Xinda Securities increasing by over 5% [1] - Changcheng Securities and Guosheng Financial Holdings both rise by over 3% [1] - Jinlong Co., Ltd. experiences an increase of over 2% [1] Group 2 - Other notable gains include GF Securities, First Capital, Everbright Securities, Xiangcai Securities, CITIC Securities, Changjiang Securities, Dongwu Securities, Huatai Securities, and Founder Securities, all rising by over 1% [1]

Core Viewpoint - Huatai Securities reports that Gu Ming's strong performance in the first half of the year is attributed to takeout subsidies, accelerated product innovation, and an optimized competitive landscape [1] Group 1: Financial Performance - The company's revenue growth rate outpaced the growth rate of Gross Merchandise Volume (GMV), primarily due to increased equipment procurement and a higher proportion of core ToB sales [1] - The report indicates that the takeout channel subsidies, extended operating hours for some stores, and the introduction of coffee products are expected to enhance single-store cup volume and average GMV per store [1] Group 2: Future Outlook - It is anticipated that in the second half of this year and into 2026, the further diversification of coffee SKUs and an increase in the number of stores equipped with coffee machines will demonstrate operational resilience, even with a reduction in takeout subsidies [1] - Given the company's current potential for store expansion and profitability, a target price of HKD 34.57 is set based on a 30 times price-to-earnings ratio for 2026, with a "buy" rating assigned [1]

Core Viewpoint - Huatai Securities reports that Gu Ming's strong performance in the first half of the year is attributed to benefits from delivery subsidies, accelerated product innovation, and an optimized competitive landscape [1] Revenue and Growth - The company's revenue growth outpaced the growth of Gross Merchandise Volume (GMV), primarily due to increased equipment procurement and a higher proportion of core ToB sales [1] Operational Enhancements - Factors such as delivery channel subsidies, extended operating hours for some stores, and the introduction of coffee products are expected to enhance single-store cup volume and average GMV per store [1] Future Outlook - It is anticipated that even with a reduction in delivery subsidies, the company will demonstrate strong operational resilience in the second half of this year and into 2026, as coffee SKU offerings expand and the number of stores equipped with coffee machines increases [1] Valuation and Recommendation - Given the company's current potential for store expansion and profitability, Huatai Securities assigns a target price of HKD 34.57 based on a 30x price-to-earnings ratio for 2026, with a "Buy" rating [1]

Core Viewpoint - The report from Huatai Securities indicates that the "anti-involution" policy is effectively reducing pig production capacity, leading to a stable pig price outlook for the year, while low-cost companies are expected to achieve good profitability [1] Group 1: Pig Farming Industry - In July, the national breeding sow inventory showed a negative month-on-month change, and the average weight of slaughtered pigs continued to decline [1] - The average prices of national pigs and white feather chicken in major production areas fell year-on-year by 4.24% and 6.26% respectively in the first half of 2025 [1] - Leading breeding companies have achieved significant year-on-year performance growth due to excellent cost control and advantages in products and channels [1] Group 2: Financial Performance and Investment Outlook - Some leading agricultural and animal husbandry companies have entered a "high-quality" development stage, demonstrating strong profitability and cash flow capabilities [1] - New capital expenditures have significantly decreased, with some leading companies' capital expenditures in 2024 being lower than fixed asset depreciation [1] - There is an increased emphasis on shareholder returns among leading agricultural and animal husbandry companies, with a noticeable rise in dividend rates, highlighting long-term dividend value [1] Group 3: Market Trends - Recent price recovery in white chicken is anticipated to continue, driven by ongoing capacity reduction due to long-term industry losses [1] - The report suggests ongoing attention to the breeding sector, particularly companies with low-cost and comprehensive profitability advantages, as well as those with increasing dividend value [1]

Core Viewpoint - The upcoming Meta Connect conference, scheduled for September 17-18, is expected to showcase new AI glasses and software, highlighting the potential of augmented reality (AR) and artificial intelligence (AI) in the eyewear market [1] Group 1: Product Launches - Meta is anticipated to unveil the Celeste smart glasses, the third-generation RayBan-Meta glasses, and the Oakley sports glasses at the conference [1] - The event may also feature a new "metaverse software" that aims to redefine AI glasses from hardware, interaction, and software perspectives [1] Group 2: Industry Trends - Since the beginning of the year, domestic companies such as Xiaomi, Rokid, Thunderbird, and Xreal have launched AI/AR glasses, indicating a growing interest in this technology [1] - Major international companies like Google, Samsung, Apple, and Amazon are also clarifying their hardware and software plans for AI/AR glasses [1] Group 3: Market Outlook - The industry is viewed positively due to the enhancement of AI model capabilities, with glasses being seen as a long-term potential entry point for always-on interaction [1] - There is a recommendation to pay attention to the short-term catalysts that new product launches from leading companies may bring to the supply chain [1]

Core Viewpoint - The upcoming Meta Connect conference, scheduled for September 17-18, is expected to showcase new AI/AR glasses and software, highlighting the growing interest and competition in the AI/AR eyewear market [1] Group 1: Product Launches - Meta is anticipated to unveil the Celeste smart glasses, the third-generation RayBan-Meta glasses, and the Oakley sports glasses at the conference [1] - Other companies such as Xiaomi, Rokid, Thunder, and Xreal have already launched AI/AR glasses this year, indicating a trend in the market [1] Group 2: Industry Trends - Major international companies like Google, Samsung, Apple, and Amazon are also clarifying their hardware and software plans for AI/AR glasses, suggesting a competitive landscape [1] - The potential of glasses as an "Always-on" interaction interface is viewed positively, especially with advancements in AI model capabilities [1] Group 3: Market Catalysts - The recent product launches from leading companies are expected to act as short-term catalysts for the industry chain [1]

Fund Overview - The fund is named Penghua CSI Livestock Breeding ETF, managed by Penghua Fund Management Co., Ltd. and custodied by Huatai Securities Co., Ltd. [2] - The fund aims to closely track the CSI Livestock Breeding Index, with a target of keeping the average tracking deviation within 0.2% daily and annual tracking error within 2% [2][3] - As of June 30, 2025, the total fund shares amounted to 910,143,594 [2] Financial Performance - The fund reported a realized loss of approximately 10.12 million RMB and a profit of approximately 34.83 million RMB for the reporting period [3] - The net asset value of the fund at the end of the reporting period was approximately 552.17 million RMB, with a net asset value per share of 0.6067 RMB [3][15] - The cumulative net value growth rate of the fund was -39.33% since the fund's inception [3][4] Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the index constituents [9] - Adjustments to the investment portfolio will be made in response to changes in the index constituents or due to market conditions affecting liquidity [9][10] - The fund also utilizes stock index futures for hedging systemic risks and improving investment efficiency [2][9] Market Context - The CSI Livestock Breeding Index increased by 3.79% during the reporting period, outperforming the Shanghai Composite Index, which rose by 2.76% [8][9] - The livestock sector has shown signs of recovery, particularly in pig prices, which fluctuated between 14 to 15 RMB per kilogram, with expectations for further price increases in the second half of the year [9][10] - The overall economic environment remains challenging, with GDP growth at 5.3% but low CPI and PPI figures indicating weak market sentiment [10][11] Management and Governance - Penghua Fund Management Co., Ltd. has been operational since December 22, 1998, managing assets totaling approximately 1.25 trillion RMB across various funds [5] - The fund manager, Chen Long, has 16 years of experience in the securities industry and has been managing this fund since its inception [5][6] - The fund management adheres to strict compliance with regulations and has established a fair trading system to ensure equitable treatment of different investment portfolios [7][14]

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。 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 ...

证券日报网讯 8月27日晚间，华泰证券（601688）发布公告称，公司及控股子公司不存在担保债务逾期 的情况，公司也不存在对控股股东和实际控制人及其关联人提供担保的情况。 ...