Core Viewpoint - The A-share market experienced a significant decline in new financing and securities lending accounts in October, with 130,200 new accounts opened, a decrease of 36.61% from September's 205,400 accounts. Despite this, the total number of financing and securities lending accounts reached 15.39 million, and the balance of financing and securities lending increased to 2.49 trillion yuan, up from less than 1.9 trillion yuan at the beginning of the year [1][2][6]. Group 1: Market Trends - The new account openings for financing and securities lending in October were affected by the National Day holiday and market volatility, leading to a noticeable decline, but it still marked the fourth highest monthly total of the year [4][5]. - The market has shown significant fluctuations in new account openings throughout the year, with peaks and troughs observed in various months, indicating a volatile investor sentiment [3][4]. Group 2: Brokerages' Response - Major brokerages are actively expanding their financing and securities lending business scales in response to the sustained demand for credit trading in the A-share market. For instance, China Merchants Securities raised its business scale limit from 150 billion yuan to 250 billion yuan, while Huatai Securities set its limit at approximately 286.5 billion yuan [1][8]. - At least six securities firms have announced increases in their financing and securities lending business limits this year, reflecting the robust demand for these services [9][11]. Group 3: Investor Behavior - The decline in new account openings is attributed to two main factors: the reduction in trading days due to the holiday and the market's fluctuating conditions, which have dampened investor enthusiasm for entering the market [4][5]. - Despite the short-term decline in new account openings, industry insiders believe that the long-term demand for financing and securities lending remains positive, supported by investor confidence and favorable policies [1][6].

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 ...

| | 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 0.54 | | | 担保对象 | 实际为其提供的担保余额 | | 10.94 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 | | 417.60 | | 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（%） | | 21.79 | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 100% □担保金额超过上市公司最近一期经审计净资产 50% | | | □对合并报表外单位担保金额达到或超过最近一期经审计净资 | | | | 产 | 30%的情况下 | | | 对资产负债率超过 | 70%的单位提供担保 | | 证券代码：601688 证 ...

Core Viewpoint - Huatai Securities maintains a positive outlook on China Hongqiao's profitability, projecting net profits of 25.63 billion, 25.43 billion, and 25.76 billion yuan for 2025-2027, respectively, and sets a target price of 35.22 HKD based on a 12X PE ratio for 2025 [1][2] Group 1: Company Performance and Strategy - China Hongqiao has a significant integrated production capacity with 19 million tons of alumina and approximately 6.46 million tons of electrolytic aluminum, which helps mitigate the impact of declining alumina prices [2] - The company has a strong commitment to shareholder returns, having repurchased 1.87 million shares for 2.6 billion HKD and planning to initiate a new round of buybacks totaling at least 3 billion HKD [4] - The company has maintained a high dividend payout ratio over the past three years, with rates of 46.8%, 47.0%, and 63.4%, reflecting confidence in future growth [4] Group 2: Industry Outlook - The domestic electrolytic aluminum supply is constrained, leading to a tightening supply-demand balance, with expectations for further tightening by 2026 due to strong demand in sectors like automotive and power grids [5] - The average profit margin in the electrolytic aluminum sector is expected to continue expanding, benefiting China Hongqiao's performance as the company focuses on both alumina and electrolytic aluminum [5] - The company is involved in overseas projects, including a joint venture in Guinea for bauxite mining and a controlled alumina production capacity in Indonesia, which are expected to contribute significantly to profits by 2025 [3]

Core Viewpoint - Huatai Securities maintains the projected net profit for China Hongqiao (01378) at 25-27 years at 25.625/25.426/25.760 billion yuan, with a target price of 35.22 HKD based on a 12X PE for 2025, reflecting the company's strong dividend attributes and its unique position in the Hong Kong electrolytic aluminum market [1] Group 1: Company Performance and Strategy - China Hongqiao has a current alumina production capacity of 19 million tons and an electrolytic aluminum production capacity of approximately 6.46 million tons, benefiting from an integrated industrial chain that mitigates the impact of declining alumina prices [1] - The company has repurchased 1.87 million shares for 2.6 billion HKD in the first half of the year and plans to initiate a new round of share buybacks with a total amount not less than 3 billion HKD, demonstrating a strong commitment to shareholder returns [3] - The company has maintained a dividend payout ratio of over 45% for the past three years, with ratios of 46.8%, 47.0%, and 63.4%, indicating confidence in future growth and a focus on investor returns [3] Group 2: Industry Outlook - The domestic electrolytic aluminum supply is constrained, leading to a significant slowdown in production growth, while demand from sectors like automotive and power grids remains robust, suggesting a tightening supply-demand balance in the global electrolytic aluminum market by 2026 [4] - The average profit in the electrolytic aluminum sector is expected to continue expanding, with the company's performance likely benefiting from the upward trend in electrolytic aluminum profits, offsetting any potential drag from the alumina segment [4]

Core Insights - The Shanghai Stock Exchange International Investor Conference is scheduled for November 12-13, 2025, focusing on investment opportunities in China [1] Economic Outlook - The chairperson of Huatai Securities' Institutional Business Committee, Liang Hong, predicts that China's GDP growth may stabilize around 5% in 2026 [1] - The drag from the real estate cycle on growth is expected to decrease gradually in the coming years, with the risk of real estate company debts accelerating their clearance [1] Investment Trends - There is anticipated recovery momentum in both investment and consumption, with a notable acceleration in capital investment in high-tech sectors, including AI and high-end manufacturing [1] - The downward trend in policy interest rates and loan rates is expected to facilitate a deeper revaluation of Chinese asset prices [1]

Group 1 - The Shanghai Stock Exchange International Investor Conference was held on November 12, highlighting three main themes in the current transformation of China: innovation, restructuring, and going global, with consumption upgrade being a result of these themes [1] - Liang Hong, Chairman of Huatai Securities Institutional Business Committee, predicts that the macroeconomic trend in China for 2026 will show nominal growth recovery, particularly in dollar-denominated nominal growth, with productivity improvement becoming a more significant narrative than the downturn in real estate [3] - It is expected that the net profit growth rate for non-financial companies in 2026 will be approximately 13%, with profit growth across various industries anticipated to rebound [3]

Core Viewpoint - Huatai Securities (Shanghai) Asset Management Co., Ltd. announced the suspension of large-scale subscriptions for the Huatai Zijin Carbon Neutral Mixed Initiation Securities Investment Fund starting from November 12, 2025, to protect the interests of fund shareholders [1] Fund Suspension Details - The fund will suspend large-scale subscriptions (including transfers, redemptions, and regular investments) for the following sub-funds: - Huatai Zijin Carbon Neutral Mixed Initiation A (Code: 018582) with a subscription limit of 5 million yuan and a transfer limit of 5 million yuan [1] - Huatai Zijin Carbon Neutral Mixed Initiation C (Code: 018583) with a subscription limit of 5 million yuan and a transfer limit of 5 million yuan [1]

Core Viewpoint - Huatai Securities (Shanghai) Asset Management Co., Ltd. announced the suspension of large-scale subscriptions for the Huatai Zijin Advanced Manufacturing Mixed Initiation Securities Investment Fund starting from November 12, 2025, to protect the interests of fund shareholders [1] Fund Details - The fund will suspend large-scale subscriptions (including transfers, redemptions, and regular investments) for the following sub-funds: - Huatai Zijin Advanced Manufacturing Mixed Initiation A (Code: 017424) with a subscription limit of 5 million yuan and a transfer limit of 5 million yuan [1] - Huatai Zijin Advanced Manufacturing Mixed Initiation C (Code: 017425) with a subscription limit of 5 million yuan and a transfer limit of 5 million yuan [1]

Summary of Key Points Core Viewpoint - Huatai Securities experienced a decline in stock price by 1.06% on November 11, with a trading volume of 1.537 billion yuan, indicating a challenging market environment for the company [1]. Financing and Margin Trading - On November 11, Huatai Securities had a financing buy-in of 194 million yuan and a repayment of 240 million yuan, resulting in a net financing outflow of 45.78 million yuan. The total margin trading balance reached 7.175 billion yuan [1]. - The current financing balance of 7.166 billion yuan accounts for 4.37% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, the company repaid 60,200 shares and sold 37,100 shares on the same day, with a selling amount of 832,900 yuan. The remaining securities lending balance was 922,470 yuan, also above the 80th percentile level over the past year [1]. Financial Performance - As of September 30, Huatai Securities reported a total of 195,500 shareholders, a decrease of 6.96% from the previous period. The average number of circulating shares per person increased by 7.62% to 38,566 shares [2]. - For the period from January to September 2025, the company achieved an operating income of 0.00 yuan, while the net profit attributable to shareholders was 12.733 billion yuan, reflecting a year-on-year growth of 1.69% [2]. Dividend Distribution - Since its A-share listing, Huatai Securities has distributed a total of 41.539 billion yuan in dividends, with 12.640 billion yuan distributed over the past three years [3]. Shareholder Composition - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, holding 442 million shares (a decrease of 108 million shares), and China Securities Finance Corporation, holding 153 million shares (unchanged) [3]. - The Guotai CSI All-Share Securities Company ETF (512880) entered the top ten shareholders with a holding of 131 million shares [3].