证券代码：601688 证券简称：华泰证券 公告编号：临 2025-039 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 0.70 | | 担保对象 | 实际为其提供的担保余额 | | | 7.17 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 | | 372.50 | | 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 ...

展望全年，该行预计公司归母净利润有望实现按年正增长，但可能难以做到双位数增长；预计公司或将 继续推动派息率稳中有进，逐步提高股东回报。考虑到公司持续退出低质项目，以及增值服务相对承压 的经营表现，该行将2025至2027年每股盈利分别下调6%、10%、13%，至0.48元、0.52元、0.57元，目 标价从7.74港元微降至7.36港元。 华泰证券发表研究报告指出，中海物业今年上半年实现营收70.9亿元，按年增4%；归母净利润7.7亿 元，按年增4%，低于公司指引(全年归母净利润双位数增长)；公司营收增速有所放缓，主要由于继续退 出低质项目，以及增值服务的拖累。该行看好公司继续实现有质量的稳步增长，逐步提升派息率，维 持"买入"评级。 ...

Core Viewpoint - Huatai Securities reports that China Overseas Property achieved revenue of 7.09 billion yuan in the first half of the year, a year-on-year increase of 4%, and a net profit attributable to shareholders of 770 million yuan, also up 4% year-on-year, but below the company's guidance for double-digit growth in annual net profit [1] Group 1: Financial Performance - The company's revenue growth has slowed down primarily due to the continued exit from low-quality projects and the drag from value-added services [1] - The firm expects the company to continue achieving quality steady growth and gradually increase its dividend payout ratio [1] - For the full year, the firm anticipates that the company's net profit attributable to shareholders is likely to achieve positive year-on-year growth, but may struggle to reach double-digit growth [1] Group 2: Earnings Forecast - The firm has adjusted the earnings per share forecasts for 2025 to 2027 downwards by 6%, 10%, and 13% respectively, to 0.48 yuan, 0.52 yuan, and 0.57 yuan [1] - The target price has been slightly reduced from 7.74 HKD to 7.36 HKD [1] Group 3: Shareholder Returns - The company is expected to continue promoting a steady increase in its dividend payout ratio, gradually enhancing shareholder returns [1]

Group 1 - The core viewpoint of the news is that Huatai Securities experienced a decline in stock price on August 27, with a drop of 2.03% to 21.71 CNY per share, and a total market capitalization of 195.98 billion CNY [1] - Year-to-date, Huatai Securities' stock price has increased by 26.07%, with a 0.65% rise over the last five trading days, an 8.23% increase over the last 20 days, and a 31.34% increase over the last 60 days [2] - The company reported a net profit of 3.64 billion CNY for the first quarter of 2025, representing a year-on-year growth of 58.97% [2] Group 2 - Huatai Securities has a diverse revenue structure, with wealth management contributing 40.85%, international business 34.58%, institutional services 11.74%, other services 9.37%, and investment management 3.45% [2] - The company has distributed a total of 41.54 billion CNY in dividends since its A-share listing, with 12.64 billion CNY distributed in the last three years [3] - As of March 31, 2025, Huatai Securities had 223,800 shareholders, a decrease of 0.69% from the previous period [2][3]

Group 1 - The core viewpoint of the report indicates that China CNR's revenue increased by nearly 33% year-on-year in the first half of the year, with net profit growing by 72.5% [1] - The railway equipment business experienced significant growth, and the introduction of new high-speed trains and advanced repairs is expected to support the steady growth of the rail transit equipment industry [1] - As a leading player in the rail transit equipment sector, China CNR is anticipated to benefit from the ongoing positive trends in the industry [1] Group 2 - The forecast for China CNR's high-speed train revenue has been revised upward, with earnings per share projections for 2025 to 2027 adjusted from 0.47, 0.51, and 0.54 to 0.51, 0.53, and 0.57 respectively [1] - The target price for China CNR has been raised from 6.44 HKD to 7.42 HKD, while maintaining a "buy" rating [1]

Core Insights - The report from Huatai Securities indicates that Zhaojin Mining achieved a revenue of 6.973 billion yuan in the first half of the year, representing a year-on-year increase of 50.69% [1] - The net profit for the same period was 1.777 billion yuan, marking a year-on-year growth of 144.58% [1] - The attributable net profit reached 1.440 billion yuan, with a year-on-year increase of 160.44% [1] - The strong performance is primarily attributed to the rise in gold prices, which averaged 724.29 yuan per gram in the first half of the year, reflecting a year-on-year increase of 38.9% [1] Investment Outlook - The report suggests that if the Federal Reserve implements interest rate cuts, it could lead to a decline in real interest rates in the U.S., which would be favorable for gold [1] - The medium to long-term outlook indicates a continued upward trend for gold prices, supported by ongoing project developments within the company [1] - The target price for Zhaojin Mining has been raised from 23.44 HKD to 24.54 HKD, maintaining a "buy" rating [1]

华泰证券表示，2025年7月我国逆变器出口额65.1亿元，环比微降，出口数量460万台，环比-10.3%，需 求在旺季下基本维持高位，欧洲工商储及澳洲户储需求增量较为显著。长期来看，各地区停电+电价上 涨+风光装机高增仍为需求的核心驱动，光储平价有望进一步打开需求天花板。 ...

中信建投表示，REITs市场拐点已至，看好后市企稳反弹，年内有望创新高。市场在历经2个月的回调 后，近期企稳，近5个交易日涨幅达到1.75%。下半年市场为"V"字型行情；目前看REITs市场的短期3大 利空因素（交易型资金流出、集中解禁、机构年中止盈）接近出尽；而3大长期利好（2—3年内供不应 求的格局、资产荒下的红利资产属性、优质资产的抗周期性）不变。市场在历经本轮调整后，产权类 REITs动态分派已提升至近4%，有望迎来配置型资金的加速入场（年内多踏空）；四季度有望在交易型 资金重新入场后新高。 国金证券：中国创新药全面收获，迈向全球舞台 国金证券表示，中国创新药全面收获，ADC、双/多抗技术领先，管线数量全球第一。2023年License out首超License in，金额屡破纪录，海外MNC重金抢购。全球专利悬崖、技术迭代、头对头优效数据共 振，肿瘤、自身免疫、减重等赛道国产新药加速出海。集采出清，政策审评、医保、商保全链条支持， 业绩边际改善。 本文转载自"智通财经"，智通财经编辑：刘家殷。 市场昨日震荡调整，三大指数涨跌不一。沪深两市全天成交额2.68万亿，较上个交易日缩量4621亿。板 块方面 ...

Core Viewpoint - The report from Huatai Securities indicates a slight decline in China's inverter export value in July 2025, attributed to seasonal factors, increased power outages, and significant growth in wind and solar installations [1] Summary by Relevant Categories Export Performance - In July 2025, China's inverter export value reached 6.51 billion yuan, showing a month-on-month decrease of 1.2% [1] - Cumulative inverter export value from January to July 2025 was 37.11 billion yuan, reflecting a year-on-year increase of 9.0% [1] - The number of inverters exported in July was 4.6 million units, which is a month-on-month decrease of 10.3% [1] - The average export price per unit in July was 1,416 yuan, marking a month-on-month increase of 10.2% [1] - Total cumulative export quantity from January to July 2025 was 31.059 million units, with a year-on-year growth of 2.1% [1] Demand Drivers - Key drivers for demand include power outages, rising electricity prices, and significant growth in wind and solar installations [1] - Huatai Securities believes that the long-term demand for inverters is strongly determined [1]

格隆汇8月27日丨根据联交所最新权益披露资料显示，2025年8月21日，华泰证券(06886.HK)获易方达基金管理有限公司在场内以每股均价20.9264港元增持 468.34万股，涉资约9800.67万港元。 增持后，易方达基金管理有限公司最新持股数目为140,031,200股，持股比例由7.87%上升至8.15%。 | 股份代號: | 06886 | | --- | --- | | 上市法國名稱: | 華泰證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 27/07/2025 - 27/08/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 雑 | 原因 | 股份數目 | | | （請參閱上述 * 註 有投票權股 期 (日 / 月 / | | | | | | | | | 图 份自分比 年) | | | | | | | | | (%) | ...