Core Viewpoint - The company is actively engaging with investors to discuss its business developments, particularly in the areas of infrastructure, real estate, and renewable energy, highlighting the significant growth in its renewable energy segment as a key profit driver [1][3]. Group 1: Business Overview and Performance - The company's main business segments include infrastructure, real estate, and renewable energy, with the third quarter of 2025 reporting a revenue of 1.392 billion yuan and a net profit of 100 million yuan [3]. - The infrastructure segment shows stable revenue growth, while the real estate segment is in a phase of inventory reduction, leading to a decline in revenue and net profit [3]. - The renewable energy segment has seen substantial growth in both revenue and net profit, effectively compensating for the contraction in the real estate business and becoming a crucial profit growth point for the company [3]. Group 2: Renewable Energy Business - The company has established a complete industrial chain in the renewable energy sector, covering manufacturing, contracting, and operation of power plants, with an expected annual production of over 2 GW of solar modules [4]. - The EPC (Engineering, Procurement, and Construction) segment is expected to maintain controllable costs, with anticipated revenue growth, while the operational power plants are projected to deliver stable and considerable profitability [4]. - The company plans to leverage its strong partnerships with state-owned enterprises to further expand its renewable energy business [4]. Group 3: Humanoid Robot Business - The company has formed a joint venture, Ningbo Xingji Power Technology Co., Ltd., to focus on its humanoid robot business, with plans to scale the team to 60-100 people by 2026 [5][6]. - The research and development efforts are concentrated on enhancing the movement capabilities and human-robot interaction, with a significant portion of the team dedicated to software development [6]. - Currently, the focus is on B2B applications, particularly in guided tours and industrial scenarios, while avoiding direct consumer engagement due to privacy and security concerns [7]. Group 4: Strategic Planning and Management - The strategic plan for the humanoid robot business includes achieving commercial deployment across various scenarios and establishing a second growth curve for the company [8]. - The management structure of the joint venture includes experienced industry professionals, with governance shared between the company and its partner [8]. Group 5: Share Buyback Plan - The company has adjusted its share buyback plan, raising the price ceiling due to the stock price consistently exceeding the previously set limit of 9.00 yuan, reflecting confidence in its long-term development [9]. - The repurchased shares are intended for employee stock ownership plans or equity incentives to attract and retain talent [10].

Core Viewpoint - Huatai Securities (601688) announced the public issuance of corporate bonds (the tenth phase) aimed at professional investors, with two varieties of bonds and specific interest rates set for each [1] Group 1 - The corporate bonds are divided into two varieties based on the results of inquiries from offline professional institutional investors [1] - The final coupon rate for the first variety of bonds is set at 1.88% [1] - The final coupon rate for the second variety of bonds is set at 1.99% [1]

Core Viewpoint - Huatai Securities announced the issuance of its 10th tranche of corporate bonds aimed at professional investors, with two varieties of bonds having fixed interest rates of 1.88% and 1.99% respectively [1] Group 1 - The bond issuance is specifically targeted at professional institutional investors [1] - The final interest rates were determined based on the results of inquiries from institutional investors and discussions between the issuer and the lead underwriter [1]

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。 （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2025年面向 專業投資者公開發行公司債券（第十期）票面利率公告》，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 ...

Core Viewpoint - Huatai Securities experienced a decline of 2.04% in stock price on November 21, with a trading volume of 4.87 billion yuan and a total market capitalization of 190.918 billion yuan [1] Group 1: Stock Performance - Year-to-date, Huatai Securities' stock price has increased by 22.82%, but it has seen a decline of 4.60% over the last five trading days, 2.98% over the last twenty days, and 0.75% over the last sixty days [1] - As of September 30, the number of shareholders decreased by 6.96% to 195,500, while the average circulating shares per person increased by 7.62% to 38,566 shares [2] Group 2: Financial Performance - For the period from January to September 2025, Huatai Securities reported an operating income of 0.00 yuan and a net profit attributable to shareholders of 12.733 billion yuan, reflecting a year-on-year growth of 1.69% [2] Group 3: Dividend and Shareholding Structure - 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 last three years [3] - As of September 30, 2025, the top ten circulating shareholders include 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]

Group 1 - As of November 20, the margin trading balance in A-shares is 24,917.03 billion yuan, a decrease of 62.37 billion yuan from the previous trading day, accounting for 2.59% of the A-share circulating market value [1] - The trading volume of margin financing on the same day reached 1,740.33 billion yuan, an increase of 41.69 billion yuan from the previous trading day, representing 10.10% of the total A-share trading volume [1] - Among the 31 primary industries in Shenwan, 11 industries experienced net financing inflows, with the telecommunications industry leading with a net inflow of 1.4 billion yuan [1] Group 2 - A total of 21 stocks had net financing inflows exceeding 100 million yuan, with Xinyi Technology leading at 9.53 billion yuan [2] - Other notable stocks with significant net financing inflows include Zhongji Xuchuang, Tianfu Communication, Ningde Times, Bank of China, Aerospace Development, Sunshine Power, Shenghong Technology, Huatai Securities, and Shengxin Lithium Energy [2]

Core Insights - The overall performance of 42 listed securities firms in A-shares has significantly improved in the first three quarters of 2025, with total revenue reaching 419.56 billion yuan, a year-on-year increase of 42.55%, and net profit attributable to shareholders amounting to 169.05 billion yuan, up 62.38% compared to the same period last year [1][2]. Revenue Performance - Among the 42 listed securities firms, 11 firms reported total revenue exceeding 10 billion yuan, with CITIC Securities, Guotai Junan, Huatai Securities, GF Securities, and China Galaxy leading the pack [2]. - Guolian Minsheng Securities exhibited the fastest revenue growth at 201.17%, followed by Guotai Junan and Changjiang Securities with growth rates of 101.60% and 76.66%, respectively [2][4]. Net Profit Analysis - CITIC Securities and Guotai Junan both surpassed 20 billion yuan in net profit, with figures of 23.16 billion yuan and 22.07 billion yuan, respectively [6]. - Guolian Minsheng Securities, Huaxi Securities, and Guohai Securities showed remarkable growth in net profit, with increases of 345.30%, 316.89%, and 282.96%, respectively [6][12]. Capital and Risk Control Indicators - As of September 2025, 14 securities firms had net capital exceeding 30 billion yuan, with Guotai Junan, CITIC Securities, and China Galaxy exceeding 100 billion yuan [7][8]. - Most firms reported an increase in capital leverage ratio, net stable funding ratio, and risk coverage ratio compared to the end of the previous year, indicating improved risk management [13][18]. - Pacific Securities had the highest capital leverage ratio at 67.9%, while its liquidity coverage ratio was also the highest at 813.68%, despite a significant decline from the previous year [13][18].

人民财讯11月21日电，华泰证券研报指出，国家发改委办公厅发布《关于做好2026年电煤保供中长期合 同签订和履约监管工作的通知》(发改办运行〔2025〕985号)(简称"2026版")，明确了2026电煤中长协合 同形式、定价基准、履约监管方式等。华泰证券认为相比2025版本更加市场化的坑口长协合约将有利于 稳定履约率，看好煤价中枢企稳后、降息周期煤炭红利逻辑，推荐动力煤龙头。 ...

Core Viewpoint - Multiple brokerages are optimistic about China's economy in 2026, expecting it to maintain resilience and enter a phase of high-quality development, with the A-share market continuing its upward trend, although some predict a slowdown in growth [1][3][5]. Economic Outlook - The first three quarters of 2023 showed steady progress in China's economy, with expectations that 2026 will mark the beginning of a new high-quality development phase [3]. - Macro policies are anticipated to shift from extraordinary counter-cyclical adjustments to a more normalized approach, focusing on technological self-reliance and the cultivation of new productive forces [3]. - External demand is expected to remain resilient, while internal demand will rely on fiscal efforts to boost investment in human capital and consumer supply [3]. A-share Market Trends - Since 2025, the A-share market has been on a volatile upward trajectory, with significant attention on whether this trend will continue into 2026 [5]. - Some institutions believe that the A-share market may reach a peak in spring 2026, with potential triggers for a comprehensive market rally [5]. - The market is expected to experience a critical verification period in 2026, with indices likely to remain volatile but on an upward trend [6]. Sector Focus - The technology, cyclical, and manufacturing sectors are highlighted as key areas of focus for 2026 [8]. - Specific recommendations include monitoring recovery trades in basic chemicals and industrial metals, as well as trends in AI, humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industries [8]. - Resource products may emerge as a new mainline direction following technology, driven by global monetary easing and domestic inventory cycles [9]. Investment Sentiment - The A-share market's current rally is significantly supported by retail investors, with a notable influx of high-risk preference funds [6]. - The upcoming five-year planning period is expected to yield positive market performance, aligning with policy directions [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。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 （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。 「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 ...