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 ...

每经AI快讯，华泰证券（SH 601688，收盘价：21.59元）11月20日晚间发布公告称，截至公告披露日， 公司及控股子公司担保总额为人民币415.48亿元，全部为对子公司提供的担保，公司对控股子公司提供 的担保总额为人民币339.41亿元，相关数额分别占公司最近一期经审计净资产的比例为21.68%及 17.71%。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 张明双） 2025年1至6月份，华泰证券的营业收入构成为：证券经纪业务占比43.24%，机构服务占比19.75%，其 他业务占比14.23%，资产管理业务占比11.89%，其他占比11.5%。 截至发稿，华泰证券市值为1949亿元。 ...

| | 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 0.40 | | | 担保对象 | 实际为其提供的担保余额 | | 10.64 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 | | 415.48 | | 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（%） | | 21.68 | | 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 - The article discusses the optimistic outlook for China's economy and A-share market in 2026, highlighting the potential for high-quality development and the importance of sectors such as technology, cyclical industries, and manufacturing [3][5][11]. Economic Outlook - Multiple institutions predict that China's economy will maintain resilience and enter a new phase of high-quality development in 2026, marking the beginning of the "15th Five-Year Plan" [5]. - Macro policies are expected to shift from extraordinary counter-cyclical adjustments to a more normalized approach, focusing on technological self-reliance and the cultivation of new productive forces [5]. - External demand is anticipated to remain robust, while internal demand will rely on fiscal efforts to stimulate investment in human capital and consumer supply [5]. A-share Market Trends - The A-share market has been on a rising trend since 2025, with active trading observed. There are differing opinions on whether this upward trend will continue in 2026, with some institutions expecting a comprehensive market rally while others foresee a slowdown in growth [7][8]. - By mid-2026, it is expected that the "policy bottom, market bottom, and economic bottom" will successively appear, potentially triggering a comprehensive market rally [8]. - The overall sentiment is that the A-share market's upward momentum is far from over, with expectations that it may challenge levels not seen in the past decade [8]. Sector Focus - Key sectors to watch in 2026 include technology, cyclical industries, and manufacturing, with specific attention to areas such as AI, robotics, energy storage, photovoltaics, pharmaceuticals, and military industries [11]. - Institutions suggest that resource products may emerge as a new mainline direction following technology, driven by global monetary easing, supply-demand gaps, and domestic inventory replenishment [11]. - The TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors are expected to remain central to market dynamics, with potential for significant growth [11]. Capital Flow Insights - Residents are identified as the most significant source of funds in the A-share market, with current trends resembling those seen in 2015. High-risk preference funds have entered the market rapidly, while medium-risk preference funds may represent the next incremental growth phase [9].

Group 1 - The China Securities and Insurance Index (399966) increased by 0.97% as of November 20, 2025, with notable gains from stocks such as First Capital Securities (up 5.61%) and Dongfang Securities (up 3.01%) [1] - Sunshine Life Insurance, a subsidiary of Sunshine Insurance, signed a fund contract with two companies and plans to expedite the filing process for the pilot fund [1] - Dongwu Securities highlighted that market demand remains strong, with a reduction in the preset interest rate and transformation of dividend insurance expected to optimize liability costs, alleviating pressure from interest margin losses [1] Group 2 - The Insurance Securities ETF closely tracks the China Securities and Insurance Index, which selects securities from the insurance sector based on the China Securities 800 Index, providing investors with diverse investment options [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities and Insurance Index accounted for 62.44% of the index, including major companies like China Ping An and CITIC Securities [2]

Market Overview - The market experienced narrow fluctuations yesterday, with both the Shanghai Composite Index and the ChiNext Index closing in the green. The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion, a decrease of 200.2 billion compared to the previous trading day [1]. Sector Performance - The sectors that saw the highest gains included precious metals, military industry, and aquaculture, while sectors such as Hainan, gas, and film and television box office experienced declines. By the end of the trading day, the Shanghai Composite Index rose by 0.18%, and the ChiNext Index increased by 0.25% [1]. Investment Recommendations Huatai Securities - Huatai Securities continues to recommend cyclical aviation, trading in oil transportation, and allocation in highways. The firm notes that external uncertainties have settled, leading to a recovery in industrial production and export sentiment, along with a mild rebound in consumer data. Specifically, they expect: 1. Aviation: October ticket prices continue to improve, supported by low supply growth and a low base, indicating a sustained recovery in industry profitability. 2. Oil Transportation: Multiple favorable factors, including OPEC+/U.S. production increases and low oil prices, are expected to maintain high activity levels in the oil transportation sector. 3. Highways: With insurance funds beginning year-end allocations, the highway sector is anticipated to have upward potential due to attractive dividend yields [2]. CITIC Securities - CITIC Securities is optimistic about the traditional Chinese medicine industry, anticipating a recovery in demand by year-end and subsequent improvements in fundamentals and valuations. They highlight: - The easing of short-term base pressure and accelerated channel inventory clearance. - The potential for innovative areas to create a second growth curve, with significant brand extension opportunities for Chinese medicine consumer goods. - Attention to the blood products sector regarding the "14th Five-Year Plan" for plasma stations and industry consolidation, as well as the vaccine sector's product sales and innovation pipeline [3]. Tianfeng Securities - Tianfeng Securities suggests focusing on the recovery opportunities in the liquor sector, noting a "volume increase, price drop" trend during the 2025 Double Eleven shopping festival. Key points include: - Traditional e-commerce platforms saw major liquor prices fall below critical levels due to inventory pressures, while emerging channels like instant retail and Douyin experienced growth. - Liquor companies are actively combating counterfeiting and stabilizing prices through authorized and unauthorized listings. - The industry is shifting from price wars to value reconstruction, emphasizing high-quality products and refined channel operations. The current dividend returns from leading liquor companies are attractive, and consumer spending is expected to gradually recover [4].

（文章来源：每日经济新闻） 每经AI快讯，华泰证券研报表示，近期外部不确定性落地，工业生产及出口景气度回升，消费数据温 和回暖，看好：1. 航空：10月票价延续改善趋势，考虑到供给低增速+行业反内卷+低基数，行业收益 水平的回暖有望延续。2. 油运：OPEC+/美洲增产+跨区域油价差套利+低油价带动补库+地缘事件扰动 等多重利好共振下，油运板块高景气有望延续。3. 公路：保险资金年末开启配置"开门红"，市场风险偏 好有所震荡，叠加AH公路股息率均有吸引力，板块仍有上行空间。此外，持续推荐具备自身Alpha的部 分个股。 ...

每经AI快讯，华泰证券研报表示，近期外部不确定性落地，工业生产及出口景气度回升，消费数据温 和回暖，看好：1.航空：10月票价延续改善趋势，考虑到供给低增速+行业反内卷+低基数，行业收益水 平的回暖有望延续。2.油运：OPEC+/美洲增产+跨区域油价差套利+低油价带动补库+地缘事件扰动等多 重利好共振下，油运板块高景气有望延续。3.公路：保险资金年末开启配置"开门红"，市场风险偏好有 所震荡，叠加AH公路股息率均有吸引力，板块仍有上行空间。此外，持续推荐具备自身Alpha的部分个 股。 ...

Core Insights - The active user count for securities apps has declined after four consecutive months of growth, with October seeing a total of 169 million active users, representing a year-on-year decrease of 8.40% and a month-on-month decrease of 3.38% [1][2][5] - The decline in active users is attributed to market fluctuations and changes in investor behavior, particularly after the Shanghai Composite Index surpassed 4000 points, leading to profit-taking pressures and increased investor caution during the National Day holiday [1][5][12] - Despite the overall decline, some smaller securities apps and specialized tools have shown positive growth, indicating a divergence in user engagement across different platforms [12][14] User Activity Trends - In October, the top 50 securities apps all experienced a decline in active users, with only Huatai Securities' "Zhang Le Wealth" app surpassing 10 million active users [10][11] - The top three third-party apps, Tonghuashun, Dongfang Wealth, and Dazhihui, continue to dominate the market with significant user bases, while the gap between third-party apps and broker-owned apps is gradually narrowing [8][12] - The overall user activity in October was the fourth highest of the year, following a peak in September, which saw 175 million active users [11][12] Market Dynamics - The market's high base effect from October 2024 has put pressure on year-on-year comparisons, contributing to the observed declines in user activity [1][5][11] - The number of new A-share accounts opened in October 2025 was 2.31 million, reflecting a month-on-month decline, which aligns with the decrease in app activity [8][12] - The competitive landscape among the top 50 apps remained stable, with no changes in rankings despite the overall decline in user activity [11][12] Technological Advancements - Securities firms are increasingly investing in financial technology, transitioning their apps from basic trading tools to comprehensive wealth management platforms that integrate research, education, and lifestyle services [3][14][15] - The integration of AI technologies is becoming a focal point for firms, with new AI-driven applications being launched to enhance user experience and engagement [14][15] - The emphasis on user-centric services and intelligent solutions is seen as essential for navigating market fluctuations and ensuring long-term growth [15][16]