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2021年面向 專業投資者公開發行永續次級債券（第一期）2025年付息公告》，僅供參閱。 釋義 本公司全体董事或具有同等职责的人员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 确性和完整性承担相应的法律责任。 重要内容提示: 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 ...

Market Overview - On September 10, the securities sector declined by 0.25% compared to the previous trading day, with Guolian Minsheng leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Notable gainers included: - Pacific Securities: closed at 4.80, up 2.78% with a trading volume of 8.14 million shares and a turnover of 3.91 billion [1] - Changjiang Securities: closed at 7.93, up 1.41% with a trading volume of 906,100 shares and a turnover of 713 million [1] - Xinda Securities: closed at 18.82, up 1.29% with a trading volume of 409,000 shares and a turnover of 773 million [1] - Major decliners included: - Guolian Minsheng: closed at 10.97, down 2.75% with a trading volume of 996,200 shares and a turnover of 1.095 billion [2] - Dongfang Securities: closed at 10.86, down 1.18% with a trading volume of 962,000 shares and a turnover of 1.048 billion [2] - CITIC Securities: closed at 26.17, down 1.02% with a trading volume of 124,300 shares and a turnover of 327 million [2] Capital Flow Analysis - The securities sector experienced a net outflow of 1.301 billion from institutional investors, while retail investors saw a net inflow of 935 million [2] - Notable capital flows included: - Pacific Securities: net inflow of 270 million from institutional investors, but a net outflow of 150 million from speculative funds [3] - Changjiang Securities: net inflow of 103 million from institutional investors, with a net outflow of 65.54 million from speculative funds [3] - Xinda Securities: net inflow of 47.42 million from institutional investors, but a net outflow of 51.44 million from retail investors [3]

Core Viewpoint - The real estate industry is expected to remain in a bottoming phase in the first half of 2025, with overall performance and sales under pressure, but leading companies are showing resilience due to quality land reserves in core cities [1] Group 1: Industry Performance - The overall sales in the real estate sector are facing challenges, indicating a tough market environment [1] - Leading real estate companies are expected to outperform their peers due to lighter historical burdens and a higher proportion of land reserves in core cities [1] Group 2: Future Outlook - Companies with strong credit ratings, located in core cities, and offering quality products are likely to lead the recovery in both sales and profitability [1] - The recovery pace in core cities, particularly represented by first-tier cities, is viewed positively [1]

Core Viewpoint - The media industry is expected to see a recovery in performance in the first half of 2025, driven by an increase in the supply and quality of gaming and film products [1] Group 1: Industry Performance - In the first half of the year, the media industry achieved operating revenue of 268.37 billion yuan, representing a year-on-year increase of 3.3% [1] - The net profit attributable to shareholders reached 22.17 billion yuan, marking a significant year-on-year growth of 39.3% [1] - After excluding asset impairment losses, the net profit attributable to shareholders was 25.06 billion yuan, reflecting a year-on-year increase of 37.7% [1] Group 2: Future Outlook - The improvement in the quality and quantity of content supply, along with a favorable policy environment and accelerated commercialization of AI applications, is expected to sustain the upward trend in the media industry's performance in the second half of the year [1] - Companies with rich product reserves and accelerated AI commercialization are recommended for attention [1]

Core Viewpoint - Huatai Securities announced the establishment of a medium-term note program with a total principal amount of up to $3 billion, guaranteed by Huatai International [1] Group 1: Company Actions - Huatai International Financial Holdings Limited, a wholly-owned subsidiary of Huatai Securities, set up the medium-term note program on October 27, 2020 [1] - On September 9, 2025, Huatai International Financial issued two medium-term notes under this program, with amounts of $0.25 billion and $0.43 billion respectively [1] Group 2: Financial Details - The total guaranteed amount, based on the exchange rate of 1 USD = 7.1030 CNY as of August 29, 2025, is approximately CNY 483 million [1]

Group 1 - Huatai Securities (06886) announced that its wholly-owned overseas subsidiary, Huatai International Financial Holdings Co., Ltd. (Huatai International), established an offshore medium-term note program with a total principal amount of up to 3 billion USD (or equivalent in other currencies) on October 27, 2020 [1] - On September 9, 2025, Huatai International Finance issued two tranches of medium-term notes under the aforementioned program, with issuance amounts of 25 million USD and 43 million USD respectively [1] - The total guaranteed amount, based on the USD to RMB exchange rate of 1 USD = 7.1030 RMB as of August 29, 2025, amounts to approximately 483 million RMB [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 证券代码：601688 证券简称：华泰证券 公告编号：临 2025-048 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 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-048 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 0.68 | | 担保对象 | 实际为其提供的担保余额 | | | 7.85 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 | | 375.94 | | 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 ...

Group 1 - The core viewpoint of the report indicates that Lenovo Group is expected to benefit from the strong demand for AI-driven products in the second half of the year, maintaining a buy rating with a target price of 16 HKD based on a 15x FY2026E PE [1] Group 2 - Motorola's smartphone business has achieved a global breakthrough, with its foldable phone market share doubling to 28% in 2QCY25, a 14 percentage point year-over-year increase, surpassing Samsung to become the largest foldable phone manufacturer [2] - The Moto brand's smartphone revenue grew by 14.0% year-over-year, with sales exceeding market growth for eight consecutive quarters, particularly strong in emerging markets [2] - In the U.S. high-end market, the Motorola razr series is noted for being the most cost-effective foldable phone at a base price of 699 USD, driving record-high shipments [2] - The AI PC segment is experiencing rapid penetration, with a global market share of 24.6% in 2QCY25, and the market penetration rate for AI PCs has reached approximately 30% [3] - User engagement with AI applications is strong, with about 40% of users actively purchasing AI applications, indicating potential for further growth in AI application penetration [3] Group 3 - Lenovo's "China + N" global manufacturing strategy demonstrates significant advantages in the current trade environment, with over 30 manufacturing bases worldwide and 11 owned factories [4] - The company has completed a 2 billion USD zero-interest convertible bond investment with Saudi Arabia's Public Investment Fund, establishing a production base in Saudi Arabia expected to commence operations in 2026 [4] - This initiative aligns with Saudi Arabia's "Vision 2030" strategy, focusing on AI infrastructure and digital economy development [4]

Core Viewpoint - The report from Huatai Securities indicates that Lenovo Group is expected to benefit from the strong demand driven by the development of global hybrid artificial intelligence, maintaining a "Buy" rating with a target price of HKD 16, corresponding to a 15x FY2026E PE [1] Group 1: Motorola Mobile Business - Motorola's mobile business has achieved a global breakthrough, with its foldable phone market share doubling in 2QCY25, reaching 28%, an increase of 14 percentage points year-on-year, surpassing Samsung to become the largest foldable phone manufacturer globally [2] - The Moto brand's smartphone revenue grew by 14.0% year-on-year, with sales exceeding market growth for eight consecutive quarters, particularly strong in emerging markets [2] - In the U.S. high-end market, the Motorola razr series, priced at USD 699, has become the most cost-effective foldable phone, driving record-high shipments in the U.S. foldable phone market [2] Group 2: AI PC Market - The penetration rate of AI PCs is rapidly increasing, with hybrid AI solutions becoming a significant growth driver [3] - According to IDC data, Lenovo's global PC market share reached a record high of 24.6% in 2QCY25, with expectations for continued expansion of market share [3] - The current market penetration rate of AI PCs is approximately 30%, with user engagement for AI applications reaching about 40%, indicating strong potential for future growth in AI application penetration [3] Group 3: Global Supply Chain and Investment - Lenovo's "China + N" global manufacturing layout demonstrates significant advantages in the current trade environment, with over 30 manufacturing bases globally and self-owned factories in 11 countries [4] - This flexible production capability allows Lenovo to effectively respond to external uncertainties and ensure delivery efficiency through localized production in regions like Mexico and Hungary [4] - Lenovo has completed a USD 2 billion zero-interest convertible bond investment with Saudi Arabia's Public Investment Fund and is establishing a production base in Saudi Arabia, expected to commence operations in 2026, aligning with Saudi Arabia's "Vision 2030" strategy for AI infrastructure and digital economy development [4]