Core Points - Huatai Securities announced the repurchase of restricted A-shares due to 143 incentive recipients failing to meet personal performance conditions or terminating their employment with the company [1] - A total of 438,500 restricted A-shares will be repurchased and canceled, leaving 1,060,000 restricted A-shares remaining in the incentive plan after the repurchase [1] - The repurchase and cancellation procedures have been initiated, with the expected completion date for the cancellation set for September 11, 2025 [1] Summary by Sections - **Incentive Plan Conditions** - The company identified 143 incentive recipients who did not fully meet personal performance criteria or had their employment terminated [1] - **Repurchase Details** - The company plans to repurchase a total of 438,500 restricted A-shares from the identified recipients [1] - After the repurchase, there will be 1,060,000 restricted A-shares remaining in the incentive plan [1] - **Administrative Actions** - The company has opened a dedicated securities account for the repurchase at the China Securities Depository and Clearing Corporation [1] - The cancellation of the repurchased shares is expected to be completed by September 11, 2025 [1]

Core Viewpoint - Huatai Securities (06886) announced a buyback of restricted A-shares from 143 incentive plan participants due to unmet personal performance conditions and termination of employment, with a total of 438,500 shares to be repurchased and canceled [1] Summary by Sections - **Incentive Plan Conditions** - 143 incentive plan participants failed to meet personal performance conditions or have terminated their employment with the company [1] - **Buyback Details** - The company plans to repurchase and cancel a total of 438,500 restricted A-shares from the aforementioned participants [1] - After this buyback, there will be 1,060,000 restricted A-shares remaining under the incentive plan [1] - **Regulatory Compliance** - The buyback and cancellation will be conducted in accordance with the Company Law, and the necessary procedures have been initiated with the China Securities Depository and Clearing Corporation [1] - The expected completion date for the cancellation of the 438,500 restricted A-shares is September 11, 2025 [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《北京市金杜（南京）律師事務所關於 華泰證券股份有限公司A股限制性股票股權激勵計劃回購註銷部分限制性股票相 關事項的法律意見書》，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 ...

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的股份有限公司， 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） 關於部分 A 股限制性股票回購註銷實施公告 茲提述本公司(i)日期分別為2020年12月31日、2021年3月23日、2021年4月7日、 2022年3月30日、2022年9月20日、2023年3月30日、2023年9月19日、2024年4 月12日、2024年8月30日、2024年9月13日、2025年4月29日及2025年8月29日的 公告（統稱「公告」）；(ii)日期為2021年1月8日、2022年5月23日、2023年5月31 日、2024年5月20日及2025年5月21日的通函（統稱「通函」）；及(iii)日期為2021 年2月8日之2021年第一次臨時股東大會之投票表決結果公告、日期為2022年6月 22日之2021年度股東大會、2022年第一次A股類別股東會 ...

回购注销原因：自 2024 年 4 月 6 日至公司 A 股限制性股票股 权激励计划第三个限售期满，公司 A 股限制性股票股权激励计划授予 的激励对象中有 143 名激励对象存在个人绩效条件未完全达标、与公 司解除劳动关系等情况，公司需回购并注销其已获授但尚未解除限售 的部分或全部 A 股限制性股票。 本次注销股份的有关情况 证券代码：601688 证券简称：华泰证券 公告编号：临 2025-047 华泰证券股份有限公司 关于部分 A 股限制性股票回购注销实施公告 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： | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | --- | --- | --- | | 438,495 | 438,495 | 2025 年 9 月 11 日 | 一、本次限制性股票回购注销的决策与信息披露 2025 年 4 月 29 日，华泰证券股份有限公司（以下简称"公司"） 召开了第六届董事会第十六次会议及第六届监事会第十二次会议，分 别审议通过了《关于公司回购注销部分 A ...

北京市金杜（南京）律师事务所 关于华泰证券股份有限公司 A股限制性股票股权激励计划 回购注销部分限制性股票相关事项的 法律意见书 致：华泰证券股份有限公司 北京市金杜（南京）律师事务所（以下简称金杜或本所）受华泰证券股份有限公 司（以下简称公司或华泰证券）委托，作为公司A股限制性股票股权激励计划（以下简 称本计划或本激励计划）的专项法律顾问，根据《中华人民共和国公司法》（以下简 称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股 权激励管理办法（2018修正）》《上市公司股权激励管理办法（2025修正）》1（以下合称 《管理办法》）、《国有控股上市公司（境内）实施股权激励试行办法》（以下简称 《试行办法》）、《关于规范国有控股上市公司实施股权激励制度有关问题的通知》 等法律、行政法规、部门规章及规范性文件（以下简称法律法规）和《华泰证券股份 有限公司章程》及《华泰证券股份有限公司A股限制性股票股权激励计划》（以下简称 《激励计划》）的有关规定，就公司实施本计划回购注销部分限制性股票（以下简称 本次回购注销）所涉及的相关事项，出具《北京市金杜（南京）律师事务所关于华泰 证券股份有限公司 ...

9月6日，华泰证券股份有限公司研究员王兴、谢春生、高名垚发布研报《源杰科技(688498)：Q2业绩高 速增长毛利率显著改善》称，维持公司"买入"评级。 中国经济网北京9月8日讯源杰科技(688498.SH)今日收报324.00元，跌幅13.22%。 ...

Market Overview - A-shares opened mixed on September 8, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index up 0.33%, and the ChiNext Index up 0.21% [1] - Sectors such as batteries and aerospace equipment saw significant gains, while sectors like duty-free and CPO experienced notable declines [1] Institutional Insights - Huatai Securities noted that the A-share mid-term performance has shown a clear divergence, with short cycles continuing to bottom out but showing initial signs of improvement [2] - The report highlighted that advanced manufacturing and TMT sectors are expected to see continued supply-demand improvements, while infrastructure chain revenue is approaching a turning point [2] - A-share mid-term dividend payouts have reached a historical high, suggesting a favorable environment for investors [2] Sector Focus - CITIC Securities expressed a bullish outlook on lithium batteries and energy storage, citing the upcoming peak season and unexpected demand in the storage sector [3] - The report indicated that the supply-demand relationship in the lithium battery sector has fundamentally shifted, with strong earnings visibility and low valuations [3] - Tianfeng Securities emphasized the investment opportunities in edge AI, driven by policy support and major company innovations, particularly highlighting Apple's commitment to product innovation in this area [4]

Core Viewpoint - Huatai Securities recently released its first in-depth research report covering Cao Cao Mobility (02643), giving it a "Buy" rating with a target price of HKD 100.4 [1] Group 1: Company Overview - Cao Cao Mobility is leveraging its deep experience in the ride-hailing sector and the breakthrough potential of its Robotaxi business to reshape the industry landscape from the supply side, with expectations to turn profitable by 2026 [1] - The company's core competitive advantage lies in its standardized custom vehicle fleet, which significantly differentiates it from existing market participants [1] Group 2: Robotaxi Development - Despite some opinions suggesting that Cao Cao is lagging behind other domestic companies in the Robotaxi field, Huatai Securities emphasizes that the competition is fundamentally a test of technology and operational capabilities [1] - Cao Cao Mobility is collaborating with Geely Holding Group to participate in vehicle design and develop a comprehensive automotive service solution, which significantly reduces Total Cost of Ownership (TCO) while enhancing operational efficiency [1] Group 3: Market Position and Future Prospects - As of June 30, 2025, Cao Cao Mobility has deployed 37,000 custom vehicles nationwide, making it the largest fleet of its kind in the country [1] - On February 28, 2025, the company launched its autonomous driving platform "Cao Cao Zhixing" and initiated Robotaxi pilot services in Suzhou and Hangzhou, showcasing its advantages in developing and deploying next-generation Robotaxi vehicles [2] - The company is working with Geely Group on a custom vehicle designed for L4 autonomous driving, which is expected to be launched by the end of 2026 [2] Group 4: Valuation and Market Impact - Huatai Securities has assigned a valuation of 1.8 times the sales ratio for 2026, corresponding to a market value of HKD 54.7 billion and a target price of HKD 100.4 [2] - Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2025, becoming the largest technology mobility platform in the Hong Kong market [2] - The company is expected to be included in the Hong Kong Stock Connect on September 8, which is anticipated to attract more mainland capital [2]

Group 1 - Huatai Securities recently released its first in-depth research report covering Cao Cao Mobility (02643), giving it a "Buy" rating with a target price of HKD 100.4 [1] - The report highlights that Cao Cao Mobility is reshaping the industry landscape from the "supply side" due to its deep accumulation in the ride-hailing sector and the breakthrough potential of its Robotaxi business, with expectations to turn profitable by 2026 [1] - The core competitiveness of Cao Cao Mobility stems from its standardized custom vehicle fleet, which significantly differentiates it from existing market participants [1] Group 2 - Despite some views that Cao Cao is lagging behind other domestic companies in the Robotaxi field, Huatai Securities emphasizes that the competition in Robotaxi is fundamentally a contest of technology and operational capabilities [1] - Cao Cao Mobility is optimizing total cost of ownership (TCO) and demonstrating long-term competitiveness in the Robotaxi sector through solid operational accumulation [1] - The company collaborates with Geely Holding Group to participate deeply in vehicle design and develop a comprehensive automotive service solution, significantly reducing TCO and enhancing operational efficiency [1] Group 3 - As of June 30, 2025, Cao Cao Mobility has deployed 37,000 custom vehicles nationwide, becoming the largest fleet of its kind in the country [1] - On February 28, 2025, Cao Cao Mobility launched its autonomous driving platform "Cao Cao Zhixing" and initiated Robotaxi pilot services in Suzhou and Hangzhou [2] - The company is developing a custom vehicle specifically designed for L4-level autonomous driving, which is expected to be launched by the end of 2026 [2] Group 4 - Huatai Securities assigns a valuation of 1.8 times the sales ratio for 2026, corresponding to a market value of HKD 54.7 billion, based on the average valuation levels of global mobility platforms [2] - Cao Cao Mobility was listed on the Hong Kong Stock Exchange on June 25, 2025, becoming the largest technology mobility platform in the Hong Kong market [2] - The company was included in the Hang Seng Composite Index on August 22, and it is expected to be included in the Hong Kong Stock Connect on September 8, which may attract more mainland capital [2]