Core Viewpoint - Huatai Securities (06886) announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance amount of RMB 2 billion and a coupon rate of 3.80% [1] Group 1: Bond Issuance Details - The bonds, referred to as "21 Huatai Y3," will start paying interest on November 18, 2025, for the period from November 18, 2024, to November 17, 2025 [1] - Each bond has a face value of RMB 1,000, with an interest distribution of RMB 38.00 (including tax) per bond [1]

Core Viewpoint - Huatai Securities (06886) announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance amount of RMB 2 billion and a coupon rate of 3.80% [1] Group 1: Bond Details - The bonds, referred to as "21 Huatai Y3," will start paying interest from November 18, 2025, for the period from November 18, 2024, to November 17, 2025 [1] - Each bond has a face value of RMB 1,000, with an interest payment of RMB 38.00 (including tax) per bond [1]

Core Viewpoint - Huatai Securities announced the issuance of perpetual subordinated bonds aimed at professional investors, with a fixed interest rate of 3.80% [1] Group 1: Bond Issuance Details - The bonds, referred to as "21 Huatai Y3," will start paying interest on November 18, 2025, for the period from November 18, 2024, to November 17, 2025 [1] - Each bond has a face value of RMB 1,000, resulting in an interest payment of RMB 38.00 (including tax) per bond [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2021年面向 專業投資者公開發行永續次級債券（第三期）2025年付息公告》，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 ...

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 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日在香港聯合交易所有限公司主板上市（股 ...

Group 1 - Huatai Securities announced the issuance of four medium-term notes totaling $0.50 billion each under a plan with a maximum principal amount of $3 billion, guaranteed by Huatai International [1] - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries reached RMB 42.087 billion, with guarantees to subsidiaries accounting for RMB 33.941 billion, representing 21.96% and 17.71% of the latest audited net assets respectively [1] - For the first half of 2025, the revenue composition of Huatai Securities was as follows: securities brokerage accounted for 43.24%, institutional services 19.75%, other businesses 14.23%, asset management 11.89%, and others 11.5% [1] Group 2 - The market capitalization of Huatai Securities is currently RMB 202.7 billion [2]

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-065 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。 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 2.00 | | 担保对象 | 实际为其提供的担保余额 | | | 11.40 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 | | 420.87 | | | 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（%） | ...

Core Insights - The brokerage industry has experienced a significant performance surge in Q3 2025, with 42 listed brokerages achieving a total net profit of 169 billion yuan, marking a year-on-year increase of 62.4% [2] - The industry concentration continues to rise, with the top five brokerages also being the top five in net profit, indicating a "dual leader" competitive landscape [2][5] - There is a notable divergence in performance among brokerages, particularly in proprietary trading income [2] Revenue Performance - The top five brokerages exhibit a clear "one super, one strong" revenue pattern, with CITIC Securities leading at 55.81 billion yuan, followed by Guotai Junan at 45.89 billion yuan, together accounting for 57.6% of the top five's total revenue [3][4] - Guotai Junan's revenue growth of 101.6% is primarily attributed to the absorption and merger with Haitong Securities, while CITIC Securities shows a stable growth of 32.7% [4] Net Profit Analysis - The net profit of the top five brokerages has surpassed 10 billion yuan, with CITIC Securities at 23.16 billion yuan and Guotai Junan at 22.07 billion yuan, creating a "dual giant" scenario [5][7] - Guotai Junan leads in net profit growth at 131.8%, significantly influenced by goodwill from the merger, while CITIC Securities shows a robust growth of 37.86% [7] Brokerage Business - The average daily trading volume in the market reached 1.64 trillion yuan, a year-on-year increase of 106.1%, driving brokerage commission income to grow by over 50% across the board [10] - Guotai Junan's commission income surged by 142.8% to 10.81 billion yuan, while CITIC Securities leads in scale with 10.94 billion yuan, reflecting strong performance in the brokerage business [11][12] Proprietary Trading Income - The top five brokerages achieved a total proprietary trading income of 83.58 billion yuan, accounting for 47.02% of total revenue, with CITIC Securities leading at 31.60 billion yuan, a 45.88% increase [13][14] - There is a significant divergence in proprietary trading income growth, with Guotai Junan at 90.11% and Huatai Securities experiencing a decline of 15.08% [14][15]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the broader market [1][33]. Core Insights - The report highlights a mixed performance in the non-bank financial sector, with insurance stocks showing significant gains while brokerage stocks faced declines. The insurance index rose by 1.2%, while the brokerage index fell by 0.7% [4][8]. - The report emphasizes the importance of regulatory changes in the non-auto insurance sector, which are expected to create investment opportunities as companies adapt to new guidelines [4][31]. - The overall market sentiment remains optimistic, with expectations for steady growth in the capital markets supported by improved investor structures and strategic policy directions [4][8]. Summary by Sections Market Overview - The non-bank financial index decreased by 0.2% last week, underperforming the CSI 300 by 1.0 percentage points. The average daily trading volume for stock funds was 25,001 billion yuan, a decrease of 13.3% week-on-week [4][16]. - New account openings on the Shanghai Stock Exchange in October were 2.4672 million, down 21.4% from September, but the year-to-date total reached 22.46 million, up 10.6% year-on-year [4][16]. Insurance Sector - The implementation of the "reporting and operation integration" guidelines for non-auto insurance is expected to enhance investment value, particularly as the year-end approaches and market sentiment shifts [4][31]. - The report suggests focusing on large comprehensive insurance companies that have competitive advantages, especially in light of the new regulatory framework aimed at high-quality development [4][31]. Brokerage Sector - The report notes a decline in new account openings due to a high base effect from the previous year, but the overall market sentiment remains strong, indicating potential for future growth [4][8]. - It recommends focusing on large brokerages with strong capital positions and stable operations, particularly in the context of ongoing mergers and acquisitions and wealth management transformations [4][31]. Investment Recommendations - For brokerages, the report advises capitalizing on the new "National Nine Articles" policy framework, which aims to cultivate top-tier investment banks and support long-term market activity [4][31]. - For insurance companies, the focus should be on those that can optimize product design and enhance channel value under the new regulatory environment [4][31].

Core Viewpoint - Huatai Securities (Shanghai) Asset Management Co., Ltd. announced an adjustment to the large subscription limit for the Huatai Zijin CSI 1000 Index Enhanced Initiation Securities Investment Fund, effective from November 12, 2025, to protect the interests of fund shareholders [1]. Summary by Category Fund Adjustment Details - The large subscription limit for the Huatai Zijin CSI 1000 Index Enhanced Initiation Fund is set at a maximum of 500,000 RMB per day for each fund account, including regular and periodic subscriptions and transfers [1]. - The specific fund classes affected are: - Huatai Zijin CSI 1000 Index Enhanced Initiation A (Code: 018062) - Huatai Zijin CSI 1000 Index Enhanced Initiation C (Code: 018063) [1]. Operational Notes - The company retains the right to partially or fully reject subscription applications that exceed the specified limit [1]. - During the period of large subscription restriction, the company will continue to process redemption requests for the fund [1]. - The specific date for the resumption of large subscription operations will be announced separately [1].