Core Viewpoint - The A-share listed securities firms have shown positive growth in asset management business revenue in the first half of 2025, with a focus on both fixed income and equity investments, indicating a trend of "stronger firms becoming stronger" [1][2]. Group 1: Revenue Growth and Performance - Nearly 20 A-share listed securities firms reported positive year-on-year growth in asset management revenue in the first half of 2025, with notable firms including CITIC Securities, GF Securities, and Guotai Junan [2]. - CITIC Securities led the sector with total asset management revenue of 6.017 billion yuan, followed by GF Securities and Guotai Junan, each exceeding 3 billion yuan [2]. - Huatai Securities achieved the highest revenue growth rate at 6487.85%, while Guotai Junan and Changcheng Securities reported growth rates of 44.77% and 38.01%, respectively [2]. Group 2: Asset Management Scale and Investment Focus - CITIC Securities had an asset management scale of 1.556 trillion yuan, the only firm surpassing the trillion yuan mark, while Guotai Junan, Huatai Securities, and China International Capital Corporation also exceeded 600 billion yuan [2]. - The bond market remains the primary focus for securities firms' asset management, with bond funds accounting for 79.06% of the total asset management products, which had a net value of 1.134875 trillion yuan as of June 2025, reflecting a 7.53% increase since the beginning of the year [2]. Group 3: Diversification and Future Strategies - Securities firms are increasing their investments in non-traditional fixed income assets such as ABS and REITs, with notable issuances including 2 REITs projects totaling 1.206 billion yuan by Changcheng Asset Management [3]. - Many listed securities firms are actively expanding their equity product offerings, with Huazhang Asset Management focusing on equity investment transformation and launching new products to enhance market coverage [3]. - Enhancing active management capabilities and diversifying investment strategies are key focuses for many A-share listed securities firms moving forward, with plans to develop multi-asset and multi-strategy product lines [4]. Group 4: Regulatory and Market Trends - The low interest rate environment has made fixed income investments less attractive, pushing firms to seek public fund management qualifications to expand their investment avenues [5]. - Several firms, including China Merchants Securities and GF Securities, have applied for public fund management licenses, which are seen as crucial for future business development and growth opportunities [5].

Core Insights - The securities industry has experienced significant growth in brokerage and financial product distribution revenues in the first half of the year, driven by a bullish stock market and increased trading activity [1][2]. Brokerage Business Performance - The brokerage business generated a net income of 789.52 billion yuan in the first half of the year, a substantial increase from 603.58 billion yuan in the same period last year, representing a growth of over 30% [2]. - The average daily trading volume for stocks and funds reached 1.61 trillion yuan, a year-on-year increase of 63.87% [2]. - The top ten brokerage firms accounted for 51.69% of the total brokerage income, with CITIC Securities leading at 64.02 billion yuan, followed by Guotai Junan at 57.33 billion yuan [2]. Financial Product Distribution - The revenue from financial product distribution among 42 listed brokerages totaled 55.68 billion yuan, marking a year-on-year growth of 32.09% [6]. - Smaller brokerages outperformed larger ones in terms of growth rates, with Nanjing Securities, Guolian Minsheng, and Guojin Securities showing significant increases of 191.28%, 135.08%, and 124.50% respectively [6]. AI Integration in Wealth Management - AI has become a focal point in wealth management, with firms like Guotai Junan implementing an "all in AI" strategy to enhance service efficiency and drive growth in both brokerage and product distribution [8]. - Huatai Securities is also leveraging AI to build a new intelligent service ecosystem, with a reported financial product sales scale of 304.57 billion yuan [8]. - The number of wealth advisors at招商证券 reached 1,414, with a fund advisory scale of 4.72 billion yuan, reflecting the integration of AI in enhancing service capabilities [9].

Core Viewpoint - The brokerage commission income from split accounts has significantly decreased, with the overall industry facing intense competition and pressure due to new regulations on public fund trading commissions [1][3]. Group 1: Brokerage Commission Income - In the first half of 2025, the total split account commission income for domestic brokerages was 43.72 billion yuan, a decrease of 34.73% compared to 66.98 billion yuan in the same period of 2024 [1][2]. - The top five brokerages by split account commission income were CITIC Securities (3.38 billion yuan, down 34.56%), Guotai Junan (2.68 billion yuan, down 3.75%), GF Securities (2.51 billion yuan, down 35.34%), Changjiang Securities (2.30 billion yuan, down 30.16%), and Huatai Securities (2.22 billion yuan, down 19.04%) [2][3]. - The combined split account commission income of the top five brokerages was 13.09 billion yuan, accounting for nearly 30% of the market share [2]. Group 2: Industry Trends and Responses - The implementation of the "Regulations on the Management of Securities Trading Costs for Publicly Raised Securities Investment Funds" has pressured trading commission scales, leading to intensified competition within the industry [3]. - Brokerages are adapting by enhancing research capabilities, accelerating international expansion, and deepening industry think tank construction to cope with challenges [1][3]. - Some smaller brokerages, such as Huafu Securities, have seen significant growth in split account commission income, with a reported increase of over three times year-on-year [4]. Group 3: Research and Development Strategies - Brokerages are focusing on strengthening their research capabilities and service quality to enhance competitiveness, with a long-term view of returning sell-side research to its core [3][4]. - Huatai Securities is expanding its overseas research product line and optimizing its cross-border research business layout [4]. - Tianfeng Securities emphasizes the importance of building a professional and tiered talent team to continuously release research value and support national strategies [4].

Core Viewpoint - The international business of Chinese securities firms is becoming a significant growth driver, with many firms reporting impressive revenue increases in their international operations as they accelerate their globalization strategies [1][2]. Group 1: International Business Performance - Several listed securities firms have shown a rising trend in their international business revenues, with China Galaxy reporting a revenue of 1.099 billion yuan, a year-on-year increase of 4.71% [1]. - Guoyuan Securities achieved an international business revenue of 178 million yuan, marking a substantial growth of 65.05% year-on-year [1]. - CITIC Securities International reported a revenue of 1.492 billion USD, a year-on-year increase of 52.87%, and a net profit of 387 million USD, up 65.38% [1]. - CICC's international operations generated a total revenue of 6.877 billion HKD, reflecting a growth of 30.97%, with a net profit of 2.634 billion HKD, a significant increase of 169.05% [1]. - Huatai International's net profit reached 1.145 billion HKD, a year-on-year increase of 25.55%, although its revenue decreased by 61.21% to 3.762 billion HKD [1]. Group 2: Business Development Strategies - CITIC Securities is advancing its global wealth management strategy, achieving a doubling in sales scale and revenue for overseas wealth management products in the first half of 2025 [2]. - The firm completed 30 overseas equity projects, with an underwriting scale of 2.989 billion USD, indicating strong market performance [2]. - CICC noted that its profit growth was driven by increased gains from financial instruments due to a recovering capital market [2]. - Companies are planning to enhance cross-border integrated development, with China Galaxy focusing on penetrating management of overseas subsidiaries and strengthening its position in Southeast Asia [2]. - Huatai Securities aims to deepen its global layout and improve its cross-border integrated financial service system while maintaining risk control and enhancing market competitiveness [2]. Group 3: Emerging Players in International Business - Smaller securities firms are also actively pursuing international business, using Hong Kong as a strategic base for expansion [3]. - First Capital announced plans to establish a wholly-owned subsidiary in Hong Kong, while Western Securities plans to invest 1 billion yuan to set up a wholly-owned subsidiary there [3]. - Other firms like Dongwu Securities and Huazhong Securities have also announced capital increases for their Hong Kong subsidiaries, indicating a growing competitive landscape in international operations [3].

Group 1 - The announcement includes information about the fund's dividend distribution, stating that the net asset value of the fund shares cannot fall below par value after the distribution [1] - Investors who apply for subscription, conversion, or regular investment on the record date will not enjoy the dividend rights, while those who redeem or convert out on the record date will [1] - The default dividend distribution method for investors who do not choose is cash distribution, and investors can modify their distribution method at sales outlets [1][2] Group 2 - The fund management company has decided to adjust the valuation method for the stock "SMIC" (stock code: 688981) held by its funds, using the index yield method starting from September 4, 2025 [4] - The subscription and redemption prices will be based on the net asset value calculated using the adjusted valuation method [4] - The valuation method will revert to market price once the stock resumes trading and shows active market trading characteristics [4] Group 3 - Starting from September 5, 2025, Huatai Securities will begin selling certain funds managed by the company [6] - The specific dates, times, processes, and fee discount activities for fund sales will be determined by the sales institution [7] - Investors can consult details through the websites and customer service numbers of both Huatai Securities and the fund management company [8]

Core Viewpoint - The margin financing and securities lending business (referred to as "margin business") is a core pillar of brokerage credit operations, significantly impacting brokerage performance due to its scale changes [1] Group 1: Business Performance - In the first half of the year, the margin balance remained high at 1.8 trillion yuan, laying a foundation for the growth of interest income for brokerages [2] - A total of 42 listed brokerages achieved net interest income of 19.657 billion yuan, a year-on-year increase of 30.66% [2] - Leading brokerages dominate the margin business, with Guotai Junan leading with 3.187 billion yuan in net interest income, followed by Huatai Securities with 2.037 billion yuan [2][3] Group 2: Growth Trends - The top brokerages and some regional firms showed remarkable performance, with Guotai Junan, Huatai Securities, and Zhongyuan Securities experiencing net interest income growth rates exceeding 100% [2] - The margin business of Guotai Junan focused on customer needs, achieving a net increase of 26,400 new margin clients, a 61% year-on-year increase [3] Group 3: Market Dynamics - As of September 1, the total margin balance reached 2.296991 trillion yuan, surpassing the historical peak of 2.27 trillion yuan in June 2015 [4] - The number of individual investors in the margin market increased to 7.6222 million, with active trading participants rising to 492,096 [4] Group 4: Strategic Focus - Leading brokerages have clarified their business priorities for the second half of the year, focusing on steady development of the margin business to support overall performance growth [5] - Guotai Junan plans to enhance customer acquisition efforts, while Huatai Securities aims to improve differentiated marketing policies and tools [5]

Group 1 - Huatai Securities (06886) announced the issuance of the fifth phase of corporate bonds aimed at professional investors, which will start paying interest and principal on September 15, 2025 [1] - The bond is named "22 Huatai G5" with a coupon rate of 2.50%, and the principal amount for each bond is RMB 1,000, resulting in an interest payment of RMB 25.00 (including tax) [1] - The bond listing date is set for September 15, 2025 [1]

Group 1 - Huatai Securities (601688) announced the issuance of the fifth phase of corporate bonds aimed at professional investors, which will start paying interest on September 15, 2025 [1] - The bond is named "22 Huatai G5" with a coupon rate of 2.50%, and the principal amount for each bond is RMB 1,000, resulting in an interest payment of RMB 25.00 (including tax) [1] - The bond will be delisted on September 15, 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《華泰證券股份有限公司2022年面向 專業投資者公開發行公司債券（第五期）2025年本息兌付及摘牌公告》，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 ...

Group 1: Asset Management Companies Performance - Several small and medium-sized asset management companies experienced rapid growth in scale during the first half of the year, while large banks' asset management subsidiaries showed weak growth, with some even reporting negative growth, such as CCB Wealth Management down 11.9% and ABC Wealth Management down 10.98% [1][7] - Among the securities asset management subsidiaries, eight reported negative revenue growth, although the overall situation has improved compared to previous years, with fewer companies experiencing negative growth [2] - Huatai Securities Asset Management was the only subsidiary to exceed 1 billion yuan in revenue during the first half of the year, achieving 1.013 billion yuan, while other companies like Guotai Haitong Asset Management reported close to 1 billion yuan [2][3] Group 2: Revenue and Profit Trends - Huatai Securities Asset Management led in net profit with 713 million yuan, a year-on-year increase of 47.22%, while other companies like Guoxin Asset Management and Xingzheng Asset Management saw net profit growth of 2804.4% and 375% respectively [3] - The total private asset management scale of securities and asset management companies reached 5.78 trillion yuan by the end of July, a 4.71% increase from the end of June [3] Group 3: Wealth Management Companies Insights - Some bank wealth management companies reported significant revenue increases, with Pudong Development Bank Wealth Management seeing a 70.03% year-on-year increase [6] - Six wealth management companies achieved net profits exceeding 1 billion yuan, including China Merchants Bank Wealth Management and Bank of China Wealth Management [6] - The largest wealth management company by total management scale is China Merchants Bank Wealth Management, with a scale of 2.46 trillion yuan, although it experienced a slight decline of 0.5% in the first half of the year [7] Group 4: Insurance Asset Management Performance - China Life Asset Management maintained the top position in revenue and net profit among insurance asset management companies, achieving revenue of 3.554 billion yuan and net profit of 2.076 billion yuan, with year-on-year growth of 23.41% and 35.73% respectively [9] - Some insurance asset management companies, like Taikang Asset Management, reported revenue declines, with a 26.56% drop to 789 million yuan [9]