股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: HTSC（於中華人民共和國註冊成立，中文公司名稱為华泰证券股份有限公司及在香港以HTSC名義開展業務）(「本公司」) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601688 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,308,256,601 | RMB | | 1 RMB | | 7,308,256,601 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,308 ...

Market Overview - On September 3, the securities sector declined by 3.45%, with Pacific Securities leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Pacific Securities (code: 660109) closed at 4.35, down 8.03% with a trading volume of 10.72 million shares [1] - Guosheng Financial Holdings (code: 002670) closed at 65.81, down 7.10% with a trading volume of 986,500 shares [1] - Xian Financial Holdings (code: 600095) closed at 11.35, down 6.58% with a trading volume of 877,200 shares [1] - Zhongyin Securities (code: 601696) closed at 15.00, down 6.19% with a trading volume of 1.36 million shares [1] - Dongfang Fortune (code: 300059) closed at 26.63, down 4.38% with a trading volume of 8.00 million shares [1] Capital Flow Analysis - The securities sector experienced a net outflow of 11.088 billion yuan from institutional investors, while retail investors saw a net inflow of 7.267 billion yuan [1] - Dongfang Fortune had a net outflow of 3.482 billion yuan from institutional investors, with a net inflow of 2.344 billion yuan from retail investors [2] - Pacific Securities faced a net outflow of 1.244 billion yuan from institutional investors, with a net inflow of 675 million yuan from retail investors [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: HTSC（於中華人民共和國註冊成立，中文公司名稱為华泰证券股份有限公司及在香港以HTSC名義開展業務）(「本公司」) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601688 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,308,256,601 | RMB | | 1 RMB | | 7,308,256,601 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,308 ...

Core Viewpoint - Huatai Securities published a research report indicating that SenseTime's revenue for the first half of the year reached 2.358 billion yuan, representing a year-on-year increase of 35.48%, with adjusted net losses significantly narrowing by 50% [1] Group 1: Financial Performance - SenseTime's revenue for the first half of the year was 2.358 billion yuan, up 35.48% year-on-year [1] - The company's adjusted net loss decreased by 50% [1] Group 2: Future Projections - Huatai Securities maintains revenue forecasts for SenseTime at 4.83 billion yuan and 6.1 billion yuan for the next two years [1] - The revenue forecast for 2027 has been slightly adjusted upward to 7.555 billion yuan, an increase of 3.22% from previous estimates [1] Group 3: Strategic Outlook - The firm is optimistic about SenseTime's integrated strategy of computing power, large models, and applications, anticipating rapid growth in generative AI [1] - Huatai Securities has upgraded the target price for SenseTime from 1.73 HKD to 2.44 HKD, primarily due to the increase in average valuations of comparable companies and positive outlook on SenseTime's generative AI business [1]

Core Viewpoint - Huatai Securities published a research report indicating that SenseTime's revenue for the first half of the year reached 2.358 billion yuan, representing a year-on-year increase of 35.48%, with adjusted net losses significantly narrowing by 50% [1] Group 1: Financial Performance - SenseTime's revenue for the first half of the year was 2.358 billion yuan, up 35.48% year-on-year [1] - The company's adjusted net loss decreased by 50% [1] Group 2: Future Projections - Huatai Securities maintains revenue forecasts for SenseTime at 4.83 billion yuan and 6.1 billion yuan for the next two years [1] - The revenue forecast for 2027 has been slightly raised to 7.555 billion yuan, an increase of 3.22% from previous estimates [1] Group 3: Strategic Outlook - The firm is optimistic about SenseTime's strategy of integrating computing power, large models, and applications, anticipating rapid growth in generative AI [1] - Huatai Securities has upgraded the target price for SenseTime from 1.73 HKD to 2.44 HKD, primarily due to the increase in average valuations of comparable companies [1]

Core Viewpoint - Huatai Securities reports that BYD Electronics, as a platform-based high-end manufacturing enterprise, is expected to achieve rapid revenue and profit growth from 2020 to 2024, driven by its North American major client's mobile phone business and its parent company's automotive product business [1] Group 1: Revenue and Profit Growth - The main sources of BYD Electronics' performance growth in the second half of this year are anticipated to be the mobile phone mid-frame business from North American clients and the automotive business from the parent company [1] - The continuous advancement of data center AI server assembly business and the rollout of liquid cooling products, which may start shipping in the second half of the year, could provide new momentum for the company's long-term growth [1] Group 2: Target Price and Profit Forecast - Huatai Securities raised the target price for BYD Electronics from HKD 40.3 to HKD 61.8, considering the current valuation is attractive, equivalent to a forecasted price-to-earnings ratio of 14.7 times for 2025 [1] - The company maintains its forecast for net profit attributable to shareholders for 2025, 2026, and 2027 at CNY 5.03 billion, CNY 6.07 billion, and CNY 6.94 billion, respectively [1]

Group 1 - The A-share market is experiencing a turning point in profitability, entering a mild recovery phase, with structural differentiation exceeding total significance, highlighting the accelerated shift between new and old driving forces [2] - The market style is leaning towards growth, with technology manufacturing becoming a core engine driven by the AI cycle and domestic substitution, while midstream manufacturing benefits from cost recovery, showcasing profitability resilience [2] - The recovery in the market is characterized by price restoration rather than volume expansion, with strong performance in the AI industry chain and opportunities for robots and innovative drugs facing production and turnaround challenges [2] Group 2 - The liquor sector has entered a mid-cycle layout window after four years of adjustment, with expectations for a "valuation + performance" double bottom by 2025, indicating a favorable configuration cost-effectiveness [3] - The investment paradigm for high-dividend public utility assets may change, with a focus on electric central enterprises with low asset securitization ratios and local state-owned enterprises with debt repayment potential [4] - Capital operations are expected to positively impact the enhancement of dividend ratios, presenting investment opportunities in the current market environment [4]

Group 1 - The report highlights that the performance of various sectors such as electronics, home appliances, non-bank financials, machinery, non-ferrous metals, computers, food and beverage, defense, telecommunications, media, and agriculture is improving [3][25]. - From the perspective of earnings surprises, industries with the highest upward revisions in net profit forecasts from June 30, 2025, to August 30, 2025, include steel, non-ferrous metals, beauty care, non-bank financials, and banks [3][27]. - The report identifies a phenomenon of profit discontinuity, where the lowest price on the first trading day after earnings announcements is higher than the highest price on the previous trading day, particularly in sectors like food and beverage, beauty care, non-bank financials, banks, and transportation [3][27]. Group 2 - In August, major equity indices in the A-share market continued to rise, with the ChiNext index increasing by 24.13% [4][31]. - The central bank's net fund injection in August was 446.6 billion yuan, indicating a slight tightening of liquidity towards the end of the month [4][31]. - The report notes a rebound in non-ferrous metals, while oil prices have slightly declined, and pork prices remain low [4][31]. Group 3 - The global semiconductor industry is experiencing structural prosperity driven by rapid growth in AI computing demand, accelerated terminal intelligence, recovery in automotive electronics, and deepening domestic substitution [11][25]. - In Q2 2025, the semiconductor sector reported revenues of 133.66 billion yuan and a net profit of 10.63 billion yuan, indicating a clear trend of profit recovery [11][25]. - The report suggests focusing on sectors such as storage, power, foundry, ASIC, and SoC for their earnings elasticity, as well as equipment materials and domestic substitution in computing chips [11][25]. Group 4 - The U.S. fixed income market is the largest globally, with a market size of 58.2 trillion USD in 2024, accounting for 40.10% of the global total [9][38]. - As of Q1 2025, the U.S. fixed income market's outstanding amount reached 47.44 trillion USD, with U.S. Treasury bonds making up over 60% of this figure [9][38]. - The report indicates that the issuance volume in the U.S. fixed income market for the first half of 2025 was 5.70 trillion USD, reflecting a 14.21% increase compared to the same period in 2024 [9][38]. Group 5 - The report emphasizes the importance of AI applications across various sectors, including gaming, healthcare, marketing, education, finance, and office productivity, highlighting the ongoing integration of AI technologies [6][34]. - The AI sector is expected to see significant growth driven by government policies promoting the integration of AI into key industries [6][34]. - The satellite internet industry is also noted for its rapid development, with low-orbit satellites driving innovation across the supply chain [6][34].

Investment Rating - The investment rating for Huatai Securities is "Buy" and is maintained [10]. Core Views - In the first half of 2025, Huatai Securities experienced significant growth in performance, with operating income reaching 16.22 billion yuan, a year-on-year increase of 31.0%, and net profit attributable to shareholders of 7.55 billion yuan, up 42.2% year-on-year [7][8]. - The company's return on equity (ROE) improved by 1.12 percentage points to 4.3% [7]. - The brokerage business rebounded with a stable market share in margin trading, while the asset management layout is leading, with direct investment and alternative subsidiaries turning profitable [2][8]. - Investment returns have significantly improved, with a notable increase in investment yield due to the expansion of funds and bonds [2][8]. - Huatai Securities has solidified its advantages in investment banking, with a significant increase in equity and bond underwriting scale [2][8]. - The company is a pioneer in financial technology, successfully developing leading platforms such as "Zhangle Wealth" and "Xingzhi," which are expected to continue generating positive effects in wealth management and fintech [2][8]. Summary by Sections Financial Performance - In H1 2025, Huatai Securities achieved operating income of 16.22 billion yuan and net profit of 7.55 billion yuan, with a year-on-year increase of 31.0% and 42.2% respectively [7][8]. - The weighted average ROE increased to 4.3%, up 1.12 percentage points year-on-year [7]. Business Segments - Brokerage income reached 3.75 billion yuan, up 37.8% year-on-year, while investment banking income was 1.17 billion yuan, up 25.4% [8]. - Asset management AUM was 627 billion yuan, a 12.7% increase from the beginning of the year, with a net profit of 710 million yuan, up 47.2% year-on-year [8]. - The company’s trading financial assets increased by 19.0% to 359.1 billion yuan, with significant allocations to funds and bonds [8]. Market Position - Huatai Securities maintained a stable market share in margin trading at 6.9% and a market share of 6.8% in brokerage services [8]. - The company’s equity and bond underwriting amounts reached 49 billion yuan and 666.6 billion yuan, respectively, with year-on-year increases of 150.7% and 24.3% [8].

Core Viewpoint - The Chinese capital market is experiencing a high level of bilateral opening, with overseas markets becoming a crucial area for Chinese securities firms to expand their business and seek performance growth [1] International Business Performance - In the first half of 2025, 12 out of 15 A-share listed securities firms reported over 10% year-on-year growth in overseas business revenue [1] - Leading firms like CICC achieved overseas business revenue of 4.024 billion yuan, a year-on-year increase of 75.66% [2] - Smaller firms such as Guoyuan Securities also showed rapid growth, with international business revenue reaching 178 million yuan, up 65.05% year-on-year [2] - Notable performances from international subsidiaries include CITIC Securities International with revenue of 1.492 billion USD, a 52.8% increase, and net profit of 387 million USD, up 65.85% [2] Expansion of Overseas Services - Chinese securities firms are accelerating their overseas layout to enhance international competitiveness [3] - First Capital plans to invest up to 500 million HKD to establish a wholly-owned subsidiary in Hong Kong for various licensed activities [3] - Western Securities intends to invest an equivalent of 1 billion RMB to set up a wholly-owned subsidiary in Hong Kong to serve cross-border financing needs [3] Future Strategies - CITIC Securities aims to strengthen integrated management between domestic and international operations, focusing on a multi-product and multi-channel strategy for overseas business growth [4] - Huatai Securities plans to enhance its cross-border integrated financial service system to support more Chinese enterprises in their internationalization efforts [4] - Innovations in business and niche markets are expected to be key breakthroughs for Chinese securities firms in expanding overseas [4] Emerging Market Opportunities - The rapid growth of financial demand in emerging markets like Southeast Asia and the Middle East presents significant business potential for Chinese securities firms [5] - There is a growing demand for customized wealth management services targeting high-net-worth clients for cross-border asset allocation [5]