Group 1 - The company, Bosera Fund Management Co., Ltd., has announced that starting from November 5, 2025, Huatai Securities Co., Ltd. will be added as a primary dealer for the Bosera CSI All Share Securities Company ETF (Trading Code: 159260) [1] - The current list of primary dealers for the Securities ETF includes multiple securities firms, indicating a broad network for fund transactions [1] - Investors can consult details through Bosera's hotline or website [1] Group 2 - The announcement emphasizes the company's commitment to managing and utilizing fund assets with integrity and diligence, although it does not guarantee profits or minimum returns [2] - Investors are advised to carefully read the fund's contract and prospectus before investing [2]

Group 1 - The core point of the article is that Huatai Securities announced that neither the company nor its subsidiaries have overdue guarantee debts, and there are no guarantees provided to the controlling shareholders and their related parties [2] Group 2 - The announcement was made on the evening of November 4 [2] - The information was reported by Securities Daily [2]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [9] Core Insights - The allocation of public funds to the non-bank sector in Hong Kong has significantly increased, with passive fund holdings surpassing those of active funds [2][12] - The insurance sector's allocation in Hong Kong has risen, with major holdings in China Pacific Insurance (H) and Ping An Insurance (H) [12] - The brokerage sector's allocation has also increased, focusing on leading institutions [12] - The multi-financial sector remains under-allocated, with holdings concentrated in the Hong Kong Stock Exchange [12] Summary by Sections Public Fund Holdings - In Q3 2025, the market value of non-bank sector holdings by active and passive funds was 153.66 billion and 2,061.14 billion respectively, with changes of -0.7% and +18.8% [12] - In Hong Kong, the market value for the non-bank sector was 113.85 billion and 496.35 billion, with increases of +34.5% and +234.6% [12] Insurance Sector - The allocation for passive funds in the insurance sector has increased, with holdings in Ping An (94.4%) and China Pacific (3.6%) [12] - Compared to the CSI 300, the insurance sector is under-allocated by 3.57 percentage points for active funds and 0.83 percentage points for passive funds [12] Brokerage Sector - The allocation for the brokerage sector has increased, with active fund holdings concentrated in CITIC Securities (22.8%) and Huatai Securities (16.0%) [12] - In Hong Kong, the market value for the brokerage sector was 0.07 billion and 1.50 billion, with changes of +0.01 percentage points and +0.95 percentage points [12] Multi-Financial Sector - The multi-financial sector's holdings are concentrated in the Hong Kong Stock Exchange, with a market value of 0.31 billion and 0.41 billion for active and passive funds respectively [12] - The sector remains under-allocated compared to the Hang Seng Index by 3.69 percentage points for active funds and 3.58 percentage points for passive funds [12] Overall Market Outlook - Since the beginning of 2025, the capital market has been recovering, and the brokerage sector's performance is expected to be resilient [12] - The insurance sector is anticipated to recover due to favorable policies and economic trends, indicating potential growth in the industry [12]

Core Insights - The performance of 42 listed securities firms in the first three quarters of 2025 showed significant growth, with total operating revenue reaching 419.56 billion yuan and net profit attributable to shareholders at 169.05 billion yuan, marking increases of 42.55% and 62.38% respectively compared to the same period in 2024 [1][2] Revenue Breakdown - Brokerage business emerged as the fastest-growing segment, achieving revenue of 111.78 billion yuan, a year-on-year increase of 74.64%, driven by heightened market activity and increased trading commission income [2][6] - Proprietary trading followed with revenue of 186.86 billion yuan, up 43.83%, benefiting from improved investment returns in a rising A-share market [2] - Credit and investment banking businesses also saw growth, with revenues of 33.91 billion yuan and 25.15 billion yuan, reflecting increases of 54.52% and 23.46% respectively [2] - Asset management business growth was slower, with revenue of 33.25 billion yuan, only a 2.43% increase [2] Performance Disparities - There was notable performance differentiation among firms, with 11 firms exceeding 10 billion yuan in revenue, while Western Securities was the only firm to report a revenue decline of 2.17% [3][4] - Leading firms included CITIC Securities and Guotai Junan, with revenues of 55.81 billion yuan and 45.89 billion yuan, respectively, maintaining their positions in the top tier [2][3] Net Profit Analysis - Five firms reported net profits exceeding 10 billion yuan, with CITIC Securities leading at 23.16 billion yuan, followed closely by Guotai Junan at 22.07 billion yuan [3] - Despite overall growth, Huatai Securities experienced a modest net profit increase of only 1.69% [3] Accounting Policy Changes - Zhejiang Securities exited the "100 billion club" with revenue of 6.79 billion yuan, down from 11.90 billion yuan in 2024, due to changes in accounting policies related to standard warehouse receipts [4][5] - The adjustments affected nearly 20 listed securities firms, including major players like CITIC Securities and Guotai Junan, indicating a widespread impact on the industry [5] M&A Impact on Growth - Mergers and acquisitions significantly influenced growth in the brokerage sector, with firms like Guolian Minsheng, Guotai Junan, and Guoxin Securities reporting year-on-year increases of 293.05%, 142.80%, and 109.30% in brokerage revenue, respectively [6][7] - The integration of acquired firms is progressing smoothly, with successful system transitions and customer migrations reported by Guolian Minsheng and Guotai Junan [7]

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。 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 票代碼 ...

Company Summary - Huatai Securities announced a total guarantee amount of RMB 41.016 billion, all provided to subsidiaries, with guarantees to controlling subsidiaries amounting to RMB 33.941 billion, representing 21.4% and 17.74% of the company's latest audited net assets respectively [1][1][1] - As of the announcement date, Huatai Securities has a market capitalization of RMB 193.4 billion [1] Revenue Composition - For the first half of 2025, Huatai Securities' revenue composition is as follows: securities brokerage business accounts for 43.24%, institutional services 19.75%, other businesses 14.23%, asset management 11.89%, and others 11.5% [1][1][1]

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。 证券代码：601688 证券简称：华泰证券 公告编号：临 2025-064 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 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 1.00 | | 担保对象 | 实际为其提供的担保余额 | | | 9.89 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 | | 410.16 | | 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（%） | | 21 ...

Core Viewpoint - Weichuang Electric (688698.SH) has released new products that enhance its product matrix and improve key performance parameters, positioning the company to benefit from future breakthroughs in humanoid robot mass production [1] Company Summary - Weichuang Electric's stock closed at 79.51 yuan, with a decline of 7.80% [1] - The company is recognized as a leading supplier of components and solutions for humanoid robots, with a focus on diversifying its technological routes [1] - The research report from Huatai Securities maintains a "Buy" rating for Weichuang Electric, indicating positive future prospects [1]

Market Overview - The market rebounded yesterday with all three major indices closing in the green. The Shanghai and Shenzhen stock exchanges had a total trading volume of 2.11 trillion, a decrease of 210.7 billion compared to the previous trading day. The Shanghai Composite Index rose by 0.55%, the Shenzhen Component Index increased by 0.19%, and the ChiNext Index gained 0.29% [1]. Industry Insights Humanoid Robot Industry - CITIC Securities expressed strong confidence in the humanoid robot industry, highlighting that it is on the verge of a trend realization. Key developments such as Tesla's Gen3 model and the potential mass production of Optimus are expected to support market expectations. The industry is anticipated to enter a phase of distinguishing genuine advancements from less credible claims, with a focus on core companies in the T-chain and domestic supply chains [2]. Securities Industry - Huatai Securities noted that the capital market is undergoing significant changes, with a low interest rate environment enhancing the attractiveness of equity assets. This suggests a positive development cycle for the market. The performance of securities firms is closely tied to the capital market, and there is optimism regarding their growth potential and value recovery in the new cycle. The report recommends focusing on Hong Kong stocks with better valuations and smaller circulation, as well as A-share leaders with valuation advantages [3]. Gold Market - Huaxi Securities indicated a positive outlook for future gold prices, driven by ongoing U.S. government shutdowns and a gradual clarification of interest rate cut expectations. The acceleration of de-dollarization trends and global geopolitical conflicts are leading to increased gold purchases by central banks and investors. The report emphasizes that gold resource stocks are expected to benefit from rising gold prices, with current valuations being relatively low, thus presenting an opportunity for investment in gold stocks [4].

Core Viewpoint - The securities sector continues to experience a pullback, with the securities ETF (512880) declining nearly 1%, while there has been a net inflow of over 4 billion yuan in the past three days, bringing the current scale to over 62 billion yuan [1] Group 1: Industry Performance - Huatai Securities reports that the net profit attributable to listed brokers, excluding non-recurring items, increased by 68% year-on-year in the first three quarters, with a 97% year-on-year growth in the third quarter alone and a 31% quarter-on-quarter growth [1] - The total trading volume of the entire A-share market has returned to 2 trillion yuan, with the financing balance reaching a new high, establishing a solid performance foundation for brokers [1] Group 2: Market Outlook - The valuation of the sector remains low, indicating high cost-performance opportunities that are worth looking into [1]