在情绪价值需求高涨及供给端产品创新的共同驱动下，看好2025年潮玩及谷子经济延续高景气，伴随国 货品质升级及品牌力崛起，海外市场拓展大有可为。 证券时报网讯，华泰证券研报认为，《哪吒2》周边热销一方面源自优质作品内容的商业变现，另一方 面也契合情绪消费和国潮IP崛起的高景气趋势，推荐行业龙头，同时建议关注具备较强产品力壁垒及规 模效应优势的积木人赛道龙头。 ...

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1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」) 本公司乃於中華人民共和國註冊成立的股份有限公司，中文公司名稱為华泰证券股份有限公司，在香港以HTSC名義開展業務。因此，「法定/註冊股本」之概念不適用於本公司。在上述第I部顯示 「法定/註冊股本」的資料是指本公司的「已發行股本」。 呈交日期: 2025年2月6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 ...

展望后市，港股市场或维持震荡格局，建议沿盈利预期变化调仓：1）增配互联网与科技硬件，把握科 技股价值重估机会；2）适当增配受益于春节消费回暖的大众消费；3）盈利预期稳健的红利标的仍可作 为底仓。 校对：刘星莹 2025年春节期间，出行、消费和跨境游数据回暖，消费市场活力显著提升。 美联储1月暂停降息，美国对三国关税落地，海外宏观不确定性仍较高。 证券时报网讯，华泰证券研报称，中美科技股估值在过去两年分化显著，AI发展水平或是关键。 DeepSeek具有低成本、高性能优势，引发行业对资本开支、应用场景等讨论，或推动投资者重新评估 中国科技企业的技术潜力，进而催化中美科技股价值重估。 ...

特此公告。 华泰证券股份有限公司董事会 证券代码：601688 证券简称：华泰证券 公告编号：临 2025-001 2025 年 1 月 28 日 1 华泰证券股份有限公司关于江苏股权交易中心 有限责任公司完成股权变更工商登记的公告 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。 2024 年 12 月 20 日，华泰证券股份有限公司（以下简称"公司"） 第六届董事会第十四次会议审议通过了《关于转让江苏股权交易中心 有限责任公司 20%股权的议案》，同意公司向江苏金财投资有限公司 转让所持江苏股权交易中心有限责任公司（以下简称"江苏股权交易 中心"）20%股权。 江苏股权交易中心已于日前完成了股权变更相关的工商变更登 记手续。目前，公司对江苏股权交易中心的持股比例已变更为 32%， 江苏股权交易中心成为公司的参股公司。 ...

Core Viewpoint - The report from Huatai Securities indicates a significant increase in China's inverter exports, driven by year-end inventory stocking and rising energy prices due to energy shortages [1] Summary by Relevant Categories Export Performance - In December, China's inverter export value reached 4.78 billion yuan, with a month-on-month increase of 10.2% [1] - The quantity of inverters exported was 4.207 million units, reflecting a month-on-month increase of 4.0% [1] - Exports to Europe amounted to 1.61 billion yuan, showing a substantial month-on-month increase of 31.3% [1] Market Demand - Strong demand is observed in regions like India and the Middle East, which are actively developing solar storage [1] - Core drivers of long-term demand include power outages, rising electricity prices, and significant growth in wind and solar installations [1] Future Outlook - The continued reduction in costs for solar energy storage is expected to open up higher market potential for solar storage [1] - The sustained demand for inverters is anticipated, providing strong support for the performance of leading companies in the sector [1]

Group 1 - The core viewpoint indicates that the real estate market in China is showing signs of marginal recovery in December, following a trend that began in November, with sales area and amount increasing by 38% and 41% month-on-month respectively [2] - The decline in housing prices is slowing down, with first-tier cities maintaining a month-on-month increase [2] - Investment, new construction, and completion have seen a slight narrowing in year-on-year decline, but remain relatively weak [2] Group 2 - The cash flow of real estate companies is under pressure, as indicated by a year-on-year decrease in funds received by these companies [2] - The real estate market in 2024 is expected to follow policy trends, with initial signs of stabilization in the fourth quarter, although it will face challenges during the traditional off-season [2] - Companies with more resources in core cities and stable operations are viewed more favorably, along with property management companies that demonstrate resilience and stable cash flow [2]

Core Viewpoint - The report from Huatai Securities indicates that the recent rebound in A-shares is supported by a consensus on the "support level" of the current fluctuation range, ample liquidity from outside the market, and a strong consensus on the sci-tech innovation sector, primarily driven by thematic trading [1] Group 1 - Investors have a certain consensus on the "support level" of the current fluctuation range [1] - Ample liquidity from outside the market is crucial for creating a profit-making effect [1] - The consensus on sci-tech innovation is strong, but its sustainability depends on the ability to form a positive cycle with market liquidity [1] Group 2 - Two trading clues are anticipated before the holiday: the focus on self-sufficiency due to Trump's administration and the high pre-announcement rate of annual report performances, particularly in the consumer chain sector, which may still have room for gains [1] - Huatai Securities believes that the verification pressure from external variables in the short term is not significant, suggesting a moderately positive outlook with a focus on structure [1] - The emphasis remains on the sci-tech innovation sector, with an increased allocation to consumer goods and agriculture that have potential for dividend increases and improved market conditions [1] Group 3 - The operational strategy suggests that the underlying tone of the fluctuating market may remain unchanged in the short term, advocating for a wave-based investment approach [1]

Core Viewpoint - The report from Huatai Securities indicates a shift in market sentiment from a defensive stance towards a focus on potential expectations and the possibility of a spring market rally [1] Group 1: Market Sentiment and Conditions - Investors are transitioning from a defensive mindset in response to uncertainties surrounding Trump's new policies and the Spring Festival holiday [1] - There are emerging positive signals in Sino-U.S. relations, which may alleviate concerns about overseas disruptions [1] Group 2: Historical Trends and Performance - Historically, the Hong Kong stock market tends to experience a spring rally starting from the week before the Spring Festival, with the Hang Seng Technology Index outperforming the Hang Seng Index until the end of the holiday [1] - Post-holiday, A-shares are expected to show stronger performance compared to Hong Kong stocks, particularly leading up to the Two Sessions [1] Group 3: Investment Strategy - Compared to A-shares, which are currently in the earnings pre-disclosure period, Hong Kong blue-chip stocks offer advantages in terms of earnings, economic conditions, and cost-effectiveness [1] - After the Spring Festival, investor focus may shift towards expectations regarding domestic policies [1] - Despite the potential for a rebound, uncertainties regarding mid-term trade frictions still exist [1] Group 4: Investment Recommendations - A "barbell" investment strategy is suggested, with an appropriate increase in allocation towards Hang Seng Technology stocks [1]

Investment Rating - The report maintains a "Buy" rating for Huatai Securities with a target price of Rmb 26.44, indicating an expected upside from the current price of Rmb 16.77 [4][23]. Core Insights - The company is under manageable capital pressure, having released some regulatory requirements and received over Rmb 10 billion from the sale of AssetMark, which will support future capital needs [1]. - The brokerage business is seeing increased client engagement, with higher deposit and activation efficiencies compared to previous months [2]. - The company plans to initiate a comprehensive internationalization strategy starting in 2025, expanding cross-border integration across all business lines [3]. Summary by Sections Capital Management - The company has successfully navigated capital pressures through regulatory adjustments and significant cash inflow from asset sales [1]. Brokerage and Investment Activities - Client activity in the brokerage sector has surged, with a notable increase in margin financing demand amid competitive pricing pressures [2]. - The self-operated investment strategy has shifted towards a multi-strategy approach, with a focus on quantitative and hedging strategies [2]. International Strategy - Starting in 2025, the company will enhance its cross-border business integration, expanding beyond investment banking and FICC to include retail and wealth management [3]. Financial Projections - Revenue is projected to grow from Rmb 36.578 billion in 2023 to Rmb 51.601 billion in 2024, with net profit expected to rise from Rmb 12.751 billion to Rmb 17.685 billion in the same period [6]. - The report forecasts a significant increase in earnings per share, from Rmb 1.40 in 2023 to Rmb 1.95 in 2024 [6]. Valuation Metrics - The report utilizes a PB/ROE method to derive the target price, indicating a favorable valuation outlook for Huatai Securities [4].

Summary of Conference Call Company and Industry Overview - The conference call involved discussions about the performance and outlook of the securities industry, particularly focusing on the company’s operations and market conditions in 2024 and beyond [1][2][3]. Key Points and Arguments 1. **Overall Performance**: The company has shown strong performance over the past 20 years, with increased attention in the capital markets due to an improving overall economic environment [1]. 2. **Q4 Expectations**: The company anticipates a better performance in Q4 2024 compared to earlier quarters, driven by improved trading volumes and a more favorable market environment [2][3]. 3. **Revenue Challenges**: Despite a positive outlook, the company expects some year-over-year revenue challenges due to commission income pressures, which may not show significant improvement [2][4]. 4. **Investment Banking Stability**: The investment banking sector remains stable, with the company maintaining a top position in the market despite a challenging environment [3][5]. 5. **Market Adaptation**: The company emphasizes the importance of adapting to both domestic and international market conditions, showcasing its ability to respond quickly to changes [5][6]. 6. **Client Retention Strategy**: The company focuses on retaining its large retail client base and enhancing their asset growth to generate more revenue [7][8]. 7. **ETF Trading Focus**: There is a strategic emphasis on increasing ETF trading activities, which have shown growing interest from both retail and institutional clients [8][9]. 8. **Commission Trends**: The company anticipates a gradual decline in commission rates due to market reforms, with revenue growth expected from enhanced service offerings rather than commission increases [9][10]. 9. **Cross-Border Operations**: The company has made significant strides in cross-border operations, integrating domestic and international services to better serve clients [10][11]. 10. **Self-Operated Investment Structure**: The self-operated investment structure is heavily weighted towards fixed income, with a focus on reducing credit risk and increasing stable returns [12][13][14]. 11. **Future of M&A**: The company is cautiously optimistic about the future of mergers and acquisitions, recognizing the complexities involved and the need for a deep understanding of industry dynamics [22][23][24]. 12. **Product Demand Shifts**: There is a noted shift in client demand towards passive investment products and international offerings, reflecting changing market conditions [25][26]. 13. **Investment Banking Strategy**: The investment banking strategy has evolved to focus on comprehensive services for corporate clients, integrating various financial services [26][27][28]. 14. **Institutional Business Development**: The company is actively working to enhance its institutional business, particularly in private equity and outsourcing services, despite facing challenges [29][30]. 15. **Public Fund Performance**: The performance of public funds managed by the company remains stable, with a focus on leveraging existing advantages to grow market share [31][32]. Other Important but Overlooked Content - The company has established a dedicated team to enhance its cross-border capabilities, ensuring compliance and operational efficiency in both domestic and international markets [10][11]. - The company is not aggressively pursuing mergers but remains open to opportunities that can fill strategic gaps or enhance capabilities [22][23]. - The overall sentiment regarding the future of the investment banking sector is cautious, with expectations of gradual growth rather than explosive increases in activity [24][34]. This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of the company's current standing and future outlook in the securities industry.