Core Viewpoint - The recent report from Huatai Securities highlights three investment themes in the transportation sector, focusing on oil shipping, aviation, and A-share highway stocks [1] Group 1: Oil Shipping - OPEC+ has increased production, leading to a rise in inventory replenishment and cross-regional arbitrage demand [1] - Seasonal demand is expected to increase, with VLCC freight rates likely to strengthen in Q4 2025 and Q1 2026 [1] Group 2: Aviation - Due to supply constraints, industry anti-involution, and a low base, the aviation sector is expected to continue its revenue growth trend in Q4 [1] Group 3: A-share Highway Stocks - Tariff frictions may heighten risk aversion, making A-share highway stocks attractive due to their dividend yields [1] - Additionally, year-end insurance funds are anticipated to seek "opening red" allocations, suggesting a potential rebound for the sector [1] - The report continues to recommend certain individual stocks with inherent Alpha [1]

Core Viewpoint - The overall price spread in the industry remains weak as of September, with a gradual recovery in the midstream sector. The CCPI-raw material price spread is at 2439, below the 30th percentile since 2012, indicating weak downstream demand and a notable "off-peak" characteristic in the industry [1] Group 1: Industry Performance - The chemical product prices continue to show relative weakness, primarily due to weak overall downstream demand [1] - Price increases in September were mainly driven by supply-side reductions and strong overseas demand for certain products [1] Group 2: Future Outlook - The industry is believed to be at the bottom of its profitability cycle, with potential improvements expected due to supply-side adjustments under policies aimed at reducing competition [1] - Medium to long-term growth is anticipated from the exit of high-energy-consuming facilities in Europe and the U.S., along with economic growth in Asia, Africa, and Latin America, making exports a significant growth engine for the domestic chemical industry [1] - Capital expenditure growth in the industry has been declining since June 2025, and with accelerated supply-side adjustments, an upturn in industry prosperity is expected in 2026 [1]

Core Viewpoint - The overall price spread in the industry remains weak as of September, with a gradual recovery in the midstream sector. The CCPI-raw material price spread at the end of September 2025 is 2439, which is below the 30th percentile since 2012, indicating a significant impact from weak downstream demand and a clear "off-peak" characteristic in the industry [1]. Group 1: Industry Performance - The chemical product prices continue to show relative weakness, primarily due to the overall weak downstream demand [1]. - The products that saw price increases in September were mainly those with reduced supply and better overseas demand [1]. Group 2: Profitability and Future Outlook - The industry has likely reached a profitability bottom in recent years, and with policy guidance to reduce internal competition, supply-side adjustments are expected to accelerate, potentially improving profitability for bulk chemical products [1]. - In the medium to long term, the exit of high-energy-consuming facilities in Europe and the U.S., along with economic growth in Asia, Africa, and Latin America, will drive demand increases, making exports a significant growth engine for the domestic chemical industry [1]. - Since June 2025, the growth rate of capital expenditure in the industry has been declining, and with accelerated supply-side adjustments, the industry is expected to see an upturn in 2026 [1].

Core Viewpoint - The recent report from Huatai Securities highlights three main investment themes in the transportation sector, focusing on oil shipping, aviation, and A-share highway stocks [1] Group 1: Oil Shipping - OPEC+ production increase is expected to stimulate inventory replenishment and cross-regional arbitrage demand [1] - Seasonal demand rise is anticipated to strengthen VLCC (Very Large Crude Carrier) freight rates in Q4 2025 and Q1 2026 [1] Group 2: Aviation - Given supply constraints, industry internal competition, and a low base, the aviation sector is likely to continue its revenue growth trend in Q4 [1] Group 3: A-share Highway Stocks - Tariff frictions may heighten risk-averse sentiment, making A-share highway stocks attractive due to their dividend yields [1] - The year-end demand for "opening red" allocations from insurance funds is expected to support a rebound in the sector [1] - The report continues to recommend specific stocks with inherent Alpha potential [1]

Core Viewpoint - Huatai Securities reiterates strategic allocation opportunities in the brokerage sector, driven by multiple factors including policy, capital, performance, and valuation [1] Group 1: Market Environment - The capital market is undergoing profound reforms from top to bottom, entering a new stage of co-development in investment and financing [1] - In a low-interest-rate environment, institutional and retail funds are accelerating their migration to the equity market, continuously bringing in incremental capital [1] Group 2: Brokerage Sector Performance - With market expansion and increased activity, various brokerage businesses are reaching new levels, and profitability is steadily improving [1] - Despite the improvement in profitability, the sector's valuation remains relatively low, indicating a strategic opportunity for recovery [1] Group 3: Investment Focus - Target selection should focus on: 1. Hong Kong stocks with better valuations and smaller circulation [1] 2. A-share leaders with valuation cost-effectiveness [1] 3. Specialized small and medium-sized brokerages [1]

Core Viewpoint - Huatai Securities Co., Ltd. is issuing its eighth tranche of corporate bonds aimed at professional investors, with two varieties of bonds having different maturities and interest rates [1] Summary by Categories Bond Issuance Details - The first variety of bonds has a maturity of 37 months, with a coupon rate inquiry range of 1.5%-2.5% [1] - The second variety has a maturity of 59 months, with a coupon rate inquiry range of 1.6%-2.6% [1] - The final coupon rates were determined through negotiations between the issuer and the lead underwriter based on the results of offline inquiries from professional institutional investors [1] Final Coupon Rates - The final coupon rate for the first variety of bonds is set at 2.02% [1] - The final coupon rate for the second variety of bonds is set at 2.20% [1]

Core Viewpoint - Huatai Securities (06886) announced the issuance of corporate bonds (the eighth phase) aimed at professional investors, with two varieties of bonds and specific interest rates determined through negotiations with underwriters [1] Group 1 - The first variety of bonds has a coupon rate of 2.02% [1] - The second variety of bonds has a coupon rate of 2.20% [1]

Group 1 - Huatai Securities (06886) announced the public issuance of corporate bonds (the eighth phase) aimed at professional investors in 2025 [1] - The bond issuance is divided into two varieties, with the final coupon rates determined through the pricing results from offline professional institutional investors [1] - The coupon rate for the first variety of bonds is set at 2.02%, while the second variety has a coupon rate of 2.20% [1]

本公告乃根據上市規則第13.10B條規則作出。 （股份代號：6886） 海外監管公告 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） 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2025年面向 專業投資者公開發行公司債券（第八期）票面利率公告》，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 票代碼：6 ...

Core Points - Huatai Securities has announced the public issuance of subordinated corporate bonds totaling up to RMB 20 billion, which has received approval from the China Securities Regulatory Commission [1] - The bonds are divided into two varieties, with one having a maturity of 3 years and the other 5 years, and the total issuance amount for both varieties will not exceed RMB 5 billion [1] - The issuance price for the bonds is set at RMB 100 per bond, targeting professional institutional investors [1] Summary by Sections - **Issuance Approval** - Huatai Securities received approval from the China Securities Regulatory Commission for the public issuance of subordinated corporate bonds [1] - **Bond Structure** - The bonds consist of two varieties: Variety One with a 3-year term and Variety Two with a 5-year term [1] - The company has the option to adjust the allocation between the two varieties based on subscription demand, with a total issuance cap of RMB 5 billion [1] - **Final Issuance Details** - The issuance concluded on October 14, 2025, with Variety One having a final issuance size of RMB 4.1 billion and a coupon rate of 2.26%, achieving a subscription multiple of 1.54 times [2] - Variety Two had a final issuance size of RMB 0.9 billion with a coupon rate of 2.38%, achieving a subscription multiple of 2.03 times [2]