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次級債券（第三期）發行結果公告》，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：6886），其A股於2010年2月26日在上海證券交 易所上市（股票代碼：601688） ...

Market Overview - On September 22, the securities sector rose by 1.12%, with Guosheng Jin控 leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Guosheng Jin控 (002670) closed at 19.94, up 7.49% with a trading volume of 1.026 million shares and a turnover of 2.009 billion yuan [1] - Shouchuang Securities (601136) closed at 22.82, up 3.26% with a trading volume of 721,000 shares and a turnover of 1.626 billion yuan [1] - Other notable performers include Xiangcai Co. (600095) up 2.40%, Huatai Securities (601688) up 1.90%, and China Galaxy (601881) up 1.74% [1] Fund Flow Analysis - The securities sector saw a net inflow of 467 million yuan from institutional investors, while retail investors experienced a net outflow of 391 million yuan [2][3] - Guosheng Jin控 had a significant net inflow of 325 million yuan from institutional investors, while retail investors showed a net outflow of 216 million yuan [3] - Other stocks with notable fund flows include Shouchuang Securities with a net inflow of 77.62 million yuan from institutional investors and a net outflow of 117 million yuan from retail investors [3]

Group 1 - The core viewpoint of the articles highlights the significant increase in trading activity in the capital markets during July and August, with the Shanghai Composite Index surpassing 3,800 points and the total market capitalization of A-shares exceeding 100 trillion yuan, leading to a daily average trading volume of 2.3 trillion yuan, a new high for the year [1] - Financial technology and brokerage sectors showed strong performance, with the Financial Technology ETF (516100) rising over 1% and the brokerage ETF (515010) increasing nearly 1%, indicating a positive trend in these sectors [1] - Analysts from Zhonghang Securities noted that while the equity market has performed well since the beginning of the year, the brokerage sector's index recovery has lagged behind the overall market, suggesting that there is potential for valuation recovery in the brokerage sector [1] Group 2 - The brokerage ETF (515010) tracks the securities company index (399975), with the top ten constituent stocks accounting for 60.73% of the index weight, including major brokerages like CITIC Securities and Huatai Securities, providing a convenient way to invest in leading firms in the sector [2] - The product management and custody fees for the brokerage ETF are combined at 0.2%, which is the lowest fee rate in the sector, making it an attractive option for investors [2]

Core Viewpoint - The cash flow ETF (159399) has seen a net inflow of nearly 200 million yuan over the past five days, indicating strong investor interest in this fund [1] Group 1: Market Trends - Under increasing downward pressure on interest rates, listed insurance companies are accelerating their allocation to high-yield stocks to compensate for cash income gaps, with the average allocation of FVOCI stocks rising by 1.3 percentage points to 4.2% compared to the beginning of the year [1] - The balance of FVOCI stocks has increased by nearly 320 billion yuan, showing a significant shift in investment strategy among major listed insurance companies [1] - The allocation of FVTPL stocks has also increased by 0.3 percentage points to 5.5% due to a favorable stock market and policies promoting insurance capital into the market [1] Group 2: Investment Opportunities - Investors are encouraged to pay attention to the cash flow ETF (159399), which has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - The underlying index of the cash flow ETF focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices [1] - The ETF has consistently paid dividends for seven consecutive months since its listing, making it an attractive option for investors [1] - For investors without stock accounts, they may consider the GTFTSE China A-Share Free Cash Flow Focused ETF Initiated Link A (023919) and Link C (023920) [1]

Group 1 - The A-share market saw a short-term rally in brokerage stocks, with Guosheng Financial Holdings rising over 5% [1] - Other brokerage firms such as Shouchuang Securities, Huatai Securities, CITIC Securities, and China Galaxy also experienced gains [1] Group 2 - Guosheng Financial Holdings increased by 5.77%, with a total market capitalization of 38 billion and a year-to-date increase of 49.89% [2] - Shouchuang Securities rose by 2.62%, with a market cap of 62 billion and a year-to-date increase of 3.54% [2] - Huatai Securities saw a rise of 1.84%, with a market cap of 179.5 billion and a year-to-date increase of 14.97% [2] - CITIC Securities increased by 1.66%, with a market cap of 426.5 billion and a year-to-date decrease of 0.47% [2] - China Galaxy rose by 1.62%, with a market cap of 185.7 billion and a year-to-date increase of 12.78% [2] - Other notable increases include Xiangcai Securities at 1.38% (31.5 billion, 52.78% YTD), GF Securities at 1.19% (155.8 billion, 29.37% YTD), and Guosen Securities at 1.06% (136.7 billion, 22.97% YTD) [2] - The MACD golden cross signal formation indicates a positive trend for these stocks [1]

Group 1: Global Fiscal Dominance - The global economy is entering a new era of fiscal dominance, driven by structural imbalances and the need for fiscal policy to address various societal demands[1] - Countries like France, the UK, and Japan are facing political challenges to fiscal tightening, leading to a necessary shift towards fiscal expansion[1] - In China, fiscal measures are crucial to address internal supply-demand issues, especially given the diminishing effectiveness of monetary policy[1] Group 2: Strategic Significance of Fiscal Expansion - Fiscal expansion is increasingly seen as strategically important in the context of global order reconstruction, including areas like AI, trade restructuring, and national defense[2] - A potential "fiscal dominance + monetary cooperation" model may emerge, where government fiscal deficits significantly increase, compelling central banks to adapt their policies accordingly[2] Group 3: Regional Fiscal Trends - In the US, the "Big and Beautiful" Act is projected to increase federal deficits by $4.1 trillion, with a deficit rate expected to be around 7% next year[3] - European countries are expected to see marginal fiscal loosening, particularly in defense spending, with Germany leading the way with a projected increase in defense spending of approximately €5.5 billion[5] - China's fiscal policy is expected to remain proactive, with a broad deficit rate likely to stay at high levels, supported by various policy measures aimed at boosting demand[8] Group 4: Implications for Global Economy and Markets - The combination of fiscal dominance and monetary cooperation is expected to support global economic growth, with a potential recovery in the global manufacturing cycle[12] - Increased fiscal spending is likely to focus on defense, infrastructure, and supply chain security, which may create cyclical opportunities in physical assets and commodities[12] - The fiscal expansion and monetary cooperation are anticipated to positively influence liquidity and profitability in global markets, particularly benefiting sectors sensitive to interest rates[13]

Core Viewpoint - The A-share market has experienced adjustments after reaching new highs, but it remains in a consolidation phase since September, with a positive outlook on liquidity and market sustainability [1] Market Analysis - The current market's sustainability is heavily influenced by the liquidity situation, which appears to be positive [1] - There is a focus on the direction of market profitability moving forward, with ongoing improvements in overseas liquidity and geopolitical issues [1] - The domestic economic fundamentals are showing upward momentum, supporting a mid-term bullish outlook for the market [1] Investment Strategy - It is recommended to maintain a high position in the market, with an emphasis on balanced sector selection [1] - Attention should be given to the continuation of the positive trends indicated in the third-quarter reports [1] - Specific sectors to focus on include domestic computing power chains, innovative pharmaceuticals, robotics, chemicals, batteries, and leading consumer goods companies [1]

Group 1 - The core viewpoint of the article highlights the rapid rebound of Hong Kong technology stocks, driven by accelerated domestic AI advancements, with the Hang Seng Technology Index and Hang Seng Hong Kong Stock Connect Technology Index rising nearly 20% since the low in July [1] - Huatai Securities previously indicated that technology will lead the third revaluation of Hong Kong stocks, as negative factors such as the food delivery war are largely priced in [1] - The outlook suggests that with the onset of a new round of monetary easing by the Federal Reserve and advancements in the internet and technology sectors, market sentiment in Hong Kong may continue to improve, indicating that the technology sector remains in a favorable positioning phase [1]

Core Viewpoint - The recent rebound of Hong Kong technology stocks is attributed to accelerated domestic AI advancements, with the Hang Seng Tech Index and Hang Seng Hong Kong Stock Connect Tech Index rising nearly 20% since the low in July [1] Group 1: Market Trends - The technology sector is expected to lead the third revaluation of Hong Kong stocks, as negative factors such as the food delivery war are largely priced in [1] - AI models, chip procurement, and capital expenditures are anticipated to accelerate, contributing to positive market sentiment [1] Group 2: Future Outlook - With the onset of a new round of monetary easing by the Federal Reserve and advancements in the internet and technology sectors, there is potential for further improvement in market sentiment for Hong Kong stocks [1] - The technology sector remains in a favorable position for investment opportunities [1]

Core Viewpoint - The report from Huatai Securities indicates that after reaching a new high, the A-share market has experienced some adjustments but remains in a consolidation phase since September. The sustainability of the current market trend is largely dependent on the positive feedback from the liquidity situation [1] Market Conditions - The current liquidity environment is viewed as positive, with ongoing improvements in overseas liquidity and geopolitical issues. The domestic economic fundamentals are also showing upward momentum, supporting the mid-term outlook for the market [1] Investment Strategy - The company recommends maintaining a high position in the market and emphasizes the importance of balanced sector selection. Attention should be paid to the continuation of profitability trends as reflected in the upcoming third-quarter reports [1] Sector Focus - Specific sectors to watch include: - Domestic computing power chain - Innovative pharmaceuticals - Robotics - Chemicals - Batteries - Leading consumer goods companies [1]