证券代码：601688 证券简称：华泰证券 公告编号：临 2025-011 华泰证券股份有限公司 2025 年第一季度业绩预增公告 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。 重要内容提示： 华泰证券股份有限公司（以下简称"公司"）预计 2025 年第一季 度实现归属于母公司所有者的净利润人民币 34.37 亿元至人民币 36.66 亿元，同比增加 50%至 60%。 预计公司 2025 年第一季度实现归属于母公司所有者的扣除非经 常性损益的净利润人民币 34.71 亿元至人民币 36.95 亿元，同比增加 55%至 65%。 一、本期业绩预告情况 3、本次业绩预告数据仅为初步核算数据，未经注册会计师审计。 二、上年同期经营业绩和财务状况 （一）2024 年第一季度归属于母公司所有者的净利润：人民币 22.91 亿元。 （二）2024 年第一季度归属于母公司所有者的扣除非经常性损 益的净利润：人民币 22.39 亿元。 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 3 月 31 日。 （二）业绩预告情况 ...

华泰证券（601688）公告，预计2025年第一季度实现归属于母公司所有者的净利润为人民币34.37亿元 至人民币36.66亿元，同比增加50%至60%。预计2025年第一季度归属于母公司所有者的扣除非经常性损 益的净利润为人民币34.71亿元至人民币36.95亿元，同比增加55%至65%。2024年第一季度归属于母公 司所有者的净利润为人民币22.91亿元，扣除非经常性损益的净利润为人民币22.39亿元。 ...

□ 南京日报/紫金山新闻记者 曹丽珍 席卷全球的DeepSeek风，在证券行业正呈现出愈刮愈猛的态势。上市券商近期陆续披露的2024年年报 显示，8家头部券商去年信息技术领域投入均超10亿元，总部位于南京的华泰证券更是"豪掷"24.48亿元 而成为业界关注的热点。 相关业内人士对此表示，金融科技已成为当下证券行业发展的重要驱动力。券商在信息技术领域持续投 入，在推动行业高质量发展的同时也将重塑竞争格局。 华泰证券"领投"，8家头部券商去年投入均超10亿元 陆续披露的各大券商2024年年报"含科量"究竟有多高？ 记者8日梳理发现，截至目前，已有超过20家上市券商在2024年年报内披露了过去一年在信息技术领域 的投入情况（各公司年报口径，非统一口径）。其中，投入最高的上市券商为总部位于南京的华泰证券 股份有限公司，投入金额为24.48亿元，其次是国泰君安证券股份有限公司（现变更为国泰海通证券股 份有限公司）的22亿元。中国国际金融股份有限公司、招商证券股份有限公司分别以15.85亿元和15.83 亿元的投入额紧跟其后。中信建投证券股份有限公司、广发证券股份有限公司、中国银河证券股份有限 公司和申万宏源集团股份有限 ...

在业内率先以金融科技助力转型的华泰证券（601688），近年来业绩表现颇为亮眼。 2024年，其实现营业收入414.66亿元，同比增长13.37%；实现归母净利润153.51亿元，同比提升 20.40%。这一增速，在业绩涨跌不一的头部券商中，显得格外突出。 难能可贵的是，这已经是华泰证券业绩连续三年远超券业均值。2022年和2023年，其营业收入分别跑赢 行业均值5.88和11.42个百分点。 有鉴于此，华泰证券业绩排名也有所提升。营业收入由2022年的行业第四提升至2024年的券业第三。 哪些因素拉动华泰证券业绩大增？从其2024年年报来看，国际业务是最大推动力，这与华泰证券近年来 在国际业务上的布局密切相关。 与此同时，华泰证券的传统优势业务财富管理业务，2024年成绩亦可圈可点，实现营业收入169.39亿 元，较2023年提升7.75%。 营业收入、净利润连年大增 2022年和2023年，受大环境影响，多数券商业绩普遍下滑；2024年，随着"924"政策以来股市的回暖， 券商业绩整体有所改善，但也有一些券商业绩仍在缩水之中。 经历一番券业冷暖，个别抗风险能力颇强的券商凸显出来。华泰证券，即是这样一家证券 ...

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3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4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 (Shanghai) Asset Management Co., Ltd. announced the resignation of Zhao Ji from several funds, indicating a potential shift in management and strategy within the company [1][2]. Fund Performance Summary - Huatai Zijin Zhixin 3-Month Open-End Bond Fund, established on February 26, 2020, has a year-to-date return of -0.68% and a cumulative return of 18.87%, with a net asset value of 1.1851 yuan as of April 2, 2025 [1]. - Huatai Zijin Monetary Increase A/B/C/E, launched on May 9, 2022, has cumulative returns of 5.78%, 5.78%, 5.78%, and 5.02%, with a total scale of 14.37 billion yuan as of December 31, 2024 [1]. - Huatai Zijin Daily Monetary Fund, established on November 22, 2021, has a cumulative return of 3.71% and a scale of 91.152 billion yuan as of December 31, 2024 [1]. - Huatai Zijin Zhixiang One-Year Open-End Bond Fund, initiated on May 11, 2022, has a year-to-date return of -0.20% and a cumulative return of 10.57%, with a net asset value of 1.1023 yuan as of April 2, 2025, and a scale of 2.481 billion yuan as of December 31, 2024 [2]. - Huatai Zijin Fengyi Medium and Short Bond A/C, established on September 6, 2019, has year-to-date returns of 0.02% and -0.08%, with cumulative returns of 15.29% and 12.77%, and net asset values of 1.1529 yuan and 1.1277 yuan, respectively, with a scale of 1.086 billion yuan as of December 31, 2024 [2].

Summary of Key Points from Conference Call Industry or Company Involved - The discussion primarily revolves around the impact of the U.S. government's new tariff policies on global trade and the economy, particularly focusing on the implications for China and other countries such as the EU, ASEAN, Japan, and South Korea [2][4][5]. Core Points and Arguments - **Impact of Tariffs on Global Trade**: The U.S. tariff increases are expected to reduce global export volumes by 20% to 30%. Japan and South Korea have seen tariffs of 24% and 25% respectively, with market reactions showing less decline than anticipated but a stronger rebound [2][5]. - **Economic Recession Risks**: The likelihood of a U.S. economic recession has risen above 50%, with GDP growth projected to be impacted by 2-3 percentage points due to the new tariffs [5][10]. - **Retaliatory Measures**: The EU and China are expected to implement retaliatory measures against the U.S. tariffs, with the EU indicating potential increases in import tariffs and regulatory costs for U.S. companies operating in Europe [4][5]. - **Global Trade Contraction**: A new round of high tariffs could lead to a global trade contraction of 15% to 25%, comparable to the impacts of the 2008 financial crisis and the 2020 pandemic [5][7]. - **Market Volatility**: The U.S. stock market may experience declines, with credit spreads widening and tighter financial conditions emerging as a result of the tariffs [5][10]. - **De-dollarization Trend**: The weakening of the dollar indicates an accelerating trend of de-dollarization, which is closely linked to rising import prices and reduced purchasing power in the U.S. [2][5][10]. Other Important but Possibly Overlooked Content - **Focus on Key Indicators**: In the coming months, it is crucial to monitor retaliatory measures from other countries, export data from major economies, U.S. domestic consumption and investment, inflation changes, stock market volatility, credit spread changes, and dollar exchange rate trends to assess the effects of the new policies [6][11]. - **China's Economic Response**: China's economic response to the global trade shock will focus on government investment, fiscal policies, and consumer subsidies to mitigate the impact of reduced exports [7][18]. - **Investment Strategies**: In light of the high tariff scenario, corporate profit growth is expected to decline by 5% to 10%, with export-oriented companies being more adversely affected. Defensive sectors such as banking and transportation are viewed favorably [18][21]. - **Sector-Specific Impacts**: Different sectors will experience varying levels of impact from the tariffs, with some industries potentially benefiting from exemptions or reduced tariff burdens [19][20]. This summary encapsulates the critical insights from the conference call, highlighting the potential economic ramifications of U.S. tariff policies and the strategic responses from affected countries and sectors.

Core Points - Jiangsu Rural Commercial Bank officially approved for operation with a registered capital of 7.7 billion yuan [2][3] - The bank is led by experienced professionals from Huatai Securities, with Hu Jianbin as Chairman and Yin Lihong as President [1][3] - The bank's establishment marks a significant milestone in Jiangsu's financial reform, aimed at enhancing services for agriculture and small to medium-sized enterprises [9] Group 1: Bank Establishment - Jiangsu Rural Commercial Bank was approved for operation on March 28, 2024, just 10 days after its founding conference [1] - The bank has a registered capital of 7.7 billion yuan, with major shareholders including Jiangsu Provincial Finance Department and Jiangsu Phoenix Publishing Media Group [2] - The bank's business scope includes interbank fund adjustment, participation in the money market, and government bond transactions [2] Group 2: Leadership and Management - The first leadership team includes Hu Jianbin as Chairman and Yin Lihong as President, both with extensive backgrounds in the financial sector [3][4] - The management structure is designed as "one chairman and three vice presidents," with three vice presidents appointed [3] - Hu Jianbin has over 14 years of experience in the securities industry, while Yin Lihong has significant banking management experience [4][5] Group 3: Financial System Context - Jiangsu Rural Commercial Bank is positioned as the largest rural commercial bank in China, with total assets in the Jiangsu rural banking system reaching 4.75 trillion yuan [6] - The establishment of the bank is part of a broader reform of the rural credit system in Jiangsu, which has progressed rapidly over the past six months [7][8] - The bank aims to enhance financial services for the agricultural sector and small enterprises, contributing to high-quality economic development [9]

Investment Rating - The report maintains a "Recommended" rating for the company [10] Core Views - The company achieved a record high in both revenue and net profit for 2024, with total revenue of 41.5 billion yuan, up 13.4% year-on-year, and net profit attributable to shareholders of 15.4 billion yuan, up 20.4% year-on-year [1][10] - The growth in brokerage credit income has significantly improved, with brokerage income turning positive for the year, while investment banking and asset management revenue declines have narrowed [2][10] - The company is expected to continue benefiting from a recovering capital market, with strong performance in brokerage and asset management businesses [10] Revenue and Profit Analysis - For 2024, the company's revenue from various segments was as follows: proprietary trading 14.5 billion yuan (+24%), brokerage 6.4 billion yuan (+8%), asset management 4.1 billion yuan (-3%), credit 2.7 billion yuan (+184%), and investment banking 2.1 billion yuan (-31%) [2] - The fourth quarter of 2024 saw a significant increase in brokerage income, with net income from brokerage services reaching 2.5 billion yuan, a year-on-year increase of 86.1% [4] - The annualized return on equity (ROE) rose to 9.2%, and the net profit margin reached 37.0%, the highest since 2017 [9] Business Segment Performance - Proprietary trading income turned negative in Q4 2024, primarily due to a decline in investment returns and a larger drop in financial investment scale [3] - The asset management business saw a net income of 1.1 billion yuan in Q4 2024, with total asset management scale reaching 556.3 billion yuan, up 17.0% year-on-year [5][6] - The investment banking segment maintained resilience, with bond underwriting amounts increasing, while IPO underwriting showed a decline but remained stable [8] Financial Forecast - The company is projected to achieve revenues of 45 billion yuan in 2025, 48.1 billion yuan in 2026, and 51.4 billion yuan in 2027, with corresponding net profits of 16.6 billion yuan, 17.9 billion yuan, and 19.3 billion yuan respectively [10][11]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][20]. Core Views - The overall performance of the company is in line with expectations, with brokerage and credit businesses being the main drivers of growth [1]. - The company is expected to benefit from the recovery in capital market sentiment, leading to a dual-driven growth in wealth management and institutional services [5]. Summary by Sections Performance Overview - In Q4 2024, the company achieved adjusted revenue of 94 billion yuan, a year-on-year increase of 28.9%, and a full-year revenue of 334 billion yuan, up 6.0% year-on-year. The net profit attributable to shareholders for Q4 was 28 billion yuan, down 10.6%, while the full-year net profit was 154 billion yuan, up 20.4% [1]. Brokerage Business - The brokerage business saw significant improvement in Q4 2024, with revenues of 24.8 billion yuan for the quarter and 64.5 billion yuan for the year, reflecting year-on-year increases of 86.1% and 8.2%, respectively. The average daily trading volume for stock funds in Q4 was 20,684 billion yuan, up 119.3% year-on-year [2]. Investment Banking - The investment banking segment reported revenues of 7.4 billion yuan in Q4 and 21.0 billion yuan for the year, with declines of 0.8% and 31.0% year-on-year, respectively. The decline is attributed to stricter regulatory policies affecting the scale of securities underwriting [2]. Asset Management - Asset management revenues for Q4 were 11.1 billion yuan, with a slight increase of 0.5%, while the full-year revenue was 41.5 billion yuan, down 2.6%. The decline is primarily due to reduced fees in public offerings, despite significant growth in non-monetary public fund management scale [3]. Credit Business - The credit business experienced substantial growth, with Q4 revenues of 14.0 billion yuan and full-year revenues of 27.1 billion yuan, reflecting increases of 1355.4% and 184.0% year-on-year, respectively. This growth is supported by increased trading activity in the capital market and a rise in margin financing balances [4]. Self-operated Business - The self-operated business reported a decline in revenue, with a full-year income of 83.0 billion yuan, down 28.9% after excluding the sale of AssetMark. The financial asset scale for self-operated business decreased by 25.5% year-on-year [4]. Financial Forecast - The company has adjusted its profit forecasts for 2025 and 2026 to 158 billion yuan and 179 billion yuan, respectively, with expected year-on-year growth rates of 3.1% and 12.9% [5].