Core Points - Huatai Securities (601688) reported a closing price of 22.45 yuan on November 11, 2025, down 1.06% from the previous trading day, with a total market capitalization of 202.65 billion yuan [1] - The company announced the issuance of four medium-term notes by its wholly-owned subsidiary, Huatai International Financial Holdings Co., Ltd., totaling 200 million USD, guaranteed unconditionally and irrevocably by Huatai International [1] - The guarantee amount is equivalent to 1.418 billion yuan, with an actual guarantee balance of 1.14 billion USD, and the guaranteed entity is an indirectly wholly-owned subsidiary with a debt-to-asset ratio exceeding 70% [1] - The total external guarantees provided by the company and its subsidiaries amount to 42.087 billion yuan, representing 21.96% of the latest audited net assets, with no overdue guarantees [1]

Group 1 - The core viewpoint from multiple brokerages is that the A-share market is expected to continue a slow bull market trend in 2026, with varying opinions on specific sectors [1][5] - The "New Four Bulls" concept is highlighted, which includes "capital inflow bull," "technology innovation bull," "institutional reform bull," and "consumption upgrade bull," all contributing to a long-term bullish outlook for the market [3][4] - The expectation is that the A-share market will experience a gradual upward trend, with the market's central tendency moving higher, driven by the aforementioned "New Four Bulls" [4][5] Group 2 - The "capital inflow bull" is supported by macro conditions that favor capital returning to A-shares and Hong Kong stocks, with long-term funds gradually increasing their market participation [3][4] - The "technology innovation bull" reflects China's ongoing advancements in technology and clear industrial upgrade strategies, indicating a long-term growth trajectory [4] - The "institutional reform bull" is characterized by effective policies from regulatory bodies that enhance investor confidence and shift the market from a "financing market" to an "investment market" [4] Group 3 - In terms of sector preferences, there is a divergence of opinions, with some analysts favoring technology and others leaning towards cyclical sectors like energy, consumption, and real estate [5][7] - The focus on "transformation bull" suggests that the Chinese stock market is entering a significant growth phase, driven by economic restructuring and capital market reforms [5][6] - Analysts recommend three main investment themes: self-reliance in technology, industrial upgrades, and strategic resources, indicating a broad re-evaluation of the market [4][7]

Core Viewpoint - Huatai Securities (06886) announced the issuance of subordinated bonds (Fifth Phase) aimed at professional investors, with a total issuance cap of 5 billion yuan [1] Group 1: Bond Issuance Details - The bonds are divided into two varieties: one with a maturity of 3 years and the other with a maturity of 5 years [1] - The final issuance scale for the first variety is 1.5 billion yuan with a coupon rate of 2.03% and a subscription multiple of 3.07 times [1] - The final issuance scale for the second variety is 1.1 billion yuan with a coupon rate of 2.20% and a subscription multiple of 2.94 times [1] Group 2: Issuance Mechanism - The bond issuance includes an inter-variety allocation option, allowing the company to adjust the allocation based on subscription conditions without any limit on the allocation ratio [1] - The bonds were issued at a price of 100 yuan per bond, targeting professional institutional investors [1]

本期债券发行工作已于2025年11月11日结束。本期债券最终品种一发行规模为15亿元，票面利率为 2.03%，认购倍数为3.07倍；品种二发行规模为11亿元，票面利率为2.20%，认购倍数为2.94倍。 格隆汇11月11日丨华泰证券(06886.HK)公告，根据《华泰证券股份有限公司2025年面向专业投资者公开 发行次级债券(第五期)发行公告》，华泰证券股份有限公司2025年面向专业投资者公开发行次级债券(第 五期)(以下简称"本期债券")分为两个品种，其中品种一期限为3年，品种二期限为5年。本期债券引入品 种间回拨选择权，回拨比例不受限制，公司将根据本期债券发行申购情况，在发行规模内，决定是否行 使品种间回拨选择权，但各品种的最终发行规模总额合计不超过50亿元(含50亿元)。本期债券发行价格 为每张100元，采取面向专业机构投资者公开发行的方式发行。 ...

Core Viewpoint - Huatai Securities has announced the issuance of its fifth tranche of subordinated bonds aimed at professional investors, with a total issuance cap of 5 billion yuan [1] Group 1: Bond Issuance Details - The bonds are divided into two varieties, with the first having a maturity of 3 years and the second a maturity of 5 years [1] - The final issuance scale for the first variety is 1.5 billion yuan with a coupon rate of 2.03% and a subscription multiple of 3.07 times [1] - The final issuance scale for the second variety is 1.1 billion yuan with a coupon rate of 2.20% and a subscription multiple of 2.94 times [1] Group 2: Issuance Mechanism - The bond issuance includes an inter-species allocation option, allowing the company to adjust the allocation based on subscription conditions without any limit on the allocation ratio [1] - The bonds were issued at a price of 100 yuan per bond, targeting professional institutional investors [1]

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2025年面向 專業投資者公開發行次級債券（第五期）發行結果公告》，僅供參閱。 於本公告日期，董事會成員包括執行董事張偉先生、周易先生及王瑩女士；非執 行董事丁鋒先生、陳仲揚先生、柯翔先生、晉永甫先生及張金鑫先生；以及獨立 非執行董事王建文先生、王全勝先生、彭冰先生、王兵先生及老建榮先生。 债券代码：243981 债券简称：25 华泰 C6 债券代码：243982 债券简称：25 华泰 C7 华泰证券股份有限公司 2025 年面向专业投资者 公开发行次级债券（第五期）发行结果公告 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 ...

Core Viewpoint - Huatai Securities (06886) announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance amount of RMB 2 billion and a coupon rate of 3.80% [1] Group 1: Bond Issuance Details - The bonds, referred to as "21 Huatai Y3," will start paying interest on November 18, 2025, for the period from November 18, 2024, to November 17, 2025 [1] - Each bond has a face value of RMB 1,000, with an interest distribution of RMB 38.00 (including tax) per bond [1]

Core Viewpoint - Huatai Securities (06886) announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance amount of RMB 2 billion and a coupon rate of 3.80% [1] Group 1: Bond Details - The bonds, referred to as "21 Huatai Y3," will start paying interest from November 18, 2025, for the period from November 18, 2024, to November 17, 2025 [1] - Each bond has a face value of RMB 1,000, with an interest payment of RMB 38.00 (including tax) per bond [1]

Core Viewpoint - Huatai Securities announced the issuance of perpetual subordinated bonds aimed at professional investors, with a fixed interest rate of 3.80% [1] Group 1: Bond Issuance Details - The bonds, referred to as "21 Huatai Y3," will start paying interest on November 18, 2025, for the period from November 18, 2024, to November 17, 2025 [1] - Each bond has a face value of RMB 1,000, resulting in an interest payment of RMB 38.00 (including tax) per bond [1]

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2021年面向 專業投資者公開發行永續次級債券（第三期）2025年付息公告》，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 ...