（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公司債券（第二期）（品種一）（續發行）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。 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。 本期续发行债券发行工作已于 2025年 8 月 28 日结束。本期续发行债券实际 发行规模为 50 亿元，发行价格为 101.375 元，认购倍数为 1.33 倍。 「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 ...

Group 1 - The overall sentiment among brokerages is optimistic regarding the continuation of policies and improvement in liquidity for Chinese assets [1][3] - The domestic fiscal policy has exceeded expectations this year, leading to improved liquidity for residents, government, and markets, with a focus on maintaining diverse and steady growth policies [3] - The current market is experiencing a recovery in valuation and sentiment, with a shift in focus towards whether corporate performance can follow suit [3][4] Group 2 - There is a notable inflow of trading funds into the market, reaching the highest activity level since 2016, with expectations for further increases in foreign investment in A-shares [6] - The net inflow of funds into A-shares this year is approximately 2.1% of the free float market value, indicating a slight net inflow status [6] - Analysts suggest that household funds are gradually shifting from bank wealth management products to non-bank financial products and capital markets, indicating a potential increase in stock market participation [6] Group 3 - The Chinese capital market is entering a new phase, with a shift from being a follower to a leader in the economy, emphasizing the importance of optimizing resource allocation in the technology sector [8] - The technology sector is expected to be a core asset for both domestic and foreign investments in the Hong Kong market, with a focus on internet, software, new consumption, and innovative pharmaceuticals [9] - Analysts recommend paying attention to physical assets and capital goods that will benefit from the recovery of overseas manufacturing and the expected bottoming of capital returns [9]

Core Viewpoint - The article highlights a generally optimistic outlook for the Chinese market, driven by improved liquidity and supportive fiscal policies, with a focus on the long-term revaluation of Chinese assets [1][4][5]. Group 1: Market Outlook - Multiple brokerages are optimistic about the continuation of policies and improvement in liquidity, indicating a positive trend for Chinese assets [1]. - The chief macroeconomic analyst at Huatai Securities, Yi Han, notes that the fiscal policy has exceeded expectations this year, leading to improved liquidity for residents, government, and markets [4]. - The chief strategist at Guojin Securities, Miao Yiling, describes the upcoming autumn outlook for the Chinese market as a "dawn," suggesting a stabilization and recovery in domestic manufacturing capital returns [5]. Group 2: Liquidity and Capital Flow - Liquidity is a central topic, with trading funds continuing to flow into the market, reaching the highest activity levels since 2016 [7]. - As of August 20, the net inflow of funds into A-shares accounted for approximately 2.1% of the free float market value, indicating a slight net inflow [7]. - Analysts suggest that household funds are gradually shifting from bank wealth management products to non-bank financial products and capital markets, indicating a potential increase in stock market investments [7]. Group 3: Investment Focus - Analysts recommend focusing on the technology sector, which is expected to become a structural feature of the market, similar to the Nasdaq [9]. - The Hong Kong market is seen as having advantages in sectors such as internet, software, new consumption, and innovative pharmaceuticals, which are currently experiencing positive trends [9]. - There is a suggestion to remain cautious of potential market volatility while maintaining a focus on key investment themes, particularly in physical assets and capital goods that benefit from the recovery of overseas manufacturing [9].

易峘还提到，自1970年以来美元历经五次调整，当前投资者要警惕美元法币公信力的下降，在资产配置 中以更开放的态度，更加积极配置有稀缺性的资产、包括股权资产。 8月27日至28日，华泰证券2025年秋季投资峰会在上海举行，本届峰会以"谋划长远，破卷立新"为主 题，探讨2025年下半程全球宏观与市场展望。 为期两天的会程由主论坛以及10场行业分论坛构成，聚焦数字资产、香港市场配置、AI+、新消费3． 0、创新药出海等成长领域机遇。 中国宏观经济研究院决策咨询部主任孙学工，中国金融四十人论坛研究院执行院长郭凯，中国社会科学 院国家全球战略智库国际政治研究部主任赵海等专家，围绕十五五规划前瞻、全球贸易和金融体系的结 构性变化，以及当前国际态势等热点议题发表主题演讲。 华泰证券机构业务委员会主席梁红在致辞中表示，过去半年，中美博弈经历了多轮激烈对撞，步入了相 对稳定的战略相持阶段，全球资产配置正逐步形成更多元化和分散化的趋势。国内方面，一系列务实政 策推动经济企稳与市场信心恢复，Deepseek引发全球对中国科技创新潜力的重估，并在权益、债券、汇 率等资产价格上逐步演绎。10月份即将召开的二十届四中全会和推出的"十五五 ...

Group 1 - The market experienced a V-shaped rebound in the afternoon, with the ChiNext Index leading the gains, and the total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion yuan [2] - The securities sector index reached a new high in the first half of August, with the average P/B ratio recovering from approximately 1.50 times to over 1.65 times by the end of the month, surpassing the average valuation of 1.55 times since 2016 [2] - The overall operating environment for the securities industry continues to improve, with expectations for the securities index to maintain a steady recovery and oscillating upward trend if the equity market expands further [2] Group 2 - As of July 31, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index accounted for 78.84% of the index, including major firms like CITIC Securities and East Money [3] - The Guozheng Securities Leading Index is designed to reflect the market performance of high-quality listed companies in the securities theme and provides investors with more diversified index investment tools [2]

Group 1 - Some brokerage stocks experienced an increase, with Xinda Securities rising over 5% [1] - Great Wall Securities and Guosheng Jinkong both saw increases of over 3% [1] - Jinlong Co. rose over 2%, while several other securities firms, including GF Securities, First Capital, and Everbright Securities, increased by over 1% [1]

Group 1 - A-share market sees a rise in several brokerage stocks, with Xinda Securities increasing by over 5% [1] - Changcheng Securities and Guosheng Financial Holdings both rise by over 3% [1] - Jinlong Co., Ltd. experiences an increase of over 2% [1] Group 2 - Other notable gains include GF Securities, First Capital, Everbright Securities, Xiangcai Securities, CITIC Securities, Changjiang Securities, Dongwu Securities, Huatai Securities, and Founder Securities, all rising by over 1% [1]

Core Viewpoint - The article highlights the significant growth in the user activity of securities apps, driven by a bullish A-share market and the increasing demand for diversified wealth management solutions among investors [1][6]. User Activity Growth - As of July 2025, the number of active users of securities apps reached 167 million, marking a 20.89% year-on-year increase [6]. - The top ten securities apps accounted for 63% of the market share, with Tonghuashun leading at 35.01 million active users, followed by Dongfang Caifu and Dazhihui with 17.14 million and 11.91 million users respectively [7]. Competitive Landscape - The competition among securities apps is becoming increasingly differentiated, with Tonghuashun and Dongfang Caifu leveraging their unique features to attract users [9]. - Smaller brokerages like Guohai Securities and Chengtong Securities have also seen rapid growth in user activity, indicating a competitive market environment [10]. AI Integration - The integration of AI technology into securities apps is a key trend, with firms like Guangfa Securities and Guotai Haitong leading the way in developing AI-native applications [12][13]. - AI-driven features are expected to enhance user experience and operational efficiency, providing personalized investment advice and improving customer interaction rates [14]. Market Dynamics - The article notes a shift from traditional tools to intelligent solutions in the securities app market, reflecting a broader trend towards digital transformation in financial services [13]. - The increasing preference for comprehensive and mature platforms among investors indicates a strengthening of the "Matthew Effect," where leading apps continue to dominate the market [7][10].

Group 1 - The core viewpoint indicates that the securities sector is experiencing an upward trend due to supportive government policies aimed at stabilizing growth and boosting the capital market, alongside a favorable liquidity environment and improved investor confidence [2] - As of August 28, 2025, the National Securities Leading Index (399437) rose by 0.34%, with notable increases in constituent stocks such as Xinda Securities (4.04%) and Huatai Securities (0.79%) [1] - The Securities ETF Leader (159993) has seen a continuous inflow of funds over the past three days, with a peak single-day net inflow of 162 million yuan, totaling 264 million yuan [1] Group 2 - The top three brokers by ETF trading volume in July were Huatai Securities, CITIC Securities, and Guotai Junan, maintaining their positions from June, with market share percentages of 10.8%, 10.67%, and 6.66% respectively [1] - The PB valuation of the securities sector is at 1.58x as of August 22, 2025, which is in the 35th percentile since 2010, indicating a high safety margin for investments in this sector [2] - The top ten weighted stocks in the National Securities Leading Index account for 78.84% of the index, with major players including CITIC Securities and Huatai Securities [2]

Core Viewpoint - Huatai Securities reports that Gu Ming's strong performance in the first half of the year is attributed to takeout subsidies, accelerated product innovation, and an optimized competitive landscape [1] Group 1: Financial Performance - The company's revenue growth rate outpaced the growth rate of Gross Merchandise Volume (GMV), primarily due to increased equipment procurement and a higher proportion of core ToB sales [1] - The report indicates that the takeout channel subsidies, extended operating hours for some stores, and the introduction of coffee products are expected to enhance single-store cup volume and average GMV per store [1] Group 2: Future Outlook - It is anticipated that in the second half of this year and into 2026, the further diversification of coffee SKUs and an increase in the number of stores equipped with coffee machines will demonstrate operational resilience, even with a reduction in takeout subsidies [1] - Given the company's current potential for store expansion and profitability, a target price of HKD 34.57 is set based on a 30 times price-to-earnings ratio for 2026, with a "buy" rating assigned [1]