Core Points - Huatai Securities (06886) announced the completion of its public issuance of corporate bonds (ninth phase) aimed at professional investors on November 7, 2025 [1] - The total issuance scale for the first bond variety was 3.2 billion yuan, with a coupon rate of 1.85% and a subscription multiple of 2.82 times [1] - The total issuance scale for the second bond variety was 1.7 billion yuan, with a coupon rate of 2.00% and a subscription multiple of 3.19 times [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） 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：244087 债券简称：25 华泰 16 债券代码：244086 债券简称：25 华泰 15 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（第九期）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1 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The central bank's resumption of bond purchases aims to alleviate liquidity pressure on banks and enhance their lending capacity [1][4] - The securities industry has shown strong performance in the first three quarters of 2025, with a net profit of CNY 1,837.82 billion, a year-on-year increase of 61.25% [3][50] - The insurance sector is experiencing a strategic adjustment period due to changes in interest rates, with significant profit growth reported by major insurers [4] Summary by Sections Market Review - As of November 6, 2025, the banking, securities, and insurance indices have changed by +0.25%, +0.62%, and -0.67% respectively, while the CSI 300 index increased by +1.89% [12][19] - Among the sub-sectors, Chongqing Bank (+8.44%), Northeast Securities (+10.09%), and China Ping An (+1.90%) performed the best [12][19] Valuation Situation - As of November 6, 2025, the banking sector's price-to-book (PB) ratio is 0.78, with state-owned banks at 0.84 and joint-stock banks at 0.62 [21][22] - The securities sector's PB ratio is 1.54, indicating potential for valuation recovery [25] Recent Market Indicators - The one-year Medium-term Lending Facility (MLF) rate is 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.50% respectively [32][33] - The average daily trading volume of A-shares is CNY 19,673.61 billion, reflecting a decrease of 14.41% [38][40] Industry News - The insurance industry is adapting to new regulatory frameworks and interest rate changes, with a focus on optimizing product structures and enhancing profitability [43][44] - The central bank's actions are expected to provide a more stable liquidity environment for banks, especially as year-end liquidity fluctuations increase [48] Company Announcements - Major banks and insurers have reported varying earnings growth, with significant increases in net profits for companies like China Life and Xinhua Insurance [46][47]

Core Viewpoint - Recent announcements from China Merchants Securities and Huatai Securities indicate an increase in the upper limit of their margin financing and securities lending (margin trading) business, reflecting a strong demand for credit trading in the A-share market [1][2]. Group 1: Company Actions - China Merchants Securities has raised its margin trading business limit from 150 billion to 250 billion yuan, an increase of 100 billion yuan [1]. - Huatai Securities has approved a similar increase, allowing its margin trading business limit to be up to three times its net capital, which is calculated to be approximately 286.58 billion yuan based on its net capital of 95.525 billion yuan as of September [1][2]. - Huayin Securities has raised its credit business limit twice this year, first to 6.2 billion yuan and then to 8 billion yuan [2]. Group 2: Market Trends - The total margin trading balance has surpassed historical highs, reaching 2.5 trillion yuan as of October 29, marking a significant increase from the previous high of 2.27 trillion yuan in 2015 [2]. - The average daily margin trading balance in the A-share market for the first nine months of 2025 was 194 million yuan, showing a year-on-year growth of over 30% [2]. Group 3: Financial Performance - Guotai Junan Securities reported a net interest income of 5.208 billion yuan for the year, a year-on-year increase of over 232%, attributed to increased income from margin trading and other debt investments [3]. - Dongfang Caifu reported a net interest income of 2.41 billion yuan, a 60% year-on-year increase, with a market share of 3.17%, up by 0.11 percentage points [3]. Group 4: Industry Implications - The increase in margin trading limits is expected to better meet the strong market demand for funds, potentially boosting market confidence and attracting more investors [3]. - However, analysts caution that the rapid growth of margin trading balances could increase market volatility, as leveraged funds may lead to irrational pricing and greater price fluctuations during market adjustments [3]. - To mitigate risks, companies are advised to enhance risk management practices, such as dynamically adjusting margin ratios and monitoring client collateral ratios [3]. Group 5: Competitive Strategies - In addition to increasing business limits, companies are encouraged to leverage technology and provide comprehensive financial services to optimize business processes and improve service quality, thereby attracting more margin trading clients [4].

Core Viewpoint - Huatai Securities maintains a "Buy" rating for Advanced Micro Devices (AMD.US) with a target price of $280, citing strong Q3 revenue and profit exceeding expectations, driven by robust growth in data center and client businesses [1] Financial Performance - Q3 revenue and profit surpassed expectations, indicating strong operational performance [1] - Revenue and profit forecasts for 2026 and 2027 have been revised upwards, reflecting positive growth outlook [1] Business Growth - Significant growth in data center and client segments, contributing to overall business expansion [1] - High visibility of AI orders, with major clients such as OpenAI and Oracle securing contracts [1] Future Potential - Revenue potential for 2027 is projected to reach hundreds of billions, highlighting substantial growth opportunities [1] - Valuation has rebounded to historical high levels, reinforcing the positive investment outlook [1]

Investment Rating - The investment rating for Huatai Securities is "Buy" and is maintained [10]. Core Insights - In the first three quarters of 2025, Huatai Securities reported a significant increase in non-recurring profit, with brokerage business income recovering alongside market improvements and rapid growth in the non-monetary AUM of its public fund subsidiary [2][7]. - The company has launched a financial AI independent application terminal "AI Zhangle," integrating AI capabilities into stock selection, trading, and analysis, aiming to build a new intelligent service ecosystem [2][13]. Summary by Sections Financial Performance - For the first three quarters of 2025, Huatai Securities achieved operating revenue of 27.13 billion yuan, up 12.6% year-on-year, and a net profit attributable to shareholders of 12.73 billion yuan, up 1.7% year-on-year. The weighted average return on equity (ROE) decreased by 0.38 percentage points to 7.2% [7][13]. - The non-recurring net profit for the first three quarters was 12.64 billion yuan, reflecting a 100% year-on-year increase, influenced by a high base from the previous year due to the sale of Assetmark [13]. - Revenue from various business lines showed significant recovery, with brokerage, investment banking, asset management, interest, and proprietary trading revenues reaching 6.59 billion, 1.95 billion, 1.35 billion, 3.27 billion, and 13.19 billion yuan respectively, with year-on-year growth rates of 66.1%, 43.5%, -55.3%, 151.3%, and 63.4% [13]. Market Position - The equity IPO market share has improved, while the bond underwriting market share remained stable. The total scale of equity financing and refinancing in the first three quarters was 77.3 billion and 298.9 billion yuan, respectively, with year-on-year increases of 61.5% and 91.3% [13]. - Huatai Securities' IPO and refinancing scale reached 10.2 billion and 42.21 billion yuan, with market shares of 13.4% and 8.8%, reflecting increases of 0.4 percentage points and a decrease of 0.2 percentage points year-on-year [13]. Asset Management and Investment - The financial asset scale significantly recovered, reaching 464.7 billion yuan by the end of Q3, a 29.2% increase from the beginning of the year. The estimated annualized investment return rate was 5.3%, up 2.39 percentage points from the previous year [13]. - The company’s wealth management and fintech leadership is expected to continue generating positive effects, with projected net profits of 17.6 billion and 20.55 billion yuan for 2025 and 2026, corresponding to price-to-book ratios of 1.07 and 0.96 [13].

+ CCS3548 HUSH + NAME(S) AND ADDRESS OF REGISTERED SHAREHOLDER(S) 登記股東之姓名及地址 (A joint stock company incorporated in the People' s Republic of China with limited liability under the Chinese corporate name 华泰证券股份有限公司 and carrying on business in Hong Kong as HTSC) （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為华泰证券股份有限公司，在香港以 HTSC 名義開展業務） （Stock Code 股份代號：6886） DIVIDEND CURRENCY ELECTION FORM FOR 2025 INTERIM DIVIDEND OF RMB 0.15 PER SHARE ("2025 INTERIM DIVIDEND") 二零二五年中期股息每股人民幣 0.15 元（「二零二五年中期股息」） 股息貨幣選擇表格 Registered sharehol ...

华泰证券机构业务委员会主席梁红在致辞中表示，2025是"十四五"收官之年，中国经济展现更多的确定 性。"十五五"规划建议重提以经济建设为中心，明确提出要提高居民消费占GDP的比例，将从出口、投 资驱动的模式迈向消费为主、内需驱动的增长模式。展望明年，相信中国资产的重估将会进一步走向纵 深，权益投资者从过去两年"左手红利、右手科技"的策略，可能会逐步关注与经济基本面改善更加密切 的能源、消费、地产等顺周期板块，尤其是这些"老经济"板块中的优质龙头企业。 明年宏观政策如何演进，经济形势将有哪些变化？华泰证券首席宏观经济学家易峘认为，出口方面， 2025年中国出口韧性成为市场强共识，预计2026年仍保持较强韧性，产业升级成为主要叙事；财政政策 将保持温和扩张态势，为去杠杆周期"收尾"提供支持；地产去杠杆对信用周期和企业现金流的冲击边际 缓解、甚至消失。海外来看，美国政策"无序性"边际下降，全球财政、货币政策同步宽松，中美经贸关 系波动性有望回落。 2026年股市和债市如何发展、关注点有哪些？华泰证券研究所所长、固收首席张继强指出，今年股市主 要由情绪、资金和估值驱动，市场认知和叙事变化驱动行情，明年有望转向业绩验证 ...

Core Insights - The stock market this year has been primarily driven by sentiment, capital, and valuation, with a shift in market perception and narrative influencing trends. There is an expectation for a transition to performance verification in the coming year [1] - The bond market has experienced a correction from excessive gains at the beginning of the year, and it is anticipated to return to a fundamental logic next year, focusing on nominal GDP, financing demand, and the stock-bond valuation ratio [1] - A significant point to note is that next year will see a large amount of medium- to long-term deposits maturing, which may lead to a reallocation of funds that could benefit the stock market [1] Market Trends - Short-term predictions suggest that the stock market may undergo a period of consolidation, while the bond market has a slightly higher probability of success but with average returns. However, in the first quarter of next year, the likelihood of stocks outperforming bonds remains high [1] - The bond market faces primary pressures from improved fundamental expectations, adjustments in institutional behavior, and the stock-bond valuation ratio. Despite this, the supportive stance of monetary policy and the need for recovery in financing demand limit the potential for interest rate increases, leading to an overall slightly weaker and more volatile market outlook [1]

Core Viewpoint - The new economy represented by AI is supported by performance growth, interest rate cuts, and domestic and international industrial trends, but the technology sector appears crowded with high valuation premiums, leading to a more favorable outlook for the "old economy" sector going forward [1] Group 1: Reasons for Favoring Old Economy - There is a positive correlation between new and old economies; strong performance in the new economy typically boosts growth in the old economy [1] - The old economy sector currently has low valuations, low chip holdings, and low market expectations [1] - The bottom of the cycle has accumulated strong recovery potential [1] - From a funding perspective, new incremental funds such as insurance and foreign capital are expected to favor value styles next year [1] Group 2: Investment Strategy Recommendations - Investors are advised to balance value and growth in their allocations, utilizing methods such as dollar-cost averaging and phased entry [1] - Historically, funding allocations tend to focus on risk aversion towards the end of the year, with value styles being relatively dominant, making the period from year-end to the first quarter of the following year a favorable window for positioning [1]