（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） 董事名單與其角色和職能 本公司董事會（「董事會」）成員載列如下： 非執行董事 丁鋒先生 于蘭英女士 柯翔先生 晉永甫先生 陳建偉先生 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 老建榮先生 1 董事會下設五個委員會。下表提供各董事會成員所屬委員會中所擔任職務之信 息： 執行董事 王會清先生 （董事長） 周易先生 （首席執行官） 王瑩女士 | 委員會 | 發展戰略 | 合規與風險 | | | 薪酬與考核 | | --- | --- | --- | --- | --- | --- | | 董事 | 委員會 | 管理委員會 | 審計委員會 | 提名委員會 | 委員會 | | 王會清先生 | C | | | | | | 周易先生 | M | C | | | | | 王瑩女士 | | | | M | | | 丁鋒先生 | | | M | | | | 于蘭英女士 | M | | | | | | 柯翔先生 | | M | | | | | 晉永甫先生 | M | | | | ...

於臨時股東會提呈的決議案實行逐項投票表決。H股持有人有權親自或委派 代表出席臨時股東會投票。A股持有人有權親自或委派代表出席臨時股東會 並於會上投票或通過網絡投票。網絡投票可通過交易系統投票平台於2026年 1月23日的交易時段（即9時15分至9時25分、9時30分至11時30分、13時00 分至15時00分）及通過指定網站的互聯網投票平台於2026年1月23日的9時15 分至15時00分進行。臨時股東會的召集、程序及表決方式符合《中華人民共 和國公司法》等法律、法規及公司《章程》的有關規定。 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） 2026年第一次臨時股東會之投票表決結果； 選舉第七屆董事會成員；第七屆董事會成員之角色分佈；及 選舉董事長及首席執行官 2026年第一次臨時股東會 茲提述本公司日期為2025年1 ...

Core Insights - The bond underwriting market in 2025 shows a clear trend of "the strong getting stronger," with market share concentrated among a few leading institutions [1][4][8] - Competition among underwriters is intensifying, with banks and securities firms leveraging their unique strengths to differentiate themselves [2][6] - Regulatory bodies are taking steps to ensure market order and prevent irrational competition, particularly in pricing and underwriting practices [2][6] Group 1: Market Overview - The total bond issuance in 2025 reached 89.76 trillion yuan, a year-on-year increase of approximately 11% [2] - The issuance of interest rate bonds was 33.80 trillion yuan, up 18%, while credit bonds reached 21.95 trillion yuan, growing by 8% [2] - The market is characterized by a large total volume, diverse categories, and differentiated competition [2] Group 2: Competitive Landscape - In the banking sector, China Bank led with over 16 trillion yuan in underwriting, capturing more than 10% of the market share [4] - The top four state-owned banks collectively hold nearly 40% of the market share, indicating a strong position [4] - In the securities sector, CITIC Securities topped the list with 22,496.07 billion yuan in underwriting and a market share of 14.08% [4][5] Group 3: Sector-Specific Insights - Local government bond issuance reached a record high of approximately 10.29 trillion yuan, reflecting a year-on-year growth of 5.2% [6] - The financial bond market is predominantly led by securities firms, with CITIC Securities holding a market share of 17.56% [6] - The asset-backed securities (ABS) market shows a concentration of resources among leading firms, with CITIC Securities leading at 12.32% market share [7] Group 4: International Market Dynamics - The offshore bond market saw a total issuance of approximately $307.07 billion, a year-on-year increase of about 15.75% [7][8] - The market features a mix of domestic and foreign institutions, with China Bank leading at $14.70 billion in underwriting [8] - The competitive landscape in the offshore market is relatively dispersed, with no single institution dominating [8]

Core Viewpoint - The establishment of a 100 billion yuan national venture capital guidance fund aims to support strategic emerging industries and future industries, potentially attracting social capital participation [1] Group 1: Investment Opportunities - Analysts will continue to monitor whether advancements in the high-tech industry can sustain the expansion of private sector capital expenditure cycles and whether broad financial conditions remain loose [1] - Accelerated global AI investment is expected to drive up demand for energy infrastructure [1] Group 2: Industry Focus - The Science and Technology Innovation and Entrepreneurship ETF (588360) tracks the Science and Technology Innovation and Entrepreneurship 50 Index (931643), which has a daily price fluctuation limit of 20% [1] - The index selects 50 emerging industry listed companies with significant market capitalization and technological attributes from the Sci-Tech Innovation Board and the Growth Enterprise Market, covering sectors such as new energy, biomedicine, and information technology [1]

Core Viewpoint - The private equity industry in China is facing challenges such as the Matthew effect and information asymmetry, prompting the need for a comprehensive empowerment system to help quality private equity firms overcome initial disadvantages and achieve both scale and quality improvements [1][7]. Group 1: Industry Trends and Changes - By the end of 2025, the number of private equity managers with over 10 billion yuan in assets is expected to rise to 112, nearing the peak of the first quarter of 2022, while the number of small managers with 0-500 million yuan has decreased by nearly 2,000 compared to historical highs, indicating a significant trend of industry differentiation [1][7]. - The private equity sector still faces issues such as low market share compared to public funds and bank wealth management, irregular information disclosure, and a lack of evaluation systems, which are core bottlenecks hindering high-quality development [1][7]. Group 2: Empowerment Initiatives - Ji'an Jinxin has launched the "Private Equity Public Evaluation" system to standardize the evaluation of private equity funds, allowing them to be compared on the same level as public funds, thus enhancing transparency and helping investors identify quality products [3][9]. - The company has integrated resources with Huatai Securities to create a comprehensive support matrix for private equity managers, addressing challenges such as financing difficulties and slow development [4][10]. Group 3: Brand and Resource Integration - The "Media-in-Media" brand communication system developed by Ji'an Jinxin aims to enhance the brand recognition and market acceptance of private equity managers by leveraging influential media platforms and providing tailored content creation services [11]. - The multi-dimensional empowerment system not only focuses on individual managers but also aims to promote the overall standardization and competitive elimination within the private equity industry, encouraging funds to flow towards compliant and high-performing managers [5][12].

该行认为，去年Labubu在西方市场出圈并非短期热度，而是打开知名度的起点，公司IP、品类储备深 厚，有望借助品牌知名度获取全球范围内更广泛的品牌联名、设计师资源，将热度转化为多元IP成长引 擎。该行维持公司目标价410港元及"买入"评级，继续重点推荐。 华泰证券发表研报指，泡泡玛特近日开启股份回购，1月19日、21日两次回购合计190万股，回购金额 3.1亿港元。本轮回购的单笔金额及股数均超过以往，彰显公司对增长前景信心。该行看好公司在今年 加快IP结构多元化、均衡化，乐园、动画内容、甜品、饰品等业态加快落地，培育新增长点并强化IP情 感连接，缓解市场对时尚风险的担忧。 ...

人民财讯1月23日电，华泰证券研报称，21日万科发布公告，"21万科02"债券持有人会议高票通过核心 展期议案(议案一、议案四)。此次方案以"本息兑付调整+固定兑付安排+增信措施"为核心，短期压力下 降。对行业而言，龙头房企短期压力缓释有助于阶段性稳定市场预期，为行业"止跌回稳"带来更有利条 件。华泰证券看好"三好"房企、优秀商业运营商、港资房企、高分红物管公司的投资机遇。 ...

（文章来源：第一财经） 华泰证券指出，21日万科发布公告，"21万科02"债券持有人会议高票通过核心展期议案（议案一、议案 四）。本次方案以"本息兑付调整+固定兑付安排+增信措施"为核心，短期压力下降。龙头房企偿债方 案落地标志着市场信用方面压力的短期纾解，叠加近期地产政策预期升温，有助于带来地产股估值修复 机遇。重点推荐：1、兼具"好信用、好城市、好产品"的"三好"地产股；2、依靠运营能力在市场调整中 掌握现金流生命线的房企；3、受益于香港市场复苏的香港本地房企；4、受益于稳健现金流、具备分红 优势的物管企业。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2026年1月23日 1 公告基本信息 ■ 2 其他需要提示的事项 （1）投资人欲了解详细情况，可及时通过本基金销售网点、致电本公司的客户服务电话（400-889- 5597）或登录本公司网站（https://www.htscamc.com）咨询相关事宜. （2）风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金的过往业绩及其净值高低并不预示其未来业绩表现。敬请投资者注意投资 风险。投资者投资于本基金前应认真阅读基金的基金合同、更新的招募说明书及相关公告，并根据自身 情况购买与本人风险承受能力相匹配的产品。 特此公告。 华泰证券(上海)资产管理有限公司 2026年1月23日 华泰紫金智鑫3个月定期开放债券型发起式证券投资基金开放申购、赎回 业务的公告 公告送出日期:2026年1月23日 1. 公告基本信息 ■ 2. 日常申购、赎回(转换、定期定额投资)业务的办理时间 （1） 开放日及开放时间 投资人在本基金开放期内的开放日办理基金份额的申购和赎回，具体办理时间为上海证券交易所、深圳 证 ...

Core Viewpoint - The public fund management scale of several securities asset management companies has shown steady growth in 2025, with notable increases from major players like Dongfanghong Asset Management and Huatai Securities Asset Management, both exceeding 30% growth compared to the previous year [2][3]. Group 1: Public Fund Management Scale - As of the end of 2025, five securities asset management companies have public fund management scales exceeding 100 billion yuan, with Dongfanghong Asset Management leading at 216.27 billion yuan, a 30.05% increase from the end of 2024 [3]. - Huatai Securities Asset Management ranks second with a total scale of 180.82 billion yuan, reflecting a growth of 31.59% compared to the previous year [3]. - Other notable companies include Bank of China Securities and Caitong Asset Management, with scales of 133.96 billion yuan and 119.76 billion yuan, respectively, both experiencing slight declines [3]. Group 2: Product Structure and Performance - Dongfanghong Asset Management's equity products dominate its portfolio, with a scale exceeding 100 billion yuan, while its corporate bond fund has seen significant growth, reaching 62.5 billion yuan, a 43% increase [4]. - Huatai Securities Asset Management excels in money market funds, which have reached 154.77 billion yuan, a 37% increase from the end of 2024 [5]. - Caitong Asset Management focuses on bond funds, which constitute about 70% of its total scale, with equity funds showing substantial growth [5]. Group 3: Fund Manager Insights - Fund managers express optimism about cyclical sectors, indicating that while the market is currently in a "weak recovery, low inflation" state, there is potential for significant upward movement once the economic cycle turns [7][8]. - The performance of various indices in 2025 has shown significant divergence, with some sectors being overvalued while others remain undervalued, suggesting a need for careful stock selection [8].