Core Viewpoint - Huatai Securities has issued a notice regarding the issuance of medium-term notes by its wholly-owned subsidiary, Huatai International Financial Holdings, under a $3 billion medium-term note program established in 2020, with a recent issuance of RMB 250 million [1] Group 1 - As of January 20, 2026, Huatai Securities' stock closed at RMB 23.26, up 1.88% from the previous trading day, with a total market capitalization of RMB 209.965 billion [1] - The stock opened at RMB 22.80, reached a high of RMB 23.40, and a low of RMB 22.80, with a trading volume of RMB 1.995 billion and a turnover rate of 1.18% [1] Group 2 - The recent issuance of RMB 250 million medium-term notes is guaranteed by Huatai International, with an actual guarantee balance of $2.118 billion [1] - As of the announcement date, the total amount of external guarantees provided by the company and its subsidiaries is RMB 48.752 billion, accounting for 25.43% of the latest audited net assets, all of which are guarantees for subsidiaries with no overdue guarantees [1]

Market Overview - On January 20, the securities sector rose by 0.42% compared to the previous trading day, with Dongwu Securities leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Individual Stock Performance - Dongwu Securities (601555) closed at 9.29, up 2.31% with a trading volume of 945,100 shares and a transaction value of 873 million [1] - Huatai Securities (601688) closed at 23.26, up 1.88% with a trading volume of 860,000 shares and a transaction value of 1.9957 billion [1] - GF Securities (000776) closed at 22.77, up 1.52% with a trading volume of 588,800 shares and a transaction value of 1.337 billion [1] - Other notable performers include Xiangcai Co. (600095) up 1.15%, Huazheng Securities (600909) up 0.99%, and Guohai Securities (000750) up 0.94% [1] Fund Flow Analysis - The securities sector saw a net inflow of 480 million from institutional investors, while retail investors experienced a net outflow of 354 million [2] - The overall fund flow indicates a mixed sentiment, with institutional buying contrasting with retail selling [2] Detailed Fund Flow for Selected Stocks - Zhaoyuan Group (601211) had a net inflow of 281 million from institutional investors, while retail investors saw a net outflow of 184 million [3] - CITIC Securities (600030) experienced a net inflow of 197 million from institutional investors, with retail investors having a net outflow of 1.746 million [3] - Huatai Securities (601688) recorded a net inflow of 123 million from institutional investors, while retail investors had a net outflow of 1.39 million [3] - Other stocks like Zhongjin Company (566109) and China Merchants Securities (600999) also showed significant net inflows from institutional investors [3]

Core Viewpoint - Huatai Securities report indicates that Fuan Energy achieved a total operating revenue of 33.754 billion yuan (yoy +6.85%) and a net profit attributable to shareholders of 1.001 billion yuan (yoy +17.26%) for the year, exceeding Huatai's forecast of 977 million yuan, primarily benefiting from the expansion of energy and chemical business and the implementation of a diversified energy strategy [1] Group 1 - The company reported a net profit of 1.001 billion yuan, which is a year-on-year increase of 17.26% [1] - The total operating revenue for the year was 33.754 billion yuan, reflecting a year-on-year growth of 6.85% [1] - The net profit excluding non-recurring items was 958 million yuan, showing an increase of 18.52% year-on-year [1] Group 2 - The company's high dividend policy is steadily advancing, reinforcing its long-term investment value [1] - The report expresses optimism about the company's growth potential under the "Energy + Technology + Supply Chain" strategic guidance [1] - The rating is maintained at "Buy" with a target price of 14.58 yuan, up from the previous value of 14.25 yuan, based on a 25-year 19x PE [1]

华泰证券研报指出，湖南裕能25年归母净利11.50-14.00亿元，中值同比+115%，25年扣非净利11.00- 13.50亿元，中值同比+115%，归母净利超出我们此前11.45亿的预期，主要系产品涨价及碳酸锂涨价导 致的库存收益贡献。产品涨价+碳酸锂涨价收益+一体化降本布局，Q4实现量利环增。公司成本及费用 控制优异，高压实产品研发及客户导入领先行业，该行看好公司在上行周期中实现量价利齐升，维 持"买入"评级。 ...

华泰紫金丰睿债券发起A/C成立于2021年05月20日，截至2026年01月19日，其今年来收益率为 0.06%、0.04%，成立来收益率为7.69%、5.69%，累计净值为1.0769元、1.0569元。华泰紫金丰睿债券发 起D成立于2024年05月13日，截至2026年01月19日，其今年来收益率为0.06%，成立来收益率为4.26%， 累计净值为1.0769元。 | 基金名称 | 华泰蒙金丰睿债券型发起式证券投资基金 | | --- | --- | | 基金简称 | 华泰蒙金丰睿债券发起 | | 基金主代码 | 011492 | | 基金管理人名称 | 华泰证券(上海)资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《基金 | | | 管理公司投资管理人员管理指导意见》 | | 基金经理变更类型 | 增聘基金经理、解聘基金经理 | | 新任基金经理姓名 | 查晓磊 | | 离任基金经理姓名 | 刘鹏飞 | | 共同管理本基金的其他基金经理 | 吴晖 | | 姓名 | | (责任编辑：康博) 中国经济网北京1月20日讯 今日，华泰证券(上海)资产管理有限公司公告，华泰紫金 ...

Core Viewpoint - The A-share market is experiencing a downturn, with major indices showing weakness and a potential technical correction expected before February. Analysts suggest focusing on fundamental performance rather than speculative trading [1][7]. Market Performance - The A-share market saw the Shanghai Composite Index drop by 0.30%, the Shenzhen Component by 1.22%, and the ChiNext Index by 1.83% during the morning session [1]. - The real estate sector showed resilience, with stocks like Chengdu Investment Holdings and Hefei Urban Construction hitting the daily limit [2]. - AI application stocks rebounded, with companies such as Zhejiang Wenhu and Tiandi Online also reaching the daily limit [3]. - The semiconductor sector experienced a surge, with Zhongwei Semiconductor rising by 20% [1]. - Consumer stocks, particularly in beauty and liquor, were active, while the commercial aerospace sector continued to decline [1]. Sector Insights - Real Estate: The National Bureau of Statistics reported a 0.3% month-on-month decline in new residential sales prices in first-tier cities, indicating a narrowing of the decline. Analysts expect policy adjustments in the first quarter, favoring companies with strong liquidity and product capabilities [2]. - AI Applications: The trend of AI applications is expected to continue, with hardware increasingly penetrating daily life across various sectors, including automotive and smart home devices. The software side is also seeing advancements in model inference capabilities [3]. - Technology Sector: According to Guosen Securities, the spring market is not over, and fluctuations may present good investment opportunities. The technology sector, particularly driven by AI, remains a key focus [4]. Analyst Opinions - Guosen Securities emphasizes that the spring market is ongoing, suggesting a balanced allocation strategy while focusing on technology growth driven by AI applications [4]. - Shenwan Hongyuan notes that while the commercial aerospace and AI sectors have upward trends, excessive trading may lead to a market correction. The A-share market has a foundation for mid-term growth, and patience is advised [5]. - Huatai Securities indicates a shift towards focusing on "performance fundamentals," suggesting adjustments in portfolio structure to avoid irrational speculation [6][7].

Group 1 - The core viewpoint of the news is that Huatai Securities has experienced fluctuations in its stock price and financial performance, with a recent increase in stock price but a decline in revenue year-on-year [1][2]. Group 2 - As of January 20, Huatai Securities' stock price rose by 2.01% to 23.29 CNY per share, with a total market capitalization of 210.236 billion CNY [1]. - The company reported a net inflow of 42.4732 million CNY from main funds, with significant buying activity from large orders [1]. - Year-to-date, Huatai Securities' stock price has decreased by 1.27%, with a 3.28% drop over the last five trading days [1]. Group 3 - For the period from January to September 2025, Huatai Securities achieved operating revenue of 27.129 billion CNY, a year-on-year decrease of 13.67%, while net profit attributable to shareholders increased by 1.69% to 12.733 billion CNY [2]. Group 4 - The company has distributed a total of 42.893 billion CNY in dividends since its A-share listing, with 13.994 billion CNY distributed in the last three years [3]. - As of September 30, 2025, the number of shareholders decreased by 6.96% to 195,500, while the average number of circulating shares per person increased by 7.62% to 38,566 shares [2][3].

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][37]. Core Insights - The report highlights that the securities sector experienced a decline of 2.21% during the week, underperforming the CSI 300 index by 1.64 percentage points. The current price-to-book (PB) ratio for the brokerage sector is 1.38 times [1][2]. - CITIC Securities reported a net profit of 30.051 billion yuan for 2025, marking a year-on-year growth of 38.46%, and its operating revenue reached 74.83 billion yuan, up 28.75% year-on-year. This performance is attributed to the overall upward trend in the domestic capital market and increased investor confidence [2][35]. - The report emphasizes that the growth drivers for the industry in 2025 will be diverse, with traditional businesses showing resilience and investment banking benefiting from a recovery in the equity financing market [2][6]. Summary by Sections Securities Weekly Data Tracking - The brokerage sector's performance is closely monitored, with traditional businesses like brokerage and proprietary trading showing high elasticity in growth due to increased market activity [2][9]. Insurance Weekly Data Tracking - The insurance sector saw a decline of 3.59%, underperforming the CSI 300 index by 3.02 percentage points. China Life Insurance reported over 62.24 million claims in 2025, with a total claim amount exceeding 100.4 billion yuan, reflecting a 10% year-on-year increase [7][8]. - The overall insurance industry achieved a premium income of 576.29 billion yuan in November 2025, with a year-on-year growth of 7.56% [25][8]. Industry Dynamics - The report notes that regulatory encouragement for industry consolidation is present, with mergers and acquisitions seen as effective means for brokerages to achieve external growth. This consolidation is expected to enhance industry competitiveness and resource allocation [3][6][30].

Group 1 - The core viewpoint of the report from CITIC Securities is that the recent short-term adjustment in the securities sector does not indicate the end of the market trend, as the sector is currently supported by strong fundamentals at a low valuation level [1] - The report identifies two potential upward paths for the securities sector under a slow bull market: one is based on the stabilization of trading volume leading to valuation increases, and the other is driven by unexpected financial policy catalysts that could break through valuation ceilings [1] - Both scenarios suggest that the brokerage market will not be absent, and a window for left-side positioning is gradually approaching [1] Group 2 - Huatai Securities indicates that the expectation for the U.S. uranium replenishment cycle is strengthening, which further reinforces the logic of the uranium mining sector from the demand side [2] - The report highlights that due to rigid supply-side bottlenecks, uranium prices are expected to remain in an upward channel [2] - The recommendation continues to favor domestic uranium suppliers in the U.S. and trading partners, as they are likely to benefit first from the tight supply expectations [2] Group 3 - CITIC Securities emphasizes the upcoming release of Tesla's Optimus Gen3 in the first quarter, which is expected to maintain market anticipation for the robotics sector [3] - The report notes that Tesla's supply chain is gradually entering a verification phase, focusing on quality segments to capture certainty and core changes [3]

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： ● 担保对象及基本情况 ■ ● 累计担保情况 截至本次发行前，华泰国际作为担保人，已为发行人本次中票计划项下的存续票据之偿付义务提供无条 件及不可撤销的保证担保。本次发行后，担保余额为21.18亿美元（含本次担保）。 四、担保的必要性和合理性 本次发行一笔中期票据，发行金额为人民币2.50亿元。主要为配合业务发展及补充日常营运资金需要。 被担保人华泰国际财务是公司的境外全资子公司华泰国际的附属公司。华泰国际财务的资产负债率超过 70%，但公司通过华泰国际对其持有100%控股权，能够及时掌握其偿债能力，担保风险可控，该项担 保不会损害公司及股东利益。 ■ 一、担保情况概述 华泰证券股份有限公司（以下简称"公司"或"本公司"）境外全资子公司华泰国际金融控股有限公司（以 下简称"华泰国际"）的附属公司华泰国际财务有限公司（以下简称"华泰国际财务"）于2020年10月27日 设立本金总额最高为30亿美元（或等值其他货币）的境外中期票据计划（以下简称"中票计划"），此中 票 ...