Core Viewpoint - Hong Kong Exchanges and Clearing (HKEX) reported a significant increase in revenue and net profit for the second quarter, exceeding market expectations, indicating strong performance in the stock market [1] Financial Performance - HKEX's revenue for the second quarter rose by 33% year-on-year to HKD 7.22 billion [1] - Net profit increased by 41% year-on-year to HKD 4.44 billion, outperforming market forecasts [1] - The average daily turnover (ADT) for Hong Kong stocks was HKD 237.7 billion, a 95% year-on-year increase, showing robust trading activity [1] Market Liquidity - As of August 20, the liquidity in the third quarter has improved compared to the first half of the year, with ADT reaching HKD 258.5 billion [1] - The recent actions by the Hong Kong Monetary Authority have reduced the necessity for further liquidity contraction, contributing to a favorable market environment [1] Future Outlook - The expectation of lower HIBOR rates due to rising prospects of Federal Reserve interest rate cuts is anticipated to support market liquidity [1] - Increased participation from mainland investors and a strong IPO market are expected to maintain a relatively loose liquidity environment for Hong Kong stocks [1] Earnings Forecast - The company's net profit forecasts for this year, next year, and 2027 have been raised to HKD 16.8 billion, HKD 16.4 billion, and HKD 16.4 billion, respectively [1] - The target price for HKEX has been increased from HKD 434 to HKD 542, maintaining a "buy" rating [1]

Market Overview - The Shanghai Composite Index rose by 0.03%, while the Shenzhen Component Index fell by 0.15%, and the ChiNext Index decreased by 0.31% [1] - Domestic chip concepts opened higher, with Cambrian Technology rising nearly 4%, while sectors like financial technology and rare earths experienced slight declines [1] Securities Insights - Huaxi Securities noted a market sentiment recovery after a brief fluctuation, with a focus on tracking fund movements, indicating a positive participation willingness from investors [2] - Huatai Securities highlighted a significant increase in new account openings and a shift towards wealth management among brokerages, suggesting a recovery opportunity for firms leading in this transformation [2] - The A-share brokerage index PBLF is at 1.67x, while the H-share brokerage index PBLF is at 1.00x, indicating potential for value reassessment in the sector [2] Commercial Aerospace - Galaxy Securities projected sustained high growth in the commercial aerospace industry, with advancements in reusable rockets and low-cost satellites [3] - The demand for low-altitude economy and space tourism is expected to expand, supported by recent policy measures in Guangdong province [3] Consumer and Commodity Trends - CITIC Construction pointed out the approaching consumption peak season, with rising demand leading to increased prices for rare earths and lithium [4] - The price of lithium carbonate surged due to supply disruptions, while the prices of praseodymium-neodymium and cobalt are also on the rise due to supply constraints [4] AI Server Cooling Technology - Guojin Securities reported that the liquid cooling technology for AI servers is gaining traction, with cold plate liquid cooling being favored for its cost-effectiveness and compatibility with various cooling liquids [5] - The use of high thermal conductivity materials, such as liquid metal TIM, is expected to enhance the cooling performance of cold plate systems, making it a preferred choice for high-end chips [5][6]

Core Viewpoint - The global ethylene industry is experiencing intensified downward pressure, leading to accelerated optimization and elimination of small-scale, high-cost production capacities in Europe, Japan, and South Korea [1] Industry Summary - The average production capacity of single units in Japan and South Korea is 540,000 tons and 1,450,000 tons respectively, indicating a trend towards the exit of less efficient capacities [1] - The development of gas-based and coal-based technology routes, along with China's vast and diversified downstream manufacturing advantages, is expected to reshape the global supply-demand landscape for olefins [1] - Low-cost production capacities in the Middle East and the United States are anticipated to penetrate high-cost regions' ethylene supply chains more rapidly [1] - China's integrated large-scale facilities are likely to benefit from robust downstream manufacturing demand, facilitating growth in global market share through end products [1] - The olefins industry in Europe and parts of East Asia faces a dual pressure situation, struggling with both high costs and competitive pressures from low-cost producers [1] - Following a decline in the central price of international crude oil, the Chinese olefins industry is expected to see a balanced development among gas-based, northwest coal-based, and integrated large-scale facilities [1]

Core Insights - Global olefin capacity optimization is accelerating, potentially reshaping the ethylene supply-demand landscape [1] - The exit and optimization of small-scale, high-cost old capacities in Europe, Japan, and South Korea are noticeably speeding up due to increasing downward pressure on the global ethylene industry [1] - The exit of European and East Asian capacities has not yet led to a substantial turning point in industry supply-demand dynamics, primarily due to the pressure from low-cost capacities in the Middle East and the U.S., as well as the impact of large-scale new capacities in China [1] Industry Dynamics - The average capacity of single plants in Japan and South Korea is 540,000 tons and 1,450,000 tons, respectively [1] - The changes in the industry will be more reflected in the reshaping of the global ethylene supply structure, with Middle Eastern and U.S. capacities replacing high-cost regions [1] - China is expected to increase its global market share by leveraging its advantages in downstream manufacturing [1] Future Outlook - As the supply structure optimizes, low-cost coal-based, gas-based, and integrated facilities are likely to benefit [1]

华泰证券表示，年初以来市场交易活跃度显著提升，新开户需求旺盛。券商通过降费让利、精细化服 务、多平台营销等加速获客。权益市场稳步向上，居民资金循序渐进入市，券商在新市场环境下进入业 绩、估值修复新阶段。当前A股券商指数PBLF为1.67x，处于2014年以来的46%分位； H股中资券商指 数PBLF为1.00x，处于2016年以来的76%分位。我们看好板块价值重估行情，个股关注：（1）业绩增长 稳健且PBLF仍处于1-1.1x左右的A、H头部券商；（2）财富管理转型/国际业务领先的公司；（3）估值 较低的中型券商。 ...

Core Viewpoint - The liquor sector is currently experiencing low valuations and sentiment, but the overall fundamentals are stabilizing as the Mid-Autumn Festival approaches, supported by government policies aimed at boosting domestic demand [1] Group 1: Market Conditions - The liquor industry's fundamentals are stabilizing, with the upcoming Mid-Autumn Festival expected to enhance sales [1] - Government focus on boosting domestic demand continues to rise, with consumption-promoting policies being implemented to support the sector [1] Group 2: Investment Opportunities - Companies in the liquor sector are increasingly prioritizing investor interests, with several firms announcing long-term and mid-term dividend plans [1] - Given the current interest rate environment, the long-term investment value of liquor companies is considered high [1] Group 3: Future Outlook - Leading liquor companies are focusing on long-term healthy development during this adjustment phase, with fundamentals showing signs of stabilization [1] - The combination of consumption-promoting policies and improving fundamentals indicates that the industry is gradually entering a phase of positive recovery, suggesting a strategic opportunity for bottom-fishing in strong fundamental leaders [1]

证券日报网讯8月21日晚间，华泰证券发布公告称，公司将于2025年9月1日(星期一)16：00—17：00举 行华泰证券2025年半年度业绩说明会。 ...

Group 1: Currency and Interest Rate Outlook - Goldman Sachs expects that a weaker dollar will drive strong performance in emerging market currency carry trades, with a positive outlook for the Indian Rupee, Brazilian Real, South African Rand, and Hungarian Forint as carry trade longs [1] - Barclays economists note a slowdown in UK core services inflation, suggesting a potential for a rate cut by the Bank of England in November [2] - Macro analysts from Capital Economics highlight that U.S. short-term interest rates face upward risks, indicating that the market may be overestimating the likelihood of Federal Reserve rate cuts [3] Group 2: Economic and Market Trends - Societe Generale analysts predict a gradual weakening of the British Pound due to a bleak fiscal outlook, with expectations of higher taxes and slower economic growth [3] - Societe Generale also indicates that the implied volatility of the Euro against the Dollar may soon rebound due to upcoming events that could lead to greater exchange rate fluctuations [4] - China International Capital Corporation forecasts that the global AI liquid cooling market will reach $8.6 billion by 2026, driven by increasing computational demands and the advantages of liquid cooling technology [5] Group 3: Commodity and Investment Insights - Huatai Securities anticipates a cyclical upward opportunity for cobalt prices between 2025 and 2027, driven by an improving supply-demand balance [6] - Huatai Securities reports that A-share market activity remains high, with significant contributions expected from foreign and insurance capital in the future [6] - CITIC Securities believes that leading brands in the ready-to-drink beverage sector, which possess product innovation and offline traffic capabilities, are likely to navigate through economic cycles successfully [7]

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 票代碼：6886），其A股於2010年2月26日在上海證券交 易所上市（股票代碼：601688），其全球存託憑證於2019 年6月在倫敦證券交易所上市（證券代碼：HTSC），除文 義另有所指外，亦包括其前身 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關於召開 2025年半年度業績說明會的公告》，僅供參閱。 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 ...

Investment Rating - The report maintains a "Recommended" investment rating for the securities industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [24]. Core Insights - As of August 19, 2025, the margin maintenance ratio for the market reached 287.62%, reflecting a historically high level of risk buffer in credit accounts, suggesting low leverage risk [2][3]. - The average margin maintenance ratio during the period from August 1 to August 19, 2025, was 283.2%, ranking it as the 8th highest in the available data of 149 months, indicating a healthy leverage environment [2][3]. - A high margin maintenance ratio typically signifies a market that has experienced a sustained increase, leading to substantial unrealized gains for investors [3]. - The report highlights that the securities sector has outperformed the broader market, with a weekly increase of 8.18%, surpassing the market by 2.37% [8]. Company Earnings Forecast, Valuation, and Investment Rating - **Guangfa Securities**: Price: 21.01 CNY, EPS (2025E): 1.45 CNY, PE (2025E): 14.51, PB (2025E): 1.28, Rating: Recommended [4]. - **CITIC Securities**: Price: 31.15 CNY, EPS (2025E): 1.82 CNY, PE (2025E): 17.07, PB (2025E): 1.66, Rating: Recommended [4]. - **Huatai Securities**: Price: 21.57 CNY, EPS (2025E): 1.91 CNY, PE (2025E): 11.28, PB (2025E): 1.13, Rating: Recommended [4]. Industry Basic Data - Total number of stocks: 53, representing 0.01% of the market [5]. - Total market capitalization: 43,773.60 billion CNY, accounting for 3.85% of the overall market [5]. - Circulating market capitalization: 36,349.46 billion CNY, representing 3.98% of the overall market [5]. Relative Index Performance - Absolute performance over 1 month: 11.4%, 6 months: 16.8%, 12 months: 62.8% [6]. - Relative performance over 1 month: 6.2%, 6 months: 8.1%, 12 months: 34.6% [6]. Investment Recommendations - The report suggests focusing on supply-side reforms and industry consolidation for the securities sector, recommending stocks in the following order: Guangfa, CICC H, CITIC, Huatai, Dongfang, and Guojin [8].