证券代码：601688 证券简称：华泰证券 公告编号：临 2025-037 华泰证券股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 9 月 1 日(星期一) 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 三、参加人员 投资者可于 2025 年 8 月 25 日(星期一)至 8 月 29 日(星期五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 boardoffice@htsc.com 进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 华泰证券股份有限公司（以下简称"公司"）将于 2025 年 8 月 29 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地 了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 1 日 ...

Market Overview - The A-share market experienced a sudden decline in the afternoon, with the Shanghai Composite Index dropping over 0.2% before recovering slightly, while the Shenzhen Component and ChiNext indices fell [2] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the first time this year, marking the seventh consecutive trading day of such volume [2] Sector Performance - Securities stocks collectively faced a pullback, with notable declines including Changcheng Securities down over 6% and Hato Securities down over 5% [2][3] - Several high-priced stocks hit the daily limit down, including Lianhuan Pharmaceutical and Zhongdian Xindong, with others like Shunlian Bio and Sainuo Medical dropping over 8% [4] Banking Sector - In contrast, bank stocks showed strength in the afternoon, with Agricultural Bank of China and Postal Savings Bank reaching new historical highs during the session [2] Hong Kong Market - The Hang Seng Index fell over 0.5%, and the Hang Seng Tech Index dropped more than 1% [6] - AAC Technologies Holdings (02018.HK) saw a rapid decline of over 14% following the release of its interim results, despite reporting a revenue of 13.32 billion yuan, a year-on-year increase of 18.4% [6][8] Company Performance - AAC Technologies reported a gross margin of 20.7%, down 0.8 percentage points year-on-year, attributed to changes in product mix, while net profit attributable to shareholders increased by 63.1% to 876 million yuan due to improved profitability in optical business and rapid growth in precision structural components [8] - CICC noted that the overall valuation level of A-shares remains reasonable, but the rapid increase in trading volume may lead to short-term volatility [8]

Core Viewpoint - Huatai Securities has established the Juzhou Securities Industry Culture Construction Base in 2024, focusing on promoting Chinese financial culture through party leadership and community engagement [1][2]. Group 1: Cultural Initiatives - The base integrates the red cultural heritage of Changsha and has organized various activities to enhance the brand image of the base [1]. - Collaborative learning and construction activities have been conducted with the Hunan Securities Industry Association and Shenzhen Stock Exchange, emphasizing the role of party organizations in fulfilling social responsibilities [1][2]. Group 2: Investor Engagement - The base has launched diverse cultural practice activities in the securities industry, contributing to consumer rights protection and financial education [1]. - A special exhibition area has been set up to showcase nearly 50 representative listed companies, providing insights into the development of the real economy [1]. Group 3: Corporate Support - The base has organized various promotional activities in collaboration with regulatory bodies and exchanges, including themed salons and investor education events [2]. - Huatai Securities has tailored brand activities for 11 listed companies in Hunan, achieving significant engagement, such as over 100,000 views and more than 1 million likes for a single executive interview [2]. Group 4: Future Plans - Huatai Securities plans to continue focusing on party leadership and local advantages to further promote Chinese financial culture and establish a distinctive industry culture demonstration area [2].

此外，wind金融终端数据显示，截至8月20日，沪深京三市成交额连续第6个交易日突破2万亿元。 中信建投表示，分业务来看，上市券商在经纪及两融业务方面，受多项利好政策推动，市场成交实现高 增，两融余额维持高位；投行业务方面，市场再融资规模实现高增，IPO整体有所恢复。该机构表示， 基于良好的半年度业绩预告，叠加资本市场改革深化、流动性宽松及市场指数中枢上移预期，券商板块 下半年投资机遇凸显。 华泰证券认为，年初以来权益市场稳步向上，交易额、两融余额、权益产品发行规模等持续提升，券商 估值修复，但与过去行情有所不同。一方面，市场行情持续性增强，券商业绩增长更具持续性。另一方 面，板块内部修复节奏分化，H股先于A股，且业绩增长稳健的券商表现更好。当前权益资产收益率稳 步向上，中央对资本市场定调积极，类"平准基金"对市场形成支撑，居民资金循序渐进入市，看好市场 上行的持续性。当前板块低估低配，券商在新市场环境下进入业绩、估值修复新阶段，看好板块价值重 估行情。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 8月21日，A股午后延续大涨，沪指涨0.5%逼近3800 ...

Core Viewpoint - Huatai Securities maintains a "buy" rating for China Hongqiao (01378) and raises the forecast for net profit attributable to shareholders for 2025-2027 by 34.3%, 17.68%, and 2.95% to CNY 21.659 billion, CNY 20.889 billion, and CNY 21.912 billion respectively, with corresponding EPS of CNY 2.29, CNY 2.20, and CNY 2.31 [1] Group 1: Financial Performance - The company reported a revenue of CNY 81.039 billion for the first half of 2025, representing a year-on-year increase of 8.48%, and a net profit attributable to shareholders of CNY 12.361 billion, up 35.02% year-on-year [2] - The gross profit margin for the first half of 2025 was 25.67%, an increase of 1.48 percentage points year-on-year, with specific margins for aluminum alloy products, alumina, and aluminum alloy processing products at 25.2%, 28.8%, and 23.3% respectively [3] Group 2: Cost and Profitability - The decline in electricity costs has contributed to profit growth, with coal prices significantly dropping this year, leading to lower electricity costs in the Shandong region where the company operates [4] - The company plans to repurchase shares worth no less than HKD 3 billion, reflecting management's confidence in future performance and long-term investment value [4] Group 3: Market Outlook - The company remains optimistic about the upward trend in aluminum prices for the second half of 2025, driven by low inventory levels and sustained demand from the photovoltaic and automotive sectors [5] - The forecast for aluminum prices is expected to fluctuate upwards, potentially exceeding CNY 21,000 per ton within the year, while the downside for alumina prices is limited due to cost support [5]

Core Viewpoint - Huatai Securities maintains a "buy" rating for China Hongqiao (01378) and raises the forecast for net profit attributable to shareholders for 2025-2027 by 34.3%, 17.68%, and 2.95% to CNY 21.659 billion, CNY 20.889 billion, and CNY 21.912 billion respectively, with corresponding EPS of CNY 2.29, CNY 2.20, and CNY 2.31 [1] Group 1: Financial Performance - The company reported a revenue of CNY 81.039 billion for the first half of 2025, an increase of 8.48% year-on-year, and a net profit attributable to shareholders of CNY 12.361 billion, up 35.02% year-on-year, aligning with previous profit forecasts [2] - The gross profit margin for the first half of 2025 was 25.67%, an increase of 1.48 percentage points year-on-year, driven by an average price of electrolytic aluminum at CNY 20,300 per ton, up 2.66% year-on-year [3] Group 2: Cost and Profitability - The decline in electricity costs, influenced by falling coal prices, is expected to enhance profitability, particularly in Shandong where the company has a high proportion of purchased electricity from coal [4] - The company plans to repurchase shares worth no less than HKD 3 billion, reflecting management's confidence in future performance and long-term investment value [4] Group 3: Market Outlook - The company remains optimistic about the upward trend in aluminum prices for the second half of 2025, supported by low inventory levels and strong demand from the photovoltaic and automotive sectors [5] - The outlook for alumina prices is stable, with limited downside potential due to ongoing mining inventory reduction cycles, despite a generally loose supply situation [5]

Market Overview - The market rebounded yesterday, with the Shanghai Composite Index, Shenzhen Component Index, and STAR Market Index reaching new highs for the year. The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking the sixth consecutive day of trading volume exceeding 2 trillion yuan. The Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 0.89%, and the ChiNext Index gained 0.23% [1]. Fund Flow Insights - Huatai Securities noted that the trading activity remains high, with foreign and insurance capital likely to be the main sources of incremental capital moving forward. The trading volume in the A-share market exceeded 2 trillion yuan last week, with active trading by retail investors reaching a year-to-date high. The number of private fund registrations was also high, with 666 new products registered in early August, a 6% increase from July. Insurance capital's market entry ratio is expected to rise by the second quarter of 2025, with equity assets in life insurance exceeding the previous high in Q3 2024, although still below policy limits. Additionally, foreign capital trading activity has rebounded, but net inflows from foreign institutional investors have not yet formed a trend [2]. Technology Sector Developments - China International Capital Corporation (CICC) highlighted the rise of liquid cooling technology in server cooling solutions, driven by increasing computational power demands and chip power consumption. The global AI liquid cooling market is projected to reach $8.6 billion by 2026. Among the various liquid cooling methods, cold plate liquid cooling is currently the most mature due to its minimal impact on equipment and infrastructure while providing significant cooling efficiency. The market for liquid-cooled servers in China is expected to grow by 67% year-on-year in 2024, according to IDC [3]. Strategic Focus on Manufacturing - Guojin Securities emphasized the importance of developing new quality productivity tailored to local conditions, leveraging the advantages of a new type of national system. This includes enhancing basic research intensity and addressing key technology bottlenecks in integrated circuits, industrial mother machines, medical equipment, servers, instruments, basic software, industrial software, and advanced materials. The goal is to modernize the industrial system, upgrade traditional industries, and foster emerging industries while maintaining a reasonable share of manufacturing. The focus will be on technological innovation to drive high value-added and high-tech manufacturing, attracting quality resources to the sector, and enhancing brand development and protection to increase the manufacturing sector's value [4].

Core Viewpoint - The report from Huatai Securities indicates that the A-share market has seen a significant increase in trading volume, surpassing 2 trillion, with both trading volume and price rising, while the activity of trading funds remains high without clear signs of overcrowding [1] Group 1: Market Activity - The influx of retail funds has boosted the activity of trading funds, with the number of active traders reaching a year-to-date high [1] - The financing activity has also hit a year-to-date peak, indicating strong market engagement [1] Group 2: Private Equity and Institutional Investment - The number of private equity product registrations remains high, with 666 new products registered in early August, reflecting a 6% increase from July [1] - Foreign and insurance capital are expected to be major sources of incremental investment, with insurance capital's market entry ratio expected to rise in Q2 2025 [1] Group 3: Asset Allocation Trends - The proportion of equity assets in personal insurance has exceeded the high point of Q3 2024, although it is still below the policy limit [1] - Foreign capital trading activity has rebounded, but the trend of net inflows from allocation-type foreign capital has not yet formed, which may be a key factor for future market trends [1]

Core Viewpoint - The Shanghai options market experienced significant trading activity in July, with a total trading volume of 115.51 million contracts, reflecting a month-on-month increase of 48.92% [1] Group 1: Market Performance - In July, the trading volume for the Shanghai options market reached 11550.66 million contracts, with notable increases in various ETFs: - SSE 50 ETF options: 29.40 million contracts, up 49.25% - CSI 300 ETF options: 29.43 million contracts, up 68.31% - CSI 500 ETF options: 32.35 million contracts, up 22.91% - Huaxia Sci-Tech 50 ETF options: 20.04 million contracts, up 81.23% - E Fund Sci-Tech 50 ETF options: 4.29 million contracts, up 42.75% [1] Group 2: Participant Data - As of July 2025, the total number of investor accounts in the Shanghai options market reached 705,868, with 4,323 new brokerage accounts added in July. A total of 91 securities firms and 34 futures companies have opened stock options brokerage business trading permissions [2] - The top three securities firms by trading volume in July were: - CITIC Securities: 5.08% market share - Guotai Junan Securities: 4.34% market share - Huabao Securities: 4.23% market share [2] Group 3: Wealth Management and Risk Management - The low interest rate environment has made standardized, high liquidity, and low-risk options increasingly popular among retail investors. The implementation of the Futures and Derivatives Law has provided a legal framework for the over-the-counter derivatives market, enhancing investor interest [2] - The main products in the over-the-counter derivatives business include OTC options and total return swaps, which serve both risk management and wealth management functions. OTC options can hedge market risks for various assets, while total return swaps help manage risks related to prices, interest rates, and exchange rates [3] Group 4: Market Opportunities - The over-the-counter derivatives market is poised for unprecedented growth opportunities due to the gradual improvement of regulatory frameworks and accelerated business innovations, highlighting its value in serving the risk management needs of the real economy and meeting diverse investment demands [4]

Core Viewpoint - The equity market has shown steady upward momentum since the beginning of the year, with increasing trading volume, margin financing balances, and issuance scale of equity products, leading to a recovery in broker valuations [1] Group 1: Market Performance - The market's performance has demonstrated enhanced sustainability, resulting in more consistent growth in brokerage firms' earnings [1] - There is a divergence in the recovery pace within the sector, with H-shares outperforming A-shares, and brokerages with robust earnings growth performing better [1] Group 2: Investment Outlook - Current equity asset yields are steadily increasing, and the central government's positive stance on the capital market is providing support [1] - The introduction of quasi "stabilization funds" is contributing to market stability, while resident funds are gradually entering the market [1] - The sector is currently undervalued and underweighted, entering a new phase of earnings and valuation recovery, with expectations for a revaluation trend in the sector [1]