（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） 董事會專門委員會工作細則 （修訂稿） 第一章 總則 第一條 為完善公司治理結構，強化董事會決策功能，根據《中華人民共和 國公司法》《上市公司獨立董事管理辦法》《證券公司治理準則》《上市公司治理準 則》《上海證券交易所股票上市規則》《香港聯合交易所有限公司證券上市規則》 《公司章程》及其他有關規定，特制定本細則。 第二條 公司董事會按照股東會的決議下設合規與風險管理委員會、審計委 員會、發展戰略委員會、提名委員會、薪酬與考核委員會。 第三條 專門委員會由三至五名董事組成，其中審計委員會、提名委員會、 薪酬與考核委員會中獨立非執行董事應過半數並擔任召集人，審計委員會的召集 人為會計專業人士。 第四條 專門委員會委員由董事長或者全體董事的三分之一以上提名，並由 董事會選舉產生。 第五條 專門委員會設立主任委員（召集人）一名，負責主持委員會工作。 第八條 專門委員會每年至少召開兩次會議，並於會議召開前七天通知全體 委員，會議由主任委員主持，主任委員不能出席時可委託其他一名委員（獨立非 執行董事）主持。 第九 ...

格隆汇10月30日丨华泰证券(06886.HK)公布2025年第三季度报告。营收约为人民币109.09亿元，同比减 少6.94%。净利润约为51.83亿元，同比减少28.11%。基本每股收益为0.55元。 前三季度营收约为271.29亿元，同比增加12.55%。净利润约为127.32亿元，同比增加1.69%。 ...

（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） 董事會專門委員會工作細則 （修訂稿） 第一章 總則 第一條 為完善公司治理結構，強化董事會決策功能，根據《中華人民共和 國公司法》《上市公司獨立董事管理辦法》《證券公司治理準則》《上市公司治理準 則》《上海證券交易所股票上市規則》《香港聯合交易所有限公司證券上市規則》 《公司章程》及其他有關規定，特制定本細則。 第二條 公司董事會按照股東會的決議下設合規與風險管理委員會、審計委 員會、發展戰略委員會、提名委員會、薪酬與考核委員會。 第三條 專門委員會由三至五名董事組成，其中審計委員會、提名委員會、 薪酬與考核委員會中獨立非執行董事應過半數並擔任召集人，審計委員會的召集 人為會計專業人士。 第四條 專門委員會委員由董事長或者全體董事的三分之一以上提名，並由 董事會選舉產生。 第五條 專門委員會設立主任委員（召集人）一名，負責主持委員會工作。 發展戰略委員會主任委員由公司董事長擔任。其他委員會的主任委員在委員 內選舉，並報請董事會批准產生。 第六條 各委員會任期與董事會任期一致，委員任期屆滿，連選可以連 ...

Group 1 - The core viewpoint emphasizes the critical role of the capital market in supporting technological innovation and industrial integration during China's economic transformation [2][3] - The capital market serves as a key hub for technology innovation, effectively matching the high-risk, high-reward characteristics of tech enterprises with unique support models [2][3] - The multi-tiered capital market effectively guides social capital towards technology innovation, enhancing the proportion of direct financing [3][4] Group 2 - Various market segments, including the Shanghai and Shenzhen main boards, Sci-Tech Innovation Board, and others, develop in a complementary manner to support different types of innovative enterprises [4] - The Sci-Tech Innovation Board has attracted numerous high-growth potential "hard tech" companies by implementing flexible listing standards [5][6] - The establishment of the National Venture Capital Guidance Fund aims to leverage fiscal funds to attract nearly 1 trillion yuan in social capital, focusing on cutting-edge technology fields [7][8] Group 3 - The securities industry is enhancing its functional positioning to support high-quality development in technology innovation through professional services and financial technology [10][12] - Securities firms act as "gatekeepers," connecting tech enterprises with the capital market and ensuring accurate information disclosure [11][12] - The private equity investment funds play a crucial role in promoting technology innovation by directing capital towards early-stage and growth-stage "hard tech" enterprises [12][13] Group 4 - Securities companies are deepening industry research to provide valuable insights and enhance the understanding of technology innovation within the capital market [13][14] - The integration of technology into business operations is improving service efficiency and risk management capabilities within securities firms [14]

（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） 董事會專門委員會工作細則 （修訂稿） 第一章 總則 第一條 為完善公司治理結構，強化董事會決策功能，根據《中華人民共和 國公司法》《上市公司獨立董事管理辦法》《證券公司治理準則》《上市公司治理準 則》《上海證券交易所股票上市規則》《香港聯合交易所有限公司證券上市規則》 《公司章程》及其他有關規定，特制定本細則。 第二條 公司董事會按照股東會的決議下設合規與風險管理委員會、審計委 員會、發展戰略委員會、提名委員會、薪酬與考核委員會。 第三條 專門委員會由三至五名董事組成，其中審計委員會、提名委員會、 薪酬與考核委員會中獨立非執行董事應過半數並擔任召集人，審計委員會的召集 人為會計專業人士。 第四條 專門委員會委員由董事長或者全體董事的三分之一以上提名，並由 董事會選舉產生。 第五條 專門委員會設立主任委員（召集人）一名，負責主持委員會工作。 發展戰略委員會主任委員由公司董事長擔任。其他委員會的主任委員在委員 內選舉，並報請董事會批准產生。 獨立非執行董事連任時間不得超過六年。 第七條 專門委員會應當向 ...

Financial Performance - The company reported a total revenue of approximately CNY 31.42 billion for Q3 2025, representing a year-over-year decrease of 6.94%[11] - Net profit for the quarter was CNY 7.02 billion, down 49.49% compared to the same period last year[11] - The company's earnings per share (EPS) for Q3 2025 was CNY 0.78, reflecting a decrease of 29.49% year-over-year[11] - The company’s net profit margin for the quarter was 22.34%, down from 29.49% in the same quarter last year[11] - The company’s operating income for Q3 2025 was CNY 12.64 billion, a decrease of 14.74% year-over-year[11] - Total profit for the first three quarters of 2025 reached ¥14.51 billion, an increase from ¥12.60 billion in the same period of 2024, representing a growth of approximately 15.2%[36] - Net profit attributable to shareholders of the parent company was ¥12.73 billion in 2025, compared to ¥12.52 billion in 2024, reflecting an increase of about 1.7%[36] - The company reported a net profit of CNY 8.66 billion for the first three quarters of 2025, up from CNY 5.81 billion in 2024, reflecting a growth of 48.5%[46] - Net profit for the first three quarters of 2025 reached CNY 8,011,495,916.95, a significant increase of 29.9% compared to CNY 6,167,047,156.61 in the same period of 2024[47] Assets and Liabilities - Total assets as of September 30, 2025, were approximately CNY 94.88 billion, a decrease from the previous quarter[11] - Total assets increased by 25.98% to CNY 1,025.85 billion compared to the previous year[13] - The total liabilities as of September 30, 2025, amounted to CNY 820,383,688,847.27, up from CNY 622,376,572,865.76 at the end of 2024, representing an increase of approximately 32%[32] - Total liabilities increased to CNY 641.08 billion as of September 30, 2025, compared to CNY 484.08 billion as of December 31, 2024, indicating a rise of approximately 32.5%[43] - Total equity attributable to shareholders was CNY 24.10 billion, reflecting a decrease of 6.94% compared to the previous year[11] - The company’s total equity attributable to shareholders reached CNY 205,409,452,564.66 as of September 30, 2025, compared to CNY 191,673,901,895.57 at the end of 2024, representing an increase of approximately 7.1%[32] Cash Flow - Cash flow from operating activities decreased by 88.89% due to increased cash outflows[19] - Cash flow from operating activities for the first three quarters of 2025 was ¥10.54 billion, a decrease from ¥94.88 billion in 2024[39] - Cash flow from investment activities showed a net outflow of ¥41.81 billion in 2025, contrasting with a net inflow of ¥19.82 billion in 2024[40] - Cash flow from financing activities generated a net inflow of ¥86.36 billion in 2025, compared to a net outflow of approximately ¥70.27 billion in 2024[40] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 99,245,632,956.62, slightly down from CNY 104,956,510,927.08 in 2024[49] - Cash inflow from investment activities totaled CNY 27,067,618,178.69 in 2025, compared to CNY 20,918,437,653.01 in 2024, showing an increase of 29.7%[50] Investment and Growth Strategies - The company plans to enhance its market expansion strategies and invest in new technologies to drive future growth[11] - The company is focusing on improving user data analytics to better understand customer needs and enhance service offerings[11] - The company is focusing on enhancing its investment activities and exploring new financing options to support future growth initiatives[40] Shareholder Information - The number of common shareholders at the end of the reporting period was 195,494[22] - The top ten shareholders collectively hold 15.22% of shares, with Jiangsu Guoxin Group Co., Ltd. being the largest shareholder[23] - The company completed the repurchase and cancellation of 438,495 restricted A-shares, resulting in a total share capital of 9,026,863,786 shares, with A-shares accounting for 81% and H-shares for 19%[28] Other Financial Metrics - Non-operating income for the current period totaled CNY 93.50 million, significantly impacted by government subsidies[17] - Net interest income rose by 151.27% to ¥3.27 billion, mainly due to a decrease in interest expenses[21] - Other business income surged by 440.51% to ¥569.24 million, driven by increased revenue from commodity sales[21] - The company reported a significant increase in cash and cash equivalents, with a net increase of ¥54.94 billion in 2025, compared to ¥44.35 billion in 2024[40] - Other comprehensive income after tax for the first three quarters of 2025 was CNY 575,259,857.32, compared to CNY 182,992,141.87 in 2024, indicating a substantial increase[47]

Core Viewpoint - Huatai Securities maintains a "Buy" rating on NVIDIA (NVDA.US) with a target price of $245, driven by strong future order guidance and revenue growth from AI and other sectors [1] Group 1: Financial Performance - Blackwell and Rubin project GPU orders for the next five quarters to reach $500 billion, significantly exceeding expectations [1] - Upward revisions to FY26-28 revenue and net profit forecasts are attributed to benefits from AI factories, HPC, communications, and robotics ecosystem expansion [1] Group 2: Market Position and Strategy - The company leads in cloud computing power and extends its reach into industrial, biomedical, autonomous driving, and quantum computing sectors [1] - NVIDIA is building a comprehensive AI layout, solidifying its leading position in the market [1]

Core Viewpoint - Huatai Securities reported a decline in net profit and revenue for Q3 2025, indicating challenges in its core business despite overall growth in the first three quarters of the year [2]. Financial Performance - In Q3 2025, Huatai Securities achieved an operating income of 10.909 billion yuan, a year-on-year decrease of 6.94% [2]. - The net profit attributable to shareholders for Q3 2025 was 5.183 billion yuan, down 28.11% year-on-year [2]. - For the first three quarters of 2025, the company reported an operating income of 27.129 billion yuan, reflecting a year-on-year increase of 12.55% [2]. - The net profit attributable to shareholders for the first three quarters was 12.733 billion yuan, showing a modest year-on-year growth of 1.69% [2].

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-063 华泰证券股份有限公司 第六届董事会第二十次会议决议公告 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。 一、董事会会议召开情况 华泰证券股份有限公司（以下简称"公司"）第六届董事会第二 十次会议通知及议案于 2025 年 10 月 16 日以专人送达或电子邮件方 式发出。会议于 2025 年 10 月 30 日以现场及视频会议方式召开，现 场会议地点为南京。会议应到董事 13 人，实到董事 11 人，陈仲扬、 张金鑫等两位非执行董事未亲自出席会议，其中：陈仲扬书面委托柯 翔非执行董事代为行使表决权，张金鑫书面委托张伟董事长代为行使 表决权。会议由公司董事长张伟主持。公司部分高级管理人员列席会 议。本次会议有效表决数占董事总数的 100%，符合《公司法》、公司 《章程》和《董事会议事规则》的规定。 二、董事会会议审议情况 本次会议审议通过了相关议案，并形成如下决议： 表决结果：13 票赞成，0 票反对，0 票弃权 公司 2025 年第三季度报告于同日在上 ...

Financial Performance - Total operating revenue for Q3 2025 was CNY 10.91 billion, a decrease of 6.94% compared to CNY 13.98 billion in the same period last year[8] - Total profit for the period was CNY 5.99 billion, down 14.74% from CNY 7.02 billion year-on-year[8] - Net profit attributable to shareholders was CNY 5.18 billion, a decline of 28.11% from CNY 7.21 billion in the previous year[8] - Basic earnings per share decreased by 29.49% to CNY 0.55 from CNY 0.78 in the same period last year[9] - Net profit for the first three quarters of 2025 was ¥12.72 billion, slightly down from ¥12.74 billion in 2024, indicating stable profitability[27] - Net profit for the first three quarters of 2025 was ¥8.01 billion, up 29.9% from ¥6.17 billion in 2024[34] Assets and Liabilities - Total assets increased by 25.98% to CNY 1,025.85 billion from CNY 814.27 billion at the end of the previous year[9] - The total liabilities of the company were RMB 820,383,688,847.27, compared to RMB 622,376,572,865.76 in the previous year, reflecting a rise of approximately 32%[24] - The company's total assets held for sale decreased by 100% to zero, primarily due to the disposal of subsidiaries[16] - The total liabilities increased to 641,075,067,725.05 RMB from 484,081,008,155.08 RMB, indicating a rise of about 32.5%[32] Cash Flow - Cash flow from operating activities for the year-to-date period was CNY 10.54 billion, a significant decrease of 88.89% compared to CNY 94.88 billion in the previous year[11] - Cash flow from operating activities generated a net inflow of ¥10.54 billion, a decrease from ¥94.88 billion in the previous year, indicating a shift in cash management[29] - Cash inflow from financing activities totaled 187,841,157,790.99 RMB, an increase of 15,864,890,168.62 RMB year-over-year[30] - Cash flow from investing activities showed a net outflow of ¥38.47 billion, compared to a net inflow of ¥8.07 billion in 2024[38] Income and Expenses - Total operating expenses amounted to ¥12.61 billion, an increase from ¥11.39 billion, primarily due to higher business and management costs[26] - Total operating revenue for the first three quarters of 2025 reached ¥16.97 billion, a 47.5% increase from ¥11.51 billion in the same period of 2024[34] - Investment income surged to ¥7.98 billion, compared to ¥3.25 billion in the previous year, marking a 145.5% increase[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 195,494[19] - The company repurchased and canceled 438,495 A-shares during the reporting period, resulting in a total share capital of 9,026,863,786 shares[22] Other Financial Metrics - The company's goodwill increased by 392.62% to approximately ¥252.92 million, primarily due to the acquisition of subsidiaries[16] - The company's total contract liabilities increased by 57.29% to approximately ¥164.67 million, mainly due to an increase in pre-received fees and commissions[17] - The company's net interest income increased by 151.27% to approximately ¥3.27 billion compared to the same period last year, primarily due to a decrease in interest expenses[17]