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） 「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 承本公司董事會命 聯席公司秘書 張輝 本公告乃根 ...

（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） 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。 （股份代號：6886） 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2024年面向 專業投資者公開發行短期公司債券（第四期）2025年本息兌付及摘牌公告》，僅供 參閱。 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 ...

Core Viewpoint - The A-share market is experiencing a significant upward trend, with major indices reaching nearly a 10-year high and trading volume exceeding 1 trillion yuan, indicating strong investor confidence and market activity [1][3]. Group 1: Market Performance - As of August 18, 2025, the CSI All Share Securities Company Index rose by 3.24%, with notable increases in individual stocks such as Changzheng Securities (up 10.03%) and Hualin Securities (up 9.97%) [3]. - The Securities ETF Leader (560090) saw a 2.51% increase, reaching a new high in scale at 2.661 billion yuan since its listing [1][5]. Group 2: Sector Analysis - The equity market has shown steady growth since the beginning of the year, with increases in trading volume, margin financing balances, and the issuance scale of equity products, suggesting a sustainable growth in brokerage performance [5]. - The current environment is characterized by a positive regulatory stance towards the capital market, with support from "stabilization funds" and a gradual influx of retail investor capital, indicating a favorable outlook for continued market uptrends [5]. Group 3: Investment Opportunities - The Securities ETF Leader (560090) tracks the CSI All Share Securities Company Index, providing an efficient way to invest in the securities sector by encompassing 50 listed brokerage stocks [5]. - The sector is viewed as undervalued and underweighted, presenting opportunities for value re-evaluation amidst a backdrop of strong fundamental rebounds and solid valuation margins [5].

Core Viewpoint - Huatai Securities reports that JD Health's total revenue for the first half of this year reached 35.29 billion yuan, representing a year-on-year increase of 24.5%, exceeding the market consensus growth expectation of 20.2% [1] Group 1: Revenue and Growth - JD Health's revenue growth is attributed to the rapid increase in traffic from JD's main platform, with daily active users (DAU) of the JD app growing by 44.8%, 33.4%, and 46.4% year-on-year from May to July 2025 according to QuestMobile [1] - The company is expected to benefit from increased advertising demand from upstream partners while enhancing its omnichannel medical service capabilities (B2C + O2O) to retain new users [1] Group 2: Profit Forecast and Valuation - Huatai Securities has raised JD Health's non-International Financial Reporting Standards (Non-IFRS) net profit forecasts for 2025 to 2027 by 26.1%, 32.5%, and 38.8%, projecting profits of 5.57 billion, 6.21 billion, and 6.9 billion yuan respectively [1] - The target price for JD Health has been adjusted from 42.1 HKD to 67.1 HKD, with a target Non-IFRS price-to-earnings ratio of 35 times for 2025, maintaining a "buy" rating [1]

Market Performance - The Shanghai Composite Index reached a new high of 3741.29 points, the highest since August 2015, with a closing increase of 1.18% at 3740.5 points [1][2] - The Shenzhen Component Index and the ChiNext Index both surpassed their previous highs from October 2024, with increases of 2.25% and 3.63% respectively [2] Market Capitalization and Trading Volume - The total market capitalization of A-shares exceeded 110 trillion yuan, reaching 113 trillion yuan, marking a historical high [2] - The trading volume in the market surpassed 1 trillion yuan, with a morning trading volume of 17.221 billion yuan, an increase of 4.114 billion yuan compared to the previous trading day [2] Sector Performance - The film and cinema sector saw significant gains, with companies like Baidu and Huace Film & TV hitting the daily limit [4][5] - The internet finance sector also experienced strong performance, with stocks like Longcheng Securities and Zhinanceng rising sharply [6][7] - Technology stocks rebounded across the board, particularly in the computing industry chain, with significant gains in liquid cooling server stocks and AI-related sectors [8][9] Investment Trends - There is a notable trend of funds migrating from deposits to the stock market, driven by declining deposit rates and increasing financial investment awareness among the private sector [10] - Analysts suggest that the "rain and dew evenly distributed" approach in the market indicates that sectors like finance and technology will continue to perform well [11]

考虑香港车务营运成本上涨、投资物业公允价值损失，华泰证券下调港铁2025至27年各年纯利预测分别 11%、3%及17%，至各181亿、210亿及110亿元。基于分部估值法，目标价从31.9港元下调至29.9港元。 华泰证券发表研报指出，港铁公司上半年收入274亿港元，按年跌6.5%；归母净利润77.09亿港元，按年 增27.5%，惟较该行预测低约9%，主要是经常性利润低于预期(42.2亿港元)。票价方面，港铁在 2024/2025年度提价，使今年上半年票价按年提升约3%。该行考虑香港楼市复苏且公司处于交楼高峰 期，维持"增持"评级。 ...

华泰证券发表研报指出，港铁公司上半年收入274亿港元，按年跌6.5%；归母净利润77.09亿港元，按年 增27.5%，惟较该行预测低约9%，主要是经常性利润低于预期(42.2亿港元)。票价方面，港铁在 2024/2025年度提价，使今年上半年票价按年提升约3%。该行考虑香港楼市复苏且公司处于交楼高峰 期，维持"增持"评级。考虑香港车务营运成本上涨、投资物业公允价值损失，华泰证券下调港铁2025至 27年各年纯利预测分别11%、3%及17%，至各181亿、210亿及110亿元。基于分部估值法，目标价从 31.9港元下调至29.9港元。 ...

Group 1 - The core viewpoint of the report indicates that SeaLand International's revenue increased by 28% year-on-year to $1.66 billion, and net profit attributable to shareholders rose by 79.7% to $630 million, exceeding the forecast of $600 million [1] - The significant growth in profitability is attributed to tariff disruptions and a substantial rise in container shipping rates in Southeast Asia [1] - The report maintains a positive outlook on the restructuring of the industry, which is expected to drive cargo growth within the Asian region, alongside a tightening supply of small and medium-sized container ships [1] Group 2 - Despite short-term fluctuations in shipping rates due to tariffs, geopolitical events, and seasonal factors, the supply-demand structure in the Asian container market is improving [1] - The report anticipates a significant increase in the price level compared to the 2010-2019 cycle [1] - Based on strong mid-term performance, the company has raised its net profit forecast for 2025 by 7% to $1.17 billion, while keeping the 2026 and 2027 profit forecasts unchanged [1] Group 3 - The target price for SeaLand International has been raised by 11% to HKD 31, based on a projected price-to-earnings ratio of 9.2 times for 2025, while maintaining a "Buy" rating [1]

Core Viewpoint - Haitong Securities reports that SeaLand International's revenue increased by 28% year-on-year to $1.66 billion, and net profit attributable to shareholders rose by 79.7% to $630 million, exceeding the firm's expectation of $600 million [1] Group 1: Company Performance - The significant year-on-year growth in the company's earnings is primarily driven by tariff disruptions and a substantial increase in container shipping rates in Southeast Asia [1] - The firm has raised its net profit forecast for SeaLand International for 2025 by 7% to $1.17 billion, while maintaining the profit forecasts for 2026 and 2027 [1] Group 2: Market Outlook - The company is optimistic about the growth in cargo volume driven by industry restructuring in the Asian region, alongside a tightening supply of small and medium-sized container ships [1] - Despite short-term fluctuations in shipping rates due to tariffs, geopolitical events, and seasonal factors, the supply-demand structure in the Asian container market is improving, with a significant increase in the price level compared to the 2010-2019 cycle [1] Group 3: Investment Rating - Based on a projected price-to-earnings ratio of 9.2 times for 2025, the target price for SeaLand International has been raised by 11% to HKD 31, with a "Buy" rating maintained [1]

Core Insights - NetEase Cloud Music reported a revenue of 3.827 billion yuan for the first half of the year, representing a year-on-year decrease of 6% [1] - Adjusted net profit reached 1.946 billion yuan, showing a significant year-on-year increase of 121%, primarily due to effective cost control [1] - The company is focused on building a comprehensive and differentiated content ecosystem, with stable growth in core online music service revenue [1] Financial Performance - The profit exceeded expectations mainly due to good cost and expense management [1] - The company has completed adjustments to its product pages in the first quarter, and future revenue from social entertainment services is expected to remain relatively stable [1] - The forecast for adjusted net profit for 2025, 2026, and 2027 is set at 3.091 billion, 2.656 billion, and 2.983 billion yuan respectively, with increases of 61%, 29%, and 36% [1] Valuation and Ratings - The target price for NetEase Cloud Music has been raised from 205.47 HKD to 360.42 HKD [1] - The rating remains "Buy" [1]