Group 1 - The Hong Kong IPO market has significantly rebounded in 2025, with 99 companies listed by December 12, raising over 250 billion HKD, accounting for 67% of the total fundraising for Chinese stocks, marking a 10-year high [1][18][20] - The IPO success rate in Hong Kong reached 73% in 2025, with an apparent return rate of 34%, both significantly higher than previous years, although the average one-hand winning rate dropped to 20%, the lowest in nearly a decade [1][20][22] - Looking ahead to 2026, the IPO financing in Hong Kong is expected to remain active, with 314 listing applications currently in processing, and the Hang Seng Index having increased by over 30% in 2025, which historically correlates with a more than 30% explanation of the following year's IPO activity [1][23][28] Group 2 - Key characteristics of the Hong Kong IPO market include a low listing rate of 37% since 2016 despite the registration system, no market capitalization requirements for IPO participation, and a significantly higher winning rate compared to A-shares [2][41][45] - The relationship between primary market financing and secondary market performance is weakly positive, driven by common factors such as a weak US dollar and low Hibor rates, with IPO financing typically representing a small proportion of market capitalization and trading volume, limiting the "liquidity extraction effect" [2][8][72] - Historical data shows that large IPOs tend to have a 56% probability of strengthening the Hang Seng Index post-listing, with consumer discretionary and technology sector IPOs providing some uplift to their respective sectors [9][77][79] Group 3 - A multi-dimensional screening model for selecting IPOs can enhance returns, with a scoring system based on market sentiment, company fundamentals, and issuance characteristics, indicating that selecting stocks with scores above 2.5 can improve returns by approximately 15 percentage points [10][31][41] - The performance of IPOs varies significantly across sectors, with consumer goods, non-ferrous metals, and pharmaceuticals showing strong performance, while sectors like home appliances and oil and petrochemicals lag behind [10][49]

Core Insights - The report maintains a positive outlook on the securities industry, highlighting a phase of profit growth, structural evolution, and valuation recovery for 2026 [1] Industry Performance Overview - The overall industry performance is expected to see significant growth in 2025, with a mismatch between valuation and performance [4] - From January to November 2025, the Securities II (Shenwan) index increased by 5.6%, underperforming the CSI 300, while the Hong Kong Chinese securities index rose by 42.7%, outperforming the Hang Seng index by 10.9 percentage points [6] - In the first three quarters of 2025, 42 listed securities firms reported a combined revenue and net profit increase of 43% and 62% year-on-year, respectively, with an annualized ROE increase of 2.5 percentage points to 7.3% [6] Business Review and Outlook - **Brokerage Business**: The brokerage business is expected to benefit from increased trading volumes, with significant revenue growth anticipated in 2025. However, a decline in commission rates may limit profitability in traditional channel businesses [8] - **Proprietary Trading**: The contribution of proprietary trading to industry performance has significantly increased, with differentiation among firms based on investment capabilities and equity positions. Leading firms are expected to see stable returns, while smaller firms may experience higher volatility [9] - **Asset Management**: The asset management sector is entering a recovery phase driven by public fund transformation, with expected revenue growth of 33% year-on-year in 2026 [10] - **Investment Banking**: The investment banking sector is anticipated to enter a recovery cycle in 2026, supported by improved market conditions and policy incentives [10] Investment Themes for 2026 - The securities sector is positioned as a cost-effective investment opportunity due to its low valuation and performance recovery phase. Key factors include a clear trend of asset allocation towards equities, a recovery in multiple business lines, and supportive policies [12] - Recommended focus on leading securities firms with stable ROE, such as CITIC Securities, Huatai Securities, and GF Securities, which are expected to achieve ROE of 10.1%, 9.4%, and 9.4% in 2026, respectively [12] - Attention should also be given to firms with distinctive asset management and investment banking capabilities, such as Industrial Securities and China International Capital Corporation, which are well-positioned to benefit from ongoing market trends [12] Policy Environment - The report outlines a clear policy direction for the securities industry, emphasizing a shift from scale expansion to functional positioning and high-quality development. This includes a focus on value competition and the optimization of risk control indicators for leading firms [30][32] - The regulatory framework is evolving to support differentiated capabilities and strategic positioning among firms, with an emphasis on enhancing professional services and internationalization [32][34]

Core Viewpoint - Huatai Securities (06886) announced the issuance of its second tranche of corporate bonds aimed at professional investors, with a coupon rate of 3.48% and a maturity date of January 16, 2026 [1] Group 1 - The bond, referred to as "23 Huatai G3," has a face value of RMB 1,000 per unit [1] - The interest payment for each bond unit will be RMB 34.80, inclusive of tax [1]

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） 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2023年面向 專業投資者公開發行公司債券（第二期）（品種二）2026年付息公告》，僅供參閱。 本期债券付息情况如下: 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 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

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） 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間接全 資子公司根據中期票據計劃進行發行並由全資子公司提供擔保的公告》，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板上市（股 ...

Core Insights - Lenovo held the 2026 Lenovo TechWorld conference, showcasing its strategic achievements in AI, emphasizing its role in the global AI industry chain [1] Group 1: Strategic Partnerships and Product Launches - Lenovo gathered CEOs from major chip companies like NVIDIA, AMD, Intel, and Qualcomm, highlighting its significant position in the AI industry [1] - The company launched a new AI inference server, ThinkSystem SR675i, in collaboration with AMD, optimized for large-scale data center inference scenarios [2] - Lenovo announced a partnership with NVIDIA to establish an AI cloud super factory, supported by NVIDIA's accelerated computing platform [2] Group 2: Consumer AI Developments - Lenovo introduced the overseas version of its personal AI super agent, Lenovo Qira, marking a shift from application-level to system-level AI strategy [3] - Qira integrates Lenovo's PC, tablet, and Motorola phone ecosystems, allowing seamless task switching across devices with core capabilities of responsiveness, execution, and situational awareness [3] - The company expects to enhance user engagement and create a differentiated software ecosystem in the competitive AI PC market with Qira [3] Group 3: Financial Projections - Lenovo maintains its FY26/27/28 Non-HKFRS net profit estimates at $1.66 billion, $1.85 billion, and $2.08 billion, with year-on-year growth rates of 15.5%, 11.4%, and 12.4% respectively [3] - Corresponding Non-HKFRS EPS projections are $0.12, $0.14, and $0.15 for FY26, FY27, and FY28 [3]

证券代码：601688 证券简称：华泰证券 公告编号：临 2026-001 华泰证券股份有限公司关于间接全资子公司根据中期 票据计划进行发行并由全资子公司提供担保的公告 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： 担保对象及基本情况 | | 被担保人名称 | | 华泰国际财务有限公司 | | | --- | --- | --- | --- | --- | | | 本次担保金额 | | 亿美元 0.15 | | | 担保对象 | 实际为其提供的担保余额 | | 16.20 亿美元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 累计担保情况 | 对外担保逾期的累计金额（人民币亿元） | | | - | | --- | --- | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保总额（人民币亿 | | 452.53 | | | 元） | | | | | 对外担保总额占上市公司最近一期经审计净资产 ...

Market Overview - The Shanghai Composite Index rose by 0.92% on January 9, with 29 out of the 31 sectors experiencing gains, led by the media and comprehensive sectors, which increased by 5.31% and 3.60% respectively [1] - The banking and non-bank financial sectors were the biggest losers, declining by 0.44% and 0.20% respectively [1] Capital Flow - The main capital flow showed a net outflow of 24.126 billion yuan across the two markets, with 8 sectors seeing net inflows [1] - The media sector had the highest net inflow of 9.703 billion yuan, coinciding with its 5.31% increase, followed by the non-ferrous metals sector, which saw a 2.78% rise and a net inflow of 4.552 billion yuan [1] Non-Bank Financial Sector - The non-bank financial sector experienced a decline of 0.20%, with a total net outflow of 5.343 billion yuan [2] - Out of 82 stocks in this sector, 67 rose, with 3 hitting the daily limit, while 14 fell [2] - The top three stocks with significant net inflows were Hainan Huatie (1.54 billion yuan), Huajin Capital, and Yuexiu Capital (both 1.45 billion yuan) [2] - Major stocks with net outflows included China Ping An (3.328 billion yuan), CITIC Securities (999 million yuan), and Huatai Securities (270 million yuan) [2] Non-Bank Financial Sector Capital Flow Rankings - The table lists various stocks in the non-bank financial sector, highlighting their daily price changes, turnover rates, and main capital flows, with notable mentions including: - China Ping An: -1.96% with a net outflow of 3.328 billion yuan [2] - Huajin Capital: +9.98% with a net inflow of 1.4549 billion yuan [4] - Hainan Huatie: +4.01% with a net inflow of 1.5428 billion yuan [4]

Core Viewpoint - Huatai Securities initiates coverage on WeRide (WRD.US, 0800.HK) with a "Buy" rating, setting target prices at HKD 52 for Hong Kong shares and USD 20 for U.S. shares, citing the company's leading autonomous driving technology and comprehensive business development model as key strengths [1][2] Group 1: Competitive Advantages - WeRide's core competitive advantages include a globally leading scaled L4 fleet and multi-regional commercialization capabilities [1] - The company has established a full-stack self-developed software platform and automotive-grade hardware system, which solidifies the foundation for L4 scaling [1] - A diversified global ecosystem partnership has been formed, enhancing the ability to scale autonomous driving [1] Group 2: Market Position and Strategy - Huatai Securities believes that China is not merely a follower in the Robotaxi sector, as leading companies in both China and the U.S. share similar technological levels and evolution directions [1] - Chinese companies benefit from a mature vehicle and sensor supply chain, allowing for lower vehicle and kit costs, and are more proactive in applying automotive-grade chips [1] - The company is expected to achieve significant growth in overseas markets, particularly in regions like the Middle East, where it has built the largest Robotaxi fleet [2]