华泰证券股份有限公司股东会议事规则 （2025 年修订） 第一章 总则 第一条 为了维护华泰证券股份有限公司（以下简称"公司"） 全体股东的合法权益，保证公司股东会规范、高效运作，确保股东平 等有效地行使职权，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《证券公司治理准则》《上市公司治理准则》《上市公司股 东会规则》《香港联合交易所有限公司证券上市规则》（以下简称"《香 港上市规则》"）、《华泰证券股份有限公司章程》（以下简称"公司 章程"）以及国家其他相关法律、法规，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规 则。 第三条 公司应当严格按照法律、行政法规、本规则及公司章程 的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全 体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和公司章程规定的范围内行使 职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年 召开一次，应当于上一会计年度结束后的 6 个月内举行。临时股东会 不定期召开，出现公司章程规定的应当召开临时股东 ...

Core Insights - Huatai Zhanxin (Changzhou) New Energy Equity Investment Fund Partnership has been established with a total investment of 1 billion yuan, focusing on equity investment and venture capital for unlisted companies [1][2] Group 1: Company Overview - The fund is a limited partnership established by Huatai Securities' wholly-owned subsidiary, Huatai Zijin Investment Co., Ltd., and Hongwei Technology, among others [1][2] - The registered capital of the fund is 1 billion yuan, with a business scope that includes equity investment, venture capital, and private fund management [1][2] Group 2: Investment Structure - The fund's partners include Huatai Zijin Investment Co., Ltd. (35% stake), Liyang Zhanxin Industrial Investment Fund (20%), Jiangsu Changzhou New Energy Industry Special Mother Fund (20%), Nanjing Huatai Phoenix Equity Investment Mother Fund (15%), Eastern Airport Group Investment Co., Ltd. (7%), and Jiangsu Hongwei Technology Co., Ltd. (3%) [3] - The fund is classified under the investment and asset management industry (L7212) [2]

Core Viewpoint - The U.S. Department of Energy has proposed rules to expedite the grid connection approval process for large load projects, including data centers, potentially reducing the approval time from over three years to within 60 days, which may drive an increase in electricity demand from large loads and highlight the ongoing issues of electricity shortages and grid expansion needs in the U.S. [1] Group 1: Regulatory Changes - The proposed rules aim to accelerate the grid connection approval process for large load projects [1] - A potential time limit of 60 days for approval is being considered, compared to the current average of over three years [1] Group 2: Market Implications - The changes are expected to boost electricity demand from large loads, particularly data centers, amid ongoing electricity shortages [1] - Gas turbines and grid construction are likely to benefit as primary electricity supply sources [1] Group 3: Supply and Demand Dynamics - Traditional power sources are unlikely to fully address the electricity supply-demand gap projected for 2025-2027 [1] - There are growth opportunities for portable power sources such as small gas turbines, solid oxide fuel cells (SOFC), and solar storage systems [1]

Core Viewpoint - Recently, Huatai Zhanxin (Changzhou) New Energy Equity Investment Fund Partnership (Limited Partnership) was established with a capital contribution of 1 billion yuan, focusing on equity investment and venture capital in unlisted companies [1] Group 1: Company Overview - The newly established fund is a joint investment by Huatai Securities' wholly-owned subsidiary Huatai Zijin Investment Co., Ltd. and Hongwei Technology among others [1] - The fund's operational scope includes private equity investment, investment management, and asset management activities [1]

Core Viewpoint - The report from Huatai Securities indicates that the global supply growth of electrolytic aluminum is expected to slow significantly in 2024, with a projected increase of only 1.9% due to the domestic production capacity nearing its limit in China [1] Supply Analysis - The global supply growth of electrolytic aluminum is forecasted to be only 1.9% in 2024, a substantial deceleration compared to the growth rates in 2024/2025 [1] - The report emphasizes the importance of overseas potential production and resumption projects in the context of limited domestic capacity [1] Demand Analysis - Global demand for electrolytic aluminum is anticipated to grow at approximately 2.3% in 2024, driven by a recovery in the global manufacturing sector [1] - The overall supply-demand gap is expected to widen to 800,000 tons [1] Price Outlook - The global LME aluminum price is projected to rise above $3,200 per ton in 2024 due to the increasing supply-demand gap [1]

Core Viewpoint - The report from Huatai Securities indicates that the domestic electrolytic aluminum production capacity is nearing its ceiling, leading to a projected global supply growth rate of only 1.9% next year, while demand is expected to grow by approximately 2.3%, resulting in a widening supply-demand gap of 800,000 tons and a potential increase in global LME aluminum prices to over $3,200 per ton next year [1][2][3] Supply Analysis - Domestic electrolytic aluminum production capacity is close to its limit, with future supply growth primarily expected from overseas projects [2] - New production capacity in overseas regions, particularly Indonesia, is anticipated to contribute to supply growth, although progress is slow due to policy restrictions and infrastructure constraints [2] - Expected new production in Indonesia for 2025-2027 is 279,000 tons, 685,000 tons, and 1,000,000 tons respectively, while the recovery of previously reduced capacity in Europe and the U.S. is projected to add 412,000 tons, 397,000 tons, and 408,000 tons over the same period [2] - Global electrolytic aluminum supply is forecasted to be 73.91 million tons and 75.34 million tons in 2025 and 2026, reflecting year-on-year growth rates of 2.29% and 1.93% respectively [2] Demand Analysis - Despite current pessimism regarding downstream consumption of electrolytic aluminum, domestic demand is expected to grow by approximately 2.1% in 2026, even under scenarios of declining solar installation and modest growth in automotive production [3] - Overseas demand is projected to increase by about 2.5% in 2026, driven by the recovery of global manufacturing [3] - Overall, global electrolytic aluminum demand is expected to grow by around 2.3% in 2026, maintaining a relatively optimistic outlook [3] - The supply-demand gap for global primary aluminum is estimated to be -591,000 tons and -843,000 tons for 2025 and 2026, respectively, with expectations that the LME aluminum price may exceed $3,200 per ton in 2026 [3] - Due to domestic supply constraints, the price difference between domestic and international markets is expected to narrow significantly, leading to stronger domestic aluminum prices [3]

Core Viewpoint - The global supply growth of electrolytic aluminum is expected to slow significantly to only 1.9% next year, while demand is projected to grow at around 2.3%, leading to an increasing supply-demand gap of approximately 800,000 tons, which may push LME aluminum prices above $3,200 per ton next year [1] Supply Side Summary - Global electrolytic aluminum supply growth is forecasted at 1.9% for next year, indicating a substantial slowdown compared to the growth rate in 2024/2025 [1] Demand Side Summary - The demand for aluminum is anticipated to grow by about 2.3% next year, driven by a recovery in the global manufacturing sector [1] Price Outlook Summary - The overall supply-demand gap is expected to widen to 800,000 tons, which could result in LME aluminum prices rising to over $3,200 per ton in the coming year [1]

Core Viewpoint - The Shanghai Stock Exchange has released the evaluation results for information disclosure work of listed companies for 2024-2025, categorizing 30 listed brokerages into three grades: A, B, and C, reflecting their performance in information disclosure and governance [1][2]. Group 1: Evaluation Results - A total of 10 brokerages received an A grade, including CITIC Securities, Guotai Junan Securities, and Huatai Securities, indicating excellent performance in information disclosure [1][2]. - 18 brokerages were rated B, including Southwest Securities and China Galaxy Securities, reflecting good performance but with room for improvement [1][2]. - 2 brokerages received a C grade, namely Xiangcai Securities and Pacific Securities, indicating a need for significant improvement in their information disclosure practices [1][2]. Group 2: Importance of Evaluation - The information disclosure evaluation serves as an annual "report card" for listed companies, promoting their responsibility to maintain market stability and protect investor rights [2]. - The evaluation criteria include the quality of information disclosure, corporate governance standards, and the degree of investor rights protection, categorized into four levels: A (excellent), B (good), C (qualified), and D (unqualified) [2]. Group 3: Regulatory Context - In March 2023, the Shanghai and Shenzhen Stock Exchanges released revised self-regulatory guidelines for information disclosure work evaluation, aimed at enhancing regulatory oversight and improving the investment value of listed companies [3]. - The revised guidelines focus on strengthening information disclosure regulation, punishing financial fraud, and promoting cash dividend oversight, thereby raising the standards for information disclosure quality [3]. Group 4: Company Responses - CITIC Securities highlighted its achievement of the A grade due to its strong performance in information disclosure, corporate governance, and investor relations, emphasizing the importance of effective communication with the capital market [4]. - Industrial Securities noted that its continuous A grade for eight years reflects recognition of its information disclosure quality and governance standards, aiming for sustainable value creation [4].

Core Viewpoint - The Shanghai Stock Exchange has released the evaluation results for the information disclosure work of listed companies for the years 2024-2025, highlighting the performance of 30 listed securities firms and their subsidiaries in terms of information disclosure quality [1][2]. Summary by Category Evaluation Results - A total of 10 firms received an A rating, including CITIC Securities, Guotai Junan Securities, and Huatai Securities [1][2]. - 18 firms received a B rating, such as Southwest Securities and China Galaxy Securities [1][2]. - 2 firms received a C rating, namely Xiangcai Securities and Pacific Securities [1][2]. Importance of Evaluation - The information disclosure evaluation serves as an annual "report card" for listed companies, promoting their responsibility to the market and enhancing the effectiveness of information disclosure [2][3]. - The evaluation results are based on the quality of information disclosure, compliance with operational standards, and the protection of investor rights, categorized into four levels: A (excellent), B (good), C (qualified), and D (unqualified) [2]. Regulatory Context - The evaluation guidelines were revised to strengthen the regulatory framework for information disclosure, aiming to enhance the investment value of listed companies [3]. - The revisions focus on improving disclosure quality, punishing financial fraud, and promoting cash dividend regulations [3]. Company Responses - CITIC Securities emphasized its commitment to high-quality information disclosure and governance, which contributed to its A rating [3]. - Industrial Securities highlighted its consistent A rating for eight consecutive years, reflecting its governance quality and transparency [4].

Core Viewpoint - The Shanghai Stock Exchange has released the evaluation results of information disclosure work for listed companies for the years 2024 to 2025, highlighting the importance of information disclosure quality in enhancing investor protection and market stability [2][5]. Group 1: Evaluation Results - A total of 30 listed securities firms were evaluated, with 10 firms receiving an A rating, including CITIC Securities, Guojin Securities, and Huatai Securities [2][3]. - 18 firms received a B rating, while 2 firms, Xiangcai Securities and Pacific Securities, received a C rating [3][2]. Group 2: Importance of Information Disclosure - The evaluation serves as a "report card" for annual information disclosure, promoting the responsibility of listed companies to serve investors and improve the effectiveness of information disclosure [2][3]. - The evaluation criteria include the quality of information disclosure, the level of compliance in operations, and the degree of investor rights protection, categorized into four levels: A (excellent), B (good), C (qualified), and D (unqualified) [3][5]. Group 3: Regulatory Changes - The revisions to the evaluation guidelines are part of the implementation of new national policies aimed at strengthening information disclosure regulation and enhancing the investment value of listed companies [5][4]. - The updated guidelines emphasize stricter oversight of information disclosure, penalties for financial fraud, and the promotion of cash dividend policies [5]. Group 4: Company Responses - CITIC Securities highlighted its commitment to high-quality information disclosure, governance, and investor relations, which contributed to its A rating [5][6]. - Industrial firms like Industrial Securities have maintained the highest rating for eight consecutive years, reflecting their governance quality and transparency in operations [6].