证券代码：601688 证券简称：华泰证券 公告编号：临2025-082 华泰证券股份有限公司 第六届董事会第二十一次会议决议公告 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"）第六届董事会第二十一次会议通知及议案于2025年12月26日 以专人送达或电子邮件方式发出。本次会议于2025年12月31日以通讯方式召开。会议应参加董事13人， 实际参加董事13人。会议的召开符合《公司法》、公司《章程》和《董事会议事规则》的有关规定。 本次会议审议通过了相关议案，并形成如下决议： （一）同意关于选举公司第七届董事会成员（非独立董事）的预案，并同意提交公司股东会审议。 1、同意王会清先生、周易先生、丁锋先生、于兰英女士、柯翔先生、晋永甫先生、陈建伟先生为公司 第七届董事会非独立董事候选人； 2、同意将上述人选提交公司股东会审议。 表决结果：13票赞成，0票反对，0票弃权 待上述人选在公司股东会选举通过后，将正式履行公司第七届董事会董事职责，任期三年。 此外，经公司研究， ...

证券之星消息，1月5日证券板块较上一交易日上涨2.33%，华林证券领涨。当日上证指数报收于 4023.42，上涨1.38%。深证成指报收于13828.63，上涨2.24%。证券板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300059 东方财富 | | 6.96 Z | 8.29% | -5.02 Z | -5.97% | -1.94 Z | -2.31% | | 600030 中信证券 | | 4.45 Z | 8.23% | -2.86 Z | -5.30% | -1.58 Z | -2.93% | | 601688 华泰证券 | | 2.79亿 | 10.80% | -9891.06万 | -3.83% | -1.80 Z | -6.97% | | 002945 华林证券 | | 1.22 Z | 12.11% | -7878.66万 | -7.80% | -4356.95万 | - ...

中国经济网北京1月5日讯 近日，华泰证券（上海）资产管理有限公司发布华泰紫金景泓12个月持有期混 合型发起式证券投资基金清算报告。 华泰紫金景泓12个月持有期混合发起C累计收益率 | | 今年来 近1周 近1月 近3月 近6月 近1年 近2年 近5年 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 涨幅 2.32% | | -0.23% | -0.34% | 0.19% | 1.92% | 2.69% | 8.40% | 8.20% | | 8.20% | | 同类平均� 5.75% | | -0.18% | -0.60% | 0.26% | 4.29% | 5.58% | 11.99% | 10.10% | 14.27% | | | 沪深300 17.66% | 17.63% 17.66% | -0.09% | 2.28% | -0.23% | | | 34.94% | 19.59% | -11.16% | | 来源：天天基金网 报告称，华泰紫金景泓12个月持有期混合型发起式证 ...

Investment Rating - The report maintains a positive outlook on the brokerage sector, suggesting it has good upward momentum for 2026, while the insurance sector is viewed as having systemic value reassessment opportunities [4][30]. Core Insights - The brokerage sector is expected to benefit from improved chip structure, reduced turnover rates, and a limited downside in current valuations. The sector is also positioned for increased public fund allocations due to its relative performance and high index weight [4]. - The insurance sector is projected to experience a decline in premium income growth due to the impact of policy changes and market conditions, but new business growth is anticipated to drive net profit value (NBV) growth, particularly for leading companies [4][30]. Market Review - The Shanghai Composite Index closed at 4,629.94 with a decline of 0.59%, while the non-bank index fell by 1.84% to 2,054.14. The brokerage, insurance, and diversified financial sectors reported declines of 1.37%, 3.33%, and 1.37% respectively [8][10]. - As of December 31, 2025, the average daily trading volume in the stock market was 21,283.52 billion yuan, reflecting an increase of 8.29% compared to the previous period [19]. Key Data - As of December 31, 2025, the total assets of the insurance industry reached 40.64 trillion yuan, with life insurance companies holding 35.75 trillion yuan and property insurance companies holding 3.15 trillion yuan [30]. - The financing balance in the brokerage sector was reported at 25,552.84 billion yuan, marking a 37% increase from the end of 2024 [19]. Sector News - The China Securities Regulatory Commission (CSRC) has implemented new rules for commercial real estate REITs, allowing various types of commercial properties to be financed through public REITs [20]. - The CSRC has also finalized the regulations for public fund sales fees, which are expected to reduce the overall fee levels by approximately 20%, saving investors around 51 billion yuan annually [21].

Core Viewpoint - The report from Guotai Junan highlights the increasing importance of the derivatives business for brokerage firms, emphasizing its role in the differentiation of proprietary trading operations as the industry evolves. Group 1: Development of Derivatives Business - The brokerage derivatives business experienced rapid growth from 2018 to 2022, with the nominal principal of over-the-counter derivatives increasing from 346.7 billion to 2,086.8 billion, achieving a CAGR of 57% [1] - During the same period, the contribution of derivatives business to brokerage firms' performance also rose significantly, exemplified by CITIC Securities, whose equity derivatives revenue grew from 0.89 billion to 5.62 billion, with a CAGR of 58%, increasing its share of total revenue from 7% to 22% [1] - The development of the domestic OTC derivatives market has gone through four significant phases since its inception in 2012, with regulatory policies and changes in capital market conditions being the two key factors influencing its growth [1] Group 2: Differentiation Among Brokerages - The evolution of brokerage proprietary trading models has led to a critical differentiation based on the growth certainty provided by derivatives business, contrasting with the previous model of simple expansion in fixed income and stagnation in equity trading [2] - In the current environment, where there is a contraction in proprietary trading and uncertainty in returns, brokerages that can rely on derivatives for stable expansion will have stronger growth certainty and more robust investment returns, marking a key factor in the profitability differentiation among brokerages [2] Group 3: Long-term Outlook for Derivatives Business - The regulation of derivatives business in China is becoming more standardized, with the recent "14th Five-Year Plan" advocating for the steady development of futures, derivatives, and asset securitization, indicating a long-term positive trend for the derivatives business [3] - Both domestic and international experiences show that the derivatives business benefits from market activity and exhibits stable models with strong scale effects, leading to a preference for top-tier brokerages that can leverage client bases, first-mover advantages, and professional capabilities to create competitive barriers [3]

Core Insights - In 2025, a total of 116 companies were listed on the A-share market, representing a 16% increase from 100 companies in the same period last year [1] - The net fundraising amount for these 116 newly listed companies reached 1220.25 billion yuan, a significant increase of 104.25% compared to 597.43 billion yuan in the previous year [1] - The total fees charged by IPO intermediaries for these companies amounted to 91.56 billion yuan, with underwriting and sponsorship fees accounting for 67.04 billion yuan, legal fees for 8.21 billion yuan, and audit fees for 16.31 billion yuan [1] Segment Analysis Underwriting and Sponsorship Fees - The total underwriting and sponsorship fees by segment are ranked as follows: Sci-Tech Innovation Board, Shanghai Main Board, ChiNext, Shenzhen Main Board, and Beijing Stock Exchange [2] - The average underwriting fee is highest in the Sci-Tech Innovation Board at 11,337.61 thousand yuan, while the lowest is in the Beijing Stock Exchange at 2,222.30 thousand yuan [5][6] - The total underwriting fees are led by CITIC Securities with 12.44 billion yuan from 15 deals, followed by Guotai Junan and CITIC Jinshi with 9.96 billion yuan and 8.82 billion yuan, respectively [8][10] Legal Fees - The top three law firms by total fees are Shanghai Jintiancheng, Beijing Zhonglun, and Zhejiang Tiance, with total fees of 1.14 billion yuan, 1.05 billion yuan, and 0.57 billion yuan, respectively [11] - The average legal fee is highest in the Sci-Tech Innovation Board at 832.01 thousand yuan, while the lowest is in the Beijing Stock Exchange at 364.62 thousand yuan [5] Audit Fees - The leading audit firms by total fees are Rongcheng, Tianjian, and Lixin, with total fees of 4.17 billion yuan, 2.86 billion yuan, and 2.19 billion yuan, respectively [12][14] - The average audit fee is highest in the Shanghai Main Board at 1,851.80 thousand yuan, while the lowest is in the Beijing Stock Exchange at 632.39 thousand yuan [6] Overall Fee Structure - The total fees for intermediaries in the IPO process are distributed as follows: underwriting fees (67.04 billion yuan), legal fees (8.21 billion yuan), and audit fees (16.31 billion yuan) [1][4] - The average fees across segments indicate that the Sci-Tech Innovation Board commands the highest fees overall, while the Beijing Stock Exchange has the lowest average fees [5][6]

Core Viewpoint - Huatai Securities reports that SMIC plans to acquire 49% equity of SMIC North from shareholders of the first phase of the Big Fund through a share issuance, with a consideration of approximately 40.6 billion yuan, while also injecting $7.778 billion into SMIC South in collaboration with institutions including the third phase of the Big Fund [1] Financial Impact - The two transactions are expected to bring significant financial enhancement effects, including the introduction of approximately $4.1 billion in external funds to SMIC South, which may lead to a cash reserve increase of about 101% [1] - The equity acquisition of SMIC North is anticipated to enhance the company's net assets, potentially driving the net asset per share growth by 6.3% to 20.1 yuan [1] Investment Outlook - The company is viewed positively due to its dual-driven logic of mature process control and advanced process support, alongside a significant enhancement in financial strength and improved profit certainty [1] - The asset quality and long-term growth potential of the company are expected to undergo a dual revaluation, maintaining a target price of 100 HKD for Hong Kong stocks and 192 yuan for A-shares, with a "Buy" rating [1]

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The derivatives business of securities firms has experienced rapid growth, with key factors being changes in customer demand and regulatory policies. From 2018 to 2022, the nominal principal of the over-the-counter derivatives business increased from 346.7 billion to 2,086.8 billion, achieving a CAGR of 57% [6][7][8]. - The report emphasizes that the derivatives business will be a critical factor in differentiating the profitability of securities firms as their proprietary trading models evolve. Firms that can leverage derivatives for stable growth will have a competitive edge [6][21][34]. - The regulatory environment for derivatives is becoming more standardized, and the report anticipates steady growth in this sector, particularly for leading firms with strong customer bases and competitive advantages [6][36][37]. Summary by Sections 1. Historical Development and Key Factors - The derivatives business has undergone significant growth from 2018 to 2022, with the nominal principal increasing significantly across the industry [7][8]. - Key factors influencing this growth include changes in customer demand and the gradual improvement of regulatory policies [10][11]. 2. Evolution of Proprietary Trading Models - The derivatives business is expected to provide growth certainty, which will be crucial for differentiating profitability among securities firms [21][31]. - The report highlights that the derivatives business benefits from market activity and exhibits strong economies of scale, making it a stable revenue source [21][24][27]. 3. Regulatory Developments and Future Outlook - The regulatory framework for derivatives is becoming more structured, with a focus on promoting steady growth in the sector [36][37]. - The report expresses optimism about the long-term development potential of leading firms in the derivatives market, particularly as regulatory conditions improve [36][37].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector for 2026, indicating strong upward momentum for the industry [3][4]. Core Insights - The brokerage sector is expected to experience a significant upward breakthrough in 2026, driven by improved chip structure, reduced turnover rates, and a favorable valuation environment. The sector is currently undervalued compared to its earnings potential [4]. - The insurance sector shows signs of stabilization post the interest rate switch, with premium growth expected to improve in 2026, particularly in the life insurance segment [4]. - Regulatory changes, including the completion of public fund fee reforms, are anticipated to benefit the non-bank financial sector by reducing costs for investors and enhancing market participation [4][22]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,629.94 with a decline of 0.59% over the week. The non-bank index fell by 1.84%, with brokerages and insurance indices declining by 1.37% and 3.33%, respectively [8][10]. Non-Bank Financial Insights - The brokerage sector's index underperformed the Shanghai Composite Index by 0.78 percentage points in 2025, with a total decline of 2.05% for the year. In contrast, major A-share indices saw significant gains [4]. - The insurance sector's original premium income reached 5.76 trillion yuan from January to November 2025, reflecting a year-on-year growth of 7.6%. The life insurance segment grew by 9.2% during the same period [4][31]. Investment Analysis - For brokerages, the report recommends focusing on leading firms with strong competitive advantages, such as Guotai Junan and CITIC Securities, as well as those with high earnings elasticity like Huatai Securities [4]. - In the insurance sector, companies like China Life and Ping An are highlighted for their potential in the upcoming market revaluation, with a focus on the growth of new business premiums [4]. Regulatory Developments - The China Securities Regulatory Commission (CSRC) has implemented new rules for public real estate investment trusts (REITs), expanding financing options for commercial properties [21]. - The completion of the public fund fee reform is expected to lower overall fund costs by approximately 20%, saving investors around 51 billion yuan annually [22].

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 中信证券：人心思涨，预计开年市场震荡向上 从机构的赚钱效应来看，2025年在过去10年里能排到第三，过去20年里排到第六。在一个回头来看巨大 的结构性牛市当中，实际上市场既享受了预期差带来的"估值的钱"，也挣到了"业绩的钱"，预期差来自于 对中国自主科技能力的重估以及中美关系，而结构性的超预期业绩来自复杂贸易环境下外需的韧性以及AI 推理需求爆发，这些因素站在2025年初来看并不是那么理所应当会发生。增量流动性只是预期差和业绩 兑现过程中的结果，或者是用于后验的解释牛市形成的理由，投资者过于高估了增量资金对市场的影响。 增量资金入市不会是2026年市场上一个新台阶的主要因素。2026年最大的预期差来自于外需与内需的平 衡，对外"征税"、补贴内需应是大势所趋，今年是个重要的开端。站在开年，考虑到去年末的资金热度并 不算高，人心思涨的环境下开年后市场震荡向上的概率更高。 国泰海通：一年之计在于春 在市场持续反弹之际，中国股市有望跨越与站稳重要关口。海外流动性的宽松，叠加春节前结汇，有望推 动人民币的稳定与升值。以A500E ...