华泰证券股份有限公司董事会 关于独立董事独立性情况的专项意见 根据中国证监会《上市公司独立董事管理办法》《证券基金经营 机构董事、监事、高级管理人员及从业人员监督管理办法》、上海证 券交易所《股票上市规则》《上市公司自律监管指引第 1 号——规范 运作》等规定，华泰证券股份有限公司（以下简称"公司"）董事会 结合独立董事王建文先生、王全胜先生、彭冰先生、王兵先生、老建 荣先生的任职经历、兼职情况、主要社会关系等有关信息，以及其签 署的相关自查文件，就上述 5 位独立董事的独立性情况进行了评估并 出具如下专项意见： （一）独立董事及其配偶、父母、子女、主要社会关系人员未在 公司或者公司附属企业任职； （二）独立董事及其配偶、父母、子女未直接或者间接持有公司 已发行股份 1%以上，不是公司前 10 名股东中的自然人股东； （三）独立董事及其配偶、父母、子女不是直接或者间接持有公 司已发行股份 5%以上的股东，未在公司前 5 名股东任职； （四）独立董事及其配偶、父母、子女未在公司控股股东、实际 控制人的附属企业任职； （八）独立董事不是法律、行政法规、中国证监会规定、上海证 券交易所业务规则和公司《章程》规定的不 ...

Core Viewpoint - Baidu Cloud (06608.HK) reported a revenue of 2.929 billion yuan for 2024, representing a year-on-year growth of 9%, while net profit decreased by 21% to 266 million yuan [1] Group 1: Financial Performance - The net profit of Baidu Cloud fell short of expectations, primarily due to higher-than-expected expenses, which increased by 176% to 110 million yuan in share-based payments compared to 2023 [1] - The non-IFRS net profit, excluding share-based payments, was 376 million yuan, showing a slight increase of 0.3% year-on-year [1] - The company's revenue from BaaS financial cloud services saw a slowdown in growth, and the core customer count and average revenue from MaaS services declined [1][3] Group 2: Market Strategy and Future Outlook - The company plans to significantly increase its investment in research and marketing, which may impact profitability in the short term but is aimed at maintaining long-term competitive advantages [1] - Analysts from Huatai Securities and CICC have adjusted their profit forecasts for the company, predicting net profits of 244 million, 396 million, and 606 million yuan for 2025, 2026, and 2027, respectively, reflecting a decrease of 52.5% and 47.0% for the first two years [2] - The shift from a risk control-focused data service provider to an AI service provider is prompting a change in valuation methods, with target prices adjusted to 13.1 HKD and 12.88 HKD by different analysts [2] Group 3: Business Segments - Baidu Cloud's revenue is primarily derived from two segments: MaaS (data query services) and BaaS (transaction facilitation services), with financial cloud services accounting for 48.17% of total revenue [3] - The BaaS financial cloud segment generated 1.411 billion yuan in revenue in 2024, serving as the core revenue source for the company, although its growth rate has noticeably slowed [3] - The company has reported that the cumulative loan amount for its consumer loan products reached nearly 100 billion yuan by the end of 2023, with over 100 million registered users for its loan brands [3]

Group 1 - The Ministry of Commerce is promoting a consumption boost plan focusing on upgrading product consumption, expanding service consumption, cultivating new consumption types, and innovating consumption scenarios [1][5] - Current consumer demand is stabilizing, particularly in the restaurant and service sectors, with a notable increase in retail sales of communication devices, furniture, and home appliances [3][4] - The "trade-in" policy is expected to significantly boost retail sales growth, with estimates suggesting it could add approximately 0.9-1.2 percentage points to annual retail sales growth [4][6] Group 2 - The plan includes measures to lower housing provident fund loan rates and provide interest subsidies on consumer loans, which may improve residents' cash flow and income expectations [6][7] - The real estate sector is showing signs of recovery, which could alleviate its drag on economic growth, while AI-related investments are anticipated to enter a rapid growth phase, potentially driving GDP growth [2][9] - The government aims for a 5% growth target for the year, with a focus on stabilizing domestic demand and supporting the transition from export-driven to consumption-driven economic growth [8][9]

Summary of Conference Call on Real Estate and Related Industries Industry Overview - The conference call primarily discusses the **real estate market** and its related sectors, including **steel**, **cement**, and **building materials** industries. Key Points and Arguments Real Estate Market Performance - The real estate market has shown strong momentum from 2024 to 2025, with both new and second-hand home sales performing well, particularly second-hand homes, which saw a year-on-year increase of **2%**. In key cities, the year-on-year growth rate for new and second-hand homes reached **20%** [2][3] - The demand structure in the real estate market exhibits a "dumbbell" characteristic, with increased demand for large units and low-priced housing, indicating buyers' dual pursuit of improved living conditions and cost-effectiveness [3][4] Market Dynamics - The entry of first-time homebuyers has positively impacted the market, enhancing expectations for price stabilization and driving overall transaction volume up. The leverage effect from low-priced housing sales is significantly higher than that of large units, contributing to a healthier market structure [4] - Despite the positive performance, uncertainties remain, such as significant price fluctuations in some cities and seasonal factors that may affect second-quarter data [5] Future Outlook for Related Industries - The steel and cement industries are expected to benefit from the gradual relaxation of policies and improvements in the investment environment. A stable real estate market is viewed positively for the development prospects of these sectors [6] - The steel sector is currently at a low valuation level, with PB and PE ratios at near ten-year lows, indicating limited downside and significant upside potential if policies are favorable and demand improves [8] Construction and Material Demand - In the first two months of 2025, the construction industry saw a **127%** year-on-year increase in new construction area, indicating a recovery in demand. Cement production saw a narrowing decline compared to the previous year, suggesting a stabilization trend [21] - Cement prices are expected to rise due to demand-driven factors, with clinker inventory at a new low and significant production control measures in place [20] Steel Industry Insights - The steel industry has experienced a consensus on supply surplus, with profit improvements expected to be more sustainable than in the past. The potential for profit erosion from raw material prices is considered low [16] - The industry has faced demand declines but does not represent a systemic risk, as manufacturing demand remains stable despite significant drops in construction-related demand [17] Building Materials Market Trends - The building materials sector is showing signs of recovery, with price increases expected in various categories, including cement and fiberglass, driven by seasonal demand and supply constraints [19][22] - The glass market is also experiencing price increases influenced by futures markets, with expectations for a rebound despite high inventory levels [23] Consumer Building Materials - In the consumer building materials sector, companies in renovation materials are performing well, with double-digit growth in sales volume in early 2025. However, high costs have led to a decline in sales volume later in the quarter [24] Investment Opportunities - The cyclical segments of the real estate chain, particularly in building materials like cement and fiberglass, are viewed as resilient and promising investment opportunities, with high dividend yields from leading companies [26] Additional Important Insights - The call emphasizes the importance of monitoring macroeconomic data and demand changes in late March to April to assess future trends in the real estate and related industries [26]

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-004 华泰证券股份有限公司 关于召开 2024 年度业绩说明会的公告 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。 投资者可于 2025 年 3 月 24 日(星期一)至 3 月 28 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 boardoffice@htsc.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 华泰证券股份有限公司（以下简称"公司"）将于 2025 年 3 月 28 日发布公司 2024 年度报告，为便于广大投资者更全面深入地了解公 司 2024 年度经营成果、财务状况，公司计划于 2025 年 3 月 31 日（星 期一）16:00-17:00 举行华泰证券 2024 年度业绩说明会，就投资者 关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度 1 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在 信息披露允 ...

中国经济网北京3月20日讯 今日，华泰证券(上海)资产管理有限公司公告，姚石离任华泰紫金中证1000 指数增强发起、华泰紫金中证500指数增强发起。 姚石2014年7月至2015年8月曾任中国金融期货交易所股份有限公司助理经理。 2015年8月至2021年8月曾任海通证券研究所金融工程高级分析师。 2021年9月加入华泰证券(上海)资产管理有限公司，先后担任研究员、基金经理助理。 2022年12月27日任基金经理。 华泰紫金中证1000指数增强发起A/C成立于2023年6月8日，截至2025年3月19日，其今年来收益率为 11.47%、11.38%，累计收益率为12.74%、11.94%，累计净值为1.1274元、1.1194元。 华泰紫金中证500指数增强发起A/C成立于2023年2月22日，截至2025年3月19日，其今年来收益率为 6.55%、6.45%，累计收益率为2.61%、1.76%，累计净值为1.0261元、1.0176元。 ...

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 承董事會命 聯席公司秘書 張輝 中國江蘇，2025年3月18日 於本公告日期，董事會成員包括執行董事張偉先生及周易先生；非執行董事丁鋒 先生、陳仲揚先生、柯翔先生、劉長春先生及張金鑫先生；以及獨立非執行董事 王建文先生、王全勝先生、彭冰先生、王兵先生及老建榮先生。 「董事會」 指 本公司之董事會 「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 ...

华泰证券 周度债市讨论会 20250317 摘要 Q&A 最近债券市场波动较大，尤其是十年期和三十年期国债收益率分别接近 1.9%和 超过 2.1%。请问这背后的主要原因是什么？ 最近债券市场的波动主要源于政策预期的变化以及宏观经济数据的影响。春节 后，我们观察到一个宏观叙事的改善，特别是在人工智能和机器人产业方面， 这些亮点提振了市场信心。此外，房地产和地缘政治方面也出现了一些质变。 然而，这一轮调整并非由强劲政策预期驱动，而是更多依赖于现实经济数据和 融资需求。 近期货币政策表态显示降息预期逐渐降低，从最初预计今年降息五 六十个基点，到后来认为可能降二三十个基点，现在甚至可能不降息，或仅象 近期公布的一些宏观经济数据对债市有何影响？ 最近公布的 2 月份社融和信贷数据显示，总量上表现不错，但结构上没有明显 改善。例如，对公贷款同比少增 5,300 亿人民币，这部分受项目透支及地方债 发行影响。居民中长期贷款增长乏力，与房地产销售数据背离，中长期贷款减 少 1,150 亿，同比多减 112 亿。这可能与贷款早偿或提前还款有关。 政府债净 融资在 2 月份达到 1.7 万亿，同比多增 1.1 万亿。今年预算赤 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-003 2025 年 3 月 15 日 公司及公司董事会对尹立鸿女士任职期间为公司发展所做的贡 献表示衷心的感谢！同时，也希望她继续关心和支持公司的发展。 特此公告。 华泰证券股份有限公司董事会 华泰证券股份有限公司关于执行董事辞职的公告 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。 2025 年 3 月 14 日，华泰证券股份有限公司（以下简称"公司"） 董事会收到执行董事尹立鸿女士的书面辞职报告。因工作调动原因， 尹立鸿女士提请辞去公司第六届董事会执行董事和董事会提名委员 会委员职务，辞职后不再担任公司任何职务。根据《公司法》、公司 《章程》的相关规定，尹立鸿女士的辞职未导致公司董事会成员低于 法定最低人数，不影响公司董事会的正常运作，自辞职报告送达公司 董事会之日起生效。公司将尽快按照相关规定选举新任董事。 尹立鸿女士不存在未履行的公开承诺或义务，与公司董事会并无 意见分歧，亦无与其辞职有关的事项需要知会公司股东及债权人。尹 立鸿女士亦确认其并无任何针 ...

2月通胀数据中服装和家具价格明显回升，背后可能来自关税落地或者关税预期的影响，而美国在3月对 部分国家进一步加征了关税，且4月还可能对全球其他国家加征对等关税，因此美国未来通胀仍可能面 临上行压力。 核心CPI环比从1月0.45%降至0.23%，低于彭博一致预期的0.3%，核心CPI同比为3.1%，低于预期的 3.2%；CPI环比从1月的0.47%降至0.22%，同比降至2.8%，均低于预期。 虽然通胀不及预期暂时缓解了市场通胀忧虑，但波动较大的运输服务机票分项是通胀降温的主要原因， 且关税影响后续仍可能显现，本次通胀数据对市场影响相对较小。 虽然2月通胀不及预期，但随着美国对中加墨等国关税的逐步落地，通胀未来仍可能面临上行压力，从 而对美联储降息构成制约。 人民财讯3月13日电，华泰证券研报称，美国2月CPI整体不及预期。 虽然当前美国增长动能出现回落，美股也出现调整，但考虑到经济距离衰退仍有距离，而通胀存在潜在 上行风险，因此预计美联储对于降息仍将维持谨慎，全年降息幅度1—2次，或不及市场预期的2—3次。 ...