Core Viewpoint - Huatai Securities is actively promoting constitutional awareness and legal culture through various initiatives, integrating these efforts into daily operations to enhance compliance and risk culture within the company [1][2][3] Group 1: Offline Activities - Huatai Securities organized a series of offline activities for "Constitution Promotion Week," encouraging employees to learn and promote the constitution in various forms [1] - Branches set up community legal exhibitions in high-traffic areas, using real cases and engaging illustrations to convey constitutional spirit [1] - Some branches utilized large interactive screens for fun quizzes on constitutional knowledge, attracting participation from young clients and employees [1] Group 2: Online Initiatives - The company has created original micro-videos for three consecutive years, focusing on the relevance of the constitution in daily life, with a total of 23 promotional works produced during the campaign [2] - These materials were disseminated through official social media, the Zhangle Wealth App, and mainstream financial media, reaching over 7.32 million people [2] - The campaign also highlighted investor rights protection, providing insights into legal pathways for investor claims through real case studies [2] Group 3: Compliance and Cultural Integration - Huatai Securities emphasizes a prudent and compliant approach, integrating compliance culture into daily employee activities through diverse promotional efforts [3] - The company is continuously upgrading its digital compliance capabilities and building a comprehensive compliance management system to enhance value creation [3] - Future efforts will focus on further promoting Chinese financial culture and establishing a competitive advantage in compliance [3]

Core Insights - The A-share market has been significantly impacted by the recent IPOs of two GPU companies, Moore Threads and Muxi Co., which have set new records for profitability among new stocks in a short period [2] - The underwriting and sponsorship roles of securities firms have become increasingly important in this IPO frenzy, with major firms like CITIC Securities and Huatai United Securities benefiting substantially from these listings [2][5] Group 1: IPO Performance - Moore Threads' stock price surged to a peak of 688 CNY per share on its first trading day, resulting in a profit of up to 286,800 CNY for investors who received shares [2] - Muxi Co. subsequently raised this profit potential to 395,200 CNY, establishing a new record for A-share IPOs [2] - CITIC Securities, as the lead underwriter for Moore Threads, is estimated to earn around 1 billion CNY from underwriting fees and additional profits from stock holdings [5] Group 2: Underwriting and Sponsorship Earnings - The underwriting fees for Moore Threads included a sponsorship fee of 3 million CNY and a total underwriting fee of approximately 38.898 million CNY, with CITIC Securities expected to receive a significant portion [4][5] - Huatai United Securities, the lead underwriter for Muxi Co., is projected to earn about 267 million CNY in underwriting fees, alongside substantial profits from strategic placements [6][7] - Both firms have engaged in strategic placements and balance underwriting, which have contributed to their financial gains from these IPOs [6][8] Group 3: Market Trends and Regulatory Changes - The role of securities firms in the IPO process is evolving, with a shift towards competition for high-quality projects rather than merely the quantity of projects [7] - Recent regulatory changes by the China Securities Regulatory Commission aim to enhance the market-oriented issuance and underwriting mechanisms for the Sci-Tech Innovation Board [8] - As of December 23, several securities firms have participated in strategic placements, with total floating profits exceeding 4.5 billion CNY, indicating a trend towards concentrated resources among leading investment banks [8]

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份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。 張輝 中國江蘇，2025年12月23日 於本公告日期，董事會成員包括執行董事張偉先生、周易先生及王瑩女士；非執 行董事丁鋒先生、陳仲揚先生、柯翔先生、晉永甫先生及張金鑫先生；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。 本公司擬於2026年1月16日（星期五）召開2026年第一次臨時股東會（「臨時股東 會」）。本公司將於2026年1月13日（星期二）至2026年1月16日（星期五）（首尾兩 天包括在內）期間暫停辦理H股過戶登記，在此期間暫停H股股份過戶。於2026年 1月16日（星期五）名列本公司H股股東名冊的H股股東，均有權出席臨時股東會或 其任何續會，並於會上就將予提呈的所有決議案投票。H股股東如欲出席臨時股 東會，應於2026年1月12日（星期一）下午四時三十分前，將相關股票連同全部股 份過戶文件一併送交本公司H股證券登記處香港中央證券登記有限公司，地址為 香港灣仔皇 ...

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份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的股份有限公司， 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） 2026 年第一次臨時股東會暫停辦理 H 股股份 過戶登記手續 本公司擬於2026年1月16日（星期五）召開2026年第一次臨時股東會（「臨時股東 會」）。本公司將於2026年1月13日（星期二）至2026年1月16日（星期五）（首尾兩 天包括在內）期間暫停辦理H股過戶登記，在此期間暫停H股股份過戶。於2026年 1月16日（星期五）名列本公司H股股東名冊的H股股東，均有權出席臨時股東會或 其任何續會，並於會上就將予提呈的所有決議案投票。H股股東如欲出席臨時股 東會，應於2026年1月12日（星期一）下午四時三十分前，將相關股票連同全部股 份過戶文件一併送交本公司H股證券登記處香港中央證券登記有限公司，地址為 香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 ...

（文章来源：每日经济新闻） 科创债凸显独特投资价值。科创债ETF（551880）既能凭借高等级信用债底色抵御债市短期波动，又能 依托政策持续加码的红利，为投资者分享科技创新领域长期发展机遇，成为平衡风险与收益的优质配置 选择。 华泰证券表示，展望明年，供给端来看，预计科创债ETF仍持续扩容；需求端来看，目前年金、理财机 构是科创债ETF的主要买盘之一，由于科创债ETFT+0、可质押、低费率等优势，叠加公募赎回新规影 响下，预计市场对科创债ETF持续扩充需求。 ...

【12月23日华泰证券：全球流动性预期改善，建议布局春季躁动行情】上周，美国数据与日央行加息等 关键事件落地，市场先前担忧的不确定性消除，全球流动性预期改善，风险偏好回暖。全球股市先抑后 扬修复，商品市场中金属品类表现突出。临近年底考核，投资者情绪谨慎，上周AH市场缩量，择时模 型判断大盘震荡。华泰证券维持"轻指数、重结构"观点，建议逢低左侧布局春季躁动行情。方向上，行 业层面推荐贵金属、汽车、计算机、传媒、房地产；风格层面看好小盘风格，建议规避高位大盘股，从 低位板块找机会。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和闭猎报 12.23 08:21:15 周二 华泰证券:全球股市修复,建议布局 電季行情 【12月23日华泰证券:全球流动性预期改善,建议 布局春季躁动行情】 上周,美国数据与日央行加息 等关键事件落地,市场先前担忧的不确定性消除, 全球流动性预期改善,风险偏好回暖。全球股市先 抑后扬修复,商品市场中金属品类表现突出。临近 年底考核,投资者情绪谨慎,上周AH市场缩量,择 时模型判断大盘震荡。华泰证券维持"轻指数、重 结构"观点,建议逢低左侧布局春季躁动行情。方 向上,行业层面 ...

华泰证券指出，上周，随着美国经济数据与日央行加息等关键事件落地，市场先前担忧的不确定性基本 已成过去式，全球流动性预期有所改善、风险偏好有所回暖——全球股市走出先抑后扬的修复行情，商 品市场中金属品类表现突出。不过临近年底考核，机构投资者情绪仍相对谨慎，上周AH市场整体呈现 缩量格局，且择时模型对大盘维持震荡判断。依然维持"轻指数、重结构"的观点，建议逢低着眼春季躁 动行情的左侧布局。方向上推荐：(1) 行业层面：贵金属、汽车、计算机、传媒、房地产；(2) 风格层 面：看好小盘风格，建议规避高位大盘股，优先从低位板块中寻找机会。 中信建投：P型HJT和钙钛矿叠层有望成为短中期太空光伏的主流技术路线 市场昨日高开高走，三大指数集体反弹，沪深两市成交额1.86万亿，较上一个交易日放量1360亿。板块 方面，海南自贸区、贵金属、算力硬件等板块涨幅居前，医药商业、影视院线、教育、银行等板块跌幅 居前。截至昨日收盘，沪指涨0.69%，深成指涨1.47%，创业板指涨2.23%。 在今天的券商晨会上，华泰证券表示，建议逢低着眼春季躁动行情的左侧布局；中信建投认为，P型 HJT和钙钛矿叠层有望成为短中期太空光伏的主流技术路线 ...

Group 1 - The core viewpoint is that recent economic data from the US and key events such as interest rate hikes by the Bank of Japan have alleviated previous market uncertainties, leading to improved global liquidity expectations and a recovery in risk appetite [1] - Global stock markets have shown a recovery trend after an initial decline, with notable performance in metal commodities [1] - Despite the year-end assessment approaching, institutional investor sentiment remains cautious, resulting in a contraction in trading volume in the AH market, with a prevailing judgment of market volatility from timing models [1] Group 2 - The recommendation is to maintain a strategy of "light index, heavy structure," suggesting to look for opportunities in low-position sectors while preparing for the spring market rally [1] - Industry recommendations include precious metals, automotive, computing, media, and real estate sectors [1] - On the style front, there is a positive outlook for small-cap stocks, with advice to avoid high-position large-cap stocks and prioritize opportunities in lower-position sectors [1]

人民财讯12月23日电，华泰证券研报称，上周，随着美国经济数据与日央行加息等关键事件落地，市场 先前担忧的不确定性基本已成过去式，全球流动性预期有所改善、风险偏好有所回暖——全球股市走出 先抑后扬的修复行情，商品市场中金属品类表现突出。不过临近年底考核，机构投资者情绪仍相对谨 慎，上周AH市场整体呈现缩量格局，且择时模型对大盘维持震荡判断。依然维持"轻指数、重结构"的 观点，建议逢低着眼春季躁动行情的左侧布局。方向上推荐：(1)行业层面：贵金属、汽车、计算机、 传媒、房地产；(2)风格层面：看好小盘风格，建议规避高位大盘股，优先从低位板块中寻找机会。 ...

（文章来源：第一财经） 华泰证券指出，9月至今，电商快递板块估值已回调至历史低位。往后展望：1）件量端：快递提价对低 价商品和低价快递形成压制，26年件量预计温和增长，头部企业件量更稳健；2）价格端：在反内卷基 础上持续提价空间或有限，但行业监管下快递价格下或有底。胜率角度，我们看好现金流充沛、具备份 额与成本优势的龙头。赔率角度，我们持续推荐充分受益于海外电商行业高增、业务形态与地域双拓 展、单票成本持续下降的相关快递企业。 ...