（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。 ...

华泰证券指出，12月18日欧盟委员会决定暂不实施对我国半钢胎的反倾销初裁，但终裁预计仍将按计划 于26年7月实施。此前欧盟已对相关产品启动反扣押程序，可对其追溯征收关税，受此影响近期中国出 口欧盟轮胎数量已大幅回落。我们认为欧盟追溯征税风险犹存，欧盟客户寻求海外稳定安全的优质产能 意愿仍在，具备充裕海外产能的头部企业亦将持续承接欧盟订单，实现全球扩张。 （文章来源：第一财经） ...

待上述股票复牌且其交易体现了活跃市场交易特征后，将恢复采用当日收盘价格进行估值，届时将不再 另行公告。 根据中国证券监督管理委员会公布的《中国证监会关于证券投资基金估值业务的指导意见》（中国证监 会[2017]13 号公告）以及中国证券投资基金业协会《关于发布中基协（AMAC）基金行业股票估值指数 的通知》（中基协发[2013]13号）的原则和有关要求，经与相关托管人协商一致，华泰证券（上海）资 产管理有限公司（以下简称"本公司"）对旗下管理的基金所持有的下列股票自2025年12月22日起按照指 数收益法进行估值。 ■ 2025年12月23日 风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也 不保证最低收益。敬请投资人注意投资风险。 特此公告！ 华泰证券（上海）资产管理有限公司 ...

Core Viewpoint - Huatai Securities maintains a "Buy" rating on Micron Technology (MU.US) with a target price of $360, citing better-than-expected revenue and profit for FY26Q1 driven by AI-related demand for HBM and DRAM, along with significant gross margin improvement [1] Financial Performance - FY26Q1 revenue and profit exceeded expectations, indicating strong performance [1] - The company raised its capital expenditure to $20 billion, reflecting confidence in growth prospects [1] Market Demand - AI-driven demand for HBM and DRAM is experiencing high growth, contributing to the company's positive outlook [1] - NAND is benefiting from the expansion of AI server SSDs, further enhancing market opportunities [1] Profitability and Valuation - Gross margin has significantly improved, supporting the upward revision of profit forecasts [1] - The earnings forecast has been substantially raised, with a shift to a 15.0x FY26E PE valuation, leading to an increased target price of $360 [1] Competitive Position - HBM4 yield ramp-up is accelerating, and SOCAMM2 has a clear first-mover advantage, positioning the company favorably in the market [1]

华泰证券维持美光科技"买入"评级，目标价360美元。 ...

来源：新浪基金 近期《基金管理公司绩效考核管理指引（征求意见稿）》（下称《指引》）面向行业征求意见，指引对 基金公司给股东的分红进行约束规定，引发热议。 根据华泰证券2024年报数据，南方基金营业收入75.23亿元，净利润23.52亿元。华泰证券持有南方基金 41.16%的股权，南方基金2024年度未给股东分红。 依此类推，近十年（从2015到2024），南方基金累计净利润141.16亿元，累计给股东分红65.99元。近十 年华泰证券累计从南方基金获得分红27.77亿元。 | | | | 同县金力年分级 | | | | | --- | --- | --- | --- | --- | --- | --- | | स्टेस | 华泰证券 | 华泰山泰 | 南万县金 | 南方是令 | 分红率 | 四月左 | | | 获得分红 | 持股比例 | 分红总额 | 净利润 | | 萱收亿元 | | 2015 | 1.35亿元 | 45.00% | 3.00亿元 | 8.31亿元 | 36.09% | 29.99 | | 2016 | 1.62亿元 | 45.00% | 3.60亿元 | 8.26亿元 | 43.59% | ...

Core Viewpoint - The A-share market has shown a strong recovery, with the Shanghai Composite Index returning to 3900 points, indicating a bullish sentiment among investors and a potential for growth in the coming months [1][6]. Market Performance - On December 22, the Shanghai Composite Index closed at 3917.36 points, up 0.69%, while the Shenzhen Component Index rose 1.47% to 13332.73 points, and the ChiNext Index increased by 2.23% to 3191.98 points. The total trading volume in the Shanghai and Shenzhen markets reached 188.22 billion yuan, an increase of 133.5 billion yuan from the previous trading day [6]. - Major Asian markets also saw gains, with the Nikkei 225 index up 1.81% to 50402.39 points and the Korean Composite Index rising 2.12% to 4105.93 points [6]. Commodity Futures - On the same day, domestic commodity futures saw most contracts rise, particularly in the precious metals sector, with silver reaching a new high and both platinum and palladium hitting the daily limit [7]. Fund Flows - Data from Choice indicates that the top ten stocks with net inflows on December 22 included companies like Wolong Electric Drive, Zhongji Xuchuang, and Industrial Fulian, with several of these being CPO concept stocks [8]. Institutional Insights - According to a report from China International Capital Corporation (CICC), the recent adjustments in the market may be nearing an end, suggesting that the current liquidity environment remains relatively loose, providing a good opportunity for investors to position themselves for a year-end rally [9]. - Huatai Securities noted that the recent rebound in A-shares is primarily due to improved liquidity conditions, with significant net inflows from allocation-type funds. They anticipate a potential spring rally in 2024, although the market is currently navigating a period of uncertainty regarding fundamentals and policy [9]. - UBS Wealth Management's CIO office highlighted that AI innovation and related expenditures are expected to drive significant profit growth in China's technology sector by 2026, suggesting favorable liquidity and reasonable valuations could further support the Chinese stock market [9].

2025.12. 22 作者 | 一财阿驴 12月22日，A股三大指数集体走强，截至收盘，沪指涨0.69%，深成指涨1.47%，创业板指涨 2.23%。 | 代码 | 名称 | | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | man | 1 | 3917.36c | 26.92 | 0.69% | | 399001 | 深证成指 | Jun | 3 | 13332.73c | 192.52 | 1.47% | | 399006 | 创业板指 | Vm | S | 3191.98c | 69.75 | 2.23% | 盘面上，海南自贸港概念股掀涨停潮；半导体产业链爆发，CPO、先进封装、硅片方向领涨；AI手 机、宇树机器人、智能驾驶题材活跃；医药商业指数回调明显。 具体来看，海南板块集体爆发，海南矿业、海南瑞泽、海南发展等超20股涨停。 | 代码 | 名称 | 涨幅4 | 现价 | | --- | --- | --- | --- | | 300189 | 神农种业 | +20.03% | ...

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。 （文章来源：每日经济新闻） 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。 ...

Group 1 - Since late November, net inflows of southbound funds have continued to shrink, with a net outflow observed in the second week of December. CICC suggests that the new public fund regulations may have led to a reallocation or outflow of funds, but this factor is expected to have only a short-term impact and should not be extrapolated indefinitely [1] - Looking ahead, CICC notes that the Hong Kong stock market is more sensitive to liquidity compared to A-shares and is structurally more responsive to fundamentals. The true support for the Hong Kong market and valuation elasticity comes from technology (especially AI) and consumption. The technology sector in Hong Kong is more focused on applications and internet platforms, particularly in the "application layer" of AI rather than the "hardware layer," where current hardware has higher short-term certainty. The consumption sector mainly consists of discretionary and new consumption, which currently shows weak sentiment and lacks catalysts [2] - Huatai Securities indicates that the current market is still in a left-side layout phase, with the right-side turning point not yet clear. There is a strong consensus expectation for an early spring rally, but the Hong Kong market still faces supply and demand pressures at year-end, leading to uncertainty regarding the "Christmas rally." The first quarter may present a higher probability phase for gains [2] Group 2 - For the first quarter's market layout in Hong Kong, several ETFs are highlighted: the Hang Seng Technology Index ETF (513180.SH), which tracks the largest technology index; the Hang Seng Internet ETF (513330.SH), focusing on internet giants and having the highest number of holders among Hong Kong ETFs; and the Hong Kong Stock Connect Technology ETF (159101.SZ), which covers a wide range of Hong Kong technology sub-sectors, including AI applications, innovative pharmaceuticals, robotics, and smart vehicles [3] - From December 15 to December 19, the Hong Kong market experienced a rebound after an initial decline, with the Hang Seng Technology Index showing a weekly decline of 2.82%. Southbound funds returned to net inflows, totaling 16.2 billion yuan, reversing the previous week's net outflow trend [4]