股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: HTSC（於中華人民共和國註冊成立，中文公司名稱為华泰证券股份有限公司及在香港以HTSC名義開展業務）(「本公司」) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601688 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,308,256,601 | RMB | | 1 RMB | | 7,308,256,601 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,308 ...

华泰证券发表研究报告指，商汤上半年收入23.58亿元，按年增加35.48%，经调整净亏损大幅收窄 50%。该行看好公司算力(大装置)-大模型-应用三位一体战略，未来生成式AI有望保持快速增长态势。 该行维持商汤今明两年收入预测为48.3亿及61亿元，鉴于公司生成式AI收入增速较快，小幅上调2027年 收入预测至75.55亿元(较前值上调3.22%)。该行维持对其"买入"评级，目标价从1.73港元上调至2.44港 元，主要是可比公司平均估值提升所致，并看好商汤生成式AI业务的发展前景。 ...

该行维持对其"买入"评级，目标价从1.73港元上调至2.44港元，主要是可比公司平均估值提升所致，并 看好商汤生成式AI业务的发展前景。 华泰证券发表研究报告指，商汤上半年收入23.58亿元，按年增加35.48%，经调整净亏损大幅收窄 50%。该行看好公司算力(大装置)-大模型-应用三位一体战略，未来生成式AI有望保持快速增长态势。 该行维持商汤今明两年收入预测为48.3亿及61亿元，鉴于公司生成式AI收入增速较快，小幅上调2027年 收入预测至75.55亿元(较前值上调3.22%)。 ...

Core Viewpoint - Huatai Securities reports that BYD Electronics, as a platform-based high-end manufacturing enterprise, is expected to achieve rapid revenue and profit growth from 2020 to 2024, driven by its North American major client's mobile phone business and its parent company's automotive product business [1] Group 1: Revenue and Profit Growth - The main sources of BYD Electronics' performance growth in the second half of this year are anticipated to be the mobile phone mid-frame business from North American clients and the automotive business from the parent company [1] - The continuous advancement of data center AI server assembly business and the rollout of liquid cooling products, which may start shipping in the second half of the year, could provide new momentum for the company's long-term growth [1] Group 2: Target Price and Profit Forecast - Huatai Securities raised the target price for BYD Electronics from HKD 40.3 to HKD 61.8, considering the current valuation is attractive, equivalent to a forecasted price-to-earnings ratio of 14.7 times for 2025 [1] - The company maintains its forecast for net profit attributable to shareholders for 2025, 2026, and 2027 at CNY 5.03 billion, CNY 6.07 billion, and CNY 6.94 billion, respectively [1]

华泰证券：建议关注集团资产证券化比例较低的电力央企等 市场昨日震荡调整，创业板指领跌。沪深两市全天成交额2.87万亿，较上个交易日放量1250亿。板块方 面，银行、贵金属、机器人、石油等板块涨幅居前，CPO、跨境支付、PCB、半导体等板块跌幅居前。 截至昨日收盘，沪指跌0.45%，深成指跌2.14%，创业板指跌2.85%。 华泰证券认为，在当下的市场环境中，高股息红利公用事业资产的投资范式可能会出现变化。复盘2015 年前后，结合当下财政状况，建议关注集团资产证券化比例较低的电力央企，和当地公用事业资产具有 化债潜力的地方国企。华泰证券认为，资本运作对进一步提升分红比例有正面作用，不是需要过于担忧 的风险，反而可能是现在持股久期较短的模式下的投资机会。 在今天的券商晨会上，中信建投表示，A股盈利确认拐点，新动能主导结构性行情；广发证券指出，白 酒板块进入中周期布局窗口期；华泰证券表示，建议关注集团资产证券化比例较低的电力央企等。 本文转载自智通财经，智通财经编辑：陈筱亦。 中信建投：A股盈利确认拐点，新动能主导结构性行情 中信建投表示，A股盈利确认拐点，步入温和复苏通道，但结构分化远超总量意义，凸显新旧动能加 ...

证券研究报告 | 2025 年 09 月 03 日 $$\overline{{{\prod_{\mathrm{DE}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup\mathrm{bd}}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《策略|A 股业绩磨底与转型——深挖财报之 2025 年中报分析》 1、景气度角度，电子、家用电器、非银金融、机械设备、有色金属、计 算机、食品饮料、国防军工、通信、传媒和农林牧渔景气度向好。2、两 维度看超预期：盈余惊喜组合更新。从盈利预测变化看，2025 年 6 月 30 日至 2025 年 8 月 30 日，2025 年一致预测净利润中值上调率居前的行业 为：钢铁、有色金属、美容护理、非银金融、银行；2025 年预测净利润 中值下调率前五的行业为：煤炭、石油石化、食品饮料、美容护理、家用 电器。3、从业绩公告后首个交易日的市场表现看，净利润断层（即业绩 预告后的首个交易日的最低价高于上个交易日的最高价）现象出现 ...

Investment Rating - The investment rating for Huatai Securities is "Buy" and is maintained [10]. Core Views - In the first half of 2025, Huatai Securities experienced significant growth in performance, with operating income reaching 16.22 billion yuan, a year-on-year increase of 31.0%, and net profit attributable to shareholders of 7.55 billion yuan, up 42.2% year-on-year [7][8]. - The company's return on equity (ROE) improved by 1.12 percentage points to 4.3% [7]. - The brokerage business rebounded with a stable market share in margin trading, while the asset management layout is leading, with direct investment and alternative subsidiaries turning profitable [2][8]. - Investment returns have significantly improved, with a notable increase in investment yield due to the expansion of funds and bonds [2][8]. - Huatai Securities has solidified its advantages in investment banking, with a significant increase in equity and bond underwriting scale [2][8]. - The company is a pioneer in financial technology, successfully developing leading platforms such as "Zhangle Wealth" and "Xingzhi," which are expected to continue generating positive effects in wealth management and fintech [2][8]. Summary by Sections Financial Performance - In H1 2025, Huatai Securities achieved operating income of 16.22 billion yuan and net profit of 7.55 billion yuan, with a year-on-year increase of 31.0% and 42.2% respectively [7][8]. - The weighted average ROE increased to 4.3%, up 1.12 percentage points year-on-year [7]. Business Segments - Brokerage income reached 3.75 billion yuan, up 37.8% year-on-year, while investment banking income was 1.17 billion yuan, up 25.4% [8]. - Asset management AUM was 627 billion yuan, a 12.7% increase from the beginning of the year, with a net profit of 710 million yuan, up 47.2% year-on-year [8]. - The company’s trading financial assets increased by 19.0% to 359.1 billion yuan, with significant allocations to funds and bonds [8]. Market Position - Huatai Securities maintained a stable market share in margin trading at 6.9% and a market share of 6.8% in brokerage services [8]. - The company’s equity and bond underwriting amounts reached 49 billion yuan and 666.6 billion yuan, respectively, with year-on-year increases of 150.7% and 24.3% [8].

近年来，我国资本市场高水平双向开放持续推进，海外市场已成为中资券商拓展业务版图、谋求业绩增 量的必争之地。 2025年上半年，中资券商不断提升跨境一体化联动水平、优化跨境综合金融服务体系，在国际业务方面 取得了较为出色的成绩。Wind资讯数据显示，在有可比数据的15家A股上市券商中，有12家在上半年实 现境外业务收入同比增长超过10%。 国际业务 成重要业绩增长极 上半年，在国际业务收入方面，综合实力雄厚的头部券商保持着较为领先的行业地位。例如，中金公司 实现境外业务收入40.24亿元，同比增长75.66%。与头部券商相比，中小券商国际业务虽然起步较晚， 业务体量也较小，但不乏业绩快速增长的"黑马"，如国元证券，上半年实现国际业务收入1.78亿元，同 比增长65.05%。 国际子公司是中资券商开展国际业务的重要载体。上半年，多家头部券商的国际子公司交出了亮眼"成 绩单"。例如，中信证券国际实现营业收入14.92亿美元，同比增长52.8%，实现净利润3.87亿美元，同 比增长65.85%；华泰国际实现净利润11.45亿港元，同比增长25.55%；国泰君安国际实现营业收入28.25 亿港元，同比增长30%，实现净 ...

Core Insights - The international business revenue of leading securities firms has significantly increased in the first half of the year, with all top firms reporting a rise in net profit compared to the previous year [1][2]. Group 1: Revenue and Profit Growth - CITIC Securities International led with a revenue of $1.492 billion (approximately HKD 11.615 billion) and a net profit of $387 million (approximately HKD 3.016 billion), showing year-on-year growth rates of 52.8% and 65.38% respectively [2]. - CICC achieved a revenue of HKD 6.877 billion, a year-on-year increase of 30.1%, with a net profit of HKD 2.634 billion, reflecting a substantial growth of approximately 169% [2]. - Guotai Junan Financial Holdings reported a revenue of HKD 4.376 billion, up 19.36% year-on-year, and a net profit of HKD 958 million, which is a 47.84% increase [2]. - Huatai International's revenue remained unchanged year-on-year at HKD 3.762 billion, but its net profit rose by 25.6% to HKD 1.145 billion [2]. Group 2: Contribution to Parent Company - The contribution of international business to the parent company's net profit is steadily increasing, with CITIC Securities International contributing approximately 20% of the net profit in the first half of the year, up from 15.7% in the same period last year [3]. - CICC's international business accounted for about half of the company's net profit, indicating its growing importance as a core growth engine for the group [3]. Group 3: Market Conditions and Drivers - The strong recovery of the Hong Kong stock market is identified as the main driver for the growth of securities firms' international business, particularly in investment banking and trading services [4]. - In the first half of the year, the equity financing issuance scale in the Hong Kong stock market reached $41.992 billion (approximately HKD 327.2 billion), a year-on-year increase of 490.96% [4]. - The IPO issuance scale was $13.703 billion (approximately HKD 106.8 billion), reflecting a remarkable year-on-year growth of 673.95% [4]. - The average daily trading volume in the Hong Kong stock market increased by 82% to HKD 240 billion, further driving the development of brokerage services [4]. Group 4: Strategic Initiatives - CITIC Securities International played a crucial role in the overseas capital operations of Chinese enterprises, including sponsoring the H-share listing of Chifeng Jilong Gold Mining and assisting BYD in H-share placements [5]. - CICC's investment banking business showed significant advantages, ranking first in the market for underwriting scale [5]. - Huatai International focused on cross-border business to create a comprehensive cross-border financial service platform, leveraging differentiated advantages to seize opportunities in the Hong Kong stock market [5]. - Galaxy Securities reported an international business revenue of RMB 1.099 billion (approximately HKD 1.2 billion), a year-on-year increase of 4.71%, with a net profit of RMB 163 million (approximately HKD 178 million) [5].

本报记者 于宏 上半年，在国际业务收入方面，综合实力雄厚的头部券商保持着较为领先的行业地位。例如，中金公司 实现境外业务收入40.24亿元，同比增长75.66%。与头部券商相比，中小券商国际业务虽然起步较晚， 业务体量也较小，但不乏业绩快速增长的"黑马"，如国元证券，上半年实现国际业务收入1.78亿元，同 比增长65.05%。 国际子公司是中资券商开展国际业务的重要载体。上半年，多家头部券商的国际子公司交出了亮眼"成 绩单"。例如，中信证券国际实现营业收入14.92亿美元，同比增长52.8%，实现净利润3.87亿美元，同 比增长65.85%；华泰国际实现净利润11.45亿港元，同比增长25.55%；国泰君安国际实现营业收入28.25 亿港元，同比增长30%，实现净利润5.5亿港元，同比增长182.05%。 在中信证券金融产业首席分析师田良看来，在经营效率层面，境外市场为中资券商提供了更大的操作空 间，部分券商海外子公司上半年实现年化ROE（净资产收益率）超20%，对公司整体ROE形成有力支 撑；业务层面，中资券商凭借对中国优质资产的深刻理解和本土资源优势，在国际市场上展现出强大的 竞争力。 向海外市场 延伸服 ...