Core Viewpoint - The overall price spread in the industry remains weak as of September, with a gradual recovery in the midstream sector. The CCPI-raw material price spread at the end of September 2025 is 2439, which is below the 30th percentile since 2012, indicating a significant impact from weak downstream demand and a clear "off-peak" characteristic in the industry [1]. Group 1: Industry Performance - The chemical product prices continue to show relative weakness, primarily due to the overall weak downstream demand [1]. - The products that saw price increases in September were mainly those with reduced supply and better overseas demand [1]. Group 2: Profitability and Future Outlook - The industry has likely reached a profitability bottom in recent years, and with policy guidance to reduce internal competition, supply-side adjustments are expected to accelerate, potentially improving profitability for bulk chemical products [1]. - In the medium to long term, the exit of high-energy-consuming facilities in Europe and the U.S., along with economic growth in Asia, Africa, and Latin America, will drive demand increases, making exports a significant growth engine for the domestic chemical industry [1]. - Since June 2025, the growth rate of capital expenditure in the industry has been declining, and with accelerated supply-side adjustments, the industry is expected to see an upturn in 2026 [1].

Core Viewpoint - The recent report from Huatai Securities highlights three main investment themes in the transportation sector, focusing on oil shipping, aviation, and A-share highway stocks [1] Group 1: Oil Shipping - OPEC+ production increase is expected to stimulate inventory replenishment and cross-regional arbitrage demand [1] - Seasonal demand rise is anticipated to strengthen VLCC (Very Large Crude Carrier) freight rates in Q4 2025 and Q1 2026 [1] Group 2: Aviation - Given supply constraints, industry internal competition, and a low base, the aviation sector is likely to continue its revenue growth trend in Q4 [1] Group 3: A-share Highway Stocks - Tariff frictions may heighten risk-averse sentiment, making A-share highway stocks attractive due to their dividend yields [1] - The year-end demand for "opening red" allocations from insurance funds is expected to support a rebound in the sector [1] - The report continues to recommend specific stocks with inherent Alpha potential [1]

Core Viewpoint - Huatai Securities reiterates strategic allocation opportunities in the brokerage sector, driven by multiple factors including policy, capital, performance, and valuation [1] Group 1: Market Environment - The capital market is undergoing profound reforms from top to bottom, entering a new stage of co-development in investment and financing [1] - In a low-interest-rate environment, institutional and retail funds are accelerating their migration to the equity market, continuously bringing in incremental capital [1] Group 2: Brokerage Sector Performance - With market expansion and increased activity, various brokerage businesses are reaching new levels, and profitability is steadily improving [1] - Despite the improvement in profitability, the sector's valuation remains relatively low, indicating a strategic opportunity for recovery [1] Group 3: Investment Focus - Target selection should focus on: 1. Hong Kong stocks with better valuations and smaller circulation [1] 2. A-share leaders with valuation cost-effectiveness [1] 3. Specialized small and medium-sized brokerages [1]

Core Viewpoint - Huatai Securities Co., Ltd. is issuing its eighth tranche of corporate bonds aimed at professional investors, with two varieties of bonds having different maturities and interest rates [1] Summary by Categories Bond Issuance Details - The first variety of bonds has a maturity of 37 months, with a coupon rate inquiry range of 1.5%-2.5% [1] - The second variety has a maturity of 59 months, with a coupon rate inquiry range of 1.6%-2.6% [1] - The final coupon rates were determined through negotiations between the issuer and the lead underwriter based on the results of offline inquiries from professional institutional investors [1] Final Coupon Rates - The final coupon rate for the first variety of bonds is set at 2.02% [1] - The final coupon rate for the second variety of bonds is set at 2.20% [1]

智通财经APP讯，华泰证券(06886)发布公告，华泰证券股份有限公司2025年面向专业投资者公开发行公 司债券(第八期)分为两个品种，根据网下专业机构投资者询价结果，经发行人和主承销商协商一致，最 终确定本期债券品种一的票面利率为2.02%，品种二的票面利率为2.20%。 ...

华泰证券(06886)发布公告，华泰证券股份有限公司2025年面向专业投资者公开发行公司债券(第八期)分 为两个品种，根据网下专业机构投资者询价结果，经发行人和主承销商协商一致，最终确定本期债券品 种一的票面利率为2.02%，品种二的票面利率为2.20%。 ...

本公告乃根據上市規則第13.10B條規則作出。 （股份代號：6886） 海外監管公告 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分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之股份有限公司， 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） 茲載列本公司在上海證券交易所網站刊登之《華泰證券股份有限公司2025年面向 專業投資者公開發行公司債券（第八期）票面利率公告》，僅供參閱。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 「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：6 ...

本期债券发行工作已于2025年10月14日结束。本期债券最终品种一发行规模为41亿元，票面利率为 2.26%，认购倍数为1.54倍;品种二发行规模为9 亿元，票面利率为2.38%，认购倍数为2.03倍。 华泰证券（601688）(06886)发布公告，华泰证券股份有限公司(以下简称"发行人")面向专业投资者公开 发行总额不超过人民币200亿元(含200亿元)的次级公司债券已于2024年7月31日获中国证券监督管理委 员会出具的《关于同意华泰证券股份有限公司向专业投资者公开发行次级公司债券注册的批复》(证监 许可〔2024〕1109号)。 根据《华泰证券股份有限公司 2025 年面向专业投资者公开发行次级债券(第四期)发行公告》， 华泰证 券股份有限公司 2025 年面向专业投资者公开发行次级债券(第四期)(以下简称"本期债券")分为两个品 种，其中品种一期限为 3年，品种二期限为 5年。本期债券引入品种间回拨选择权，回拨比例不受限 制，公司将根据本期债券发行申购情况，在发行规模内，决定是否行使品种间回拨选择权，但各品种的 最终发行规模总额合计不超过 50亿元(含 50亿元)。本期债券发行价格为每张100元，采 ...

Core Points - Huatai Securities (601688)(06886) announced the issuance of perpetual subordinated bonds (Phase III) aimed at professional investors, with a total issuance amount of 3.5 billion yuan [1] - The bonds, referred to as "22 Huatai Y3," will start paying interest on October 21, 2025, for the period from October 21, 2024, to October 20, 2025 [1] - The coupon rate for this bond issuance is set at 3.20%, with each bond having a face value of 1,000 yuan, resulting in an interest payment of 32.00 yuan (including tax) per bond [1]

Core Points - Huatai Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinated corporate bonds totaling up to RMB 20 billion [1] - The bonds will be issued in two varieties, with maturities of 3 years and 5 years, and will include an inter-species allocation option [1] - The total issuance amount for the bonds will not exceed RMB 5 billion for each variety, with a face value of RMB 100 per bond [1] Summary of Issuance - The issuance of the bonds was completed on October 14, 2025 [2] - The final issuance scale for the first variety was RMB 4.1 billion, with a coupon rate of 2.26% and a subscription multiple of 1.54 times [2] - The final issuance scale for the second variety was RMB 0.9 billion, with a coupon rate of 2.38% and a subscription multiple of 2.03 times [2]