国泰海通主要观点如下： 根据统计，2024年信息技术投入金额排名前十的证券公司均为国内综合实力排名靠前的头部证券公司， 各家投入金额均超过了10亿元，其中华泰证券和国泰海通投入金额超过了20亿元。前十名证券公司信息 技术投入金额总和为155.79亿元，同比2023年略增1.4%，其中七家证券公司投入金额同比增长，三家证 券公司投入金额有所下降。2024年信息技术投入同比增速前三的证券公司分别为第一创业（002797）证 券、财达证券（600906）和光大证券，增速均超过了20%，增速前十的证券公司多为中小型证券公司， 仅有两家投入金额超过5亿元，分别为国信证券和光大证券，国信证券是唯一一家2024年信息技术投入 金额和增速均进入前十的证券公司。 2023年6月，中国证券业协会印发《证券公司网络和信息安全三年提升计划(2023-2025)》，鼓励经营机 构信息技术平均投入金额不少于2023年至2025年平均净利润的10%或平均营业收入的7%。根据统计， 2024年信息技术投入金额排名前十的证券公司，其信息技术投入金额占净利润比例均超过了10%，其中 比例排名前三的分别为国投证券、中金公司（601995）和华泰证 ...

Core Viewpoint - Huatai Securities published a research report indicating that Li Auto's i8 has officially launched with three configurations priced at 321,800, 349,800, and 369,800 yuan, respectively. The report expresses optimism regarding the sales performance of the i8 and the upcoming i6, supported by the VLA model and advanced driving assistance capabilities [1] Group 1 - The i8's Pro and Max versions are priced the same as the L8 versions, while the Ultra version is 10,000 yuan cheaper than the L8 Ultra version [1] - Huatai Securities maintains its previous profit forecasts for Li Auto, expecting GAAP net profits of 10.3 billion, 15.8 billion, and 17.8 billion yuan for 2025 to 2027, respectively [1] - Non-GAAP net profits are projected to be 13 billion, 18.6 billion, and 20.8 billion yuan for the same period [1] Group 2 - The target price for Li Auto has been slightly adjusted to 139.49 HKD, while maintaining a "Buy" rating [1] - The report highlights the i8's features, including the VLA model, standard 5C supercharging, and a spacious and comfortable cabin experience [1] - The company's driving assistance capabilities are expected to remain at the top tier domestically following the introduction of the VLA model [1]

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监（CFO）群体薪酬规模合计达42.70亿元，平均年薪 为81.48万元。 在2024年证券公司财务总监薪酬榜单中，华泰证券首席财务官焦晓宁以145.2万元年薪位列行业第12 位，却因151.13万元的巨额降薪跻身跌幅前四，成为头部券商中波动最剧烈的CFO之一。 资料显示，焦晓宁，硕士，会计学专业，会计师。曾在中国工商银行北京分行、财政部会计司工作，曾 任中国证监会会计部副巡视员、副主任等职务。2020年1月加入华泰证券，2020年3月起担任华泰证券首 席财务官，本届高级管理人员任期为2022年12月至2025年12月。 薪酬：十二名中游，头部阵营失守 焦晓宁的年薪在35位CFO中排名第12，与第11名中信证券张皓（146.25万元）仅差1.05万元，但领先第 13名第一创业马东军（144.54万元）0 ...

Core Viewpoint - Xinyi Glass reported a significant decline in revenue and net profit for the first half of the year, attributed to falling float glass prices, reduced investment income from Xinyi Solar, and increased asset impairment losses [1] Financial Performance - Revenue for the first half of the year was 9.82 billion, a year-on-year decrease of 11.6% [1] - Net profit attributable to shareholders was 1.01 billion, down 59.3% year-on-year, aligning with the earnings forecast of a 55% to 65% decline [1] Market Position and Outlook - As a leading player in the float glass industry, Xinyi Glass possesses scale and cost advantages, with diversification into automotive glass expected to support long-term growth [1] - The target price for Xinyi Glass has been slightly reduced from 9.6 HKD to 9.54 HKD, maintaining a "buy" rating [1] Earnings Forecast Adjustments - Due to the ongoing decline in float glass prices, the average selling price assumptions for float glass have been revised downwards [1] - Earnings per share forecasts for 2025 to 2027 have been adjusted from 0.72, 0.83, and 0.93 to 0.51, 0.62, and 0.74 respectively [1]

华泰证券发表研究报告指，信义玻璃今年上半年实现收入及归母净利润分别为98.2亿与10.1亿元，按年 下降11.6%及59.3%，归母净利润符合业绩预告(按年跌55%至65%)，业绩按年下滑主因浮法玻璃价格按 年下降、信义光能投资收益下滑、以及资产减值损失增加。该行认为，公司作为浮法玻璃龙头，具备规 模和成本优势，且汽车玻璃等多元化布局有望助力公司中长期发展，维持"买入"评级，目标价由9.6港 元微降至9.54港元。考虑到浮法玻璃价格按年延续下滑趋势，该行下调信义玻璃浮法玻璃销售均价假 设，将2025至2027年每股盈利预测分别由0.72、0.83与0.93元，下调至0.51、0.62及0.74元。 ...

Core Viewpoint - Xinyi Solar's revenue and net profit for the first half of the year decreased by 6.3% and 58.3% year-on-year, respectively, primarily due to a rapid decline in photovoltaic glass prices and increased asset impairment losses [1] Group 1: Financial Performance - The company's net profit was at the upper end of its earnings forecast despite the significant decline [1] - The decline in performance is attributed to the rapid drop in photovoltaic glass prices in the second quarter and increased asset impairment losses [1] Group 2: Market Outlook - Huatai Securities believes that the supply side of photovoltaic glass is beginning to reduce production, which may improve the supply-demand dynamics in the industry [1] - As a leading player in photovoltaic glass, the company has significant scale and cost advantages, maintaining a "buy" rating [1] Group 3: Production and Pricing Adjustments - According to Zhuochuang Information, the company has two 900t/d production lines undergoing maintenance, which is expected to lead to a decrease in production and sales volume in the second half of the year [1] - The continued decline in photovoltaic glass prices since July is expected to put pressure on the company's revenue and gross margin in the second half of the year [1] Group 4: Earnings Forecast Adjustments - Due to the ongoing decline in photovoltaic glass prices, the company has adjusted its price assumptions, leading to a reduction in earnings forecasts for 2025 to 2027 by 51%, 45%, and 49%, respectively, resulting in projected earnings of 880 million, 1.43 billion, and 1.64 billion yuan [1] - The focus is shifting towards the potential improvement in supply-demand dynamics in 2026 and its impact on the company's profitability [1] - The target price has been lowered from 4.09 HKD to 3.56 HKD [1]

Group 1 - The core viewpoint of the report indicates that Far East Horizon's net profit for the first half of 2025 is expected to grow by 3.8% year-on-year to 2.16 billion HKD, aligning with market expectations [1] - The financial business of Far East Horizon is showing steady improvement, with the scale of interest-earning assets halting last year's decline and net interest margin slightly expanding to 4.06% [1] - Asset quality remains stable, with a slight decrease in the non-performing loan ratio to 1.05% [1] Group 2 - Far East Horizon declared an interim dividend of 0.25 HKD per share, with a payout ratio of approximately 50%, and management anticipates potential for dividend increases [1] - Huatai Securities forecasts a dividend yield of about 7.2% for 2025, maintaining a "buy" rating and raising the target price from 6.4 HKD to 9 HKD [1] - The expected net profit for this year is projected to reach 4.7 billion HKD, with net profit forecasts for 2026 and 2027 adjusted upward by 1.5% and 0.8% to 5.4 billion HKD and 5.5 billion HKD respectively [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [3][5]. Core Insights - The overseas investment banks are increasingly participating in digital finance, with emerging models continuously surfacing. The focus is on the issuance and trading of digital assets, particularly Real World Assets (RWA), which signify a transformation of traditional investment banking into the digital finance realm. The RWA market has grown from approximately $5 billion in 2022 to about $25.2 billion by July 2025, indicating a shift from experimental stages to large-scale promotion [1][12]. - The RWA market is projected to reach $16 trillion by 2030, accounting for about 10% of global GDP, driven by factors such as rising global interest rates, institutional involvement in crypto assets, and improving regulatory policies [1][17]. Summary by Sections RWA: Bridging On-chain Funds and Real Assets - RWA represents tangible or traditional financial assets on blockchain networks, enhancing liquidity and enabling fractional ownership, thus democratizing access to previously high-barrier investments [12][16]. - The RWA market has seen rapid growth, with a total market size reaching $25.4 billion by mid-2025, driven by technological advancements and traditional financial institutions' involvement [12][13]. RWA Token Types and Development Momentum - The RWA token landscape includes various types, with U.S. Treasury tokens being a significant category due to their low-risk profile and established legal framework. The market for tokenized U.S. Treasuries grew from $100 million in January 2023 to $6.74 billion by July 2025 [22][23]. - Private credit tokens have emerged as the largest segment within RWA, with a market size of $15 billion as of July 2025, driven by their high yield and low correlation with other asset classes [27][28]. - Commodity tokens, particularly gold tokens, dominate the commodity tokenization market, which reached $1.75 billion by July 2025 [31][32]. Stock Tokens: Comparison of Tokenization Models - Stock tokenization is rapidly evolving, with platforms like Robinhood and xStocks offering different models. Robinhood's model is based on derivative contracts, while xStocks provides direct ownership representation through compliant third-party custodians [39][50]. - The largest stock token, EXOD, represents a company specializing in crypto wallets, with a market cap of approximately $277.1 million [41]. Investment Recommendations - The report suggests that Robinhood's approach to virtual asset-related business could serve as a reference for Chinese brokerage firms entering this space. The rapid development of RWA may catalyze further market activity in the brokerage sector, indicating potential for significant returns [3][4].

Market Overview - The Hong Kong stock market opened lower on August 4, with the Hang Seng Index down 0.31%, the Hang Seng Tech Index down 0.66%, and the China Enterprises Index down 0.35% [1] - Technology stocks showed mixed performance, with NetEase slightly up by 0.1% and Alibaba down over 1% [2] Market Strategy and Analysis - Huatai Securities reported that the recent pullback in the Hong Kong stock market is mainly due to adjustments in internal and external expectations, but the medium-term liquidity easing logic remains unchanged. They recommend focusing on sectors with improving sentiment and low valuations, particularly in technology [3] - Guosen Securities noted that the funding environment for Hong Kong stocks this year has been characterized by a resonance of both domestic and foreign capital easing. They believe that Hong Kong stocks remain within a reasonable valuation range compared to A-shares, with significant recovery potential in technology and pharmaceutical sectors [3] - Dongwu Securities expressed concerns about rising overseas risks, including the potential for reduced global capital interest in Chinese assets due to rising dollar assets and the nearing deadline for tariff negotiations [3] - CITIC Securities indicated that there is an increasing confidence trend in certain sub-sectors, with earnings expectations being revised upward ahead of earnings reports. They highlighted that while technology stocks have seen slight downward adjustments in earnings expectations, sectors like new energy vehicles and semiconductors show significant potential for earnings elasticity [4] - Ping An Securities (Hong Kong) remains optimistic about the long-term outlook for the Hong Kong stock market, emphasizing low valuations and active trading under the "profit-making effect." They suggest focusing on technology sectors such as artificial intelligence, robotics, and innovative pharmaceuticals [4] Company News - PCCW reported a revenue of HKD 18.922 billion for the first half of the year, a year-on-year increase of 7%, with a net loss of HKD 0.445 billion, narrowing by 4% [6] - Xinyi Solar reported a revenue of HKD 10.932 billion, a year-on-year decrease of 6.5%, with a net profit of HKD 0.746 billion, down 58.8% [6] - Xinyi Glass reported a revenue of HKD 9.821 billion, a year-on-year decrease of 9.7%, with a net profit of HKD 1.013 billion, down 59.6% [6] - Xinyi Energy reported a revenue of HKD 1.21 billion, a year-on-year increase of 7.7%, with a net profit of HKD 0.45 billion, up 23.4% [6] - Derun Shipping announced a profit warning, expecting a mid-term net profit of approximately USD 180-200 million, a year-on-year increase of about 220% to 255% [6] - BYD reported sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [6] - Great Wall Motors reported total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [6] - Li Auto delivered 30,731 new vehicles in July [6]

Group 1 - The recent pullback in Hong Kong stocks is primarily due to adjustments in internal and external expectations, but the logic of mid-term liquidity easing remains unchanged [1] - The company suggests looking for sectors with improving sentiment and low valuations, particularly emphasizing the technology sector [1] - Short-term trading should focus on mid-year performance reports, with recommendations to pay attention to: 1) gaming and internet e-commerce leaders with attractive valuations and improving sentiment; 2) innovative pharmaceuticals and non-bank financials with slightly higher forward 12-month valuation percentiles but high earnings realization [1]