Group 1 - The company, Huatai Securities, announced the issuance of a short-term corporate bond (the sixth phase) aimed at professional investors, with a maturity of 7 months (212 days) [1] - The final coupon rate for this bond issuance was determined to be 1.63% based on the results of inquiries from professional institutional investors and negotiations between the issuer and the lead underwriter [1]

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） （股份代號：6886） 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 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短期公司債券（第六期）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 ...

Group 1 - The report maintains an investment rating of "Outperform the Market" for the non-bank financial sector [2][43]. - The core viewpoint emphasizes that the current market sentiment is recovering, supported by a series of policy implementations, which may lead to further increases in trading volume and index rebounds [43][44]. - The report highlights that the brokerage sector's price-to-book (PB) ratio is still at historical low levels, indicating potential for growth [44]. Group 2 - The report reviews the performance of the brokerage sector from 2003 to 2025, noting that the sector has experienced significant excess returns compared to the CSI 300 index during various market cycles [5][9]. - It identifies that the brokerage sector's beta has shown a slight recovery in 2025, currently at 1.66, indicating higher volatility compared to the market [5][6]. - The report points out that the current trading volume in the brokerage sector is positively correlated with the index performance, suggesting that increased trading activity often leads to higher index values [23][41]. Group 3 - The report indicates that the H-share brokerage stocks have shown stronger elasticity in the current market cycle, outperforming their A-share counterparts significantly [12][16]. - It notes that the average daily trading volume of the H-share brokerage sector has reached historical highs, with a peak of 15.3% of the total Hong Kong market trading volume [41]. - The report recommends specific brokerage firms such as GF Securities, East Money, CITIC Securities, Huatai Securities, and Hong Kong Exchanges for investment consideration [44].

Core Insights - The report predicts that overseas Chinese stocks will experience a concentrated disclosure period for mid-2025 earnings in late August, with an expected earnings growth rate of 13% for the first half of 2025, up from 8% in 2024 [1][2][4] - The materials sector is expected to see significant improvement in earnings growth, while technology and healthcare sectors are likely to maintain high growth. However, consumer discretionary and energy sectors may face downward pressure on earnings growth [1][3][4] - As of July 30, 2025, the earnings forecast disclosure rate for overseas Chinese stocks is approximately 17%, with a current overall positive forecast rate of 60%, particularly strong in utilities, finance, and healthcare sectors [1][5] Industry Analysis - The materials sector, particularly construction and chemicals, is showing signs of earnings recovery due to easing capacity pressures and cost optimization. The technology and healthcare sectors continue to exhibit high growth [3][4] - Consumer discretionary and energy sectors are under pressure, with intense competition in e-commerce and automotive sectors potentially dragging down short-term earnings. The energy sector, dominated by industry giants, shows resilience against short-term fluctuations [3][4] - The telecommunications, consumer staples, finance, and utilities sectors are maintaining stable earnings, with notable sub-sectors such as diversified finance and transportation expected to see earnings acceleration [3][4] Tactical Allocation Recommendations - The report suggests increasing allocations to high-growth and value stocks in the gaming and internet e-commerce sectors, as these sectors are expected to benefit from improving market conditions and valuations [7][8] - Despite high valuations, innovative pharmaceuticals and non-bank financials are highlighted for their high earnings forecast rates and potential for upward revisions [8]

昨日市场震荡调整，三大指数均跌超1%。7月市场总体呈现震荡攀升态势，三大指数月线均收涨，其中 创业板指7月累计涨超8%，但沪指3600点整数关得而复失。昨日沪深两市全天成交额1.94万亿，较上个 交易日放量918亿。板块方面，辅助生殖、液冷IDC、信创、华为昇腾等板块涨幅居前，钢铁、煤炭、 有色、影视等板块跌幅居前。截至昨日收盘，沪指跌1.18%，深成指跌1.73%，创业板指跌1.66%。 在今天的券商晨会上，光大证券认为，二季度"抢进口"效应减弱，美联储下半年或重启降息；华泰证券 表示，预计锂电产业链各环节产能利用率或持续提升；银河证券指出，仍然看好权益市场，重点关注科 技、消费及"反内卷"领域。 光大证券：二季度"抢进口"效应减弱 美联储下半年或重启降息 光大证券表示，二季度"抢进口"效应减弱，美国进口环比折年率降至-30.3%，导致净出口对GDP拖累大 幅收敛，是二季度经济增速转正的重要原因。但另一方面，消费与投资则难掩疲弱，其中二季度美国消 费者信心指数低迷，相应地个人消费表现较弱，1.4%的环比增速为2024年以来的次低值，私人投资环 比折年率也降至-15.6%，因此不宜高估本次经济数据的韧性。光大 ...

Core Viewpoint - The report from Huatai Securities highlights the broad application prospects of superconducting materials with zero electrical resistance characteristics in the fields of power, industry, and transportation, particularly emphasizing the advantages of high-temperature superconductors over low-temperature ones [1] Group 1: Superconducting Materials - High-temperature superconductors have higher critical temperatures, currents, and magnetic fields, which expand their application space [1] - The demand for controllable nuclear fusion has driven the cost reduction of high-temperature superconducting tapes, with leading companies nearing the cost parity line for applications in industrial heating and power cables as estimated by Huatai Securities [1] Group 2: Market Potential - The accelerating demand for nuclear fusion is expected to enhance the economic viability of high-temperature superconductors, opening up a market space worth hundreds of billions [1]

Core Viewpoint - The report from Huatai Securities highlights the broad application prospects of superconducting materials with zero resistance characteristics at certain temperatures in the fields of power, industry, and transportation. The advantages of high-temperature superconductors over low-temperature superconductors, including higher critical temperature, current, and magnetic field, expand the application space for superconducting materials [1] Group 1: Market Potential - The demand for controllable nuclear fusion is driving the cost reduction of high-temperature superconducting tapes, with leading companies' production costs nearing the price parity line for applications in industrial heating and power cables as estimated by Huatai Securities [1] - The accelerating demand for nuclear fusion is expected to further enhance the economic viability of high-temperature superconductors, opening up a market space worth hundreds of billions [1]

Core Viewpoint - The domestic new energy passenger vehicle sales have been positive since 2015, with a rapid increase in the electrification penetration rate of commercial vehicles, contributing significant growth [1] Group 1: Market Trends - The sales of new energy vehicles in Europe are expected to maintain a year-on-year growth of over 20% this year [1] - The profitability model for energy storage in China is gradually improving, with various regions implementing the "136 Document" to support policies, indicating a positive outlook for future demand [1] Group 2: Supply Chain Dynamics - The release of new production capacity in the battery and materials sector has significantly slowed down, leading to an expected continuous increase in capacity utilization rates across the lithium battery industry chain [1] - In a non-involution environment, the profitability of the battery and materials sectors is expected to continue improving, achieving simultaneous growth in volume and profit [1]

Company Overview - Huatai Securities closed at 20.05 yuan on July 31, down 1.86% from the previous trading day [1] - The stock price fluctuated between 19.87 yuan and 20.63 yuan, with a trading volume of 2.363 billion yuan [1] - Huatai Securities is a leading comprehensive securities group in China, offering services in securities brokerage, investment banking, and asset management [1] Financial Performance - On July 31, Huatai Securities experienced a net outflow of 263 million yuan in main funds, accounting for 0.18% of its circulating market value [1] - The turnover rate for the day was 1.6%, with a total market capitalization of 180.997 billion yuan [1]

证券研究报告 固收视角 反内卷拉动价格,需求端牵引息 华泰研究 2025年7月31日|中国内地 吴宇航 研究员 SAC No. S0570518110002 SAC No. S0570521090004 wuyuhang@htsc.com zhangjigiang@htsc.com +(86) 10 6321 1166 吴靖, PhD 研究员 SAC No. S0570523070006 wujing018437@htsc.com +(86) 10 6321 1166 李梓豪 联系人 SAC No. S0570124060040 lizihao@htsc.com +(86) 21 2897 2228 (事件) 中国 7 月官方制造业 PMI 为 49.3, 前值为 49.7。 中国 7月官方非制造业 PMI 为 50.1,前值为 50.5。 (点评) 1、7 月 PMI 为 49.3,较上月下行 0.4pct,可比季节性约为-0.14pct。EMPI 亦有所回落,制造业淡季特征显现,主要 的支撑在于反内卷相关行业,但需求端尤其内需整体上形成拖累。 2、积极的点在于:其一，反内卷对信心的提振作用相对明显,原材料 ...