Core Viewpoint - Huatai Securities has raised the target price for SMIC's H-shares from HKD 63 to HKD 119 and for A-shares from CNY 118.3 to CNY 238, maintaining a "Buy" rating [1] Financial Projections - The firm maintains its net profit forecasts for 2025 to 2027, expecting annual increases of 26%, 22%, and 27%, reaching USD 620 million, USD 760 million, and USD 960 million respectively [1] Market Positioning - The firm is optimistic about SMIC's competitive advantage in advanced process technology and anticipates that the company will enter a new expansion cycle following its current A-share issuance, allowing it to capitalize on growth opportunities in the advanced manufacturing market [1]

Core Viewpoint - Huatai Securities has raised the target price for SMIC's H-shares from HKD 63 to HKD 119 and for A-shares from CNY 118.3 to CNY 238, maintaining a "Buy" rating [1] Financial Projections - The firm maintains its net profit forecasts for 2025 to 2027, expecting annual increases of 26%, 22%, and 27%, reaching USD 620 million, USD 760 million, and USD 960 million respectively [1] Market Positioning - The company is viewed positively for its competitive advantage in advanced process technology, with expectations of entering a new expansion cycle following the completion of its current A-share issuance [1] - SMIC is anticipated to fully capitalize on growth opportunities in the advanced manufacturing market [1]

Core Viewpoint - The essence of investment is a combination of "science" and "art," where quantitative analysis handles objective market rules, while active management addresses the qualitative aspects that cannot be quantified [2][5]. Investment Philosophy - The focus of investment should be on achieving absolute returns rather than outperforming benchmarks, emphasizing the importance of making profitable trades [2][8]. - The "three-price scoring system" (buy price, extreme bottom price, sell price) is designed to control 60%-70% of market volatility, ensuring absolute returns while managing risks [3][9]. Investment Strategy - The investment approach includes dynamic adjustments based on quarterly earnings reports, allowing for long-term holding of growth stocks and strategic buying/selling of cyclical stocks [3][11]. - The system encourages disciplined behavior among fund managers, helping to mitigate irrational actions during market fluctuations [3][17]. Quantitative and Active Management Integration - The integration of quantitative models with fundamental analysis allows for a comprehensive investment strategy that captures market trends while maintaining a focus on fundamental value [6][18]. - The collaboration between quantitative and fundamental teams results in a robust modeling process that enhances investment decision-making [11][19]. Market Outlook - The current market environment is characterized by high volatility, necessitating a focus on pricing principles to achieve absolute returns [9][23]. - The expectation is for a stabilization in the market, supported by improved fundamentals, particularly in capital expenditure and export sectors [24][23]. Team Management and Culture - The management philosophy emphasizes rule-based guidance and collaboration among team members to enhance investment outcomes [26][28]. - The focus on absolute returns in performance evaluation encourages a culture of accountability and continuous improvement within the investment team [26][30].

Core Viewpoint - The A-share market has shown strong upward momentum, with the Shanghai Composite Index breaking through the 3900-point mark, reaching a ten-year high, driven by significant inflows into the brokerage sector [1][3]. Group 1: Market Performance - On October 9, the Shanghai Composite Index surpassed 3900 points, marking a new high in over a decade [1]. - The brokerage sector, despite a subdued performance, continues to attract substantial capital, with the top-tier brokerage ETF (512000) seeing a net inflow of 818 million yuan in a single day and a cumulative net inflow of 5.433 billion yuan over the past 20 days [1]. Group 2: Brokerage Sector Outlook - The brokerage industry is expected to maintain high growth in Q3, supported by a low base effect, making it a key catalyst for the sector [3]. - Current market conditions indicate a rising trend in the brokerage industry's prosperity, characterized by relatively low valuations and high year-on-year growth, presenting notable investment value [3]. - Long-term trends suggest a shift in asset allocation from real estate and fixed-income assets to equity assets among residents, driven by declining yields in fixed-income investments and ongoing improvements in the real estate market [3]. - The market is entering a virtuous cycle, with strong sustainability in market conditions, which serves as an internal driver for the upward valuation of the brokerage sector [3]. Group 3: ETF and Investment Strategy - The brokerage ETF (512000) tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [5]. - The ETF serves as an efficient investment tool, balancing exposure to leading brokerages while also capturing the high growth potential of smaller brokerages [5]. - As of October 9, the price-to-book ratio (PB) of the index tracked by the brokerage ETF is 1.58, placing it in the lower range of the past decade, highlighting its valuation attractiveness in a bullish market environment [3].

（文章来源：第一财经） 华泰证券指出，中国厂商通过高规格的游戏项目投入目前已经在海外逐渐站稳脚跟，尤其是国产二次元 游戏向日本的文化输出，依靠精美的制作和差异化的玩法已捕获众多玩家心智。同时，多端化发行也逐 渐成为中国厂商出海标配。我们看好中国出海游戏厂商在研发制作和本地化运营方面的潜力，并同时看 好日本具备经典IP穿越周期能力的头部厂商。 ...

Core Viewpoint - The market risk appetite continued to recover in September, with the current All A ERP below the rolling 5-year average, indicating a potential for further market improvement [1] Group 1: Market Performance - The overall performance of high dividend sectors weakened, with internal valuation differentiation increasing due to the influence of the banking sector [1] - "Anti-involution" related cyclical high dividend stocks performed relatively well this month, while banks and non-bank financials showed weakness [1] Group 2: Outlook for October - The trend of market risk appetite recovery is expected to continue into October, with TMT and high-end manufacturing sectors likely to outperform high dividend sectors due to favorable fundamental factors [1] - It is recommended to focus on "anti-involution" related cyclical high dividend stocks and some potential high dividend stocks in the investment strategy [1]

华泰证券指出，国内军用四足机器人产业链可分为本体、任务载荷两部分，本体类似于四肢和小脑，任 务载荷类似于大脑和工具。军用四足机器人总体设计与总装集成商以军工央企为主；任务载荷包括侦 察、打击、通信等类型；另外，景业智能等企业主要在购买本体、任务载荷基础上进行二次开发以满足 特种应用需求。四足机器人本体产业链、任务载荷供应商均有望受益于军用四足机器人放量。 ...

特此公告。 华泰证券（上海）资产管理有限公司 华泰紫金中债0-3年政策性金融债指数证券投资基金C类份额（以下简称"本基金C类份额"）（基金代 码：022354）于 2025 年10月9日发生大额赎回。为确保基金份额持有人利益不因份额净值的小数点保留 精度受到不利影响，经本基金管理人与基金托管人协商一致，决定自2025年10月9日起提高本基金C类 份额净值精度至小数点后8位，小数点后第9位四舍五入，并依此对申购赎回等业务进行处理。 本次小数位保留位数的处理不构成对《基金合同》的实质性变更，不对后续保留位数造成影响，根据 《基金合同》约定，本基金管理人网站、基金销售机构以及其他媒介披露的本基金C类份额的基金份额 净值和基金份额累计净值的披露结果仍精确到0.0001元，小数点后第5位四舍五入。本基金将自大额赎 回对基金份额持有人利益不再产生重大影响时，恢复基金合同约定的净值精度，届时不再另行公告。 投资者可以通过华泰证券（上海）资产管理有限公司网站https://www.htscamc.com或客户服务电话 4008895597咨询、了解本基金有关详情。 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运 ...

华泰证券(06886)发布公告，华泰证券股份有限公司2023年面向专业投资者公开发行公司债券(第九期) (品种二)(以下简称"本期债券")，将于2025年10月16日开始支付自2024年10月16日至2025年10月15日期 间的利息。债券简称:23华泰14，发行总额:人民币16亿元，票面利率3.35%。 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！ ...

华泰证券(06886)发布公告，华泰证券股份有限公司2023年面向专业投资者公开发行公司债券(第九期) (品种二)(以下简称"本期债券")，将于2025年10月16日开始支付自2024年10月16日至2025年10月15日期 间的利息。债券简称:23华泰14，发行总额:人民币16亿元，票面利率3.35%。 ...