华泰证券认为，此轮的顶层设计或聚焦于：提升行业集中度、规范招商引资，以此为抓手规范企业和地 方政府行为。 针对细分行业，因地制宜地制订政策，部分上游传统行业加力去产能、中游制造业加强产能的科学管 理。 证券时报网讯，华泰证券研报认为，供给侧改革或将成为今年经济方面的重点工作之一，对价格的恢复 和预期的提振有着重要作用。 2024年12月中央经济工作会议提出综合整治"内卷式"竞争，2月10日国常会重点研究了化解重点产业结 构性矛盾相关举措。 华泰证券回顾了2016—2018这轮供给侧改革的经验、分析了当前供需错配的现状和难点、并对潜在的路 径进行展望。 总体看，此轮供需错配的范围更广，除了部分传统上游行业以外，以光伏链、汽车链、锂电链为代表的 部分中游制造业也面临了前期扩张快、需求降速后的阶段性供需错配的挑战。 资产负债表压力较上轮重点行业更轻，大都尚健康，尽管近年大都有所上升。 ...

华泰证券认为，以腾讯、字节为代表的互联网大厂积极布局AI应用，有望带动全行业进入加速发展 期，看好2025年中国AI应用的产品升级与商业突围，产业机遇明朗。 证券时报网讯，华泰证券研报称，2月16日，微信开启"AI搜索"灰度测试，并接入DeepSeek-R1满血版模 型，正式开启十亿级MAU应用的AI升级，侧面佐证了AI应用已基本具备模型成本可控、数据价值融合 的规模化前提。 ...

证券时报网讯，华泰证券研报称，环卫电动化趋势加速，全面电动化、大气十条和设备更新等政策考核 催化，试点城市和重点区域渗透率目标80%。 全国新能源环卫车渗透率由2021年3.9%快速提升至2024年13.5%，且2024年下半年以来明显加速，四季 度渗透率已达21.1%。 新能源环卫车市场集中度高，2024年CR5（业务规模前五名公司所占市场份额）达69.4%。 看好环卫电动化提速带来的业绩增量，推荐新能源市占率较高、具备技术和市场优势的相关企业。 ...

在情绪价值需求高涨及供给端产品创新的共同驱动下，看好2025年潮玩及谷子经济延续高景气，伴随国 货品质升级及品牌力崛起，海外市场拓展大有可为。 证券时报网讯，华泰证券研报认为，《哪吒2》周边热销一方面源自优质作品内容的商业变现，另一方 面也契合情绪消费和国潮IP崛起的高景气趋势，推荐行业龙头，同时建议关注具备较强产品力壁垒及规 模效应优势的积木人赛道龙头。 ...

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1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」) 本公司乃於中華人民共和國註冊成立的股份有限公司，中文公司名稱為华泰证券股份有限公司，在香港以HTSC名義開展業務。因此，「法定/註冊股本」之概念不適用於本公司。在上述第I部顯示 「法定/註冊股本」的資料是指本公司的「已發行股本」。 呈交日期: 2025年2月6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 ...

展望后市，港股市场或维持震荡格局，建议沿盈利预期变化调仓：1）增配互联网与科技硬件，把握科 技股价值重估机会；2）适当增配受益于春节消费回暖的大众消费；3）盈利预期稳健的红利标的仍可作 为底仓。 校对：刘星莹 2025年春节期间，出行、消费和跨境游数据回暖，消费市场活力显著提升。 美联储1月暂停降息，美国对三国关税落地，海外宏观不确定性仍较高。 证券时报网讯，华泰证券研报称，中美科技股估值在过去两年分化显著，AI发展水平或是关键。 DeepSeek具有低成本、高性能优势，引发行业对资本开支、应用场景等讨论，或推动投资者重新评估 中国科技企业的技术潜力，进而催化中美科技股价值重估。 ...

特此公告。 华泰证券股份有限公司董事会 证券代码：601688 证券简称：华泰证券 公告编号：临 2025-001 2025 年 1 月 28 日 1 华泰证券股份有限公司关于江苏股权交易中心 有限责任公司完成股权变更工商登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024 年 12 月 20 日，华泰证券股份有限公司（以下简称"公司"） 第六届董事会第十四次会议审议通过了《关于转让江苏股权交易中心 有限责任公司 20%股权的议案》，同意公司向江苏金财投资有限公司 转让所持江苏股权交易中心有限责任公司（以下简称"江苏股权交易 中心"）20%股权。 江苏股权交易中心已于日前完成了股权变更相关的工商变更登 记手续。目前，公司对江苏股权交易中心的持股比例已变更为 32%， 江苏股权交易中心成为公司的参股公司。 ...

Core Viewpoint - The report from Huatai Securities indicates a significant increase in China's inverter exports, driven by year-end inventory stocking and rising energy prices due to energy shortages [1] Summary by Relevant Categories Export Performance - In December, China's inverter export value reached 4.78 billion yuan, with a month-on-month increase of 10.2% [1] - The quantity of inverters exported was 4.207 million units, reflecting a month-on-month increase of 4.0% [1] - Exports to Europe amounted to 1.61 billion yuan, showing a substantial month-on-month increase of 31.3% [1] Market Demand - Strong demand is observed in regions like India and the Middle East, which are actively developing solar storage [1] - Core drivers of long-term demand include power outages, rising electricity prices, and significant growth in wind and solar installations [1] Future Outlook - The continued reduction in costs for solar energy storage is expected to open up higher market potential for solar storage [1] - The sustained demand for inverters is anticipated, providing strong support for the performance of leading companies in the sector [1]

Group 1 - The core viewpoint indicates that the real estate market in China is showing signs of marginal recovery in December, following a trend that began in November, with sales area and amount increasing by 38% and 41% month-on-month respectively [2] - The decline in housing prices is slowing down, with first-tier cities maintaining a month-on-month increase [2] - Investment, new construction, and completion have seen a slight narrowing in year-on-year decline, but remain relatively weak [2] Group 2 - The cash flow of real estate companies is under pressure, as indicated by a year-on-year decrease in funds received by these companies [2] - The real estate market in 2024 is expected to follow policy trends, with initial signs of stabilization in the fourth quarter, although it will face challenges during the traditional off-season [2] - Companies with more resources in core cities and stable operations are viewed more favorably, along with property management companies that demonstrate resilience and stable cash flow [2]

Core Viewpoint - The report from Huatai Securities indicates that the recent rebound in A-shares is supported by a consensus on the "support level" of the current fluctuation range, ample liquidity from outside the market, and a strong consensus on the sci-tech innovation sector, primarily driven by thematic trading [1] Group 1 - Investors have a certain consensus on the "support level" of the current fluctuation range [1] - Ample liquidity from outside the market is crucial for creating a profit-making effect [1] - The consensus on sci-tech innovation is strong, but its sustainability depends on the ability to form a positive cycle with market liquidity [1] Group 2 - Two trading clues are anticipated before the holiday: the focus on self-sufficiency due to Trump's administration and the high pre-announcement rate of annual report performances, particularly in the consumer chain sector, which may still have room for gains [1] - Huatai Securities believes that the verification pressure from external variables in the short term is not significant, suggesting a moderately positive outlook with a focus on structure [1] - The emphasis remains on the sci-tech innovation sector, with an increased allocation to consumer goods and agriculture that have potential for dividend increases and improved market conditions [1] Group 3 - The operational strategy suggests that the underlying tone of the fluctuating market may remain unchanged in the short term, advocating for a wave-based investment approach [1]