证券代码：601688 证券简称：华泰证券 公告编号：临 2026-001 华泰证券股份有限公司关于间接全资子公司根据中期 票据计划进行发行并由全资子公司提供担保的公告 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | 华泰国际财务有限公司 | | | --- | --- | --- | --- | --- | | | 本次担保金额 | | 亿美元 0.15 | | | 担保对象 | 实际为其提供的担保余额 | | 16.20 亿美元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 累计担保情况 | 对外担保逾期的累计金额（人民币亿元） | | | - | | --- | --- | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保总额（人民币亿 | | 452.53 | | | 元） | | | | | 对外担保总额占上市公司最近一期经审计净资产 ...

沪指1月9日上涨0.92%，申万所属行业中，今日上涨的有29个，涨幅居前的行业为传媒、综合，涨幅分 别为5.31%、3.60%。跌幅居前的行业为银行、非银金融，跌幅分别为0.44%、0.20%。非银金融行业位 居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出241.26亿元，今日有8个行业主力资金净流入，传媒行业主力资 金净流入规模居首，该行业今日上涨5.31%，全天净流入资金97.03亿元，其次是有色金属行业，日涨幅 为2.78%，净流入资金为45.52亿元。 （文章来源：证券时报网） 非银金融行业资金流向排名 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601318 | 中国平安 | -1.96 | 1.94 | -332815.45 | | 600030 | 中信证券 | 0.11 | 1.91 | -99917.31 | | 601688 | 华泰证券 | 0.00 | 1.49 | -27028.90 | | 601211 | 国泰海通 | -1.17 | 0.85 | -20 ...

1月8日，华泰证券发布文远知行(WRD.US, 0800.HK)研究报告，首次覆盖文远知行并给予买入评级，目 标价分别为港股52港元、美股20美元。华泰证券表示，其看好公司领先的自动驾驶技术、完善的商业拓 展模式与完整的出行生态，有望在自动驾驶领域中脱颖而出。 华泰证券认为，中国Robotaxi并非技术或产业层面的追赶者，中美头部企业技术水平与演进方向一致， 但在工程化与经济性层面中国可依托成熟的整车与传感器产业链，实现更低的车辆与套件成本；同时， 中国企业在车规级芯片应用上更为积极，在模型优化、算力效率与成本控制方面更具优势。 华泰证券看好公司国内与海外并重的发展战略，随着国内Robotaxi进入高强度运营，公司也或将在单位 经济模型更优的海外市场率先实现放量(公司已构建中东地区最大 Robotaxi 车队)；此外，Robovan、 Robobus及Robosweeper产品也将逐步落地，相关价值或尚未被充分反映。据此，华泰证券首次覆盖公 司，并给予"买入"评级。 华泰证券提出，文远知行的核心竞争力主要包括三方面：全球领先的规模化L4车队与多区域商业化落 地能力、全栈自研软件平台+车规级硬件体系夯实L4规模 ...

华泰证券发表研报指，广发证券日前发布预案，拟通过H股配售并发行零息可转债的方式募集超过60亿 港币，并全部用于向境外子公司增资。若募资成功将有效补强公司资本实力，推动公司深入拓展国际化 业务，经营业绩与行业排名有望更迈上新台阶。公司资管业务优势稳固，再融资补强资本与国际业务实 力。该行将维持对广发证券A股和港股的"买入"评级。 ...

Group 1 - In 2025, the capital market's comprehensive reform led to a significant recovery in A-share financing, with total financing amounting to 1.08 trillion yuan, a 2.7-fold increase from the previous year [2][3] - The Hong Kong IPO market is expected to raise approximately 286.3 billion HKD in 2025, more than doubling from 2024, reclaiming the top position globally [6] - The restructuring of Guotai Junan Securities and Haitong Securities has intensified competition among investment banks, impacting the long-standing dominance of the "Big Four" [7][9] Group 2 - In A-share financing, equity issuance accounted for 82% of the total, with a significant contribution from four state-owned banks that completed 520 billion yuan in capital increases [5] - The IPO financing in A-shares reached 131.77 billion yuan, a 95.6% increase year-on-year, although still less than a quarter of the peak in 2022 [5] - The semiconductor industry led the A-share IPO financing with 23.09 billion yuan, followed by automotive and electrical equipment sectors [5] Group 3 - The competitive landscape for underwriting has shifted, with Guotai Haitong Securities rising to second place in A-share underwriting, while CITIC Securities maintained the top position [8][9] - The top ten A-share underwriters included several firms with significant changes in rankings, highlighting a dynamic market environment [9] - The quality evaluation of investment banking services has become more stringent, with a shift from scale to quality in competition among firms [13][14] Group 4 - The internationalization of the securities industry has been a key trend, with several firms experiencing substantial growth in Hong Kong IPO underwriting [11] - The regulatory environment has tightened, leading to a comprehensive penalty system for investment banking activities, affecting numerous firms and individuals [14]

资金流向方面，申万31个一级行业中有21个行业获融资净买入，其中，非银金融行业获融资净买入额居首，当日净买入37.89亿元；获融资净买入居前的行 业还有电子、国防军工、计算机、电力设备、机械设备等。 个股方面，74只个股获融资净买入额超1亿元。寒武纪获融资净买入额居首，净买入10.44亿元；融资净买入金额居前的还有中国平安、岩山科技、中信证 券、蓝色光标、立讯精密、航天动力、东方明珠、华泰证券、中国太保等。 | 序号 | | | | | | --- | --- | --- | --- | --- | | | 证券代码 = | 证券简称 = | 交易日期 = | 融资净买入额(万元) ◆ | | 1 | 688256.SH | 寒武纪 | 2026-01-08 | 104,435. | | 2 | 601318.SH | 中国平安 | 2026-01-08 | 103,830. | | 3 | 002195.SZ | 岩山科技 | 2026-01-08 | 75,449 | | ব | 600030.SH | 中信证券 | 2026-01-08 | 65,988. | | 5 | 300058.SZ | 蓝色光 ...

Core Viewpoint - The report from Huatai Securities indicates that the industry prosperity index shows initial signs of a turning point in December, corroborated by an unexpected rebound in PMI [1] Sector Summaries - **Upstream Resources and Public Industries**: Significant improvement in the last three months, particularly in sectors such as non-ferrous metals, coal, certain chemical products, paper, and ordinary steel driven by price increases [1] - **TMT (Technology, Media, and Telecommunications)**: Accelerated progress in AI applications, leading to improved conditions in gaming and software, with a positive trend in computing power storage and passive components [1] - **Capital Goods and Intermediate Products**: Improvement noted in sectors like new energy, automation equipment, and engineering machinery, with export orders potentially being advanced due to the later timing of the 2026 Spring Festival [1] - **Consumer Goods**: Recovery observed in dairy products, beer, and livestock sectors [1] - **Infrastructure Chain**: The construction PMI rose above the threshold in December, indicating a recovery in the construction industry [1] - **Independent Prosperity Cycle**: Notable performance in sectors such as military electronics [1] Investment Recommendations - The report suggests continuing to position for the spring market with a balanced allocation between growth and cyclical sectors, recommending a focus on non-ferrous metals, chemicals, military, storage, gaming, new energy (batteries/wind power), and pharmaceuticals at a monthly level [1] - Additionally, short-term thematic investments are favored, with a focus on humanoid robots, brain-machine interfaces, and domestic computing power, considering trading congestion [1]

人民财讯1月9日电，华泰证券认为，步入新的一年，港股创新药迎来开门红。回顾2025年中美创新药走 势，认为港股创新药估值较全球同类产品仍有绝对吸引力，流动性折价是11—12月创新药下跌的主因。 随着流动性修复及对外BD持续，以及JPM峰会、年报周期的BD旺季和数据披露高峰的到来，认为开年 以来的流动性修复有望提振创新药板块β，上涨趋势有望持续。 ...

国联民生证券股份有限公司（以下简称"国联民生证券"）凭借并购重组实现跨越式发展。作为新"国九 条"后首个券商并购重组案例，其资产和业绩指标较"十四五"开局跃升超20个位次，整合后的投行、研 究业务跻身全国前列，IPO申报数量稳居行业前四。 此外，南京证券股份有限公司50亿元定增落地，聚焦投行、财富管理等核心业务加大投入；东海证券股 份有限公司则深化战略转型，强化常州本土服务与资源倾斜，业绩实现大幅增长，形成了多元协同的发 展格局。 "十四五"时期，资本市场改革持续深化，服务实体经济能力稳步提升。作为经济大省的江苏，证券行业 在此期间实现跨越式发展，不仅整体实力迈上新台阶，更累计助力企业实现直接融资超7万亿元，服务 客户规模超3200万户，以特色行业文化践行金融向善理念，为全省经济"走在前、做示范"注入强 劲"证"能量，交出了一份分量十足的发展答卷。 多元协同发展 行业综合实力稳步跃升 《证券日报》记者从江苏证监局获悉，"十四五"期间，江苏法人证券公司总资产逼近1.6万亿元，较"十 三五"末增长62%，净资产增幅较全国平均水平高出20个百分点，累计实现净利润868亿元，服务客户规 模超3200万户。机构布局方面 ...

Core Viewpoint - The brokerage sector experienced a collective decline, with all 43 listed brokerages falling on January 8, indicating a potential correction after a rapid increase in stock prices [1][4]. Group 1: Market Performance - On January 8, the brokerage index dropped by 2.7%, with notable declines including Huayin Securities hitting the daily limit down, Hu'an Securities and Huatai Securities falling over 5%, and several others like Xinyi Securities and Guotai Haitong dropping over 4% [4][5]. - Huayin Securities closed at 16.92 yuan per share, with a trading volume of 4.28%, and a total market capitalization of 45.684 billion yuan [5]. Group 2: Investor Behavior - The trading data showed that Huayin Securities was heavily traded, with a net sell of 205 million yuan, indicating significant investor activity despite the price drop [5][6]. - Major selling came from Guotai Haitong and Aijian Securities, while buying interest was noted from Dongfang Securities and China Galaxy Securities [5][6]. Group 3: Future Outlook - Analysts suggest that the current pullback in the brokerage sector is a normal phenomenon following rapid price increases, with a long-term upward trend expected in a slow bull market [5]. - The brokerage sector is anticipated to see improved performance due to factors such as enhanced industry structure, balanced internal business growth, and increased return on equity (ROE) [8]. - By 2025, the brokerage sector is projected to achieve significant earnings growth, driven by a booming capital market and increased brokerage and credit business performance [8][9].