12月5日，华泰证券研报称，10月后，虽然美元指数有所反弹，但人民币兑美元汇率总体走强。12月3 日，离岸人民币盘中突破7.06，达到14个月高点。近期，离岸人民币汇率表现强于中间价和在岸汇率， 显示市场对人民币升值的预期升温。 华泰证券认为，随着近期美联储降息预期的下修基本到位，叠加我国出口增长保持强劲等因素，春节前 结汇高峰来临，人民币升值有望渐入佳境。维持2026年底美元兑人民币汇率6.82的预测。 ...

Group 1 - The announcement states that Huatai Securities will begin selling certain funds managed by Shangyin Fund Management Co., Ltd. starting from December 5, 2025 [1][2] - The specific funds available for sale will be determined in accordance with the fund contracts, prospectuses, and related business announcements [1] - Investors can consult for more details through Huatai Securities' website and customer service, as well as Shangyin Fund Management's website and customer service [1] Group 2 - The announcement emphasizes that the fund management company commits to managing and utilizing fund assets with honesty and diligence, but does not guarantee profits or minimum returns [1] - Investors are reminded to carefully read legal documents such as fund contracts and prospectuses to understand the risk-return characteristics and product features before making investment decisions [1]

（文章来源：第一财经） 华泰证券指出，从资本流动季节性判断，春节前结汇或将推动人民币升值加速。近期，外汇流入有所加 速，升值预期和市场表现形成正循环，带动出口商结汇比例低位回升、及资本项下流入回暖。随着5月 中旬中美关税降级，今年2季度以来银行代客结售汇顺差明显扩大，主要由货物贸易及证券投资项下净 结汇上升驱动。临近春节，出口商通常需要结汇来支付员工奖金，出口结汇比例有望进一步低位回升。 ...

华泰证券指出，10月后，虽然美元指数有所反弹，但人民币兑美元汇率总体走强。12月3日，离岸人民 币盘中突破7.06，达到14个月高点。近期，离岸人民币汇率表现强于中间价和在岸汇率，显示市场对人 民币升值的预期升温。今年5-6月后，市场对人民币汇率的预期走过磨底、蓄势、温和修复的过程，目 前人民币升值作为一个在年初"反共识"的观点，已经渐渐变成部分市场人士的共识。随着近期美联储降 息预期的下修基本到位，中国表观经济数据短期走弱的迷雾逐渐消散，出口增长保持强劲，春节前结汇 高峰来临，人民币升值有望渐入佳境。我们维持2026年底美元兑人民币汇率6.82的预测。虽然短期走势 仍有不确定性，尤其美联储和日央行下周的决策仍有悬念，但这一预测隐含的路径假设是人民币临 近"破7"。 ...

Group 1 - The core point of the article is that the wave of securities firms applying for public fund licenses has come to an end, with all applications withdrawn by November 28, 2025, marking the conclusion of this "application frenzy" [1] - The approval process for public fund licenses was initially stimulated by the implementation of the "Supervision and Administration Measures for Publicly Raised Securities Investment Fund Managers" in May 2022, which relaxed restrictions on the number of licenses held by the same entity [1][2] - In 2023, there was a peak in applications, with six securities firms submitting requests, but by late 2023, all applicants had withdrawn their applications, indicating a complete retreat from the public fund license pursuit [1][2] Group 2 - The shift away from seeking public fund licenses is attributed to the recognition that securities asset management firms can pursue alternative paths beyond public fund licenses, focusing on differentiation and collaboration as key strategies [2] - Securities asset management firms are expected to concentrate on high-net-worth clients and non-bank institutions, utilizing various financial instruments such as ABS, REITs, and quantitative tools to develop multi-asset and multi-strategy businesses [2] - The unique advantage of securities asset management firms lies in their "securities firm gene," which can be transformed into sustainable productivity through collaboration across the entire business chain [2] Group 3 - Currently, 14 securities firms or their asset management subsidiaries hold public fund licenses, but most of them are considered "mid-tier" or "lower-tier" in terms of asset management scale [3] - According to Wind data, only Dongfanghong Asset Management has over 200 billion in managed assets, while most firms manage around 100 billion, ranking between 60th and 100th in the industry [3] Group 4 - The financial performance of 12 securities asset management firms in the first half of the year shows mixed results, with nine firms reporting year-on-year revenue growth [4][5] - Notably, Xingsheng Asset Management led with over 40% revenue growth, while Huatai Securities Asset Management achieved the highest net profit of 713 million [5] Group 5 - The retreat from public fund license applications reflects a reassessment by securities firms regarding the public fund sector, shifting from impulsive expansion to a more calculated cost-benefit analysis [6] - For those already in the market, the challenge lies in finding differentiated development paths to transition from merely holding a license to achieving genuine profitability in a competitive environment [6]

华泰证券(06886)发布公告，本公司境外全资子公司华泰国际金融控股有限公司(华泰国际)的附属公司华 泰国际财务有限公司(华泰国际财务)于2020年10月27日设立本金总额最高为30亿美元(或等值其他货币) 的境外中期票据计划，此中票计划由华泰国际提供担保(以下简称"本次担保")。2025年12月3日，华泰 国际财务在上述中票计划下发行一笔中期票据，发行金额为0.66亿美元。 按2025年11月28日美元兑人民币汇率(1美元=7.0789元人民币)折算，担保金额共计为人民币4.67亿元。 ...

按2025年11月28日美元兑人民币汇率(1美元=7.0789元人民币)折算，担保金额共计为人民币4.67亿元。 智通财经APP讯，华泰证券(06886)发布公告，本公司境外全资子公司华泰国际金融控股有限公司(华泰 国际)的附属公司华泰国际财务有限公司(华泰国际财务)于2020年10月27日设立本金总额最高为30亿美元 (或等值其他货币)的境外中期票据计划，此中票计划由华泰国际提供担保(以下简称"本次担保")。2025 年12月3日，华泰国际财务在上述中票计划下发行一笔中期票据，发行金额为0.66亿美元。 ...

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關於間接全 資子公司根據中期票據計劃進行發行並由全資子公司提供擔保的公告》，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 ...

来源：环球总财 #港股IPO##资本市场# 【#港股IPO募资2600亿，引爆全球资本市场#】 临近岁末，香港首次公开募股（IPO）市场的火热势头丝毫未减，行业普遍预期这股强劲活力将至少延续至2026年。 数据显示，今年前11个月，港股市场共有91家企业成功上市，得益于一系列大型IPO项目的驱动，合计募集资金高达 2598.89亿港元。这一数字不仅标志着港交所时隔四年，IPO筹资额再度突破2000亿港元大关，更使其一举超越全球其 他交易所，登顶2025年全球IPO募资额榜首，创下历史新高度。其中，宁德时代、紫金黄金国际、三一重工和赛力斯 等巨头均跻身今年全球十大IPO项目之列。 在这场资本盛宴中，中资券商的角色愈发举足轻重，已然占据港股IPO承销市场的主导地位。今年以来，共有38家保 荐机构参与香港新股发行，其中超过半数为中资背景。中金公司、中信证券和华泰证券强势占据承销榜单前三名，其 保荐项目数量显著领先于传统外资大行，重塑了市场格局。 五大特征勾勒市场全貌，巨量IPO与万倍认购同现 其次，从发行节奏看，港股IPO呈现明显的季节性特征，每年3月至6月及9月至11月为传统发行旺季，这两个时间段上 市的企业合计 ...

Group 1: Market Outlook - Morgan Stanley has raised its target for the CSI 300 index to 4840 points by December 2026, indicating a renewed interest in Chinese assets as a growth market [1] - Barclays Bank remains optimistic about global and European stock markets, forecasting an 8% increase in earnings per share in Europe next year, supported by robust fundamentals and anticipated monetary easing [3] - Nomura Securities predicts that the MSCI Asia (excluding Japan) index will achieve returns in the double digits by 2026, driven by strong earnings forecasts and supportive macro trends [8] Group 2: Commodity Price Predictions - Goldman Sachs expresses caution regarding copper prices, stating that the recent surge above $11,000 per ton lacks fundamental support and is primarily based on future supply tightness expectations [2] - Fitch Ratings has downgraded short- to medium-term oil price forecasts due to significant supply surplus, while raising European natural gas price predictions to $9 per cubic meter for 2026 [4] Group 3: Sector-Specific Insights - Deutsche Bank highlights that the global AI investment theme is favorable for Asia, although ongoing debates about valuation and ownership may increase market volatility [6] - Citic Securities emphasizes the ongoing growth of the AI industry, noting that overseas markets are ahead of domestic ones in terms of technological progress and market space [9] - Citic Securities also expects mainstream storage and niche storage prices to continue rising in the first half of 2026 due to high visibility of shortages [10] Group 4: Consumer Trends - Huatai Securities identifies four key investment themes for 2026, including the rise of domestic brands, AI-enabled technology consumption, emotional consumption trends, and undervalued high-dividend blue-chip stocks [11][14] - Open Source Securities points out the changing dynamics in the gold and jewelry industry, suggesting a focus on high-end and fashionable gold brands due to the rise of emotional consumption [12] Group 5: Industry Developments - Open Source Securities notes that the wind power industry is expected to see profit recovery due to stable domestic demand and improved bidding rules, with a projected increase in prices for wind turbine components [13] - Citic Securities reports that MDI and TDI prices are on the rise due to supply tightening, benefiting leading companies with strong cost control and technology advantages [15] - Galaxy Securities anticipates that leading companies in the express delivery sector will see their market share stabilize and performance potential increase due to the optimization of industry competition [16]