证券代码：601688 证券简称：华泰证券 公告编号：临 2025-074 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 0.66 | | 担保对象 | 实际为其提供的担保余额 | | | 13.47 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 | | 435.21 | | | 元） | | | | | 对外担保总额占上市公司最近一期经审计净资产 ...

Market Overview - A-shares showed a rebound with the ChiNext Index rising over 1% and the Hang Seng Technology Index also increasing by more than 1% [1] - The Shanghai Composite Index closed slightly up by 0.04% at 3879.52 points, while the Shenzhen Component rose by 0.35% and the ChiNext Index increased by 0.76% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 10,403 billion [1] Robotics Sector - The robotics sector experienced a significant surge, with stocks like Haichang New Materials and Hwa Wo股份 hitting the daily limit, and Jiangsu Leili rising over 10% [3][5] - The U.S. government is reportedly accelerating the development of robotics technology, with plans for an executive order and the establishment of a robotics working group [4][5] - Tesla's Optimus team is advancing its humanoid robot production, with plans for mass production by the end of 2026, which may benefit domestic suppliers [5][6] Brokerage Sector - The brokerage sector saw a notable rise, with Changcheng Securities increasing over 4% and other firms like Xiangcai Securities and Huatai Securities also gaining [2] - The industry is expected to undergo significant changes due to supply-side reforms and a shift towards a more concentrated market structure, with a focus on high-quality development [2] - Current valuations of brokerages are considered reasonable but still low compared to the potential for growth in profitability and valuation driven by policy and internal growth [2] Commercial Aerospace Sector - The commercial aerospace sector became active again, with stocks like Aerospace Hanyu and Zhaobiao股份 rising over 10% [6] - The establishment of a dedicated Commercial Aerospace Department by the National Space Administration indicates a push for high-quality development in this industry [6][7] - The recent issuance of a plan for the commercial aerospace sector aims for significant growth and improved governance by 2027, enhancing the overall ecosystem [6][7]

(一) 发放年度：2025年半年度 (二) 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体A股股东。 证券代码：601688 证券简称：华泰证券 公告编号：临2025-073 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： ● 每股分配比例 A股每股现金红利人民币0.15元（含税） 本次利润分配方案经华泰证券股份有限公司（以下简称"公司"）2025年10月17日的2025年第一次临时股 东大会审议通过。 二、 分配方案 本公司H股股东的分红派息实施不适用本公告，具体安排详见公司于2025年10月17日在香港交易及结算 所有限公司披露易网站（https://www.hkexnews.hk）及公司网站（https://www.htsc.com.cn）发布的公 告。 (三) 分配方案： 公司2025年中期利润分配以方案实施前的公司总股本9,026,863,786股为基数，每股派发现金红利人民币 0.15元（含税），共 ...

Core Viewpoint - The article discusses a significant reshuffling of senior management in the futures industry, driven by industry transformation and the need for enhanced professional capabilities among executives [1][5]. Group 1: Management Changes - A total of 39 executives from various futures companies have passed the professional capability assessment, including 23 from the board level, 9 from the management level, and 7 chief risk officers [5]. - Notable changes include the appointment of Liu Jinping as the proposed chairman of Xingzheng Futures, who has extensive experience in wealth management and derivatives [5][6]. - Li Degang is set to become the general manager of COFCO Futures, bringing over 20 years of experience within COFCO Group, focusing on enhancing service capabilities [5][6]. - Zhou Fengzhu, previously the deputy general manager of Hongta Futures, has been promoted to general manager, while Song Qi is proposed as the general manager of Guoyuan Futures, having previously led strategic planning in credit business [6][7]. Group 2: Industry Context - The restructuring of management is seen as a response to the increasing complexity and competitiveness of the futures market, with a focus on improving the professionalization of management teams [9]. - Despite a decline in revenue and profit for October, the futures industry has shown growth in cumulative revenue and profit for the year, indicating resilience and potential for future development [8][9]. - The futures industry's equity scale has surpassed 2 trillion, and the ongoing evolution of the financial derivatives system suggests that such management changes will continue for the foreseeable future [9].

Core Insights - The report emphasizes the recovery of the securities industry in 2025, with a significant increase in profits driven by self-operated businesses, and anticipates continued growth in 2026 due to favorable policies and market conditions [6][15][26]. Section Summaries 1. 2025 Review: Recovery Begins - The securities industry saw a substantial improvement in profitability, with 43 listed brokers achieving a net profit of CNY 1,692.54 billion in the first three quarters of 2025, a year-on-year increase of 63.44% [15]. - The overall revenue for the same period reached CNY 4,216.23 billion, reflecting a 12.85% increase year-on-year [15]. - The recovery is supported by strong performance in brokerage and proprietary trading, with brokerage net income rising by 68% [18]. 2. Incremental Catalysts Expected, Performance Continues to Improve - The "14th Five-Year Plan" outlines a strategic direction for high-quality development in the financial sector, emphasizing the importance of a robust capital market [33]. - There is significant potential for increased market participation from institutional investors and retail investors, as the wealth effect from the capital market is expected to drive demand expansion [44][48]. 3. Comprehensive Performance Recovery, Growth Potential in Light Asset Businesses - The wealth management sector is recovering, with public funds showing high-quality development and increased market activity [18]. - Investment banking activities are also rebounding, particularly in the dual innovation sector, with IPOs and underwriting volumes expected to rise [18]. 4. Industry Structure Optimization: Building a First-Class Investment Bank - The report highlights the acceleration of mergers among leading brokers and the internationalization of Chinese brokers as key strategies for building a first-class investment bank [6][39]. - The integration of mergers and international expansion is seen as crucial for enhancing the competitive landscape of the industry [6][39]. 5. Profit Forecast: Continued ROE Improvement in 2026 - The report predicts that the return on equity (ROE) for the industry will continue to improve, with a projected net profit growth of 13% year-on-year under neutral assumptions for 2026 [6][39]. 6. Investment Recommendations: Focus on Structural Optimization and Alpha Catalysts - Investors are advised to pay attention to brokers benefiting from structural optimization and the recovery of wealth management, such as China International Capital Corporation, Huatai Securities, and CITIC Securities [6][39].

Group 1 - A-shares opened slightly higher with the Shanghai Composite Index up 0.04%, Shenzhen Component Index up 0.02%, and ChiNext Index up 0.01% [1] - Sectors such as robotics and non-ferrous metals showed strong performance [1] Group 2 - CITIC Securities highlighted strong investment enthusiasm in energy storage, with planned investment projects in Inner Mongolia expected to double compared to this year [2] - The demand for energy storage is expected to continue growing due to high load growth and the ongoing development of renewable energy [2] - Battery materials, including cathodes, anodes, electrolytes, and separators, are anticipated to see sustained price increases, with a positive outlook for battery and integration segments [2] Group 3 - Tianfeng Securities noted strong bottom-line support for the cement industry, with over 85% of clinker lines in northern provinces currently offline due to winter production restrictions [3] - The cement industry is expected to see a significant reduction in production capacity, with a total of 5,250 million tons of new capacity being added and 8,359 million tons of capacity being exited by November [3] - The effects of production capacity governance in the cement sector are expected to become evident by 2026 [3] Group 4 - Huatai Securities projected a steady recovery in domestic demand, driven by ongoing consumption policies and structural growth opportunities in the consumer sector [4] - The report emphasized four key investment themes for 2026: the rise of domestic brands, technology-driven consumption, emotional consumption, and undervalued high-dividend blue-chip leaders [4] - New consumer segments such as trendy toys, beauty and personal care, and ready-to-drink beverages are expected to emerge as strong growth areas [4]

Market Overview - The market experienced fluctuations yesterday, with the Shanghai and Shenzhen stock exchanges recording a trading volume of 1.67 trillion yuan, an increase of 76.5 billion yuan compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index fell by 0.51%, the Shenzhen Component Index decreased by 0.78%, and the ChiNext Index dropped by 1.12% [1] Investment Insights Storage Demand and Battery Materials - CITIC Securities highlighted that the investment enthusiasm for energy storage is extremely high, with planned investment projects in Inner Mongolia doubling compared to this year [2] - The demand for energy storage is expected to continue growing due to high load growth and the ongoing development of renewable energy [2] - Battery materials, including positive and negative electrodes, electrolytes, and separators, are anticipated to see sustained price increases, with a positive outlook for the battery and integration sectors [2] Cement Industry Outlook - Tianfeng Securities noted that most provinces in northern China have begun staggered production during the heating season, with over 85% of clinker lines currently offline [3] - The short-term profitability support for the cement industry remains strong, with plans for production halts in December, particularly in the Yangtze River Delta region [3] - By 2025, leading companies are expected to address overproduction capacity, with a total of 52.5 million tons of new capacity planned and 83.59 million tons of capacity to be exited [3] Consumer Market Trends - Huatai Securities projected that consumer demand is likely to continue its steady recovery into 2026, driven by ongoing consumption policies [4] - The report emphasized the emergence of new consumption sectors, including trendy toys, beauty products, and ready-to-drink beverages, which are expected to produce leading companies [4] - Four key investment themes were identified: the rise of domestic brands, technology-driven consumption, emotional consumption, and undervalued high-dividend blue-chip stocks [4]

华泰证券研报表示，2025年，新旧消费延续分化表现，"人货场"的变革与科技进步，正推动消费行业的 快速迭代创新与结构性成长机会，潮玩IP、美妆个护、现制饮品等新消费赛道涌现一批优秀龙头。展望 2026年，我们认为促消费政策持续发力有望激发供需潜力，内需有望延续稳健复苏态势，行业延续景气 分化，龙头凭借领先与创新优势，以及整合能力实现持续成长。立足行业变革，我们建议聚焦四大投资 主线：1）国货崛起：关注潮玩、美护、黄金珠宝等国货品牌，在海内外市场均演绎竞争新格局；2） AI赋能下的科技消费：重视技术与产品创新带来的科技消费企业智能产品渗透率快速提升红利；3）情 绪消费：供需变化仍在演绎，关注服务消费、现制饮品、宠物、新型烟草等龙头成长势能；4）低估值 高股息白马龙头：攻守兼备，关注边际修复机遇。 ...

北京商报讯（记者 刘宇阳）12月3日，华泰证券发布2025年半年度A股权益分派实施公告。公告显示，华泰证 券2025年中期利润分配以方案实施前的公司总股本90.27亿股为基数，每股派发现金红利0.15元（含税），共 计派发现金红利13.54亿元（含税），其中A股普通股股份数为73.08亿股，本次派发A股现金红利10.96亿元 （含税）。此次分配的股权登记目为12月11日，现金红利发放日为12月12日。 证券代码:601688 证券简称:华泰证券 公告编号:临 2025-073 华泰证券股份有限公司2025年半年度A股权益分派实施公告 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。 A 股每股现金红利人民币0.15元(含税) ● 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 现金红利发放日 | | --- | --- | --- | --- | | A 股 | 2025/12/11 | | 2025/12/12 2025/12/12 | ● 差异化分红送转:否 本公司 H 股股东的分红派息实施不适用本 ...

Group 1 - The core point of the article is that Huatai Securities has announced the issuance of its eighth phase of corporate bonds aimed at professional investors, with specific details regarding interest payments and maturity dates [1] - The bonds will start paying interest on December 12, 2025, covering the period from December 12, 2024, to December 11, 2025 [1] - The coupon rate for this bond issue is set at 3.35%, with a principal repayment of RMB 1,000 per bond and an interest distribution of RMB 33.50 (including tax) [1]