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 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 | | | 7,307,818,106 | RMB | | 1 RMB | | 7,307,818,106 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 7,307,818,106 | RMB | | 1 RMB | | 7,307,818,106 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | - ...

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。 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公告 一、 通过分配方案的股东会届次和日期 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 (一) 发放年度：2025年半年度 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） 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 | 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 ...

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11月30日 狀態: 新提交 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」) 呈交日期: 2025年12月3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 | | | 7,307,818,106 | RMB | | 1 RMB | | 7,307,818,106 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 7,307,818,106 | RM ...

Market Overview - A-shares opened mixed on December 3, with the Shanghai Composite Index down 0.09%, the Shenzhen Component Index up 0.11%, and the ChiNext Index up 0.25% [1] - Energy metals and cultivated diamonds sectors saw significant gains, while EDA and agricultural planting sectors experienced declines [1] Institutional Insights - CITIC Securities indicated that there is essentially no liquidity gap in December, and risks to the bond market are limited [2] - The 10-year government bond yield has risen to the upper range of 1.75% to 1.85% following adjustments in November, presenting trading opportunities [2] - However, CITIC Securities believes that the potential for year-end market performance may still be limited, suggesting a flexible adjustment of strategies based on marginal changes in the bond market [2] Investment Recommendations - Huatai Securities recommends focusing on three investment lines for the transportation sector by 2026: 1) Aviation: Anticipated improvement in passenger load factors and ticket prices due to supply constraints and demand recovery [3] 2) Oil shipping: Expected increase in oil shipping rates due to OPEC+ production increases and geopolitical factors [3] 3) Alpha stocks: Attractive valuations in leading companies and high-dividend stocks benefiting from increased allocations [3] Company Analysis - CITIC Jiantou highlighted Alibaba Cloud's acceleration in building B-end barriers through its Qwen model and open-source strategy [4] - The company is increasing capital expenditure to meet strong demand for computing power, with cloud revenue continuing to grow significantly [4] - Recommendations include focusing on Alibaba ecosystem players, early revenue realization in Pre-AI sectors, and vertical AI applications [4]

Core Viewpoint - The macro policy has entered a critical window of "tuning - starting" with a GDP growth target expected to remain around 5% until 2026, emphasizing price factors and nominal growth [1] Group 1: Macro Policy Focus - The macro policy is expected to focus on three main lines: firstly, to emphasize "starting well," with a more proactive and timely macro policy [1] - Secondly, there will be a focus on "expanding domestic demand," shifting the consumption drive from goods to service consumption, with a need for stronger real estate policies and a recovery in infrastructure investment [1] - Thirdly, the technology focus will remain unchanged, accelerating the transition between old and new growth drivers [1] Group 2: Market Attention Areas - The strength and direction of policies aimed at stabilizing the real estate market, promoting consumption, and "reducing competition" will be key areas of market attention [1]

人民财讯12月3日电，华泰证券表示，展望2026年，交通运输板块推荐三条主线：1)航空：供给进一步 放缓+需求边际改善，有望从2025年的客座率提升，切换到2026年的票价提升，叠加油/汇走势利好，盈 利具备高弹性。2)油运：受益于OPEC+增产、长航距国家原油出口量增加与地缘扰动，油运运价中枢有 望显著抬升。3)α个股：估值具备吸引力的行业龙头、细分赛道空间广阔的个股、受益于配置盘增加的 高股息个股。 ...

（文章来源：第一财经） 华泰证券研报表示，展望2026年，我们推荐三条主线：1）航空：供给进一步放缓+需求边际改善，有 望从25年的客座率提升，切换到26年的票价提升，叠加油/汇走势利好，盈利具备高弹性。2）油运：受 益于OPEC+增产、长航距国家原油出口量增加与地缘扰动，油运运价中枢有望显著抬升。3）α个股： 估值具备吸引力的行业龙头、细分赛道空间广阔的个股、受益于配置盘增加的高股息个股。 ...

华泰证券研报称，11月市场风险偏好中枢继续回落，当前全A ERP位于过去滚动5年均值附近，高股息 板块整体表现仍相对走强，其中银行、石油石化本月表现相对较优。展望12月，我们认为伴随着市场风 险偏好或有修复，海外美债长端利率及美元指数回落，对立资产前期调整或较为充分，高股息板块配置 价值较11月边际回落，配置上继续建议关注"反内卷"相关周期型高股息及部分潜力型高股息品种。 ...

华泰证券研报称，交运三条投资主线：航空、油运、α个股。展望2026年，我们推荐三条主线：1）航 空：供给进一步放缓+需求边际改善，有望从25年的客座率提升，切换到26年的票价提升，叠加油/汇走 势利好，盈利具备高弹性。2）油运：受益于OPEC+增产、长航距国家原油出口量增加与地缘扰动，油 运运价中枢有望显著抬升。3）α个股：估值具备吸引力的行业龙头、细分赛道空间广阔的个股、受益 于配置盘增加的高股息个股。 ...

Core Viewpoint - The report from Huatai Securities indicates an expectation of increased new RMB loans and social financing in November compared to the same period last year, despite weak demand for real economy financing [1] Group 1: New RMB Loans - It is anticipated that new RMB loans will reach approximately 600 billion yuan in November, showing a year-on-year increase compared to the same month last year [1] - The year-on-year growth rate of new RMB loans is expected to remain steady at 6.5%, consistent with October's figures [1] Group 2: Social Financing - New social financing is projected to be around 2.33 trillion yuan in November, also reflecting a year-on-year increase [1] - The stock of social financing is expected to maintain a year-on-year growth rate of 8.5%, unchanged from October [1] Group 3: M2 Growth - M2 is expected to rise to a year-on-year growth rate of 8.4%, up from 8.2% in October [1] Group 4: Government Bond Issuance - The pace of government bond issuance is expected to moderately decline, with an estimated issuance scale of about 1.1 trillion yuan, which is a decrease of 208.9 billion yuan year-on-year [1] Group 5: Policy and Economic Impact - Despite a continued accommodative policy stance, the demand for real economy financing remains weak [1] - As of the end of October, 500 billion yuan of policy financial tools have been fully deployed, with the impact on infrastructure and key projects expected to gradually manifest in the fourth quarter and early next year, providing ongoing support for credit and social financing [1]