证券代码：601688 证券简称：华泰证券 公告编号：临 2025-072 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 | | | 万美元 2580 | | 担保对象 | 实际为其提供的担保余额 | | | 12.81 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 | | 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 | | 430.54 | | | 元） | | | | | 对外担保总额占上市公司最近一期经审计净资产的比例（%） ...

Core Insights - The recent "AI stock trading competition" highlighted the limitations of general AI models in financial markets, with Chinese models being the only profitable ones while US models faced significant losses [1] - The industry is now questioning what type of AI is truly needed for finance, leading to the launch of the AI-native trading app "AI Zhangle" by Huatai Securities, which fundamentally redefines the service logic of trading applications [2][3] Group 1: Transition from Experimentation to Usability - General AI models are not designed for financial markets, as they struggle to differentiate between belief and fact, which can lead to investment losses [4] - The limitations of general models necessitate a specialized AI system in finance, which Huatai Securities is developing in collaboration with partners like Volcano Engine [4][5] - The AI system comprises four key layers: professional data sources, analytical frameworks, compliance and control, and engineering capabilities [5][6][7] Group 2: Features of AI Zhangle - AI Zhangle is not just an enhanced app but a complete reconfiguration of the trading experience, allowing users to interact with AI to express their intentions rather than searching for functions [8] - The app transforms information handling from a collection model to a filtering model, where AI helps users understand and decide what information to present [9] - AI Zhangle integrates trading processes such as stock selection, monitoring, conditional orders, and voice-assisted trading, creating a seamless experience from intention to execution [13][15] Group 3: Technical Support and Infrastructure - The app relies on a robust technical foundation provided by Volcano Engine, ensuring data security and compliance while maintaining high service reliability [19] - AI Zhangle utilizes a cluster of models rather than a single model, ensuring accuracy in investment analysis and the ability to process fragmented information effectively [20] - The collaboration between Huatai Securities and Volcano Engine serves as a strategic partnership to tackle industry challenges and enhance product capabilities [20] Group 4: Industry Implications and Future Outlook - The launch of AI Zhangle represents a significant step towards the integration of AI in the financial sector, with predictions that by 2026, multiple large brokerages will introduce their own AI-driven apps [21] - Different types of brokerages are expected to follow varied paths in AI adoption, with large firms focusing on self-developed models and smaller firms leveraging AI technology providers for cost-effective solutions [22][23] - The competition in the securities industry is shifting from traditional metrics to a focus on data, algorithms, and computational power, marking a new era of AI-driven competition [23]

Core Viewpoint - The approval process for public fund licenses has faced significant setbacks, with several asset management companies withdrawing their applications, leading to a complete failure for the group of broker asset management subsidiaries seeking public licenses [2][4]. Group 1: Policy Changes and Market Reactions - In May 2022, the China Securities Regulatory Commission (CSRC) announced a policy to relax the restrictions on public fund licenses, allowing broker asset management subsidiaries to apply for public licenses [1]. - By 2023, several broker asset management companies, including招商资管, 兴证资管, and others, began applying for public licenses, indicating a positive market response to the new policy [1]. - However, by late 2023, major applicants like广发资管 and光证资管 withdrew their applications, leaving only国金资管 in the running, which subsequently also withdrew, resulting in a total failure for the group [2][4]. Group 2: Industry Dynamics and Competition - The withdrawal of applications reflects a reassessment of the cost-benefit ratio by asset management firms amid stricter regulations and intense competition in the public fund industry [4]. - The "Matthew Effect" is evident in the public fund sector, where the top ten fund managers control 41.31% of the total market size, indicating a trend where resources are increasingly concentrated among the most competitive firms [4]. - The competitive landscape is further complicated by the presence of over 160 public fund management entities, making it challenging for new entrants to differentiate themselves and survive [6]. Group 3: Financial Performance of Asset Management Firms - As of September 2025, the top ten public fund managers had a combined net asset value of 15.06 trillion yuan, with significant increases in their market share [4]. - Financial data shows that华泰证券资管 leads in profitability with a net profit of 8.82 billion yuan, while中银证券 follows closely with a net profit of 9.06 billion yuan, highlighting the financial strength of these firms [9][10]. - Smaller firms are struggling, with many experiencing high turnover rates among experienced fund managers, indicating a challenging environment for mid-sized asset management companies [5][6]. Group 4: Future Outlook - The public fund license is seen as a critical pivot for brokerages transitioning from private to public fund management, enhancing their fundraising capabilities and product offerings [11]. - Even without public licenses, broker asset management firms may continue to leverage their strengths in fixed income and quantitative strategies, focusing on niche markets for differentiation [12].

Core Viewpoint - Jerry Holdings is a leading global high-end equipment manufacturer and technology service provider, recently signing a sales contract for generator sets worth over $100 million with a global AI industry giant, marking a significant breakthrough in the North American high-end power market [1] Company Summary - Jerry Holdings' subsidiary, Jerry Mind Electric Energy Group, has successfully entered the North American data center sector with its modular and intelligent power generation solutions [1] - The company has received high praise from owners in drilling, natural gas equipment, and solutions sectors globally [1] Industry Summary - According to the U.S. Department of Energy's report, U.S. data centers consumed 176 TWh of electricity in 2023, accounting for 4.4% of the total electricity demand in the U.S. [1] - It is projected that electricity demand from U.S. data centers will increase to between 325-580 TWh by 2028, with a CAGR of 13%-27% from 2024 to 2028 [1] - The company's performance is expected to grow rapidly driven by three key segments: fracturing equipment, natural gas equipment, and power generation equipment [1]

截至午间收盘，创业板成长指数下跌0.7%，创业板指数下跌0.9%，创业板中盘200指数下跌1.2%。 华泰证券表示，展望后市，12月有望迎来基本面预期及宏观流动性改善、政策及产业主题催化以及筹码压力消化的先后落地，春季躁动或提前启动。成长方 向关注航空装备以及AI链相关的储能、电网及电源设备。 注1:"该指数"指各上述基金产品具体跟踪的指数。数据来自Wind,指数涨跌幅截至2025年12月2日: 净利润,该估值指标和企业盈利紧密相关,适用于盈利相对稳定且受周期影响较小的行业。估值分位打 发布日至2025年12月1日。创业板指数2010年6月1日发布,创业板中盘200指数2023年11月15日发布, ft 注2:银行、互联网平台等相关销售机构提供可场外投资的ETF联接基金。 注3: 低费率产品,其管理费率0.15%/年,托管费率0.05%/年。 注4:基金有风险,投资须谨慎,详阅基金法律文件及交易所、结算公司等相关业务规则。 反映创业板市场中盘代表性公 司的整体表现,信息技术行业 占比超40% 创业板成长ETF易方达 跟踪创业板成长指数 该指数由创业板中成长风格突 出、业绩增长较高、预期盈利 较好、流动性好的5 ...

Group 1 - The Securities Social Media Index (SMI) for October 2025 shows significant changes, with the top three positions held by CITIC Securities, Dongfang Caifu, and Huatai Securities, indicating a stable trend among leading firms [1] - New entrants to the list include Zhongyuan Securities, CITIC Construction Securities, Ping An Securities, and AVIC Securities, while First Capital Securities, Dongwu Securities, Hu'an Securities, and Pacific Securities dropped out of the rankings [1] - The popularity of content on Douyin reflects a trend driven by hot topics, with the top post from Dongfang Caifu gaining 13,000 likes by leveraging keywords like "earn 1.4 billion," "Trump," and "virtual currency" [1] Group 2 - The video content from brokerage firms focuses on lightweight interpretations of investor education, with high information density being well-received; CITIC Securities' 10-second animation on wealth management garnered 11,000 likes [2] - Guangfa Securities' two-minute explanation of the logic and impact behind rare earth material export controls received over 6,000 likes, indicating strong user engagement with educational content [2] - The WeChat public accounts primarily feature important market news and analysis, reflecting the demand for timely information among users [2]

Core Viewpoint - The report from Huatai Securities indicates that the increasing fragmentation of the global financial and trade systems is driving a long-term demand for diversification of foreign exchange reserves, which is expected to support rising gold prices [1] Group 1: Gold Market Insights - As of June 2025, gold is projected to account for approximately 21.4% of reserve assets [1] - If the proportion of gold in central bank reserves returns to the historical median level of 34%, global central banks may continue to increase their gold holdings until 2035 [1] - The anticipated decline in real interest rates in the U.S. by 2026, coupled with a weakening dollar, is expected to further boost gold prices [1] Group 2: Price Projections - Gold prices are expected to rise to over $4,800 per ounce by 2026 [1] - The economic recovery phase characterized by monetary easing is likely to trigger a convergence in the gold-silver ratio, with silver prices potentially outperforming gold in 2026 [1]

这一变更并非毫无征兆，早在今年10月24日，华泰证券就已公告：赵昌涛由华泰期货总经理升任董事长，原董事长胡智到龄退休。与此同时，"华泰系"投资 管理条线在一周内连换三位高管：华泰证券资管董事长崔春卸任，由总经理江晓阳代任；几天后，崔春又跨子公司出任华泰柏瑞基金总经理；华泰期货则是 董事长更替、总经理位置预留。 12月1日，华泰证券（601688）发布公告称，其全资子公司华泰期货召开第六届董事会第八次会议，聘任周而立为总经理，董事长赵昌涛不再兼任总经理职 务。 公开信息显示，周而立担任华泰联合证券监事会主席，并在华泰长城资本管理等子公司任董事，属于"华泰系"内部成长起来的中高层骨干。2019年的一 场"投资策略暨股指期货风险管理报告会"报道显示，他当时的身份是"华泰证券北京分公司总经理"，代表华泰在北京地区重要机构与高净值客户市场对外发 言。今年8月26日，中国期货业协会公布新一期高管专业能力测试合格名单，周而立以"华泰期货有限公司总经理"的职务出现，这也被视为华泰期货高管任 职的信号。 从行业水平来看，2025年上半年期货交易所官网会员成交排名数据统计显示，华泰期货以总成交量2.06亿手位列第四名，同比增加3 ...

Group 1 - The core viewpoint of the report is that global copper supply and demand are expected to shift from surplus to shortage by 2026, leading to a potential increase in copper prices, with average prices and peaks likely to exceed $11,000 and $12,000 per ton respectively [1][2] Group 2 - On the supply side, extreme weather events, human-induced disasters, and escalating geopolitical factors are anticipated to significantly disrupt global copper production, with 2025's production forecast being revised down to a year-on-year increase of only 12,000 tons, compared to a previous estimate of 141,000 tons [1] - The report predicts that if disruptive events continue, the copper supply increment for 2026 will remain limited, despite high copper prices potentially stimulating rapid growth in recycled copper production [1] Group 3 - On the demand side, the electricity sector is identified as a key driver for copper demand growth in 2026, with projected global demand increment and growth rate of 770,000 tons and 2.97% respectively [2] - The overall expectation is that the combination of global economic recovery, rising inflation, and widespread fiscal and monetary easing will contribute to the continued increase in copper prices [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Financials, specifically focusing on manufacturing and infrastructure investments in China [1][5][7] Core Insights and Arguments - **Manufacturing FAI Growth**: There has been a notable slowdown in manufacturing Fixed Asset Investment (FAI) growth, dropping to 2.7% year-over-year (yoy) from 4.0% yoy in the previous month, indicating steady progress on capital expenditure (capex) slowdown [7] - **Liability Growth**: Total liability growth for industrial firms moderated to 5.0% yoy, while manufacturing firms saw a slight increase to 5.9% yoy. This moderation is expected to lead to more rational capacity expansion [2][7] - **Revenue Decline**: Manufacturing revenue declined by 4.3% yoy, attributed to lower production levels due to overcapacity control efforts. The Value-Added Industrial (VAI) growth also slowed to 4.9% yoy from 6.5% yoy in September [3][10] - **Profit Growth**: Manufacturing profit growth moderated to 7.7% yoy from 9.9% yoy in September, influenced by higher financing costs and lower production [10] Future Outlook - **Infrastructure Investment**: A potential increase in infrastructure investments, supported by a new RMB 500 billion fund from the China Development Bank, is expected to bolster demand in 2026 and aid in the digestion of overcapacity risks [8][3] - **Sector Performance**: 77.1% of sectors experienced a slowdown in capex in October 2025 compared to the first half of 2025, while 39.3% of sectors showed profit improvement [9][7] Additional Important Information - **PPI Trends**: The Producer Price Index (PPI) rebounded month-over-month for the first time since December 2024, with the year-over-year decline narrowing to 2.1% [7] - **Investment Sentiment**: The overall sentiment towards the China Financials sector remains attractive, with ongoing efforts in financial tightening contributing to anti-involution measures [5][4] This summary encapsulates the critical insights from the conference call, highlighting the current state and future expectations of the manufacturing and financial sectors in China.