证券代码：601688 证券简称：华泰证券 公告编号：临2026-017 华泰证券股份有限公司关于根据一般性授权 发行 H 股可转换债券的公告 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： 公司拟根据一般性授权发行可转换为本公司 H 股股份的债券， 不涉及本公司 A 股发行。 2026 年 2 月 3 日（H 股交易时段前），华泰证券股份有限公司（以 下简称"本公司"或"公司"）根据一般性授权与经办人签订了 H 股 可转换债券认购协议，公司拟发行本金总金额 10,000 百万港元的可 转换为公司 H 股股份的债券（以下简称"本次发行"）。 本次发行系根据公司 2026 年第一次临时股东会审议通过的《关 于建议股东会授予董事会发行股份一般性授权的议案》实施，公司股 东会已授予董事会关于发行股份（包括但不限于普通股、可转换为股 份的证券）的一般性授权（包括授权董事会订立协议、于相关期间作 出或授予可能须于相关期间届满后，行使该等权力的售股建议、协议、 购股权及交换或转换股份的权力），新增发行股份（包括但不限于普 ...

Core Viewpoint - Huatai Securities (601688)(06886) plans to issue zero-coupon convertible bonds with a total principal amount of HKD 10 billion, maturing in 2027, to support its overseas business development and supplement other operational funds [1] Group 1 - The bonds can be converted into H-shares under specified terms and conditions, with an initial conversion price set at HKD 19.70 per H-share, subject to adjustments [1] - The net proceeds from the bond issuance are expected to be approximately HKD 9.9247 billion [1]

中访网数据 华泰证券股份有限公司于2026年2月2日以通讯方式召开了第七届董事会第二次会议。会议 审议并通过了关于根据一般性授权发行H股可转换债券的议案。该议案获得全体与会董事的一致赞成。 本次董事会会议的通知及议案于2026年1月31日发出，会议同时通过了豁免本次会议通知时限要求的议 案。此次发行H股可转换债券的决议，标志着华泰证券在利用境外资本市场进行融资方面迈出了关键一 步，相关后续进展将对公司资本结构及业务发展产生影响。 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2026-016 华泰证券股份有限公司 第七届董事会第二次会议决议公告 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。 一、董事会会议召开情况 华泰证券股份有限公司（以下简称"公司"）第七届董事会第二次 会议通知及议案于 2026 年 1 月 31 日以专人送达或电子邮件方式发出。 本次会议于 2026 年 2 月 2 日以通讯方式召开。会议应参加董事 13 人， 实际参加董事 13 人。会议的召开符合《公司法》《公司章程》和《董 事会议事规则》的有关规定。 二、董事会会议审议情况 具体内容请参阅与本公告同日披露的《华泰证券股份有限公司关 于根据一般性授权发行 H 股可转换债券的公告》。 特此公告。 华泰证券股份有限公司董事会 2026 年 2 月 3 日 1 （一）关于豁免公司第七届董事会第二次会议通知时限的议案 表决结果：13 票赞成，0 票反对，0 票弃权 同意豁免本次董事会通知时限要求。 （二）关于公司根据一般性授权发行 H 股可转换债券的议案 表决结果：13 ...

Core Viewpoint - The high dividend sector showed signs of recovery in January, driven by strong demand for dividend assets from insurance companies and the performance of cyclical high dividend stocks like oil, petrochemicals, and steel [2][4]. Market Overview - The overall market risk appetite continued to decline in January, with the full A ERP falling below one standard deviation of the past five-year average, indicating a challenging environment for market risk premium recovery [1][3]. - The volatility in cyclical stocks has impacted the market's profit-making ability, leading to a potential "small plateau" in investor risk appetite [3]. High Dividend Strategy - The configuration value of high dividend stocks has marginally increased compared to the previous month, suggesting a focus on stable high dividend stocks with defensive attributes and some potential high dividend varieties [1][3]. - The high dividend strategy's cost-effectiveness has improved, with the current full A ERP positioned at a historically significant level, requiring fundamental recovery or strong capital support for a breakthrough [3]. Sector Investment Opportunities - **Insurance**: The market sentiment remains strong, with expectations for continued positive performance in the insurance sector [5]. - **Oil and Petrochemicals**: Geopolitical tensions have raised concerns about global oil supply risks, leading to a rebound in oil prices. The Brent crude oil price forecast for 2026 has been raised to $65 per barrel [5]. - **Construction Materials**: The construction sector is expected to improve post-Spring Festival, with price increases in fiberglass, waterproof materials, and gypsum boards anticipated [5]. - **Utilities**: The electricity supply side is expected to stabilize, with coal prices remaining steady, indicating a bottoming out of electricity stock valuations [6]. - **Transportation**: The logistics sector is seeing a slight uptick in activity, particularly in road freight, as the Spring Festival travel season approaches [6]. - **Banking**: Banks are actively increasing lending, with profit margins expected to improve, particularly in light of a manageable impact from the real estate sector [7]. - **Real Estate**: The Hong Kong residential market has seen significant growth, with transaction volumes and prices rebounding, indicating a recovery trend [7]. - **Consumer Staples**: Leading companies in the consumer staples sector are expected to maintain stable cash flows and increase dividend payouts, benefiting from structural upgrades and international expansion opportunities [8].

1月至今，布伦特原油期货价格上涨约16%，伴随国内核心通胀指标2025H2延续修复趋势，通胀预期有所提升。复盘来看，在近五轮通胀周期中，由于原 油价格联动、库存消化、宽货币政策及黑天鹅事件催化，种植链现货价格上涨动力强，板块投资收益相对沪深300超额表现突出。且截至2025Q4，农业/种 植板块基金持仓占比1.18%/0.07%，分别处于近五年分位数的8%/12%，处于配置低位，建议加强配置。 复盘来看种植链在通胀周期超额收益明显 我们对近五轮通胀周期进行复盘， 2003-2005年、2006-2008年、2009-2012年CPI\PPI同步回升，股票市场则在CPI超过2%左右位置时往往开启主升浪，并 且明显早于CPI\PPI高点结束，而2015-2018年、2021-2022年PPI单侧回升，股票市场呈现结构性变化。因此前三轮我们选取大盘启动前三个月为起点，CPI 高点为终点，后两轮我们选取PPI快速回升至高点区间进行行业涨跌幅对比，发现种植业、农产品加工板块往往具备较为明显的超额收益，五轮通胀期间 合计相对沪深300超额收益达140pct、126pct，其中玉米种子公司、种植公司受益于粮价上涨表现突出， ...

Core Viewpoint - Huatai Securities plans to issue zero-coupon convertible bonds totaling HKD 10 billion, maturing in 2027, to support overseas business development and supplement operational funds [1] Group 1: Bond Issuance Details - The total principal amount of the bonds to be issued is HKD 10 billion [1] - The initial conversion price for the bonds is set at HKD 19.70 per H-share, subject to adjustments [1] - The net proceeds from the bond issuance are expected to be approximately HKD 9.9247 billion [1] Group 2: Purpose of Fund Utilization - The funds raised from the bond issuance will be used to support the company's overseas business development [1] - Additionally, the funds will be allocated to supplement other operational capital [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 于 宏 近日，北交所、全国股转公司发布了2025年度证券公司执业质量情况评价结果。从最新榜单来看，证券 行业竞争进一步加剧，多家头部券商排名较2024年度大幅跃升，跻身前五名，而部分中小券商也凭借深 耕与业务特色形成核心竞争力，在多项细分业务排行中占据榜首。 榜单大洗牌 执业质量评价从投行、经纪、做市、研究等业务维度，全面反映券商在北交所、新三板市场业务开展情 况。评价结果显示，2025年，共有101家券商参与评价，其中，20家券商获评一档，40家券商获评二 档，20家券商获评三档，21家券商被评为四档。值得注意的是，国泰海通、华泰证券等9家券商均取得 显著进步，从2024年度的二档提升到了一档。 执业质量评价体系主要包括专业质量得分和合规质量扣分，再加上基础分100分，最终以合计分值进行 排名。具体来看，2025年度，国泰海通以145.04分的总得分夺得榜首；华泰证券紧随其后，得分为 143.41分；招商证券、申万宏源和中信证券的得分分别为140.49分、136.43分和135.49分。与2024年度榜 单相比，国泰海通排名 ...

专业质量得分能够直观体现出券商的综合业务实力。2025年度，专业质量得分位居前三名的券商为国泰 海通、华泰证券、中信建投，得分分别为49.04分、44.44分、43.9分。 近日，北交所、全国股转公司发布了2025年度证券公司执业质量情况评价结果。从最新榜单来看，证券 行业竞争进一步加剧，多家头部券商排名较2024年度大幅跃升，跻身前五名，而部分中小券商也凭借深 耕与业务特色形成核心竞争力，在多项细分业务排行中占据榜首。 榜单大洗牌 执业质量评价从投行、经纪、做市、研究等业务维度，全面反映券商在北交所、新三板市场业务开展情 况。评价结果显示，2025年，共有101家券商参与评价，其中，20家券商获评一档，40家券商获评二 档，20家券商获评三档，21家券商被评为四档。值得注意的是，国泰海通、华泰证券等9家券商均取得 显著进步，从2024年度的二档提升到了一档。 执业质量评价体系主要包括专业质量得分和合规质量扣分，再加上基础分100分，最终以合计分值进行 排名。具体来看，2025年度，国泰海通以145.04分的总得分夺得榜首；华泰证券紧随其后，得分为 143.41分；招商证券、申万宏源和中信证券的得分分别为14 ...

Group 1 - The core viewpoint of the article highlights the intensified competition in the securities industry, with several leading brokerages significantly improving their rankings in the 2025 evaluation results compared to 2024 [1][2] - A total of 101 brokerages participated in the evaluation, with 20 rated as first-tier, 40 as second-tier, 20 as third-tier, and 21 as fourth-tier [1][2] - Notably, nine brokerages, including Guotai Junan and Huatai Securities, made significant progress, moving from second-tier to first-tier [1][2] Group 2 - The evaluation system includes professional quality scores and compliance quality deductions, with a base score of 100 points, leading to a total score ranking [2] - Guotai Junan topped the list with a total score of 145.04, followed by Huatai Securities at 143.41, and other notable brokerages like China Merchants Securities and Shenwan Hongyuan also made it to the top five [2] - The professional quality scores reflect the comprehensive business strength of brokerages, with Guotai Junan, Huatai Securities, and CITIC Securities leading in this category [2] Group 3 - Specific business scores indicate the strengths of various brokerages in niche areas, with China Merchants Securities leading in sponsorship business, Huatai Securities in M&A, and CITIC Securities in market-making [3] - Other top performers include Kylin Securities in research and ongoing supervision, Dongbei Securities in market-making for the National Equities Exchange and Quotations, and Dongfang Caifu in brokerage services [3] Group 4 - Brokerages are increasingly focusing on the North Exchange market, applying for various business qualifications and enhancing resource allocation and team configurations [4] - As of February 2, the top three brokerages in market-making on the North Exchange were Guojin Securities, CITIC Securities, and Guotou Securities, with respective market-making numbers of 62, 59, and 53 [4] - Experts suggest that while large brokerages have advantages in scale and comprehensive strength, smaller brokerages can carve out unique competitive advantages by focusing on specific industries or niche business areas [4]