Core Viewpoint - The passive selling resulting from the 2026 BCOM rebalancing is characterized as a temporary technical disturbance rather than a negation of long-term allocation logic [1] Group 1: Market Impact - The target weight of precious metals in the index remains at historically high levels, indicating that their structural value in the commodity portfolio has not changed [1] - The passive selling during the rebalancing period primarily affects short-term trading rhythm and price volatility, without altering the long-term positioning of gold and silver in macro hedging, asset allocation, and commodity portfolios [1] Group 2: Future Outlook - Factors such as loose liquidity, rising inflation, and a weak dollar in 2026 are expected to support further increases in gold prices [1] - The technical selling pressure resulting from the index rebalancing is likely to have a relatively limited impact [1]

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司（「香 港結算」）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，並明確表示不會就 因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 除非本公告另有界定，否則本公告所用詞彙與臥安機器人（深圳）股份有限公司（「本公司」）發佈的 日期為2025年12月18日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅作參考用途，並不構成收購、購買或認購證券的邀請或要約。本公告並非招股章程。潛在 投資者應先行閱讀招股章程有關下文所述本公司及全球發售的詳細資料，方決定是否投資於發售 股份。有關發售股份的任何投資決定應僅依賴招股章程所提供的資料而作出。 本公告不會直接或間接於或向美國（包括其領土及屬地、任何美國州份以及哥倫比亞特區）發佈、 刊發及派發。本公告並不構成或組成在美國或任何其他司法權區任何要約或招攬購買或認購證券 的一部分。發售股份並無亦將不會根據1933年美國證券法（經不時修訂、補充或以其他方式修改） （「美國證券法」）或美國任何州證券法登記，亦不可於美國境內或向美國人士（定義見美國證 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司（「香港結算」）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份內容 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。 除非本公告另有界定，否則本公告所用詞彙與北京五一視界數字孿生科技股份有限公司（「本公司」）所刊發日期為 2025年12月18日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發佈、刊發或派發。本公告 並非構成或組成在香港、美國境內或於任何其他司法權區購買或認購證券的任何要約或招攬的一部分。發售股份 並無亦不會根據《1933年美國證券法》（經不時修訂）（「美國證券法」）登記。發售股份不得在美國境內提呈發售、出 售、質押或以其他方式轉讓，惟根據美國證券法登記規定可獲得的豁免或屬毋須遵守美國證券法登記規定的交易 則除外。發售股份將不會於美國進行公開發售。發售股份根據美國證券法S規例在美國境外以離岸交易方式提呈 發售及出售。 就全球發售而言，中國國際金融香港證券有限公司及華泰金融控股 ...

Industry Investment Rating - The industry investment rating is Neutral, maintained [2] Core Views - The current brokerage sector is experiencing a comprehensive recovery driven by loose liquidity, with the 3-month Shibor stabilizing at a low of 1.60%, providing low-cost funding support for margin trading, bond trading, and brokerage services, leading to a simultaneous increase in stock trading volume, margin balance, and bond transaction volume [5] - The PE ratio of the brokerage sector has only slightly increased by 6.87% since the beginning of the year, significantly lower than the market's 23.18% increase, indicating a potential high-cost performance recovery opportunity due to the market's underestimation of brokerage earnings elasticity [5] Summary by Relevant Sections Industry Fundamentals Tracking - The 3-month Shibor rate remained stable at 1.60%, reflecting effective liquidity management by the central bank, with a decrease of 10 basis points from 1.70% on December 24, 2024, which helps lower financing costs for brokerages [6][16] - Stock trading volume showed a significant rebound, reaching 26,212 billion yuan on December 26, with an average daily trading volume of 24,042 billion yuan, an increase of 8.89% from the previous week [6][17] - The margin trading balance in the Shanghai and Shenzhen markets stabilized around 2.54 trillion yuan, reaching a new high for 2023, with an average of 25,357 billion yuan, up 1.3% from the previous week, and a year-on-year increase of 32.31% [6][19][20] - The China Bond Composite Index continued to rise, closing at 249.3072 on December 26, up 0.14% from the previous week, with bond transaction volume reaching 29,509.60 billion yuan, reflecting a "volume-price rise" pattern driven by lower funding costs [6][21] - The PE ratio of the brokerage sector (Securities II) was 25.16 as of December 26, up 3.9% from 24.21 at the end of November, indicating a valuation recovery, while the market's overall risk appetite is improving [6][24] Market Review - The A-share Securities II industry index increased by 1.58%, while the CSI 300 index rose by 1.95%, indicating that the Securities II index underperformed the CSI 300 by 0.37 percentage points [27] - The brokerage sector's year-on-year increase was only 1.14%, significantly lower than the CSI 300's 16.80% increase [27][29] - In terms of industry ranking, the A-share Securities II ranked 19th among 31 first-level industries, underperforming the non-bank financial sector [29]

Core Viewpoint - The A-share market showed a mixed performance on December 9, with the Shanghai Composite Index closing higher, marking a nine-day winning streak. The oil and gas ETF, Huatai Fu (159309), also performed strongly, achieving a 1.85% increase and a six-day winning streak [1]. Group 1: ETF Performance - The oil and gas ETF Huatai Fu (159309) saw most of its constituent stocks rise, with Intercontinental Oil & Gas hitting the daily limit, China Petroleum rising over 2%, and China Petrochemical increasing by over 3%. However, Snowman Group fell by over 5% [2][3]. - The top ten constituent stocks of the oil and gas ETF include major players in the oil and petrochemical sectors, with China Petroleum and China Petrochemical being significant contributors to the ETF's performance [4]. Group 2: Industry Developments - China Petroleum's Tarim Oilfield achieved a record annual photovoltaic power generation of over 2 billion kilowatt-hours, indicating a new synergy between oil, gas, and renewable energy development [5]. - The collaboration between NIO and China Petrochemical has led to the opening of the 292nd battery swap station, with a total of 356 stations established nationwide [5]. Group 3: Market Analysis - Geopolitical tensions are providing support for oil prices, with ongoing conflicts and strained relations affecting supply dynamics. OPEC+ has maintained its production targets, while U.S. oil production continues to rise, suggesting a potential for slight price declines in the near term [6][7]. - The oil sector is expected to experience a gradual recovery, with high dividend characteristics becoming prominent. The sector's cash flow stability and the potential for value reassessment of state-owned enterprises are highlighted as key investment themes [7][9].

证券代码：601688 证券简称：华泰证券 公告编号：临 2025-081 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： | 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 | | 453.47 | | | 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（%） | | | 23.66 | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 100% □担保金额超过上市公司最近一期经审计净资产 50% | | | | □对合并报表外单位担保金额达到或超过最近一期经审计净资 | | | | | 产 | 30%的情况下 | | | | 对资产负债率超过 | 70%的单位提供担保 | | | 1 一、担保情况概述 华泰证券股份有限公司（以下简称"公司"或"本公司" ...

Core Viewpoint - Huatai Securities announced the issuance of medium-term notes by its subsidiary, Huatai International Financial Holdings, with a total principal amount of up to $3 billion [1] Group 1: Company Actions - Huatai International established a medium-term note program on October 27, 2020, with a maximum principal amount of $3 billion or equivalent in other currencies [1] - On December 29, 2025, Huatai International Financial issued two tranches of medium-term notes, amounting to HKD 620 million and HKD 430 million respectively [1] Group 2: Financial Details - The total guarantee amount, when converted at the exchange rate of 1 HKD = 0.9099 CNY as of November 28, 2025, is approximately CNY 955 million [1]

21世纪经济报道记者唐唯珂报道 尽管IPO市场热度有所上升，但并未带动整体繁荣，反而进一步凸显了市场结构的分化趋势，尤其在生物医药领域表现更为明显，呈现出显著 的"冰火两重天"局面。高特佳投资集团副总经理于建林向21世纪经济报道记者表示，"强者恒强、弱者出清"趋势，已在市场中逐渐显现。 资金重构：南下资金主导，IPO市场全面爆发 2025年港股IPO市场的核心变革，始于资金主导权的移位与上市生态的重塑，彻底扭转了2024年私有化退市潮的冷清局面。 港股长期以来的定价体系，由外资机构主导的格局在2025年发生根本性转变。随着此前外资持续流出，内地南下资金以"跨过香江争夺定价 权"的趋势，逐步成为港股市场的重要推动力。 2025年，相关数据显示南下资金净流入规模已达到1.31万亿港元，同比增长超过60%。其成交占比一度接近40%，持股市值约占港股总市值的 13%。与外资侧重全球资产配置的逻辑不同，南下资金更了解内地企业的业务模式与成长路径，愿意为具备优质基本面的公司提供合理的估值 水平，尤其在生物医药、科技等领域的新股发行中，提供了关键性的支撑作用。 2025年，港股IPO市场完成了从"寒冬回暖"到"爆发增长"的 ...

Core Viewpoint - The article discusses the significant decline in government bond futures, which is attributed to rising inflation expectations and the ongoing increase in commodity prices, indicating a potential shift in market dynamics [1][5][7]. Group 1: Government Bond Market - Government bond futures experienced a widespread decline, with the 30-year main contract dropping by 1.10% and closing down 0.91% at 111.820 yuan, while the 10-year contract fell by 0.28% to 107.975 yuan [1][3]. - The yield on the 30-year government bond rose by 3.4 basis points to 2.2550%, and the 10-year government bond yield increased by 2.75 basis points to 1.9340% [3]. - The overall trend indicates that the 30-year government bond futures are in a clear downtrend [3]. Group 2: Commodity Prices and Inflation Expectations - Recent surges in commodity prices, including a 6.6% increase in copper prices to a record high of $12,960 per ton, are contributing to inflation concerns [7]. - The article notes that the prices of essential goods in Japan, such as rice and eggs, have reached record highs, further fueling inflation expectations [7]. - Analysts suggest that while commodity prices are rising, their impact on core Consumer Price Index (CPI) may be limited based on historical trends [8]. Group 3: Future Market Outlook - The bond market is expected to remain volatile in the first quarter, with a neutral monetary policy anticipated, and potential for reserve requirement ratio cuts, but interest rate cuts may require specific triggers [4]. - The supply-demand dynamics in the industrial goods market are projected to continue favoring oversupply, with expectations that the Producer Price Index (PPI) growth may not meet market expectations [9].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.71% to close at 25,635.23 points, the Hang Seng Tech Index down by 0.3% at 5,483.01 points, and the China Enterprises Index decreasing by 0.26% to 8,891.71 points [1] - Major technology stocks mostly declined, with Alibaba down 1.85%, Tencent Holdings down 1.08%, and JD Group down 0.71%. However, Netease and Meituan saw gains of 1.41% and 0.97%, respectively [1] - Gold stocks fell significantly, with WanGuo Gold Group dropping over 6% and several others declining more than 5% [1] - Robotics stocks led the market, with MicroPort Robotics-B rising over 25% and UBTECH increasing by over 9% [1] - Automotive stocks performed well, with NIO up over 4% and both Xpeng Motors and BYD close to 4% [1] - Gaming stocks generally fell, with MGM China dropping over 17%, while Chinese brokerage stocks also saw declines, with China International Capital Corporation down over 2% [1] Company News - Kuaishou-W (01024.HK) repurchased 464,000 shares for approximately HKD 29.99 million at prices between HKD 64.05 and HKD 64.90 [2] - Bank of China (03988.HK) completed the issuance of HKD 50 billion in tier-2 capital bonds to supplement its tier-2 capital [2] - Weisheng Holdings (03393.HK) entered into a capital increase agreement with Boyu Capital, raising RMB 380 million for new shares [2] - Green Leaf Pharmaceutical (02186.HK) granted exclusive commercialization rights for three long-acting injectable antipsychotic products to Enhua in mainland China [3] - Hengrui Medicine (01276.HK) had its SHR-A1904 injection included in the list of breakthrough therapy products by the drug review center [4] - Tencent Holdings (00700.HK) repurchased 1.056 million shares for approximately HKD 636 million at prices between HKD 598 and HKD 604 [6] - COSCO Shipping Holdings (01919.HK) repurchased 1.96 million shares for approximately HKD 27.23 million at prices between HKD 13.82 and HKD 13.95 [7] - Xiaomi Group-W (01810.HK) repurchased 3.8 million shares for approximately HKD 149 million at prices between HKD 39.08 and HKD 39.26 [8] - Youzhiyou Biotechnology-B (02496.HK) received IND approval from NMPA for Y225 (Aimeisai monoclonal antibody injection) [9] - MicroPort Robotics-B (02252.HK) achieved a global commercialization milestone with over 100 installations of its surgical robots [10] - China Huadian Corporation (01071.HK) completed the construction and operation of two 660,000 kW ultra-supercritical units at the Huadian Longkou Phase IV project [11] - Energy International Investment (00353.HK) plans to issue a total of 1.035 billion shares at an approximately 18.33% discount, raising about HKD 254 million [12] Institutional Insights - CITIC Securities forecasts that the Hong Kong stock market may experience a second round of valuation recovery and performance revival in 2026, driven by internal and external economic factors [13] - Huatai Securities notes that the market is still in a left-side layout phase, with supply and demand pressures expected to persist towards the end of the year [14] - Qianhai Kaiyuan Fund's chief economist Yang Delong predicts that the Hong Kong stock market will regain upward momentum in 2026, driven by capital inflows and a potential long-term bull market [15]