(1)出境游：Q3携程的出境酒店和机票预订量攀升至2019年同期水平的140%，同比增长近20%，继续好 于市场表现;黄金周期间同比增长约30%。日本、韩国及东南亚为热门目的地，欧洲成为关键增长区 域，冰岛、挪威等目的地预订量大幅增长。机票价格方面，受航班运力恢复影响，跨境机票价格较去年 有所回落，但仍高于疫情前水平;酒店价格基本保持稳定，Q3出境游业务收入继续保持较快的同比增 长。 (2)国际业务：Q3Trip.com总预定量同比增长约60%，其中亚太地区仍是运营重点，同比增长逾50%，中 东、欧洲等新市场也展现出亮眼增长。公司近几个季度实现快速的市场份额增长，并将继续在全球范围 内投资，特别是在亚太地区。根据sensor tower数据，trip.com APP10-11月在全球市场(不含中国大陆地 区)双端MAU同比增长69%，其中亚洲市场(不含中国大陆地区)同比增长64%，增长亮眼。该行看好公司 基于高标准服务及便捷的预订流程，继续实现国际业务的快速增长。 国内酒店价格同比增速出现企稳趋势，入境游继续高增 东吴证券发布研报称，继续看好携程集团-S(09961)海外业务成长，维持"买入"评级。公司通过深 ...

机构：中信建投证券 研究员：崔世峰/于伯韬 收入端略超预期。三季度携程实现营收183.67 亿（vsguidance181 亿），同比增长15.52%，其中交通票 务收入63.06 亿（vs guidance62 亿），同比增长11.61%，酒店收入80.47 亿（vsguidance79 亿），同比增 长18.30%，旅游度假收入16.06 亿（vsguidance17 亿），同比增长3.08%，商旅收入7.56 亿（vs guidance7.2亿）。三季度携程国内业务收入占比达65%左右，增速接近10%左右；出境业务收入占比接 近mid-teens，增速接近mid-teens；纯海外业务收入占比20%以上，增速在40%左右，其中Trip.com收入 占比13%左右，增速在60-65%左右。三季度国际业务保持强劲增长势头，国际OTA 平台总预订同比增 长超过60%，入境旅游预订同比增长超过100%，出境酒店和机票预订已全面超越2019 年疫情前同期的 140%水平。 受益于处置MMYT 部分股权影响，利润端大幅增长。携程三季度实现毛利润149.79 亿元，同比增长 14.58%，毛利率达到81.68%，同比 ...

Group 1: Financial Performance - The company achieved a consolidated operating revenue of 19.499 billion yuan, a year-on-year increase of 55.22% [2] - Net profit reached 8.607 billion yuan, reflecting a year-on-year growth of 86.64% [2] - The weighted average return on equity was 7.41%, up by 3.63 percentage points compared to the previous year [2] - As of the end of September, total assets amounted to 721.973 billion yuan, with net assets of 139.542 billion yuan [2] Group 2: Investment and Trading Business - The company reported investment income and fair value changes of 20.25 billion yuan, a year-on-year increase of 57.15% [3] - The business maintained a strong market presence by focusing on deep research and actively participating in market transactions [3] - The equity business line adhered to a value investment philosophy, enhancing its competitive edge [3] Group 3: Research and Consulting Services - The company employs a "research + production + government" integrated research system to support various business developments [3] - It has established a comprehensive research framework and analysis methods to accurately capture market investment trends [3] - The company provides long-term investment strategy references for key industries, leveraging its extensive research experience [3] Group 4: International Business Development - The company has built a comprehensive offshore business platform centered in Hong Kong, extending its services to surrounding overseas markets [3] - It aims to enhance core capabilities in wealth management, asset management, and investment banking while expanding overseas financing and mergers [3] - The company is committed to providing one-stop asset allocation services for global high-net-worth clients and institutional customers [3]

Core Viewpoint - The report from Guotai Junan indicates that by Q3 2025, listed securities firms are expected to achieve a net profit attributable to shareholders of 169 billion yuan, representing a year-on-year increase of 62.38% [1] Group 1: Financial Performance - Investment business net income is projected to increase by 44.92% to 197.2 billion yuan, significantly impacting adjusted revenue changes [1] - Brokerage business is expected to grow the fastest, with a year-on-year increase of 74.64% [1] Group 2: Business Opportunities - There is a recommendation to focus on securities firms that are likely to enhance their retail business share, potentially through controlling stakes in leading public funds, as well as those with significant profit contributions and strong international business [1] - The report highlights that the gradual formation of resident allocation power favors securities firms with competitive advantages in retail business [1] Group 3: Market Trends - The shift from rapid interest rate decline to low-level fluctuations is leading residents to gradually increase their equity allocations [1] - The transition from vertical traffic to public domain traffic is expected to benefit firms that adapt to business model transformations [1] - The "Bond + Equity" strategy is anticipated to be a core driver for new resident market entrants, with a focus on securities firms that control leading public funds [1] Group 4: International Business Growth - The Belt and Road Initiative and corporate globalization strategies are generating substantial cross-border financial demand [1] - As reforms in China's capital market investment side progress, the attractiveness of Chinese assets is expected to increase, leading to a growing demand from overseas investors for allocation in Chinese assets [1] - International business is projected to become a new performance growth engine for leading securities firms [1]

Core Viewpoint - The 2025 semi-annual performance briefings of securities firms are being held, with a focus on industry trends and company performance expectations for the second half of the year [1][5]. Group 1: Performance Overview - As of now, 24 securities firms have completed their semi-annual performance briefings, with key firms including Dongxing Securities, Guolian Minsheng Securities, and Caida Securities [2][3]. - The performance briefings highlight strong growth in net profits for the first half of 2025, driven by increases in brokerage, securities investment, and investment banking revenues [6][7]. Group 2: Optimistic Outlook - Securities firms are generally optimistic about their performance in the second half of the year, citing active market trading as a positive influence on future earnings [8]. - Companies like Huatai Securities and China Merchants Securities emphasize their strategies for achieving high-quality growth and enhancing collaborative efforts within their groups [8]. Group 3: Self-Operated Business Strategies - Many firms are focusing on diversified asset allocation in their self-operated businesses, with a trend towards stable strategies [9][10]. - Companies like CITIC Securities and Dongxing Securities are adopting a cautious approach to risk management while seeking absolute returns [11]. Group 4: Industry Consolidation - The trend of mergers and acquisitions in the securities industry is gaining momentum, with firms emphasizing resource integration and collaboration [12][13]. - Companies are focusing on enhancing their core competencies and expanding their international business presence [12]. Group 5: Financing and Capital Supplementation - The securities industry is seeing increased attention on refinancing activities, with firms like Dongwu Securities and Nanjing Securities planning significant capital increases [14][15]. - Companies are actively managing their capital structures to support business expansion and maintain adequate capital levels [16]. Group 6: Business Transformation - Many firms are detailing their paths for business transformation, with a consensus on the importance of specialized development [17][18]. - Companies are enhancing their research capabilities and adapting their investment banking structures to better align with market demands [18]. Group 7: International Business Expansion - Several firms are reporting progress in their international business initiatives, with a focus on cross-border operations [20][21]. - Companies like Shenwan Hongyuan and Pacific Securities are leveraging opportunities from initiatives like the Belt and Road to expand their international footprint [20].

Investment Rating - The report maintains a positive outlook on the brokerage sector, highlighting investment opportunities driven by policy support and the beta characteristics of brokers in the context of low-risk interest rates and high household deposits [9][10]. Core Insights - The brokerage sector experienced a significant profit increase of 51% year-on-year in the first half of 2025, with a return on equity (ROE) of 3.75% [1][4]. - Key revenue drivers included proprietary trading and brokerage services, with a notable contribution from wealth management and international business as future growth areas [4][8]. Summary by Sections 1. Performance Overview - In the first half of 2025, 43 listed brokerages reported total assets of CNY 13.9 trillion, up 11% from the end of 2024, and net profit of CNY 1,001 billion, reflecting a 51% year-on-year increase [5][7]. - The main revenue sources were proprietary trading and brokerage, with brokerage income rising 45% year-on-year [7][18]. 2. Capital Business - The report indicates a balanced structure in financial investments between equities and bonds, with a widening interest margin supported by declining funding costs [6][19]. - Proprietary trading income (excluding long-term stock investments) increased by 44% year-on-year, driven by a market recovery in Q2 2025 [18][24]. 3. Light Capital Business - The light capital business saw a revenue increase, with brokerage income reaching CNY 673 billion, up 45% year-on-year, while investment banking income rose by 18% [18][24]. - The asset management sector faced challenges, with a 3% decline in revenue due to fee reductions [18][24]. 4. Future Performance Drivers - Wealth management is expected to benefit from low deposit rates and an improved investment environment, leading to increased market participation by households [8][10]. - The international business segment is also poised for growth, with frequent capital increases in international subsidiaries and significant contributions to overall performance [8][10]. 5. Valuation and Investment Recommendations - The report recommends focusing on leading firms within the brokerage sector, identifying winners based on competitive positioning, beta amplification, and alpha leadership [9][10]. - Specific recommendations include firms like Guotai Junan, CITIC Securities, and Huatai Securities, which are expected to outperform due to their strong market positions and growth potential [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company continues to demonstrate double-digit growth in performance, with robust profitability highlighting its leading advantages in the industry. The self-operated brokerage business maintains high growth, asset management is steadily improving, and investment banking is recovering, further showcasing the company's comprehensive strengths [2][5]. - Looking ahead, the company's leading position remains solid, and it is expected to benefit further from an improved competitive landscape in the industry. The company is actively exploring growth opportunities in international business, which may enhance its profitability and competitive edge [2][5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue and net profit attributable to shareholders of 33.04 billion and 13.72 billion respectively, representing year-on-year increases of 9.5% and 29.8%. The weighted average return on equity rose by 0.95 percentage points to 4.91%. The operating leverage, excluding customer funds, decreased by 2.1% to 4.42 times compared to the beginning of the year [5][10]. Business Segments - The company reported revenues from various business lines: brokerage (6.40 billion), investment banking (2.10 billion), asset management (5.44 billion), interest income (0.22 billion), and proprietary trading (19.38 billion), with year-on-year growth rates of 31.2%, 20.9%, 10.8%, -80.1%, and 62.2% respectively. All business segments, except for interest income, showed year-on-year growth, with proprietary trading being a significant contributor to overall performance [10]. Brokerage and Wealth Management - The average daily trading volume in the two markets was 1.39 trillion, up 61.1% year-on-year, leading to a 31.2% increase in brokerage revenue to 6.40 billion. The wealth management segment continues to grow, with the number of clients exceeding 16.5 million and total client assets under custody surpassing 12 trillion, both showing a 4% increase from the end of the previous year [10]. Investment Banking - The investment banking segment reported revenue of 2.10 billion, reflecting a year-on-year increase of 20.9%. The company maintained its leading position in the market, with equity financing and bond underwriting volumes of 148.53 billion and 1,038.73 billion respectively, representing year-on-year increases of 365.7% and 18.4% [10]. Proprietary Trading - The proprietary trading business generated revenue of 19.38 billion, a year-on-year increase of 62.2%, with investment income reaching 20.90 billion, compared to 8.89 billion in the same period last year. The overall asset quality remains stable, with a credit impairment loss reversal of 270 million [10]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 24.88 billion and 27.60 billion for 2025 and 2026 respectively, with corresponding price-to-earnings ratios of 18.8 and 16.9, and price-to-book ratios of 1.63 and 1.51. The report maintains a "Buy" rating based on these projections [10][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [8]. Core Insights - The company's total revenue for H1 2025 reached 36.698 billion yuan, reflecting a year-on-year growth of 5.34%, while the net profit attributable to shareholders was 13.056 billion yuan, up 14.86% year-on-year [1][6]. - The total power generation increased by 5.01% year-on-year, with specific contributions from various power stations showing mixed results due to varying water inflow conditions [6]. - The company has made substantial progress in expanding its capacity, with ongoing efforts to include additional units in the high-quality development plan for hydropower in the Yangtze River basin [6]. - Financial expenses decreased by 13.98% year-on-year, amounting to 4.863 billion yuan in H1 2025, due to the company's effective use of credit advantages and various financing tools [6]. - The company is steadily developing its pumped storage business and expanding its international operations, including managing a hydropower station in Peru [6]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.38 yuan, 1.45 yuan, and 1.47 yuan, with corresponding price-to-earnings (PE) ratios of 20x, 19x, and 19x respectively [6][7]. Summary by Sections Financial Performance - H1 2025 revenue: 36.698 billion yuan, up 5.34% YoY - H1 2025 net profit: 13.056 billion yuan, up 14.86% YoY [1][6] Power Generation - Total power generation: 1266.56 billion kWh, up 5.01% YoY - Specific power generation from major stations varied, with some showing increases and others decreases [6]. Capacity Expansion - Total hydropower installed capacity: 71.795 million kW, with ongoing expansion efforts in the Yangtze River basin [6]. Financial Management - H1 2025 financial expenses: 4.863 billion yuan, down 13.98% YoY [6]. Business Development - Ongoing projects in pumped storage and international operations, including a hydropower station in Peru [6]. Earnings Forecast - EPS projections for 2025-2027: 1.38 yuan, 1.45 yuan, 1.47 yuan with PE ratios of 20x, 19x, 19x [6][7].

香港交易及結算所有限公司及香港聯合交易所有限公司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分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。 （於中華人民共和國註冊成立之股份有限公司， 中文公司名稱為華泰證券股份有限公司，在香港以HTSC名義開展業務） （股份代號：6886） 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 茲載列本公司在上海證券交易所網站刊登之《華泰證券股份有限公司2025年半年 度報告摘要》，僅供參閱。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 0 第一节 重要提示 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名 稱註冊成立的股份有限公司，於2007年12月7日由前身 華泰證券有限責任公司改制而成，在香港以「HTSC」 名義開展業務，根據公司條例第16部以中文獲准名稱 「華泰六八八六股份有限公司」及英文公司名稱「Huatai Securities Co., Ltd.」註冊為註冊非香港公司，其H股於 2015年6月1日在香港聯合交易所有限公司主板上市（股 票代碼：6886），其A股 ...

Core Insights - The company reported a revenue of 4.7 billion yuan in Q2 2025, representing a year-over-year increase of 10% [1] - Adjusted net profit reached 780 million yuan, up 18% year-over-year, with an adjusted net profit margin of 16.6%, an increase of 1.1 percentage points [1] Online Travel Platform Performance - The core online travel platform generated revenue of 4 billion yuan in Q2 2025, a 14% year-over-year increase, with an operating profit margin of 26.7%, up 2.4 percentage points [1] - Transportation ticketing revenue was 1.9 billion yuan, an 8% increase year-over-year, with international ticket sales growing nearly 30% [1] - Accommodation bookings revenue reached 1.4 billion yuan, a 15% increase year-over-year, supported by strong international hotel partnerships [1] - Other revenue, primarily from hotel management, was 760 million yuan, a significant 28% increase year-over-year, with over 2,700 hotels currently operating [1] Vacation Business Impact - The vacation business faced challenges due to security issues in Southeast Asia, resulting in a revenue decline of 8% year-over-year to 660 million yuan [2] User Growth and Market Penetration - The average monthly paying user count reached 46.4 million, a 9.2% year-over-year increase, with annual paying users totaling 252 million, up 10.2% [3] - The number of registered users from non-first-tier cities in China exceeded 87%, with 69% of new paying users in Q2 2025 coming from these areas [3] Financial Forecast and Investment Rating - Revenue projections for 2025-2027 are adjusted to 19.3 billion, 21.9 billion, and 24.4 billion yuan, respectively, with net profits of 2.8 billion, 3.2 billion, and 3.7 billion yuan [3] - The company is positioned as a leading OTA platform in lower-tier markets, benefiting from domestic travel demand and international expansion, with a target market value of 60.1 billion yuan for 2026 [3]