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3月31日 狀態: 新提交 致：香港交易及結算所有限公司 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4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 | | | 7,308,256,601 | RMB | | 1 RMB | | 7,308,256,601 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,308 ...

Core Viewpoint - Huatai Securities (Shanghai) Asset Management Co., Ltd. announced the resignation of Zhao Ji from several funds, indicating a potential shift in management and strategy within the company [1][2]. Fund Performance Summary - Huatai Zijin Zhixin 3-Month Open-End Bond Fund, established on February 26, 2020, has a year-to-date return of -0.68% and a cumulative return of 18.87%, with a net asset value of 1.1851 yuan as of April 2, 2025 [1]. - Huatai Zijin Monetary Increase A/B/C/E, launched on May 9, 2022, has cumulative returns of 5.78%, 5.78%, 5.78%, and 5.02%, with a total scale of 14.37 billion yuan as of December 31, 2024 [1]. - Huatai Zijin Daily Monetary Fund, established on November 22, 2021, has a cumulative return of 3.71% and a scale of 91.152 billion yuan as of December 31, 2024 [1]. - Huatai Zijin Zhixiang One-Year Open-End Bond Fund, initiated on May 11, 2022, has a year-to-date return of -0.20% and a cumulative return of 10.57%, with a net asset value of 1.1023 yuan as of April 2, 2025, and a scale of 2.481 billion yuan as of December 31, 2024 [2]. - Huatai Zijin Fengyi Medium and Short Bond A/C, established on September 6, 2019, has year-to-date returns of 0.02% and -0.08%, with cumulative returns of 15.29% and 12.77%, and net asset values of 1.1529 yuan and 1.1277 yuan, respectively, with a scale of 1.086 billion yuan as of December 31, 2024 [2].

Summary of Key Points from Conference Call Industry or Company Involved - The discussion primarily revolves around the impact of the U.S. government's new tariff policies on global trade and the economy, particularly focusing on the implications for China and other countries such as the EU, ASEAN, Japan, and South Korea [2][4][5]. Core Points and Arguments - **Impact of Tariffs on Global Trade**: The U.S. tariff increases are expected to reduce global export volumes by 20% to 30%. Japan and South Korea have seen tariffs of 24% and 25% respectively, with market reactions showing less decline than anticipated but a stronger rebound [2][5]. - **Economic Recession Risks**: The likelihood of a U.S. economic recession has risen above 50%, with GDP growth projected to be impacted by 2-3 percentage points due to the new tariffs [5][10]. - **Retaliatory Measures**: The EU and China are expected to implement retaliatory measures against the U.S. tariffs, with the EU indicating potential increases in import tariffs and regulatory costs for U.S. companies operating in Europe [4][5]. - **Global Trade Contraction**: A new round of high tariffs could lead to a global trade contraction of 15% to 25%, comparable to the impacts of the 2008 financial crisis and the 2020 pandemic [5][7]. - **Market Volatility**: The U.S. stock market may experience declines, with credit spreads widening and tighter financial conditions emerging as a result of the tariffs [5][10]. - **De-dollarization Trend**: The weakening of the dollar indicates an accelerating trend of de-dollarization, which is closely linked to rising import prices and reduced purchasing power in the U.S. [2][5][10]. Other Important but Possibly Overlooked Content - **Focus on Key Indicators**: In the coming months, it is crucial to monitor retaliatory measures from other countries, export data from major economies, U.S. domestic consumption and investment, inflation changes, stock market volatility, credit spread changes, and dollar exchange rate trends to assess the effects of the new policies [6][11]. - **China's Economic Response**: China's economic response to the global trade shock will focus on government investment, fiscal policies, and consumer subsidies to mitigate the impact of reduced exports [7][18]. - **Investment Strategies**: In light of the high tariff scenario, corporate profit growth is expected to decline by 5% to 10%, with export-oriented companies being more adversely affected. Defensive sectors such as banking and transportation are viewed favorably [18][21]. - **Sector-Specific Impacts**: Different sectors will experience varying levels of impact from the tariffs, with some industries potentially benefiting from exemptions or reduced tariff burdens [19][20]. This summary encapsulates the critical insights from the conference call, highlighting the potential economic ramifications of U.S. tariff policies and the strategic responses from affected countries and sectors.

Core Points - Jiangsu Rural Commercial Bank officially approved for operation with a registered capital of 7.7 billion yuan [2][3] - The bank is led by experienced professionals from Huatai Securities, with Hu Jianbin as Chairman and Yin Lihong as President [1][3] - The bank's establishment marks a significant milestone in Jiangsu's financial reform, aimed at enhancing services for agriculture and small to medium-sized enterprises [9] Group 1: Bank Establishment - Jiangsu Rural Commercial Bank was approved for operation on March 28, 2024, just 10 days after its founding conference [1] - The bank has a registered capital of 7.7 billion yuan, with major shareholders including Jiangsu Provincial Finance Department and Jiangsu Phoenix Publishing Media Group [2] - The bank's business scope includes interbank fund adjustment, participation in the money market, and government bond transactions [2] Group 2: Leadership and Management - The first leadership team includes Hu Jianbin as Chairman and Yin Lihong as President, both with extensive backgrounds in the financial sector [3][4] - The management structure is designed as "one chairman and three vice presidents," with three vice presidents appointed [3] - Hu Jianbin has over 14 years of experience in the securities industry, while Yin Lihong has significant banking management experience [4][5] Group 3: Financial System Context - Jiangsu Rural Commercial Bank is positioned as the largest rural commercial bank in China, with total assets in the Jiangsu rural banking system reaching 4.75 trillion yuan [6] - The establishment of the bank is part of a broader reform of the rural credit system in Jiangsu, which has progressed rapidly over the past six months [7][8] - The bank aims to enhance financial services for the agricultural sector and small enterprises, contributing to high-quality economic development [9]

Investment Rating - The report maintains a "Recommended" rating for the company [10] Core Views - The company achieved a record high in both revenue and net profit for 2024, with total revenue of 41.5 billion yuan, up 13.4% year-on-year, and net profit attributable to shareholders of 15.4 billion yuan, up 20.4% year-on-year [1][10] - The growth in brokerage credit income has significantly improved, with brokerage income turning positive for the year, while investment banking and asset management revenue declines have narrowed [2][10] - The company is expected to continue benefiting from a recovering capital market, with strong performance in brokerage and asset management businesses [10] Revenue and Profit Analysis - For 2024, the company's revenue from various segments was as follows: proprietary trading 14.5 billion yuan (+24%), brokerage 6.4 billion yuan (+8%), asset management 4.1 billion yuan (-3%), credit 2.7 billion yuan (+184%), and investment banking 2.1 billion yuan (-31%) [2] - The fourth quarter of 2024 saw a significant increase in brokerage income, with net income from brokerage services reaching 2.5 billion yuan, a year-on-year increase of 86.1% [4] - The annualized return on equity (ROE) rose to 9.2%, and the net profit margin reached 37.0%, the highest since 2017 [9] Business Segment Performance - Proprietary trading income turned negative in Q4 2024, primarily due to a decline in investment returns and a larger drop in financial investment scale [3] - The asset management business saw a net income of 1.1 billion yuan in Q4 2024, with total asset management scale reaching 556.3 billion yuan, up 17.0% year-on-year [5][6] - The investment banking segment maintained resilience, with bond underwriting amounts increasing, while IPO underwriting showed a decline but remained stable [8] Financial Forecast - The company is projected to achieve revenues of 45 billion yuan in 2025, 48.1 billion yuan in 2026, and 51.4 billion yuan in 2027, with corresponding net profits of 16.6 billion yuan, 17.9 billion yuan, and 19.3 billion yuan respectively [10][11]

Investment Rating - The report maintains a "Recommended" rating for Huatai Securities [10] Core Views - In 2024, Huatai Securities achieved a record high in both operating revenue and net profit attributable to shareholders, with revenues of 41.5 billion yuan, up 13.4% year-on-year, and net profit of 15.4 billion yuan, up 20.4% year-on-year [1][10] - The growth in credit net income significantly improved, with a year-on-year increase of 184%, while brokerage income turned positive with an 8% increase [2][10] - The company is expected to continue benefiting from a recovering capital market, with projected revenues of 45 billion yuan in 2025 and net profits of 16.6 billion yuan [10] Summary by Sections Financial Performance - In 2024, Huatai Securities reported total operating revenue of 41.5 billion yuan, a 13.4% increase year-on-year, and a net profit of 15.4 billion yuan, a 20.4% increase year-on-year, both setting historical records [1] - The fourth quarter of 2024 saw a revenue of 10 billion yuan, a 28.2% decrease quarter-on-quarter but a 7.4% increase year-on-year [1] Business Segments - The revenue breakdown for 2024 was as follows: proprietary trading 14.5 billion yuan (+24%), brokerage 6.4 billion yuan (+8%), asset management 4.1 billion yuan (-3%), credit 2.7 billion yuan (+184%), and investment banking 2.1 billion yuan (-31%) [2] - The brokerage business saw a significant increase in net income, with a 99.7% increase quarter-on-quarter and an 86.1% increase year-on-year in Q4 2024 [4] Asset Management - The asset management business net income in Q4 2024 was 1.1 billion yuan, a 36.9% increase quarter-on-quarter and a 0.5% increase year-on-year [5] - The total asset management scale reached 556.3 billion yuan by the end of 2024, a 17% year-on-year increase [6] Credit Business - The net interest income for Q4 2024 was 1.4 billion yuan, marking a 13.55-fold increase year-on-year [7] - The financing and securities lending balance reached 130.1 billion yuan, the highest since 2021, with a year-on-year increase of 6.2% [7] Investment Banking - The investment banking revenue for Q4 2024 was 0.7 billion yuan, a 73.5% increase quarter-on-quarter but a slight decrease of 0.8% year-on-year [8] - The total bond underwriting amount for 2024 was 680.3 billion yuan, maintaining growth [8] Profitability Metrics - The return on equity (ROE) increased to 9.2%, and the net profit margin reached 37%, the highest since 2017 [9] - The company expects to achieve revenues of 45 billion yuan in 2025, with a projected PE ratio of 9 [10]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][20]. Core Views - The overall performance of the company is in line with expectations, with brokerage and credit businesses being the main drivers of growth [1]. - The company is expected to benefit from the recovery in capital market sentiment, leading to a dual-driven growth in wealth management and institutional services [5]. Summary by Sections Performance Overview - In Q4 2024, the company achieved adjusted revenue of 94 billion yuan, a year-on-year increase of 28.9%, and a full-year revenue of 334 billion yuan, up 6.0% year-on-year. The net profit attributable to shareholders for Q4 was 28 billion yuan, down 10.6%, while the full-year net profit was 154 billion yuan, up 20.4% [1]. Brokerage Business - The brokerage business saw significant improvement in Q4 2024, with revenues of 24.8 billion yuan for the quarter and 64.5 billion yuan for the year, reflecting year-on-year increases of 86.1% and 8.2%, respectively. The average daily trading volume for stock funds in Q4 was 20,684 billion yuan, up 119.3% year-on-year [2]. Investment Banking - The investment banking segment reported revenues of 7.4 billion yuan in Q4 and 21.0 billion yuan for the year, with declines of 0.8% and 31.0% year-on-year, respectively. The decline is attributed to stricter regulatory policies affecting the scale of securities underwriting [2]. Asset Management - Asset management revenues for Q4 were 11.1 billion yuan, with a slight increase of 0.5%, while the full-year revenue was 41.5 billion yuan, down 2.6%. The decline is primarily due to reduced fees in public offerings, despite significant growth in non-monetary public fund management scale [3]. Credit Business - The credit business experienced substantial growth, with Q4 revenues of 14.0 billion yuan and full-year revenues of 27.1 billion yuan, reflecting increases of 1355.4% and 184.0% year-on-year, respectively. This growth is supported by increased trading activity in the capital market and a rise in margin financing balances [4]. Self-operated Business - The self-operated business reported a decline in revenue, with a full-year income of 83.0 billion yuan, down 28.9% after excluding the sale of AssetMark. The financial asset scale for self-operated business decreased by 25.5% year-on-year [4]. Financial Forecast - The company has adjusted its profit forecasts for 2025 and 2026 to 158 billion yuan and 179 billion yuan, respectively, with expected year-on-year growth rates of 3.1% and 12.9% [5].

Investment Rating - The investment rating for Huatai Securities is "Buy" and is maintained [9]. Core Insights - Huatai Securities reported significant performance improvement in 2024, primarily driven by investment gains from the sale of AssetMark. The company's securities brokerage business showed steady performance, with a notable improvement in platform activity. The leading position in asset management is evident, with rapid growth in both the scale and profits of its public fund subsidiary. The market share in equity IPOs has significantly increased, and asset management scale has stabilized. The long-term leading layout in wealth management and financial technology is expected to continue generating positive effects [2][6]. Summary by Sections Financial Performance - In 2024, Huatai Securities achieved operating revenue of 41.47 billion yuan, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 15.35 billion yuan, up 20.4%. The weighted average return on equity increased by 1.12 percentage points to 9.24% [6]. Business Segments - The company reported that, excluding the gains from AssetMark, the net profit attributable to shareholders was 9.02 billion yuan, a decrease of 29.3%. The revenue from brokerage, investment banking, asset management, interest, and proprietary trading was 6.45 billion, 2.10 billion, 4.15 billion, 2.70 billion, and 7.31 billion yuan, respectively, with year-on-year changes of +8.2%, -31.0%, -2.6%, +184.0%, and -48.7% [6]. Brokerage Business - The brokerage business performed steadily, with a market average daily trading volume of 1.06 trillion yuan, an increase of 21.2% year-on-year. The net income from agency trading and seat leasing rose by 15.5% to 5.48 billion yuan. The monthly active users of the company's securities app, Zhangle Wealth, reached 11.5 million, a year-on-year increase of 22.6% [6]. Asset Management - As of the end of 2024, Huatai Securities held equity and bond fund sizes of 120.2 billion and 166.6 billion yuan, respectively, with year-on-year changes of -10.6% and +4.3%. The company’s subsidiaries, Southern Fund and Huatai Baichuan Fund, had non-monetary management scales of 648.5 billion and 565.7 billion yuan, respectively, with year-on-year growth rates of +32.7% and +98.7% [6]. IPO Market Share - In a tightening equity financing environment, the company’s equity IPO, refinancing, and bond underwriting scales were 85.4 billion, 463.6 billion, and 1,289.6 billion yuan, with year-on-year changes of -50.8%, -37.3%, and +4.6%. The corresponding market shares were 12.9%, 20.8%, and 9.1%, with increases of 8.0 percentage points, 10.8 percentage points, and 0.002 percentage points, respectively [6]. Financial Assets and Investment Returns - By the end of 2024, the company reduced its financial asset scale to 359.8 billion yuan, a decrease of 25.0% year-on-year. The estimated static self-operated investment return rate was 2.9%, down 0.79 percentage points year-on-year [6]. Future Outlook - Huatai Securities is positioned as a pioneer in technology-enabled brokerage, successfully developing leading technology platforms such as "Zhangle Wealth" and "Xingzhi". The leading layout in wealth management and financial technology is expected to continue generating positive effects. The projected net profits attributable to shareholders for 2025 and 2026 are 11.81 billion and 13.40 billion yuan, respectively, corresponding to price-to-book ratios of 0.91 and 0.84 [6].

Investment Rating - The investment rating for Huatai Securities is "Buy" with a target price not specified [7] Core Views - The overall performance of Huatai Securities is in line with expectations, with brokerage and credit businesses being the main drivers of growth [1] - The wealth management business is expected to benefit from the recovery in market sentiment and increased trading volume, leading to a "dual-wheel drive" of wealth management and institutional services [5] Summary by Sections Financial Performance - In Q4 2024, Huatai Securities achieved adjusted revenue of 94 billion yuan, a year-on-year increase of 28.9%, and a full-year revenue of 334 billion yuan, up 6.0% year-on-year [1] - The net profit attributable to shareholders for Q4 was 28 billion yuan, down 10.6% year-on-year, while the full-year net profit was 154 billion yuan, up 20.4% year-on-year [1] - The return on equity (ROE) was 9.2%, an increase of 1.1 percentage points compared to the same period last year [1] Brokerage Business - The brokerage business saw significant improvement in Q4 2024, with revenue of 24.8 billion yuan, up 86.1% year-on-year, and full-year revenue of 64.5 billion yuan, up 8.2% year-on-year [2] - The average daily trading volume for stock funds in Q4 was 20,684 billion yuan, a year-on-year increase of 119.3% [2] Investment Banking - The investment banking business reported revenue of 7.4 billion yuan in Q4, down 0.8% year-on-year, and 21.0 billion yuan for the full year, down 31.0% year-on-year [2] - The decline in revenue was attributed to stricter regulatory policies and a significant drop in underwriting scale for IPOs and refinancing [2] Asset Management - Asset management revenue for Q4 was 11.1 billion yuan, up 0.5% year-on-year, while the full-year revenue was 41.5 billion yuan, down 2.6% year-on-year [3] - The decline in revenue was mainly due to reduced fees in public funds, despite a significant increase in non-monetary public fund management scale [3] Credit Business - The credit business experienced substantial growth, with Q4 revenue of 14.0 billion yuan, up 1355.4% year-on-year, and full-year revenue of 27.1 billion yuan, up 184.0% year-on-year [4] - The increase was driven by active capital market trading and a rise in margin financing balances [4] Self-operated Business - The self-operated business reported a revenue of 83.0 billion yuan for the full year, down 28.9% year-on-year after excluding the sale of AssetMark [4] - The financial asset scale for self-operated business decreased by 25.5% year-on-year [4] Profit Forecast - The profit forecast for 2025 and 2026 has been adjusted to 158 billion yuan and 179 billion yuan respectively, with expected year-on-year growth rates of 3.1% and 12.9% [5]

Group 1 - The core viewpoint of the news highlights the performance and significance of the Free Cash Flow ETF (159201), which has seen a notable increase in trading volume and market interest, indicating a shift towards long-term investment strategies focused on free cash flow [1][2] - As of March 31, 2025, the Free Cash Flow ETF (159201) has reached a new high in circulation scale at 2.789 billion yuan, with a trading volume of 2.775 billion shares, reflecting strong investor demand and a significant net inflow of 1.311 billion yuan over the last 11 trading days [1] - Huatai Securities emphasizes that dividend strategies remain a key focus, predicting that listed insurance companies will continue to increase their allocation to FVOCI stocks with dividend characteristics in 2024, driven by a decline in cash yield [1] Group 2 - The Free Cash Flow ETF (159201) closely tracks the National Certificate Free Cash Flow Index, with free cash flow being essential for corporate survival and the ability to maintain stable cash dividends [2] - The management fee for the Free Cash Flow ETF is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, making it an attractive option for investors [2]