证券时报e公司讯，华泰证券研报表示，国家电影局于12月9日启动"全国电影惠民消费季"，"消费季"从 2024年12月至2025年2月，将合计投入不少于6亿元观影消费补贴；供给端，2025年春节档电影陆续定 档，包括《熊出没》《封神2》《射雕英雄传》等，头部选手云集，2025年春节档票房有望迎来强劲表 现。 展望2025年供需两端有望改善，推动电影院线板块基本面拐点向上，建议关注板块投资机会。 ...

证券时报e公司讯，华泰证券在解读12月政治局会议的研报表示，总的来看，本次政治局会议对宏观政 策的表态总体超出市场预期，股债都给予积极反应，后续央行降准预计很快落地，有望形成一定情绪共 振。 下一个关注点在于中央经济工作会议对明年经济的更具体部署，相比于预期引导，市场更关注实际规 模，尤其在财政、通胀、汇率等方面能否有更清晰的信号，宽信用能否实质到来。 对债而言，短期行情惯性仍在，利率下行趋势仍未动摇，但市场快速反应中期"利好"，对明年行情有所 透支。 建议增强操作灵活性，保持长端利率持仓，不再追涨，遇利好兑现提防止盈冲动，继续把握3—5年信用 债等补涨机会。 ...

e公司讯，华泰证券研报表示，中央经济工作会议可能将在本周召开，会议将初步确立2025年经济发展 基调及政策取向，讨论明年经济增长目标、财政赤字等相关决议，但可能明年两会才会公布具体量化指 标。 考虑到全球局势复杂度明显上升，尤其是美国政府换届后全球经贸形势面临不确定性，也不排除从会议 到明年两会正式宣布之间、政策仍保持一定的灵活性。 我们预计，会议所提出的总体政策基调维持积极态势，隐含的经济增长目标或在5%左右，财政和货币 政策的表述上仍偏扩张。 地产、化债方面，现阶段可能主要聚焦已颁布的政策执行，如拓展"白名单"项目贷款、推进收储政策， 及妥善完成存量隐性债务置换等；新增政策可能着力于促进消费及提高低收入人群的可支配收入等领 域。 ...

证券时报e公司讯，华泰证券发布A股策略研报称，对政策及降息降准的期待构成了上周市场反弹的基 底，市场短期或呈现"上有顶、下有底"的状态，交易上需警惕高位板块。 交易性资金热度仍较高，且对市场整体风险偏好修复形成一定支撑，但考虑其消耗属性与反身性，对反 弹支撑的持续性有赖于是否有新催化因素出现，配置型资金仓位暂未显著回暖，仍在寻找经济与企业盈 利的预期锚，关键锚点建议关注：1）本周中央经济工作对经济形式的定调与政策表态，在通胀及汇率 方面是否有新的提法、是否有新的产业方向提出；2）明年初美国新政府正式上台后关税、中美关系等 新进展；3）明年3月政府两会对增长目标和赤字率的最终定调等。 ...

证券时报e公司讯，华泰证券研报认为，轻量化助力机器人提高性能与续航，重视铝镁合金的应用机 会。 人形机器人轻量化利于提高其运动性能、延长续航时间、获得更大的可操作性空间，对于精细灵活的任 务执行具有重要意义，其轻量化为系统化工程，一般采取材料轻量化（如采用铝合金/镁合金/工程塑料 等小密度材料）以及结构轻量化（如优化关节模组结构/改变机器人结构形状等），其中材料轻量化为 经济性强的理想方案。 当前镁锭报价低于铝锭，更凸显经济优势，或成为人形机器人轻量化的优良方案。 ...

Investment Rating - The report initiates coverage on Huatai Securities with a **Buy** rating, setting a target price of **24.52 RMB** for 2025 based on a 1.10x PB valuation [2][4] Core Views - Huatai Securities has achieved rapid growth through continuous mergers and acquisitions, with its wealth management business driving revenue growth, accounting for **41.78%** of total revenue in H1 2024, up **4.9pct** from 2019 [1] - The company maintains a leading position in wealth management, with a **6.30%** market share in commission-based trading and a **37.16 trillion RMB** stock and fund trading volume in 2023 [1] - Huatai's proprietary trading business shows promising prospects, with assets under management reaching **3719.04 billion RMB** by the end of 2023, ranking second in the industry [1] - International business has become a significant revenue driver, contributing **37.22%** of total revenue in H1 2024, up **26.5pct** from 2019 [1] Financial Performance - Revenue is projected to grow from **36.578 billion RMB** in 2023 to **47.754 billion RMB** in 2026, with a CAGR of **13.28%** [3] - Net profit attributable to shareholders is expected to increase from **12.751 billion RMB** in 2023 to **15.178 billion RMB** in 2026, with a CAGR of **10.64%** [3] - The company's ROE is forecasted to rise from **7.28%** in 2023 to **7.19%** in 2026, while PB ratio is expected to decline from **0.90x** in 2023 to **0.75x** in 2026 [3] Wealth Management Business - Huatai's wealth management business remains a core driver, with **37.16 trillion RMB** in stock and fund trading volume in 2023 and a commission rate of **0.0197%** [1] - The company's digital platform, "Zhang Le Wealth Connect," has achieved **74.01 million** cumulative downloads and **9.06 million** average monthly active users by the end of 2023 [1] - Huatai's margin financing business has grown significantly, with a balance of **1055.54 billion RMB** in H1 2024, ranking first in the industry [1] Proprietary Trading and Derivatives - Huatai's proprietary trading assets reached **3719.04 billion RMB** by the end of 2023, with equity assets accounting for only **7%** of the total, reflecting a conservative investment strategy [1] - The company's over-the-counter derivatives business has grown rapidly, with a total notional principal of **2577.44 billion RMB** in H1 2024, up **55.14%** annually since 2019 [1] - Huatai is a leading player in the Sci-Tech Innovation Board market-making business, with **123** stocks under market-making by H1 2024 [1] International Business - Huatai's international business has expanded significantly, contributing **37.22%** of total revenue in H1 2024, up **26.5pct** from 2019 [1] - The company has established subsidiaries in Singapore and Vietnam, and sold AssetMark in September 2024, further diversifying its international presence [1] Investment Banking - Huatai's investment banking business has shown resilience, with a **8.84%** market share in equity underwriting in H1 2024, up from **3.66%** in 2019 [1] - The company's bond underwriting business has grown rapidly, with a **8.83%** market share in H1 2024, ranking third in the industry [1] Asset Management - Huatai's asset management business has shifted towards active management, with ABS issuance consistently ranking in the top three in the market [1] - The company's private equity arm, Huatai Zijin Investment, manages **62.18 billion RMB** in assets under management as of H1 2024, ranking third in the industry [1]

e公司讯，华泰证券研报称，24年11月20日，工信部发布《光伏制造行业规范条件》和《光伏制造行业 规范公告管理暂行办法》，相较于今年7月的征求意见稿，提升了新建和改扩建硅料项目电耗要求，有 望抑制新建产能规划，叠加近期川滇地区项目开始减产，CPIA限价倡议取得积极进展，财政部、国家 税务总局下调部分光伏产品出口退税率，我们判断政策转向已清晰，产业链价格有望触底回升，继续看 多光伏板块。 ...

证券时报网讯，华泰证券研报指出，上周海外地缘政治扰动及国内对于交易性资金的关注构成了市场回 调的底色，杠杆、散户等交易性资金交易热度有所回落。 向后看，美元指数的走强或对近期市场风险偏好修复形成一定扰动，但A股在10月底点位或仍具备一定 支撑，彼时投资者对地产修复预期偏中性，与宏观变量指引的合理PE基本相当。 短期市场中枢震荡或仍为基准情形。 配置上短期建议维持哑铃策略，红利、成长内部寻找性价比较优板块，中期建议关注内外需盈利剪刀差 反转、产能出清现拐点两条配置线索。 校对：吕久彪 ...

Group 1 - The core viewpoint of the article is that lithium carbonate prices are rebounding due to a sustained recovery in downstream demand, driven by factors such as the election of Donald Trump and subsidies for trade-in policies [1] - Huatai Securities indicates that the recent market sentiment has improved primarily because the demand for lithium batteries during the off-season has exceeded market expectations, leading to a short-term supply-demand mismatch [1] - The current surge in demand is likely to continue until the end of the year, which may further push lithium prices upward [1] Group 2 - However, in the long term, Huatai Securities projects that the global static supply-demand balance for lithium carbonate from 2024 to 2026 will still be in surplus, suggesting that lithium prices may continue to fluctuate and seek a bottom in 2025 [1] - The turning point for the lithium industry is expected to arrive in 2026, indicating a potential shift in market dynamics [1]

证券时报e公司讯，华泰证券研报表示，全国人大常委会审议通过近年来力度最大化债举措，地方政府 的化债压力和现金流将大为改善。 环保板块自2020年来基本面和估值双杀，主要是受到地方财政支出的负面影响，应收账款居高不下，收 入/利润增速放缓甚至下滑。 当前阶段使用者付费往往难以覆盖实际成本，环保公司大部分收入直接或间接来自中央/地方财政。 华泰证券判断，化债推动下，长期困扰行业的应收账款问题有望显著改善，从而使环卫、设备、水务及 部分检测公司的现金流、订单、盈利进入正向循环。 ...