Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][8] Core Views - The company's Q3 performance was significantly boosted by the sale of its subsidiary AssetMark, resulting in a substantial increase in revenue and net profit [3][8] - The company reported total revenue of 314.24 billion yuan for Q3 2024, a year-on-year increase of 15.41%, and a net profit of 125.21 billion yuan, up 30.63% year-on-year [3] - The sale of AssetMark contributed 62.26 billion yuan to the net profit, while the adjusted revenue excluding non-recurring gains was 77 billion yuan, reflecting a year-on-year decrease of 12% [3][8] Financial Performance Summary - For Q3 2024, the company achieved a single-quarter revenue of 140 billion yuan (YoY +58%, QoQ +23%) and a net profit of 72 billion yuan (YoY +138%, QoQ +139%) [3] - The company's total assets were reported at 847.5 billion yuan, a decrease of 6% from the end of the previous year, while the net assets increased by 4% to 185.6 billion yuan [3] - The annualized ROE for Q1-Q3 2024 was 9.16%, an increase of 1.6 percentage points year-on-year [3] Business Segment Performance - The revenue contributions from various segments for Q1-Q3 2024 were as follows: brokerage -14%, investment banking -41%, asset management -4%, credit +52%, proprietary trading +57%, and others +13% [3] - The company’s asset management business showed resilience, with its public fund subsidiary ranking fifth in the industry by non-money market fund management scale, which increased by 36% year-on-year [6][8] Market Outlook - The report indicates that the A-share market has shown signs of recovery since late September, which is expected to benefit the company's valuation and performance [8] - The forecast for the company's net profit for 2024, 2025, and 2026 has been revised upwards to 157 billion yuan, 120 billion yuan, and 129 billion yuan respectively, reflecting year-on-year changes of +23%, -23%, and +7% [8]

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The company's Q3 performance was significantly boosted by the sale of its subsidiary AssetMark, leading to a substantial increase in revenue and net profit [4][7] - The company reported total revenue of 314.24 billion yuan for Q3, a year-on-year increase of 15.41%, and a net profit of 125.21 billion yuan, up 30.63% year-on-year [1] - The sale of AssetMark contributed 62.26 billion yuan to the net profit, while excluding this non-recurring gain, the revenue for Q3 would have been 77 billion yuan, reflecting a year-on-year decrease of 12% [4] Financial Summary - For Q3 2024, the company achieved a single-quarter revenue of 140 billion yuan, representing a year-on-year increase of 58% and a quarter-on-quarter increase of 23% [4] - The company's total assets stood at 847.5 billion yuan, with a total equity of 185.6 billion yuan, reflecting a 4% increase from the end of the previous year [1] - The annualized ROE for the first three quarters of 2024 was 9.16%, an increase of 1.6 percentage points year-on-year [4] Business Segment Performance - The company's brokerage, investment banking, asset management, proprietary trading, and other income segments reported year-on-year changes of -14%, -41%, -4%, +52%, and +57% respectively [4] - The asset management business showed resilience, with the company's public fund subsidiary ranking fifth in the industry with a management scale of 663.1 billion yuan, a 36% increase from the end of the previous year [4][7] Future Outlook - The company has raised its net profit forecasts for 2024, 2025, and 2026 to 157 billion yuan, 120 billion yuan, and 129 billion yuan respectively, reflecting year-on-year changes of +23%, -23%, and +7% [7] - The current stock price corresponds to a 2024 PB of 1.01 times, indicating a favorable valuation relative to its performance [7]

Financial Performance - Revenue for the third quarter of 2024 reached RMB 13,983,075,197.39, a year-on-year increase of 57.82%[4] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 was RMB 7,210,611,150.55, a year-on-year increase of 137.98%[4] - Basic earnings per share for the third quarter of 2024 were RMB 0.78, a year-on-year increase of 143.97%[4] - Total operating revenue for the first three quarters of 2024 reached RMB 31.42 billion, a 15.4% increase compared to RMB 27.23 billion in the same period of 2023[20] - Net interest income for the first three quarters of 2024 was RMB 1.30 billion, a 52.1% increase from RMB 855.91 million in the same period of 2023[20] - Net fee and commission income for the first three quarters of 2024 was RMB 9.23 billion, a 16.7% decrease from RMB 11.08 billion in the same period of 2023[20] - Investment income for the first three quarters of 2024 was RMB 13.56 billion, a 13.4% increase compared to RMB 11.96 billion in the same period of 2023[20] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was RMB 12.52 billion, a 30.6% increase from RMB 9.59 billion in the same period of 2023[21] - Basic earnings per share for the first three quarters of 2024 were RMB 1.33, a 30.4% increase from RMB 1.02 in the same period of 2023[21] - Total operating revenue for the first three quarters of 2024 was RMB 11.51 billion, a decrease of 23.5% compared to RMB 15.05 billion in the same period of 2023[29] - Net interest income increased by 4.1% to RMB 2.16 billion in the first three quarters of 2024, up from RMB 2.08 billion in 2023[29] - Net fee and commission income decreased by 10.9% to RMB 4.10 billion in the first three quarters of 2024, compared to RMB 4.60 billion in 2023[29] - Investment income dropped significantly by 53.8% to RMB 3.25 billion in the first three quarters of 2024, down from RMB 7.04 billion in 2023[29] - Net profit for the first three quarters of 2024 was RMB 6.17 billion, a decrease of 25.5% compared to RMB 8.28 billion in 2023[29] - Total comprehensive income for the first three quarters of 2024 was RMB 6.35 billion, down 23.7% from RMB 8.32 billion in 2023[30] Balance Sheet and Capital Structure - Total assets as of the end of the third quarter of 2024 were RMB 847,457,735,985.81, a decrease of 6.41% compared to the end of the previous year[4] - Net capital as of the end of the third quarter of 2024 was RMB 90,559,168,594.74, a decrease of 3.74% compared to the end of the previous year[5] - The company's total assets decreased to RMB 847.46 billion from RMB 905.51 billion at the end of the previous reporting period[17] - The company's total liabilities decreased to RMB 661.63 billion from RMB 723.29 billion at the end of the previous reporting period[18] - The company's total equity increased to RMB 185.83 billion from RMB 182.22 billion at the end of the previous reporting period[18] - The total assets of the company stood at 674.12 billion yuan, slightly down from 683.48 billion yuan at the end of 2023[26] - Total liabilities decreased to 518.75 billion yuan from 528.43 billion yuan at the end of 2023[27] - The company's equity (or shareholders' equity) totaled 155.37 billion yuan, showing a slight increase from 155.05 billion yuan at the end of 2023[27] Risk and Liquidity Metrics - Risk coverage ratio as of the end of the third quarter of 2024 was 340.75%, an increase of 92.95 percentage points compared to the end of the previous year[5] - Capital leverage ratio as of the end of the third quarter of 2024 was 15.87%, an increase of 1.89 percentage points compared to the end of the previous year[5] - Liquidity coverage ratio as of the end of the third quarter of 2024 was 148.21%, a decrease of 4.30 percentage points compared to the end of the previous year[5] - Net stable funding ratio as of the end of the third quarter of 2024 was 145.17%, an increase of 14.33 percentage points compared to the end of the previous year[5] - The company's net capital and other major risk control indicators met regulatory requirements during the reporting period, with no instances of triggering warning standards or non-compliance[5] Cash Flow and Liquidity - Net cash flow from operating activities for the first three quarters of 2024 was RMB 94.88 billion, a significant improvement from a negative RMB 20.06 billion in the same period of 2023[23] - Cash received from disposal of trading financial assets in the first three quarters of 2024 was RMB 71.75 billion, compared to no such activity in the same period of 2023[23] - Cash received from interest, fees, and commissions in the first three quarters of 2024 was RMB 20.48 billion, a 16.1% decrease from RMB 24.40 billion in the same period of 2023[23] - Cash paid for employee compensation and benefits in the first three quarters of 2024 was RMB 8.39 billion, a 2.5% decrease from RMB 8.60 billion in the same period of 2023[23] - Investment activities generated a net cash flow of 19.82 billion yuan, compared to a net outflow of 5.61 billion yuan in the previous period[24] - Financing activities resulted in a net cash outflow of 70.27 billion yuan, contrasting with a net inflow of 3.58 billion yuan in the prior period[24] - The company's monetary funds increased to 150.61 billion yuan as of September 30, 2024, up from 84.02 billion yuan at the end of 2023[26] - Client funds deposits rose to 127.39 billion yuan, a significant increase from 69.13 billion yuan at the end of 2023[26] - The cash and cash equivalents balance at the end of the period was 241.57 billion yuan, up from 193.86 billion yuan in the previous period[24] - Cash flow from operating activities in the first three quarters of 2024 was RMB 82.03 billion, a significant improvement from a negative RMB 13.11 billion in 2023[32] - Cash received from interest, fees, and commissions decreased by 18.5% to RMB 12.41 billion in the first three quarters of 2024, compared to RMB 15.23 billion in 2023[32] - Cash paid for employee compensation increased by 13.5% to RMB 4.45 billion in the first three quarters of 2024, up from RMB 3.93 billion in 2023[32] - Cash received from disposal of trading financial assets was RMB 31.35 billion in the first three quarters of 2024, compared to no such activity reported in 2023[32] - Investment activities generated a net cash flow of 8,071,056,021.74, compared to -3,156,407,810.29 in the previous period[33] - Financing activities resulted in a net cash outflow of -47,689,955,888.51, compared to -3,133,408,988.12 in the previous period[33] - The net increase in cash and cash equivalents was 42,506,075,435.55, compared to -19,812,824,248.38 in the previous period[33] - The ending balance of cash and cash equivalents was 180,394,503,066.59, compared to 139,696,335,124.31 in the previous period[33] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 241,213[11] - Jiangsu Guoxin Group Co., Ltd. holds 15.21% of the company's shares, making it the largest shareholder[12] - Hong Kong Securities Clearing (Nominees) Limited holds 14.03% of the company's shares, primarily in H-shares[12] - Jiangsu High-tech Investment Group Co., Ltd. holds 3.95% of the company's shares, with a mix of A-shares and H-shares[12] - The actual shares held by Hong Kong Securities Clearing (Nominees) Limited, including those purchased through the Stock Connect program, amount to 1,715,955,648 shares, representing 19.01% of the company's total shares[13] - The total number of GDRs outstanding at the end of the reporting period was 106,755, accounting for 0.13% of the total number approved by the China Securities Regulatory Commission[14] - The company completed the repurchase and cancellation of 2,082,559 A-shares, resulting in a total share capital of 9,027,302,281 shares, with A-shares accounting for 81% and H-shares for 19%[14] Subsidiary and Investment Activities - The company sold all its equity in the US subsidiary AssetMark Financial Holdings, Inc. for a final transaction price of $1.793 billion, effective from September 5, 2024[14] - The total subscribed capital of the Nanjing Huatai New Industry Investment Fund increased from RMB 800 million to RMB 900 million, with Huatai Zijin Investment contributing RMB 250 million[15] - The company's subsidiary Huatai International Financial Holdings obtained a securities trading code in Vietnam, allowing direct trading on the Ho Chi Minh and Hanoi Stock Exchanges[14] - Huatai Securities (USA) Inc., a subsidiary of Huatai International, was approved as a limited underwriting member by the NASDAQ Stock Exchange[14] Debt and Financing Activities - The company issued bonds worth 5,684,508,563.00, compared to 41,510,470,659.64 in the previous period[33] - Debt repayment amounted to 45,705,829,455.60, compared to 38,745,182,037.00 in the previous period[33] - Dividend, profit, or interest payments totaled 7,406,820,249.81, compared to 8,125,648,525.23 in the previous period[33] Other Business Metrics - Interest income increased by 52.05% to 1,301,410,179.98 RMB, mainly due to a decrease in interest expenses on interest-bearing liabilities[10] - Other business income surged by 142.44% to 7,342,331,138.05 RMB, driven by an increase in bulk commodity sales[10] - Other business costs rose by 148.69% to 7,380,333,472.77 RMB, also due to the expansion of bulk commodity sales[10] - Contract liabilities grew by 88.44% to 334,481,483.47 RMB, primarily due to an increase in advance receipts[10] - Other liabilities increased by 75.90% to 3,676,372,421.61 RMB, mainly due to an increase in payable dividends[10] - The company's monetary funds increased to RMB 215.38 billion, with client deposits accounting for RMB 159.62 billion[17]

证券代码：601688 证券简称：华泰证券 公告编号：临 2024-058 华泰证券股份有限公司 第六届董事会第十三次会议决议公告 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。 华泰证券股份有限公司（以下简称"公司"）第六届董事会第十 三次会议通知及议案于 2024 年 10 月 16 日以专人送达或电子邮件方 式发出。会议于 2024 年 10 月 30 日以现场及视频会议方式召开，现 场会议地点为南京。会议应到董事 13 人，实到董事 9 人，柯翔、刘 长春等两位非执行董事、尹立鸿执行董事和彭冰独立非执行董事未亲 自出席会议，其中：柯翔、刘长春分别书面委托陈仲扬非执行董事代 为行使表决权，尹立鸿书面委托张伟董事长代为行使表决权，彭冰书 面委托王建文独立非执行董事代为行使表决权。会议由公司董事长张 伟主持。公司部分监事及高级管理人员列席会议。本次会议有效表决 数占董事总数的 100%，符合《公司法》、公司《章程》和《董事会议 事规则》的规定。经与会董事审议，表决通过了各项议案，并作出如 下决议： 二、同意关于修订《华泰证券 ...

证券时报e公司讯，华泰证券研报指出，中美贸易摩擦、新冠疫情和地缘冲突暴露了全球供应链的脆弱 性，促使供应链的区域化和本地化。 区域内的供应链协作和深化增加了原材料、半成品和成品在区域内的流通，为全球集运货量提供增长潜 能。 相比远洋市场的单一性，更看好区域市场和新兴市场航线的增长潜力。 在个股选择上，中长期更看好那些专注于区域市场的中小型船公司，能够更好地适应区域市场需求的变 化，并通过灵活的运营模式在新兴市场中占据重要地位，其在区域市场的长期竞争力将不断提升。 短期内，由于红海绕行、中美贸易等不确定性因素，市场对远洋船公司盈利分歧大。 ...

证券时报e公司讯，华泰证券研报认为，当前，港股公路投资有三点重要变化。 资金面角度，美联储降息的推进将利好板块估值修复，目前板块股息率仍高于历史中枢；中资长线机构 南下加大建仓力度，板块南向持仓比例已超过30%，边际定价权在发生变化，中资要求的股息率或低于 外资。 基本面角度，公路为弱周期行业，财政扩张亦有利好，这点常被投资者忽略。 政策面角度，收费公路管理条例的修订亦值得期待。 ...

证券时报e公司讯，华泰证券研报认为，9月逆变器出口环比下滑，主要受到需求波动及台风影响。 随着长三角台风+东南亚雨季+西欧夏休等短期因素的减弱，逆变器出口有望回暖。 长期而言，各地区停电+电价上涨+风光装机高增依然为核心驱动，仍看好需求的持续性，板块龙头业 绩存在支撑。 ...

证券代码：601688 证券简称：华泰证券 公告编号：临 2024-057 华泰证券股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 10 月 31 日(星期四) 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 10 月 31 日 16:00-17:00 （二） 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 投资者可于 2024 年 10 月 24 日(星期四)至 10 月 30 日(星期 三) ...

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证券代码：601688 证券简称：华泰证券 公告编号：临 2024-056 特此公告。 华泰证券股份有限公司董事会 2024 年 10 月 19 日 1 2024 年 10 月 18 日，华泰证券股份有限公司（以下简称"公司"） 获得中国证监会《关于华泰证券股份有限公司参与互换便利有关事项 的复函》（机构司函〔2024〕1870 号），具体内容如下： 一、对公司参与互换便利（SFISF）无异议。公司应当根据《关于 做好证券、基金、保险公司互换便利相关工作的通知》等业务安排， 结合自身发展战略和风险承受能力，合理确定申请额度，经中国人民 银行同意后实施。 二、公司参与互换便利应严格遵守中国人民银行和中国证监会的 相关规定和要求，在批准的额度范围内，于指定交易场所开展互换便 利相关交易，不得利用互换便利工具从事违法违规行为。 三、公司应当按月向中国证监会证券基金机构监管司和江苏证监 局报送互换便利资金运用情况。参与互换便利过程中，如遇重大情况 和问题，应及时向中国人民银行和中国证监会报告。 华泰证券股份有限公司 关于参与互换便利业务获得中国证监会复函的公告 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、 ...