招商证券(香港)：华泰证券（06886）港股公司研究报告-Formingplatform-baseddevelopmentmodel

HTSC(06886) 1H20profitsdrivenbyIBbiz,investment,andprofitsfromJVs HTSCtodeepenplatform-basedbusinessmodel MaintainNEUTRAL;TP:HKD15.0 Managementdiscussionon1H20resultsShareholder’sprofittotalledRMB6,405mn,+57.9%yoyin1H20,drivenbyIBbusinesses,investmentgains,andprofitsfromassociatesandJVs.ROAandROE(annualized)cameinat2.23%and10.45%in1H20,respectively.HTSChas~15.1mnclientsasof1H20-end,+8%hoh.HTSC’stradingvolumeofstocksandfundsremainedrank1st,andtotalassetsofclientaccountsreachedRMB3.9tr,+15%yoy.HTS