廣發証券股份有限公司 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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GF SECURITIES CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：1776） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，廣發証券股份有限公司（「本公司」）在深圳 證券交易所網站( http://www.szse.cn )刊發的《關於延長廣發証券股份有限公司2025 年面向專業投資者公開發行公司債券（第三期）簿記建檔時間的公告》。茲載列如 下，僅供參閱。 承董事會命 廣發証券股份有限公司 林傳輝 董事長 中國，廣州 2025年8月5日 於本公告日期，本公司董事會成員包括執行董事林傳輝先生、秦力先生、孫曉燕 女士及肖雪生先生；非執行董事李秀林先生、尚書志先生及郭敬誼先生；獨立非 執行董事梁碩玲女士、黎文靖先生、張闖先生及王大樹先生。 关于延长广发证券股份有限公司 2025 ...

证券代码：524393 证券简称：25 广发 05 证券代码：524394 证券简称：25 广发 06 特此公告。 （本页以下无正文） （本页无正文，为《广发证券股份有限公司 2025 年面向专业投资者公开发行公 司债券（第三期）票面利率公告》之签章页） 发行人：广发证券股份有限公司 年 月 日 广发证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第三期） 票面利率公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广发证券股份有限公司（以下简称"发行人"）面向专业机构投资者公开发 行面值总额不超过 200 亿元（含）的公司债券已获得中国证券监督管理委员会证 监许可〔2025〕1214 号文同意注册。广发证券股份有限公司 2025 年面向专业投 资者公开发行公司债券（第三期）（以下简称"本期债券"）为前述注册批复项下 的第一期发行，计划发行规模合计不超过 50 亿元（含）。 2025 年 8 月 5 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，品种一利率询价区间为 1.20%-2.20%；品种二利率询价区间为 1.30%-2 ...

证券代码：524389 证券简称：25 广发 D9 广发证券股份有限公司 2025 年面向专业投资者公开发行短期公司债券（第七期） 发行结果公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广发证券股份有限公司（以下简称"发行人"）公开发行面值余额不超过人 民币 300 亿元短期公司债券已获得中国证券监督管理委员会证监许可〔2025〕 818 号文注册。根据《广发证券股份有限公司 2025 年面向专业投资者公开发行 短期公司债券（第七期）发行公告》，广发证券股份有限公司 2025 年面向专业投 资者公开发行短期公司债券（第七期）（以下简称"本期债券"）计划发行规模不 超过 50 亿元（含），发行价格为每张 100 元，采取网下面向专业机构投资者询价 配售的方式发行。 本次债券发行时间自 2025 年 8 月 4 日至 2025 年 8 月 5 日，最终发行规模 为 50 亿元，最终票面利率为 1.61%，认购倍数为 3.06 倍。 发行人的董事、监事、高级管理人员、持股比例超过 5%的股东以及其他关联 方未参与本期债券认购。 经主承销商核查，本期债券主承销 ...

关于延长广发证券股份有限公司 根据《广发证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第 三期）发行公告》，发行人和主承销商于 2025 年 8 月 5 日 15:00-18:00 以簿记建 档的方式向网下专业机构投资者进行利率询价。 广发证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面 值总额不超过人民币 200 亿元（含）的公司债券已获得中国证券监督管理委员会 证监许可〔2025〕1214 号文注册。广发证券股份有限公司 2025 年面向专业投资 者公开发行公司债券（第三期）（以下简称"本期债券"）为前述注册批复项下的 第一期发行，计划发行规模合计不超过 50 亿元（含）。 考虑到簿记建档当日市场情况，经发行人和簿记管理人协商一致，决定延长 本期债券发行时间，将簿记建档结束时间由 2025 年 8 月 5 日 18:00 延长至 2025 年 8 月 5 日 19:00。 特此公告。 （以下无正文） （本页无正文，为《关于延长广发证券股份有限公司 2025 年面向专业投资者公 开发行公司债券（第三期）簿记建档时间的公告》之盖章页） 发行人：广发证券股份有限公司 年 月 日 主 ...

Core Viewpoint - The article highlights the strong performance of the stock market in July, with major indices showing significant gains and a record number of investment advisors participating in the New Fortune Best Investment Advisor evaluation, indicating a bullish market sentiment and opportunities for investors [1][9][27]. Market Performance - In July, the Shanghai Composite Index reached a new high of 3636.17 points, while the ChiNext Index saw an 8.14% increase [1]. - The overall market sentiment was positive, with a notable increase in the number of investment advisors participating in the evaluation, totaling 39,893 from 90 securities firms, marking a record high [1]. Investment Advisor Performance - The top three advisors in the stock trading group achieved an average return of 108.4%, showcasing exceptional performance [2]. - The top ten advisors in the stock trading group had an average return of 89.79%, with the top 300 advisors averaging 43.98%, both significantly outperforming the Shanghai Composite Index's 8.97% increase [7][16]. ETF Group Performance - The top three advisors in the ETF group achieved an average return of 85.03%, reflecting strong performance in passive investment products [8]. - The average returns for the top 10, 100, and 200 advisors in the ETF group were 63.87%, 41.24%, and 36.25%, respectively, all exceeding the performance of major indices [15][16]. Advisor Insights - Advisors discussed the current market phase, with varying opinions on whether it is in the early, mid, or late stages of a bull market. They emphasized the importance of focusing on individual stocks rather than indices [17][18][19]. - Key sectors to watch include innovative pharmaceuticals, robotics, and military industries, with a focus on earnings reports and policy catalysts [17][19][20]. Institutional Strength - The competition among securities firms is highlighted, with Guangfa Securities and CITIC Securities leading in advisor numbers, indicating strong institutional capabilities [27][38]. - The article emphasizes the growing importance of professional advisory services in the securities industry as market reforms deepen [38].

Core Insights - Recent coal prices have seen a broad increase, with coking coal experiencing consecutive price hikes in its second and third rounds [1] - The coal market is stabilizing and expected to benefit from seasonal demand increases, slowing production growth, and declining coal import expectations in the second half of the year [1] - The National Energy Administration has issued a notice limiting annual and monthly coal production to not exceed announced capacities, which is expected to strengthen supply contraction expectations and support coal prices [1] Market Dynamics - All coal types have experienced price increases, with CCI5500 thermal coal priced at 650 RMB/ton, reflecting an 11 RMB/ton week-on-week increase [1] - High temperatures have led to increased daily consumption and proactive stockpiling by power plants, contributing to a 7% cumulative increase in port coal prices from the bottom [1] - Coking coal prices at domestic ports rose by 240 RMB/ton to 1680 RMB/ton, marking a 37% increase since early July [2] Supply and Demand Analysis - The domestic power demand has shown steady growth, while the year-on-year growth rate of domestic raw coal production continues to slow down [3] - Coal imports have seen a significant decline, with a 7.9% year-on-year decrease in coal trade volume for the first half of 2025 [3] - Supply from major production areas is stable, but certain regions are experiencing supply constraints due to accidents and maintenance, leading to a slight overall production decline [2] Recommendations - Companies with stable profit distributions in thermal coal include China Shenhua, Shaanxi Coal and Chemical Industry, and others [4] - High elasticity companies benefiting from positive demand expectations and supply contraction include Lu'an Mining, Shanxi Coking Coal, and others [4]

Core Viewpoint - The performance of the high dividend sector in the Hong Kong stock market is significantly influenced by cross-border liquidity, with expectations of a mid-term downward trend for the US dollar index despite recent fluctuations [1] Group 1: Market Conditions - The recent rise in the US dollar index was driven by high inflation, but employment data indicates signs of recession, leading to increased volatility in the dollar index [1] - The cross-border liquidity support for the Hong Kong stock market and equity assets is expected to continue [1] Group 2: Sector Performance - The banking sector's H-shares have underperformed compared to the Hang Seng Composite Index, although state-owned banks remain relatively stable with valuations at historical average levels and attractive dividend yields [1] Group 3: Policy Implications - The restoration of value-added tax on government bonds may reflect the management's intention to encourage capital flow towards equity assets [1] - There is a trend of clients shifting from fixed-income products to equities, which may provide support for the high dividend sector in the Hong Kong stock market [1]

Group 1 - Chinese brokerage stocks experienced a general rise, with notable increases in shares such as GF Securities (up 2.46% to HKD 17.93), Dongfang Securities (up 2.42% to HKD 17.28), and CITIC Securities (up 1.52% to HKD 12.7) [1] - As of August 1, 27 listed brokerages have released their semi-annual performance forecasts, with 24 reporting profits, 23 showing profit increases, and 1 turning from loss to profit [1] - The brokerage sector is expected to see significant investment opportunities in the second half of the year, driven by strong semi-annual performance forecasts, deepening capital market reforms, and expectations of increased market liquidity [1] Group 2 - Guotai Junan predicts that the performance of listed brokerages in the first half of 2025 will exceed expectations, with a projected year-on-year increase in net profit attributable to shareholders of 61.23% [2] - Investment business is expected to contribute the most to revenue growth, accounting for 60.51% of the adjusted operating income increase, primarily due to improved returns in the equity market compared to the first half of 2024 [2] - The brokerage business is anticipated to contribute 32.40% to the adjusted revenue increase, driven by a significant year-on-year rise in market trading volume in the first half of 2025 [2]

智通财经APP获悉，中资券商股普涨，截至发稿，广发证券(01776)涨2.46%，报17.93港元；东方证券 (03958)涨2.42%，报17.28港元；光大证券(06178)涨1.64%，报10.55港元；中信建投(06066)涨1.52%，报 12.7港元；申万宏源(06806)涨1.49%，报3.4港元。 消息面上，根据同花顺统计数据显示，截止8月1日，已有27家上市券商公布半年度业绩预告数据。总体 上看，数据显示，24家发布业绩预告的上市券商均实现盈利，其中23家预增，1家实现扭亏。分业务来 看，经纪及两融业务方面，受多项利好政策推动，市场成交实现高增，两融维持高位；投行业务方面， 市场再融资规模实现高增，IPO整体有所恢复。中信建投认为，基于良好的半年度业绩预告，叠加资本 市场改革深化、流动性宽松及市场指数中枢上移预期，券商板块下半年投资机遇凸显。 国泰海通指出，预计2025H1上市券商业绩好于预期，归母净利润同比+61.23%。从上市券商2025H1各 项业务收入对营收增量贡献度看，预计投资业务对调整后营业收入增长的贡献最大为60.51%，主因是 权益市场相较2024H1收益率明显改善，且202 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the **basic materials sector** in China, particularly focusing on **coal**, **steel**, **cement**, and **lithium** in the context of China's **anti-involution policy** [5][12]. Core Insights and Arguments - **Anti-Involution Policy**: This policy aims to rectify low-price and disorderly competition, eliminate outdated capacity, and create a unified national market. It emphasizes sectors like **electric vehicles (EV)**, **solar**, and **e-commerce**, while focusing on **lithium** and **coal** in basic materials [5][12]. - **Coal Inspections**: The National Energy Administration (NEA) is inspecting coal mines in eight provinces to address overproduction. The impact is more significant in **metallurgical coal** (26% volume impact) compared to **thermal coal** (3% volume impact). Production cuts are anticipated, but execution remains uncertain [6][14]. - **Price Projections**: - **Met Coal**: Prices are expected to average around **RMB 1,200/ton** with potential curtailments [6][14]. - **Thermal Coal**: Prices may recover to **RMB 670/ton** during summer but are expected to soften in Q4, averaging **RMB 630/ton** in 2025 [14]. - **Steel Sector**: Steel is considered a lower priority in the anti-involution campaign due to previous successful reforms. Steel output has already declined by **7-9% year-on-year** in May-June [7][14]. Additional Important Insights - **Hydropower Project Impact**: The Yarlung Zangbo hydropower project, costing **RMB 1.2 trillion**, is expected to consume **4.3 million tons per annum (mtpa)** of cement and **0.6 mtpa** of steel, which is not anticipated to significantly impact overall commodity consumption [10][12]. - **Iron Ore Market**: Iron ore prices have increased from **$93/ton** to **$103/ton** due to expectations of property stimulus and supply reform. Steel production in China has slowed, and exports remain strong at **~112 million tons** in June [11][12]. - **Inventory Levels**: Both thermal and metallurgical coal inventories are healthier compared to earlier in 2025, with thermal coal inventories at Independent Power Producers (IPPs) remaining elevated [14]. Conclusion - The conference call provided a comprehensive overview of the implications of China's anti-involution policy on the basic materials sector, particularly coal and steel. The anticipated production cuts and price adjustments reflect the government's efforts to stabilize the market while addressing overproduction issues. The impact of new infrastructure projects on commodity demand appears limited, and the overall sentiment in the iron ore market remains cautiously optimistic.