债券代码：149634 债券简称：21 广发 11 债券代码：149635 债券简称：21 广发 12 广发证券股份有限公司 关于"21 广发 11" 、 "21 广发 12"2025 年度付息的公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 由广发证券股份有限公司（以下简称"本公司"）发行的广发证券股份有限 公司 2021 年面向专业投资者公开发行公司债券（第四期）（品种二、品种三） （以下简称"本期债券"）将于 2025 年 9 月 16 日支付本期债券"21 广发 11" 及"21 广发 12"自 2024 年 9 月 16 日至 2025 年 9 月 15 日期间的利息。为确保 本期债券本次付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：广发证券股份有限公司 2021 年面向专业投资者公开发行公司 债券（第四期）（品种二、品种三） 2、债券简称及代码：本期债券品种二简称为"21 广发 11"，债券代码为 "149634"；品种三简称为"21 广发 12"，债券代码为"149635"。 3、债券发行批准机关 ...

Core Insights - China's economic development is supported by three significant advantages: stock population dividend, delayed gratification dividend, and engineer dividend [2][3][4] - The rise of Chinese manufacturing and technological innovation is an inevitable trend, with a focus on integrating technological and industrial innovation during the 14th Five-Year Plan [5][6] Group 1: Economic Advantages - The stock population dividend is characterized by a large base of 1.4 billion people, which supports substantial industries and business models [3][4] - The delayed gratification dividend reflects the high labor participation and savings rates in China, leading to a rapid capital formation speed [3][4] - The engineer dividend indicates China's fastest technological innovation speed globally [3][4] Group 2: Technological Innovation - China is emerging as a significant global research engine, maintaining the highest quality research output and leading in PCT international patent applications for six consecutive years [4][5] - The 14th Five-Year Plan is expected to emphasize the integration of technological and industrial innovation, with key industries such as artificial intelligence, marine economy, and biomedicine projected to grow significantly [5][6] Group 3: Capital Market Trends - The rapid rise of technological innovation in China is influencing the capital market, with A-share market capitalization surpassing 100 trillion yuan, a 15.6% increase from the end of 2024 [7][8] - The current capital market conditions resemble those of previous high-growth periods, driven by macroeconomic recovery and favorable liquidity conditions [7][8] - The central government aims to enhance the attractiveness and inclusivity of the domestic capital market, which is expected to support high-quality development in technology and industry [8][9]

Group 1 - The core point of the article highlights that on September 11, shareholders of Power Assets Holdings (01263) transferred shares from GF Securities Hong Kong to UOB Kay Hian (Hong Kong), with a market value of HKD 242 million, accounting for 9.58% of the total shares [1] - Power Assets Holdings reported a revenue of HKD 6.355 billion for the six months ending June 30, 2025, representing a year-on-year growth of 28.5% [1] - The company’s attributable profit to shareholders was HKD 250.4 million, reflecting a year-on-year increase of 29.0% [1] Group 2 - The basic earnings per share for Power Assets Holdings stood at HKD 0.645, with an interim dividend proposed at HKD 0.25 per share [1]

Fund Overview - The fund is named "Southern CSI Hong Kong Stock Connect Technology ETF Initiated Link Fund" with A and C class shares [9] - It is an open-ended index fund that tracks the performance of the underlying index [10] - The fund is managed by Southern Fund Management Co., Ltd. and the custodian is GF Securities Co., Ltd. [1] Fund Offering Details - The fund's subscription period starts on September 16, 2025, and is open to various types of investors including individuals, institutions, and qualified foreign investors [2][13] - The minimum initial and additional subscription amount is set at 1 RMB [6] - Investors can subscribe multiple times during the subscription period, but once confirmed, subscriptions cannot be revoked [8][23] Subscription Fees and Rates - For A class shares, the maximum subscription fee is 1.0%, which decreases with higher subscription amounts [18] - C class shares have a zero subscription fee, with an annual service fee of 0.2% [18] Fund Investment Strategy - The fund primarily invests in Hong Kong stocks and may face specific risks associated with the Hong Kong market, including significant price volatility and currency risks [6] - The fund can also invest in financial derivatives such as stock index futures and options, which may introduce additional risks [7] Fund Management and Operations - The fund operates on a contract-based open-ended model with no fixed duration [11] - The initial face value of the fund shares is set at 1.00 RMB [12] - The fund's assets will be held in a dedicated account until the fund contract becomes effective [54] Regulatory and Compliance - The fund has been registered with the China Securities Regulatory Commission (CSRC) and is subject to its regulations [1] - The fund's contract will become effective once the necessary conditions for registration are met, including a minimum subscription amount from the initiator [54][55] Contact and Support - Investors can contact the fund management company for inquiries regarding subscriptions and other related matters [4][56] - Detailed information about the fund can be found on the management company's website and the CSRC's electronic disclosure platform [2]

Group 1 - The core viewpoint of the article highlights a significant increase in bond issuance by securities firms in China, with a total of 1.12 trillion yuan raised as of September 11, 2023, representing a year-on-year growth of 66.18% [1][2] - A total of 71 securities firms have issued 600 bonds this year, with the number of bonds increasing by 53.06% compared to the previous year [2] - The primary reasons for the surge in bond issuance include business expansion needs driven by a favorable A-share market and intensified competition among securities firms [2][3] Group 2 - The funds raised through bond issuance are primarily used for repaying maturing debts, supplementing liquidity, and meeting operational needs [3] - Securities firms have actively issued technology innovation bonds, with 49 such bonds issued this year, raising a total of 476.7 billion yuan [3] Group 3 - The low interest rate environment has reduced financing costs for securities firms, making bond issuance more attractive compared to other financing methods [4] - The average interest rates for various types of bonds issued this year have decreased compared to the same period last year, with securities company bonds averaging 1.89% and short-term financing bonds at 1.77% [4] Group 4 - Securities firms have also utilized overseas channels for financing, issuing 22 bonds this year and raising a total of 32.08 million USD, which is a year-on-year increase of 13.8% [5] - The ability to issue bonds in the international market is primarily limited to leading securities firms due to higher requirements for scale and overall strength [5]

Group 1 - The core viewpoint emphasizes that the activation of scientific and technological innovation in China has led to a revaluation of assets, increasing enthusiasm among domestic and foreign investors for participation in both primary and secondary markets [1][3] - The Sci-Tech Innovation Board (STAR Market) has shown significant performance, with the Sci-Tech 50 Index rising by 28% and the Sci-Tech Chip Index by 35% in August 2025, indicating that technological innovation is driving overall market investment sentiment [1][3] - The development of the STAR Market is summarized as having a high starting point, rapid growth, and substantial results, aligning with the strategic goal of achieving high-level technological self-reliance by 2035 [3][4] Group 2 - The STAR Market has undergone continuous institutional improvements, from the pilot registration system in 2019 to the recent establishment of the "Sci-Tech Growth Tier," enhancing its service capabilities [3][4] - The STAR Market is extending its focus from strategic emerging industries to "new quality" enterprises, while the investment system is becoming increasingly diversified, with a growing scale of ETFs [3][4] - The integration of research, investment banking, and investment practices at companies like GF Securities is crucial for supporting technological innovation enterprises, highlighting the importance of linking domestic and foreign resources for innovation development [4]

Core Points - Haida Group announced that its controlling shareholder, Guangzhou Haida Investment Co., Ltd., has pledged part of its shares [2] - The shares pledged include 10,000,000 shares and 3,600,000 shares, with respective pledge expiration dates of September 11, 2025, and September 23, 2025 [2] Summary by Category - **Company Actions** - Haida Group's controlling shareholder has initiated a share pledge extension process [2] - The pledged shares are significant in number, indicating a strategic financial maneuver [2] - **Shareholder Information** - Guangzhou Haida Investment Co., Ltd. is the controlling shareholder involved in the pledge [2] - The shares pledged to GF Securities Co., Ltd. reflect the shareholder's ongoing financial strategies [2]

Group 1 - The core point of the article is that New Energy has announced a change in its sponsor representative for a non-public stock issuance project, with Chen Yingchao replacing Zhu Sunyuan due to work changes [1] Group 2 - Guangfa Securities was originally responsible for the sponsorship of New Energy's non-public stock issuance, with Fan Yi and Zhu Sunyuan designated as the representatives [1] - The change in the sponsor representative is aimed at ensuring the orderly continuation of supervisory work [1]

Core Viewpoint - The third "Zhihui Cup" private fund manager selection event successfully held its semi-annual award ceremony, showcasing over 100 outstanding private fund managers and their performance across various strategies [1][2] Group 1: Event Overview - The event was co-hosted by GF Securities and China Securities Journal, with over 2300 private fund managers participating and more than 3800 products submitted for evaluation [2] - Nine awards were presented, including subjective long, quantitative long, index enhancement, market neutral, quantitative CTA, composite strategy, ETF long group, ETF arbitrage group, and regional awards [2] Group 2: Performance Highlights - Stock-related strategies performed exceptionally well, surpassing the overall market index during the evaluation period [2] - The average excess return for the top ten in the index enhancement strategy group reached 30.87%, while the average return for the top ten in the quantitative long group was 32.47% [2] Group 3: Company Initiatives - GF Securities launched the "Ruicai" private investment research platform to connect quality private funds with capital, enhancing decision-making efficiency [2] - The company aims to improve its comprehensive financial service system, support product innovation and investment strategy upgrades for private fund managers, and promote digital transformation and intelligent development [3]

Group 1: Public Fund Industry Development - The public fund industry showed a steady and positive development trend in the first half of 2025, with a net asset value of public funds managed by institutions reaching 34.39 trillion yuan, an increase of 4.75% compared to the end of 2024 [2] - The company, through its subsidiaries, managed a total public fund scale of 1,509.36 billion yuan, growing by 2.90% from the end of 2024 [2] - E Fund managed a total public fund scale of 2,164.59 billion yuan, with a growth of 5.40% from the end of 2024, ranking first in the industry [3] Group 2: Investment Banking Business Development - The company focuses on serving the high-quality development of the real economy, enhancing its role as a "service provider" for direct financing and a "gatekeeper" for the capital market [4] - It aims to strengthen its market position in key regions such as the Greater Bay Area and the Yangtze River Delta, while promoting cross-border collaboration and talent development [4] Group 3: Derivative Business Development - As a primary dealer in the OTC derivatives market, the company emphasizes its pricing and trading expertise, enhancing team and system capabilities to provide asset allocation and risk management solutions for institutional clients [5] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, with a focus on providing a diverse range of products and strategies to clients [6] - By the end of June 2025, the public fund management scale of the company and E Fund, excluding money market funds, ranked third and first in the industry, respectively [7]