广发证券股份有限公司 2025 年面向专业投资者 | 债券名称 | | | 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（第五期）（品种一） | | | | | | 债券简称 | 25 广发 09 | | | | | | | | | 债券代码 | 524472 | | | | | | | | | 信用评级 | 主体评级 | | | AAA/债项评级 | | AAA | | | | 评级机构 | | | | 中诚信国际信用评级有限责任公司 | | | | | | 发行总额（亿元） | 50 | | | | | | | | | 债券期限 | 2 年 | | | | | | | | | 票面年利率（％） | 1.99 | | | | | | | | | 利率形式 | 固定利率 | | | | | | | | | 付息频率 | | | 按年付息，每年支付一次 | | | | | | | 发行日 | 2025 年 | 10 | 月 14 | 日 ...

Group 1 - The core point of the article is that GF Securities is issuing a short-term corporate bond, which will be listed on the Shenzhen Stock Exchange starting October 21, 2025 [1] - The bond has a total issuance amount of 3 billion yuan [1] - The coupon rate for the bond is set at 1.71% with a maturity period of 365 days [1]

Group 1 - The core point of the article is that Guangfa Securities (000776.SZ) experienced a stock price decline of 2.78%, closing at 22.72 yuan, making it the largest loser in the securities sector today [1] - The securities sector overall saw a slight increase of 0.13% on the same day [1]

Core Insights - New Lotus has submitted a listing application to the Hong Kong Stock Exchange, with GF Securities (Hong Kong) and Agricultural Bank of China International as joint sponsors [1] Company Overview - New Lotus ranks second in the Chinese market for traditional Chinese medicine (TCM) decoction pieces, with a market share of 0.4% [1] - The company is the fastest-growing among the top five participants, with a compound annual growth rate (CAGR) of 27% in revenue from 2022 to 2024 [1] Business Strategy - The company employs a dual-pillar strategy, serving hospital and chain pharmacy clients through offline channels while expanding into the retail market with consumer health products [1] Market Potential - The TCM decoction piece market is large and rapidly growing, with New Lotus offering over 770 types and 4,900 categories of products [1]

Core Viewpoints - The article discusses the impact of recent U.S. tariffs on China, indicating that while there may be short-term disruptions in global assets, the medium-term trend of asset revaluation in China remains unaffected [1][6]. Credit Market - In September, M2 growth was 8.4%, down 0.4 percentage points from August, while M1 increased by 7.2%, up 1.2 percentage points from August, indicating a narrowing gap between M1 and M2 [3]. - New RMB loans in September were 1.29 trillion yuan, below the market expectation of 1.46 trillion yuan, reflecting a decrease of approximately 300 billion yuan compared to the same period last year [3]. Equity Market - Traditional manufacturing in China is poised to gain global pricing power due to a shift in capital expenditure structures and a slowdown in domestic capital spending [5]. - High-dividend blue-chip stocks and high-growth stocks are highlighted as key investment opportunities for the fourth quarter, with a focus on sectors like banking and utilities for stable returns, and new energy and AI for long-term growth potential [7]. Industry Research - The rebound in inbound tourism in China is expected to significantly boost the tourism sector, with total inbound tourism revenue projected to grow from $94 billion in 2024 to $525 billion by 2034 [11]. - The coal industry is anticipated to rebound in the fourth quarter due to supply constraints and increased demand, with expectations of higher coal prices supported by improved supply-demand dynamics [12]. - The non-ferrous metals sector is identified as a strong performer, driven by global political factors and trade disruptions, presenting investment opportunities in related resource sectors [13]. Macro and Fixed Income - The bond market is entering a recovery phase, with increased attractiveness for low-risk assets amid a declining risk appetite in the market [18]. - The bond market is expected to perform well in the fourth quarter, supported by a weak domestic demand environment and potential monetary policy easing [19]. - Interest rates are projected to remain low and volatile, influenced by economic recovery dynamics and the real estate market's stabilization [20]. Asset Allocation - The stock market is viewed positively in the long term, but caution is advised in the short term, with a focus on undervalued sectors and credit bonds offering yield spread opportunities [22].

Investment Rating - The report maintains a positive investment outlook for the non-bank financial sector, highlighting strong performance expectations for Q3 earnings across various companies [5][36]. Core Insights - The report emphasizes that the Q3 performance of the equity market is expected to solidify the earnings of leading insurance companies, with the Shanghai Composite Index showing a Q3 increase of 12.73% [1]. - Companies like China Pacific Insurance and New China Life are projected to see significant profit growth, with net profits expected to rise by 40%-60% and 45%-65% respectively for the first three quarters of 2025 [2][5]. - The report notes that the overall performance of the securities sector is also expected to improve, driven by active trading and increased business income from wealth management and investment transactions [3][5]. Summary by Sections Market Review - The report indicates a mixed performance in the non-bank sector, with the insurance index rising by 3.65% while the securities sector saw declines [9][10]. Securities Sector - The report highlights that the brokerage business remains robust, with a total trading volume of 10.87 trillion yuan in the week ending October 17, 2025, despite a 15.86% decrease from the previous week [17]. - The report also notes a significant increase in margin trading balances, which rose by 52.53% year-on-year [17]. Insurance Sector - The report indicates that major insurance companies are expected to report strong premium growth, with New China Life's premiums expected to increase by 19% year-on-year [33]. Liquidity Tracking - The report discusses the liquidity situation, noting a net withdrawal of 4.979 billion yuan in the week due to central bank operations, with mixed movements in interest rates [28]. Industry News and Company Announcements - The report includes various company announcements, such as significant profit forecasts from major players like Dongwu Securities and New China Life, indicating a positive outlook for the sector [33][36]. Investment Recommendations - The report suggests focusing on key insurance companies such as Sunshine Insurance, China Taiping, and major securities firms like CITIC Securities and Huatai Securities for potential investment opportunities [5][37].

广发控股(香港)CEO曾超表示，在充满挑战与机遇的时代背景下，新一代青年创业者正以前瞻的思维和 卓越的专业能力，塑造未来的商业新格局。广发证券将持续赋能创新，通过提供创业基金、导师辅导对 接等全方位支持，与青年创业者共同开拓未来。 据介绍，今年是创业大赛创办的第十五周年，参赛队伍数量再创历届新高，共吸引了全球348支队伍参 加。为进一步赋能创业群体、拓展赛事价值，本届大赛聚焦前沿科技，赋能多元创新，首次引入人工智 能主题工作坊，由业内专家指导参赛者进行数据分析、人工智能技术融合等技能；并为女性创业者提供 一对一指导，女性参赛者比例提升至三成以上，进一步推动了创业生态的多元发展。 此外，广发证券在中国内地已连续11年发起"广发证券大学生微创业行动"，该活动聚焦科技创新、绿色 发展及乡村振兴，累计支持逾千所高校、上万名大学生的微创业项目，并为520个项目提供创业基金扶 持。 中证报中证网讯(记者武卫红)记者从广发证券了解到，近日，由广发证券连续第九年赞助的香港科技大 学—信和百万奖金创业大赛(简称"创业大赛")在香港科技大学清水湾校区落下帷幕。 据介绍，广发证券自2017年起，已连续九年支持港科大香港赛区的创业大 ...

Core Viewpoint - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinate bonds totaling up to RMB 20 billion, with the fourth phase of bonds set to raise up to RMB 3 billion [1] Group 1: Bond Issuance Details - The issuance scale for the fourth phase of subordinate bonds is capped at RMB 3 billion, with a face value of RMB 100 per bond [1] - The issuance period is scheduled from October 16 to October 17, 2025, with a maturity of 3 years [1] - The final coupon rate for the bonds is set at 2.20%, and the subscription multiple reached 1.89 times [1]

Core Points - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinated bonds not exceeding RMB 20 billion [1] - The fourth phase of subordinated bonds for professional investors will have a maximum issuance scale of RMB 3 billion, with a final coupon rate of 2.20% [1] - The issuance period for the bonds is set from October 16 to October 17, 2025, with a subscription multiple of 1.89 times [1]

Core Points - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinate bonds not exceeding RMB 20 billion [1] - The fourth phase of subordinate bonds for professional investors will have a total issuance scale of up to RMB 3 billion, with a final coupon rate of 2.20% [1] - The issuance period for these bonds is from October 16 to October 17, 2025, with a subscription multiple of 1.89 times [1]