消息面上，9月5日，证监会就修订公募基金销售费用管理规定征求意见，拟全面调降销售费用。此外， 近期上交所披露数据显示，8月A股市场新增开户数达265.03万户，连续三个月回升，同比也呈现大幅增 长态势，增幅达到了165%。民生证券认为，券商25年上半年业绩高增趋势延续，随着今年资本市场回 稳向好，市场交投活跃度保持高位，券商业绩修复趋势有望延续。公募基金费率改革稳步推进，有望降 低交易成本，持续提升资金入市意愿。 中资券商股早盘普涨，截至发稿，广发证券（000776）(01776)涨4.13%，报18.64港元；东方证券 （600958）(03958)涨3.67%，报7.34港元；光大证券（601788）(06178)涨3.64%，报10.82港元；中信证 券（600030）(06030)涨2.65%，报28.66港元。 摩根大通报告指出，内地券商经营数据于8月持续改善，A股日均成交升至2.3万亿元人民币，为历史最 高月度水平，日均成交金额连续18个交易日超逾2万亿元人民币，融资结余于9月初升至2.28万亿元人民 币纪录新高，券商新开户环比升35%至265万个，媒体报道指新旧客户入市兴趣增加。该行对券商业维 ...

智通财经APP获悉，中资券商股早盘普涨，截至发稿，广发证券(01776)涨4.13%，报18.64港元；东方证 券(03958)涨3.67%，报7.34港元；光大证券(06178)涨3.64%，报10.82港元；中信证券(06030)涨2.65%， 报28.66港元。 摩根大通报告指出，内地券商经营数据于8月持续改善，A股日均成交升至2.3万亿元人民币，为历史最 高月度水平，日均成交金额连续18个交易日超逾2万亿元人民币，融资结余于9月初升至2.28万亿元人民 币纪录新高，券商新开户环比升35%至265万个，媒体报道指新旧客户入市兴趣增加。该行对券商业维 持正面看法，见到券商收入及投资收入在第三季有上望空间。 消息面上，9月5日，证监会就修订公募基金销售费用管理规定征求意见，拟全面调降销售费用。此外， 近期上交所披露数据显示，8月A股市场新增开户数达265.03万户，连续三个月回升，同比也呈现大幅增 长态势，增幅达到了165%。民生证券认为，券商25年上半年业绩高增趋势延续，随着今年资本市场回 稳向好，市场交投活跃度保持高位，券商业绩修复趋势有望延续。公募基金费率改革稳步推进，有望降 低交易成本，持续提升资金 ...

Group 1 - The core point of the article is that GF Securities (01776) announced the payment details for its short-term corporate bonds, specifically the third phase of its issuance aimed at professional investors, which will occur on September 10, 2025 [1] - The bond, referred to as "25 GF D4," has a coupon rate of 2.02%, and the total amount payable per unit (face value of 1,000 yuan) will be 1,010.35 yuan, including tax [1] - The interest and principal payment period for this bond is from March 7, 2025, to September 9, 2025, with the bond being delisted on the payment date [1]

Core Viewpoint - Guangfa Securities (01776) announced the public issuance of short-term corporate bonds (Phase III) aimed at professional investors, with interest and principal payments scheduled for September 10, 2025 [1] Summary by Relevant Sections - **Bond Details** - The bond is named "25 Guangfa D4" with a coupon rate of 2.02% [1] - The total amount payable per unit (face value of 1,000 RMB) for "25 Guangfa D4" is 1,010.35 RMB (including tax) [1] - The bond will be delisted on September 10, 2025 [1]

格隆汇9月8日丨广发证券(01776.HK)发布公告，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(第三期)(债券简称："25广发D4"，债券代码：524159)将于2025年9月10日支付2025年3月7 日至2025年9月9日期间的利息及本期债券的本金。本期债券"25广发D4"的票面利率为2.02%，本次兑付 兑息每手(面值1,000元)"25广发D4"兑付本息合计人民币1,010.349041元(含税)。 ...

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. 廣發証券股份有限公司 （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。 债券代码：524159 债券简称：25 广发 D4 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（第三期） 2025 年兑付兑息及摘牌公告 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《廣發証券股份有限公司2025年面向專 業投資者公開發行短期公司債券（第三期）2025年兌付兌息及摘牌公告》。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9月8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 ...

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： 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 三期）（债券简称："25 广发 D4"，债券代码：524159，以下简称"本期债券"） 将于 2025 年 9 月 10 日支付 2025 年 3 月 7 日至 2025 年 9 月 9 日期间的利息及本 期债券的本金。为确保本次兑付兑息工作的顺利进行，现将有关事宜公告如下： 债券代码：524159 债券简称：25 广发 D4 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（第三期） 2025 年兑付兑息及摘牌公告 一、本期债券基本情况 1、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短期 公司债券（第三期） 2、债券简称及代码：本期债券简称为"25 广发 D4"，债券代码为"524159"。 3、债券发行批准机关及文号：中国证券监督管理委员会证监许可〔2023〕 2404 号文。 4、发行期限、规模和利率：本期债券发行期限为 187 天，发行规模为 30 亿元，票面利率为 2.02%。 ...

Core Viewpoint - The report from GF Securities highlights two key directions for investment focus in the transportation industry: anti-involution and domestic demand recovery [1] Shipping - The shipping market is experiencing increased performance differentiation across various segments, with container shipping showing mixed results, specialized vessels performing well, and the oil and bulk markets under continued pressure [1] - Short-term expectations for Q4 are optimistic due to high capacity utilization rates in the oil and bulk sectors during Q3, which may lead to improved pricing during the peak season [1] - Long-term demand-side benefits for bulk shipping are increasing, while supply-side rigidity remains unchanged, indicating a potential long-term turning point [1] Logistics - The express delivery industry faced pressure in H1 2025 due to intensified competition, with varying performance based on cost control capabilities among companies [2] - Attention is drawn to price increases in the second half of the year, particularly as the fourth quarter approaches the peak season [2] - Cross-border logistics and chemical logistics are under pressure due to low industry sentiment and fierce competition, while bulk logistics, excluding large supply chain companies, are also facing challenges [2] - The second half of the year will see chemical logistics and bulk logistics benefiting from anti-involution policies, with rising commodity prices expected to improve operational performance [2] Aviation - The aviation sector saw increased volume but declining prices in H1 2025, with falling oil prices and improved aircraft utilization releasing cost benefits [3] - Major airlines showed improved gross margins, while private airlines experienced mixed results, with some like Huaxia Airlines reporting significant profit growth due to government subsidies [3] - Overall, the industry's profit trends are improving, aligning with market expectations for steady recovery [3] - First-tier airports are experiencing a steady recovery in passenger flow, particularly in international routes, contributing to revenue and profit recovery [3] Infrastructure - Secondary market players are showing structurally better-than-expected performance, awaiting a rebound in bulk trade services [4] - Major highway companies are meeting expectations, with Yuxiu Transportation Infrastructure starting to recover [4] - Port performance remained stable in Q2, while railway demand growth is slowing, with Guangzhou-Shenzhen Railway reporting a 75% year-on-year increase in net profit for Q2 [4]

Core Viewpoint - The stock of GF Securities has experienced a decline in recent trading sessions despite a year-to-date increase, indicating potential volatility in the market [1][2]. Group 1: Stock Performance - As of September 8, GF Securities' stock price was 20.17 CNY per share, down 2.04% during the trading session [1]. - The stock has increased by 27.58% year-to-date but has seen a decline of 6.92% over the last five trading days [1]. - The total market capitalization of GF Securities is 153.41 billion CNY [1]. Group 2: Financial Metrics - For the first half of 2025, GF Securities reported a net profit of 6.47 billion CNY, representing a year-on-year growth of 48.31% [2]. - The company has distributed a total of 38.84 billion CNY in dividends since its A-share listing, with 8.58 billion CNY distributed over the past three years [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for GF Securities was 166,400, a decrease of 9.87% from the previous period [2]. - The top ten circulating shareholders include China Securities Finance Corporation, holding 228 million shares, and Hong Kong Central Clearing Limited, holding 224 million shares, with the latter seeing a decrease of 23.77 million shares [2].

Core Viewpoint - The growth of asset management scale among securities firms is accompanied by a decline in income, indicating a structural challenge in the industry as it transitions towards public offerings [1][2][4]. Group 1: Asset Management Scale and Income - As of the end of Q2 2025, the scale of private asset management products by securities firms reached 6.14 trillion yuan, an increase of 0.21 trillion yuan from the end of Q1 2025 [4]. - The net income from asset management for listed securities firms totaled 21.2 billion yuan in the first half of 2025, reflecting a year-on-year decline of 3% [4]. - The divergence in income performance is notable, with Citic Securities leading with a net income of 5.444 billion yuan, up 10.77%, while Huatai Securities saw a significant drop of 59.8% to 893 million yuan [5]. Group 2: Challenges in Public Offering Transformation - The transformation towards public offerings is a key direction for securities firms' asset management, but many face challenges due to licensing issues, which hinder product development [7]. - As of September 5, 2025, there were 108 public offering products undergoing transformation, including 50 bond funds, 28 mixed funds, and 27 money market funds [7]. Group 3: Future Strategies and Competitive Landscape - The competition in the asset management industry is shifting from scale expansion to a focus on research capabilities, technological empowerment, and product ecosystems [10]. - Firms are encouraged to enhance their investment research capabilities, innovate products tailored to client preferences, and leverage technology to improve operational efficiency [10]. - The market is expected to see a differentiation where leading firms will cover a broader client base while smaller firms may focus on niche markets like REITs and carbon-neutral bonds [10].