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。 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 業投資者公開發行次級債券（第四期）發行公告》。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10月14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。 广发证券股份有限公司 2025年面向专业投资者公开发行次 ...

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。 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（第九期）發行結果公告》。茲載列如下，僅供參 閱。 发行结果公告 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。 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 ...

广发证券股份有限公司 2025 年 面向专业投资者公开发行 次级债券（第四期）信用评级报告 中诚信国际信用评级有限责任公司 | 编号:CCXI-20253798D-01 广发证券股份有限公司 2025 年面向专业投资者公开发行 次级债券（第四期）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 9 月 30 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚 ...

广发证券股份有限公司 2025年面向专业投资者公开发行次级债券 （第四期） 发行公告 牵头主承销商 （住所：上海市黄浦区中山南路 119 号东方证券大厦） 联席主承销商 （住所：深圳市福田区福田街道福华一路111号） （住所：广西南宁市滨湖路46号国海大厦） 签署日期：2025年 月 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。 7、本期债券的询价区间为 1.60%-2.60%，发行人和主承销商将于 2025 年 10 1 月 15 日（T-1 日）向投资者利率询价，并根据利率询价情况确定本期债券的最终 票面利率。发行人和主承销商将于 2025 年 10 月 15 日（T-1 日）在深圳交易所网 站（http://www.szse.cn）及巨潮资讯网（http://www.cninfo.com.cn）上公告本期债 券的最终票面利率，敬请投资者关注。 重要事项提示 1、广发证券股份有限公司（以下简称"发行人"或"公司"）已于 2024 年 9 月 5 日获得中国证券监督管理委员会证监许可〔2024〕1258 号文注册公开发行 面值不超过 200 亿元的次级公司 ...

（住所：广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） （股票简称：广发证券；股票代码：000776.SZ、1776.HK） 2025 年面向专业投资者公开发行次级债券（第四期） 募集说明书 | 本期债券发行金额 | 不超过 亿元（含） 30 | | --- | --- | | 担保情况 | 无担保 | | 信用评级结果 | 主体评级 AAA；评级展望：稳定 | | | 债项评级：AAA | | 发行人 | 广发证券股份有限公司 | | 牵头主承销商/簿记管理人/债券受托管理人 | 东方证券股份有限公司 | | 联席主承销商 | 招商证券股份有限公司、国海证券股份有限 公司 | | 资信评级机构 | 中诚信国际信用评级有限责任公司 | 牵头主承销商/簿记管理人/债券受托管理人 （住所：上海市黄浦区中山南路 119 号东方证券大厦） 联席主承销商 （住所：深圳市福田区福田街道福华一路 111 号） （住所：广西南宁市滨湖路 46 号国海大厦） 签署日期： 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次级债券（第四期）募集说明书 声 明 本募集说明书依据《中华人民共和国公司 ...

证券代码：524462 证券简称：25 广 D13 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（第九期） 发行结果公告 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。 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（第九期）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（第九期）（以下简称"本期债券"）计划发行规模不超过 30 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。 本期债券发行时间自 2025 年 10 月 13 日至 2025 年 10 月 14 日，最终发行规 模为 30 亿元，最终票面利率为 1.71%，认购倍数为 3.47 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 联方不存在参与认购情况。经主承销商核查，本期债券的主承 ...

Group 1 - The core viewpoint of the article highlights that Wuliangye Group is striving to achieve its annual targets despite a divergence between short-term performance and stock prices [1] - Since 2021, there has been a disconnection between stock prices and ROE, indicating that performance is a lagging indicator [1] - Following the "924 New Policy" last year, the stock prices of the liquor sector have diverged from performance changes, with brands like Guojiao and Luzhou Laojiao showing significant price increases despite downward revisions in performance [1] Group 2 - The article notes that the current economic outlook is improving, similar to 2014, leading to a phase where stock prices and earnings forecasts are misaligned, with the market focusing more on actual operations and favoring turnaround candidates [1] - Wuliangye's product prices have significantly declined, while Guojiao has managed to outperform in this context [1] - The company currently has ample cash on hand, and the dividend yield provides some support for the stock price [1] Group 3 - Given the pressure on high-end liquor demand, Wuliangye's volume and price relationship needs to be rebalanced, prompting an adjustment in profit forecasts [1] - The projected net profit for the parent company from 2025 to 2027 is estimated at 26.5 billion, 23.7 billion, and 24.1 billion yuan, reflecting year-on-year changes of -17%, -11%, and +2% respectively [1] - A valuation of 121.87 yuan per share is suggested based on a 20x PE ratio for 2026, with a "Hold" rating assigned [1]

Core Viewpoint - The brokerage sector is expected to maintain a growth trend in net profit for Q3 2025, continuing the over 50% year-on-year increase seen in the first half of 2025, driven by strong market trading volumes [1][8]. Market Performance - The average daily trading volume for the Shanghai and Shenzhen markets in Q3 2025 reached 2.04 trillion yuan, representing a year-on-year increase of 153% and a quarter-on-quarter increase of 37% [1][3]. - The average margin financing and securities lending balance for Q3 2025 was 2.12 trillion yuan, up 49% year-on-year and 17% quarter-on-quarter [1][3]. - The Hong Kong market saw an average daily turnover (ADT) of 2,550 billion HKD year-to-date, a 93% increase compared to 2024 [6][7]. Investment Business - The stock market performed well, with key indices reaching new highs in 2025: the CSI 300 index increased by 17.90%, the ChiNext index by 50.40%, and the STAR 50 index by 49.02% [1][2]. Bond Market - The yield on 10-year government bonds rose to 1.86% during the reporting period, while the CSI All Bond Index fell by 1.78% [2]. - Despite an increase in equity exposure by most brokerages, the bond market's decline led to a slight decrease in proprietary trading income for Q3 2025 [2]. Brokerage and Margin Financing Business - The brokerage sector is expected to generate 437 billion yuan in revenue for Q3 2025, reflecting a year-on-year increase of 111% and a quarter-on-quarter increase of 43% [3]. - New A-share accounts opened in September 2025 totaled 2.9372 million, marking a 61% year-on-year increase [3]. Investment Banking Business - The A-share IPO scale for Q3 2025 was 38 billion yuan, up 148% year-on-year and 77% quarter-on-quarter [4]. - The total scale of refinancing (including private placements, rights issues, and preferred shares) was 74 billion yuan, a year-on-year increase of 189% [4]. Asset Management Business - The market saw a significant recovery in newly established equity funds, with 2,093 million units created in Q3 2025, a 304% year-on-year increase [5]. - The total scale of ETFs reached 5.6 trillion yuan by the end of Q3 2025, a 31% increase from the end of Q2 2025 [5]. International Business - The performance of the Hong Kong market and IPO activities has been active, with 71 new companies listed year-to-date, raising 187.3 billion HKD [6][7]. - The top brokerages are expected to maintain high growth in their overseas businesses, particularly those that completed capital increases for international subsidiaries [7]. Investment Recommendations - The brokerage sector is projected to achieve a net profit of 610 billion yuan in Q3 2025, reflecting a year-on-year increase of 54% [8]. - Investment opportunities are recommended in three main lines: strong comprehensive institutions benefiting from industry competition optimization, brokerages with high earnings elasticity, and firms with strong international business competitiveness [8].

Core Viewpoint - The report from GF Securities initiates coverage on China Biopharmaceutical (01177) with a "Buy" rating, projecting EPS of 0.23, 0.26, and 0.28 CNY per share for 2025-2027, and a fair value of HKD 11.54 per share, highlighting the company's transformation from a generic drug manufacturer to an R&D-driven international pharmaceutical group [1][2]. Group 1 - The company has established a strong product matrix through self-research, mergers and acquisitions, and pipeline introductions, covering four core therapeutic areas: oncology, liver disease, respiratory system, and surgical/pain management [1][2]. - R&D investment has been increasing year-on-year from 2018 to the first half of 2025, with the R&D expense ratio rising from 9.9% to 18.1%, and R&D expenses reaching CNY 3.188 billion in the first half of 2025, with approximately 78% allocated to innovative drug development [2]. Group 2 - In the oncology field, key products include: - "Defu" combination therapy with Anlotinib, which is a flagship product, and its combination with anti-PD-(L)1 for first-line indications [2]. - HER2 dual antibody ADC TQB2102, which is leading globally and has entered Phase III for treating HER2 low-expressing and HER2-positive breast cancer [2]. - CDK2/4/6 inhibitor Kumosilib, a global first, has submitted for marketing approval for HR+/HER2- breast cancer [2]. - CCR8 monoclonal antibody LM-108, a global first, is currently in Phase II [2]. - In the respiratory field, PDE3/4 inhibitors are expected to become a blockbuster drug for COPD, with TQC3721 being in the second position globally [2]. - In the liver disease area, the pan-PPAR agonist Lanifibranor may become the first MASH drug in China, while FGF21 fusion protein could be the most effective MASH drug [2]. - In the surgical and pain management sector, the company has established four transdermal patch technology platforms, solidifying its position as a leader in transdermal formulations [2].

Core Viewpoint - GF Securities initiates coverage on China Biologic Products (01177) with a "Buy" rating, projecting EPS of 0.23, 0.26, and 0.28 CNY per share for 2025-2027, with a fair value of HKD 11.54 per share, highlighting the company's transformation from a generic drug manufacturer to an R&D-driven international pharmaceutical group [1][2] Group 1 - The company has established a strong product pipeline covering four core therapeutic areas: oncology, liver disease, respiratory system, and surgical/pain management, successfully transitioning from a generic drug company to an innovative pharmaceutical leader [1][2] - R&D investment has been increasing annually from 2018 to H1 2025, with the R&D expense ratio rising from 9.9% to 18.1%, and R&D expenses reaching CNY 3.188 billion in H1 2025, with approximately 78% allocated to innovative drug development [2] Group 2 - In the oncology field, key products include: - "DeFu" combination therapy with Anlotinib, which is a flagship product, expanding first-line indications through combination with anti-PD-(L)1 therapy, with approvals for SCLC, endometrial cancer, and renal cell carcinoma [2] - HER2 bispecific antibody ADC TQB2102, which is leading globally and is in Phase III for treating HER2 low-expressing and HER2-positive breast cancer [2] - CDK2/4/6 inhibitor Kumosi Li, the world's first of its kind, has submitted for marketing approval for HR+/HER2- breast cancer [2] - CCR8 monoclonal antibody LM-108, a global first, is currently in Phase II [2] Group 3 - In the respiratory field, PDE3/4 inhibitors are expected to become a blockbuster drug for COPD, with TQC3721 being in the second position globally [2] - In the liver disease area, the pan-PPAR agonist Lanifibranor may become the first MASH drug in China, while FGF21 fusion protein could be the most effective MASH drug [2] - In the surgical and pain management sector, the company has established four transdermal patch technology platforms, solidifying its position as a leader in transdermal formulations [2]