Core Viewpoint - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to RMB 20 billion, with the sixth phase of bonds set to raise a maximum of RMB 4.47 billion [1] Group 1: Bond Issuance Details - The total issuance scale for the sixth phase of bonds is capped at RMB 4.47 billion, with a face value of RMB 100 per bond [1] - The issuance period for the bonds is from November 7, 2025, to November 10, 2025 [1] - The first type of bond has a term of 2 years, with a final issuance scale of RMB 3.31 billion and a coupon rate of 1.84%, achieving a subscription multiple of 2.44 times [1] - The second type of bond has a term of 5 years, with a final issuance scale of RMB 1.16 billion and a coupon rate of 2.03%, achieving a subscription multiple of 2.79 times [1]

Core Viewpoint - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to RMB 20 billion, with the sixth phase of bonds set to raise a maximum of RMB 4.47 billion [1] Group 1: Bond Issuance Details - The total issuance scale for the sixth phase of bonds is capped at RMB 4.47 billion, with a face value of RMB 100 per bond [1] - The issuance period for the bonds is from November 7, 2025, to November 10, 2025 [1] - The first type of bond has a term of 2 years, with a final issuance scale of RMB 3.31 billion and a coupon rate of 1.84%, achieving a subscription multiple of 2.44 times [1] - The second type of bond has a term of 5 years, with a final issuance scale of RMB 1.16 billion and a coupon rate of 2.03%, achieving a subscription multiple of 2.79 times [1]

本期债券发行时间为2025年11月7日至2025年11月10日，其中品种一发行期限为2年，最终发行规模为 33.1亿元，最终票面利率为1.84%，认购倍数为2.44倍;品种二发行期限为5年，最终发行规模为11.6亿 元，最终票面利率为2.03%，认购倍数为2.79倍。 智通财经APP讯，广发证券(01776)发布公告，广发证券股份有限公司(以下简称"发行人")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。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(第六期)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公司债券(第六期)(以下简称"本期债券")发行规模 合计不超过44.70亿元(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。 ...

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。 承董事會命 廣發証券股份有限公司 林傳輝 董事長 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 業投資者公開發行公司債券（第六期）發行結果公告》。茲載列如下，僅供參閱。 中國，廣州 2025年11月10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。 证券代码：524520 证券简称：25 广发 11 ...

证券代码：524520 证券简称：25 广发 11 证券代码：524521 证券简称：25 广发 12 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（第六期） 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。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（第六期）发行公告》，广发证券股份有限公司 2025 年面向专业投资者 公开发行公司债券（第六期）（以下简称"本期债券"）发行规模合计不超过 44.70 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。 本期债券发行时间为 2025 年 11 月 7 日至 2025 年 11 月 10 日，其中品种一 发行期限为 2 年，最终发行规模为 33.1 亿元，最终票面利率为 1.84%，认购倍数 为 2.44 倍；品种二发行期限为 5 年，最终发行规模 ...

Core Viewpoint - The securities sector experienced a notable surge following the release of new regulations aimed at enhancing investor protection and promoting a more investor-friendly market environment [1] Group 1: Market Performance - As of 14:00 on November 10, the securities ETF fund (515010) rose by 1.05%, with Northeast Securities increasing by 7.87% and briefly hitting the daily limit [1] - Other securities stocks such as GF Securities, Xiangcai Securities, Dongxing Securities, and Changjiang Securities also showed strong upward movement [1] - The financial technology ETF Huaxia (516100) saw a modest increase of 0.29% [1] Group 2: Regulatory Changes - On October 27, the China Securities Regulatory Commission (CSRC) introduced new rules to strengthen the protection of small and medium investors, focusing on new stock pricing, allocation mechanisms, information disclosure, and shareholder returns [1] - The Financial Street Forum outlined future reform directions, including advancing sector reforms, launching refinancing shelf offerings, expanding merger and acquisition channels, and optimizing the access process for foreign investors [1] Group 3: Industry Outlook - Shanxi Securities noted that with the improvement of policies and the implementation of various investment and financing reforms, there is potential for some securities firms to achieve steady growth in performance through both external and internal development [1] - The focus will be on enhancing investor protection, improving the quality of listed companies, and creating a better environment for foreign investors, which could lead to high-quality development in the financial sector [1] - The recommendation is to pay attention to investment opportunities within the sector as these reforms take effect [1]

Group 1 - A-shares of brokerage stocks experienced a volatile increase on November 10, with Northeast Securities rising over 8% [1] - Xiangcai Securities saw an increase of over 3%, while other stocks such as GF Securities, Dongxing Securities, Industrial Securities, and Huatai Securities also followed the upward trend [1]

Group 1 - The A-share market saw a strong performance in brokerage stocks, with Northeast Securities rising over 7% [1] - Xiangcai Securities and GF Securities both increased by more than 3% [1] - Dongxing Securities, Huatai Securities, Industrial Securities, and Changjiang Securities all experienced gains of over 2% [1]

Group 1: Forum Overview - The "Intelligent China: Setting Sail for the Future" forum hosted by GF Securities took place in Hong Kong from November 6 to 7, focusing on sectors such as AI, robotics, new energy, innovative pharmaceuticals, and new consumption [1] - Approximately 80 well-known listed companies and numerous institutional investors participated, creating a platform for dialogue between outstanding listed companies and top global investment institutions [1] Group 2: Key Presentations - Zheng Hongmeng, Chairman of Industrial Fulian, discussed the rapid growth of the AI server market and the impact of generative AI on data center infrastructure, emphasizing the company's core advantages in AI server system assembly [1] - Zhou Qunfei, Chairman of Lens Technology, highlighted the challenges and opportunities brought by AI edge hardware, aiming to become a leader in AI edge manufacturing by upgrading from component supplier to solution provider [1] - Wang Dongning, President of Qinhuai Data, spoke on the integration of AI and energy, noting that energy constraints are critical for the expansion of AI infrastructure, and the company is focused on building a new generation of AI intelligent data centers [2] - Wen Shuhao, Co-founder and Chairman of Jingtai Holdings, emphasized the role of AI and robotics in accelerating drug and material discovery, addressing traditional challenges in these fields [2] - Jin Lei, General Manager of Changchun High-tech, provided an overview of the company's innovative drug pipeline, reaffirming its commitment to innovation and efficiency in the pharmaceutical sector [2] Group 3: Future Research Directions - GF Securities plans to enhance its research team in response to global industrial changes and China's advantageous industries, focusing on AI+ industrial chains, new energy, and innovative pharmaceuticals [3] - The company aims to promote outstanding Chinese listed companies to overseas investors and develop an English research product system to increase coverage and service depth for core overseas institutional investors [3]

Core Viewpoint - The foundation of the Hong Kong stock market bull run remains intact, but the evolution is likely to exhibit characteristics of "oscillating upward with a gradually rising focus" rather than a rapid one-sided increase. The fundamental drivers in November are strong, emphasizing the value of high-prosperity sectors [1][4]. Group 1: Market Dynamics - The recent volatility in the Hang Seng Technology Index is attributed to the reversal of previous favorable factors, leading to temporary liquidity pressure in the Hong Kong stock market [1]. - The current net profit growth rate and price increase may appear divergent; however, the recent rise in the Hong Kong stock market is strongly supported by fundamentals, with new industries experiencing explosive growth while traditional sectors lag [4]. - Industries with performance support, such as new energy, AI, non-ferrous metals, steel, and semiconductors, have seen larger price increases, while sectors with declining performance growth, like real estate, infrastructure, consumption, and finance, have seen smaller price increases [4]. Group 2: Economic Indicators - Over 70% of companies in the Hong Kong stock market are domestic enterprises, with revenue and profits derived from the Chinese economy. The operational trends of Hong Kong companies can be inferred from A-share financial reports [4]. - The overall stability and improvement in Chinese enterprises are attributed to advanced manufacturing, particularly in technology and external demand, despite ongoing pressures in traditional economic sectors [4]. Group 3: Future Triggers for Market Upturn - Potential triggers for the next phase of the Hong Kong stock market's rise include improvements in liquidity expectations, such as a dovish shift in the Federal Reserve's stance, the end of the U.S. government shutdown, and the cessation of balance sheet reduction by the Fed [8]. - The probability of a rate cut by the Federal Reserve in December has decreased to 66.9%, influenced by factors like the government shutdown and the Fed's balance sheet policies, which have led to a significant widening of the interest rate spread between SOFR and IORB [8][10].