Group 1 - The core announcement is about Guangfa Securities issuing a new tranche of corporate bonds aimed at professional investors, specifically the third phase of its public offering [1] - The new bond issuance will merge with existing bonds on the Shenzhen Stock Exchange starting from August 29, 2025, and will be available for trading among institutional investors [1] - The existing bond size is 3.9 billion, while the new issuance has a face value of 800 million [1] Group 2 - The full name of the bond is "Guangfa Securities Co., Ltd. 2025 Public Offering of Corporate Bonds for Professional Investors (Phase III) (Type I)", with the abbreviation "25 Guangfa 05" and the code "524393" remaining unchanged [1]

Group 1 - The "Intelligent View of Chinese Assets" 2025 Autumn Capital Forum hosted by GF Securities attracted around 600 listed companies and nearly 3,000 institutional investors, focusing on the "14th Five-Year Plan," AI industry revolution, and capital market recovery logic [1] - GF Securities' Deputy General Manager Zhang Wei emphasized the importance of the upcoming "14th Five-Year Plan" and the AI industry revolution, indicating that Chinese assets are entering a significant strategic opportunity for value reassessment [3] - The forum featured discussions on domestic and international development environments, macro policy directions, and key industries, highlighting China's evolving role in global supply chains and value chains [5][6] Group 2 - GF Securities' Chief Economist Guo Lei discussed the macroeconomic logic behind the current equity asset recovery, attributing it to the "924" stable growth policy and subsequent liquidity easing, as well as the appreciation of the RMB leading to asset value increases [7][8] - Guo Lei identified characteristics of the current market recovery, including high growth narratives driven by risk clearance, low nominal growth, ample liquidity, and sticky expected returns [7] - GF Securities' Chief Strategy Analyst Liu Chenming presented a bullish market outlook, suggesting that the market has shifted to a bull market mentality, supported by regulatory funds and insurance as liquidity pools, while also highlighting potential investment opportunities in sectors less sensitive to short-term data [9][11] Group 3 - The forum included eight parallel sub-forums covering topics such as asset allocation, quantitative investment, AI, humanoid robots, new consumption, innovative pharmaceuticals, and anti-involution, featuring over 60 industry experts [10]

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。 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（第三期）（品種一）（續發行）在深圳證券交易所上市的 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8月28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。 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。 （以下无正文） 广 ...

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（第三期）（品种一）（续发行） 在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，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（第三期）（品种一）（续发行）符合深圳证券 交易所债券上市条件，将于 2025 年 8 月 29 日起在深圳证券交易所与存量债券合 并上市、合并托管，并面向专业投资者中的机构投资者交易，交易方式包括匹配 成交、点击成交、询价成交、竞买成交和协商成交。存量债券规模为 39 亿元， 续发行面值为 8 亿元。 该债券证券全称为"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（第三期）（品种一）"，证券简称为"25 广发 05"，证券代码为"524393"， 保持不变。 其它具体条款内容见债券续发行募集说明书或续发行发行公告。 （以下无正文） （本页无正文，为《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（第三期）（品种一）（续发行）在深圳证券交易所上市的公告》之盖章页） 发行人：广发证券股份有限公司 年 月 日 ...

Company Overview - Company Name: Huihan Microelectronics Co., Ltd. [7] - Stock Code: 301600.SZ [7] - IPO Application Date: July 15, 2022 [7] - Listing Date: September 11, 2024 [7] - Listing Board: Shenzhen ChiNext [7] - Industry: Manufacturing of computers, communications, and other electronic devices [7] - IPO Sponsor: GF Securities [7] - IPO Auditing Firm: Rongcheng Accounting Firm [7] Performance Evaluation - Average Days from Application to Listing: 629.45 days; Huihan's listing cycle is 789 days, exceeding the average [3] - Underwriting and Sponsorship Fees: 52.3013 million yuan, with a commission rate of 7.48%, lower than the average of 7.71% [4] - First Day Stock Performance: Stock price increased by 53.69% compared to the issue price [5] - Three-Month Stock Performance: Stock price increased by 208.73% compared to the issue price [6] - Issuance Price-to-Earnings Ratio: 22.57 times, which is 74.12% of the industry average of 30.45 times [9] - Actual Fundraising Amount: Expected and actual fundraising of 699 million yuan [10] Short-term Performance Post-Listing - Revenue Growth: 25.68% year-on-year increase in revenue [11] - Net Profit Growth: 37.54% year-on-year increase in net profit attributable to shareholders [11] - Non-recurring Net Profit Growth: 37.04% year-on-year increase in non-recurring net profit attributable to shareholders [11] - Subscription Rate: Abandonment rate of 0.74% [11] Overall Evaluation - Total Score for IPO Project: 85.5 points, classified as Grade B [11] - Negative Factors Affecting Score: Disclosure quality needs improvement, long listing cycle, repeated applications, and abandonment rate of 0.74% [11]

Group 1 - Some brokerage stocks experienced an increase, with Xinda Securities rising over 5% [1] - Great Wall Securities and Guosheng Jinkong both saw increases of over 3% [1] - Jinlong Co. rose over 2%, while several other securities firms, including GF Securities, First Capital, and Everbright Securities, increased by over 1% [1]

Group 1 - A-share market sees a rise in several brokerage stocks, with Xinda Securities increasing by over 5% [1] - Changcheng Securities and Guosheng Financial Holdings both rise by over 3% [1] - Jinlong Co., Ltd. experiences an increase of over 2% [1] Group 2 - Other notable gains include GF Securities, First Capital, Everbright Securities, Xiangcai Securities, CITIC Securities, Changjiang Securities, Dongwu Securities, Huatai Securities, and Founder Securities, all rising by over 1% [1]

Core Viewpoint - The recent market trend is characterized by a "high growth narrative," where industries or sectors with high growth potential are performing prominently [2][4]. Group 1: Market Trends - Since early April, the A-share market has seen a significant upward trend, driven by macroeconomic factors such as narrow liquidity easing and the appreciation of the RMB [4]. - The market is currently experiencing a "high growth narrative," which typically occurs under conditions of risk phase clearing, ample liquidity, and low opportunity costs for funds [4]. Group 2: Investment Opportunities - The non-bank financial sector, A-share real estate chain, Hong Kong real estate sector, overseas computing power chain, innovative pharmaceuticals, domestic computing power, AI infrastructure, and AI edge applications are identified as key investment opportunities [2][5][6]. - The small-cap stock index has surged over 56% this year, outperforming major indices like the Shanghai Composite Index and Shenzhen Component Index, indicating a trend favoring small-cap stocks [6].

Group 1 - The core viewpoint of the forum is that the current market exhibits a "high growth narrative," where industries with high growth potential are performing exceptionally well [2][3] - The macroeconomic factors driving the recent recovery in equity assets include narrow liquidity easing and the appreciation of the RMB against the USD, with the central bank having implemented two reserve requirement ratio cuts since September 2024 [2][3] - The market has shown a significant increase, with the Wind Micro Index rising over 56% year-to-date, outperforming major indices such as the Shanghai Composite Index and Shenzhen Component Index [4] Group 2 - The market trend continues to favor small-cap stocks, reflecting a diverse industrial landscape [5] - The outlook for the A-share market is optimistic, with limited downside risks due to central bank support and increasing insurance fund allocations [5] - Investment opportunities are concentrated in four key areas: non-bank financials, A-share and Hong Kong real estate chains, overseas computing power chains and innovative pharmaceuticals, as well as domestic AI infrastructure and applications [5]

Core Viewpoint - The recent market trend is characterized by a "high growth narrative," where industries or sectors with high growth potential are performing exceptionally well [1][2]. Group 1: Macroeconomic Analysis - The recent rally in A-shares is driven by factors such as narrow liquidity easing and the appreciation of the RMB against the USD [1]. - Since September 2024, the central bank has implemented two reserve requirement ratio cuts, contributing to a relatively loose narrow liquidity environment [1]. - The depreciation of the USD since April has led to a favorable performance of emerging market currencies, with the RMB showing a one-sided upward trend against the USD [1][2]. Group 2: Market Trends and Asset Performance - As of August 27, the Wind micro-index has surged over 56% this year, outperforming major indices like the Shanghai Composite Index and Shenzhen Component Index [2]. - The trend of small-cap stocks outperforming continues, reflecting a diverse industrial landscape [2][3]. Group 3: Investment Opportunities - The market is expected to have limited downside risk, supported by the central bank's commitment to provide sufficient re-lending support when necessary [3]. - Key investment directions include: 1. Non-bank financial sectors, including financial IT, brokerage, and insurance [3]. 2. A-share real estate chain and Hong Kong real estate sectors from a low-position perspective [3]. 3. Overseas computing power chains and innovative pharmaceuticals [3]. 4. Domestic AI infrastructure and applications, which are still in the process of industrial expectation recovery [3].