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 業投資者公開發行公司債券（第五期）募集說明書》。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。 （住所：广东省广州市黄埔区中新广州知识城腾飞一街 2 ...

（股份代號：1776） 海外監管公告 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） 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。 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） 发行公告 发行人 （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） 牵头主承销商/簿记管理人/债券受托管理人 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（第五期）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 ...

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 2025 年面向专业投资者公开发行短期公司债券（第九期） 簿记建档时间的公告 广发证券股份有限公司（以下简称"发行人"）面向专业机构投资者公开发 行面值余额不超过 300 亿元（含）的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 号文同意注册。 （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《關於延長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）簿記建檔時間的公告》。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 ...

关于延长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） 簿记建档时间的公告 广发证券股份有限公司（以下简称"发行人"）面向专业机构投资者公开发 行面值余额不超过 300 亿元（含）的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 号文同意注册。 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》，发行人及簿记管理人原定于 2025 年 10 月 10 日 15:00-18:00 以簿记建档的方式向网下专业机构投资者进行利率询价，并根据簿 记建档结果确定本期债券的最终票面利率。 考虑到簿记建档当日市场情况，经发行人、簿记管理人及其他簿记参与方协 商一致，现将簿记建档结束时间由 2025 年 10 月 10 日 18:00 延长至 2025 年 10 月 10 日 19:00。 特此公告。 （以下无正文） 1 （本页无正文，为《关于延长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）簿记建档时间的公告》之盖章页） 发行人：广发证券股份有限公司 年 月 日 2 开发行短期公司债券（第九 ...

美银证券将中国券商股2025至2026年的盈利预测上调0%至13%，预计主要上市中国券商2025至2026年 平均盈利增长30%，中金公司表现料领先。美银证券对2025至2026年A股日均成交额预测上调14%至 18%，料为1.6万亿至1.7万亿元人民币。H股券商的目标价平均上调4%(详见另表)，以反映更高的盈利 预测。充裕的市场流动性继续支持市场上升，四中全会、"十五五"规划以及潜在的监管宽松政策将是值 得关注的关键催化剂。 美银证券发布研报称，预期中国券商2025年第三季平均净利润按季增长9%，同比增长21%，受强劲的 经纪业务费用增长支持，股票交易收入可能超出预期，推动整体表现。中金公司（601995）(03908)和 中信建投（601066）证券(06066)预计将领跑同行，第三季度净利润料分别同比增长258%和116%。 尽管基本面强劲，券商股H股在9月的表现未如理想，市场对2025年第四季至2026年上半年的增长以及 国家队减持的担忧影响了表现。目前估值为1倍远期市账率，平均股本回报率为9%，该行预计随着成交 量强劲增长和盈利超预期，估值仍有上行空间。中金、中信证券（600030）(06030)和 ...

Group 1 - The core viewpoint is that Bank of America Securities expects a strong performance from Chinese brokerage firms, with a projected average net profit growth of 9% quarter-on-quarter and 21% year-on-year by Q3 2025, driven by robust brokerage fee growth and potentially exceeding stock trading revenue expectations [1] - China International Capital Corporation (CICC) and CITIC Securities are anticipated to lead the industry, with projected year-on-year net profit growth of 258% and 116% respectively for Q3 [1] - Despite strong fundamentals, H-shares of brokerage firms underperformed in September due to concerns over growth from Q4 2025 to H1 2026 and state-owned enterprises' reduction in holdings [1] Group 2 - Bank of America Securities has raised its earnings forecast for Chinese brokerage stocks for 2025 to 2026 by 0% to 13%, expecting an average profit growth of 30% among major listed Chinese brokerages, with CICC expected to outperform [2] - The daily average trading volume forecast for A-shares has been increased by 14% to a range of RMB 1.6 trillion to 1.7 trillion [2] - The target prices for H-share brokerages have been raised by an average of 4% to reflect higher profit forecasts, with abundant market liquidity continuing to support market growth [2]

Group 1 - The core viewpoint is that Bank of America Securities expects Chinese brokerage firms to see significant profit growth in the coming years, driven by strong brokerage fees and stock trading revenues [1][2] - The average net profit for Chinese brokerages is projected to grow by 9% quarter-on-quarter and 21% year-on-year by Q3 2025, with leading firms like China International Capital Corporation (CICC) and CITIC Securities expected to achieve year-on-year profit growth of 258% and 116% respectively [1] - Despite strong fundamentals, H-shares of brokerages underperformed in September due to concerns over growth from Q4 2025 to H1 2026 and state-owned enterprises reducing their holdings [1] Group 2 - Bank of America Securities has raised its earnings forecast for Chinese brokerages for 2025 to 2026 by 0% to 13%, anticipating an average profit growth of 30% for major listed Chinese brokerages [2] - The daily average trading volume forecast for A-shares has been increased by 14% to a range of RMB 1.6 trillion to RMB 1.7 trillion [2] - The target prices for H-share brokerages have been raised by an average of 4% to reflect higher profit expectations, with key catalysts including abundant market liquidity and potential regulatory easing [2]

Group 1 - Broker stocks showed strong performance in early trading, with Guosen Securities rising over 7%, GF Securities up over 5%, and Huatai Securities increasing over 4% [1] - Several securities-related ETFs rose approximately 2% due to market influence [1] Group 2 - Current A-share valuations remain attractive, and the brokerage sector, as a "bull market leader," has relatively low year-to-date gains, indicating potential for catch-up [2] - Looking ahead to the fourth quarter, with stable economic fundamentals, continuous inflow of incremental funds, and a backdrop of global liquidity easing, A-shares are expected to maintain a trend of steady upward movement [2] - The upward trend in the securities industry remains unchanged, representing a relatively undervalued asset with high year-on-year performance growth [2]

Core Viewpoint - Bank of America Securities forecasts that mainland brokers will see an average net profit growth of 9% quarter-on-quarter and 21% year-on-year by Q3 2025, driven by strong growth in brokerage fees and potentially exceeding expectations in stock trading revenue [1] Group 1: Profit Growth Expectations - Net profit for China International Capital Corporation (CICC) and CITIC Securities is expected to lead the industry, with year-on-year growth estimates of 258% and 116% respectively for Q3 [1] - Bank of America Securities has raised its earnings forecast for brokerage stocks for 2025 to 2026 by 0% to 13%, anticipating an average profit growth of 30% for major listed brokers during this period [1] Group 2: Market Activity and Liquidity - The average daily trading volume for A-shares is projected to increase by 14% to 18%, estimated at 1.6 trillion to 1.7 trillion yuan [1] - Continued market liquidity is expected to support market growth, with key catalysts including the Fourth Plenary Session, the 15th Five-Year Plan, and potential regulatory easing [1] Group 3: Preferred Stocks - The preferred stocks identified by Bank of America Securities include CICC, CITIC Securities, and GF Securities, with strong profit growth and improving return on equity anticipated for the fiscal years 2025 to 2026 [1]

Core Viewpoint - The heavy truck industry is at the beginning of an upward cycle, with the expanded subsidy policy for vehicle replacement in 2025 expected to accelerate domestic sales and return to average levels. Although export growth has temporarily slowed, there is significant overseas market potential. Current low valuations of truck stocks suggest that future profits may reach new highs alongside sales, indicating untapped investment value in truck stocks [1]. Sales Performance - In August, heavy truck wholesale, terminal, and export volumes increased by 46.7%, 66.0%, and 15.6% year-on-year, respectively. The wholesale sales volume reached 92,000 units, with a year-to-date total of 716,000 units, reflecting a 14.5% increase year-on-year [2]. - Terminal sales in August were 67,000 units, with a cumulative total of 486,000 units for the year, marking a 25.3% year-on-year increase [2]. - Heavy truck exports totaled 39,000 units in August, with a year-to-date total of 246,000 units, showing a 7.1% year-on-year increase [2]. Inventory and Demand - Inventory levels are healthy, with total inventory at 129,000 units as of the end of August, a slight year-on-year decrease. The dynamic inventory-to-sales ratio stands at 2.4, indicating a reasonable range [3]. - Since the beginning of 2025, logistics demand has shown signs of recovery, with a year-on-year growth rate of 3.8% in August for road freight turnover [3]. Market Share - In the first eight months of 2025, Foton Motor's heavy truck wholesale market share increased by 5.4 percentage points to 12.6% [3]. - Dongfeng Group, Shaanxi Automobile Group, and Foton Motor's terminal sales market shares also saw increases, reaching 21.1%, 11.5%, and 12.3%, respectively [3]. - Heavy Truck Group and Foton Motor's export market shares increased by 5.1 and 5.2 percentage points to 45.8% and 8.7%, respectively [3].