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）信用评级报告 中诚信国际信用评级有限责任公司 | 编号:CCXI-20253702D-01 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）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 25 日 $$\mathcal{M}_{\mathrm{max}}$$ 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 ...

（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短期公司债券（第九期） 募集说明书 | 发行人： | 广发证券股份有限公司 | | --- | --- | | 牵头主承销商、受托管理人： | 华泰联合证券有限责任公司 | | 联席主承销商、簿记管理人： | 平安证券股份有限公司 | | 受托管理人： | 华泰联合证券有限责任公司 | | 发行金额： | 不超过人民币 30 亿元（含） | | 增信措施情况： | 无担保 | | 信用评级结果： | 主体评级：AAA；评级展望：稳定；债项评级：A-1 | | 信用评级机构： | 中诚信国际信用评级有限责任公司 | 牵头主承销商/债券受托管理人 （住所：深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 联席主承销商/簿记管理人 （深圳市福田区福田街道益田路 5023 号平安金融中心 B 座第 22-25 层） 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短期公司债券（ ...

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9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 （住 ...

Core Viewpoint - Guangdong Securities Regulatory Bureau has decided to impose corrective measures on GF Securities due to the dissemination of false information by individual analysts in WeChat groups, indicating inadequate management of personnel within the company [1][2]. Group 1: Regulatory Actions - The Guangdong Securities Regulatory Bureau found that GF Securities violated Article 35 of the "Supervision and Management Measures for Directors, Supervisors, Senior Management Personnel and Practitioners of Securities and Fund Management Institutions" [1][2]. - The Bureau has mandated GF Securities to take corrective actions and improve internal control and compliance management, requiring a rectification plan to be submitted within 30 days of receiving the decision [2]. Group 2: Compliance and Management - The company is urged to take the issue seriously and implement effective measures to rectify the identified problems [2]. - The regulatory decision allows for an administrative review application to be filed within 60 days or a lawsuit within 6 months, but the corrective measures will remain in effect during this period [2].

Market Overview - The Shanghai Composite Index has surpassed 3900 points for the first time in over 10 years, closing up 1.24% [2][7] - The Shenzhen Component Index rose by 1.75%, and the ChiNext Index increased by 1.77% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.72 trillion yuan, an increase of 354.7 billion yuan compared to the previous trading day [2] Sector Performance - Nuclear power, semiconductors, and precious metals sectors saw significant gains, while cyclical sectors like tourism, shipping, and liquor stocks experienced declines [2] - The Science and Technology Innovation 50 Index surged over 5%, with multiple chip stocks hitting new highs [5][9] Notable Stocks - ZTE Corporation hit the daily limit with a trading volume exceeding 10 billion yuan, while its Hong Kong counterpart rose over 10% [3] - Red Tower Securities reached the daily limit, and several other securities firms saw notable increases [5] - The storage chip sector experienced a broad rally, with companies like Huahong Semiconductor nearing a 20% limit up [9] Gold and Precious Metals - Gold stocks opened strongly, with several companies like Chifeng Jilong Gold and Sichuan Gold hitting the daily limit [15] - The price of spot gold has surpassed $4000 per ounce for the first time, marking a year-to-date increase of over 52% [15] International Markets - Hong Kong's aviation stocks saw significant gains, with China Eastern Airlines up 10.6% and China Southern Airlines rising approximately 8% [2] - The Hang Seng Technology Index initially fell over 1% but later turned positive, reflecting volatility in the tech sector [2]

Core Viewpoint - The A-share market has shown a fluctuating upward trend since September, with the brokerage sector experiencing ongoing adjustments, despite a significant surge on September 29, where the brokerage index rose nearly 5% [1][4]. Group 1: Market Performance - The brokerage index recorded a decline of 4.73% throughout September, despite the notable increase on September 29 [1][4]. - The overall A-share market indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, saw increases of 0.64%, 6.54%, and 12.04% respectively during the same period [4]. - Certain sectors, such as precious metals and semiconductors, outperformed with gains exceeding 25%, while sectors like office supplies and insurance saw declines of over 5% [4]. Group 2: Fund Inflows - From September 1 to September 29, the Guotai Junan Securities ETF attracted over 10 billion yuan in net inflows, making it the top-performing stock ETF for the month [1][5]. - Other ETFs, including Huabao Securities ETF and Tianhong Securities ETF, also saw significant inflows of 6.03 billion yuan and 2.52 billion yuan respectively [1][5]. - Overall, ETFs related to "securities" or "brokerage" accumulated a total net inflow of 26.61 billion yuan since September [5][6]. Group 3: Future Outlook - Analysts suggest that the brokerage sector is likely to continue experiencing dual improvements in performance and valuation, driven by active market trading and favorable policies [5][9]. - The average daily trading volume in the A-share market has increased significantly, reaching 2.1 trillion yuan, which is a 211% increase compared to the second quarter of 2024 [8]. - Predictions indicate that the net profit of the brokerage sector could see a year-on-year increase of approximately 48% by the third quarter of 2025, with a return on equity (ROE) expected to rise to 7.7% [8][9]. Group 4: Investment Strategies - Investment strategies should focus on high-quality brokerage firms with strong wealth management and international business capabilities, as well as undervalued mid-sized brokerages [10]. - The recent policy guidance aims to foster a robust investment banking environment, suggesting a long-term positive outlook for the capital market [10].

Core Viewpoint - The company reported disappointing financial results for the first half of 2017, with significant declines in both revenue and net profit due to various operational challenges [1] Financial Performance - Revenue for 1H17 declined by 45% year-on-year to Rmb930 million [1] - Net profit fell by 87.5% year-on-year to Rmb26 million [1] - Gross profit margin (GPM) remained flat at 26.1% [1] Contributing Factors - The decline in revenue was primarily attributed to the China Railway Corporation postponing purchases of railway maintenance machines, leading to a significant drop in machines sold during 1H17 [1] - Research and development costs increased by Rmb20 million during the period [1] - Finance costs rose by Rmb35 million due to higher interest on discounted long-term trade receivables [1]

Core Viewpoint - The Guangdong Securities Regulatory Bureau has taken corrective measures against Guangfa Securities and Yingda Securities due to the dissemination of false information by analysts and improper conduct by employees on social media, highlighting issues in personnel management and compliance training [1][2][3]. Group 1: Guangfa Securities - Guangfa Securities faced regulatory action for individual analysts spreading false information in WeChat groups, indicating inadequate management of personnel and violations of supervisory regulations [1]. - Analyst Yi was subjected to regulatory discussions for disseminating false information, breaching specific supervisory regulations [1]. Group 2: Yingda Securities - Yingda Securities' Dongguan Dongcheng Securities branch was ordered to correct issues related to insufficient monitoring of employee investment behaviors and inadequate compliance training for brokers [2][3]. - The branch failed to manage employees' new media accounts properly, lacking compliance training and monitoring mechanisms, violating multiple regulatory provisions [2][3]. Group 3: Individual Accountability - Liu, as the responsible person at Yingda Securities, was held accountable for the branch's management failures and received regulatory discussions [3]. - Liu was also identified as an inappropriate candidate due to disseminating improper market information through social media, leading to significant negative impacts [3][4].

Core Viewpoint - The Guangdong Securities Regulatory Bureau has taken corrective measures against Guangfa Securities and Yingda Securities due to the dissemination of false information by analysts and improper conduct by employees on social media, highlighting management deficiencies within these firms [2][3]. Group 1: Guangfa Securities - Guangfa Securities faced regulatory action for having analysts spread false information in WeChat groups, indicating inadequate management of personnel and violations of supervisory regulations [2]. - Analyst Yi was subjected to regulatory discussions for disseminating false information, breaching specific provisions of the supervisory regulations [2]. Group 2: Yingda Securities - Yingda Securities' Dongguan Dongcheng Securities branch was found lacking in monitoring employee investment behaviors and failed to verify communication device information adequately [3]. - The branch did not provide sufficient compliance training for brokers in 2024, failing to cover all brokers [3]. - There was inadequate management of employees' new media accounts, lacking compliance training and monitoring mechanisms as per company policy [3]. Group 3: Individual Accountability - Liu, as the then-responsible person for Yingda Securities' Dongguan branch, was held accountable for the management failures and faced regulatory discussions [4]. - Liu2 was identified for spreading inappropriate market information via social media, leading to significant negative impacts, violating multiple supervisory regulations [4][5].

公告显示，广发证券存在个别证券分析师在微信群传播不实信息的问题，反映出公司从业人员管理不到 位，违反了《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》第三十五条规 定。 校对 柳宝庆 新京报贝壳财经讯（记者胡萌）9月30日，广东证监局发布公告，对广发证券采取责令改正措施。 编辑 岳彩周 广东证监局指出，广发证券应当高度重视上述问题，采取有效措施切实整改，加强内控管理，切实提高 合规管理水平。 ...