Fund Overview - The fund is named "Southern CSI Hong Kong Stock Connect Technology ETF Initiated Link Fund" with A and C class shares [9] - It is an open-ended index fund that tracks the performance of the underlying index [10] - The fund is managed by Southern Fund Management Co., Ltd. and the custodian is GF Securities Co., Ltd. [1] Fund Offering Details - The fund's subscription period starts on September 16, 2025, and is open to various types of investors including individuals, institutions, and qualified foreign investors [2][13] - The minimum initial and additional subscription amount is set at 1 RMB [6] - Investors can subscribe multiple times during the subscription period, but once confirmed, subscriptions cannot be revoked [8][23] Subscription Fees and Rates - For A class shares, the maximum subscription fee is 1.0%, which decreases with higher subscription amounts [18] - C class shares have a zero subscription fee, with an annual service fee of 0.2% [18] Fund Investment Strategy - The fund primarily invests in Hong Kong stocks and may face specific risks associated with the Hong Kong market, including significant price volatility and currency risks [6] - The fund can also invest in financial derivatives such as stock index futures and options, which may introduce additional risks [7] Fund Management and Operations - The fund operates on a contract-based open-ended model with no fixed duration [11] - The initial face value of the fund shares is set at 1.00 RMB [12] - The fund's assets will be held in a dedicated account until the fund contract becomes effective [54] Regulatory and Compliance - The fund has been registered with the China Securities Regulatory Commission (CSRC) and is subject to its regulations [1] - The fund's contract will become effective once the necessary conditions for registration are met, including a minimum subscription amount from the initiator [54][55] Contact and Support - Investors can contact the fund management company for inquiries regarding subscriptions and other related matters [4][56] - Detailed information about the fund can be found on the management company's website and the CSRC's electronic disclosure platform [2]

Group 1 - The core viewpoint of the article highlights a significant increase in bond issuance by securities firms in China, with a total of 1.12 trillion yuan raised as of September 11, 2023, representing a year-on-year growth of 66.18% [1][2] - A total of 71 securities firms have issued 600 bonds this year, with the number of bonds increasing by 53.06% compared to the previous year [2] - The primary reasons for the surge in bond issuance include business expansion needs driven by a favorable A-share market and intensified competition among securities firms [2][3] Group 2 - The funds raised through bond issuance are primarily used for repaying maturing debts, supplementing liquidity, and meeting operational needs [3] - Securities firms have actively issued technology innovation bonds, with 49 such bonds issued this year, raising a total of 476.7 billion yuan [3] Group 3 - The low interest rate environment has reduced financing costs for securities firms, making bond issuance more attractive compared to other financing methods [4] - The average interest rates for various types of bonds issued this year have decreased compared to the same period last year, with securities company bonds averaging 1.89% and short-term financing bonds at 1.77% [4] Group 4 - Securities firms have also utilized overseas channels for financing, issuing 22 bonds this year and raising a total of 32.08 million USD, which is a year-on-year increase of 13.8% [5] - The ability to issue bonds in the international market is primarily limited to leading securities firms due to higher requirements for scale and overall strength [5]

Group 1 - The core viewpoint emphasizes that the activation of scientific and technological innovation in China has led to a revaluation of assets, increasing enthusiasm among domestic and foreign investors for participation in both primary and secondary markets [1][3] - The Sci-Tech Innovation Board (STAR Market) has shown significant performance, with the Sci-Tech 50 Index rising by 28% and the Sci-Tech Chip Index by 35% in August 2025, indicating that technological innovation is driving overall market investment sentiment [1][3] - The development of the STAR Market is summarized as having a high starting point, rapid growth, and substantial results, aligning with the strategic goal of achieving high-level technological self-reliance by 2035 [3][4] Group 2 - The STAR Market has undergone continuous institutional improvements, from the pilot registration system in 2019 to the recent establishment of the "Sci-Tech Growth Tier," enhancing its service capabilities [3][4] - The STAR Market is extending its focus from strategic emerging industries to "new quality" enterprises, while the investment system is becoming increasingly diversified, with a growing scale of ETFs [3][4] - The integration of research, investment banking, and investment practices at companies like GF Securities is crucial for supporting technological innovation enterprises, highlighting the importance of linking domestic and foreign resources for innovation development [4]

Core Points - Haida Group announced that its controlling shareholder, Guangzhou Haida Investment Co., Ltd., has pledged part of its shares [2] - The shares pledged include 10,000,000 shares and 3,600,000 shares, with respective pledge expiration dates of September 11, 2025, and September 23, 2025 [2] Summary by Category - **Company Actions** - Haida Group's controlling shareholder has initiated a share pledge extension process [2] - The pledged shares are significant in number, indicating a strategic financial maneuver [2] - **Shareholder Information** - Guangzhou Haida Investment Co., Ltd. is the controlling shareholder involved in the pledge [2] - The shares pledged to GF Securities Co., Ltd. reflect the shareholder's ongoing financial strategies [2]

Group 1 - The core point of the article is that New Energy has announced a change in its sponsor representative for a non-public stock issuance project, with Chen Yingchao replacing Zhu Sunyuan due to work changes [1] Group 2 - Guangfa Securities was originally responsible for the sponsorship of New Energy's non-public stock issuance, with Fan Yi and Zhu Sunyuan designated as the representatives [1] - The change in the sponsor representative is aimed at ensuring the orderly continuation of supervisory work [1]

Core Viewpoint - The third "Zhihui Cup" private fund manager selection event successfully held its semi-annual award ceremony, showcasing over 100 outstanding private fund managers and their performance across various strategies [1][2] Group 1: Event Overview - The event was co-hosted by GF Securities and China Securities Journal, with over 2300 private fund managers participating and more than 3800 products submitted for evaluation [2] - Nine awards were presented, including subjective long, quantitative long, index enhancement, market neutral, quantitative CTA, composite strategy, ETF long group, ETF arbitrage group, and regional awards [2] Group 2: Performance Highlights - Stock-related strategies performed exceptionally well, surpassing the overall market index during the evaluation period [2] - The average excess return for the top ten in the index enhancement strategy group reached 30.87%, while the average return for the top ten in the quantitative long group was 32.47% [2] Group 3: Company Initiatives - GF Securities launched the "Ruicai" private investment research platform to connect quality private funds with capital, enhancing decision-making efficiency [2] - The company aims to improve its comprehensive financial service system, support product innovation and investment strategy upgrades for private fund managers, and promote digital transformation and intelligent development [3]

Group 1: Public Fund Industry Development - The public fund industry showed a steady and positive development trend in the first half of 2025, with a net asset value of public funds managed by institutions reaching 34.39 trillion yuan, an increase of 4.75% compared to the end of 2024 [2] - The company, through its subsidiaries, managed a total public fund scale of 1,509.36 billion yuan, growing by 2.90% from the end of 2024 [2] - E Fund managed a total public fund scale of 2,164.59 billion yuan, with a growth of 5.40% from the end of 2024, ranking first in the industry [3] Group 2: Investment Banking Business Development - The company focuses on serving the high-quality development of the real economy, enhancing its role as a "service provider" for direct financing and a "gatekeeper" for the capital market [4] - It aims to strengthen its market position in key regions such as the Greater Bay Area and the Yangtze River Delta, while promoting cross-border collaboration and talent development [4] Group 3: Derivative Business Development - As a primary dealer in the OTC derivatives market, the company emphasizes its pricing and trading expertise, enhancing team and system capabilities to provide asset allocation and risk management solutions for institutional clients [5] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, with a focus on providing a diverse range of products and strategies to clients [6] - By the end of June 2025, the public fund management scale of the company and E Fund, excluding money market funds, ranked third and first in the industry, respectively [7]

Core Viewpoint - The long video sector is currently at a low point, but with supportive policies, there is potential for a recovery in content supply and platform performance, leading to improved revenue for upstream film production companies [1] Group 1: Policy and Market Dynamics - The National Radio and Television Administration (NRTA) has issued measures to support long-form content, aiming to enhance content supply and stimulate market demand [1] - The long-form drama industry has undergone a market clearing, with supply and demand becoming more aligned [1] - Key policy directions include incentivizing quality content, releasing creative vitality, and improving review efficiency [1] Group 2: Industry Trends and Data - Since 2022, the number of filming registrations and distribution licenses for domestic online dramas has been decreasing, with a significant drop in the total number of productions from 1,670 in 2021 to 1,102 in 2024 [2] - The number of new dramas released on long video platforms has also decreased from 366 in 2021 to 271 in 2024 [2] Group 3: Production Chain and Content Strategy - The long drama production chain is extensive, with video platforms increasingly participating in the creation of original content [3] - Quality story IPs play a crucial role in the long drama industry, with many popular shows being adaptations of novels [3] - Platforms are focusing on enhancing original and customized content to improve project management and increase content output success rates [3] Group 4: Streaming Platform Performance - Despite short-term pressures, user demand for long-form content remains stable, although there is a slight decline in user engagement due to content supply reduction and lack of innovation [4] - Membership revenue is the core business model for long video platforms, with fluctuations in membership numbers based on content performance [4] - Continuous optimization of content supply and scheduling density is necessary to drive sustained growth in long video consumption [4]

Group 1 - The core point of the article is the agreement between Nanhua Fund Management Co., Ltd. and GF Securities Co., Ltd. to start selling the Nanhua Ruize Bond Fund from September 11, 2025, allowing investors to subscribe, redeem, convert, and invest regularly through GF Securities [1][2]. - The fee discount activity for the fund will be effective from September 11, 2025, with the end date to be determined by GF Securities' announcements [2]. - Investors can engage in subscription and redemption only during normal periods and specific open days, with detailed rules available in the fund's legal documents and announcements [3]. Group 2 - Investors can set a fixed investment amount for regular investment (定投) through GF Securities, with specific rules outlined by GF Securities [3]. - For inquiries or further information, investors can contact GF Securities at 95575 or visit their website, and Nanhua Fund Management at 400-810-5599 or their website [4].

证券代码：524375 证券简称：25 广发 C5 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 （第三期）（续发行）（第二次）发行价格公告 发行人将按上述发行价格于 2025 年 9 月 11 日至 2025 年 9 月 12 日面向专 业机构投资者网下发行。具体认购方法请参考 2025 年 9 月 9 日刊登在深圳证券 交易所网站（www.szse.cn）、巨潮资讯网（www.cninfo.com.cn）上的《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（第三期）（续发行）（第 二次）发行公告》。 （本页以下无正文） （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次 级债券（第三期）（续发行）（第二次）发行价格公告》之签章页） 发行人：广发证券股份有限公司 年 月 日 （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次 级债券（第三期）（续发行）（第二次）发行价格公告》之签章页） 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。 广发证券股份有限公司（以下简称"发 ...