Core Viewpoint - Guangfa Securities (000776)(01776) announced the public issuance of subordinated bonds (third phase) aimed at professional investors, scheduled for August 18 to August 19, 2025, with a total issuance amount of 500 million yuan [1] Group 1 - The final issuance price of the bonds is set at 99.740 yuan [1] - The subscription multiple for this bond issuance is 2.46 times [1] - The raised funds will be used entirely to repay "24 Guangfa 07" [1]

Group 1 - The company, GF Securities, announced the public issuance of subordinated bonds (third phase) aimed at professional investors, scheduled for August 18 to August 19, 2025 [1] - The total issuance amount for this bond is set at 500 million yuan, with a final issuance price of 99.740 yuan [1] - The subscription multiple for this bond issuance is reported to be 2.46 times [1] Group 2 - The funds raised from this bond issuance will be used entirely to repay the "24 GF 07" bond [1]

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 業投資者公開發行次級債券（第三期）（續發行）發行結果公告》。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19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：524375 证券简称：25 广 ...

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）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"）公开发行不超过人民币 200 亿元（含）次级公司债券已获得中国证券监督管理委员会证监许可〔2024〕1258 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次级债券（第 三期）（续发行）发行公告》，广发证券股份有限公司 2025 年面向专业投资者公 开发行次级债券（第三期）（续发行）（以下简称"本期续发行债券"）计划发行 面值金额为不超过 30 亿元（含），债券面值为人民币 100 元，发行价格通过簿记 建档确定。 本期续发行债券发行时间为 2025 年 8 月 18 日至 2025 年 8 月 19 日，最终 发行面值金额为 5 亿元，最终发行价格为 99.740 元，认购倍数为 2.46 倍。本期 续发行债券的募集资金将全部用于偿还"24 广发 07"。 发行人的董事、监事、高级管理人员、持股 ...

Core Viewpoint - The article discusses the upcoming 2025 Autumn Strategy Conference hosted by GF Securities, focusing on various investment strategies and market analysis techniques, particularly in the context of AI and quantitative finance [2][4]. Group 1: Conference Overview - The conference is scheduled for August 27, 2025, from 13:30 to 17:00 at the Pudong Shangri-La Hotel, featuring multiple sessions on investment strategies [2]. - Key topics include quantitative analysis of index crowding, AI-driven strategy selection, and the timing of convertible bond indices [2][3]. Group 2: Featured Analysts and Topics - An Ningning, Chief Analyst of Financial Engineering, will present on time-series enhanced learning for general models [2]. - Chen Yuanwen, Co-Chief Analyst of Financial Engineering, will discuss three perspectives on convertible bond index timing [2]. - Zhang Chaowill focus on the diffusion effect of leading stocks and industry rotation [4]. - Zhang Yudong will present a multi-factor weighted ETF rotation strategy [5]. - Wang Xiaokang will explore how to leverage smart money to improve analyst expectations [6].

随着ETF市场持续升温，券商做市业务竞争格局逐渐清晰。Wind数据显示，广发证券与中信证券在沪深 两大交易所的ETF做市领域占据绝对优势。 ETF市场正迎来爆发式增长。天相投顾周度观察数据显示，截至8月15日，全市场ETF总数达1262只， 总规模逼近4.76万亿元，较年中增长10.5%，创历史新高。伴随规模扩张，基金公司积极引入券商提供 流动性服务，券商做市能力成为关键竞争指标。 目前上交所基金市场名单列有21家做市商，为超700只产品提供流动性支持。其中，广发证券与中信证 券均以服务超560只ETF的数量领跑，华泰证券以超450只位列第三。深交所方面，名单中列有10家做市 商服务超500只ETF，广发证券与中信证券同样以超400只的规模位居前二。 | | 深交所做市商做市ETF情况 | | | --- | --- | --- | | 排名 | 深交所做市商名单 | 参与深交所ETF做市数量(只)。 | | | 中信证券 | 420 | | | 广发证券 | 406 | | | 方正证券 | 285 | | | 华泰证券 | 248 | | 00 4 0 0 0 2 W N - | 招商证券 | 245 | ...

近日，中国电子信息行业联合会公布最新一批获颁数据管理能力成熟度（简称"DCMM"）等级证书企 业名单，广发证券获评最高等级五级（优化级）认证，成为行业首家获评最高等级的证券公司，标志着 公司在数据管理和应用方面达到国内领先水平，为行业数据管理能力建设树立标杆。 《数据管理能力成熟度评估模型》（GB/T 36073-2018）是我国数据管理领域正式发布的首个国家标 准。该认证从数据战略、数据治理、数据架构、数据应用等多个维度，全面评估企业的数据管理能力。 其中，五级（优化级）作为最高等级，标志着企业的数据管理已形成行业最佳实践，具备强大的示范引 领作用。 广发证券副总经理、首席信息官辛治运表示："公司将以此次获得DCMM五级认证为新的起点，持续深 化数据管理能力建设，进一步完善数据治理长效机制，推动数据技术与业务场景的深度融合，并以此为 契机，不断提升服务实体经济的质效，为证券行业的数据管理创新与发展贡献更多力量。" 责任编辑：郭栩彤 一直以来，广发证券高度重视数据管理能力的建设与提升，将数据视为企业核心资产。公司构建了"战 略引领、全员参与、跨部门协同、全生命周期管理"的数据管理体系。通过制定清晰的数据战略规 ...

Core Viewpoint - The recent performance of AH premium and the stock performance of A-shares and H-shares are showing completely opposite trends, with A-shares outperforming H-shares, yet the AH premium index has reached a new low since 2020 [1][2]. Group 1: AH Premium and Market Trends - The AH premium rate has reached a new low, despite A-share indices showing better performance than H-share indices [1][2]. - Since August, 84% of H-shares have outperformed A-shares, indicating a shift in investment focus towards quality H-share assets by southbound funds and foreign capital [11]. Group 2: Historical Context and Investment Strategies - Historically, from 2014 to 2023, the AH premium rate had a potential bottom of 125%, attributed to the 20% dividend tax on H-shares and the tax exemption for A-shares held for over a year [5]. - Prior to the opening of the Hong Kong Stock Connect, the average AH premium rate from 2006 to 2014 was around 115.8%, which increased after the connect was established [5]. Group 3: Factors Influencing Current Trends - The current AH premium rate bottom of 125% is no longer valid due to three main reasons: increased investment in H-shares by insurance funds, a surge in high-end manufacturing and tech companies listing in Hong Kong, and potential changes in tax regulations suggested by the Hong Kong Securities and Futures Commission [10]. - Insurance funds have made 23 significant investments in H-shares this year, benefiting from tax exemptions on dividends for shares held over 12 months [10]. Group 4: Specific Companies and Performance - Companies such as Ningde Times, 恒瑞医药 (Hengrui Medicine), and 美的集团 (Midea Group) have shown instances of AH premium rate inversion, indicating a shift in market dynamics [14][16].

Core Insights - The A-share market is experiencing increased activity, prompting brokerages to focus on upgrading their trading apps, particularly through AI integration [2][3] - Leading brokerages are adopting an "All in AI" strategy, aiming to transform service models from standardized offerings to intelligent customization [3][4] - The competition among brokerages has shifted from merely adding features to a customer-centric service logic reconstruction, emphasizing the integration of AI throughout the app [5] Industry Trends - The number of active users for securities apps is projected to reach 988 million by mid-2025, with a year-on-year growth of 15.92% [4] - The focus of recent updates in securities apps includes functionality optimization, user experience enhancement, and the addition of new intelligent features [4] - The ability to provide intelligent services is becoming a key competitive advantage, with top brokerages enhancing their AI capabilities to improve user retention [4][5] Technological Developments - Major brokerages like Guotai Junan and GF Securities are leading the way in AI integration, with Guotai Junan launching the first fully AI-driven app [3][6] - Smaller brokerages are also entering the AI space, with products like Jianghai Securities' "Combination Home" app focusing on active thematic investments [3][6] - The development of AI-driven advisory services aims to address traditional limitations in wealth management, such as service radius and personalized investment needs [6][7] Target Demographics - The Z generation, defined as individuals born between 1995 and 2009, is reshaping brokerage services with their unique demands for AI functionalities that are scenario-based, personalized, social, and gamified [8][9] - Z generation investors prefer non-intrusive interactions, seeking a seamless experience that avoids excessive notifications while providing valuable insights [8][9] - Brokerages are creating innovative platforms and engaging content to attract younger clients, such as GF Securities' "Yuanshi Stock" app and Galaxy Securities' "Manta" app [8][9]

Core Viewpoint - The article discusses the significant upgrades in securities trading apps by brokerages in response to the increasing activity in the A-share market, emphasizing the integration of AI to enhance user experience and meet the evolving needs of Generation Z investors [2][4]. Group 1: Market Activity and Brokerage Response - The A-share market has seen a notable increase in activity, prompting brokerages to focus on upgrading their trading apps, which are frequently used by investors [2][4]. - Leading brokerages are adopting an "All in AI" strategy, with firms like Guotai Junan launching the first fully AI-driven app to address issues related to app complexity and service standardization [4][5]. - The number of active users for securities apps is projected to reach 988 million by mid-2025, reflecting a year-on-year growth of 15.92% [5]. Group 2: AI Integration and Service Transformation - Brokerages are shifting from merely adding features to rethinking service delivery through AI, aiming to create platforms that are intelligent, user-friendly, and business-aware [4][5]. - AI capabilities are being leveraged to enhance user engagement and retention, with a focus on personalized investment services that adapt to individual user needs [5][6]. - The competition among brokerages is evolving towards a customer-centric service model, where the integration of AI throughout the app's processes is crucial for attracting and retaining users [5][6]. Group 3: Addressing Pain Points in Wealth Management - Brokerages are addressing key pain points in wealth management, such as limited service reach, inability to meet personalized investment needs, and inefficiencies in data processing [7][8]. - New AI-driven features are being introduced, such as deep dialogue capabilities and personalized investment advice, to enhance user experience and provide timely support [8][9]. - The development of a comprehensive intelligent system for capturing user needs and dynamically adjusting investment strategies is being prioritized by brokerages [8][9]. Group 4: Catering to Generation Z - Generation Z, comprising approximately 300 million individuals in China, is reshaping brokerage services with their unique preferences for scene-based, personalized, and interactive investment experiences [11][12]. - Brokerages are focusing on creating engaging and practical AI functionalities that resonate with younger investors, emphasizing a non-intrusive interaction style [11][12]. - Innovative platforms targeting Generation Z, such as Guangfa's Yuan Shi Gu app, are being developed to attract younger clients through gamified and educational approaches [11][12].