广发证券股份有限公司关于 浙江金沃精工股份有限公司 拟使用部分闲置募集资金暂时补充流动资金的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为浙江金 沃精工股份有限公司（以下简称"金沃股份"或"公司"）2022年向不特定对象 发行可转换公司债券持续督导阶段的保荐人，根据《证券发行上市保荐业务管理 办法》《深圳证券交易所创业板股票上市规则》《上市公司募集资金监管规则》 《深圳证券交易所上市公司自律监管指引第13号——保荐业务》《深圳证券交易 所上市公司自律监管指引第2号——创业板上市公司规范运作》（以下简称"《创 业板上市公司规范运作指引》"）等有关规定，对金沃股份拟使用部分闲置募集 资金暂时补充流动资金的事项进行了审慎核查，发表核查意见如下： 公司对募集资金采取专户存储管理，并与保荐机构、募集资金专户所在银行 签订了募集资金三方监管协议。 二、募集资金投资项目情况 根据《浙江金沃精工股份有限公司向不特定对象发行可转换公司债券并在创 业板上市募集说明书》，公司向不特定对象发行可转换公司债券募集资金投资项 目及募集资金使用计划如下： 序号 项目名称 项目投资总额（万元） 拟投入募集资金（万元） ...

Core Insights - The report from GF Securities highlights that the demand for single-node computing density, bandwidth, and low-latency interconnects is rising due to AI training and inference, making the enhancement of single-machine performance a priority for data center investments [1] - The rapid development of Scale up networks is directly driving the demand for Scale up switches, switch chips, interconnect chips, PCBs, and ODMs [1] - The transition from "AI's iPhone moment" to "AI's fission moment" and then to "AI's offensive moment" suggests a focus on core beneficiaries within the industry chain [1] Industry Trends - Scale up has become the core trend for computing power expansion in the AI era, with three main interconnects surrounding GPUs: business network interconnect, Scale out network interconnect, and Scale up network interconnect [1] - Scale up enhances computing density and data access efficiency, with GPU interconnects first focusing on Scale up before Scale out, indicating its importance for future AI scalability [1] Protocol Development - The Scale up protocol is diversifying, with various manufacturers launching self-developed or deeply customized switch chips and interconnect protocols, including PCIe, NVLINK, UALINK, and SUE [2] - There are two main paths for Scale up: high-density single-cabinet GPU solutions and multi-cabinet optical interconnects, with NVIDIA and Google being key representatives in these developments [2] - As GPU interconnects extend beyond single cabinets, optical interconnects are becoming essential for achieving efficient connections, benefiting upstream components like Scale up switches, switch chips, interconnect chips, PCBs, and ODMs [2]

债券代码：148027 债券简称：22 广发 08 债券代码：148026 债券简称：22 广发 07 债券代码：148028 债券简称：22 广发 09 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。 特别提示： 由广发证券股份有限公司（以下简称"本公司"）发行的广发证券股份有限 公司 2022 年面向专业投资者公开发行公司债券（第三期）（以下简称"本期债 券"）将于 2025 年 8 月 18 日（因 2025 年 8 月 16 日为休息日，故顺延至其后第 一个交易日）支付本期债券"22 广发 07"自 2024 年 8 月 16 日至 2025 年 8 月 发 09"自 2024 年 8 月 16 日至 2025 年 8 月 15 日期间的利息。为确保本期债券 本息兑付工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 债券（第三期） "148026"；品种二简称为"22 广发 08"，债券代码为"148027"；品种三简 称为"22 广发 09"，债券代码为"148028"。 票面利率为 2.68%；品种二发行期限为 5 年，发行规模为 25 ...

Group 1 - The trend of securities firms closing or merging their branches is increasing, driven by cost reduction and resource optimization [1][3][6] - Changcheng Securities announced the closure of its Xiangyang Hanjiang North Road branch to enhance resource integration and promote wealth management transformation [3][4] - Guosen Securities has also announced the closure of 12 branches, with plans to further optimize its network [4][5] Group 2 - Several securities firms, including Fangzheng Securities and Debang Securities, have also announced branch closures to improve operational efficiency and support high-quality business development [5][6] - The closures are part of a broader industry trend towards digital transformation and a focus on online services, reflecting changing investor habits [6][7] - The number of branches among securities firms varies significantly, with some firms having over 100 branches while others have fewer than 5 [7][8]

Core Viewpoint - The company, GF Securities Co., Ltd., is issuing a public offering of subordinated bonds (Phase III) aimed at professional investors, with a total issuance amount not exceeding 30 billion yuan, and the bonds are rated AAA with a stable outlook [1][5][17]. Group 1: Issuance Details - The total issuance amount for the subordinated bonds is capped at 30 billion yuan, and the bonds will be issued in phases within 24 months from the approval date by the China Securities Regulatory Commission (CSRC) [4][17]. - The bonds have a term of 3 years, with a coupon rate of 1.85%, and the issuance price will be determined through book-building [17][19]. - The proceeds from the bond issuance will be used to repay maturing corporate bonds [17][18]. Group 2: Financial Condition - As of March 2025, the company's consolidated net assets amounted to 155.705 billion yuan, with an average net profit of 79.29 million yuan, 69.78 million yuan, and 96.37 million yuan for the years 2022, 2023, and 2024 respectively [5]. - The company has maintained a strong credit rating of AAA, indicating a robust ability to repay debts and a low risk of default [5][27]. Group 3: Regulatory Compliance - The bond issuance complies with various regulations, including the Company Law and the Securities Law of the People's Republic of China, ensuring that the information disclosed in the offering document is accurate and complete [1][2]. - The lead underwriter, Dongfang Securities Co., Ltd., has confirmed the accuracy of the offering document and assumes legal responsibility for its content [2][9]. Group 4: Investor Protection - The bonds will be issued only to professional institutional investors, and individual investors are excluded from participating in the issuance [7][8]. - The company has established a bondholders' meeting rule to protect the rights of bondholders, ensuring that decisions made by the meeting are binding on all bondholders [8][19].

Core Viewpoint - The company, GF Securities Co., Ltd., is set to issue a new tranche of subordinated bonds, specifically the third phase of its public offering aimed at professional investors, with a total issuance amount not exceeding 30 billion RMB [3][4]. Group 1: Bond Issuance Details - The new tranche of subordinated bonds will have a face value of up to 30 billion RMB, with a fixed interest rate of 1.85% and a maturity period of 3 years [3][4]. - The issuance is a continuation of the previously issued subordinated bonds, maintaining the same terms as the existing bonds [3][4]. - The bonds will be rated AAA, indicating a strong credit quality, and the issuer's net assets were reported at 155.705 billion RMB as of March 2025 [4][17]. Group 2: Subscription and Trading - The bonds will be available for subscription only to professional institutional investors, with a minimum subscription unit of 10 million RMB [4][23]. - The pricing for the bonds will be determined through a book-building process, with a subscription price range set between 98.800 RMB and 101.600 RMB [19][23]. - The subscription period is scheduled from August 18, 2025, to August 19, 2025, with the final issuance price to be announced on August 15, 2025 [17][22]. Group 3: Financial Performance - The average annual net profit attributable to the parent company over the last three fiscal years was reported at 8.181 billion RMB, with specific figures of 7.929 billion RMB, 6.978 billion RMB, and 8.181 billion RMB for the years 2022, 2023, and 2024 respectively [4][17]. - The company's consolidated debt-to-asset ratio was reported at 75.92%, indicating a high level of leverage [4][17].

Core Viewpoint - The credit rating report for GF Securities Co., Ltd. indicates a stable outlook with a rating of AAA, reflecting the company's strong competitive position and comprehensive financial services capabilities, despite facing challenges from industry competition and economic conditions [3][5][6]. Company Overview - GF Securities was established in 1991 and has evolved into a comprehensive securities firm with a strong market presence, having listed on both the Shenzhen and Hong Kong stock exchanges [12][13]. - The company has a stable shareholding structure with its top three shareholders being Jilin Aodong Pharmaceutical Group, Liaoning Chengda Co., and Zhongshan Public Utility Group, ensuring management continuity [12]. Financial Performance - As of 2024, GF Securities reported total assets of 758.75 billion, with net capital of 95.86 billion and net profit of 10.55 billion [7][8]. - The company’s revenue composition shows a diversified income stream, with wealth management, investment management, and trading businesses contributing significantly to overall revenue [21][22]. Debt Issuance - The company is issuing a secondary tranche of subordinated bonds with a total face value of up to 30 billion RMB, with a fixed interest rate of 1.85% and a maturity of three years [4][14]. - The proceeds from the bond issuance will be used to repay maturing corporate bonds, indicating a focus on maintaining liquidity and financial stability [14]. Industry Context - The securities industry is expected to experience a rebound in 2024, driven by regulatory support and a focus on digital transformation, although challenges remain from external economic pressures [19][20]. - The competitive landscape is intensifying, with larger firms gaining advantages from policy support, while smaller firms are encouraged to innovate and differentiate their services [19][20]. Risk Management - The company is enhancing its risk management capabilities in response to the increasing complexity of its operations and the competitive environment, particularly in investment banking and wealth management [6][19]. - GF Securities is committed to compliance and governance, which are critical for sustaining its operational integrity and market position [5][19].

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14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 ...

广发证券(01776)发布公告，由广发证券股份有限公司(以下简称"本公司")发行的广发证券股份有限公司 2022年面向专业投资者公开发行公司债券(第三期)(以下简称"本期债券")将于2025年8月18日(因2025年8 月16日为休息日，故顺延至其后第一个交易日)支付本期债券"22广发07"自2024年8月16日至2025年8月 15日期间(最后一个计息年度)的利息及其本金，支付"22广发08"及"22广发09"自2024年8月16日至2025年 8月15日期间的利息。 ...

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）信用評級報告》。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 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. 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）信用评级报告 声 明 董事長 中國，廣州 2025年8月14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 ...