（原标题：广发证券(01776)2025年面向专业投资者公开发行短期公司债券(第八期)在深交所上市） 智通财经APP讯，广发证券(01776)发布公告，根据深圳证券交易所债券上市的有关规定，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(第八期)符合深圳证券交易所债券上市条件，将 于2025年9月4日起在深圳证券交易所上市，并面向专业投资者中的机构投资者交易，交易方式包括匹配 成交、点击成交、询价成交、竞买成交和协商成交。债券简称25广D10，债券期限360天，票面年利率 1.73%。 ...

格隆汇9月3日丨广发证券(01776.HK)公告，根据深圳证券交易所债券上市的有关规定，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(第八期)符合深圳证券交易所债券上市条件，将于 2025年9月4日起在深圳证券交易所上市，并面向专业投资者中的机构投资者交易，交易方式包括匹配成 交、点击成交、询价成交、竞买成交和协商成交。债券简称"25广D10"，票面年利率1.73％。 ...

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。 中國，廣州 2025年9月3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发行短期公司债券（第八期） 在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，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（第八期）符合深圳证券交易所债券上市 条件，将于 2025 年 9 月 4 日起在深圳证券交易所上市，并面向专业投资者中的 机构投资者交易，交易 ...

广发证券股份有限公司 （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短 期公司债券（第八期）在深圳证券交易所上市的公告》之盖章页） 发行人：广发证券股份有限公司 年 月 日 根据深圳证券交易所债券上市的有关规定，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（第八期）符合深圳证券交易所债券上市 条件，将于 2025 年 9 月 4 日起在深圳证券交易所上市，并面向专业投资者中的 机构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协 商成交。债券相关要素如下： | 债券名称 | 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（第八期） | | | | | | | | 债券简称 | | 广 25 D10 | | | | | | | 债券代码 | | 524418 | | | | | | | 信用评级 | 主体评级 AAA/债项评级 A-1 | | | | | | | | ...

Core Viewpoint - Nvidia's FY26Q2 financial report highlights the high growth potential in the AI infrastructure market, with a projected market size of $3 trillion to $4 trillion, leading to increased capital expenditure and investment in computing power by tech giants [1][2]. Financial Performance - In FY26Q2, Nvidia reported revenue of $46.7 billion, a year-over-year increase of 56%, and a net profit of $26.4 billion, up 60% year-over-year, with an EPS of $1.04 [2]. - For FY26Q3, Nvidia projects revenue of approximately $54 billion, with a gross margin of 73.5% [2]. Business Segments - Data center revenue reached $41.1 billion in FY26Q2, accounting for 88% of total revenue, with a year-over-year growth of 56% [2]. - The computing segment generated $33.8 billion, a 50% increase year-over-year, while network revenue surged by 98% to $7.25 billion, driven by high demand for XDR InfiniBand products [2]. Product Development - Nvidia's GB300 product has achieved mass production with a weekly capacity of 1,000 cabinets, and the next-generation Rubin series chips are expected to enter mass production next year [3]. - The company is focusing on high-performance interconnect products, with significant potential returns from improving interconnect efficiency in data centers [3]. Market Outlook - Nvidia emphasizes the importance of AI infrastructure and the potential for substantial returns from investments in high-performance interconnect technologies [3].

Core Viewpoint - The securities industry has experienced significant growth in performance due to the continuous improvement of the market, with major indices rising this year [1] Group 1: Company Performance - GF Securities reported impressive results for the first half of 2025, with revenue and net profit attributable to shareholders reaching 15.398 billion yuan and 6.47 billion yuan, respectively, representing year-on-year growth of 34.38% and 48.31% [2] - The company's revenue ranked fourth in the industry, improving by one position year-on-year [2] - All three major business segments—wealth management, trading and institutional, and investment management—saw revenue growth exceeding double digits [3] Group 2: Market Conditions - The recovery of the market has injected strong growth momentum into the securities industry, with the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and Sci-Tech Innovation 50 Index rising by 2.76%, 0.48%, 0.53%, and 1.46%, respectively, in the first half of 2025 [4] - The average daily trading volume in the market reached 1.57 trillion yuan, a year-on-year increase of over 60% [4] Group 3: Business Segment Performance - The trading and institutional business saw significant growth, generating 4.969 billion yuan in revenue, a year-on-year increase of 78.46%, with an operating profit margin of 82.91%, up 13.04 percentage points [5] - Wealth management revenue reached 6.172 billion yuan, growing by over 25% year-on-year, supported by the company's strong capabilities in product research, sales, and asset allocation [6] - Investment management also performed well, with revenue of 3.845 billion yuan, reflecting a year-on-year increase of over 10% [7] Group 4: Competitive Advantages - GF Securities has established a differentiated competitive advantage by focusing on the Greater Bay Area while serving the entire country, with 356 branches and offices nationwide [13] - The company has capitalized on the IPO boom in Hong Kong, completing 11 equity financing projects in the first half of the year, raising 42.773 billion Hong Kong dollars [15] - The firm is positioned to benefit from supportive policies that allow Greater Bay Area companies listed in Hong Kong to also list on the Shenzhen Stock Exchange [15] Group 5: Future Outlook - Analysts believe that GF Securities has further growth potential due to its high proportion of light asset business and the expansion of its proprietary equity scale [9] - The company is expected to continue to strengthen its domestic market position while becoming an important financial partner for Chinese enterprises expanding internationally [18]

Group 1 - The global AI infrastructure is experiencing significant growth due to the expansion of AI applications, leading to a substantial increase in PCB demand [1] - The global server/data storage market is projected to reach $291 billion in 2024, with a year-on-year growth of 45.5%, and is expected to maintain a growth rate of 36.1% in 2025 [1] - The demand for AIPCB is driven by the increasing requirements for PCB layers in AI servers and high-end switches, with the PCB value for each AI server expected to be 5 to 7 times higher than that of traditional servers [1] Group 2 - Leading PCB companies are ramping up production, but actual capacity release is lagging behind demand growth due to high-end equipment delivery and key process verification challenges [2] - Domestic manufacturers are expected to capture market share more quickly than overseas competitors due to their faster expansion capabilities [2] Group 3 - The ongoing expansion of AIPCB is directly impacting PCB processing, leading to increased volume and more complex processing requirements, which in turn drives up both the quantity and price of equipment and materials [3] - The demand for key equipment and materials is anticipated to grow in tandem with the rising requirements for AIPCB [3] Group 4 - Domestic manufacturers are advancing in technology iteration and expansion, with a notable supply gap in high-end drilling equipment, while foreign suppliers are facing demand shortages [4] - Domestic suppliers are leading in expansion capabilities and are increasingly replacing foreign suppliers in the mid-to-low-end market [4] Group 5 - Investment recommendations include focusing on technology-leading suppliers such as Chipbond Technology and Dazhong CNC, as well as materials suppliers like Dingtai High-Tech and Zhongtung High-Tech due to the increasing demand for drilling tools [5] - Attention is also recommended for companies involved in the PCBA segment, such as Kaige Precision Machinery and Jintuo Co., Ltd [5]

Group 1 - The A-share market is experiencing a turning point in profitability, entering a mild recovery phase, with structural differentiation exceeding total significance, highlighting the accelerated shift between new and old driving forces [2] - The market style is leaning towards growth, with technology manufacturing becoming a core engine driven by the AI cycle and domestic substitution, while midstream manufacturing benefits from cost recovery, showcasing profitability resilience [2] - The recovery in the market is characterized by price restoration rather than volume expansion, with strong performance in the AI industry chain and opportunities for robots and innovative drugs facing production and turnaround challenges [2] Group 2 - The liquor sector has entered a mid-cycle layout window after four years of adjustment, with expectations for a "valuation + performance" double bottom by 2025, indicating a favorable configuration cost-effectiveness [3] - The investment paradigm for high-dividend public utility assets may change, with a focus on electric central enterprises with low asset securitization ratios and local state-owned enterprises with debt repayment potential [4] - Capital operations are expected to positively impact the enhancement of dividend ratios, presenting investment opportunities in the current market environment [4]

Group 1 - The core viewpoint of the news is that Guangfa Securities has experienced fluctuations in its stock price and trading volume, with a notable decline on September 3, 2023, where it dropped by 2.02% to 20.88 CNY per share, with a total market capitalization of 158.81 billion CNY [1] - As of June 30, 2025, Guangfa Securities reported a net profit of 6.47 billion CNY, representing a year-on-year increase of 48.31% [2] - The company has distributed a total of 38.84 billion CNY in dividends since its A-share listing, with 8.58 billion CNY distributed over the past three years [2] Group 2 - The stockholder count for Guangfa Securities as of June 30, 2025, is 166,400, which is a decrease of 9.87% from the previous period [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 228 million shares, and Hong Kong Central Clearing Limited, holding 224 million shares, with the latter seeing a reduction of 23.77 million shares compared to the previous period [2] - Guangfa Securities' main business areas include investment banking, wealth management, trading and institutional business, and investment management [1]

Core Insights - In the first half of 2025, the company achieved operating revenue of 15.398 billion yuan, a year-on-year increase of 34.38% [1] - The net profit attributable to shareholders reached 6.470 billion yuan, up 48.31% year-on-year [1] - Basic earnings per share were 0.79 yuan, reflecting a 51.92% increase year-on-year [1] - The weighted average return on equity was 4.83%, an increase of 1.44 percentage points year-on-year [1] - A cash dividend of 1.00 yuan (before tax) is proposed for the first half of 2025 [1] Business Performance - The company's brokerage business net income and investment income (including fair value changes) increased, while the net income from investment banking, asset management, interest income, and other revenues decreased [1] - The trading volume of agency stock transactions saw significant growth, maintaining a relatively stable market share, with net income from brokerage fees increasing by 41.96% year-on-year [1] - The scale of equity financing rebounded significantly, while debt financing remained stable, with net income from investment banking fees decreasing by 4.76% year-on-year [1] - The asset management business improved in quality and efficiency, with a slight recovery in revenue contribution from public funds, resulting in an 8.45% year-on-year increase in net income from asset management fees [1] - Both equity and fixed income proprietary investments achieved good performance, with investment income (including fair value changes) increasing by 57.52% year-on-year [1] - The balance of margin financing and market share remained stable, with a continued reduction in stock pledge scale, leading to an 18.46% year-on-year increase in net interest income [1] Investment Outlook - The company experienced significant growth in agency stock transaction volume, with increases in distribution scale, retained scale, and distribution income [2] - Both equity and fixed income proprietary investments performed well, and alternative investment business turned profitable year-on-year, establishing a solid foundation for the company's overall operational performance recovery [2] - The optimization of the asset management business structure and efficiency improvements led to a recovery in revenue contribution from controlled public funds [2] - The expected earnings per share (EPS) for 2025 and 2026 are projected to be 1.39 yuan and 1.46 yuan, respectively, with book value per share (BVPS) expected to be 16.99 yuan and 18.03 yuan [2] - Based on the closing price of 21.67 yuan on September 1, the corresponding price-to-book ratios (P/B) are projected to be 1.28 times and 1.20 times for 2025 and 2026, respectively, maintaining an "overweight" investment rating [2]