债券代码：148009 债券简称：22 广发 04 债券代码：148010 债券简称：22 广发 05 债券代码：148011 债券简称：22 广发 06 广发证券股份有限公司 关于"22 广发 04"付息兑付暨摘牌、 "22 广发 05"及"22 广发 06"付息的公告 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。 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（第二期）（以下简称"本期债 券"）将于 2025 年 8 月 4 日支付本期债券"22 广发 04"自 2024 年 8 月 4 日至 2025 年 8 月 3 日期间（最后一个计息年度）的利息及其本金，支付"22 广发 05" 及"22 广发 06"自 2024 年 8 月 4 日至 2025 年 8 月 3 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 1、债券名称：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（第二期） 6、付息日：本期债 ...

（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（第七期） 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 | | 牵头主承销商、簿记管理人： | 国泰海通证券股份有限公司 | | 联席主承销商： | 招商证券股份有限公司、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 50 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） 牵头主承销商/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） 111 号） 签 ...

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（第七期） 发行公告 发行人 （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） 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） 牵头主承销商/簿记管理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 联席主承销商 （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） （住所：深圳市福田区福田街道福华一 路 111 号） 2025 年 月 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。 重要事项提示 1、广发证券股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 4 月 16 日 获得中国证券监督管理委员会"证监许可〔2025〕818 号"文获批可面向专业投资者公开 发行面值余额不超过 300 亿元（含）的短期公司债券（以下简称"本次债券"）。 2、本期债券简称为"25 广发 D9"，债券代码为"524389"。本期债券每张面值为 100 元，发行数 ...

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 （第七期）信用评级报告 编号：CCXI-20252724D-02 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 （第七期）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 7 月 30 日 ## 1 Introduction The _classical_ quantum mechanics of a quantum system is a classical theory of quantum mechanics. It is a classical theory of quantum mechanics, which is a classical theory of quantum mechanics. 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 ...

Group 1 - The A-share private placement market has shown significant recovery this year, with 76 listed companies completing private placements by July 30, raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][3] - The active participation in the private placement market spans various industries, with capital goods, materials, and technology hardware and equipment leading in the number of listed companies involved [3] - Four major banks, including Bank of China and Postal Savings Bank, have raised over 100 billion yuan each through private placements, primarily for liquidity support [3] Group 2 - The growth in the private placement market has directly boosted the investment banking revenue for securities firms, with underwriting and advisory fees making up a significant portion of the issuance costs [4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] - 62 out of the 76 companies that completed private placements disclosed their issuance costs, totaling 904 million yuan [4] Group 3 - Securities firms have actively participated in private placements, with 8 firms and 5 asset management companies involved in 25 companies, totaling 46 subscription instances [5] - Leading firms like GF Securities and Hua'an Asset Management have been prominent in participating in private placements, enhancing their returns and supporting the real economy [5] - The substantial subscriptions by top securities firms signal positive market sentiment, boosting investor confidence and market activity [5]

Group 1 - The A-share market has seen a significant increase in private placements, with 76 companies completing placements and raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][2] - The majority of companies involved in private placements are from the capital goods, materials, and technology hardware sectors, with 21, 10, and 9 companies respectively [2] - Four banks raised over 100 billion yuan each through private placements, aimed at supplementing liquidity, while the remaining companies raised less than 20 billion yuan for various purposes [2] Group 2 - Securities firms are capitalizing on the recovery of the private placement market, benefiting from increased underwriting fees and potential investment returns from subscribed shares [3] - The expansion of private placement business is expected to enhance the revenue of securities firms, with underwriting and advisory fees being a significant portion of the issuance costs [3][4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] Group 3 - Securities firms' participation in private placements is seen as beneficial for both their own profitability and the support of the real economy and industry upgrades [5][6] - The large-scale subscriptions by leading securities firms send positive signals to the market, boosting investor confidence and trading activity [6]

Core Viewpoint - The announcement of Shouchao Securities' plan to list in Hong Kong marks a significant step in the trend of Chinese brokerages pursuing internationalization and capital enhancement through overseas listings [1][2]. Group 1: Hong Kong Listing and Internationalization - Shouchao Securities is expected to become the 14th brokerage to achieve "A+H" share listing, joining a list of 13 existing brokerages that have already listed in both mainland China and Hong Kong [2]. - The move to list in Hong Kong is seen as a way for brokerages to enhance their capital strength, support cross-border operations, and improve international brand recognition [1][2]. - The Hong Kong market is characterized by a mature financing mechanism and an international investor structure, making it a key area for mainland financial institutions to expand their overseas presence [1]. Group 2: Capital Injection and Business Expansion - Several brokerages have been increasing their capital in Hong Kong subsidiaries, with notable examples including Guangfa Securities and Xibu Securities, which have injected significant amounts into their Hong Kong operations [3]. - The primary purpose of these capital increases is to bolster cross-border business capital, expand investment banking operations, and enhance derivatives capabilities [3][4]. - The trend indicates that brokerages are not only focusing on traditional services like IPOs and bond issuance but are also expanding into comprehensive services, including cross-border funds and structured products [4]. Group 3: Growth of International Business - Despite the current low proportion of international business revenue among brokerages, there is a clear upward trend, with expectations that it will become a crucial area for performance improvement [5]. - For instance, Citic Securities reported a significant increase in international revenue, achieving $2.26 billion in revenue and $530 million in net profit in 2024, marking a year-on-year growth of 41% and 116% respectively [5]. - Analysts suggest that international business will be a key battleground for brokerages, especially as traditional commission rates decline and domestic asset management faces challenges [5].

Group 1 - The core point of the article is that GF Securities (01776) has announced the issuance of short-term corporate bonds totaling up to RMB 20 billion, with regulatory approval obtained from the China Securities Regulatory Commission [1] - The bonds will have a maturity of 211 days, from June 12, 2025, to January 9, 2026, and a coupon rate of 1.64% [1] - The issuance period for these bonds is set from July 28, 2025, to July 29, 2025, with a final issuance price of RMB 100.214 and a subscription multiple of 2.78 times [1] Group 2 - The main underwriter for this bond issuance is Guotai Junan Securities Co., Ltd., with its affiliate, China Foreign Economic and Trade Trust Co., Ltd., participating in the subscription [1] - The final allocation for the affiliate was RMB 50 million, and the pricing was deemed fair and compliant with procedures [1] - Other underwriting institutions and their affiliates did not participate in the subscription [1]

（於中華人民共和國註冊成立的股份有限公司） 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 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（第五期）（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 （股份代號：1776） 中國，廣州 2025年7月29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：524303 证券简称：25 ...

Investment Rating - The report maintains a "Buy" rating for GF Securities with a target price of 26.25 CNY [1] Core Views - GF Securities is considered undervalued, with significant potential for earnings recovery and valuation expansion in the context of the growing ETF market and the company's strategic positioning [6][39] - The company has a stable governance structure and a professional management team, which enhances its long-term strategic execution [9][12] - The report highlights the company's strong performance in the investment banking sector, with a projected net profit growth of 38% in 2024, significantly outperforming the industry average [34] Financial Summary - Total revenue projections for GF Securities are as follows: - 2024: 27,199 million CNY - 2025: 33,517 million CNY (23% YoY growth) - 2026: 35,280 million CNY (5% YoY growth) - 2027: 37,867 million CNY (7% YoY growth) [1] - Projected net profit figures are: - 2024: 9,637 million CNY - 2025: 11,014 million CNY (14% YoY growth) - 2026: 11,801 million CNY (7% YoY growth) - 2027: 12,795 million CNY (8% YoY growth) [1] - Earnings per share (EPS) estimates are: - 2024: 1.15 CNY - 2025: 1.45 CNY - 2026: 1.55 CNY - 2027: 1.68 CNY [1] Governance Structure - GF Securities has a stable and decentralized ownership structure with no controlling shareholder, which has remained consistent since its listing in 2010 [9][12] - The top three shareholders collectively hold approximately 40% of the shares, providing a stable foundation for the company's governance [9] ETF Market Positioning - The report emphasizes GF Securities' strategic positioning in the ETF market, highlighting its three-dimensional approach: 1. Issuing and managing ETFs through its public fund subsidiaries [15] 2. Participating in ETF market-making, ranking second in the industry [29] 3. Utilizing ETFs as a core tool for investment advisory services, enhancing asset allocation efficiency [33] - The ETF market in China has seen explosive growth, with total assets reaching 4.31 trillion CNY in mid-2025, reflecting a 74% YoY increase [15][21] Investment Management Contribution - The investment management segment is a significant revenue contributor, accounting for nearly 30% of GF Securities' total revenue [21][25] - The company has maintained a strong market position in asset management, with its public fund subsidiaries holding substantial market shares [21][27] Valuation and Market Outlook - The current price-to-book (PB) ratio for GF Securities is significantly lower than the industry average, with H-shares at 0.98x and A-shares at 1.26x [39] - The report suggests that GF Securities has considerable room for valuation recovery, especially in light of the ongoing trends in passive investment and the anticipated recovery in its investment banking business [39]