《数据管理能力成熟度评估模型》(GB/T36073-2018)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，具有强大的示范引领作用。 本报讯(记者昌校宇)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。 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。" 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划， 完善数据治理组织架构与制度流程，强化数据安全与合规管理，持续提升数据质量与应 ...

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。 廣發証券股份有限公司 林傳輝 董事長 中國，廣州 2025年8月15日 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1776) 董事會會議召開日期 廣發証券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將於2025年8月 29日（星期五）舉行董事會會議，藉以（其中包括）審議及批准刊發本公司及其附 屬公司截至2025年6月30日止六個月之未經審計的中期業績公告及派發中期股息 之建議（如有）等議案。 承董事會命 GF SECURITIES CO., LTD. 廣發証券股份有限公司 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。 ...

Core Viewpoint - July economic data shows signs of slowdown, with only exports accelerating while industrial, service, consumption, investment, and real estate sales all underperformed compared to previous values, indicating a divergence in internal and external demand [1][6]. Economic Data Summary - Actual GDP index estimated to be approximately 5.02% year-on-year based on industrial value added and service production index, and about 4.79% when estimated using industrial value added and retail sales [1][6]. - Exports increased by 7.2% year-on-year, surpassing the previous value of 5.9% [6]. - Industrial value added grew by 5.7%, down from 6.8% previously, with a month-on-month seasonal adjustment of 0.38% [1][7]. - Service production index rose by 5.8%, lower than the previous 6.0% [6]. - Retail sales (社零) increased by 3.7% year-on-year, down from 4.8% previously, with a month-on-month seasonal adjustment of -0.14% [2][10]. - Fixed asset investment showed a cumulative year-on-year growth of 1.6%, down from 2.8%, with a single-month year-on-year decline of -5.2% [3][13]. - Real estate sales decreased by 8.0% year-on-year, compared to a previous decline of 5.4% [4][15]. Sector-Specific Insights - In the industrial sector, coal production growth saw a significant decline, while new industry products like smartphones and robots also experienced a slowdown [7][8]. - Retail sectors such as dining and tobacco continue to show low growth, with automotive sales turning negative for the first time in five months [2][10]. - Fixed asset investment in manufacturing, infrastructure, and real estate all showed notable declines, with real estate investment down by 17.2% year-on-year [3][15]. - Real estate data indicates a continued slowdown in sales, new construction, and investment, with significant declines in various metrics [4][15][16]. Policy and Market Outlook - The overall economic indicators suggest the emergence of a "slowdown zone," which aligns with market expectations [5][18]. - Recent macroeconomic policies are focused on supporting service consumption, particularly through interest subsidies for personal and business loans [5][18]. - The continuation of "two重" policies and real estate policies is deemed crucial for stabilizing the economy [5][18].

Core Viewpoint - The launch of the bond renewal mechanism by the Shenzhen Stock Exchange (SZSE) is expected to enhance financing flexibility for issuers and improve market liquidity, with several companies already preparing for bond renewals in the coming months [1][5]. Group 1: Bond Renewal Mechanism Implementation - The first batch of four company bond renewals has been successfully completed on the SZSE, with total renewal scales of 20 billion, 5 billion, 30 billion, and 10 billion yuan, increasing the total bond sizes to 50 billion, 20 billion, 42 billion, and 20 billion yuan respectively [2]. - The renewal mechanism is designed to optimize issuance processes, enhance market connectivity, and protect investor rights, allowing issuers to use existing valid approvals for renewals without reapplying for securities codes [3]. Group 2: Market Response and Benefits - The renewal mechanism has been positively received by various market participants, including commercial banks, insurance institutions, public funds, and securities companies, indicating strong market recognition [2][4]. - The mechanism allows for a more flexible and efficient financing tool for issuers, enabling better control over financing schedules and reducing the impact of large-scale issuances on market liquidity [4][5]. Group 3: Future Developments and Infrastructure - The SZSE plans to continue promoting the use of the renewal mechanism among issuers and enhance market infrastructure to support the development of both primary and secondary bond markets [6]. - Recent initiatives include revising bond issuance guidelines, launching a bond book-building system, and expanding the range of bond trading products to meet growing investment demands [5][6].

关于延长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） 簿记建档时间的公告 广发证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行不 超过人民币 200 亿元（含）的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》，发行人和主承销商于 2025 年 8 月 15 日 15:30-18:00 以簿记建档的方式向网下专业机构投资者进行价格询价。 考虑到簿记建档当日市场情况，经发行人和簿记管理人协商一致，决定延长 本期续发行债券发行时间，将簿记建档结束时间由 2025 年 8 月 15 日 18:00 延长 至 2025 年 8 月 15 日 19:00。 特此公告。 （以下无正文） （本页无正文，为《关于延长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）簿记建档时间的公告》之盖章页） 发行人：广发证券股份有限公司 年 月 日 （本页无正文，为《关于延长广发证券股份有限公司 2025 年面向 ...

Core Viewpoint - Guangfa Securities (01776.HK) announced a board meeting scheduled for August 29, 2025, to review and approve the unaudited interim results for the six months ending June 30, 2025, and to discuss the proposal for an interim dividend distribution, if any [1] Group 1 - The board meeting will take place on August 29, 2025 [1] - The meeting will focus on the approval of the interim results for the six months ending June 30, 2025 [1] - The agenda includes the discussion of a proposal for an interim dividend distribution [1]

Key Points - As of August 15, a total of 133 stocks reached their 52-week highs, with notable performers including 瑞港建设 (RuiGang Construction) at 94.74%, 力劲科技 (LiJing Technology) at 60.74%, and 派格生物医药－Ｂ (PAG Biopharma-B) at 39.18% [1] - The highest closing prices were recorded for 瑞港建设 at 0.260, 力劲科技 at 6.790, and 派格生物医药－Ｂ at 32.000 [1] - Other significant stocks that reached new highs include FIT HON TENG at 5.970 (26.04%), 远大中国 at 0.153 (25.81%), and 百心安－Ｂ at 6.060 (25.60%) [1] - The report also highlights stocks that reached their 52-week lows, with 今海医疗科技 (JinHai Medical Technology) dropping to 0.890 (-49.45%) and 恒泰裕集团 (HengTai Yu Group) at 0.014 (-12.50%) [4] - The overall market trend indicates a mix of strong performers and struggling stocks, reflecting varying investor sentiments across different sectors [1][4]

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) 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. 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15日 董事會會議召開日期 廣發証券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將於2025年8月 29日（星期五）舉行董事會會議，藉以（其中包括）審議及批准刊發本公司及其附 屬公司截至2025年6月30日止六個月之未經審計的中期業績公告及派發中期股息 之建議（如有）等議案。 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]