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 ...

Core Insights - The "Zhihui Entrepreneur Office" by GF Securities has achieved significant milestones in its first year, with managed assets exceeding 70 billion yuan, establishing a comprehensive service system that supports high-quality development and wealth inheritance for entrepreneurs [1] Group 1: Service Model and Market Trends - The demand for entrepreneur services in China is undergoing profound changes, with "integrated solutions" emerging as a new market trend [1] - GF Securities has established the "Zhihui Entrepreneur Office" to meet diverse needs across different stages of enterprise development, effectively connecting capital and industry [1] Group 2: Collaborative Approach - The essence of the Entrepreneur Office's business is the efficient integration and coordination of internal and external resources, requiring strong comprehensive coordination capabilities to ensure effective service delivery [3] - Collaboration is a core cultural value of GF Securities, forming the foundation for the efficient operation of the Entrepreneur Office [3] - A specialized working group led by executives has been established to create a rapid response decision-making mechanism, integrating resources from over ten business departments to build the service system [3] Group 3: Comprehensive Competitive Strength - GF Securities leverages its full business license and leading capabilities in research services, investment banking, wealth management, and asset management to build comprehensive competitive strength for the Entrepreneur Office [5] - The research services cover macroeconomics and strategy research across 28 industries and over 1,100 listed companies, providing precise industry insights [5] - The company has consistently ranked among the top five in the industry for equity financing and has received numerous awards for bond financing, offering comprehensive capital operation support [5] Group 4: Wealth Management and Family Inheritance - The wealth management services of GF Securities provide a complete product and talent system, focusing on family trusts to address wealth protection, inheritance, and tax planning [6] - The company integrates resources from its asset management institutions to create a comprehensive product system that meets the financial needs of enterprises, executives, and employees [6] Group 5: Technological Empowerment - The deep application of financial technology has become a crucial support for enhancing the quality and efficiency of the Entrepreneur Office's services [8] - The self-developed "Incentive Pass" platform significantly improves the management efficiency of equity incentive plans, while "Dongmi Bao" addresses compliance management challenges for specific share transactions [8] - The "GF Zhihui Enterprise Version" integrates various system tools to form a digital service ecosystem covering financing, investment, share management, shareholder services, and research [8] Group 6: Vision and Future Development - The core competitiveness of the "Zhihui Entrepreneur Office" lies in transforming collaborative culture into service efficiency, forming competitive barriers through comprehensive capabilities, and enhancing service effectiveness through technological empowerment [8] - GF Securities aims to deepen this service ecosystem to support entrepreneurs in achieving their visions of enterprise development, wealth management, innovation inheritance, and social contribution, thereby contributing to China's high-quality economic development [9]

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]

根据上银基金管理有限公司（以下简称"本公司"）与广发证券股份有限公司(以下简称"广发证券")签署 的销售协议和相关业务准备情况，自2025年7月31日起，广发证券将开始销售本公司旗下部分基金。 一、适用基金范围 ■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 二、投资者可通过以下途径咨询有关详情 1、广发证券股份有限公司 网站：www.gf.com.cn 客户服务电话：95575 2、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 考虑自身的风险承受能力，在了解产品情况及 ...

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 Insights - The core viewpoint of the article highlights the successful establishment and operational effectiveness of the "Entrepreneur Office" by GF Securities, which has surpassed 70 billion yuan in managed assets within its first year, creating a comprehensive service system that supports high-quality enterprise development and wealth inheritance for entrepreneurs [1]. Group 1: Service Efficiency and Coordination - The essence of the Entrepreneur Office's business is the efficient integration and coordination of internal and external resources of financial institutions, forming a customer service system that addresses the complexity and diversity of client needs [2]. - The "collaboration" culture at GF Securities serves as the foundation for the efficient operation of the Entrepreneur Office, with a decision-making mechanism led by executives to quickly respond to client needs [2]. - The office has established clear client admission and service standards, providing customized and integrated financial solutions through a "One GF" approach, enhancing service efficiency through cross-departmental collaboration [2]. Group 2: Comprehensive Competitive Advantage - GF Securities leverages its full business license and leading capabilities in research services, investment banking, wealth management, and asset management to build comprehensive competitive strength for the Entrepreneur Office [3]. - The research services cover macroeconomics and strategy research across 28 industries and over 1,100 listed companies, providing precise industry insights to support enterprise value growth [3]. - The company has consistently ranked among the top five in the industry for equity financing and has received accolades for its bond financing services, offering comprehensive capital operation support to enterprises [3]. Group 3: Technology Empowerment - The deep application of financial technology has become a crucial support for enhancing the quality and efficiency of the Entrepreneur Office's services [4]. - The self-developed "Incentive Pass" platform significantly improves the management efficiency of equity incentive plans, while "Secretary Treasure" addresses compliance management challenges for specific share transactions of listed companies [4]. - The "GF Zhihui·Enterprise Version" integrates various financial technology capabilities, forming a digital service ecosystem that covers all enterprise needs, including financing, investment, share management, and research [4].

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].

广发证券股份有限公司 关于威海百合生物技术股份有限公司差异化权益分派 事项的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为威海百 合生物技术股份有限公司（以下简称"百合股份"、"上市公司"或"公司"）首 次公开发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 7 号—回购股 份》《上海证券交易所上市公司自律监管指南第 2 号—业务办理》等相关法律法 规的要求，对百合股份差异化权益分派事项进行了审慎核查，具体情况如下： 《上海证券交易所 上市公司自律监管指引第 7 号—回购股份》等相关法律法规、规范性文件和《公 司章程》的相关规定，公司已回购股份不参与利润分配。基于以上情况，造成公 司本次权益分派实施时股权登记日的总股本与实际参与分配的股份总数存在差 异。因此，公司 2024 年度利润分配实施差异化分红。 二、股东会审议通过的差异化权益分派的方案及调配现金分红总额 公司于2025年6月6日召开了2024年年度股东大会，审议通过了《关于公司 净利润139,309,114.98元，截 至2024年12 月31日，公司 ...

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]