2024年新"国九条"明确将指数化投资纳入国家战略，ETF审批通道的加速开放引爆券商服务升级竞赛。 当行业集体聚焦费率竞争时，广发证券另辟蹊径——其最新推出的广发易淘金"ETF大本营"频道，正试 图用AI大模型技术解构传统服务模式，为超4万亿规模的ETF市场提供智能化解决方案。 一、ETF万亿市场的机遇与挑战 我国ETF市场就此驶入了难以置信的加速通道：从2004年起步到2020年突破万亿耗时经过了漫长的16 年，而第二个万亿规模的实现仅用了3年（2020-2023）。最新数据显示，2025年4月这一市场规模历史 性地首次突破4万亿元大关，产品数量激增至1100余只。 更值得关注的是，中央汇金2024年ETF持仓规模暴增至1.05万亿元，同比激增787%，国家队的大举增持 清晰释放着政策对指数化投资的强力背书。 然而，在政策催动的高速增长机遇之下，也同时存在挑战： 对普通投资者而言，ETF市场存在双重门槛。费率下降仅解决了"买得起"的第一层门槛。但第二层门槛 才是真正的痛点：面对1100余只错综复杂的产品，投资者如何真正理解、精准筛选并科学配置？认知的 鸿沟横亘在普通人与专业机构之间，无法仅靠价格战填平。 1 ...

新"国九条"为资本市场注入新动能，推动指数化投资上升为国家战略。 近日，广发证券积极响应，率先在广发易淘金App中推出"ETF大本营"频道，以AI和大模型技术为核心，打造 集投教、选品、配置于一体的智能平台，旨在直击投资者痛点，重构服务价值链，为证券业智能化转型树立标 杆。 ETF市场：普惠金融基础设施的崛起与券商转型的"分水岭" 数据显示，我国ETF市场发展迅猛，从2004年起步到2020年突破万亿用时16年，第二个万亿仅3年，2025年4月 规模首次超4万亿，产品超千只。中央汇金2024年末ETF持仓规模达到1.05万亿，同比激增787%。 业内人士认为，随着费率优化和AI投资工具普及，ETF正转型为普惠金融的重要基础设施。在这场争夺ETF市 场的关键战役中，券商的转型已刻不容缓。行业竞争的焦点正从传统的价格战，转向智能化、数字化服务能力 的全面比拼。构建ETF专属服务体系，成为券商提升客户黏性和差异化优势的关键，也是实现从"交易通道 商"向"财富管理平台"跃迁的核心抓手。 广发证券相关负责人表示："AI技术的深度应用正在重塑ETF服务生态。我们通过大模型构建的智能中枢，不 仅能实现7×24小时个性化服务 ...

广发证券股份有限公司 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次级债券（第三期）（以下简称"本期债券"）符合深 圳证券交易所债券上市条件，将于 2025 年 7 月 24 日起在深圳证券交易所上市， 并面向专业机构投资者交易，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。本期债券相关要素如下： 广发证券股份有限公司 2025 年面向专业投资者公开发 债券名称 | | 行次级债券（第三期） | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25 广发 C5 | | | | | | | | | | | | | | | | | | | 债券代码 | 524375 | | | | | | | | | | | | | | | | | | | 信用评级 ...

Core Viewpoint - Guangfa Securities has launched the "ETF Home" channel in its Guangfa Yitaojin App, focusing on AI and large model technology to provide a comprehensive intelligent service platform for investors [1] Group 1: AI and Intelligent Services - The "ETF Home" leverages Guangfa Securities' self-developed "Tianji Zhirong" AI model to simplify complex financial services, making professional investment services accessible to ordinary investors [1] - The platform addresses common investor pain points of "not understanding" and "not knowing how to choose" by creating an intelligent market interpretation system that meets precise information needs during market fluctuations [1] - An automated intelligent companion strategy system has been introduced, providing personalized support for users at every key stage from "adding to watchlist" to "holding and liquidating" [1] Group 2: Operational Efficiency and Tools - The "One-Click Smart Selection Toolkit" integrates intelligent analysis tools like K-line timing and magical nine-turn, enhancing the transition efficiency from "market observation" to "actual trading" [2] - The "ETF Home" ensures seamless integration from opportunity discovery to final trading, allowing investors to follow professional strategies developed by the AI model for grid trading and industry rotation [2]

（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次 级债券（第三期）在深圳证券交易所上市的公告》之盖章页） 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） 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次级债券（第三期）（以下简称"本期债券"）符合深 圳证券交易所债券上市条件，将于 2025 年 7 月 24 日起在深圳证券交易所上市， 并面向专业机构投资者交易，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。本期债券相关要素如下： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 行次级债券（第三期） | | | | | | | | 债券简称 | 25 广发 C5 | | | | | | | | 债券代码 | 524375 | | | | | | | | 信用评级 | 主体评级 | | | ...

GF SECURITIES CO., LTD. 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 （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）在深圳證券交易所上市的公告》。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7月23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 ...

Investment Rating - The report maintains a recommendation for the securities and insurance sectors, indicating a positive outlook despite potential challenges from trade friction and economic pressures [6]. Core Insights - The non-bank financial sector saw a significant increase in holdings, with the insurance sector's holdings rising to 1.54%, up 0.63 percentage points from the previous quarter, while the brokerage sector's holdings reached 0.90%, up 0.36 percentage points [5][21]. - The total market value of public funds reached 6,285.3 billion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [2]. - The insurance sector is benefiting from a recovery in premium income, with a cumulative premium income of 30,602 billion from January to May, reflecting a year-on-year growth of 3.8% [20]. Summary by Sections Public Fund Market Size - In Q2 2025, the total net value of funds was 33.7 trillion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [10]. - The non-monetary fund scale was 19.5 trillion, up 11% year-on-year and 7% quarter-on-quarter [10]. High Dividend Stock Holdings Analysis - The holdings of banks, electric equipment, transportation, public utilities, oil and petrochemicals, and coal showed varied changes, with bank holdings increasing by 16% [16]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.90%, with a 58% rise in shareholding volume to 669 million shares [18][19]. - The average daily trading volume for equity funds reached 1.49 trillion, a year-on-year increase of 57% [18]. Insurance Sector - The insurance sector's holdings increased significantly, with a notable rise in individual stock holdings for major companies like China Ping An and China Taiping [21]. - The insurance sector's holdings are still below the standard allocation of 1.91%, indicating potential for further investment [21]. Investment Recommendations - The report suggests focusing on key brokerage firms such as CITIC Securities and Guotai Junan, as well as insurance companies like China Taiping and China Ping An, due to their potential for growth in the current market environment [6].

Group 1 - The A-share brokerage stocks continue to rise, with Guosheng Financial Holdings hitting the daily limit, indicating strong market performance [1] - Guoxin Securities increased by over 5%, reflecting positive investor sentiment and market dynamics [1] - Hatou Co., Ltd. rose by over 4%, contributing to the overall upward trend in the brokerage sector [1] Group 2 - Other brokerage firms such as GF Securities, Bank of China Securities, and Huaxi Securities also experienced gains, showcasing a broad rally in the industry [1]

Core Insights - The Hong Kong IPO market is experiencing a surge in activity, with financing scale returning to the global forefront, driven primarily by Chinese securities firms [1][2] - Major Chinese securities firms, including CICC and CITIC Securities, have shown outstanding performance, collectively holding over 40% market share in the IPO space [1][2] - The first half of the year saw 51 companies successfully listed on the Hong Kong main board, a 27.5% increase from 40 companies in the same period last year, with IPO fundraising amounting to HKD 125.4 billion, a significant rise of 591.94% year-on-year [1] Company Performance - CICC led the underwriting projects with 18 deals, capturing a market share of 16.36%, followed by CITIC Securities with 11 deals (10.00%), Huatai Securities with 10 deals (9.09%), and招商证券 with 8 deals (7.27%) [2] - The top four Chinese securities firms account for a total market share of 42.72%, highlighting the "Matthew Effect" in the Hong Kong IPO market [2] Competitive Advantages - Chinese securities firms possess inherent advantages over foreign counterparts in client insight and maintenance, as they have established long-term relationships with A-share clients, allowing for better understanding of business models and regulatory preferences [2][3] - The integrated "domestic-Hong Kong" teams enable seamless coordination and efficient execution of A+H listing strategies, significantly enhancing the efficiency of H-share listings and refinancing [2] Future Strategies - CICC plans to continue enhancing its integrated domestic and international operations, focusing on key sectors such as TMT, consumer goods, advanced manufacturing, and biotechnology to capitalize on the ongoing A+H listing trend [3] - CITIC Securities is accelerating its international development, achieving record high international business revenue, and aims to enhance its core competencies in business capability, client market, and operational management [4] - GF Securities intends to strengthen resource accumulation in key sectors, enhance client development, and focus on digital transformation in investment banking [4]

Core Points - Guangdong Liyang Chip Testing Co., Ltd. has been approved to issue convertible bonds totaling 520,000 units, each with a face value of RMB 100, raising a total of RMB 52 million [2][4] - The bonds have a maturity period of 6 years, from July 2, 2024, to July 1, 2030 [7] - The initial conversion price for the bonds is set at RMB 16.13 per share, subject to adjustments based on various corporate actions [18] Summary by Sections Approval and Issuance - The issuance of convertible bonds has been approved by the China Securities Regulatory Commission, allowing the company to raise funds through the issuance of 520,000 convertible bonds [2] - The total amount raised from this issuance is RMB 52 million, with each bond having a face value of RMB 100 [4] Bond Characteristics - The bonds are classified as convertible corporate bonds, with a total issuance amount of RMB 52 million [4][3] - The bonds will pay interest annually, with rates starting at 0.2% in the first year and increasing to 1.5% by the fourth year [7] Conversion and Adjustment Mechanism - The conversion period for the bonds begins six months after issuance and lasts until maturity [8] - The conversion price can be adjusted based on corporate actions such as stock dividends, capital increases, and cash dividends [9][18] - The adjusted conversion price is calculated using specific formulas to ensure fair treatment of bondholders [9][18] Redemption and Buyback Provisions - The company has the right to redeem the bonds at face value plus accrued interest under certain conditions, such as if the stock price exceeds 130% of the conversion price for a specified period [12][14] - Bondholders have the right to sell back their bonds to the company if the stock price falls below 70% of the conversion price during the last two interest years [14][15] Credit Rating and Management - The bonds are not secured by any collateral, and the credit rating is provided by China Chengxin International Credit Rating Co., Ltd. [15] - The bond management is overseen by GF Securities Co., Ltd., which will monitor the company's compliance with bondholder interests [18]