| 债券简称：22 | 广发 | Y1 | 债券代码：149967 | 债券简称：23 | 广发 | 05 | 债券代码：148271 | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称：22 | 广发 | Y2 | 债券代码：148004 | 债券简称：23 | 广发 | Y3 | 债券代码：148286 | | 债券简称：22 | 广发 | Y3 | 债券代码：148016 | 债券简称：23 | 广发 | Y4 | 债券代码：148309 | | 债券简称：22 | 广发 | 01 | 债券代码：149989 | 债券简称：23 | 广发 | 06 | 债券代码：148376 | | 债券简称：22 | 广发 | 02 | 债券代码：149990 | 债券简称：23 | 广发 | 09 | 债券代码：148484 | | 债券简称：22 | 广发 | 03 | 债券代码：149991 | 债券简称：24 | 广发 | 01 | 债券代码：148583 | | 债券简称：22 | 广发 | 04 | 债券代码：148009 | 债券简称：2 ...

债券简称：21 广发 03 债券代码：149499 债券简称：21 广发 04 债券代码：149500 债券简称：21 广发 05 债券代码：149562 债券简称：21 广发 06 债券代码：149563 债券简称：21 广发 07 债券代码：149564 债券简称：21 广发 10 债券代码：149633 债券简称：21 广发 11 债券代码：149634 债券简称：21 广发 12 债券代码：149635 债券简称：21 广发 13 债券代码：149658 债券简称：21 广发 17 债券代码：149687 债券简称：21 广发 19 债券代码：149702 债券简称：21 广发 20 债券代码：149703 债券简称：21 广发 21 债券代码：149704 广发证券股份有限公司 公司债券受托管理事务报告 （2024 年度） 发行人 广发证券股份有限公司 （广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） 债券受托管理人：招商证券股份有限公司 （广东省深圳市福田区福田街道福华一路 111 号） 如无特别说明，本报告中相关用语具有与《募集说明书》中相同的含义。 2 | | | | | | ...

Core Viewpoint - HashKey Chain has announced that GF Securities (01776) has fully integrated with HashKey Chain to issue the first daily redeemable tokenized security, "GF Token" [1][2] Group 1: Product Details - "GF Token" is a tokenized security issued by GF Securities (Hong Kong) based on its credit support, available in USD, HKD, and offshore RMB, with daily interest accrual [1] - The USD tokenized security's yield is anchored to the US Overnight Secured Financing Rate (SOFR), providing a fair, transparent, and low-volatility cash management tool for users [1] Group 2: Market Position and Strategy - GF Securities (Hong Kong) was the first Chinese brokerage to successfully issue a tokenized security under Hong Kong law, marking a significant milestone in the exploration of on-chain financial products [2] - The launch of "GF Token" is seen as a continuation of the company's efforts to enhance its series of on-chain financial products, reinforcing its first-mover advantage in the emerging digital finance sector [2] - HashKey Group emphasizes the need for true integration between financial institutions and blockchain technology platforms for the on-chainization of real-world assets (RWA), with "GF Token" exemplifying this concept [2] - HashKey Chain aims to expand collaborations with traditional financial institutions, including brokerages and banks, to further develop compliant asset issuance and circulation mechanisms on-chain [2]

Core Viewpoint - China Chengxin International has assigned a "AAA" rating to GF Securities Co., Ltd, highlighting its strong competitive strength and improved comprehensive financial service capabilities [1][2]. Group 1: Company Overview - GF Securities was established in 1991 as the securities trading department of Guangdong Development Bank, now known as GF Bank [2]. - The company became publicly listed on the Shenzhen Stock Exchange in 2010 after a reverse acquisition of Yanbian Highway Construction Co., Ltd [2]. - GF Securities completed its H-share issuance on the Hong Kong Stock Exchange in April 2015, raising HKD 32.079 billion by issuing 1.702 billion shares [2]. - As of the end of 2022, the registered capital of GF Securities was CNY 7.621 billion, with no controlling shareholder or actual controller [2]. - The company had 207,970 common shareholders by the end of 2022, with major shareholders including Jilin Aodong Pharmaceutical Group Co., Ltd (19.71%), Liaoning Chengda Co., Ltd (17.94%), and Zhongshan Public Utilities Group Co., Ltd (10.34%) [2]. Group 2: Credit Rating and Future Outlook - China Chengxin International acknowledged the strong competitive position and significant transformation in wealth management of GF Securities as positive factors supporting its overall operations and credit level [1]. - The agency also noted challenges such as increasing industry competition, operational stability pressures, higher risk management demands, and regulatory impacts on the company's investment banking business [1]. - The credit level of GF Securities is expected to remain stable over the next 12 to 18 months according to China Chengxin International [2].

Core Viewpoint - HashKey Chain and GF Securities (Hong Kong) have launched the first daily redeemable tokenized security, "GF Token," marking a significant step in Hong Kong's financial technology ecosystem and the tokenization of real-world assets (RWA) [1][5]. Group 1: Product Features - "GF Token" supports daily interest payments and is available in three currencies: USD, HKD, and offshore RMB [3][4]. - The tokenized security allows for multi-point sales and custody, facilitating seamless switching between different tokenized securities on the blockchain [3][4]. - The USD-denominated token's yield is anchored to the Secured Overnight Financing Rate (SOFR), providing a transparent and low-volatility cash management tool [3]. Group 2: Market Impact - The launch of "GF Token" is seen as a milestone for GF Securities (Hong Kong) in building a digital product ecosystem and enhancing its competitive edge in the emerging digital finance sector [5][6]. - The collaboration between HashKey Group and GF Securities aims to create a comprehensive ecosystem for tokenized securities, paving the way for more financial institutions to issue tokenized assets on the blockchain [5][6]. Group 3: Future Developments - GF Securities (Hong Kong) plans to continue expanding its offerings in tokenized securities, having previously issued the first tokenized security compliant with Hong Kong law in January 2024 [5]. - The company is also set to collaborate with Cinda Asset Management to launch the first fund-backed tokenized security for distribution and trading by January 2025 [5].

Core Viewpoint - The launch of "GF Token" marks a significant milestone in the development of tokenized securities in Hong Kong, enabling daily redemption and issuance in multiple currencies, including USD, HKD, and offshore RMB [2][3][4]. Group 1: Product Features - "GF Token" is a tokenized security that supports daily interest accrual and offers high liquidity, with a transparent and traceable asset flow recorded on HashKey Chain [4][5]. - The product aims to facilitate seamless switching between different tokenized securities on-chain, catering to high-net-worth individual and institutional investors [4][5]. - The issuance of "GF Token" is backed by the credit of GF Securities (Hong Kong) and is designed to provide a fair and low-volatility cash management tool, with USD-denominated securities linked to the SOFR [4][5]. Group 2: Market Position and Strategy - The collaboration between HashKey Chain and GF Securities (Hong Kong) represents a strategic move to enhance the tokenized securities ecosystem in Hong Kong, following the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" [2][6]. - The product's multi-point distribution and custody features allow traditional investors to engage more deeply in tokenized securities, thus broadening participation in this emerging market [5][6]. - The launch is seen as a continuation of GF Securities (Hong Kong)'s efforts to build a digital product system and solidify its position in the digital finance sector [7][8]. Group 3: Future Outlook - The introduction of "GF Token" is expected to pave the way for more financial institutions to issue tokenized assets on-chain, creating a comprehensive ecosystem for asset issuance, circulation, and governance [7][8]. - HashKey Group emphasizes the importance of integrating financial institutions with blockchain technology to drive the on-chain transformation of real-world assets (RWA) [8].

Core Insights - HashKey Chain announces that GF Securities (000776) (Hong Kong) is the first broker in Hong Kong to issue tokenized securities, fully integrating with HashKey Chain as the core on-chain issuance network [1] - The first daily redeemable tokenized security, "GF Token," has been issued, allowing participation from high-net-worth individual professional investors and institutional professional investors [1] - This issuance marks a significant step in the Hong Kong fintech ecosystem towards Real World Asset (RWA) pathways, laying a solid foundation for future on-chain issuance and collaboration of tokenized assets by financial institutions [1]

港股广发证券(01776.HK)午后一度拉升涨逾10%，现涨幅收窄至4.7%。 ...

广发证券港股午后拉升，一度涨超10%。 ...

Group 1 - The People's Bank of China and other regulatory bodies issued guidelines to support consumption, which is expected to enhance the business environment for securities firms [1] - Citic Securities anticipates strong growth potential for the brokerage sector due to a favorable secondary market and a rapid recovery in the primary market [1] - The recent Lujiazui Forum introduced reforms for the Sci-Tech Innovation Board, which are expected to improve market activity and lay a foundation for brokerage performance with a trading volume of 1.5 trillion yuan [1] Group 2 - Citigroup's report indicates that the SFISF initiative has positively impacted the real estate market and consumption, with a low percentage of household assets allocated to stocks compared to the U.S. [2] - An increase of 1% in stock investment within household assets could lead to over 5 trillion yuan inflow into the stock market, highlighting the potential for significant capital reallocation [2] - The Shanghai Composite Index is projected to break the 3,500-point mark, benefiting Chinese brokerages as household assets shift towards equities [2] Group 3 - Key brokerage firms mentioned include CITIC Securities, China Galaxy, and Huatai Securities, among others, indicating a competitive landscape in the brokerage sector [3] - The report emphasizes the importance of selecting stocks based on low valuation, strong retail business, and potential benefits from the Hong Kong IPO market [2]