GF SECURITIES CO., LTD. 承董事會命 廣發証券股份有限公司 林傳輝 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 業投資者公開發行科技創新次級債券（第一期）在深圳證券交易所上市的公告》。 茲載列如下，僅供參閱。 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。 2025 年面向专业投资者公开发行科技创新次级债券（第一期） 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科技创新次级债券（第一期）（以下简称"本期债券"） 符合深圳证券交易所债券上市条件，将 ...

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科技创新次级债券（第一期）（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 6 月 9 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： 发行人：广发证券股份有限公司 年 月 日 广发证券股份有限公司 （以下无正文） 2025 年面向专业投资者公开发行科技创新次级债券（第一期） 在深圳证券交易所上市的公告 （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科 技创新次级债券（第一期）在深圳证券交易所上市的公告》之盖章页） | 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 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 行科技创新次级债券（第一期） | | 债券简称 | KC1 | ...

Core Summary - In 2025, the securities industry is expected to experience a dual increase in profitability and valuation due to favorable policies and liquidity support, with a focus on the improvement of brokerage services, proprietary asset allocation, and international business as sources of performance differentiation [4][5] Group 1: Policy and Liquidity Support - The major highlight for the securities sector in 2025 is the favorable policies and liquidity support, particularly the implementation of the "Plan to Promote Long-term Funds into the Market," which sets clear investment scale and ratio requirements for public funds, insurance funds, and pension funds [4][12] - The People's Bank of China implemented a "combination punch" of interest rate cuts and reserve requirement ratio reductions in May 2025, which is expected to drive residents' deposits and bank wealth management products towards equity assets [4][34] Group 2: Wealth Management - The trend of residents moving their deposits to equity assets is accelerating, supported by the new public fund regulations and the full rollout of the personal pension system, which is expected to bring incremental investments to public funds [4][32] - The public fund fee structure is being reformed to focus on investor returns, aiming to enhance the investment value and attract more long-term capital into the market [4][35] Group 3: Proprietary Business - The proprietary investment performance is expected to be differentiated due to regulatory restrictions on derivatives and limited space for bond market allocation, with equity allocation becoming the core of proprietary performance [4][21] - The securities firms are encouraged to increase their allocation to high-quality equity assets, while the fixed income segment is expected to shift from a "lying win" strategy to a more diversified "fixed income+" investment approach [4][5] Group 4: International Business - The internationalization of securities firms is seen as an inevitable trend, with large firms accelerating their global market penetration, particularly in Southeast Asia and the Middle East, driven by the demand for cross-border financing and mergers [4][5] - The regulatory environment is being optimized to create a market-oriented, legal, and international business environment, facilitating the expansion of international business for securities firms [4][5] Group 5: Investment Analysis - The overall outlook for the securities sector is positive, with expectations of profitability and valuation increases, driven by differentiated competition in proprietary investment, wealth management, and international expansion [4][5] - Recommended investment targets include leading firms with strong comprehensive capabilities, firms with significant earnings elasticity, and those with robust international business competitiveness [4][5]

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2021年面向專 業投資者公開發行公司債券（第一期）（品種二）2025年付息公告》。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 GF SECURITIES CO., LTD. 中國，廣州 2025年6月5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。 债券代码：149500 债券简称：21 ...

债券代码：149500 债券简称：21 广发 04 广发证券股份有限公司 2021 年面向专业投资者公开发行公司债券 （第一期）（品种二）2025 年付息公告 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 2021 年面向专业投资者公开发行公司债券（第一期）（品种二）（以下简称 "本期债券"）将于 2025 年 6 月 9 日（因 2025 年 6 月 8 日为休息日，故顺延至 其后第 1 个交易日）支付 2024 年 6 月 8 日至 2025 年 6 月 7 日期间的利息。为确 保付息工作的顺利进行，现将有关事宜公告如下： 8、担保情况：本期债券为无担保债券。 一、本期债券基本情况 1、债券名称：广发证券股份有限公司 2021 年面向专业投资者公开发行公司 债券（第一期）（品种二） 2、债券简称与代码：本期债券简称为"21 广发 04"，债券代码为"149500"。 3、债券发行批准机关及文号：中国证券监督管理委员会证监许可〔2021〕 1653 号文。 4、发行期限、规 ...

Market Performance - Jinli Permanent Magnet (06680) rose over 17% due to significant increases in overseas medium and heavy rare earth prices, which are expected to gradually transmit to the domestic market [1] - Zhixing Technology (01274) increased over 3% after securing a platform-based logistics vehicle contract with a leading domestic brand [1] - Weimeng Group (02013) surged over 9% as its upgraded Weimeng Guide Agent product is anticipated to benefit from the growth of WeChat e-commerce [1] - Zhaoke Ophthalmology-B (06622) gained over 8% following FDA approval for a new drug trial application for cyclosporine eye gel [1] - Zai Ding Pharmaceutical (09688) rose over 5% after reporting excellent data from the low-dose group of ZL-1310 [1] - Lianlian Digital (02598) saw a mid-session increase of over 5% as it partnered with BVNK to provide stablecoin payment solutions for its merchants [1] - Reading Group (00772) increased over 7% after acquiring a 26.67% stake in Yihua Kaitian, with its IP+AI strategy expected to unlock more value [1] - NIO opened nearly 4% higher, projecting a year-on-year revenue growth of 11.8%-15% for Q2 [1] - Kuaishou-W (01024) rose over 6% as its Kecing AI recently launched a new 2.1 series model, with institutions optimistic about its profitability [1] - Meituan (03690) surged over 3%, reaching a nearly two-month high, with southbound funds continuing to accumulate for 13 consecutive days [1] US Market Highlights - Applied Digital (APLD.US), a stock related to Nvidia, surged nearly 30%, with a 94% increase over three trading days, as long-term contracts are expected to generate $7 billion in revenue [2] - Tesla (TSLA.US) fell 3.55% due to declines in both the Chinese and European automotive markets, with a 15% year-on-year drop in China's May wholesale sales of new energy passenger vehicles [2] - MongoDB (MDB.US) saw a nearly 15% increase in after-hours trading following better-than-expected Q1 results and an $800 million stock buyback plan [2] - Broadcom (AVGO.US) rose over 3% before earnings, reaching a new historical high, with Morgan Stanley stating that AI is operating at full speed, expecting strong Q2 results [3] - Meta increased over 3% as it was reported to be accelerating the development of ultra-lightweight open-headset projects [3] - Guidewire Software (GWRE.US) surged over 16% after exceeding Q3 earnings expectations and raising its guidance [3] - Dollar Tree (DLTR.US) fell over 8% after warning of potential 50% declines in adjusted earnings due to tariffs and weak consumer spending [3] - STMicroelectronics (STM.US) rose nearly 11% amid reports that Italy and France are considering splitting its joint management rights [3]

Core Viewpoint - The article discusses the evolution and transformation of the private equity fund industry in China over the past decade, highlighting the shift from a commission-based service model to a comprehensive service ecosystem that includes various financial services for private equity funds [1][2]. Group 1: Development of Private Equity Business - The revision of the Securities Investment Fund Law in 2013 marked the beginning of legal regulation for private equity funds, allowing securities firms to provide comprehensive custody services [2]. - By the end of 2017, the number of private equity fund managers had increased to 20,289, with the total management scale reaching 19.91 trillion yuan, reflecting significant growth in the industry [3]. - The implementation of the Asset Management New Regulations in 2018 led to a more standardized private equity management environment, prompting securities firms to focus on compliance and risk management [4][5]. Group 2: Service Model and Market Competition - Securities firms have enriched their service offerings, developing a comprehensive service system that includes trading, product distribution, and derivative services to capture market share in quantitative private equity [6][8]. - The market has seen a trend towards headquarter consolidation, with leading firms leveraging their unique advantages in various segments, such as comprehensive service capabilities and expertise in derivatives [9]. Group 3: Regulatory Changes and Industry Trends - The introduction of the Private Securities Investment Fund Operation Guidelines in 2024 is expected to enhance data disclosure requirements and improve the collaboration between private equity firms and securities companies [7][10]. - The competition is shifting from a "license dividend" to a "capability competition," with firms needing to strengthen their core competencies to meet evolving private equity demands [10][11]. Group 4: Future Directions and Innovations - There is a growing demand for cross-border investment services among private equity firms, indicating a need for securities companies to enhance their capabilities in this area [11][12]. - The rise of AI and advanced technologies is transforming the service requirements of quantitative private equity funds, necessitating a shift towards comprehensive service offerings beyond traditional trading channels [12].

Group 1 - Chinese brokerage stocks collectively strengthened, with Everbright Securities (06178.HK) rising over 5% [1] - Hongye Futures (03678.HK) increased by more than 3% [1] - Guangfa Securities (01776.HK), CICC (03908.HK), and Huatai Securities (06886.HK) saw nearly 2% gains [1]

Core Viewpoint - The report from GF Securities highlights the significant stock price increase of Horizon Robotics (09660) by 11.4% after being included in the Hong Kong Stock Connect, suggesting a potential timing opportunity based on capital flow [1] Group 1: Market Behavior Post Inclusion - After being included in the Stock Connect, leading companies often experience immediate capital inflow, resulting in stock price increases, with the steepest inflow observed in the initial days [2] - However, the short-term price increase is not universally applicable to all companies, indicating that this is not a straightforward quantitative timing strategy [2] - This strategy is more effective for high-quality leading companies that have been thoroughly researched and recognized by active funds, which are likely to buy quickly after inclusion [2] Group 2: Future Inclusion Candidates - There are two fixed "inclusion" periods each year: the first week of March and September, with the next inclusion effective the following Monday, primarily based on the company's inclusion in the Hang Seng Composite Index [3] - Additionally, there are quarterly rapid inclusions for newly listed companies, which are subject to specific criteria such as average market capitalization [3][4] - Potential companies for future inclusion include: - June 6: Bruker, Mixue Group, and Gu Ming [5][6] - Late June: CATL and Hengrui Medicine [5][6] - September 5: Companies like Conant Optical and others [5][6]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣發証券股份有限公司 呈交日期: 2025年6月3日 I. 法定/註冊股本變動 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01776 | 說明 | 廣發証券H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,701,796,200 | RMB | | | 1 RMB | | 1,701,796,200 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 1,7 ...