Core Insights - The securities industry is experiencing accelerated personnel turnover and structural changes as of the first half of 2025, with a total of 323,900 practitioners, a decrease of 6,870 or 2.12% since the beginning of the year [1] Personnel Changes - The number of general securities business personnel decreased by 5,521, a decline of 2.74% - Securities sponsors saw a reduction of 330, representing a 3.90% drop - Securities brokers experienced a decrease of 2,264, which is an 8.75% decline - Conversely, investment advisors increased by 1,264, marking a growth of 1.55% - Securities analysts saw a net increase of 50, reflecting a growth of 0.89% [1] Firm-Specific Changes - Among 42 listed securities firms, 35 reported a reduction in employee numbers, indicating a high attrition rate of 83.33% - Major firms like Guotai Junan, CITIC Securities, CITIC Construction Investment, and GF Securities saw significant reductions in personnel, with decreases of 421, 401, 337, and 305 respectively - Smaller firms, while having lower absolute reductions, exhibited significant percentage declines, with Tianfeng Securities experiencing a reduction of over 5%, specifically 6.36% [1] Detailed Personnel Data - Guotai Haitong: 11,346 to 18,654, an increase of 7,308 or 39.18% - CITIC Securities: 14,216 to 13,815, a decrease of 401 or 2.90% - CITIC Construction Investment: 11,350 to 11,013, a decrease of 337 or 3.06% - China Galaxy: 11,248 to 11,004, a decrease of 244 or 2.22% - GF Securities: 10,790 to 10,485, a decrease of 305 or 2.91% - Guotai Securities: 9,924 to 9,503, a decrease of 421 or 4.43% [2] Investment Advisor Changes - Notable reductions in investment advisors include: - Industrial Securities: decreased by 40 to 1,041, a drop of 3.84% - CITIC Securities: decreased by 32 to 4,431, a drop of 0.72% - Guotai Securities: decreased by 19 to 3,745, a drop of 0.51% - Caida Securities: decreased by 12 to 726, a drop of 1.65% [3] Securities Sponsor Changes - The number of securities sponsors decreased significantly, with notable firms such as: - CITIC Construction Investment: decreased by 53 to 540, a drop of 9.81% - Oriental Securities: decreased by 35 to 208, a drop of 16.83% - CITIC Securities: decreased by 32 to 588, a drop of 5.44% [4] Analyst Changes - A total of 16 listed securities firms had more than 100 analysts, with CICC leading at 340 analysts, followed by Guotai Junan (287) and CITIC Securities (268) - However, firms like CITIC Construction Investment, Zhejiang Securities, CICC, and GF Securities experienced varying degrees of analyst reductions [5]

Core Insights - The securities industry is experiencing accelerated personnel turnover and structural changes as of the first half of 2025, with a total of 323,900 practitioners, a decrease of 6,870 or 2.12% from the beginning of the year [1] Personnel Changes - The number of general securities business personnel decreased by 5,521, a decline of 2.74% - Securities sponsors saw a reduction of 330, marking a 3.90% drop - Securities brokers experienced a decrease of 2,264, which is an 8.75% decline - Conversely, investment advisors increased by 1,264, reflecting a growth of 1.55% - The number of securities analysts rose by 50, indicating a 0.89% increase [1] Firm-Specific Changes - Among 42 listed securities firms, 35 reported a reduction in employee numbers, representing 83.33% of the firms - Major firms like Guotai Junan, CITIC Securities, CITIC Jianan, and GF Securities saw significant reductions of 421, 401, 337, and 305 employees respectively - Smaller firms, while having lower absolute reductions, exhibited substantial percentage declines, with Tianfeng Securities experiencing a reduction of over 5%, specifically 6.36% [1] Detailed Personnel Data - The following firms reported notable changes in employee numbers from January 1, 2025, to June 30, 2025: - Guotai Haitong: Increased by 7,308 (39.18%) - CITIC Securities: Decreased by 401 (-2.90%) - CITIC Jianan: Decreased by 337 (-3.06%) - China Galaxy: Decreased by 244 (-2.22%) - GF Securities: Decreased by 305 (-2.91%) - Guoxin Securities: Decreased by 421 (-4.43%) [2] Investment Advisor Changes - Specific reductions in investment advisors included: - Industrial Securities: Decreased by 40 - CITIC Securities: Decreased by 32 - Guoxin Securities: Decreased by 19 - Caitong Securities: Decreased by 12 [3] Securities Sponsor Changes - The total number of securities sponsors decreased by over 300, marking the first decline in three years - Notable reductions included: - Oriental Securities: Decreased by 35 (16.83%) - Dongxing Securities: Decreased by 33 (14.77%) [4] Analyst Changes - A total of 16 listed securities firms had more than 100 analysts as of mid-2025 - The leading firm, Zhongjin Company, had 340 analysts, followed by Guotai Junan (287) and CITIC Securities (268) - However, firms like CITIC Jianan, GF Securities, and others experienced varying degrees of analyst reductions [5]

Core Viewpoint - The report from GF Securities indicates that under the guidance of the marine power strategy, corresponding policies are expected to be introduced to promote the development of the deep-sea economy, focusing on areas such as deep-sea mining, deep-sea oil and gas development, and the utilization of deep-sea biological resources [1] Group 1: Deep-Sea Resource Development - Deep-sea resource development has become economically viable from an industrialization perspective [1] - The current value of deep-sea mineral extraction is led by seabed oil and natural gas, followed by coastal sand mines, including materials like sand and stone for construction, and tin sand [1] - The high economic and strategic value of deep-sea mineral resources positions deep-sea mining as a significant direction for deep-sea resource development [1]

Macro Environment Outlook - The overall fiscal effort has been advanced this year, with expectations for continued positive fiscal policies in the second half, potentially leading to an increase in overall debt growth driven by government department debt growth [1] - The expansion of welfare-oriented fiscal policies and rising inflation may boost nominal GDP growth [1] - Monetary policy is expected to have room for rate cuts in the context of stabilizing growth and exchange rate constraints, with a continued trend of asymmetric rate cuts on both asset and liability sides [1] - The annual social financing growth rate is projected to be around 8.5%, with a peak expected by the end of the third quarter [1] Industry Core Indicators Outlook - The long-term growth center of social financing is strongly correlated with banks' internal capital accumulation ability, and the "volume compensates for price" strategy is unlikely to reverse the downward trend in net interest income [2] - To further reduce deposit costs, improvements in the industry competition landscape or significant reductions in market interest rates are necessary [2] - Loan pricing is closely related to asset liquidity, with current social financing growth significantly exceeding nominal growth, indicating that loan rates are expected to continue declining, although the pace may slow due to various constraints [2] - The overall credit environment remains loose, with expected stability in non-performing loan generation in the second half of the year [2] Asset Liquidity and Allocation Outlook - The turning point of cross-border liquidity will determine the directional shift of domestic asset liquidity, with expectations for accelerated repatriation of funds due to the relatively high returns of RMB assets after considering exchange rate fluctuations [3] - The return rate of risk assets is currently high compared to the 1.6% risk-free rate, indicating a gradual shift of funds towards risk assets such as credit bonds and stocks [3] Industry Prosperity Outlook - Asset-liability pressure is expected to gradually ease in the third and fourth quarters, with year-on-year growth rates for interest-earning assets projected at 7.86% and 7.80% for 2025 and 2026, respectively [4] - The narrowing of interest margins is expected to slow down, with overall growth in non-interest income anticipated to turn positive [4] - The bond market is expected to maintain a narrow fluctuation pattern in the third quarter, with potential upward adjustments in bond market interest rates in the fourth quarter due to high base effects [4] - Overall asset quality is expected to remain stable, with a projected decline in provisioning contributions [4] - For 2025, the combined revenue and net profit attributable to shareholders of listed banks are expected to change by -1.67% and -0.29% year-on-year, respectively, with state-owned banks performing better than other sectors [4]

Core Insights - The "Top Leaders in Listed Securities Firms" ranking has been released, with a focus on 50 listed securities firms based on their revenue scale for 2024 [1] - The ranking categorizes firms into three groups: Comprehensive Securities Firms (1-10), Industry Specialty Development Firms (11-20), and Growth Development Firms (21-50) [1] - The evaluation considers multiple dimensions including performance, peer evaluation, and online presence, with a scoring model assessing leadership capabilities across five dimensions [1] Group 1: Rankings and Scores - Guangfa Securities, led by Qin Li, ranks second in the industry with a total peer evaluation score of 98.48 [1] - In the evaluation dimensions, Guangfa Securities achieved full scores in Control and Compliance, with scores of 98.8 in Foresight, 98.63 in Innovation, and 94.99 in Influence [1][2] - The peer evaluation committee consists of senior management from securities research institutes, independent wealth management firms, and media [1] Group 2: Evaluation Dimensions - The highest and lowest scores in the Foresight dimension ranged from 10 to 7 [2] - The Control dimension also had scores ranging from 10 to 6 [2] - Innovation, Compliance, and Influence dimensions similarly had scores ranging from 10 to 7 [2] Group 3: Leadership Profile - Qin Li, born in May 1968, holds a PhD in Economics from Renmin University of China [4] - He has been with Guangfa Securities since April 2011 and has held various senior positions, including Executive Director and General Manager [4] - His extensive experience includes roles in investment banking, asset management, and as a board member in several financial institutions [4]

Summary of Key Points Core Viewpoint - The company, Zhejiang Shibao Co., Ltd., has decided to postpone certain fundraising investment projects due to the actual net amount raised being lower than initially planned, which aims to enhance the efficiency and safety of fund usage [1][2][5]. Group 1: Fundraising Overview - The company raised a total of RMB 344,087,745.02 through a specific stock issuance, with an issuance price of RMB 10.61 per share for 32,987,747 shares [1][2]. - The net amount raised is lower than the intended investment amount for the projects [2]. Group 2: Fund Management - The company has established a management system for the raised funds, ensuring they are stored in a dedicated bank account and managed according to relevant regulations [3][4]. - A tripartite agreement has been signed with the underwriting institution to clarify the rights and obligations of all parties involved in the fund management [3]. Group 3: Project Postponement Details - The company plans to extend the completion date of the "Intelligent Connected Vehicle Steering Control Technology R&D Center Project" to June 30, 2026, to adapt to market changes and enhance its R&D capabilities [4][6]. - The adjustments made to the project do not alter the intended use of the raised funds [4][6]. Group 4: Approval Process - Both the board of directors and the supervisory board have approved the postponement of the fundraising investment projects, affirming that it aligns with the company's development needs and benefits all shareholders [5][6]. - The underwriting institution has no objections to the postponement, confirming that it will not adversely affect the company's normal operations [6].

Core Viewpoint - The Hong Kong Stock Exchange will implement a new stock transaction fee structure starting June 30, 2025, eliminating the previous minimum and maximum fee limits, which is expected to significantly reduce transaction costs for smaller trades while increasing costs for larger trades [2][4][12]. Fee Structure Changes - The transaction fee will change from 0.002% of the transaction amount to 0.0042%, with the removal of the minimum fee of 2 HKD and the maximum fee of 100 HKD [5][7]. - For Exchange Traded Products (ETPs), the fee will be adjusted to 0.20 basis points (0.0020%), also removing minimum and maximum fees [5]. Impact on Market Participants - The new fee structure is anticipated to lower transaction costs for approximately 77% of market trades, which typically involve amounts less than 100,000 HKD, thus enhancing market liquidity and encouraging participation from retail and institutional investors [12][13]. - The reduction in costs is expected to particularly benefit high-frequency trading and quantitative strategies, leading to increased market activity [13]. Broker Notifications - Multiple brokers, including CITIC Securities and China Galaxy Securities, have issued notifications regarding the upcoming changes, advising investors to take note of the new fee structure [6][8].

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. 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公開發行永續 次級債券和公開發行公司債券2024年年度受託管理事務報告》。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6月27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。 | 债券简称：22 | 广发 | Y1 | 债 ...

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. 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公司債券受託 管理事務報告（2024年度）》。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6月27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。 债券简称：21 广发 03 债券代码：149499 债券简称：21 广发 0 ...

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. 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公開發行次級 債券受託管理事務報告（2024年度）》。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6月27日 广发证券股份有限公司 公开发行次级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 平安证券股份有限公司 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 ...