此乃要件 請即處理 如 閣下對本通函任何方面或應採取的行動存有任何疑問，應向 閣下的股票經紀或其他註冊證券商、銀 行經理、律師、專業會計師或其他專業顧問進行諮詢。 如 閣下已出售或轉讓名下所有廣發証券股份有限公司股份，應立即將本通函連同所附代表委任表格交給 買主或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性不 發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因依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） 關於修訂《公司章程》及其附件的議案 2025年第三次臨時股東大會通告 及 2025年第二次H股類別股東大會通告 本公司謹訂於2025年12月23日（星期二)下午2時30分於中國廣東省廣州市天河區馬場路26號廣發証 券大廈40樓4008會議室舉行臨時股東大會，並緊隨臨時股東大會及A股類別股東大會或其任何續會 結束後於同一地點舉行H股類 ...

广发期货研究通讯 2025 年 12 月 3 日星期三 美国玉米生产与出口格局演变 广发期货研究所 电 话：020-88818008 E-Mail：zhudi@gf.com.cn 摘要： 美国玉米种植结构调整围绕作物收益预期动态变化，大豆玉米比 价作为关键指引，直接影响农户的种植选择，推动玉米种植面积在不 同周期呈现扩缩波动。与此同时，农业技术的持续进步推动美国玉米 单产水平稳步提高，与种植面积的动态调整相结合，共同支撑起总产 量的稳步增长，为国内多元需求及对外出口提供了坚实基础。 在全球玉米出口市场中，美国长期稳居核心地位，但其出口格局 近年来发生了显著的结构性调整，主要驱动来于中国进口需求的剧烈 变动。面对传统核心买家的需求收缩，美国迅速调整出口策略，通过 巩固与传统市场的合作、积极开拓新兴市场潜力，稳固了自身的出口 优势。这一转变也带动全球玉米进口格局同步重塑，推动相关进口国 转向多元化采购渠道，南美、东欧等地区的出口国顺势填补市场空缺， 形成了新的全球玉米贸易平衡。 研究通讯 投资咨询业务资格： 证监许可【2011】1292 号 联系信息 朱迪（投资咨询资格编号：Z0015979） 电话：020-88 ...

2025年12月11日至2025年12月12日期间，广发证券资产管理（广东）有限公司将暂停广发资管现金增利 货币型集合资产管理计划（以下简称"本集合计划"）投资者办理解约业务，已签约投资者的申购、赎回 业务正常办理。 （2）本集合计划销售机构：广发证券股份有限公司。 特此公告。 广发证券资产管理（广东）有限公司 2025年12月3日 风险提示：管理人依照恪尽职守、诚实信用、谨慎勤勉的原则管理和运用集合计划财产，但不保证投资 于本集合计划一定盈利，也不保证最低收益。投资者购买本集合计划并不等于将资金作为存款存放在银 行或者存款类金融机构，集合计划份额不等于客户交易结算资金。投资者投资于本集合计划前应认真阅 读本集合计划的合同、招募说明书、产品资料概要等法律文件，充分了解本集合计划的风险收益特征， 审慎做出投资决定。 投资者可通过下列渠道了解相关信息： （1）投资者可以登录本管理人网站（www.gfam.com.cn）查阅相关信息，或拨打本管理人指定客服电 话（95575）咨询。 ...

Core Insights - The event "Industry Towards New · Intelligent Creation Suzhou - 2025 Suzhou Listed Companies Investor Reception Day" was successfully held, focusing on the latest dynamics in the capital market and the high-quality development of listed companies in Suzhou [1] Group 1: Event Overview - The event aimed to build an efficient communication platform between listed companies and investors, enhancing the investment value and development quality of Suzhou listed companies [1] - The event was guided by the Suzhou Municipal Financial Management Bureau and organized by the Suzhou Listed Companies Association, with support from various financial institutions [1] Group 2: Economic Performance - As of the end of Q3, Suzhou had over 270 listed companies, ranking among the top in the country, with A-share companies achieving revenues exceeding 660 billion yuan and a net profit growth of 16.37% year-on-year [2] - Emerging industries such as high-end manufacturing, new energy, and semiconductors are driving regional economic growth [2] Group 3: Future Projections - By 2025, Suzhou is projected to add 9 new domestic A-share listed companies, leading among major cities in China, with a total of 281 listed companies and an A-share market capitalization exceeding 2.5 trillion yuan [3] - The event highlighted the importance of enhancing information disclosure and fostering a transparent and responsible public image among listed companies [3] Group 4: Strategic Insights - The event featured discussions on mergers and acquisitions as a key strategy for companies to overcome development bottlenecks and achieve rapid growth [4] - Strategies for companies aiming to enter the international capital market were shared, providing detailed guidance for potential IPOs [4] Group 5: Investor Engagement - The event facilitated active engagement between investors and company executives, with 435 questions posed by investors and a response rate of 82.53% [5] - The establishment of the "Panorama Jiangsu Capital Reception Hall" aims to provide ongoing services for regional capital and industry integration [5]

Core Insights - The hydrogen energy industry is transitioning from demonstration and exploration to large-scale development, driven by a series of continuous and targeted policies [2] - The "14th Five-Year Plan" has identified hydrogen energy as a future industry, indicating a focus on expanding application scenarios and tackling core technologies [2] - The production of green hydrogen through onshore and offshore wind power is a key pathway for energy transition, with significant projects already demonstrating commercial viability [3] Policy and Industry Development - The "Hydrogen Industry Development Mid-Long Term Plan" of 2022 has established a strategic positioning for hydrogen energy, completing the top-level design for industry development [2] - The "14th Five-Year Plan" has laid the groundwork for the intensive layout of green methanol, which is expected to become a significant decarbonization option in various sectors [5] Renewable Energy Utilization - Onshore and offshore wind power hydrogen production are core directions for green hydrogen preparation, addressing issues like wind power curtailment and enhancing hydrogen supply for multiple sectors [3] - The successful implementation of projects like Zhangjiakou Chongli has demonstrated stable hydrogen supply capabilities [3] Green Methanol and Ammonia - Green ammonia is expanding its fuel properties, with expectations of significant growth in production and demand driven by carbon neutrality policies [5] - By 2050, domestic green ammonia is projected to exceed 70% of the market, supported by decreasing green electricity costs [5] Investment Recommendations - Companies to focus on include Jin Feng Technology, Fu Ran Energy, He Mei Group, and Ji Dian Co., with specific attention to hydrogen production, refueling stations, and fuel cells [6] - Key players in hydrogen production include Hua Guang Huaneng, Hua Dian Ke Gong, Donghua Technology, and Aerospace Engineering [6]

复盘中国市场来看，海外车企智能化0-1产业趋势将更快更确定 中国智能化0-1从2020年左右开启，经过3-4年发展，产品生命周期从导入期逐步进入成长期，同时也培 育了大批优质智能化供应链，在芯片、算法、激光雷达、汽车电子Tier1各环节已具备全球化竞争力。 广发证券发布研报称，海外车企份额下降，倒逼智能化加速0-1提升产品竞争力。而海外车企由于智能 化供应链缺乏，中国智能化链条迎全球化新机遇。该行认为具备全球技术竞争优势和良好全球客户资源 的企业，有望在本轮产业趋势中率先脱颖而出。 广发证券主要观点如下： 海外车企份额下降，倒逼智能化加速0-1提升产品竞争力 (1)中国和全球市场海外车企份额持续下降，倒逼海外车企加速智能化提升产品竞争力。从中国市场来 看，根据交强险，自主品牌份额自2020年的35.5%逐年提升至2025年1-9月的64.9%。从全球市场来看， 根据MarkLines，剔除俄罗斯前/后中国品牌海外加权市占率自2021年1月单月的2.1%/1.9%逐步提升至 2025年7月单月的9.9%/7.6%。(2)海外车企在高阶辅助驾驶尚处于起步初期，中国品牌明显领先美(剔除 特斯拉)欧日韩。波士顿咨询预 ...

Core Viewpoint - The article emphasizes that Guangfa Securities has successfully transformed its wealth management approach by prioritizing client interests over sales-driven strategies, leading to significant market recognition and growth in revenue and product performance [1][3][5]. Group 1: Transformation Strategy - Guangfa Securities initiated a transformation in 2016, shifting from a sales-oriented model to a client-centric approach, with the motto "making money for clients" embedded in its corporate culture [3][5]. - The company has established a tiered training system for its advisory team, resulting in over 4,700 advisors by Q3 2025, ranking second in the industry [3][5]. - In 2018, Guangfa introduced a three-tier product screening mechanism to ensure high asset quality, and in 2023, it launched the "Qiji" series of asset allocation solutions [3][4]. Group 2: Three-Pronged Strategy - The transformation is guided by the "Three-Pronged" strategy: Solution-oriented, Buy-side Advisory, and Asset Allocation [4][5]. - "Solution-oriented" focuses on providing tailored strategies based on client life-cycle needs, while "Buy-side Advisory" shifts the focus from sales volume to client account performance and satisfaction [4][5]. - "Asset Allocation" emphasizes diversified investment across various assets and markets, utilizing macroeconomic analysis and quantitative models to optimize returns [4][5]. Group 3: Market Performance and Recognition - By the end of Q3 2025, Guangfa's financial product distribution scale exceeded 3.5 trillion yuan, reflecting a 30% increase from the previous year, demonstrating simultaneous growth in scale and efficiency [5]. - The "Qiji" series solutions have shown a profitability rate exceeding 95% for clients holding positions for over three months [5]. - Guangfa Securities has consistently ranked first in product returns among major platforms, with a long-term success rate exceeding 70% in selecting outperforming products [5]. Group 4: Client-Centric Approach - The company has significantly improved client satisfaction with its advisory services, showcasing the effectiveness of its client-centered model [6]. - Guangfa Securities views wealth management as a "trust project," continuously optimizing its service offerings to act as a "private wealth manager" for families [8]. - The firm aims to leverage buy-side advisory and asset allocation to support long-term wealth growth for Chinese families, setting a replicable standard for high-quality industry development [8].

Core Viewpoint - The company has successfully transformed its wealth management approach by prioritizing client interests over sales, leading to significant market recognition and growth in revenue and product performance [1][2][5]. Group 1: Transformation Strategy - The company initiated a shift from a sales-oriented model to a client-centric approach in wealth management starting in 2016, emphasizing the responsibility of making profits for clients [2][4]. - The transformation is structured around three pillars: solution-oriented services, buyer advisory, and asset allocation, which collectively aim to enhance client wealth rather than merely selling products [4][8]. - As of Q3 2025, the company has built a team of over 4,700 advisors, ranking second in the industry, reflecting its commitment to professional advisory services [2][3]. Group 2: Product and Service Development - The company established a three-tier product screening mechanism in 2018 to ensure high asset quality and launched the "Qiji" series of asset allocation solutions in 2023, addressing clients' needs throughout their life cycles [3][5]. - By the end of September 2025, the company reported a financial product distribution scale exceeding 350 billion, marking a 30% increase from the previous year, indicating successful growth in both scale and efficiency [5][6]. Group 3: Market Recognition and Client Satisfaction - The company has consistently received accolades, including the "Best Advisory Team" award for five consecutive years, showcasing its competitive edge in client satisfaction [7]. - The satisfaction rate among clients for advisory services has significantly improved, underscoring the effectiveness of the client-centric model [7][8]. Group 4: Digital Transformation and Future Outlook - The company is leveraging digital tools to enhance its advisory services, including a comprehensive wealth management platform that integrates various functionalities for client interaction and service delivery [7][8]. - The ongoing exploration of buyer advisory and the integration of technology are expected to further enrich the company's service offerings and support long-term wealth growth for clients [7][8].

Group 1 - Caesar Travel Industry announced that on November 27, 2025, it will accept investor research from Guangfa Securities and others, with the participation of Deputy General Manager Xing Zhihuang and others to answer investor questions [1] Group 2 - The innovative drug industry is facing challenges, with a significant price increase of 30% over two months, and the cost of a single experimental monkey reaching 120,000 yuan, leading to a situation where there is "price but no monkeys" available, with an annual domestic shortfall of approximately 10,000 monkeys [1]

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） 建議修訂《公司章程》 一、建議修訂《公司章程》及其附件 廣發証券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司擬對本 公司《公司章程》（「《公司章程》」）及其附件《股東會議事規則》（「《股東會議事規 則》」）《董事會議事規則》（「《董事會議事規則》」）進行修訂，具體如下： 2024年7月1日，新《中華人民共和國公司法》（「《公司法》」）正式實施。根據中國 證券監督管理委員會（「中國證監會」）2024年12月27日頒發的《關於新<公司法>配 套制度規則實施相關過渡期安排》，本公司應當按照《公司法》及中國證監會配套 制度規則等規定，在《公司章程》中規定在董事會中設審計委員會，行使《公司法》 規定的監事會的職權。2025年3月28日，中國證監會發佈《集中修改 ...