Group 1 - The Hang Seng AH premium index has dropped below 128 points, the lowest level since June 2020, indicating a significant contraction in the AH premium rate [1] - The AH premium rate has experienced rapid contractions multiple times over the past three years, with notable levels around 130 points in January, May, and October of 2023, before widening again [1] - The current weighted AH premium rate has narrowed from 64.6% to 42.2% as of June 6, 2023, a decrease of 22.4 percentage points [7] Group 2 - The relative elasticity between A-shares and H-shares has changed since 2021, with the AH premium rate showing a negative correlation with the CSI 300 index, indicating that Hong Kong stocks have become more elastic [2] - The contribution to the AH premium rate's narrowing has been significant from sectors such as non-bank financials, banks, and oil and petrochemicals, which together account for nearly 60% of the market capitalization [6][7] - Growth stocks in the Hong Kong market have also seen significant price increases, contributing to the narrowing of the AH premium [6] Group 3 - The most significant contributors to the narrowing of the AH premium rate this year include non-bank financials, banks, oil and petrochemicals, semiconductors, and electrical equipment, with respective contributions of -5.4, -5.3, -2.9, -1.5, and -1.0 percentage points [7] - High dividend yield stocks generally do not exhibit high premium rates, with companies having a dividend yield above 4% showing a significantly lower probability of having a premium rate above 50% [14] - The quality of listed companies, including profitability stability and dividend stability, is crucial for the future narrowing of the AH premium rate [17] Group 4 - The potential for further narrowing of the AH premium rate is influenced by the liquidity recovery in the Hong Kong market, the quality of listed companies, and the attractiveness of new IPOs from A-shares to H-shares [17][18] - The trend of more high-quality Chinese assets being available in the Hong Kong market is expected to attract additional trading volume and investment [17] - The ongoing changes in market sentiment and volatility may lead to variations in the AH premium rate being more pronounced at the sector and individual stock levels [18]

Core Viewpoint - Long-term investors need to deeply interpret the direction of the reshaping world order and weigh the cost-effectiveness of various assets, as two key variables (Deepseek and reciprocal tariffs) have further strengthened the underlying logic of a new investment paradigm [1] Group 1: U.S. Recession Trading - The initiation of recession trading often leads the actual declaration of recession by the NBER by an average of 1-6 months [1] - Typical characteristics of U.S. recession trading include declines in U.S. stocks and industrial metals, a decrease in 10Y U.S. Treasury yields, widening U.S. credit spreads, and defensive stocks outperforming cyclical stocks [1] Group 2: Asset Volatility During Recession Trading - Historical data shows that asset volatility increases during U.S. recession trading phases, with risk assets experiencing a greater increase in volatility compared to safe-haven assets [2] - Specifically, the volatility amplification factor for risk assets (e.g., Nasdaq, Hang Seng Index) is greater than that for safe-haven assets (e.g., gold, U.S. Treasuries, Chinese bonds, A-share dividends) [2] Group 3: All-Weather Strategy Model - Investors need to focus on the asymmetric pricing risks in their portfolios, particularly the underestimation of U.S. recession risks [3] - The ranking of volatility amplification factors for various assets during past U.S. recession trading periods is as follows: Nasdaq > India SENSEX30 > Hang Seng Tech > U.S. Treasuries > Gold > Chinese bonds > Bitcoin > A-share dividends [3] - Adjustments to asset allocation based on corrected volatility factors indicate an increase in weight for Chinese convertible bonds and A-share dividends, while reducing weight for Nasdaq, India SENSEX30, and Hang Seng Tech [3]

Summary of Key Points Core Viewpoint - The company, Guangdong New Asia Cable Co., Ltd., has adjusted the amount of funds to be invested in its fundraising projects due to the actual net amount raised being lower than initially disclosed in the prospectus, ensuring that the adjustments do not change the intended use of the funds and will not adversely affect the company's operations or financial status [1][2][3]. Fundraising Basic Situation - The company successfully issued 62 million shares at a price of 7.40 RMB per share, raising a total of approximately 400.71 million RMB after deducting expenses [1][2]. Adjustment of Fund Investment Amount - The total investment for the fundraising projects remains at 439,084,900 RMB, but the adjusted amount to be invested from the raised funds is now 400,712,786.31 RMB, with the shortfall to be covered by the company's own funds or through self-raised funds [2][3]. Impact on the Company - The adjustment is a prudent decision based on the actual funds received and the company's operational needs, aimed at ensuring the smooth implementation of the projects and improving fund utilization efficiency, without harming the interests of the company or its shareholders [2][4]. Review Procedures and Opinions - The board of directors approved the adjustment on June 12, 2025, stating that it aligns with the company's strategic planning and does not harm shareholder interests [3][4]. - The independent directors also supported the adjustment, confirming compliance with relevant regulations and the company's fundraising management system [4][5]. - The supervisory board reviewed and approved the adjustment, affirming that it followed necessary decision-making procedures and would not materially affect the normal use of the raised funds [5]. Sponsor's Verification Opinion - The sponsor, GF Securities, confirmed that the adjustment has been properly reviewed and approved by the board and supervisory board, complies with regulatory requirements, and does not affect the normal fundraising investment plan [5].

Group 1: Securities Industry Outlook - The securities industry is rated "outperform" by Guolian Minsheng Securities, with expectations of policy-driven recovery in investor confidence since September 2024 [1] - A significant increase in A-share trading activity has been observed since late September, indicating potential profitability for brokerages if market conditions improve [1] - The implementation of swap convenience details is expected to enhance market liquidity and trading activity [1] Group 2: Fund Management Changes - The new public fund regulations may impact the performance contributions of fund companies, with notable declines in net profit contributions from certain brokerages [2] - The top three brokerages experiencing the largest declines in contribution ratios are First Capital, Southwest Securities, and Great Wall Securities, with decreases of -43.5%, -11.4%, and -11.2% respectively [2] - The reforms are anticipated to shift the focus of fund companies from scale to returns, potentially optimizing the public fund industry landscape [2] Group 3: Financial Market Trends - There is a growing trend towards non-directional investments in brokerage proprietary trading, reducing reliance on market performance [3] - As of the end of 2024, 85% of CITIC Securities' equity financial assets are hedged through over-the-counter derivatives [3] - New tools like swap convenience are expected to provide innovative asset allocation strategies for brokerages [3] Group 4: Investment Banking and Private Equity - The current regulatory environment may continue to pressure IPO volumes in the short term for brokerages [4] - The contribution of private equity subsidiaries to brokerage profits is expected to increase, with average revenue and net profit contributions of 0.55% and 2.55% respectively for listed brokerages in 2024 [4] - The revised regulations for private equity fund subsidiaries are likely to promote more standardized development in this area [4]

Core Viewpoint - The surge in companies listing in Hong Kong, along with the influx of external capital and sustained trading activity in the secondary market, has created significant opportunities for investment banks, particularly domestic brokers, to expand their operations and enhance their international business capabilities [1][4]. Group 1: Market Opportunities - The current wave of companies going public in Hong Kong is attributed to improved listing mechanisms and the market's enhanced inclusivity and competitiveness, which have attracted more investors [4]. - Domestic brokers are increasing resource allocation and enhancing collaboration between mainland and Hong Kong branches to seize market opportunities while ensuring project quality [1][2]. Group 2: Strategic Initiatives by Brokers - Companies like Guotai Junan and Dongxing Securities are actively reallocating resources and hiring experienced personnel to improve their capabilities in the Hong Kong IPO market [2][3]. - Guangfa Securities is implementing a cross-border collaboration platform to facilitate real-time information sharing and efficient cooperation between teams in mainland China and Hong Kong [3]. Group 3: Future Growth and Development - The ongoing trend of companies listing in Hong Kong is expected to enhance the international operational capabilities of Chinese brokers, contributing to the high-quality development of the securities industry [4][5]. - According to Deloitte China, the Hong Kong IPO market is projected to see significant activity in 2025, with an estimated 80 new listings and a financing scale of HKD 130 billion to 150 billion [6]. Group 4: Enhancing Professional Capabilities - Domestic brokers are focusing on upgrading their service systems and tailoring service plans for different industries and stages of development to improve service quality and market competitiveness [7]. - Companies are also prioritizing the recruitment of professionals with international investment banking experience to strengthen their teams and adapt to market changes [8].

Group 1 - The merger and acquisition (M&A) market is experiencing growth this year, supported by favorable policies, leading to increased participation from securities firms seeking new development opportunities [1][2] - The slowdown in IPO activities has pressured the performance of securities firms, making the deepening of M&A activities a strategy to improve their operational performance and enhance competitiveness [1][3] - Securities firms play a crucial role in facilitating M&A transactions, especially for technology-driven companies, by providing services that support the development of new productive forces [2][4] Group 2 - Securities firms offer specialized services in valuation, transaction execution, and post-merger integration, which are essential for creating reasonable M&A proposals and pricing systems [3][4] - The increase in M&A activities is expected to boost the financial advisory income of securities firms, contributing to overall revenue growth and reducing reliance on traditional brokerage and proprietary trading businesses [4][5] - Firms are focusing on leveraging their unique advantages, such as organizational structure and regional strengths, to capture opportunities in the M&A market [5][6] Group 3 - Companies are encouraged to explore M&A opportunities in high-end manufacturing, ICT, new materials, renewable energy, and healthcare sectors, emphasizing the importance of industry expertise [6] - Collaboration between M&A and other business lines is being promoted to enhance resource integration and facilitate the entry of small and medium-sized non-listed companies into the capital market [6]

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。 （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2024年面向 專業投資者公開發行短期公司債券（第六期）（品種二）2025年兌付兌息及摘牌公 告》。茲載列如下，僅供參閱。 GF SECURITIES CO., LTD. 廣發証券股份有限公司 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12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：148951 ...

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2025年面向專 業投資者公開發行短期公司債券（第五期）發行結果公告》。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6月12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。 特此公告。 （本页以下无正文） 期公司债券（第五 ...

Core Points - The announcement details the payment of interest and principal for the short-term corporate bond issued by GF Securities Co., Ltd. on June 16, 2025 [1] - The bond, referred to as "24 Guang D13," has a coupon rate of 1.95% and the total payment per unit (face value of 1,000 yuan) is 1,012.715068 yuan, including tax [2] - The bondholders will receive a net amount of 1,010.172054 yuan after tax deductions for individual and securities investment fund holders, while non-resident enterprises will receive the full amount [2] Bond Details - The bond has a credit rating of A-1 and the company's credit rating is AAA with a stable outlook [1] - The interest payment period is from October 21, 2024, to June 15, 2025 [1] - The payment will be processed through China Clearing Shenzhen Branch, which will distribute the funds to the designated securities firms or institutions [2] Taxation Information - Individual bondholders are subject to a personal income tax rate of 20% on the interest earned [3] - Non-resident enterprises holding the bond are exempt from corporate income tax on the interest earned during the specified period [4] - Other bondholders are responsible for their own tax payments on interest income [5] Contact Information - The announcement provides contact details for inquiries, including addresses and phone numbers for representatives in Guangzhou and Shenzhen [5]

证券代码：524303 证券简称：25 广发 D7 广发证券股份有限公司 2025 年面向专业投资者公开发行短期公司债券（第五期） 发行结果公告 广发证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面 值余额不超过人民币 300 亿元（含）的短期公司债券已获得中国证券监督管理委 员会"证监许可〔2025〕818 号"文同意注册。根据《广发证券股份有限公司 2025 年面向专业投资者公开发行短期公司债券（第五期）发行公告》，广发证券股份 有限公司 2025 年面向专业投资者公开发行短期公司债券（第五期）（以下简称"本 期债券"）计划发行规模不超过 30 亿元（含），发行价格为每张 100 元，采取网 下面向专业机构投资者询价配售的方式发行。 本期债券发行时间为 2025 年 6 月 11 日至 2025 年 6 月 12 日，最终实际发行 规模为 30 亿元，票面利率为 1.64%，认购倍数为 3.96 倍。 发行人的董事、监事、高级管理人员、持股比例超过 5%的股东及其他关联 方未参与本期债券认购。承销商华泰联合证券有限责任公司、平安证券股份有限 公司、国泰海通证券股份有限公司及其关联方未参与认购 ...