Core Viewpoint - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue short-term corporate bonds with a total face value of up to RMB 30 billion [1] Group 1: Bond Issuance Details - The company plans to issue short-term corporate bonds (Phase 1) aimed at professional investors, with a maximum issuance scale of RMB 30 billion [1] - The bonds will be issued at a price of RMB 100 per bond, utilizing a pricing inquiry and allocation method directed at professional institutional investors [1] - The issuance period is set from January 22, 2026, to January 23, 2026, with a final issuance scale of RMB 30 billion and a final coupon rate of 1.68% [1] Group 2: Subscription Metrics - The subscription multiple for the bonds reached 4.40 times, indicating strong demand from investors [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。 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2026年面向專 業投資者公開發行次級債券（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。 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. 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。 2026 年面向专业投资者公开发行次级债券（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 2026 年 面向专业投资者公开发行次级债券（第一期）符合深圳证券交易所债券上市条件， 将于 2026 年 1 月 26 日起在深 ...

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2026年面向專 業投資者公開發行短期公司債券（第一期）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 2026年1月23日 发行结果公告 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。 广发证券股份有限公司（以下简称"发行人"）公开发行面值余额不超过人 民币 300 亿元短期公司债券已获得中国证券监督管理委员会证监许可〔2 ...

2026 年面向专业投资者公开发行短期公司债券（第一期） 证券代码：524639 证券简称：26 广发 D1 广发证券股份有限公司 发行结果公告 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。 广发证券股份有限公司（以下简称"发行人"）公开发行面值余额不超过人 民币 300 亿元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 号文注册。根据《广发证券股份有限公司 2026 年面向专业投资者公开发行短期 公司债券（第一期）发行公告》，广发证券股份有限公司 2026 年面向专业投资者 公开发行短期公司债券（第一期）（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。 本期债券发行时间自 2026 年 1 月 22 日至 2026 年 1 月 23 日，最终发行规模 为 30 亿元，最终票面利率为 1.68%，认购倍数为 4.40 倍。 华泰联合证券有限责任公司（公章） 年 月 日 特此公告。 1 （本页无正文，为《广发证券股份有限公司 2026 年面向专业投资者 ...

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 2026 年 面向专业投资者公开发行次级债券（第一期）符合深圳证券交易所债券上市条件， 将于 2026 年 1 月 26 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。债券相关 要素如下： | 债券名称 | | 广发证券股份有限公司 | 年面向专业投资者公开发 | | | 2026 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 行次级债券（第一期） | | | | | | | | | | 债券简称 | 26 广发 C1 | | | | | | | | | | | 债券代码 | 524627 | | | | | | | | | | | 信用评级 | 主体评级 | | | | | | | AAA | | AAA/债项评级 | | 评级机构 | | | | | | | | | | 中诚信国际信用评级有限责任公司 | | 发行总额（亿元） | 17.2 | | | | ...

Market Overview - The securities sector experienced a slight decline of 0.07% on January 23, with GF Securities leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - Notable gainers included: - Huayin Securities (002945) with a closing price of 17.86, up 3.78% and a trading volume of 476,000 shares, totaling 846 million yuan [1] - Xiangcai Shares (600095) closed at 11.70, up 2.18% with a trading volume of 597,900 shares, totaling 701 million yuan [1] - Major decliners included: - GF Securities (000776) closed at 22.31, down 1.24% with a trading volume of 580,600 shares, totaling 1.3 billion yuan [2] - Tushin Securities (002736) closed at 12.56, down 1.02% with a trading volume of 586,200 shares, totaling 740 million yuan [2] Fund Flow Analysis - The securities sector saw a net outflow of 1.644 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.15 billion yuan [2][3] - Key stocks with significant fund flows included: - Guotai Junan (601211) with a net inflow of 180 million yuan from institutional investors [3] - Huayin Securities (002945) had a net inflow of 86.16 million yuan from institutional investors [3] ETF Performance - Financial Technology ETF (516100) saw a decline of 5.40% over the past five days, with a current PE ratio of 76.53 and a net subscription of 21.78 million yuan [5] - Securities ETF (515010) decreased by 1.29% over the past five days, with a PE ratio of 17.02 and a net redemption of 76.32 million yuan [5]

Group 1 - The core viewpoint of the report emphasizes that green electricity is still experiencing a downward trend from installed capacity to revenue and profit, but the implementation of Document No. 136 is expected to enhance the stability of ROE in the green electricity sector [1] - The report suggests focusing on subsidies and environmental value as entry points for investment in green electricity, while downplaying the emphasis on performance [1] - For nuclear power, continuous approval of nuclear units is noted, with a greater focus on market-driven electricity price levels [1] Group 2 - The gas sector is currently in a state of margin recovery, with more attention on the growth of gas sales volume [1] - Both the nuclear power and gas sectors exhibit stronger cyclical attributes [1]

Group 1 - The core point of the announcement is that Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 70 billion yuan [1][2][3] - The bond issuance is valid for 24 months from the date of approval, allowing the company to issue the bonds in multiple tranches within this period [3] - The company is required to report any significant events that occur between the approval and the completion of the bond issuance [3] Group 2 - Guangfa Holdings (Hong Kong) will provide a performance guarantee for its wholly-owned subsidiary, Guangfa Global Capital, for the issuance of structured notes totaling up to 7 billion USD [6][10] - The total scale of the structured notes has been increased from a previous limit of 4 billion USD to 7 billion USD to meet business development needs [6] - The guarantee does not involve counter-guarantees and is within the scope of the company's consolidated financial statements [7][10] Group 3 - As of September 30, 2025, Guangfa Global Capital reported total assets of approximately 9.62 billion HKD and net assets of approximately 590.74 million HKD [8] - For the first three quarters of 2025, the company generated revenue of approximately 149.36 million HKD and a net profit of approximately 127.47 million HKD [8] - The company is not listed as a dishonest executor [9] Group 4 - The total amount of guarantees provided by the company, including the new guarantee for Guangfa Global Capital, is estimated to be around 55.56 billion RMB, which is approximately 37.64% of the company's latest audited net assets [12]

Core Viewpoint - The report from GF Securities indicates that the increase in capacity electricity prices in 2026 is expected to accelerate the utility transformation of thermal power companies [1] Group 1: Market Performance - In 2025, the stock performance of thermal power companies showed significant divergence, with northern companies generally outperforming due to high earnings growth [1] - The long-term contract electricity prices for 2026 are approaching their lower limits across various provinces, suggesting limited future declines [1] Group 2: Financial Implications - The increase in coal-fired capacity electricity prices in 2026 could lead to an increase of nearly 0.02 yuan per kilowatt-hour in revenue [1] - Thermal power companies are expected to enhance their revenue through market-based trading methods, indicating a potential for improved profitability stability [1] Group 3: Governance and Cash Flow - The market value management of thermal power companies is a key driver, with financial cost savings in Q1-Q3 of 2025 accounting for 3.2% of total profits [1] - There is a notable improvement in free cash flow for thermal power companies, suggesting significant potential for increased dividend payout ratios [1] - The transformation towards a "utility-like" model for thermal power may already be underway [1]

Core Insights - The report from GF Securities highlights the importance of energy storage and the production of electricity, emphasizing the focus on installed capacity and asset securitization [1] Group 1: Electricity Generation and Performance - In the second half of 2025, abundant water flow in the Pearl and Yangtze Rivers is expected to drive electricity generation growth [1] - Changjiang Electric has reported preliminary results for 2025, achieving a net profit attributable to shareholders of 34.2 billion yuan, representing a year-on-year increase of 5%, with Q4 profit reaching 6 billion yuan, up 34% year-on-year [1] - The overall performance of hydropower is anticipated to be strong, supported by high energy storage levels at the end of 2025, which will ensure electricity supply during the dry season in the first half of 2026 [1] Group 2: Future Prospects and Developments - The low base of electricity generation during the flood season is expected to allow hydropower to maintain profit growth over multiple quarters [1] - A peak period for hydropower project commissioning is approaching, with several power stations in the Dadu River basin set to commence operations [1] - There are still hydropower assets within various groups that have not been securitized, indicating potential opportunities in the securitization process [1]