Core Viewpoint - The 20th China Economic Forum highlighted the rapid advancement of artificial intelligence as a universal technology, suggesting its adoption may outpace previous technological cycles [1] Industry Insights - The intelligent manufacturing industry chain, centered around humanoid robots, smart vehicles, and embodied intelligence, is expected to grow significantly over the next 5-10 years [1] - This industry chain is characterized by its long supply chain, common technologies, and strong industrial spillover effects, positioning it as a potential pillar industry comparable to real estate in the past [1] - The development of this sector is seen as a core component in building a "1+N" industrial system [1]

未来发展方面，浙江交科强调，公司未来拟围绕基建主业，通过并购、收购等方式拓展上下游产业链， 投资方向聚焦三大维度：一是健全产业链条，延伸施工主业上下游，培育新增长点；二是突破区域市场 短板，寻求薄弱地区战略合作与业绩突破；三是切入新基建、新技术、新材料等关键环节，提升核心竞 争力。目前尚未披露具体并购标的，但已明确将"资质扩容、区域拓展、强链补链"作为核心并购逻辑。 近期，浙江交科（002061）在接待广发证券、天风证券、国联基金、银河证券、长江证券、国盛证券等 六家机构投资者时表示，目前，公司正积极谋划"十五五"发展规划，未来公司将围绕交通基建、城市建 设、综合养护、交通制造、关联产业等"五大业务板块"，以打造新基建链主企业为目标，调整优化业务 组合与业务结构，大力发展新城市新产业，提升全方位、全要素发展能力，促进公司高质量发展。 互动交流中，浙江交科介绍称，2025年1-9月，公司新承接订单801个，订单总金额达665.69亿元，同比 增长20.20%，增长动力源于省内与省外市场开拓力度加大。业务覆盖公路、市政、养护、房建、港航 等多元领域。重大中标项目包括：G2531杭州至上饶高速公路（杭淳开高速）杭州 ...

转自：证券时报 人民财讯11月18日电，11月18日，第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展 大会在广州南沙隆重举行。广发证券全球首席经济学家沈明高在会上表示，科技金融下一阶段的关键挑 战，在于从0到1的单点式创新走向1到N的规模化、可复制式创新，以形成体系化优势，规模化形成新 质生产力，支持现代化产业体系建设。 沈明高表示，科技金融的实质在于将科技创新转化为可持续的资本回报，以此反哺并驱动下一轮创新， 形成"创新—资本化—再创新"的良性循环。 在他看来，当前科技金融服务面临五大挑战，包括非标准化、未盈利、轻资产、高不确定性和长周期， 呼吁金融体系需精准施策，为科创主体提供真正理解科技、懂产业、善定价、能管理风险、会配置资源 的"科技资本"。 ...

Core Viewpoint - The 20th China Economic Forum highlighted the rapid advancement of artificial intelligence as a universal technology, suggesting its adoption may outpace previous technological cycles [1] Industry Insights - The intelligent manufacturing industry chain, centered around humanoid robots, smart vehicles, and embodied intelligence, is expected to grow significantly over the next 5-10 years [1] - This industry chain is characterized by its long supply chain, common technologies, and strong industrial spillover effects, positioning it as a potential pillar industry comparable to real estate [1] - The development of this sector is crucial for constructing a "1+N" industrial system, indicating its importance in the broader economic landscape [1]

中国经济网北京11月18日讯浙江证监局14日发布关于对沈宇采取出具警示函措施的决定。经查，沈宇在 广发证券股份有限公司(简称"广发证券"，000776.SZ)杭州富春路证券营业部从业期间，存在向他人推介 销售非广发证券股份有限公司发行或代销的金融产品并从中获取不正当利益的行为。 (二)与其履行职责存在利益冲突的活动； (三)不正当交易或者利益输送； (四)挪用或者侵占公司、客户资产或者基金财产； 上述行为违反了《证券公司代销金融产品管理规定》(证监会公告〔2020〕20号)第十七条第一款、《证 券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》(证监会令第195号)第二十六条 第一项和第二项、《证券期货经营机构及其工作人员廉洁从业规定》(证监会令202号)第十条第四项的 规定。 根据《证券公司代销金融产品管理规定》第二十条、《证券基金经营机构董事、监事、高级管理人员及 从业人员监督管理办法》第五十一条第一款、《证券期货经营机构及其工作人员廉洁从业规定》第十八 条的规定，浙江证监局决定对沈宇采取出具警示函的监督管理措施，并记入证券期货市场诚信档案数据 库。 《证券公司代销金融产品管理规定》(证监会公 ...

每经记者｜吴永久 张宛 每经编辑｜何建川 当市场目光汇聚一处，当专业声音共振发声，一场关乎行业口碑的权威评选即将迎来关键节点——距 离"2025年第十五届上市公司口碑榜"评选公众投票与机构投票环节正式开启，仅剩1周时间。作为评选 公信力的核心支撑，广发证券、招商证券、天风证券等24家头部及特色券商研究所，与重阳投资、星石 投资、玄元投资等10家顶尖私募组成的机构评审团已然集结，他们将以专业洞察力为优质企业投出关键 一票。今天，就让我们深度解码这份机构天团图鉴，探寻专业力量背后的硬核逻辑。 24家券商研究所：业绩与专业双硬核背书 本届口碑榜已集结20余家实力券商研究所，阵容覆盖行业主流力量：广发证券、招商证券、天风证券、 山西证券、华西证券、国金证券、长城证券、华安证券、国盛证券、兴业证券、国海证券、西部证券、 东北证券、国联民生、东吴证券、方正证券、浙商证券、德邦证券、五矿证券、国投证券、华源证券、 华金证券、华创证券、开源证券。 业绩是实力最直观的注脚。上述24家券商中17家为上市券商，其前三季度业绩呈现"井喷式"增长，成为 拉动行业盈利的核心引擎。广发证券和招商证券两家2025年前三季度营收均突破百亿元， ...

Core Viewpoint - The report from GF Securities indicates that under neutral conditions, the inflation center in 2026 is expected to rise compared to 2025, influenced by several factors [1] Group 1: Inflation Factors - The probability of the pig cycle entering a recovery phase in 2026 is relatively high [1] - The most significant capacity pressure in key industries has passed, and current prices are showing a certain lag in reflection [1] - The impact of "anti-involution" policies is gradually accumulating [1] Group 2: Real Estate Market - The primary constraint on inflation is that real estate sales prices have not yet stabilized [1] - A clear stabilization in this area is necessary for the market to price in re-inflation more decisively [1]

以下文章来源于杠杆财富 ，作者财富君 杠杆财富 . 读懂财富逻辑，揭秘金融圈"杠杆"（联系邮箱：258954017@qq.com） 导语： 监管的"牙齿"越来越锋利，券商们的"好日子"恐怕真的结束了。 11月14日，浙江、厦门两地证监局单日集中开出8张罚单，上海证券、华福证券、广发证券、三家机构及相关从业人员集体"中招"。 | D 公开指南 | 政府信息 | 当前位置：行政监管措施 | | | | | --- | --- | --- | --- | --- | --- | | | | 序 | 标题 | 文号 | 发文日期 | | 政府信息 公开制度 | | | 关于对陈金微采取监管谈话措施的决定 | | 2025-11-14 | | | | 2 | 关于对黄文晓采取监管谈话措施的决定 | | 2025-11-14 | | 政府信息 公开年度报告 | | ന | 关于对朱伶俐采取监管谈话措施的决定 | | 2025-11-14 | | | | 4 | 关于对颜伶俐采取监管谈话措施的决定 | | 2025-11-14 | | ili 主动公开 日 | | ਟੇ | ** 措施的决定 | | 2025-11-14 ...

Core Insights - Southbound funds increased their holdings in GF Securities (01776.HK) by 730,800 shares on November 17, 2025, marking a 0.07% increase [1] - Over the past five trading days, there were four days of net increases, totaling 5,708,800 shares [1] - In the last twenty trading days, there were thirteen days of net increases, amounting to 17,911,400 shares [1] - Currently, southbound funds hold 1 billion shares of GF Securities, representing 58.77% of the company's total issued ordinary shares [1] Trading Data Summary - On November 17, 2025, total shares held were 1 billion, with a change of 730,800 shares, reflecting a 0.07% increase [2] - On November 14, 2025, total shares held remained at 1 billion, with a decrease of 327,600 shares, indicating a -0.03% change [2] - On November 13, 2025, total shares held were 1 billion, with an increase of 1,417,000 shares, showing a 0.14% change [2] - On November 12, 2025, total shares held were 2,666.6 million, with an increase of 740,400 shares, reflecting a 0.07% change [2] - On November 11, 2025, total shares held were 286.6 million, with an increase of 3,148,200 shares, indicating a 0.32% change [2] Company Overview - GF Securities Co., Ltd. is primarily engaged in securities business in China, operating through five segments [2] - The Investment Banking segment focuses on equity financing, debt financing, financial advisory, and corporate solutions [2] - The Wealth Management segment provides retail securities brokerage, futures brokerage, financial product distribution, margin financing, and leasing services [2] - The Trading and Institutional Client Services segment offers securities research, asset custody services, sales and investment trading, and alternative investments [2] - The Investment Management segment is involved in asset management, public fund management, and private fund management [2] - The Other segment mainly supports the operations of the company's headquarters [2]

广发证券(01776)发布公告，广发证券股份有限公司(以下简称"发行人")面向专业机构投资者公开发行面 值不超过200亿元(含)的次级公司债券已获得中国证券监督管理委员会证监许可〔2024〕1258号文同意 注册。广发证券股份有限公司2025年面向专业投资者公开发行次级债券(第五期)(以下简称"本期债券") 为前述注册批复项下的第六期发行，计划发行规模不超过30亿元(含)。 2025年11月17日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价，利率询价区间为 1.60%-2.60%。根据网下向专业机构投资者询价结果，经发行人与簿记管理人按照有关规定，在利率询 价区间内协商一致，最终确定本期债券(债券简称："25广发C7"，债券代码：524544)票面利率为 2.00%。 ...