Group 1 - The core point of the article is the appointment of Mr. Ouyang Xi as an executive director of Hui Li Group, effective immediately [1] Group 2 - Mr. Ouyang Xi is 57 years old and has a diverse background in finance and investment banking [3] - He will also serve as the deputy general manager of the major shareholder of Hui Li Group, Guangfa Securities, starting from May 2024 [4] - His previous roles include positions at Guangdong Mechanical College, Guangfa Securities, and Guangfa Fund Management, showcasing extensive experience in the financial sector [4]

Core Viewpoint - The report from GF Securities highlights the rapid development of AI models and applications globally, driven by the scaling law and increasing demand for AI inference, which in turn boosts AI storage growth. The domestic AI industry is also experiencing continuous innovation and growth, suggesting a focus on both overseas and domestic AI industry chain-related stocks [1]. Group 1: Electronics Industry - The electronics industry continues to show high prosperity, with a revenue growth of 11% year-on-year and a net profit growth of 29% in the first three quarters of 2025. In Q3 2025, the industry saw a revenue increase of 13% year-on-year and 12% quarter-on-quarter, with net profit rising by 44% year-on-year and 22% quarter-on-quarter [1]. Group 2: Consumer Electronics - The consumer electronics sector is experiencing upward momentum, with a revenue growth of 19% year-on-year and 26.5% quarter-on-quarter in Q3 2025. For the first three quarters of 2025, the sector's revenue increased by 14%. The net profit for Q3 2025 grew by 26% year-on-year and 37% quarter-on-quarter, with a 15% year-on-year increase for the first three quarters [2]. Group 3: Semiconductor Industry - The semiconductor industry shows significant profit improvement, with a revenue growth of 8% year-on-year in the first three quarters of 2025. In Q3 2025, the sector's revenue grew by 5%, marking the 11th consecutive quarter of year-on-year growth. The net profit for the first three quarters increased by 35%, while Q3 2025 saw a 73% year-on-year increase in net profit [3]. The gross margin for the semiconductor sector was 26.3% for the first three quarters, up by 1.7 percentage points year-on-year, and 28.0% in Q3 2025, reflecting a 3.2 percentage point increase year-on-year [3].

Group 1: Construction Materials Sector - The construction materials sector is currently at a low point in terms of profitability, valuation, and holdings, but some leading companies have begun to recover from this bottom, with expectations of a revival in consumer building materials driven by policy support [1] - Despite the basic fundamentals still being on the downside, the sector has experienced a four-year decline, and the supply clearing and transformation of revenue structures are benefiting some leading companies, which are showing signs of stabilization in operations [1] - The report highlights strong operational resilience among leading companies in the consumer building materials segment, with a stable long-term demand and an improving competitive landscape, indicating significant growth potential for quality leaders [1] Group 2: Cement Market - The national average price of cement has slightly decreased by 0.4% week-on-week, with the current price at 351 RMB/ton, reflecting a year-on-year drop of 77.67 RMB/ton [2] - The national cement shipment rate stands at 45.73%, showing a week-on-week decline of 0.47% and a year-on-year decrease of 4.40 percentage points [2] - The industry valuation remains at historical low levels, with a focus on companies such as Huaxin Cement, Conch Cement, and others [2] Group 3: Glass Market - The price of float glass has weakened, with the average price at 1154 RMB/ton, down 2.8% week-on-week and 20.6% year-on-year [3] - Inventory levels have increased, with stock days rising to 30.36 days, indicating a growing supply [3] - Leading glass companies are currently undervalued, with attention on firms like Xinyi Glass and others [3] Group 4: Fiberglass and Composite Materials - The market price for fiberglass yarn has shown slight fluctuations, with mainstream transaction prices for 2400tex yarn ranging from 3250 to 3700 RMB/ton, reflecting a 0.2% increase week-on-week [4] - Electronic yarn prices have remained stable, with G75 mainstream quotes between 8800 and 9300 RMB/ton [4] - Leading companies in the fiberglass and composite materials sector are well-positioned, with a focus on firms like China Jushi and others [4]

（文章来源：证券日报） 证券日报网讯 11月24日晚间，广发证券发布公告称，由广发证券股份有限公司（以下简称"本公司"） 发行的广发证券股份有限公司2024年面向专业投资者公开发行公司债券（第五期）（以下简称"本期债 券"）将于2025年11月26日支付2024年11月26日至2025年11月25日期间的利息。 ...

Group 1: International Capital Confidence in Hong Kong - International investors are reassessing asset risk and adjusting strategies, with Hong Kong emerging as a safe haven for capital [3] - Hong Kong has seen significant fundraising from major new stocks this year, attracting cornerstone investors from the West and the Middle East [3] - The total bank deposits in Hong Kong have increased by over 10% this year, surpassing 19 trillion HKD, indicating strong confidence in the market [3] Group 2: Economic Resilience Beyond Finance - Hong Kong's shipping and trade sectors are demonstrating strong resilience, with a 11.3% year-on-year increase in goods exports over the first three quarters [4] - The Hong Kong government is actively promoting the advantages of its shipping industry, including strategic partnerships with ports in the Belt and Road regions [4] Group 3: Recovery of the Exhibition Industry - The recent hosting of the International Exhibition Association's global annual meeting in Hong Kong highlights the city's recognition as an international exhibition hub [5] - Hong Kong's connectivity and favorable business environment support its exhibition industry, with over 1,100 flights daily to more than 200 destinations [5] Group 4: International Private Equity Expansion - Adams Street, a leading global private equity firm, has opened a new office in Hong Kong, marking its sixth office in Asia and indicating a strategic focus on the Chinese market [6][7] - Ardian, another prominent investment firm, has also established a Hong Kong office, enhancing its penetration into the Chinese market [9] Group 5: Return of Dollar Funds to China - The return of dollar funds to China is driven by a restructuring of global asset valuations, with international capital focusing on sectors like technology and high-end manufacturing [10] - The recent fundraising activities of dollar funds indicate a renewed interest in the Chinese market, with significant participation from international investors [10] Group 6: Increased Competition Among Chinese Securities Firms - Chinese securities firms are intensifying their presence in Hong Kong, with several firms announcing the establishment of subsidiaries and significant capital increases [11] - The total capital increase by Chinese securities firms in Hong Kong has exceeded 5 billion HKD since 2025, reflecting their strategic focus on market opportunities [11][12] - The demand for IPO sponsorship, cross-border mergers, and wealth management services is driving the expansion of Chinese firms in Hong Kong [12]

本期债券品种一"24广发12"的票面利率为2.07%，本次付息每手(面值 1,000 元)"24广发12"派发利息人民 币20.70元(含税)。扣税后个人、证券投资基金债券持有人取得的实际每手派发利息为16.56元;非居民企 业(包含QFII、 RQFII)取得的实际每手派发利息为20.70元。 本期债券品种二"24广发13"的票面利率为2.14%，本次付息每手(面值 1,000 元)"24广发13"派发利息人民 币21.40元(含税)。扣税后个人、证券投资基金债券持有人取得的实际每手派发利息为17.12元;非居民企 业(包含QFII、 RQFII)取得的实际每手派发利息为21.40元。 广发证券（000776）(01776)发布公告，由广发证券股份有限公司(以下简称"本公司")发行的广发证券股 份有限公司2024年面向专业投资者公开发行公司债券(第五期)(以下简称"本期债券")将于2025年11月26 日支付2024年11月26日至2025年11月25日期间的利息。 本期债券品种一简称为"24广发12"，债券代码为 "524029";品种二简称为"24广发13"，债券代码 为"524030"。本期债券品种一 ...

本期债券品种一"24广发12"的票面利率为2.07%，本次付息每手(面值1,000元)"24广发12"派发利息人民 币20.70元(含税)。本期债券品种二"24广发13"的票面利率为2.14%，本次付息每手(面值1,000元)"24广发 13"派发利息人民币21.40元(含税)。 格隆汇11月24日丨广发证券(01776.HK)发布公告，由广发证券股份有限公司(以下简称"本公司")发行的 广发证券股份有限公司2024年面向专业投资者公开发行公司债券(第五期)(本期债券品种一简称为"24广 发12"，债券代码为"524029"；品种二简称为"24广发13"，债券代码为"524030")将于2025年11月26日支 付2024年11月26日至2025年11月25日期间的利息。 ...

智通财经APP讯，广发证券(01776)发布公告，由广发证券股份有限公司(以下简称"本公司")发行的广发 证券股份有限公司2024年面向专业投资者公开发行公司债券(第五期)(以下简称"本期债券")将于2025年 11月26日支付2024年11月26日至2025年11月25日期间的利息。 本期债券品种一"24广发12"的票面利率为2.07%，本次付息每手(面值 1,000 元)"24广发12"派发利息人民 币20.70元(含税)。扣税后个人、证券投资基金债券持有人取得的实际每手派发利息为16.56元;非居民企 业(包含QFII、 RQFII)取得的实际每手派发利息为20.70元。 本期债券品种二"24广发13"的票面利率为2.14%，本次付息每手(面值 1,000 元)"24广发13"派发利息人民 币21.40元(含税)。扣税后个人、证券投资基金债券持有人取得的实际每手派发利息为17.12元;非居民企 业(包含QFII、 RQFII)取得的实际每手派发利息为21.40元。 本期债券品种一简称为"24广发12"，债券代码为 "524029";品种二简称为"24广发13"，债券代码 为"524030"。本期债券品种 ...

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2024年面向專 業投資者公開發行公司債券（第五期）2025年付息公告》。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11月24日 债券代码：524029 债券简称：24 广发 12 债券代码：524030 债券简称：24 广发 13 广发证券股份有限公司 2024 年面向专业投资者公开发行公司债券（第五期） 2025 年付息公告 本公司及董事会全体成员保证公告的内容真实、准 ...

债券代码：524029 债券简称：24 广发 12 债券代码：524030 债券简称：24 广发 13 广发证券股份有限公司 2024 年面向专业投资者公开发行公司债券（第五期） 2025 年付息公告 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。 特别提示： 由广发证券股份有限公司（以下简称"本公司"）发行的广发证券股份有限 公司 2024 年面向专业投资者公开发行公司债券（第五期）（以下简称"本期债 券"）将于 2025 年 11 月 26 日支付 2024 年 11 月 26 日至 2025 年 11 月 25 日期 间的利息。为确保付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：广发证券股份有限公司 2024 年面向专业投资者公开发行公司 债券（第五期） 5、起息日：2024 年 11 月 26 日。 6、付息日：本期债券品种一的付息日为 2025 年至 2026 年每年的 11 月 26 日，品种二的付息日为 2025 年至 2027 年每年的 11 月 26 日（如遇法定节假日或 1 休息日，则顺延至其后的第 1 个交 ...