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. 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（第四期）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5月15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。 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） 证券代码：524272 证券简称：25 广发 D ...

广发证券股份有限公司关于洛阳建龙微纳新材料股份有限公司保荐总结报告书 广发证券股份有限公司 关于洛阳建龙微纳新材料股份有限公司 以简易程序向特定对象发行股票的持续督导保荐总结 报告书 广发证券股份有限公司（以下简称"广发证券"、"保荐机构"）作为洛 阳建龙微纳新材料股份有限公司（以下简称"建龙微纳"、 "公司"或"发行人"） 以简易程序向特定对象发行股票的保荐机构，持续督导期限至 2024 年 12 月 31 日止。目前持续督导工作的期限届满。广发证券根据《证券发行上市保荐业务管 理办法》《上海证券交易所科创板股票上市规则》等法规和规范性文件的相关规 定，出具本持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 何质询和调查。 法》的有关规定采取的监管措施。 二、保荐机构基本情况 保荐机构名称 广发证券股份有限公司 广东省广州市黄埔区中新广州知识城腾 注册地址 飞一街 2 号 618 室 主要办公地址 广州市天河区马场路 26 号广发证券大厦 法定代表人 林传辉 本项目保荐代表人 赵鑫、戴宁 广发证券股份有限公司关于洛阳建龙 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Group 1 - The financial sector experienced a significant surge on May 14, with multiple bank stocks reaching new highs and the total market capitalization of the banking sector in A-shares surpassing 10 trillion yuan [1] - Among the banks, Industrial and Commercial Bank of China (ICBC) led with a market capitalization of 2.4 trillion yuan, followed by Agricultural Bank of China at 1.9 trillion yuan, and China Construction Bank at 1.6 trillion yuan [1] - China Galaxy noted that a series of financial policies, including interest rate cuts and structural tools, are guiding the optimization of bank credit structures, which is expected to accelerate the entry of medium to long-term funds into the market [1] Group 2 - CITIC Securities indicated that since 2025, the banking sector has maintained stable asset-liability configurations while actively growing loans, although the net interest margin continues to decline [1] - Despite the ongoing decrease in industry net interest margins, the reduction in funding costs is helping to narrow the margin of decline, with future cost reductions being a key focus for banks' interest margin management [1] - The dividend appeal of bank stocks remains strong in the context of a declining interest rate environment, with 42 A-share listed banks announcing a total dividend of 631.54 billion yuan for the 2024 fiscal year, significantly higher than the previous year [1] Group 3 - Huaxi Securities suggested that the recent surge in bank stocks may be related to new regulations for public funds, which currently have a 3.49% allocation in the banking sector, underweighting compared to the CSI 300 index by 9.99 percentage points and the CSI 800 index by 6.99 percentage points [2]

Market Overview - The Hong Kong stock market experienced a significant rise on May 14, with all three major indices increasing by over 2%. The Hang Seng Index rose by 2.3% to 23,640.65 points, the Hang Seng China Enterprises Index increased by 2.47% to 8,593.07 points, and the Hang Seng Tech Index gained 2.13% to 5,381.78 points [2]. Financial Sector Performance - Major financial stocks saw a substantial surge, particularly in the insurance and Chinese brokerage sectors. Notable gains included China Pacific Insurance rising nearly 8%, with China Life and China Taiping both increasing by over 6%. In the brokerage sector, Hongye Futures surged over 12%, while other firms like Xingsheng International and GF Securities rose by 9% and 6%, respectively [4][9]. Technology Sector Performance - Large technology stocks collectively performed well, with Baidu increasing by over 4%, Alibaba and JD.com both rising by over 3%, and Tencent gaining nearly 3%. Internet healthcare stocks also showed strength, with JD Health and ZhongAn Online both rising over 5% [4][6]. Automotive Sector Performance - The automotive sector continued its upward trend, with Leap Motor increasing by over 6% to reach a new high. Other notable gains included BYD and Li Auto, both rising over 4%, while XPeng and NIO increased by over 3% [5][10]. Regulatory Impact - The China Securities Regulatory Commission (CSRC) recently released a plan to promote the high-quality development of public funds, which is expected to drive capital flows towards the brokerage sector. The new regulations may lead fund managers to allocate more resources to sectors with lower current allocations, particularly those with higher benchmark weights [9].

Market Overview - Hong Kong stocks surged today, with all three major indices rising over 2%. The Hang Seng Index increased by 2.3% or 532.38 points, closing at 23640.65 points, with a total turnover of 2228.41 million HKD [1] - The positive sentiment in the market is attributed to the unexpected progress in the first round of trade negotiations between China and the US, which is expected to continue in a constructive direction [1] Blue-Chip Stocks Performance - JD Health (06618) saw a notable increase of 5.13%, closing at 39.95 HKD, contributing 3.56 points to the Hang Seng Index. The company reported Q1 2025 revenue of 16.645 billion RMB, a year-on-year growth of 25.5%, and operating profit of 1.071 billion RMB, up 119.8% [2] - Other blue-chip stocks included China Life (02628) rising by 6.55% to 16.26 HKD, AIA (01299) up 5.15% to 65.3 HKD, while Link REIT (00823) fell by 1.34% to 40.45 HKD [2] Sector Performance - Large technology stocks collectively rose, with Baidu increasing over 4% and Alibaba and JD both rising over 3% [3] - Financial stocks experienced a significant rally, with China Pacific Insurance (02601) up 6.77% to 24.45 HKD, China Life (02628) up 6.55%, and GF Securities (01776) up 6.31% to 11.46 HKD [3] Shipping Sector - The shipping sector performed well, with Pacific Basin Shipping (02343) rising by 7.78% to 1.94 HKD and Seafront International (01308) up 6.51% to 22.9 HKD. The improvement is linked to the easing of tariff conflicts and a seasonal increase in container shipping demand [4][5] Automotive Sector - The automotive sector saw widespread gains, with Li Auto (02015) rising by 4.54% to 112.8 HKD and Xpeng Motors (09868) up 3.87% to 81.8 HKD. The retail sales of new energy passenger vehicles reached 905,000 units in April, a year-on-year increase of 33.9% [6][5] Coal Sector - The coal sector showed positive movement, with China Coal Energy (01898) up 4.91% to 8.55 HKD. Despite recent price declines, analysts suggest that demand may improve as summer approaches [7] Notable Stock Movements - Tencent Music (01698) surged by 12.84% to 61.5 HKD, reporting Q1 2025 revenue of 7.36 billion RMB, with online music service revenue growing by 15.9% [8] - Smoore International (06969) reached a new high, increasing by 10.18% to 17.32 HKD, amid rising sales of new tobacco products [9] - MicroPort Scientific (02252) saw a decline of 8.12% to 16.52 HKD due to a share placement announcement [10] - Samsonite (01910) dropped by 8.58% to 14.06 HKD after reporting a 7.3% decrease in net sales for Q1 2025 [11]

Core Viewpoint - The stock market showed a collective rise with major indices increasing, indicating a positive market sentiment and potential investment opportunities in certain sectors [1]. Group 1: Market Performance - The three major stock indices closed higher: Shanghai Composite Index at 3403.95 points, up 0.86%; Shenzhen Component Index at 10354.22 points, up 0.64%; ChiNext Index at 2083.14 points, up 1.01% [1]. - The financial sector, particularly insurance and brokerage stocks, experienced significant gains, with notable stocks like Hongta Securities and Jinlong Co. hitting the daily limit [2][3]. Group 2: Sector Analysis - The shipping and chemical sectors saw substantial increases, with several stocks in the shipping industry reaching their daily limit, such as China National Offshore Oil Corporation, which surged by 30% [4]. - Conversely, the military industry faced a pullback, with stocks like Aerospace Electronics and Morningstar Aviation declining [5]. Group 3: Fund Flow Insights - Major funds showed a net inflow into transportation, basic chemicals, and non-ferrous metals sectors, while experiencing net outflows from power equipment, social services, and textile sectors [6]. - Specific stocks like Dongfang Fortune, China Ping An, and Kweichow Moutai saw net inflows of 1.943 billion, 0.947 billion, and 0.765 billion respectively [7]. - On the other hand, stocks such as Tuowei Information and Anhui Expressway faced significant sell-offs, with net outflows of 0.476 billion, 0.361 billion, and 0.299 billion respectively [8]. Group 4: Institutional Perspectives - According to Dongfang Securities, the market is returning to a phase of global fiscal expansion, with a recovery in risk appetite as safe-haven funds retreat [9]. - Galaxy Securities predicts a sideways trend for the index, while Tianfeng Securities emphasizes the importance of focusing on "AI + overseas + satellites" investment opportunities in the medium to long term [10].

Core Insights - The leading Chinese securities firms are accelerating their strategic layout for Hong Kong IPOs, supported by coordinated domestic and foreign policies [1] - The performance of the brokerage industry is expected to significantly recover in 2024, driven by favorable policies, increasing proprietary income, and a low base effect from 2023 [1] - In 2025, continued market recovery is anticipated, with increases in stock trading volume, financing balance, and equity fund issuance, which will further boost wealth management income for brokerages [1] Industry Summary - Major brokerages are expected to see a substantial year-on-year increase in net profit in Q1 2025, with a 92% rise in net profit attributable to shareholders and a 51% increase in net profit excluding non-recurring items [1] - Three main trends are highlighted: 1. Continued expansion of total assets driven by financial investment scale, though there is a divergence in leverage ratios [1] 2. Growth in investment contributions, with major brokerages experiencing a general increase in investment-related income, indicating strong elasticity [1] 3. Recovery of light capital businesses, with a 71% year-on-year increase in average daily stock fund transaction volume and improvements in brokerage net income and investment banking net income [1] Future Outlook - The political bureau's meeting has set the tone for a stable and active capital market, with expectations for continued supportive policies for the capital market [1] - Attention is drawn to leading brokerages with strong balance sheet management and stable performance growth, as well as structural opportunities related to mergers and acquisitions [1] Related Companies - Companies with significant AH price differences include China International Capital Corporation (03908), CITIC Securities (06030), Everbright Securities (06178), CITIC Jiantou Securities (06066), Hongye Futures (03678), and GF Securities (01776) [2]

Core Insights - The securities sector is experiencing a strong rally, with notable stocks like Hongta Securities hitting the daily limit, and others such as Jinlong Co., GF Securities, and Huatai Securities also seeing significant gains. The Securities ETF (512880) rose over 2% with a trading volume exceeding 1.3 billion yuan [1]. Industry Developments - Recent policies from the China Securities Regulatory Commission (CSRC) aim to shift the focus from scale to returns, promoting high-quality development in the public fund sector. This includes enhancing long-term assessments of investor gains and losses, reforming compensation structures to link pay with performance, and emphasizing the importance of research and investment teams [1]. - According to a report from Guojin Securities, fund companies with advantages in ETFs and underweight stocks are expected to benefit from these developments. Huatai Securities also reported that the net profit attributable to the parent company of major brokerages in Q1 2025 increased significantly by 92% year-on-year, with non-recurring net profit up by 51% year-on-year, indicating strong resilience and growth potential in the securities sector [1]. Investment Opportunities - The Securities ETF (512880.SH), which tracks the securities company index (399975.SZ), is closely linked to the overall performance of the securities industry. This index includes major stocks such as Dongfang Wealth, CITIC Securities, Haitong Securities, Huatai Securities, and Guotai Junan, providing a comprehensive reflection of market dynamics in the securities sector. Investing in the Securities ETF allows investors to conveniently participate in the investment opportunities within the securities industry and benefit from its growth [1].

廣發証券股份有限公司 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（第四期）票面利率公告》。茲載列如下，僅供參 閱。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1776） 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。 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。 GF SECURITIES CO., LTD. 海外監管公告 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5月13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。 证券代码：524272 证券简称：25 广发 D ...