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 ...

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《關於延長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）簿記建檔時間的公告》。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 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。 关于延长广发证券股份有限公司 20 ...

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 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。 债券代码：148286 债券简称：23 广发 Y3 广发证券股份有限公司 2023 年面向专业投资者公开发行永续次级债券（第三期） 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2023年面向 ...

Group 1: Business Advantages - The company adheres to national strategies and actively integrates into the new development pattern, serving the real economy with a dual focus on quality and quantity [2] - It maintains a strong corporate culture and a commitment to professional development, focusing on core responsibilities and business areas [2] - The company has a comprehensive business system with balanced structures across investment banking, wealth management, trading, and institutional investment management, holding full business licenses [2] Group 2: Wealth Management Business - As of December 2024, the company’s financial product distribution scale exceeded 260 billion CNY, representing a growth of approximately 22% compared to the previous year [3] - The company emphasizes high-quality client engagement and efficient online operations, integrating both online and offline strategies [3] - It is committed to compliance and risk management, ensuring that business expansion aligns with investor interests [3] Group 3: Investment Banking Business - The company focuses on serving the real economy and adheres to national strategies and regulatory requirements [4] - It aims to enhance its competitive edge in key regions, particularly the Greater Bay Area, by strengthening resource accumulation and client development [4] - The company is accelerating its digital transformation in investment banking while ensuring quality control throughout the process [4] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, with a focus on providing diverse and strategically superior products [5] - As of the end of 2024, the company’s public fund management scale ranks third in the industry, while its partner fund ranks first [6] - The company is enhancing its research and investment capabilities to improve active management and expand its product offerings [5]

Core Viewpoint - The report from GF Securities indicates that the net interest margin (NIM) of listed banks will continue to narrow in 2024 and Q1 2025, with a consensus in the industry regarding the decline in asset-side yields. However, improvements in liability-side costs are expected to support a gradual stabilization of the NIM decline, with an overall better performance anticipated in 2025 compared to 2024 [1][4]. Asset Side Analysis - The yield on interest-earning assets for 42 listed banks in 2024 is projected to be 3.37%, reflecting a year-on-year decline of 28 basis points. Specifically, the loan yield is expected to be 3.72% (down 40 basis points), while investment asset yields are at 3.10% (down 18 basis points) [2]. - The structure of interest-earning assets shows that investment assets account for 34.34% of total interest-earning assets (up 0.65 percentage points), while loans make up 55.55% (up 0.02 percentage points). The increase in the proportion of investment and loan assets has a limited positive effect on overall NIM [2]. Liability Side Analysis - The cost of interest-bearing liabilities for the same group of banks is expected to be 1.98% in 2024, down 12 basis points year-on-year. The deposit cost is projected at 1.80% (down 15 basis points) [3]. - The structure of interest-bearing liabilities indicates that deposits account for 72.49% (up 0.24 percentage points), with a continuing trend towards the regularization of deposits. The proportion of interbank liabilities is 11.58% (down 0.35 percentage points) [3]. Future Outlook - For the full year of 2025, the NIM decline is expected to stabilize gradually, with an overall performance better than in 2024. The report highlights that the pressure from the three LPR cuts in 2024 will be concentrated in Q1 2025, alongside a batch reduction in existing mortgage rates [4]. - The current monetary and fiscal policies are expected to work in tandem, with the central bank's recent announcements indicating a clear intention to support NIM through measures such as rate cuts and self-discipline mechanisms for deposit rates [4]. Investment Recommendations - GF Securities recommends focusing on return on equity (ROE) as a benchmark for expected returns in the banking sector, with specific emphasis on regional economic alpha and low investment income ratios as sources of sustained excess returns. The banks highlighted for investment include China Merchants Bank, Ningbo Bank, and Qingdao Bank [1].

Core Viewpoint - The report details the completion of the capital reduction registration and the amendment of the articles of association for GF Securities Co., Ltd, following the repurchase and cancellation of shares [2][4]. Group 1: Bond Issuance - GF Securities has issued multiple perpetual subordinated bonds and corporate bonds aimed at professional investors, including "22 GF Y1" (code: 149967), "22 GF Y2" (code: 148004), and "23 GF Y1" (code: 148192) among others [2][3]. - The company has planned further bond issuances for 2024 and 2025, including "24 GF Y1" (code: 148591) and "25 GF C1" (code: 524181) [3][4]. Group 2: Capital Changes - The company has completed the cancellation of 15,242,153 A shares, resulting in a reduction of registered capital by the same amount, changing the total registered capital from RMB 7,621,087,664 to RMB 7,605,845,511 [4]. - The company has obtained a new business license reflecting the updated registered capital after the cancellation of shares [4]. Group 3: Management and Oversight - Orient Securities, as the bond trustee, will continue to monitor the principal and interest repayment situations and other significant matters affecting bondholders' interests [5]. - The trustee will adhere to the regulations set forth in the "Company Bond Trustee Management Guidelines" and related agreements [5].

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（第四期）信用評級報告》。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。 广发证券股份有限公司 2025 年面向 专业投资 ...