GF SECURITIES CO., LTD. 廣發証券股份有限公司 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。 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 )及中國報章刊發的《廣發証券股份有限公司關 於持股5%以上股東非公開發行可交換公司債券辦理完成部份股份擔保及信託登記 的公告》。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） 广发证券股份有限公司 关于持股 5%以上股东非公开发行可交换公司债券 办理完成部分股份担保及信托登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 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 19日 於本公告日期，本 ...

Group 1: Wealth Management Business - The company focuses on high-quality development and digital transformation in wealth management, emphasizing high-quality client groups and efficient online operations [2] - It aims to enhance multi-asset allocation capabilities and improve the comprehensive service system for institutional clients [2] - The company is committed to building AI service functions and promoting the application of wealth management AI models [2] - Compliance is a priority, with a strict adherence to regulatory standards [2] Group 2: Investment Banking Business - The company serves the real economy's high-quality development and acts as a "gatekeeper" for capital markets [3] - It strengthens industry resources and professional capabilities, focusing on industrial and technology investment banking [3] - The company is enhancing its cross-border collaboration and talent development to support Chinese enterprises' overseas expansion [3] - Digital transformation and risk management are key areas of focus for improving operational efficiency [3] Group 3: Derivatives Business - As a primary dealer in over-the-counter derivatives, the company leverages its pricing and trading expertise to enhance product offerings [3] - It aims to provide asset allocation and risk management solutions for institutional clients through innovative strategies [3] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management [3] - The company is building a diverse product supply system and enhancing its brand in asset management [3] - As of September 2025, the public fund management scale of Guangfa Fund and E Fund ranks third and first in the industry, respectively, excluding money market funds [4] Group 5: Compliance and Communication - The company ensures accurate and timely information disclosure, adhering to regulatory requirements [4] - There were no incidents of undisclosed significant information leaks during the investor communication process [4]

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]

Core Viewpoint - Zhejiang Jiaokao is actively planning its "14th Five-Year" development strategy, focusing on five major business segments to become a leading enterprise in new infrastructure [1] Group 1: Business Development - The company aims to optimize its business structure and enhance its capabilities in transportation infrastructure, urban construction, comprehensive maintenance, transportation manufacturing, and related industries [1] - As of September 2025, Zhejiang Jiaokao secured 801 new orders totaling 66.569 billion, a year-on-year increase of 20.20%, driven by expanded market efforts both domestically and internationally [1] - Key projects include significant highway contracts, indicating a strong order acquisition trend [1] Group 2: Maintenance Business - The company has developed strong professional and scale advantages in county-level maintenance, leading to good growth in maintenance business revenue and new orders [2] - For the first three quarters of 2025, Zhejiang Jiaokao reported a revenue of 31.418 billion, a year-on-year increase of 2.50%, maintaining a steady growth trend [2] - The net cash flow from operating activities improved significantly to -0.791 billion, attributed to advance payments from new projects and enhanced project fund management [2] Group 3: Future Development Strategy - The company plans to expand its industrial chain through mergers and acquisitions, focusing on three dimensions: enhancing the industrial chain, breaking through regional market limitations, and entering new infrastructure and technology sectors [2] - The core logic for mergers and acquisitions includes expanding qualifications, regional expansion, and strengthening the supply chain [2] Group 4: Industry Outlook - In 2024, Zhejiang's total transportation investment is expected to reach 409.3 billion, a year-on-year increase of 9.6%, with significant contributions from road and waterway investments [3] - The company is well-positioned to benefit from provincial infrastructure orders and is actively pursuing maintenance business to contribute additional profits [3]

Core Viewpoint - The key challenge for technology finance in the next phase is transitioning from point innovations (0 to 1) to scalable and replicable innovations (1 to N), which will create systematic advantages and support the construction of a modern industrial system [1] Group 1: Challenges in Technology Finance - Current technology finance services face five major challenges: non-standardization, unprofitability, light assets, high uncertainty, and long cycles [1] - There is a call for the financial system to implement precise policies that provide "technology capital" which understands technology, knows the industry, is good at pricing, can manage risks, and can allocate resources effectively [1] Group 2: Innovation and Capitalization Cycle - The essence of technology finance is to transform technological innovations into sustainable capital returns, which in turn drives the next round of innovation, forming a virtuous cycle of "innovation-capitalization-reinnovation" [1]

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]

Core Points - The Zhejiang Securities Regulatory Bureau issued a warning letter to Shen Yu for promoting and selling financial products not issued or sold by GF Securities Co., Ltd. and obtaining improper benefits [1][5] - Shen Yu's actions violated multiple regulations, including the Securities Company Sales of Financial Products Management Regulations and the Supervision Management Measures for Directors, Supervisors, Senior Management, and Practitioners of Securities Fund Management Institutions [1][5] Regulatory Framework - According to the Securities Company Sales of Financial Products Management Regulations, personnel engaged in the sale of financial products must have securities qualifications and comply with management regulations [2] - Violations of these regulations can lead to regulatory measures or administrative penalties from the China Securities Regulatory Commission (CSRC) [2] - The Supervision Management Measures for Directors, Supervisors, Senior Management, and Practitioners of Securities Fund Management Institutions prohibit various forms of misconduct, including using one's position for personal gain and engaging in activities that create conflicts of interest [3][4] Consequences - The Zhejiang Securities Regulatory Bureau decided to issue a warning letter to Shen Yu, which will be recorded in the securities and futures market integrity database [1][5] - Shen Yu is required to enhance compliance awareness and standardize business practices to prevent future violations [5]

Core Insights - The upcoming "2025 15th Listed Company Reputation List" is approaching a critical voting phase, with public and institutional voting set to begin in one week [1] - A panel of 24 leading securities firms and 10 top private equity firms has been assembled to provide authoritative evaluations for the awards [1] Group 1: Securities Firms - The reputation list has gathered over 20 powerful securities research institutions, including prominent names like GF Securities, China Merchants Securities, and Tianfeng Securities [2] - Among the 24 securities firms, 17 are publicly listed, and their performance in the first three quarters of 2025 has shown explosive growth, becoming a core driver of industry profitability [2] - GF Securities and China Merchants Securities both surpassed 10 billion yuan in revenue for the first three quarters, with GF Securities achieving 26.164 billion yuan, ranking fourth among securities firms [2] - 16 of the listed firms reported double-digit revenue growth year-on-year, with Guolian Minsheng Securities leading with a remarkable 201.17% increase [2] Group 2: Research Strength - The securities firms not only demonstrate strong financial performance but also have proven research capabilities, with GF Securities recognized as a leading institution in industry research and ESG practices [3] - Tianfeng Securities has developed a comprehensive research system that integrates policy analysis, expert insights, surveys, and data science, earning multiple accolades for its research team [3] - The combination of robust performance and recognized research excellence provides credible authority to the voting process for the reputation list [3] Group 3: Private Equity Firms - The panel includes 10 private equity firms, such as Zhongyang Investment and Xing Shi Investment, which cover various investment strategies and have substantial asset management scales [4] - These private equity firms are characterized by precise market analysis and diverse investment strategies, making them essential contributors to the evaluation process [4] - Xing Shi Investment, a pioneer in the hundred-billion private equity sector, employs an advanced investment research model and focuses on fundamental analysis to drive investment decisions [4] - Inno Asset, a leader in quantitative investment, utilizes statistical methods to analyze market patterns, offering a rich array of investment strategies [4][5] Group 4: Overall Evaluation Strength - The combination of over 20 securities firms with strong performance and research capabilities, alongside 10 private equity firms with precise strategies, creates a highly credible evaluation panel for the reputation list [6] - The intersection of professional insights and public recognition is anticipated to reveal the true industry benchmarks for reputation [6]

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 ...