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]

Core Points - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinated corporate bonds with a face value of up to 20 billion yuan [1] - The company plans to issue the fifth phase of subordinated bonds in 2025, with a maximum issuance scale of 3 billion yuan [1] - The final coupon rate for the bonds, named "25 Guangfa C7" with code 524544, has been set at 2.00% after a pricing inquiry conducted among professional institutional investors [1]

Core Points - Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue subordinated corporate bonds with a face value of up to 20 billion yuan [1] - The company plans to issue the sixth tranche of bonds under this approval, with a planned issuance scale of no more than 3 billion yuan [1] - The coupon rate for the bonds, referred to as "25 Guangfa C7" with bond code 524544, has been set at 2.00% after a pricing inquiry conducted among professional institutional investors [1]

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%。 智通财经APP讯，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)。 ...

特此公告。 （本页以下无正文） （本页无正文，为《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）票面利率公告》之签章页） 证券代码：524544 证券简称：25 广发 C7 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） 票面利率公告 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。 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 ...

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 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次級債券（第五期）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11月17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 2025 年面向专业投资者公开发行次级债券（第五期） 簿记建档时间的公告 广发证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行不 超过人民币 20 ...

关于延长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） 簿记建档时间的公告 广发证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行不 超过人民币 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）。 根据《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）发行公告》，发行人和主承销商于 2025 年 11 月 17 日 15:00-18:00 以簿记 建档的方式向网下专业机构投资者进行利率询价。 考虑到簿记建档当日市场情况，经发行人和簿记管理人协商一致，决定延长 本期债券发行时间，将簿记建档结束时间由 2025 年 11 月 17 日 18:00 延长至 2025 年 11 月 17 日 19:00。 特此公告。 （以下无正文） 主承销商：东方证券股份有限公司 年 月 日 （本页无正文，为《关于延长广发证券股份有限公司 2025 ...

Core Viewpoint - Guangfa Securities experienced a decline of 2.06% in stock price on November 17, with a trading volume of 6.92 billion yuan and a market capitalization of 170.22 billion yuan [1] Financial Performance - For the period from January to September 2025, Guangfa Securities reported a net profit of 10.934 billion yuan, marking a year-on-year increase of 61.64% [2] - The company has cumulatively distributed 39.604 billion yuan in dividends since its A-share listing, with 9.337 billion yuan distributed in the last three years [3] Stock Market Activity - The stock price of Guangfa Securities has increased by 42.46% year-to-date, but has seen a decline of 5.17% over the last five trading days and a slight decrease of 1.06% over the last 20 days [1] - The company has appeared on the trading leaderboard once this year, with a net buy of 2.06 billion yuan on September 29 [1] Shareholder Information - As of September 30, 2025, Guangfa Securities had 145,200 shareholders, a decrease of 12.76% from the previous period, with an average of 41,016 shares held per shareholder, an increase of 14.72% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and China Securities Finance Corporation, with notable changes in their holdings [3]

Core Viewpoint - The current recovery in the Hong Kong property market is driven by improved funding conditions and stronger economic expectations, which will enhance capital market sentiment and create a positive cycle between the stock and property markets [1][10]. Group 1: Market Dynamics - The rental yield in Hong Kong (3.6%) exceeds the mortgage rate (3.22%), while in mainland China's first-tier cities, the rental yield is below 2%, which is lower than the mortgage rate of 3.1% [2]. - The recent stabilization and recovery of Hong Kong property prices have raised concerns among some investors about potential capital outflows from the stock market due to the property market's recovery [2]. - Historical trends show that recoveries in overseas real estate markets do not typically lead to a substitution effect with stock markets, as seen in various global financial crises [4]. Group 2: Liquidity and Economic Factors - Hong Kong's stock market liquidity is primarily influenced by global macroeconomic factors, such as Federal Reserve policies, geopolitical issues, and mainland China's economic fundamentals, rather than the property market [10]. - The current recovery in the Hong Kong property market is linked to improved funding conditions and rising risk appetite, which are expected to further boost capital market sentiment [10]. Group 3: Policy and Economic Environment - The active property transactions in Hong Kong are supported by continuous policy easing, including tax reductions for non-local buyers and lower mortgage rates due to the Federal Reserve's interest rate cuts [13]. - The average rental yield in Hong Kong has surpassed 3.5% this year, enhancing the attractiveness of property investments [13]. Group 4: Investment Strategy - The current rise in Hong Kong stocks is underpinned by strong fundamentals, suggesting a barbell strategy in asset allocation, with a focus on dividend stocks and growth assets [15]. - There is potential for capital inflows into core assets with global competitive advantages, such as technology and renewable energy sectors, as liquidity improves in the Hong Kong stock market [15].

Group 1 - The announcement refers to a fund that has been modified according to the guidelines for asset management business by securities companies [1] - The fund is managed by GF Securities Co., Ltd., which will invest in money market instruments [2] - The estimated net income and annualized yield of the fund may fluctuate due to market volatility, and the manager reserves the right to adjust management fees accordingly [2] Group 2 - Investors can access relevant information through the management company's website or customer service hotline [1] - The announcement emphasizes that investing in the fund does not guarantee profits or minimum returns, and investors should carefully read legal documents before making investment decisions [3]