Core Insights - The capital market has shown positive trends this year, with active investment and financing, particularly through private placements (定增) which have become a significant fundraising method for listed companies [1] - The total amount raised through private placements in A-shares has increased by over 375% year-on-year, providing more business opportunities for securities firms [1][2] Group 1: Market Performance - As of December 25, 153 listed companies have implemented private placements, raising a total of 814.25 billion yuan, marking a year-on-year increase of 375.14% [2] - Major banks such as China Bank, Postal Savings Bank, and others have led the market in fundraising, collectively raising 520 billion yuan [2] - The surge in the private placement market is attributed to multiple factors, including policy support, macroeconomic recovery, and strong investor confidence [2] Group 2: Securities Firms' Involvement - A total of 33 securities firms have participated in private placements this year, with CITIC Securities sponsoring 17 companies and earning 209 million yuan in underwriting and advisory fees [2] - Securities firms have engaged in 141 instances of private placements, with a total investment of 10.742 billion yuan, reflecting a year-on-year growth of 69.65% [3] - Leading firms like GF Securities and Guotai Junan have been actively involved, with GF participating in 38 placements and investing 2.735 billion yuan [3] Group 3: Investment Trends and Outcomes - The private placements have attracted significant interest from securities firms, which have utilized their research capabilities to select quality investment targets, thereby boosting market confidence [3] - Among the 69 companies that received investments, several have seen their stock prices double compared to their placement prices, indicating strong market performance post-placement [4] - The semiconductor industry has been a focal point, with 9 companies in this sector participating in private placements, reflecting the industry's growth potential [4]

Core Viewpoint - The increasing number of dissenting votes from H-share shareholders at various A+H listed companies indicates a growing concern over ESG (Environmental, Social, and Governance) standards, reflecting a shift in the importance of ESG from a supplementary factor to a prerequisite for engaging with global capital markets [3][4][5]. Group 1: Dissenting Votes in H-share Meetings - Numerous H-share shareholder meetings have seen significant opposition to ordinary resolutions, with dissenting votes reaching 3.08 billion shares (12.02%) at China Energy Construction and 1.21 billion shares (16.08%) at GF Securities [4]. - At China Telecom's meeting, two resolutions received 4.37 billion dissenting votes, exceeding 20% of the total [5]. - The trend of high dissenting votes has been persistent, with companies like Huatai Securities and Huaneng International also facing substantial opposition [6]. Group 2: ESG Concerns and Standards - Foreign investment institutions are increasingly critical of the ESG content in Chinese companies' reports, viewing dissenting votes as a statement on corporate governance [3][7]. - The disparity in ESG standards between domestic and international expectations poses a dual challenge for Chinese companies, as they must meet both international rating requirements and local policy directives [3][9]. - The MSCI research indicates that companies with lower ESG ratings face higher financing costs, with a difference of approximately 1.1 percentage points between the highest and lowest rated firms [8]. Group 3: Challenges in ESG Reporting - There is a perception among some overseas institutions that Chinese companies' ESG evaluations are biased, often focusing on documentation rather than practical actions [10]. - The Future Vision report highlights that 73.6% of Chinese companies lag in governance and behavior issues compared to a global average of 44.7%, indicating a significant gap in ESG performance [11]. - The need for a unified and industry-adapted disclosure standard is emphasized, with suggestions for collaborative governance among government, regulatory bodies, investment institutions, and companies to enhance ESG reporting quality [12][13]. Group 4: Progress in A-share ESG Reporting - A-share companies have made significant strides in ESG governance, with the disclosure rate of ESG reports increasing from 34.86% in 2022 to 41.51% in 2023, and projected to reach 46.34% in 2024 [14][15]. - The regulatory framework has evolved, with new guidelines promoting sustainable development reporting and aligning with international climate change disclosure requirements [14]. - Companies are shifting their perspective on ESG from viewing it as a cost to recognizing its potential as a capital-generating asset [15].

Core Viewpoint - The report from GF Securities projects that the adjusted net profit of Hu Shang A Yi (02589) will reach 560 million, 640 million, and 760 million yuan for the years 2025 to 2027 respectively, indicating a clear growth strategy and strong resilience against economic cycles [1][6]. Group 1: Company Growth and Strategy - Hu Shang A Yi has become the second brand in the mid-priced ready-to-drink tea segment to reach 10,000 stores since its establishment in 2013, benefiting from the takeout market starting in May 2025 [2][6]. - The company has improved its user acquisition and retention capabilities, with expectations for its main brand to maintain resilience in same-store performance [2][6]. Group 2: Market Position and Expansion - Hu Shang A Yi holds a significant market position in Northern China, with 4,784 stores by the end of 2024, which is approximately 1,900 more than the second-ranked brand, capturing 52.1% of the market share [7]. - The investment model is characterized by low initial costs for franchisees, with an average startup cost of 275,000 yuan, lower than the industry average of 350,000 yuan, leading to a 98% renewal rate among franchisees in 2024 [7]. Group 3: Product Innovation and Consumer Engagement - The company actively responds to consumer demands by launching 136 new products in the first half of 2025, achieving 15.8 million active members and a quarterly repurchase rate of 40.6% [8]. - In 2025, Hu Shang A Yi is restructuring its coffee product line, anticipating that coffee will contribute to same-store sales growth alongside baked goods [8]. Group 4: Tea Waterfall and International Expansion - The Tea Waterfall brand, priced below 10 yuan, has gained popularity in towns and universities, with over 1,000 signed and operating stores [11]. - Hu Shang A Yi has opened stores in the United States and South Korea, focusing on economically developed countries, with positive performance reported [11].

Core Viewpoint - Guangfa Securities has given a "Buy" rating for Hu Shang A Yi (02589), estimating a reasonable value of HKD 121.32 per share based on a projected PE ratio of 18 times for 2026, with adjusted net profits expected to reach CNY 5.6 billion, 6.4 billion, and 7.6 billion for the years 2025 to 2027 respectively [1][2]. Group 1 - Hu Shang A Yi has become the second brand in the mid-priced ready-to-drink tea segment to reach 10,000 stores since its establishment in 2013, benefiting from the takeout competition and showing strong same-store GMV performance [2]. - The company has a clear development strategy with rapid growth in its core business in China, and it has room for expansion in both new and existing stores, supported by its two wings: Tea Waterfall and overseas markets [1][2]. Group 2 - Hu Shang A Yi holds a significant advantage in the northern region, with 4,784 stores by the end of 2024, accounting for 52.1% of the market share among mid-priced ready-to-drink tea brands, which is substantially higher than other top brands [3]. - The investment model is characterized by low initial costs for franchisees, with an average initial investment of CNY 275,000, which is lower than the industry average, leading to a high renewal rate of 98% for franchisees [3]. Group 3 - The company actively responds to consumer demands by launching new products, introducing 136 new items in the first half of 2025, and achieving a quarterly active membership of 15.8 million with a repurchase rate of 40.6% [4]. - The company is restructuring its coffee product line, expecting it to contribute to same-store sales growth alongside its tea offerings [4]. Group 4 - Tea Waterfall is experiencing rapid growth, with over 1,000 signed and operating stores, and its core products priced below CNY 10, appealing to consumers in towns and universities [5]. - The company has begun international expansion, opening stores in the United States and South Korea, focusing on economically developed countries, with positive performance reported [5].

Group 1 - The fund is named "Guotai Shanghai Stock Exchange Sci-Tech Innovation Board 200 Exchange-Traded Open-Ended Index Securities Investment Fund" and has been approved for registration by the China Securities Regulatory Commission [15][16] - The fund is classified as an equity fund and operates as an exchange-traded fund [16][17] - The fund's initial fundraising cap is set at 2 billion RMB, excluding interest and subscription fees [6][26] Group 2 - The fundraising period is from January 5, 2026, to January 13, 2026, with options for online and offline cash subscriptions [2][25] - Investors can subscribe multiple times during the fundraising period, with no limit on the total subscription amount for individual investors [5][29] - The fund will be managed by Guotai Fund Management Co., Ltd., with China Bank as the custodian [1][58] Group 3 - The fund aims to closely track its benchmark index, minimizing tracking deviation and error [20] - The fund's shares will be sold at a face value of 1.00 RMB each [19] - Investors must have a Shanghai Stock Exchange A-share account or a securities investment fund account to subscribe [40][41] Group 4 - The fund's subscription process includes specific procedures for both online and offline subscriptions, with detailed requirements for investors [45][48] - The fund's assets will be held in a dedicated account during the fundraising period, and any interest generated will be allocated according to specific rules [54][56] - The fund's contract will become effective upon meeting certain conditions, including a minimum of 200 investors and a total subscription of at least 200 million RMB [26][56]

Meeting Details - The third extraordinary general meeting of shareholders was held on December 23, 2025, at 14:30 [2] - The meeting took place at the 40th floor of Guangfa Securities Building, Guangzhou [3] - Voting was conducted through a combination of on-site and online methods [3] Attendance - A total of 1,047 shareholders and authorized representatives attended the meeting, representing 4,285,919,257 shares, which is 56.35% of the total voting shares [4] - Among them, 1,044 A-share shareholders represented 3,412,378,759 shares, accounting for 44.87% of the total voting shares [4] - Three H-share shareholders represented 873,540,498 shares, which is 11.49% of the total voting shares [4] Proposal Review and Voting Results - All proposals at the third extraordinary general meeting were approved, with a voting method that combined on-site and online voting [8] - The proposals included amendments to the company's articles of association and the abolition of the supervisory committee [13][14] - The revised articles of association will take effect immediately upon approval [14] Legal Opinions - The legal opinions provided by Beijing Jiayuan Law Firm confirmed that the procedures for convening and conducting the meetings complied with relevant laws and regulations [15]

Group 1 - Over 60% of the top 10 domestic securities firms in China have chosen Tencent Cloud to build a new generation of domestic big data platforms [1] - Major institutions such as CITIC Securities, Guotai Junan, GF Securities, Galaxy Securities, CITIC Construction Investment, and CICC have partnered with Tencent Cloud's big data platform TDBS [1] - The collaboration aims to support the upgrade of data infrastructure in the AI era [1]

专题："业绩为王"时代来了，时隔三年公募绩效迎重大改革！近千名基金经理面临"降薪" 近期《基金管理公司绩效考核管理指引（征求意见稿）》（下称《指引》）面向行业征求意见，引发热 议。 指引中，对基金公司给股东的分红约束进行规定。指引要求，基金公司应据基金产品中长期业绩和投资 者盈亏情况，审慎确定分红频率与分红比例。对于过去三年基金产品业绩不佳、投资者亏损较大的，应 当适当降低分红频率与分红比例。 根据广发证券2024年报数据，广发基金营业收入72.60亿元，净利润20.00亿元。广发证券持有广发基金 54.53%的股权，获得了4.61亿元的分红。即广发基金给股东的分红总额为8.46亿元，分红率为42.30%。 依此类推，近十年（从2015到2024），广发基金累计净利润147.70亿元，累计给股东分红67.42亿元。近 十年广发证券累计从广发基金获得分红37.88亿元。 | | | | 发基金分红情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | 年份 | 广发证券 | 广发证券 | 广发基金 | 广发基金 | 广发基金 | 广发基金 | | | 获 ...

廣發証券股份有限公司章程 2025年12月 （已經公司2025年第三次臨時股東大會、2025年第二次A股類別股東大會及 2025年第二次H股類別股東大會審議通過） # 本公司章程的原始版本為中文，其英文版本為中文版本的譯本。若章程中英版本存有任何歧義， 應以中文版本為準。 1 | | | | 第一章 | 總則 4 | | --- | --- | | 第二章 | 經營宗旨和範圍 7 | | 第三章 | 股份 8 | | 第一節 | 股份發行 8 | | 第二節 | 股份增減和回購 11 | | 第三節 | 股份轉讓 13 | | 第四節 | 股權管理事務 14 | | 第四章 | 股東和股東會 18 | | 第一節 | 股東 18 | | 第二節 | 股東會的一般規定 26 | | 第三節 | 股東會的召集 30 | | 第四節 | 股東會的提案與通知 32 | | 第五節 | 股東會的召開 35 | | 第六節 | 股東會的表決和決議 40 | | 第五章 | 董事和董事會 46 | | 第一節 | 董事 46 | | 第二節 | 獨立董事 51 | | 第三節 | 董事會 60 | | 第四節 | 董事會專 ...

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） 2025年第三次臨時股東大會、2025年第二次A股類別股東大會 及2025年第二次H股類別股東大會投票表決結果 會議的正式召集和召開符合《公司法》、相關法律法規、本公司上市地之上市規則 及《公司章程》的有關規定。臨時股東大會及A股類別股東大會通過現場投票和網 絡投票（僅適用於A股股東）相結合的方式進行表決，H股類別股東大會通過現場 投票方式進行表決，表決方式符合法律法規及《公司章程》的有關規定。 本公司在任第十一屆董事會董事11人，均出席了會議。在任第十一屆監事會監事 5人，均出席了會議。管理層成員與董事會秘書出席了會議。 修訂《公司章程》 及 不再設監事會及監事 廣發証券股份有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司於2025年 12月23日（星期二） ...