Core Insights - The bond issuance by securities firms has significantly increased this year, with a total of 1.6 trillion yuan raised, marking a year-on-year growth of 62.34% [1][2] Group 1: Bond Issuance Trends - Securities firms are actively issuing bonds to enhance capital strength and market competitiveness, with 73 firms having issued bonds totaling 1.6 trillion yuan as of November 12 [1] - Major firms leading in bond issuance include China Galaxy with 126.9 billion yuan, Huatai Securities with 121.9 billion yuan, and others like Guotai Junan, GF Securities, and CITIC Securities [2] Group 2: Factors Driving Bond Issuance - The increase in bond issuance is driven by multiple factors, including abundant market liquidity, low interest rates, and the need for firms to strengthen capital to support business growth [2] - The launch of the "Technology Board" in the bond market has also contributed to the growth in bond issuance by securities firms [2] Group 3: Use of Raised Funds - The funds raised through bond issuance are primarily used for repaying maturing debts and supplementing operational liquidity, which is crucial for the stable operation and business expansion of securities firms [3] Group 4: Technology Bonds - Since the introduction of the "Technology Board" in May, 45 securities firms have issued 58 technology bonds, raising a total of 78.97 billion yuan, with high investor interest reflected in an average oversubscription rate of 3.8 times [4] - Leading firms in technology bond issuance include China Merchants Securities with 15 billion yuan and Guotai Junan with 13.9 billion yuan [4] Group 5: Market Development and Services - Securities firms are enhancing their roles in the technology bond market by providing liquidity and underwriting services, with 76 firms participating in underwriting, totaling 823.688 billion yuan [4][6] - The complexity of technology bond services is pushing firms to upgrade their core service capabilities, creating competitive advantages in the market [6]

债券代码：148121 债券简称：22 广发 C3 债券代码：148122 债券简称：22 广发 C4 广发证券股份有限公司 关于"22 广发 C3"付息兑付暨摘牌、 "22 广发 C4"付息的公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 由广发证券股份有限公司（以下简称"本公司"）发行的广发证券股份有限 公司 2022 年面向专业投资者公开发行次级债券（第二期）（以下简称"本期债 券"）将于 2025 年 11 月 14 日支付本期债券品种一"22 广发 C3"自 2024 年 11 月 14 日至 2025 年 11 月 13 日期间的利息及其本金，支付本期债券品种二"22 广发 C4"自 2024 年 11 月 14 日至 2025 年 11 月 13 日期间的利息。为确保付息 兑付工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：广发证券股份有限公司 2022 年面向专业投资者公开发行次级 债券（第二期） 2、债券简称及代码：本期债券品种一简称为"22 广发 C3"，债券代码为 "148121"；本期债券品种 ...

债券代码：148942 债券简称：24 广发 Y2 广发证券股份有限公司 2024 年面向专业投资者公开发行永续次级债券（第二期） 2025 年付息公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 由广发证券股份有限公司（以下简称"本公司"）发行的广发证券股份有限 公司 2024 年面向专业投资者公开发行永续次级债券（第二期）（以下简称"本期 债券"）将于 2025 年 11 月 14 日支付 2024 年 11 月 14 日至 2025 年 11 月 13 日 期间的利息。为确保付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：广发证券股份有限公司 2024 年面向专业投资者公开发行永续 次级债券（第二期） 2、债券简称与代码：本期债券简称为"24 广发 Y2"，债券代码为"148942"。 3、债券发行批准机关及文号：中国证券监督管理委员会证监许可〔2022〕 2895 号文。 4、发行期限、规模和利率：本期债券发行期限为 5+N 年，发行规模为 21 亿 元，票面利率为 2.50%。 5、起息日：2024 年 ...

Group 1: Industry Development Perspective - The Chinese capital market is currently in a phase focused on "high-quality development," emphasizing the construction of a financial powerhouse as a national strategy [2] - Regulatory measures are being implemented to enhance market stability and promote high-quality development, focusing on risk prevention and strong regulation [2] - Key strategies include building a capital market ecosystem that supports comprehensive innovation and enhancing investor protection [2] Group 2: Wealth Management Business - The company is committed to being a responsible wealth manager, focusing on high-quality clientele and efficient online operations [4] - There is a strong emphasis on transitioning to a buyer-oriented advisory model and enhancing multi-asset allocation capabilities [4] - The company is integrating AI services to improve customer experience and operational efficiency [4] Group 3: Public Fund Industry - The public fund industry is experiencing steady growth, with total net assets reaching CNY 36.74 trillion by September 2025, an increase of 11.93% from the end of 2024 [5][6] - The introduction of policies aimed at promoting high-quality development in the public fund sector is enhancing service quality and investor returns [5] Group 4: Investment Banking Business - The company aims to support the high-quality development of the real economy and enhance its role as a direct financing service provider [6] - There is a focus on building capabilities in key industry sectors and strengthening market positions in regions like the Greater Bay Area and Yangtze River Delta [6] - The company is advancing its digital transformation and risk management practices to ensure stable growth [6]

Group 1: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, leveraging resources to create a diverse product supply system [2] - As of September 2025, the public fund management scale of Guangfa Fund and E Fund, excluding money market funds, ranks 3rd and 1st in the industry, respectively [2] Group 2: Wealth Management Business - The company focuses on high-quality customer management and efficient online operations, enhancing customer base and standardized operations [3] - It is accelerating the transition to buy-side investment advisory and improving multi-asset allocation capabilities [3] - The company is implementing AI service functions and promoting the application of wealth brokerage AI models [3] Group 3: Derivatives Business - As a primary dealer in the OTC derivatives market, the company strengthens team and system development, focusing on product creation and risk management solutions for institutional clients [4] Group 4: Investment Banking Business - The company aims to support the high-quality development of the real economy and enhance its role as a service provider for direct financing [5] - It is deepening its presence in key regions like the Greater Bay Area and Yangtze River Delta, while promoting cross-border collaboration [5] - The company is advancing its digital transformation and risk management capabilities to ensure stable development [5]

Core Viewpoint - Guangfa Securities (01776) announced the issuance of subordinated bonds aimed at professional investors, with specific details on interest payments and bond maturity dates [1] Group 1: Bond Issuance Details - The first bond type "22 Guangfa C3" has a term of 3 years, with an issuance scale of 2 billion yuan and a coupon rate of 2.86% [1] - The second bond type "22 Guangfa C4" has a term of 5 years, with an issuance scale of 500 million yuan and a coupon rate of 3.20% [1] Group 2: Interest Payments - For the bond type "22 Guangfa C3", the interest payment per hand (face value 1,000 yuan) will be 1,028.60 yuan (including tax) [1] - For the bond type "22 Guangfa C4", the interest payment per hand (face value 1,000 yuan) will be 32.00 yuan (including tax) [1] Group 3: Maturity and Redemption - The bonds will be redeemed on November 14, 2025, with "22 Guangfa C3" being delisted on the same date [1]

Core Points - The company, GF Securities, announced the issuance of its second phase of subordinated bonds aimed at professional investors, which will pay interest and principal on November 14, 2025 [1] - The bond type "22 GF C3" has a coupon rate of 2.86%, with a total interest distribution of RMB 1,028.60 per hand (face value of RMB 1,000), and after tax, the actual interest received by individual and fund bondholders is RMB 1,022.88 [2] - The bond type "22 GF C4" has a coupon rate of 3.20%, with an interest distribution of RMB 32.00 per hand (face value of RMB 1,000), and after tax, the actual interest received by individual and fund bondholders is RMB 25.60 [2]

Core Points - Guangfa Securities (01776) announced the issuance of subordinated bonds aimed at professional investors, with two bond types: "22 Guangfa C3" and "22 Guangfa C4" [1] - The "22 Guangfa C3" bond has a 3-year term with a total issuance scale of 2 billion RMB and a coupon rate of 2.86%, while the "22 Guangfa C4" bond has a 5-year term with a total issuance scale of 500 million RMB and a coupon rate of 3.20% [1] - Interest payments for "22 Guangfa C3" will be 1,028.60 RMB (including tax) per 1,000 RMB face value, and for "22 Guangfa C4," it will be 32.00 RMB (including tax) per 1,000 RMB face value [1] Summary by Category Bond Issuance - Guangfa Securities issued subordinated bonds for professional investors, with "22 Guangfa C3" and "22 Guangfa C4" as the two types [1] - The total issuance scale for "22 Guangfa C3" is 2 billion RMB, while "22 Guangfa C4" is 500 million RMB [1] Terms and Rates - "22 Guangfa C3" has a 3-year term and a coupon rate of 2.86% [1] - "22 Guangfa C4" has a 5-year term and a coupon rate of 3.20% [1] Interest Payments - Interest for "22 Guangfa C3" will be 1,028.60 RMB per 1,000 RMB face value [1] - Interest for "22 Guangfa C4" will be 32.00 RMB per 1,000 RMB face value [1]

Core Viewpoint - Guangfa Securities announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance size of 2.1 billion RMB and a coupon rate of 2.50% [1] Group 1: Bond Issuance Details - The bonds, referred to as "24 Guangfa Y2," will pay interest on November 14, 2025, for the period from November 14, 2024, to November 13, 2025 [1] - Each bond with a face value of 1,000 RMB will distribute an interest payment of 25.00 RMB (including tax) [1]

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。 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。 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） 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關於「22廣發 C3」付息兌付暨摘牌、「22廣發C4」付息的公告》。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。 债券代码：148121 债券简称：22 广发 C3 ...