证券代码：000776 证券简称：广发证券 公告编号：2026-012 广发证券股份有限公司 广发证券股份有限公司董事会 二〇二六年三月二十八日 1 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。 广发证券股份有限公司（以下简称"公司"）定于2026年4月2日（星期四） 下午15:00-17:00在全景网举办2025年度业绩说明会。本次年度业绩说明会将采用 网络远程的方式举行，投资者可登陆全景网"投资者关系互动平台" （https://ir.p5w.net）参与本次年度业绩说明会。 出席本次年度业绩说明会的人员有：公司董事长、执行董事林传辉先生，执 行董事、总经理秦力先生，执行董事、常务副总经理、财务总监孙晓燕女士，独 立非执行董事黎文靖先生，董事会秘书尹中兴先生。 为充分尊重投资者，提升交流的针对性，现就公司2025年度业绩说明会提前 向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2026年4月1 日（星期三）12:00前访问https://ir.p5w.net/zj/，进入问题征集专题页面。公司将 在2025年度业绩说明会上，对投资者普遍关注的 ...

广发证券股份有限公司 2026 年面向专业投资者 （本页无正文，为《广发证券股份有限公司 2026 年面向专业投资者公开发行永 续次级债券（第二期）在深圳证券交易所上市的公告》之盖章页） 发行人：广发证券股份有限公司 年 月 日 2026 3 27 根据深圳证券交易所债券上市的有关规定，广发证券股份有限公司 2026 年 面向专业投资者公开发行永续次级债券（第二期）符合深圳证券交易所债券上市 条件，将于 2026 年 3 月 30 日起在深圳证券交易所上市，并面向专业机构投资者 交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。债 券相关要素如下： | 债券名称 | 广发证券股份有限公司 年面向专业投资者公开发 2026 | | | | | | --- | --- | --- | --- | --- | --- | | | 行永续次级债券（第二期） | | | | | | 债券简称 26 | 广发 Y2 | | | | | | 债券代码 | 524714 | | | | | | 信用评级 | 主体评级 AAA/债项评级 AAA | | | | | | 评级机构 | 中诚信国际信用评级有限责任 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry, specifically focusing on the international business of brokerage firms [1]. Core Insights - Multiple driving forces are converging, marking a strategic opportunity period for brokerage firms to expand internationally. This includes policy empowerment, market expansion, and profit optimization [5][11]. - The international business of brokerage firms is steadily advancing, with significant growth potential as contributions from overseas operations increase [30]. - Long-term growth opportunities remain abundant, with various business lines collaborating to unlock growth ceilings [11][30]. Summary by Sections 1. Multiple Driving Forces Converging - **Policy Empowerment**: National strategies and improved regulatory frameworks are solidifying the foundation for brokerage firms' international expansion. The central financial work conference emphasizes the necessity of cultivating first-class investment banks as a core task for building a financial powerhouse [11][12]. - **Market Expansion**: The Hong Kong IPO market is significantly expanding due to ongoing reforms, with 117 companies listed in 2025, raising HKD 286.3 billion, a 224.8% year-on-year increase [14][15]. - **Profit Optimization**: Overseas operations exhibit a notable return on equity (ROE) advantage compared to domestic businesses. For instance, in the first half of 2025, the ROE for major brokerage firms' overseas subsidiaries was significantly higher than their overall company ROE [25][26]. 2. Accelerated International Business Layout - **Contribution from Overseas Operations**: The contribution from international business is steadily increasing, with a compound annual growth rate of 20% from 2018 to 2024 for overseas revenue among selected listed brokerage firms [30]. - **Investment Income Dominance**: The revenue structure of overseas operations is primarily driven by investment income, supported by wealth management and investment banking services [30]. 3. Long-term Growth Potential - **Comparison with International Peers**: Chinese brokerage firms' international business revenue is currently only 25% of Goldman Sachs' overseas revenue, indicating substantial growth potential [11][30]. - **Development Opportunities Across Business Lines**: Various business lines are poised for development, with increasing demand for cross-border investment banking and wealth management services as Chinese enterprises expand internationally [11][30]. 4. Investment Recommendations - The report recommends focusing on leading brokerage firms with strong international business capabilities, such as CITIC Securities, CICC, Huatai Securities, and others, which are expected to benefit significantly from the internationalization trend [5][30].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry, specifically focusing on the international business of brokerage firms [1]. Core Insights - Multiple driving forces are converging, marking a strategic opportunity period for brokerage firms to expand internationally. This includes policy empowerment, market expansion, and profit optimization [5][11]. - The international business of brokerage firms is steadily advancing, with significant growth potential as contributions from overseas operations increase [30]. - Long-term growth opportunities remain abundant, with various business lines collaborating to unlock growth ceilings [11][30]. Summary by Sections 1. Multiple Driving Forces Converging - **Policy Empowerment**: National strategies emphasize the necessity for brokerage firms to expand internationally, with supportive policies being established to facilitate this transition [11][12]. - **Market Expansion**: The Hong Kong IPO market is significantly expanding due to ongoing reforms, providing ample opportunities for brokerage firms to engage in new markets [14][15]. - **Profit Optimization**: Overseas operations exhibit a notable return on equity (ROE) advantage compared to domestic businesses, driven by higher leverage and operational efficiency [19][22]. 2. Accelerated International Business Development - **Increasing Contribution from Overseas Operations**: The number of overseas subsidiaries has grown, with a focus on regions like Hong Kong and Southeast Asia, enhancing the overall revenue structure of brokerage firms [30]. - **Dominance of Investment Income**: Investment income is the primary revenue source for overseas operations, supported by wealth management and investment banking services [30][31]. 3. Long-term Growth Potential - **Comparative Gaps with Global Leaders**: Chinese brokerage firms still lag behind international leaders like Goldman Sachs in terms of international revenue, indicating substantial growth potential [11][30]. - **Development Opportunities Across Business Lines**: Various sectors within the brokerage industry are poised for growth, including cross-border investment banking and wealth management, driven by increasing demand for international services [11][30]. 4. Investment Recommendations - The report recommends focusing on leading brokerage firms with strong international business capabilities, such as CITIC Securities, CICC, Huatai Securities, and others, which are expected to benefit from the ongoing internationalization trend [5][30].

Core Viewpoint - China Pacific Insurance (00966) reported an unexpectedly strong annual report, with a 220.9% year-on-year increase in net profit attributable to shareholders for 2025 and a more than 250% increase in per-share dividend from HKD 0.35 to HKD 1.23 [1] Group 1: Financial Performance - The company significantly increased its dividend level, exceeding market expectations, reflecting management's confidence in future business growth and solvency [1] - Investment business profits grew by 150% year-on-year, while underwriting financial losses narrowed by 14%, leading to a notable improvement in investment performance [1] - Tax optimization led to a reduction in the tax rate from 42.2% to -9.5%, resulting in a substantial release of tax-exempt income [1] Group 2: Value Metrics - New business value (NBV) increased by 5.3%, with the new business value rate rising to 21.3% [1] - Embedded value (EV) grew by 19.8%, outpacing industry peers, with the positive contribution from investment deviations increasing from 1.1% to 8.6% [1] - The company's net assets increased by 33.9%, indicating continuous improvement in the balance sheet [1]

Core Viewpoint - China Pacific Insurance (00966) reported an unexpectedly strong annual report, with a projected 220.9% year-on-year increase in net profit attributable to shareholders by 2025, and a significant rise in dividend per share from HKD 0.35 to HKD 1.23, an increase of over 250% [1] Group 1: Financial Performance - The company significantly increased its dividend level, exceeding market expectations, reflecting management's confidence in future business growth and solvency [1] - Investment business profits grew by 150% year-on-year, while underwriting financial losses narrowed by 14%, leading to a notable improvement in investment performance [1] - Tax optimization led to a reduction in tax rate from 42.2% to -9.5%, resulting in a substantial release of tax-exempt income [1] Group 2: Value Metrics - New business value (NBV) increased by 5.3%, with the new business value rate rising to 21.3% [1] - Embedded value (EV) grew by 19.8%, outpacing industry peers, with the positive contribution from investment deviations rising from 1.1% to 8.6% [1] - The company's net assets increased by 33.9%, indicating continuous improvement in the balance sheet [1] Group 3: Valuation and Rating - According to the EV method, a valuation of 0.45 times PEV is assigned, corresponding to a fair value of HKD 29.34 per share, with a "Buy" rating given [1]

Group 1 - The Securities ETF Huashan (516200) opened down 0.91% at 0.982 yuan on March 27 [1][2] - Major holdings of the Securities ETF Huashan experienced declines, including Dongfang Wealth down 0.99%, CITIC Securities down 0.33%, and Guotai Junan down 0.78% [1][2] - The performance benchmark for the Securities ETF Huashan is the CSI All Share Securities Company Index return, managed by Huashan Fund Management Co., Ltd. [1][2] Group 2 - Since its establishment on March 9, 2021, the Securities ETF Huashan has returned -1.01%, with a return of -11.09% over the past month [1][2]

Group 1 - The core viewpoint of the report is that the increase in aluminum prices will enhance the profits of China Hongqiao (01378), with projected EPS for 2026-2028 being 3.31, 3.34, and 3.36 CNY per share, respectively. The company is assigned a 12x PE for 2026, leading to a fair value of 45.15 HKD per share, maintaining a "Buy" rating [1] Group 2 - In 2025, the company achieved a revenue of 162.4 billion CNY, a year-on-year increase of 4.0%, and a net profit attributable to shareholders of 22.6 billion CNY, up 1.2% year-on-year. The profit from joint ventures was 2.63 billion CNY, a significant increase of 50% [2] - The company maintained stable sales volumes for electrolytic aluminum products, with aluminum alloy, alumina, and deep-processed aluminum products sold at 5.82 million, 13.4 million, and 0.72 million tons, respectively, showing slight changes of -0.2%, +54%, and -3% year-on-year. The selling prices per ton for aluminum alloy and alumina were 18,217 CNY and 2,899 CNY, reflecting year-on-year changes of +4% and -15%, while the costs per ton were 13,034 CNY and 2,256 CNY, with year-on-year changes of -1% and -18%. The gross profit per ton for aluminum alloy and alumina was 5,183 CNY and 643 CNY, with year-on-year changes of +20% and -1% [3] Group 3 - The company continued its high dividend policy, proposing a cash dividend of 1.65 HKD per share for the year, an increase of 2.5% year-on-year, with a cash dividend payout ratio of 64% based on the latest share capital [4]

Group 1 - The core viewpoint of the report is that the increase in aluminum prices has positively impacted China Hongqiao's profits, with projected EPS for 2026-2028 being 3.31, 3.34, and 3.36 CNY per share, respectively. The company is given a 12x PE for 2026, resulting in a fair value of 45.15 HKD per share, maintaining a "Buy" rating [1] Group 2 - In 2025, the company achieved a revenue of 162.4 billion CNY, a year-on-year increase of 4.0%, and a net profit attributable to shareholders of 22.6 billion CNY, up 1.2% year-on-year. The profit from joint ventures was 2.63 billion CNY, a significant increase of 50% [2] - The company reported stable sales volumes for its electrolytic aluminum products, with aluminum alloy, alumina, and deep-processed aluminum products sold at 5.82 million, 13.4 million, and 0.72 million tons, respectively. The prices per ton for aluminum alloy and alumina were 18,217 CNY and 2,899 CNY, reflecting year-on-year changes of +4% and -15% [3] - The company plans to distribute a cash dividend of 1.65 HKD per share for 2025, representing a year-on-year increase of 2.5%, with a cash dividend payout ratio of 64% based on the latest share capital [4]

Group 1 - The Securities ETF Southern (512900) opened down 0.29% at 1.045 yuan on March 26 [2][4] - Major holdings in the ETF include Dongfang Caifu down 0.45%, CITIC Securities down 0.32%, Guotai Junan down 0.23%, Huatai Securities down 0.37%, GF Securities down 0.27%, China Merchants Securities down 0.07%, Dongfang Securities down 0.22%, Dongxing Securities down 0.16%, and Industrial Securities down 0.16%, while Shenwan Hongyuan remained unchanged [2][4] - The performance benchmark for the Securities ETF Southern is the CSI All Share Securities Company Index return, managed by Southern Fund Management Co., Ltd., with a fund manager named Sun Wei [2][4] Group 2 - Since its establishment on March 10, 2017, the ETF has returned 4.70%, but it has seen a decline of 10.11% over the past month [2][4] - A MACD golden cross signal has formed, indicating potential upward momentum for certain stocks [2][4]