股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣發証券股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01776 | 說明 | 廣發証券H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,701,796,200 | RMB | | | 1 RMB | | 1,701,796,200 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 1,701,796,200 | RMB | | | 1 RMB | | 1,701,796,200 | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01776 | 說明 | 廣發証券H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,701,796,200 | RMB | | | 1 RMB | | 1,701,796,200 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 1,701,796,200 | RMB | | | 1 RMB | | 1,701,796,200 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | - ...

长江证券携香港子公司长证国际，通过湖北省红十字会紧急向香港大埔区捐赠100万元人民币，以实际行动践行责任担当，与香港社会各界风雨同舟、共克 时艰。 长江证券同时表示，谨向火灾中不幸遇难的市民与英勇殉职的消防人员表示沉痛哀悼，向受灾家庭致以诚挚慰问，并向所有奋战在救援一线的工作人员致以 崇高敬意。 11月26日下午，香港新界大埔宏福苑发生五级火灾。灾情发生后，社会各界迅速响应，多家券商机构纷纷捐款捐物，支持受灾居民的紧急安置、生活保障和 灾后重建工作。 火灾发生后，中金公司高度关注灾情，迅速与有关部门取得联系，积极了解受灾情况和群众需求，并面向境内外员工发起募捐倡议，得到广泛响应。 中金公司及子公司中金国际携北京中金公益基金会、中金香港慈善基金会，将通过相关渠道捐款折合港币共计1200万元，定向用于受灾居民应急救援、过渡 安置、生活物资补给以及灾后重建等工作。 广发证券联合广发证券（香港）已启动捐款500万港元，善款将捐至香港特区政府"大埔宏福苑援助基金"，用于受灾居民的医疗救助、过渡安置及生活物资 保障等。 广发证券同时向此次火灾中的不幸遇难者致以深切哀悼，向奋战在救援一线的消防及救护人员致以崇高敬意。 此外 ...

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (80016), SenseTime Group Inc. (80020), and Geely Automobile Holdings Ltd. (80175), all at 100.00% [1][2] - The highest short-selling amounts are recorded for Alibaba Group Holding Ltd. (09988) at 1.502 billion, Meituan (03690) at 1.131 billion, and Tencent Holdings Ltd. (00700) at 531 million [1][2] - The stocks with the highest deviation values are Geely Automobile Holdings Ltd. (80175) at 54.50%, Bank of China (Hong Kong) Ltd. (82388) at 45.83%, and GF Securities Co. Ltd. (01776) at 40.23% [1][2] Group 2 - The top ten short-selling ratios include stocks like Li Ning Company Limited (82331) and JD Health International Inc. (86618), all at 100.00% [2] - The top ten short-selling amounts also feature stocks such as Pop Mart International (09992) at 499 million and China Construction Bank Corporation (00939) at 391 million [2] - The top ten deviation values include stocks like SenseTime Group Inc. (80020) at 38.77% and JD Group (89618) at 31.32% [2]

Group 1 - The core viewpoint is that the Hong Kong Stock Connect High Dividend Total Return Index is approaching the period with the strongest calendar effect of the year (from December to mid-January), where the probability of achieving absolute and excess returns is high, and the returns are expected to be significant [1] - The recommendation is to focus on the allocation opportunities in the Hong Kong Stock Connect High Dividend sector, which may serve as a potential way to increase returns at the end of the year and the beginning of the next [15] - Historical data from 2014 to present shows that from December to mid-January, the win rate against the CSI 300 Total Return, the CSI Dividend Total Return, and the Hang Seng Index Total Return is 82%, with an absolute return win rate of 91% [15] Group 2 - The absolute return probability is 90.9%, with median and average gains of 3.4% and 4.6% respectively, with the only loss occurring due to the market circuit breaker in early 2016 [2] - Compared to the CSI 300 Total Return, the excess return probability is 81.8%, with median and average returns of 5.6% and 2.1% respectively, with underperformance attributed to the leveraged bull market in 2014-2015 and the loose monetary policy bull market in 2020-2021 [2] - Against the CSI Dividend Total Return, the excess return probability is also 81.8%, with median and average excess returns of 3.6% and 3.2% respectively, with underperformance linked to the leveraged bull market in 2014-2015 [3] Group 3 - When compared to the Hang Seng Index Total Return, the excess return probability is again 81.8%, with median and average returns of 1.0% and 1.6% respectively, with underperformance due to the unexpected rise of Tencent at the end of 2020 and the end of 2022 [4] - The current trading volume of the Hong Kong Stock Connect High Dividend sector accounts for only 6.1%, indicating a relatively low level of crowding historically, which may present a reallocation opportunity [15] - The strong calendar effect during the year-end and early January is attributed to several factors, including institutional funds rebalancing their assets to lock in annual returns, leading to a shift towards high dividend stocks [6]

Group 1 - The announcement states that Ping An Fund Management Co., Ltd. has signed a sales agreement with GF Securities Co., Ltd. to add it as a sales institution for the Ping An Huijia Pure Bond Fund starting from December 1, 2025 [1][7]. - Investors can perform various transactions such as account opening, subscription, redemption, regular investment, and conversion through the new sales institution starting from December 1, 2025 [2][3]. - The sales institution will offer fee discounts for subscriptions and conversions, with the specifics of the discounts determined by the sales institution [3][4]. Group 2 - The Ping An Technology Selected Mixed Fund will be available for sale from December 1, 2025, to December 10, 2025, with new sales institutions including Dongwu Securities Co., Ltd. and Changjiang Securities Co., Ltd. [7][8]. - Investors can inquire about the fund details through various channels, including customer service numbers and websites of the sales institutions [9][12]. Group 3 - A notice has been issued regarding the convening of a fund holders' meeting for the Ping An CSI 2000 Enhanced Strategy ETF, which will be conducted via communication methods [15][16]. - The meeting will discuss the proposal for the continuous operation of the Ping An CSI 2000 Enhanced Strategy ETF, with voting starting from December 2, 2025, to January 6, 2026 [16][31]. - The voting process includes options for paper ballots, telephone voting, and SMS voting, with specific guidelines for each method [21][39].

Group 1 - The number of Hong Kong stock research reports has increased significantly, with a total of 10,859 reports published this year, up 34.8% from 8,057 last year [1] - In-depth reports have also seen substantial growth, with 1,317 reports this year compared to 854 last year, marking a 54.2% increase [1] - The surge in research reports is attributed to the integration and redistribution of industry research capacity, as mainland research institutions optimize their teams and structures to enhance Hong Kong stock research capabilities [1] Group 2 - Major brokerages are expanding their coverage of Hong Kong stock research, with CITIC Securities publishing 827 reports this year, a 75.58% increase, and GF Securities publishing 378 reports, up 31.7% [2] - The shift in research focus from A-shares to Hong Kong stocks is driven by significant inflows of southbound capital, which have altered the investor structure and reshaped research demand [2][3] - The number of reports covering specific Hong Kong companies, such as Pop Mart, has increased dramatically, indicating a growing interest and diverse opinions on their future growth potential [2] Group 3 - Southbound capital has net bought HKD 1.38 trillion in Hong Kong stocks this year, with its trading volume rising from about 25% to nearly 40% of the main board's total trading [3] - The changing investor structure necessitates more refined research that addresses the offshore market characteristics and investment preferences of mainland investors [3] - Analysts emphasize the need for research to provide forward-looking valuation analyses and pricing judgments, especially around company listings [3] Group 4 - The brokerage industry's commission income from stock trading has decreased by 34% to RMB 4.458 billion in the first half of 2025, while the number of analysts has continued to rise [4] - The transformation of the brokerage research model is underway, with Hong Kong stocks seen as a valuable growth area that can support commission income and provide research for IPOs [4] - Many brokerages are expanding dedicated Hong Kong research teams to maximize the value of their research efforts [4] Group 5 - Research institutions are focusing on three main areas to deepen their Hong Kong stock research: industry research, macro perspectives, and cross-market understanding [5][6] - Teams are developing a multi-dimensional analysis system for the Hong Kong market, providing comparative analysis and allocation suggestions across markets and industries [5] - There is an emphasis on enhancing collaboration between domestic and international teams to provide integrated research services for global investors [6]

Core Insights - The report from GF Securities indicates that the most unfavorable phase for institutions is about to pass, and a favorable "profit-making effect" window is expected to open soon [1] Group 1: Market Trends - The period from the Spring Festival to the Two Sessions is identified as a time with significant "profit-making effects," averaging around 20 trading days [1] - The likelihood of a "spring rally" increases when corporate earnings improve and there are no significant event shocks, especially with supportive liquidity [1] - The performance of the "spring rally" is significantly correlated with the overall market performance for the year, suggesting that current capital allocation should consider long-term strategies [1] Group 2: Investment Strategy - December to January is highlighted as an optimal time for positioning in the market, particularly for sectors with favorable earnings forecasts [1] - Companies with poor earnings forecasts should be monitored until late January for better entry points [1] - Many sectors have already experienced an average adjustment of around 20%, reaching historical levels, making December a suitable time for gradual observation and potential investment [1]

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]

Core Viewpoint - The most unfavorable phase for institutions is about to pass, with a shift in market dynamics expected as December approaches, leading to a stronger correlation between market movements and fundamentals [1] Group 1: Market Timing and Trends - The period from December to January is identified as an excellent time for positioning in the market, particularly for sectors with favorable annual report forecasts [1] - The "spring market excitement" window, lasting approximately 20 trading days, is anticipated between the Spring Festival and the Two Sessions, characterized by a shift from low to high win rates and a transition from large-cap to small-cap styles [1] Group 2: Market Adjustments - Many sectors have already experienced an average adjustment of around 20%, aligning with historical averages for mainline varieties, suggesting that December is a suitable time to start monitoring these sectors [1]