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 2025 年 面向专业投资者公开发行次级债券（第四期）（以下简称"本期债券"）符合深圳 证券交易所债券上市条件，将于 2025 年 10 月 23 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。本期债券相关要素如下： 2025 年面向专业投资者公开发行次级债券（第四期） 在深圳证券交易所上市的公告 广发证券股份有限公司 | 债券名称 | | 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（第四期） | | | | | | | | 债券简称 | 25 广发 C6 | | | | | | | | | 债券代码 | 524471 | | | | | | | | | 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公司 | | | | ...

Core Viewpoint - The AI Fund Yongying State-Owned Enterprise Opportunity Selection Mixed Fund A (023824) reported a profit of 886,700 yuan for Q3 2025, with a weighted average profit per fund share of 0.0105 yuan, indicating a net value growth rate of 1.05% during the reporting period [3]. Fund Performance - As of the end of Q3 2025, the fund's scale was 84.97 million yuan, with a unit net value of 0.975 yuan as of October 21 [3]. - The fund manager, Wang Wenlong, currently manages three funds [3]. Investment Strategy - The fund's investment strategy focuses on "valuation reconstruction + growth breakthrough," with three main areas of emphasis: 1. High-quality state-owned enterprises undergoing asset integration and upgrades, particularly those with opportunities for value reassessment through asset injection [3]. 2. Technology innovation-driven state-owned enterprises, focusing on leading stocks with attributes of industrial chain leaders in new productivity directions [3]. 3. Stable holding positions in core assets [3]. Top Holdings - As of the end of Q3 2025, the fund's top ten holdings included: 1. Dongli New Science 2. Yandong Micro 3. Northern Huachuang 4. Kaipu Cloud 5. Huahong Semiconductor 6. AVIC Shenyang Aircraft 7. Shanda Diwei 8. Guodun Quantum 9. Zhongke Shuguang 10. GF Securities [3].

Group 1 - The core viewpoint of the report indicates that the environmental protection industry is entering a phase of stable growth, with expectations for increased dividends due to reduced capital expenditures and improved cash flow [1][2] - The report highlights the acceleration of domestic substitution in the scientific instrument sector, driven by government procurement policies that favor domestic products with a 20% price evaluation discount [1] - The solid waste and water sectors are identified as key areas for investment, with specific companies recommended for their strong performance and cash flow improvement [1][2] Group 2 - The report notes that the dividend payout ratio in the solid waste sector has significantly increased, with 10 out of 12 companies raising their absolute dividend amounts, and an average dividend ratio of 42%, up by 10.6 percentage points year-on-year [2] - Companies such as Huanlan Environment, Shanghai Industrial Holdings, and others are suggested for their potential in dividend growth as the industry matures and capital expenditures decrease [2]

广发证券指出，国有大行、股份行、城商行及农商行均实现正收益，其中农商行涨幅达7.12%，显示市 场对银行板块的阶段性偏好。当前板块经过前期调整已重回价值区间，叠加年底配置需求升温，银行板 块或处于筑底阶段，具备一定配置吸引力。 今日，银行板块逆势飘红，银行ETF基金微涨，近5个交易日吸引净流入资金，超2.6亿元，净流率 30.60%。 近期，银行板块在市场整体回调背景下表现亮眼，2025年10月13日至17日期间，中信一级银行指数上涨 5.0%，位居所有行业首位，显著跑赢万得全A指数。 ...

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. has been approved for its initial public offering (IPO) on the Shanghai Stock Exchange, marking it as the 61st company to pass the review this year [1][2]. Company Overview - Jianxin Superconducting specializes in the research, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment, including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of the cost of MRI core components [1][2]. - The company plans to raise 775 million yuan (approximately 77.5 million) for projects including the annual production of 600 sets of liquid helium-free superconducting magnets and the technological transformation of high-field medical superconducting magnets [2]. Shareholding Structure - Xu Jianyi directly holds 41.51% of the company's shares, making him the controlling shareholder. His family members, Xu Hui and Xu Dianbo, hold 4.36% each, with additional control through Kai Fang Investment and Qi Yi Investment, resulting in a combined control of 59.92% of the voting rights [2]. Market and Competitive Landscape - The listing committee inquired about the market space, competitive landscape, and future development trends of the MRI equipment and superconducting magnet market, emphasizing the stability of the independent supplier business model compared to in-house production [3].

Group 1 - The three major indices opened lower, with the CSI All Share Securities Companies Index down 0.76% as of the report time, while individual stocks like Zhongyuan Securities rose over 1% and Guosen Securities, Tianfeng Securities fell over 3% [1] - The Broker ETF (159842) also saw a decline of 0.68%, with a trading volume exceeding 15 million yuan and a premium rate of 0.05%, indicating frequent premium trading at the beginning of the session [1] - In terms of capital flow, the Broker ETF (159842) recorded net inflows for 9 out of the last 10 trading days, accumulating over 1.1 billion yuan [1] Group 2 - Several securities firms are distributing a new round of mid-term dividends, with Huaxin Securities announcing a total dividend of 41.3751 million yuan on October 21 [1] - From October 22 to 28, eight securities firms including GF Securities and Dongfang Securities are set to distribute a total of 5.2 billion yuan in mid-term dividends, contributing to a total of over 18 billion yuan in mid-term dividends planned by 29 securities firms this year [1] - According to Founder Securities, the recovery trend of the brokerage sector's fundamentals is clear in a high trading environment, with a divergence between performance growth and valuation, indicating ample room for valuation adjustments [2]

《粤港澳大湾区发展规划纲要》实施以来，全省上下坚持以习近平新时代中国特色社会主义思想为指 导，深入贯彻习近平总书记对广东系列重要讲话和重要指示精神，认真落实省委"1310"具体部署，围绕 做实粤港澳大湾区"一点两地"全新定位，携手港澳加快建设国际一流湾区和世界级城市群，推动粤港澳 大湾区建设迈出坚实步伐，涌现出一大批表现突出、成绩优异的集体和个人。为进一步激发广大党员干 部群众投身粤港澳大湾区建设热情，经省委、省政府同意，对在推进粤港澳大湾区建设工作中表现突出 的100个集体和100名个人给予通报表扬。希望受到表扬的集体和个人再接再厉，进一步发挥模范带头作 用，在新征程中再创佳绩。 大道至简，实干为要。全省各地区各部门要深入学习贯彻党的二十大和二十届历次全会精神，全面贯彻 习近平经济思想，发扬敢闯敢试、敢为人先的改革精神，勇立潮头、干在实处、走在前列，纵深推进粤 港澳大湾区建设，不断夯实广东高质量发展基础，协同港澳加快建设世界级的大湾区、发展最好的湾 区，为广东在推进中国式现代化建设中走在前列作出新的更大贡献！ 在推进粤港澳大湾区建设中表现突出的集体名单 广州市委港澳办港澳工作处 广州市天河区委统战部 广州花 ...

Core Insights - The demand for high-bandwidth, large-capacity eSSD in AI workloads is expected to continue growing due to the rapid increase in long-context reasoning, RAG databases, and token scales [1][2] - The market space for eSSD in AI servers is projected to reach 59EB, 89EB, and 120EB in 2024, 2025, and 2026 respectively, indicating significant growth potential [2] - The eSSD market structure shows that AI server and storage server applications will drive the industry's focus towards AI-driven storage scenarios [3] Group 1: AI Workload and eSSD Demand - eSSD is primarily used in AI applications for training, inference, and data storage, with specific roles in checkpoint saving, model loading, and system booting during training [1] - During inference, long-context generated KVCache relies on high-performance eSSD for data overflow beyond memory capacity, while RAG databases depend on eSSD for large-scale knowledge retrieval [1] - The increasing scale of long-context reasoning and RAG databases will enhance the demand for high-capacity eSSD in AI workloads [1] Group 2: Market Projections - The estimated market space for AI server eSSD is based on assumptions from Nvidia's white paper, indicating a total cache capacity of 30TB per compute tray [2] - The theoretical maximum market space for AI server eSSD is projected to be 59EB in 2024, 89EB in 2025, and 120EB in 2026, although actual deployment may result in lower figures [2] - The eSSD market structure indicates that by 2030, the market sizes for general servers, AI servers, and storage servers will be 178EB, 134EB, and 614EB respectively, with storage servers showing the highest growth rate [3]

Group 1 - The core event is the 15th anniversary of the Hong Kong University - Sino Group Million Dollar Entrepreneurship Competition, sponsored by GF Securities for the ninth consecutive year, showcasing innovation and entrepreneurship among youth [1][2] - A record 348 teams participated in this year's competition, focusing on sustainable development and practical solutions, with a notable increase in female participants, now exceeding 30% [1][2] - GF Securities has been actively supporting the Greater Bay Area's entrepreneurial ecosystem, providing funding and mentorship to young entrepreneurs, and has donated over one million RMB to the competition [2][3] Group 2 - GF Securities has initiated the "GF Securities College Student Micro-Entrepreneurship Action" for 11 consecutive years, supporting over a thousand universities and thousands of student projects, with 520 projects receiving funding [3] - The company established the GF Securities Social Welfare Foundation in 2011, which is the first of its kind initiated by a brokerage firm in China, focusing on rural revitalization, education, financial empowerment, and medical assistance, with total donations exceeding 300 million RMB [3] - Looking ahead, GF Securities aims to continue its commitment to supporting young entrepreneurs and contributing to the high-quality development of the Greater Bay Area [3]

Core Points - Guangfa Securities (01776.HK) announced the issuance of short-term corporate bonds aimed at professional investors, specifically the fourth phase of the bonds, referred to as "25 Guangfa D6" [1] - The bonds will pay interest and principal on October 23, 2025, covering the period from May 15, 2025, to October 22, 2025 [1] - The coupon rate for the "25 Guangfa D6" bonds is set at 1.60%, with the total amount payable per unit (face value of 1,000 yuan) being 1,007.057534 yuan, including tax [1]