Market Performance - The Hang Seng Index increased by 1.26% this week, closing at 26,572.46 points, while the Tech Index decreased by 0.42% to 5,812.80 points, and the National Enterprises Index rose by 1.41% to 9,397.96 points [2][4]. Market Dynamics - The fluctuations in the Hong Kong stock market are closely related to external environments, particularly the impact of the U.S. government shutdown, which temporarily locked nearly one trillion dollars in liquidity, raising the cost of dollar funds and pressuring risk assets like U.S. and Hong Kong stocks [4]. - A recent report from Western Securities suggests that the end of the U.S. government shutdown may release previously "frozen" dollar liquidity, potentially leading to a liquidity-driven rally in the Hong Kong stock market [4]. Capital Inflows - Southbound capital has provided strong support, with net purchases through the Stock Connect exceeding HKD 1.3 trillion this year, totaling over HKD 5 trillion, indicating a shift towards a "semi-onshore market" where domestic capital plays a more significant role in pricing [4]. Sector Performance - Pharmaceutical stocks have seen renewed interest, with notable gains: - Gilead Sciences (01672.HK) up 45.40% - Clover Biopharmaceuticals (02197.HK) up 29.95% - Yummy (02589.HK) up 18.81% - The positive performance is attributed to strong Q3 results in innovative drugs and life sciences sectors [5]. - Other notable performers include: - HuShang Ayi (02589.HK) up 31.44% due to a new ten-year H-share incentive plan and reaching over 10,739 stores [5]. - Lee & Man Paper (00746.HK) up 17.37% benefiting from rising paper prices [5]. - Conversely, companies like Sanhua Intelligent Control (02050.HK) and Legend Holdings (06683.HK) faced declines of 10.93% and 19.82%, respectively, due to market risk aversion and concerns over equity dilution from a recent share placement [5]. Gold and Automotive Sectors - Gold stocks weakened following hawkish comments from Federal Reserve officials, with China Gold International (02099.HK) down 3.94% and Zijin Mining (02899.HK) down 2.94% [6][7]. - The automotive sector also faced declines, with Xpeng Motors (09868.HK) down 6.80% amid a drop in retail sales of passenger cars by 19% year-on-year for the first nine days of November [10][11]. Brokerage and Semiconductor Stocks - Chinese brokerage stocks adjusted, with major firms like GF Securities (01776.HK) and China Galaxy (06881.HK) experiencing declines due to a significant drop in new account openings [13]. - Semiconductor stocks also fell, influenced by a broader sell-off in U.S. tech stocks, with Shanghai Fudan (01385.HK) down 5.92% and SMIC (00981.HK) down 2.78% [14][16]. Individual Stock Movements - Lehua Entertainment (02306.HK) rose nearly 8% amid speculation regarding a contract renewal with a prominent artist [18]. - Zhonghui Biopharmaceuticals (02627.HK) increased by over 6% after announcing the initiation of Phase I clinical trials for its flu vaccines [19].

证券代码：000776 证券简称：广发证券 广发证券股份有限公司 2025 年 11 月 14 日投资者关系活动记录表 编号：2025111401 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他 参与单位名称及 人员姓名 方正证券2026年年度策略会所邀请分析师和投资者 时间 2025年11月14日上午10:00-11:00 地点及形式 长沙君悦酒店，现场会议 上市公司接待人 员姓名 董事会办公室 王强女士 投资者关系活动 主要内容介绍 1、公司在业务方面有哪些重点布局及优势？ 答：2025 年初，公司系统部署了重点工作，目前均取 得了良好的进展。一是传统业务转型提速，业务竞争力提 升。二是优化业务结构，国际化战略纵深推进。三是深化客 需驱动发展，提升综合服务能力。四是拥抱科技革命，加快 数智化转型。 未来，公司以专业能力和综合服务能力为抓手，持续增 强服务实体经济的能力，进一步推进跨境业务联动，持续锻 造各业务板块的核心竞争力，促进功能发挥的同时推动自 身高质量发展。一是财富管理业务，坚定不移地推进买方投 顾业务转型。二是投资银行业 ...

中资券商股尾盘加速下跌，截至发稿，广发证券（000776）(01776)跌3.88%，报19.09港元；中信建投 （601066）证券(06066)跌2.34%，报12.94港元；招商证券（600999）(06099)跌1.88%，报15.62港元；光 大证券（601788）(06178)跌1.65%，报9.55港元。 中国银河（601881）证券研报表示，10月金融数据显示股市赚钱效应进一步带动居民存款搬家，是值得 市场关注的积极信号。该行在9月的金融数据解读报告中曾强调，9月的金融数据表面上显示居民存款搬 家去往非银的行为暂停，实际上是由于去年9月快速搬家的基数扰动，该行认为搬家并没有被暂停，需 持续观测后续数据。 消息面上，上交所官方数据显示，10月新开户246.72万户，环比9月下降21.4%，单月同比下降66.3%。 东海证券发布研报称，增速回落一方面是由于前期市场情绪高涨带动开户需求集中释放，另一方面由于 去年"924"行情带动的高基数效应。该行认为市场高涨情绪仍在持续。此外，市场反复冲刺4000点平 台，交易情绪分化使得上周券商配置方向出现分歧。但市场主体和投资者结构优化支撑行情稳步上行。 ...

消息面上，上交所官方数据显示，10月新开户246.72万户，环比9月下降21.4%，单月同比下降66.3%。 东海证券发布研报称，增速回落一方面是由于前期市场情绪高涨带动开户需求集中释放，另一方面由于 去年"924"行情带动的高基数效应。该行认为市场高涨情绪仍在持续。此外，市场反复冲刺4000点平 台，交易情绪分化使得上周券商配置方向出现分歧。但市场主体和投资者结构优化支撑行情稳步上行。 智通财经APP获悉，中资券商股尾盘加速下跌，截至发稿，广发证券(01776)跌3.88%，报19.09港元；中 信建投证券(06066)跌2.34%，报12.94港元；招商证券(06099)跌1.88%，报15.62港元；光大证券(06178) 跌1.65%，报9.55港元。 中国银河证券研报表示，10月金融数据显示股市赚钱效应进一步带动居民存款搬家，是值得市场关注的 积极信号。该行在9月的金融数据解读报告中曾强调，9月的金融数据表面上显示居民存款搬家去往非银 的行为暂停，实际上是由于去年9月快速搬家的基数扰动，该行认为搬家并没有被暂停，需持续观测后 续数据。 ...

Core Insights - The transformation of FICC business towards diversification, globalization, and customer-centricity is identified as a strategic breakthrough, driven by technological empowerment and restructuring of proprietary models [1] Group 1: Evolution of Proprietary Business - From 2014 to 2017, policy-driven capital expansion and relaxed investment scope led to a significant increase in trading financial assets from 537 billion to 1,251.8 billion, a growth of over 130%, with proprietary business becoming the primary revenue pillar [1] - The period from 2018 to 2024 saw a shift in business models towards diversified low-volatility strategies, with fixed-income assets rising to 61% of financial investments, and the nominal principal of OTC derivatives exceeding 2.2 trillion by the end of 2023 [1] Group 2: Core Trends in Proprietary Transformation - The differentiation in leverage and pricing capabilities is driving an increase in concentration, with the average financial investment leverage of the top ten brokerages at 2.77 times, 0.91 times higher than other brokerages [2] - The fixed-income business is transitioning from "holding for yield" to "serving for income," enhancing non-directional business revenue through market-making, derivatives hedging, and structured product creation [2] - International expansion is enhancing capital efficiency, with significant growth in overseas customer capital intermediary business, and the overseas fixed-income exposure of leading brokerages reaching 27% and 21% by the first half of 2025 [2]

智通财经APP获悉，广发证券发布研报称，多家上市公司发布月度经营数据公告，2025 年10 月上市公 司整体生猪出栏环比增长;近期猪价震荡回落，再次跌破12 元/公斤，全行业持续亏损，考虑未来1-2 个 月仍为补栏淡季，预计仔猪价格将延续低迷态势，目前板块估值处于相对低位，优先选择有成本优势的 龙头企业。 广发证券主要观点如下： 上市公司出栏量跟踪 根据牧原股份、温氏股份、新希望等15 家上市公司发布月度经营数据公告，2025 年10 月上市公司整体 生猪出栏环比增长;25 年1-10 月整体生猪出栏量同比增长46.4%。出栏结构方面，补栏淡季仔猪需求低 迷态势延续，10 月上市公司整体仔猪销售占比保持相对低位;出栏体重方面，10 月份上市公司整体销售 均重环比上升0.8%。 10 月，唐人神、天康生物、神农集团、巨星农牧分别出栏商品猪61.9 万头、30.4 万头、33.5 万头、45.9 万头，环比分别+50.7%、+13.7%、+46.5%、+30.6%，同比分别+24.5%、+6.8%、+65.4%、+67.7%;25 年1-10 月，唐人神、天康生物、神农集团、巨星农牧商品猪累计出栏量分别438 万 ...

展望2026年趋势，新兴市场竞争加剧 新进入玩家在近年悉数选择在具备高增速的东南亚以及拉美市场加大投入。过去，这些区域受制于电商 基础设施例如物流、支付等条件，电商发展较为缓慢，随着基础设施条件的提升，电商增速提升，区域 内的竞争趋势加剧。该行预计巴西、东南亚电商竞争持续加剧。 中国出海玩家经历关税挑战，升级商业模式 自2022年起，中国跨境电商迎来新一轮大规模"出海"窗口，过去2年以来，美国关税问题，欧洲监管加 强等挑战持续给中国电商玩家的经营带来困难。中国跨境电商玩家不断调整商业模式和运营思路，继续 取得较快速增长。模式方面，中国出海电商经历了跨境、全托管、半托管、本对本等多次迭代，一方面 有利于拓展增长天花板，另一方面有利于应对海外监管挑战。 智通财经APP获悉，广发证券发布研报称，全球视角来看，明年电商行业的竞争将进一步加剧，各主要 平台几乎都在同步加大投入。对中国出海电商来说，2025年在模式上进行了调整和迭代，且阶段性克服 了海外监管挑战，2026年需要用增长弥补2025年的空白。短期内，海外电商平台或在多维度持续投入， 这意味着短期利润承压。但长期看，围绕用户体验，提高复购，强化生态黏性的动作， ...

Core Insights - The brokerage business has shown remarkable performance in the third quarter of 2025, becoming a significant driver of revenue growth for listed brokerages [1][2] - The transformation towards wealth management is timely as retail investors increasingly allocate assets to equity markets, emphasizing the need for brokerages to enhance their professional service capabilities [1][3] Group 1: Brokerage Business Performance - In the first three quarters, 42 brokerages reported a total net income from brokerage fees of 111.77 billion yuan, marking a year-on-year increase of 74.64% [1] - Leading firms such as CITIC Securities and Guotai Junan achieved net income from brokerage fees exceeding 10 billion yuan, with figures of 10.939 billion yuan and 10.814 billion yuan respectively [1] - Other notable brokerages like GF Securities, China Merchants Securities, Huatai Securities, and others also reported net income from brokerage fees exceeding 6 billion yuan [1] Group 2: Growth Rates and Market Dynamics - All listed brokerages reported year-on-year growth in net income from brokerage fees, with the lowest growth rate being 47.91% [2] - Guolian Minsheng led the industry with a staggering year-on-year growth rate of 293.05% in net income from brokerage fees [2] - Smaller brokerages such as First Capital, Caida Securities, and others also reported growth rates exceeding 80% [2] Group 3: Wealth Management Transformation - The securities industry has been actively pursuing wealth management transformation since 2017, with many brokerages rebranding their brokerage departments to focus on wealth management [3] - Despite facing challenges in product and service offerings compared to banks, brokerages possess strong investment capabilities and research strengths, providing them with advantages in wealth management [3] - The construction of product platforms is seen as a critical breakthrough for the transformation of wealth management [3] Group 4: Strategic Initiatives by Brokerages - First Capital is focusing on a comprehensive service model to enhance customer loyalty and mitigate fee pressure through improved service quality [4] - GF Securities aims to develop high-quality customer segments and efficient online operations while enhancing multi-asset allocation capabilities [4] - Dongxing Securities emphasizes a "buy-side" approach in its wealth management strategy, aiming to strengthen its operational capabilities and product offerings [4]

证券之星消息，11月13日南向资金增持141.7万股广发证券（01776.HK）。近5个交易日中，获南向资金 增持的有4天，累计净增持768.3万股。近20个交易日中，获南向资金增持的有14天，累计净增持2075.36 万股。截至目前，南向资金持有广发证券（01776.HK）10.0亿股，占公司已发行普通股的58.75%。 广发证券股份有限公司是一家主要从事证券业务的中国公司。该公司通过五个分部开展业务。投资银行 分部从事股权融资、债务融资、财务顾问和企业解决方案等。财富管理分部从事零售证券经纪、期货经 纪、金融产品代销、融资融券及回购交易融资服务、融资租赁等。交易及机构客户服务分部主要从事为 机构客户提供证券研究、资产托管服务、销售及投资交易（包括自营和其他对客交易服务）、另类投资 等。投资管理分部从事资产管理、公募基金管理、私募基金管理等。其他分部主要为公司总部运营。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | -- ...

Investment Rating - The report indicates a positive outlook for mixed FOF products and recommends brokers with strong institutional service capabilities and investment advisory abilities, specifically mentioning CITIC Securities, GF Securities, and Huatai Securities as favorable options [41]. Core Insights - As of October 2025, the total net asset value of public funds in the market reached 36.02 trillion yuan, reflecting a month-on-month increase of 2.26%. However, the total fund shares decreased by 0.38% to 31.24 trillion shares, with equity funds down by 2.73% and bond funds down by 5.46% [5][8][9]. - The report highlights a significant outflow of existing funds, with personal investors' risk appetite affected by market volatility, while institutional funds continue to seek yield enhancement [22][28]. - The issuance of new funds saw a dramatic decline, with a total of 722.93 billion shares issued in October, a decrease of 56.85% from the previous month. Equity fund issuance dropped by 60.11%, and bond fund issuance fell by 77.98% [10][13][16]. - Mixed FOF products have shown strong performance, with new mixed FOF fund issuance increasing by 67.28% month-on-month, indicating a shift towards more attractive fixed-income plus products amid market volatility [28][32]. Summary by Sections 1. Fund Outflow and Market Overview - In October 2025, the public fund market experienced a net outflow, with total net asset value increasing to 36.02 trillion yuan, while total fund shares decreased to 31.24 trillion shares [5][8][9]. - The average unit net value rose to 1.15 yuan, reflecting a month-on-month increase of 2.65% [5]. 2. Impact of Market Volatility on Investor Behavior - Personal investors' risk appetite has been negatively impacted by market fluctuations, leading to declines in ordinary stock, enhanced index, and mixed fund shares by 4.72%, 7.40%, and 6.02% respectively [22][28]. - Conversely, QDII and FOF funds emerged as significant safe-haven options, with share growth rates of 14.22% and 14.10% respectively [22][28]. 3. New Fund Issuance Trends - The issuance of new funds has significantly decreased, with equity and bond fund issuance dropping by 60.11% and 77.98% respectively, while mixed FOF funds saw a notable increase of 67.28% [10][13][28]. 4. Recommendations for Investment - The report recommends focusing on brokers with strong institutional service capabilities and investment advisory skills, specifically highlighting CITIC Securities, GF Securities, and Huatai Securities as key players in the market [41].