Core Viewpoint - In 2025, China's economy demonstrated resilience with a GDP growth rate of 5%, outperforming global averages and indicating a strong recovery despite a "non-symmetric recovery" characterized by concentrated growth engines and a need for enhanced internal momentum [1][2]. Economic Performance and Structure - The 5% growth rate in 2025 is significantly higher than the global average of 2.7%, with developed economies at 1.7% and developing countries (excluding China) at 3.7% [2]. - Estimated per capita GDP for 2025 is approximately $13,900, nearing the high-income threshold set by the World Bank [2]. Growth Dynamics - Economic growth in 2025 was primarily driven by exports and equipment upgrades, with exports increasing by 5.5% and investment in equipment rising by 11.8% [3]. - Other sectors such as fixed asset investment, consumption, real estate, and traditional manufacturing showed insufficient performance, highlighting current economic weaknesses [3]. Transition to Balanced Growth - The shift from a "two-wheel drive" model (focused on exports and new technologies) to a "four-wheel drive" model in 2026 is anticipated, aiming for more balanced economic growth [4]. - Key areas for policy focus include: - Fixed asset investment, which saw a decline of 3.8% in 2025, is expected to recover [4]. - Service consumption, with an emphasis on unlocking its potential [4]. - Real estate stability, focusing on inventory reduction and market health [4]. - Traditional manufacturing improvements to enhance competition and supply-demand balance [5]. Key Observational Windows - Investors should monitor three critical time points: - Early March for the National People's Congress, which will set economic growth targets and policy directions [6]. - Late March for initial local investment trends, particularly in construction and industrial sectors [6]. - The second quarter for consumer spending indicators, as policies to stimulate consumption will be implemented [7]. Service Consumption Focus - Service consumption is identified as a key area for growth, with potential policy support in five directions: - Fiscal resources directed towards service consumption [8]. - Implementation of staggered paid leave to enhance consumer experience [8]. - Expansion of inbound consumption, with significant market potential [8]. - Utilization of new technologies like AI to create innovative service scenarios [9]. - Income improvements through pension reforms to boost consumer spending [9]. Long-term Growth Opportunities - Key long-term opportunities include: - Accelerated industrialization in developing countries, enhancing demand for Chinese exports [11]. - Globalization of Chinese enterprises, with a focus on cross-border supply chain management [11]. - AI application across various sectors, creating new business models and industries [11]. - Increased consumer spending rates, with potential reforms in income distribution [12]. Market Dynamics - The stock market is expected to transition from a phase of pricing based on expectations to one based on actual economic fundamentals, indicating a shift in investment logic [12][13].

Group 1 - The company announced that starting from February 11, 2026, investors can open accounts, subscribe, redeem, and perform regular investment and conversion operations for certain funds through Chuangjin Qifu [1] - The company has signed a supplementary sales agreement with Beijing Chuangjin Qifu Fund Sales Co., Ltd. to enhance service offerings to investors [1] - Investors can enjoy fee discounts when subscribing or performing regular investment and conversion operations through Chuangjin Qifu, with the specifics determined by Chuangjin Qifu [2] Group 2 - The company will suspend subscription, conversion, and regular investment operations for the Ping An Jin Guanjia Money Market Fund from February 12 to February 23, 2026, while redemption and conversion out operations will continue [4][6] - The Ping An Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund will also suspend similar operations during the same period [8][10] - The company will resume these operations on February 24, 2026, and will not issue further announcements regarding this resumption [4][8] Group 3 - The company has appointed Fangzheng Securities Co., Ltd. as a liquidity service provider for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, effective February 11, 2026 [12] - The company has announced the establishment of the Ping An New Sharp Quantitative Stock Selection Mixed Fund, with the fund contract becoming effective on February 11, 2026 [21][22] - The company will handle subscription and redemption operations for the new fund within three months of the fund contract's effectiveness [22]

本期债券发行时间为2026年2月9日至2026年2月10日，最终发行规模为30亿元，最终票面利率为 2.32%，认购倍数为2.45倍。 智通财经APP讯，广发证券(01776)发布公告，根据《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(第一期)发行公告》，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(第一期)(以下简称"本期债券")发行规模为不超过30亿元(含)，发行价格为每张100元，采取网下 面向专业机构投资者询价配售的方式发行。 ...

广发证券(01776)发布公告，根据《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(第一期)发行公告》，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(第一期) (以下简称"本期债券")发行规模为不超过30亿元(含)，发行价格为每张100元，采取网下面向专业机构投 资者询价配售的方式发行。 本期债券发行时间为2026年2月9日至2026年2月10日，最终发行规模为30亿元，最终票面利率为 2.32%，认购倍数为2.45倍。 ...

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。 （股份代號：1776） 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。 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2026年面向專 業投資者公開發行短期公司債券（第二期）在深圳證券交易所上市的公告》。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 2026年2月10日 GF SECURITIES CO., LTD. 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） 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短期公司债券（第二期）符合深圳证券交易所债券上市 条件，将于 2026 年 2 月 11 日起在深圳证券交易所上市，并面向专业投资者中的 ...

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。 GF SECURITIES CO., LTD. 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） 海外監管公告 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2026年面向專 業投資者公開發行永續次級債券（第一期）發行結果公告》。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 2026年2月10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。 证券代码：524669 证券简称：26 广发 Y1 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 ...

证券代码：524669 证券简称：26 广发 Y1 广发证券股份有限公司 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"发行人"）公开发行面值总额不超过 200 亿元（含）永续次级公司债券已获得中国证券监督管理委员会"证监许可〔2026〕 41 号"文注册。根据《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（第一期）发行公告》，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（第一期）（以下简称"本期债券"）发行规模为不超 过 30 亿元（含），发行价格为每张 100 元，采取网下面向专业机构投资者询价配 售的方式发行。 本期债券发行时间为 2026 年 2 月 9 日至 2026 年 2 月 10 日，最终发行规模 为 30 亿元，最终票面利率为 2.32%，认购倍数为 2.45 倍。 发行人的董事、高级管理人员、持股比例超过 5%的股东以及其他关联方未 参与本期债券认购。经主承销商核查，本期债券主承销商长城证券股份有限公司 参与了认购，最终获配规模为 1.1 亿元，认购报价公允 ...

| 债券名称 | 广发证券股份有限公司 | | | 2026 年面向专业投资者公开发行短期 | | --- | --- | --- | --- | --- | | | 公司债券（第二期） | | | | | 债券简称 | 广发 26 D2 | | | | | 债券代码 | 524665 | | | | | 信用评级 | 主体评级 | | AAA/债项评级 | A-1 | | 评级机构 | | | 中诚信国际信用评级有限责任公司 | | | 发行总额（亿元） | 60 | | | | | 债券期限 | 天 362 | | | | | 票面年利率（％） | 1.69 | | | | | 利率形式 | 固定利率 | | | | | 付息频率 | 到期一次还本付息 | | | | | 发行日 | 2026 年 2 | 月 5 | 日-2026 | 年 2 月 6 日 | | 起息日 | 年 日 2026 2 | 月 6 | | | | 上市日 | 年 2026 2 | 月 11 | 日 | | | 到期日 | 2027 年 2 日 | 月 3 | | | | 债券面值 | 人民币 100 | 元/张 | | | | ...

Core Viewpoint - Guangfa Securities is heavily reliant on debt financing, with significant increases in its borrowings and a concerning debt structure that raises questions about its financial stability and future growth prospects [1][2][5]. Group 1: Debt and Financing - As of January 31, 2026, Guangfa Securities' borrowings reached 552.4 billion yuan, with a cumulative increase of 76.76 billion yuan, exceeding 40% of its net assets [2][5]. - The company has a total of 1.1 trillion yuan in bonds approved but not yet issued, indicating a potential for further increases in its debt levels [5]. - The proportion of interest-bearing debt to total liabilities has been consistently high, with figures of 61.30%, 61.34%, 60.35%, and 57.63% from 2022 to the third quarter of 2025 [2][3]. Group 2: Short-term Debt Concerns - Over 80% of Guangfa Securities' interest-bearing debt is due within one year, raising liquidity risk concerns [5][7]. - The company's reliance on repurchase agreements for short-term financing is significant, with 45% of its interest-bearing debt attributed to this category [7]. Group 3: International Business and Fundraising - In January 2026, Guangfa Securities raised over 6.1 billion HKD through H-share placements and convertible bonds, aimed at supporting its international business expansion [10][11]. - Despite the fundraising efforts, the contribution of international business to total revenue remains low, with only 4.97% in 2024 and 7.4% in the first half of 2025 [11].

广发证券认为，《异环》核心在于强化玩家主体性。这为二次元开放世界创造了全新体验。具体体现 为：在操作上，可选第一人称视角，带来更强的沉浸感；在玩法上，多分支的支线设计让玩家的主动选 择能显著改变进程与结局，从而使其从剧情的"阅读者"转变为内容的"推动者"。 《异环》关注度较高，具备用户基础，且玩法体验丰富 (1)用户基础扎实，市场热度高。据官网数据，游戏预约量已突破2000万；其三测PV在哔哩哔哩的播放 量超过700万，反映出产品通过早期宣发积累了扎实的关注度与用户基本盘。 智通财经APP获悉，广发证券发布研报称，根据伽马数据，回顾过去5年的二次元游戏市场，行业有典 型的供给创造需求的特征，在重点产品发行的年份，市场规模均有显著增长。《明日方舟：终末地》持 续验证二次元开放世界的商业化潜力，当前《异环》测试表现突出，玩家获得更加沉浸的游戏体验，产 品上线有望实现突出流水表现，核心推荐具备二次元产品的游戏研发商。首推完美世界(002624.SZ)， 关注头部公司腾讯控股(00700)、储备有《无限大》的网易-S(09999)等。 广发证券主要观点如下： 二次元市场或迎来复苏，《明日方舟：终末地》的成功发行持续验 ...