Group 1: Wealth Management Business - The company focuses on high-quality development and digital transformation in wealth management, emphasizing high-quality client groups and efficient online operations [2] - It aims to enhance its asset allocation capabilities and improve the comprehensive service system for institutional clients [2] - The company is committed to compliance and risk management, ensuring that operations are conducted within regulatory boundaries [2] Group 2: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, with a focus on building a diverse product supply system [3] - As of September 2025, the public fund management scale of Guangfa Fund and E Fund ranks third and first in the industry, respectively, excluding money market funds [3] - The company is enhancing its research and management capabilities to optimize its business structure [3] Group 3: Derivatives and Investment Banking - The company is a primary dealer in the OTC derivatives market, focusing on pricing, trading, and client service capabilities [3] - It aims to support the real economy and enhance direct financing services while strengthening its position in key markets like the Greater Bay Area and Yangtze River Delta [3] - The company is advancing its digital transformation and risk management strategies to ensure stable development [4]

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 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 )及中國報章刊發的《廣發証券股份有限公司關 於召開2025年第二次臨時股東大會的提示性公告》。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 2025年11月21日 广发证券股份有限公司（以下简称"公司"或"本公司"）已于2025年11月 7日在《中国证券报》《证券时报》《上海证券报》《证券日报》和巨潮资讯网 （www.cninfo.com.cn）披露了《广发证券股份有限公司关于召开2025年第二次临 时股东大会的通知 ...

证券代码：000776 证券简称：广发证券 公告编号：2025-046 广发证券股份有限公司 关于召开2025年第二次临时股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广发证券股份有限公司（以下简称"公司"或"本公司"）已于2025年11 月7日在《中国证券报》《证券时报》《上海证券报》《证券日报》和巨潮资讯 网（www.cninfo.com.cn）披露了《广发证券股份有限公司关于召开2025年第二 次临时股东大会的通知》。 由于本次股东大会采取现场投票与网络投票相结合的方式，还将通过深圳证 券交易所交易系统和互联网向A股社会公众股股东提供网络形式的投票平台。根 据相关规定，现再次将公司2025年第二次临时股东大会有关事项通知如下： 特别提示： 本通知按照《深圳证券交易所股票上市规则》要求编制，H股股东参加本次 临时股东大会，请参见广发证券股份有限公司（以下简称"广发证券""本公司" 或"公司"）于香港联合交易所有限公司（以下简称"香港联交所"）披露易网 站（www.hkexnews.hk）及本公司网站（www.gf.com.cn）向H ...

Group 1: Computer Industry Outlook - The computer industry is expected to focus on domestic demand TOB direction, including domestic computing power such as chips, servers, and EDA, as well as ERP and industrial software applications like intelligent manufacturing [1] - Positive changes in social financing and manufacturing sector loans are anticipated to support future expenditures [1] - The industry has shown relatively flat performance recently, but forward-looking indicators suggest limited impact from short-term market environment and risk preferences [1] Group 2: Downstream Expenditure Trends - ERP and intelligent manufacturing applications faced challenges in revenue growth due to order release rhythm affected by tariffs, but recent PMI and social financing indicators show positive changes [1] - An expected recovery in downstream expansion is anticipated in the next 1-2 quarters compared to the same period last year [1] - PMI indices for high-tech manufacturing, equipment manufacturing, and consumer goods are in the expansion zone, indicating better revenue performance for related software technology and application companies in Q4 to Q1 [1] Group 3: AI Field Developments - The growth in Token usage for AI models is significant, with enterprise subscriptions, API calls, and process agent integrations generating commercial revenue, particularly in code generation and research [2] - However, challenges remain in commercializing AI applications, with limited scenarios for revenue generation and potential fluctuations in investment pace [2] Group 4: EDA Sector Insights - New export restrictions have negatively impacted IP business performance for companies like Synopsys, disrupting design launches in China and contributing to market weakness [3] - Wuhan Xinxin's IPO plans to raise 4.8 billion yuan, with a significant portion allocated for expanding 12-inch integrated circuit manufacturing, aligning with expectations of increased EDA demand [3] Group 5: AI in Pharmaceutical Sector - Crystal Technology announced the successful development of two new topical ingredients through its AI R&D platform, marking a shift from traditional pharmaceutical collaborations to consumer health products [4] - As a molecular IP holder, the company will receive double-digit sales shares, providing funding support for future consumer health product development [4]

Core Viewpoint - The domestic R&D demand is showing marginal improvement, driven by the overseas expansion of innovative drugs, leading to a recovery in R&D orders and stabilization of industry prices after a decline in 2023. The CRO sector is expected to see better performance growth by 2026, while the CDMO industry has also reached a bottom and is poised for continued strong growth due to robust demand for new molecules and new orders [1][2][3]. CRO Sector - The domestic R&D demand is recovering, with an increase in orders and stabilization of prices, indicating a clear upward trend for CRO companies. Clinical CROs like Tigermed, Nossan, and Prasis are expected to see revenue growth turning positive by 2025, with significant contributions from overseas business [2][3]. - The recognition of domestic CRO clinical data is improving, which is beneficial for companies like Tigermed [2]. CDMO Sector - The CDMO sector has seen a recovery in performance, with new orders continuing to improve quarterly. The global demand for innovative drug R&D is driving growth in new orders and backlog [3]. - The industry is benefiting from increased capacity utilization and profitability, with a strong certainty of performance and profit growth expected to continue into 2026 [3]. Life Sciences Sector - The life sciences upstream sector is experiencing a dual drive from domestic substitution and overseas expansion, with urgent demand for domestic alternatives in areas like cell culture media and biological reagents. Companies are expected to capture market share through new product categories and cost-effective offerings [4]. - The demand for specific segments such as drug efficacy, antibodies, and proteins is increasing, indicating a clear long-term growth logic for the industry [4]. API Sector - The raw material pharmaceutical industry is currently in a phase of price bottoming and supply surplus, with traditional product performance under pressure. However, companies are extending their business into generics, innovative drugs, and specialty APIs, which may lead to value reconstruction through business structure optimization [5]. - The valuation of raw material pharmaceutical companies is at a low point, presenting opportunities based on changes in new business layouts [5]. Investment Recommendations - For clinical and preclinical CROs, companies like Tigermed, Nossan, and Yinos are recommended due to the gradual recovery of the industry and expected improvement in order structure [6]. - In the CDMO sector, companies such as WuXi AppTec, WuXi Biologics, and others with strong fundamentals and capacity advantages are highlighted for their potential benefits from industry recovery and high demand for new molecules [6]. - In the life sciences upstream sector, companies like Baitai Biotechnology and others are recommended due to accelerated domestic substitution and strong overseas growth [6]. - Companies like Pro Pharma and Huahai Pharmaceutical are noted for their new business layouts that are expected to contribute significant value increments [6].

摩根基金管理（中国）有限公司（以下简称"本公司"）已与广发证券股份有限公司（以下简称"广发证 券"）签订了基金销售代理协议，现决定自本公告之日起，新增广发证券为本公司以下基金的代销机 构。投资人可通过广发证券开展以下基金的申购、赎回、定期定额等相关业务。具体的业务流程、办理 时间和办理方式以广发证券的规定为准。 ■ 有关上述基金销售的具体事宜请仔细阅读上述基金的招募说明书、基金产品资料概要及基金合同等相关 法律文件。 投资者可通过以下途径咨询有关详情： 1、广发证券股份有限公司 客服电话：95575 公司网址：www.gf.com.cn 2、摩根基金管理（中国）有限公司 公告送出日期：2025年11月20日 1.公告基本信息 ■ 注：人民币份额的限制金额单位为人民币元，美元份额的限制金额单位为美元。 客服电话：400-889-4888 公司网址：am.jpmorgan.com/cn 特此公告。 摩根基金管理（中国）有限公司 二○二五年十一月二十日 摩根标普500指数型发起式证券投资基金(QDII)调整申购、定期定额投资及转换转入业务限制金额的公 告 关于恢复本基金大额申购、定期定额投资及转换转入业务的时间，基 ...

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Core Insights - Solid-state batteries are considered the ultimate form of lithium batteries, entering the pre-mass production phase, with major manufacturers expected to start mass production between 2027 and 2028 [1][2] - The global shipment of all-solid-state batteries is projected to reach 181 GWh by 2030 [1] Group 1: Industry Development - Solid-state batteries utilize solid electrolytes, offering advantages such as higher energy density, enhanced safety, and longer cycle life compared to liquid lithium batteries [1] - The solid-state battery production process is divided into three main stages: front-end, mid-end, and back-end, with significant changes in the front and mid-end processes compared to liquid battery production [3] Group 2: Technological Advancements - The solid-state battery technology is exploring various routes for electrolyte, cathode, and anode materials, with sulfide electrolytes showing the most promise despite high material costs and stringent processing conditions [2] - The cathode materials are expected to transition from ternary materials to high-nickel and lithium-rich manganese-based materials, while anode materials are moving from graphite to silicon-carbon composites [2] Group 3: Equipment and Manufacturing - Equipment manufacturers are likely to benefit from the shift to solid-state batteries, particularly those capable of delivering complete production lines and those adapting to process changes [1] - Key equipment changes include the replacement of wet processes with dry processes in the front-end, the introduction of stacking machines in the mid-end, and the need for high-pressure upgrades in back-end processes [3]

| 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 06881 | 中国银河 | | 4.62% | 11.090 | 1212.63亿 | 64.58% | | 03958 | 东方证券 | | 4.46% | 7.500 | 637.25 Z | 55.61% | | 06178 | 光大证券 | | 4.41% | 9.710 | 447.71亿 | 25.11% | | 06806 | 申万宏源 | | 4.08% | 3.320 | 831.33亿 | 49.46% | | 01375 | 中州证券 | | 3.91% | 2.390 | 110.96亿 | 41.20% | | 06066 | 中信建投证券 | | 3.61% | 12.900 | 1000.61亿 | 33.83% | | 06030 | 中信证券 | | 3.25% | 28.580 | 4235.71亿 | 35.81% | | 06886 | 华泰证券 | | 2.75% | 19.400 | 17 ...

广发证券董事长林传辉日前在接受中国证券报记者专访时表示，多年来，广发证券响应中国证监会号 召，在中国证券业协会引导下，积极开展"一司一县"扶贫和乡村振兴工作，同时按照广东省委、省政府 部署，持续深入推进省内帮扶，将金融工作的政治性、人民性转化为行动自觉，通过精准施策构建递进 式帮扶路径，利用金融工具激活乡村内生动力并形成可持续的"造血"机制，同时聚焦乡村发展短板，在 民生领域不断提升群众的获得感。 "十五五"规划建议提出，优化金融机构体系，推动各类金融机构专注主业、完善治理、错位发展。展望 未来，广发证券将继续坚守服务实体经济发展、服务国家战略、服务居民财富管理的功能性定位，扎实 做好金融"五篇大文章"，为贯彻落实国家乡村振兴战略相关要求和广东省"百千万工程"工作部署作出新 的更大的贡献。 广发证券大楼 公司供图 精准施策 构建递进式帮扶路径 从捐资助学到助力乡村全面提升公共服务水平，从建言献策到扶持区域特色产业发展壮大，在投身乡村 振兴的伟大征程上，包括广发证券在内的证券机构勇担政治责任，恪守金融报国初心，发挥金融机构优 势，持续赋能乡村振兴事业蓬勃发展。 据林传辉介绍，在脱贫攻坚阶段，广发证券聚焦以精准扶 ...