Core Insights - Southbound funds increased their holdings in GF Securities (01776.HK) by 1.6936 million shares on November 18, 2025, marking a 0.17% increase in total shares held [1][2] - Over the past five trading days, there have been four days of net increases in holdings, totaling 4.2542 million shares [1] - In the last 20 trading days, there were 13 days of net increases, amounting to 18.0736 million shares [1] - As of now, southbound funds hold 1.002 billion shares of GF Securities, representing 58.87% of the company's total issued ordinary shares [1][2] Summary by Category Trading Activity - On November 18, 2025, total shares held reached 1.002 billion, with a change of 1.6936 million shares [2] - On November 17, 2025, total shares held were 1.000 billion, with a change of 730,800 shares [2] - On November 14, 2025, total shares held remained at 1.000 billion, with a decrease of 327,600 shares [2] - On November 13, 2025, total shares held were 1.000 billion, with an increase of 1.417 million shares [2] - On November 12, 2025, total shares held were 2,666,600, with an increase of 740,400 shares [2] Company Overview - GF Securities Co., Ltd. primarily engages in securities business through five segments: investment banking, wealth management, trading and institutional client services, investment management, and other operations [2]

Core Viewpoint - The announcement details the completion of the guarantee and trust registration for shares held by a major shareholder, Liaoning Chengda Co., Ltd., in relation to the issuance of exchangeable bonds, indicating no significant changes to the company's equity structure [2][3]. Group 1: Shareholder Information - Liaoning Chengda holds a total of 1,366,927,688 shares in the company, representing 17.97% of the total share capital [3]. - The shares involved in the guarantee and trust registration are 75,000,000 unrestricted circulating shares [2]. Group 2: Bond Issuance Details - The bond issuance by Liaoning Chengda will not lead to significant changes in the company's equity structure [3]. - The registration of shares for guarantee and trust has been completed with the trustee, CITIC Jianzhong Securities Co., Ltd., acting as the nominal holder [2][3]. Group 3: Regulatory Compliance - The company will disclose further developments regarding the non-public issuance of exchangeable bonds in accordance with relevant regulatory requirements [3].

关于持股 5%以上股东非公开发行可交换公司债券 办理完成部分股份担保及信托登记的公告 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。 证券代码：000776 证券简称：广发证券 公告编号：2025-045 广发证券股份有限公司 三、股东股份担保及信托登记的其他相关说明 1、辽宁成大本次办理担保及信托登记的股份（包括股份信托登记期间产生 的孳息），由债券受托管理人中信建投作为名义持有人，并以"辽宁成大-中信建 投证券-25成大E2担保及信托财产专户"作为证券持有人登记在公司证券持有人 名册上。在行使担保及信托登记的股份的表决权时，中信建投将根据辽宁成大的 意见办理，但不得损害本期债券持有人的利益。 2、截至本公告日，辽宁成大及其一致行动人持有公司的A股及H股股份合计 1,366,927,688股，占公司总股本的比例为17.97%。辽宁成大发行本次可交换债券 不会导致公司股权结构发生重大变化。公司将根据相关监管规定及时披露本次非 公开发行可交换公司债券的后续进展。 广发证券股份有限公司（以下简称"公司"）于2025年9月19日披露了《关于 持股5%以上股东非公开发 ...

GF SECURITIES CO., LTD. 廣發証券股份有限公司 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。 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。 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 於持股5%以上股東非公開發行可交換公司債券辦理完成部份股份擔保及信託登記 的公告》。茲載列如下，僅供參閱。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1776） 广发证券股份有限公司 关于持股 5%以上股东非公开发行可交换公司债券 办理完成部分股份担保及信托登记的公告 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。 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 19日 於本公告日期，本 ...

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 multi-asset allocation capabilities and improve the comprehensive service system for institutional clients [2] - The company is committed to building AI service functions and promoting the application of wealth management AI models [2] - Compliance is a priority, with a strict adherence to regulatory standards [2] Group 2: Investment Banking Business - The company serves the real economy's high-quality development and acts as a "gatekeeper" for capital markets [3] - It strengthens industry resources and professional capabilities, focusing on industrial and technology investment banking [3] - The company is enhancing its cross-border collaboration and talent development to support Chinese enterprises' overseas expansion [3] - Digital transformation and risk management are key areas of focus for improving operational efficiency [3] Group 3: Derivatives Business - As a primary dealer in over-the-counter derivatives, the company leverages its pricing and trading expertise to enhance product offerings [3] - It aims to provide asset allocation and risk management solutions for institutional clients through innovative strategies [3] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management [3] - The company is building a diverse product supply system and enhancing its brand in asset management [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 [4] Group 5: Compliance and Communication - The company ensures accurate and timely information disclosure, adhering to regulatory requirements [4] - There were no incidents of undisclosed significant information leaks during the investor communication process [4]

Core Viewpoint - The 20th China Economic Forum highlighted the rapid advancement of artificial intelligence as a universal technology, suggesting its adoption may outpace previous technological cycles [1] Industry Insights - The intelligent manufacturing industry chain, centered around humanoid robots, smart vehicles, and embodied intelligence, is expected to grow significantly over the next 5-10 years [1] - This industry chain is characterized by its long supply chain, common technologies, and strong industrial spillover effects, positioning it as a potential pillar industry comparable to real estate in the past [1] - The development of this sector is seen as a core component in building a "1+N" industrial system [1]

Core Viewpoint - Zhejiang Jiaokao is actively planning its "14th Five-Year" development strategy, focusing on five major business segments to become a leading enterprise in new infrastructure [1] Group 1: Business Development - The company aims to optimize its business structure and enhance its capabilities in transportation infrastructure, urban construction, comprehensive maintenance, transportation manufacturing, and related industries [1] - As of September 2025, Zhejiang Jiaokao secured 801 new orders totaling 66.569 billion, a year-on-year increase of 20.20%, driven by expanded market efforts both domestically and internationally [1] - Key projects include significant highway contracts, indicating a strong order acquisition trend [1] Group 2: Maintenance Business - The company has developed strong professional and scale advantages in county-level maintenance, leading to good growth in maintenance business revenue and new orders [2] - For the first three quarters of 2025, Zhejiang Jiaokao reported a revenue of 31.418 billion, a year-on-year increase of 2.50%, maintaining a steady growth trend [2] - The net cash flow from operating activities improved significantly to -0.791 billion, attributed to advance payments from new projects and enhanced project fund management [2] Group 3: Future Development Strategy - The company plans to expand its industrial chain through mergers and acquisitions, focusing on three dimensions: enhancing the industrial chain, breaking through regional market limitations, and entering new infrastructure and technology sectors [2] - The core logic for mergers and acquisitions includes expanding qualifications, regional expansion, and strengthening the supply chain [2] Group 4: Industry Outlook - In 2024, Zhejiang's total transportation investment is expected to reach 409.3 billion, a year-on-year increase of 9.6%, with significant contributions from road and waterway investments [3] - The company is well-positioned to benefit from provincial infrastructure orders and is actively pursuing maintenance business to contribute additional profits [3]

Core Viewpoint - The key challenge for technology finance in the next phase is transitioning from point innovations (0 to 1) to scalable and replicable innovations (1 to N), which will create systematic advantages and support the construction of a modern industrial system [1] Group 1: Challenges in Technology Finance - Current technology finance services face five major challenges: non-standardization, unprofitability, light assets, high uncertainty, and long cycles [1] - There is a call for the financial system to implement precise policies that provide "technology capital" which understands technology, knows the industry, is good at pricing, can manage risks, and can allocate resources effectively [1] Group 2: Innovation and Capitalization Cycle - The essence of technology finance is to transform technological innovations into sustainable capital returns, which in turn drives the next round of innovation, forming a virtuous cycle of "innovation-capitalization-reinnovation" [1]

Core Viewpoint - The 20th China Economic Forum highlighted the rapid advancement of artificial intelligence as a universal technology, suggesting its adoption may outpace previous technological cycles [1] Industry Insights - The intelligent manufacturing industry chain, centered around humanoid robots, smart vehicles, and embodied intelligence, is expected to grow significantly over the next 5-10 years [1] - This industry chain is characterized by its long supply chain, common technologies, and strong industrial spillover effects, positioning it as a potential pillar industry comparable to real estate [1] - The development of this sector is crucial for constructing a "1+N" industrial system, indicating its importance in the broader economic landscape [1]

Core Points - The Zhejiang Securities Regulatory Bureau issued a warning letter to Shen Yu for promoting and selling financial products not issued or sold by GF Securities Co., Ltd. and obtaining improper benefits [1][5] - Shen Yu's actions violated multiple regulations, including the Securities Company Sales of Financial Products Management Regulations and the Supervision Management Measures for Directors, Supervisors, Senior Management, and Practitioners of Securities Fund Management Institutions [1][5] Regulatory Framework - According to the Securities Company Sales of Financial Products Management Regulations, personnel engaged in the sale of financial products must have securities qualifications and comply with management regulations [2] - Violations of these regulations can lead to regulatory measures or administrative penalties from the China Securities Regulatory Commission (CSRC) [2] - The Supervision Management Measures for Directors, Supervisors, Senior Management, and Practitioners of Securities Fund Management Institutions prohibit various forms of misconduct, including using one's position for personal gain and engaging in activities that create conflicts of interest [3][4] Consequences - The Zhejiang Securities Regulatory Bureau decided to issue a warning letter to Shen Yu, which will be recorded in the securities and futures market integrity database [1][5] - Shen Yu is required to enhance compliance awareness and standardize business practices to prevent future violations [5]