广发证券(01776)公布，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公司债券(第六期)符合深圳证券交易所债券上市条件，将于2025年11月17日起在深 圳证券交易所上市，并面向专业机构投资者交易。本期债券品种一发行总额为33.1亿元，品种二发行总 额为11.6亿元。 ...

智通财经APP讯，广发证券(01776)公布，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公司债券(第六期)符合深圳证券交易所债券上市条件，将于 2025 年 11 月 17 日起在深圳证券交易所上市，并面向专业机构投资者交易。本期债券品种一发行总额为33.1 亿元，品种二发行总额为11.6亿元。 ...

GF SECURITIES CO., LTD. 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。 廣發証券股份有限公司 董事長 中國，廣州 2025年11月14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。 广发证券股份有限公司 2025 年面向专业投资者 公开发行公司债券（第六期） （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 )刊發的《廣發証券股份有限公司2025年面向專 業投資者公開發行公司債券（第六期）在深圳證券交易所上市的公告》。茲載列如 下，僅供參閱。 ...

Group 1 - Qingdao Bank (SZ 002948) announced an investor research meeting scheduled for November 14, 2025, from 14:00 to 15:30, where executives and relevant department heads will participate and answer investor questions [1] - For the first half of 2025, Qingdao Bank's revenue composition shows that interest income accounted for 81.78%, while non-interest income made up 7.48% [1] - As of the report date, Qingdao Bank's market capitalization is 29.3 billion yuan [1]

Core Viewpoint - The overall revenue growth rate of the chemical pharmaceutical industry is projected to be -2.1% for Q1-Q3 2025, while the net profit margin (excluding non-recurring items) is expected to be 12.5%, indicating short-term revenue pressure but continuous improvement in profitability [1][2]. Group 1: Industry Performance - The pharmaceutical industry is experiencing a decline in revenue growth, with a rate of -2.1% for Q1-Q3 2025, but profitability is on the rise, as indicated by a net profit margin of 12.5% [1]. - Research and development (R&D) expenditure is increasing, with an R&D expense ratio of 9.6% for the first three quarters of 2025, up by 0.7 percentage points year-on-year [1]. - The financial data of 18 A-share biotech companies shows a revenue of 10 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.3%, while the net loss (excluding non-recurring items) has narrowed by 25.2% [1]. Group 2: Internationalization and Innovation - The internationalization of domestic pharmaceutical companies is crucial for innovation upgrades, with a total transaction amount of 93.7 billion USD for Q1-Q3 2025, matching the total amount of foreign transactions [2]. - The number of transactions reached 230, with upfront payments totaling 5 billion USD, both figures surpassing the total for the entire year of 2024, indicating a growing emphasis on independent R&D capabilities [2]. Group 3: Investment Opportunities - The domestic pharmaceutical industry is expected to benefit from a new product cycle driven by innovation and internationalization, presenting medium to long-term investment opportunities [3]. - The implementation of the "Full Chain Support for Innovative Drug Development" plan clarifies the industry's development direction, emphasizing continuous quality improvement in innovation [3]. Group 4: Recommended Stocks - Recommended stocks in the innovative drug sector include: 恒瑞医药 (600276.SH), 科伦博泰生物-B (06990), 百利天恒-U (688506.SH), and others [4]. - In the specialty drug sector, recommended stocks include: 人福医药 (600079.SH), 恩华药业 (002262.SZ), and 东诚药业 (002675.SZ) [4].

Core Insights - The company aims to leverage its asset management institutions' resources to create a comprehensive product supply system and establish a leading asset management brand in the industry [1] - The company is continuously optimizing its business structure and enhancing its investment research system [1] - As of September 2025, the public fund management scale of Guangfa Fund and E Fund, excluding money market funds, ranks third and first in the industry, respectively [1]

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].

Group 1: Business Strategy and Development - The company has accelerated the transformation of traditional businesses, enhancing competitive strength [2] - Focus on optimizing business structure and advancing international strategy [2] - Emphasis on customer-driven development and improving comprehensive service capabilities [2] - Commitment to embracing technological revolution and accelerating digital transformation [2] Group 2: Wealth Management Business - The company is dedicated to being a responsible wealth manager, aligning with high-quality development and digital platform strategies [4] - Focus on high-quality client base and efficient online operations, enhancing customer foundation and standardized operations [4] - Accelerating the transition to buy-side advisory services and strengthening multi-asset allocation capabilities [4] - Comprehensive construction of AI service functions to enhance customer experience [4] Group 3: Derivatives Business - The company, as a primary dealer in OTC derivatives, is enhancing team and system capabilities [5] - Continuous development of product offerings and risk management solutions for institutional clients [5] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management [6] - The company is building a diverse product supply system to provide clients with superior strategies and diverse products [6] - As of September 2025, the public fund management scale of Guangfa Fund ranks third in the industry, while E Fund ranks first, excluding money market funds [7]

Core Viewpoint - Chinese brokerage stocks experienced a significant decline in late trading, with notable drops in major firms such as GF Securities, CITIC Securities, and others, reflecting a broader market sentiment shift [1] Group 1: Market Performance - As of the report, GF Securities (000776) fell by 3.88% to HKD 19.09, CITIC Securities (601066) decreased by 2.34% to HKD 12.94, and other major brokerages also saw declines [1] - The Shanghai Stock Exchange reported that new account openings in October totaled 2.4672 million, a month-on-month decrease of 21.4% and a year-on-year decline of 66.3% [1] Group 2: Market Sentiment and Analysis - Donghai Securities noted that the slowdown in new account openings is attributed to a previous surge in market sentiment that led to concentrated demand, as well as a high base effect from last year's "924" market rally [1] - Despite the decline in new accounts, market sentiment remains high, with ongoing fluctuations around the 4000-point level leading to divergent trading sentiments among brokerages [1] Group 3: Financial Data Insights - China Galaxy Securities highlighted that financial data from October indicates a further shift of residents' deposits, driven by the stock market's profitability, which is a positive signal for the market [1] - The firm also pointed out that the apparent pause in the movement of deposits from residents to non-bank entities is likely influenced by last year's rapid shifts, suggesting that monitoring of subsequent data is essential [1]

Group 1 - Chinese brokerage stocks accelerated their decline towards the end of trading, with notable drops including GF Securities down 3.88% to HKD 19.09, CITIC Securities down 2.34% to HKD 12.94, and China Merchants Securities down 1.88% to HKD 15.62 [1][1][1] - The Shanghai Stock Exchange reported that new account openings in October totaled 2.4672 million, a month-on-month decrease of 21.4% and a year-on-year decrease of 66.3% [1][1][1] - Donghai Securities noted that the slowdown in account openings is attributed to a previous surge in market sentiment and the high base effect from last year's "924" market rally, while still indicating that market sentiment remains strong [1][1][1] Group 2 - China Galaxy Securities highlighted that financial data from October indicates a further shift of household deposits into the stock market, which is a positive signal for the market [1][1][1] - The firm previously emphasized that the apparent pause in the movement of household deposits to non-bank entities in September was influenced by last year's rapid shifts, suggesting that the trend of moving deposits is ongoing and should be monitored [1][1][1]