Core Viewpoint - The report from GF Securities indicates that several listed companies have released monthly operational data, showing an overall increase in pig output in October 2025, despite a recent decline in pig prices below 12 yuan/kg, leading to continued losses across the industry. The expectation is for low piglet prices to persist in the upcoming months due to the off-peak season for restocking, with a recommendation to prioritize leading companies with cost advantages given the current low valuation of the sector [1]. Group 1: Listed Companies' Output Tracking - In October 2025, the overall pig output from 15 listed companies increased by 23.7% month-on-month and 46.4% year-on-year, totaling 18.43 million pigs. Excluding Muyuan Foods, the output was 11.35 million pigs, reflecting a month-on-month increase of 21.8% and a year-on-year increase of 73.0% [2]. - From January to October 2025, the total pig output from listed companies reached 154.79 million, marking a year-on-year growth of 35.0%. Excluding Muyuan Foods, the output was 90.39 million, with a year-on-year increase of 27.5% [2]. - Major companies like Muyuan Foods, Wens Foodstuff Group, New Hope, and Dekang Agriculture reported significant increases in pig output, with Muyuan Foods alone contributing 7.08 million pigs in October, reflecting a month-on-month increase of 27.0% and a year-on-year increase of 14.6% [2]. Group 2: Small and Medium-sized Breeding Enterprises - In October, small and medium-sized enterprises such as Tangrenshen, Tiankang Biological, Shennong Group, and Juxing Agriculture reported pig outputs of 619,000; 304,000; 335,000; and 459,000 respectively, with month-on-month increases of 50.7%, 13.7%, 46.5%, and 30.6% [3]. - From January to October 2025, these companies had cumulative outputs of 4.38 million; 2.59 million; 2.45 million; and 3.39 million pigs, with year-on-year increases of 33.2%, 6.5%, 31.0%, and 64.4% respectively [3]. Group 3: Sales Price Analysis - In October, the average sales price for listed companies (excluding Dongrui) was 11.46 yuan/kg, reflecting a month-on-month decrease of 11.8%. Variations in sales prices were influenced by factors such as sales regions, product quality, and piglet sales proportions [4]. - The average weight of pigs sold in October was approximately 119.74 kg per head, showing a month-on-month increase of 0.8% [4]. Group 4: Investment Recommendations - The report highlights that the recent decline in pig prices has led to ongoing losses across the industry, with piglet prices expected to remain low in the near term. The current industry losses, combined with a trend towards reducing production capacity, suggest a potential acceleration in the pace of capacity reduction [5]. - The report recommends focusing on leading companies with cost advantages, specifically highlighting Wens Foodstuff Group and Muyuan Foods as key investment targets, while also suggesting attention to Dekang Agriculture and New Hope. For potential recovery plays, Zhengbang Technology is noted, along with small and medium-sized enterprises like Tiankang Biological, Shennong Group, and Tangrenshen [5].

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].

Group 1 - Yunnan Zhenye (SZ 002428) announced that on November 13, 2025, it will accept investor research from GF Securities and others, with participation from the company's Deputy General Manager and Board Secretary Jin Hongguo [1] - As of the report, Yunnan Zhenye has a market capitalization of 17.4 billion yuan [1]

智通财经APP讯，广发证券(01776)发布公告，由广发证券股份有限公司(以下简称"本公司")发行的广发 证券股份有限公司2021年面向专业投资者公开发行公司债券(第七期)(品种二、品种三)(以下简称"本期 债券")将于2025年11月17日支付本期债券自2024年11月17日至2025年11月16日期间的利息。 本期债券"21广发21"的票面利率为3.85%，本次付息每手(面值1000元)"21广发21"派发利息人民币38.50 元(含税)。扣税后个人、证券投资基金债券持有人取得的实际每手派发利息为30.80元;非居民企业(包含 QFII、 RQFII)取得的实际每手派发利息为38.50元。 本期债券品种二简称为"21广发20"，债券代码为 "149703";品种三简称为"21广发21"，债券代码 为"149704"。本期债券品种二发行期限为5年，发行规模为 35 亿元，票面利率为3.50%;品种三发行期限 为10年，发行规模为10亿元，票面利率为3.85%。 本期债券"21广发20"的票面利率为3.50%，本次付息每手(面值1000元)"21广发20"派发利息人民币35.00 元(含税)。扣税后个人、证券 ...

本期债券"21广发20"的票面利率为3.50%，本次付息每手(面值1000元)"21广发20"派发利息人民币35.00 元(含税)。扣税后个人、证券投资基金债券持有人取得的实际每手派发利息为28.00元;非居民企业(包含 QFII、RQFII)取得的实际每手派发利息为35.00元。 本期债券"21广发21"的票面利率为3.85%，本次付息每手(面值1000元)"21广发21"派发利息人民币38.50 元(含税)。扣税后个人、证券投资基金债券持有人取得的实际每手派发利息为30.80元;非居民企业(包含 QFII、RQFII)取得的实际每手派发利息为38.50元。 广发证券(01776)发布公告，由广发证券股份有限公司(以下简称"本公司")发行的广发证券股份有限公司 2021年面向专业投资者公开发行公司债券(第七期)(品种二、品种三)(以下简称"本期债券")将于2025年11 月17日支付本期债券自2024年11月17日至2025年11月16日期间的利息。 本期债券品种二简称为"21广发20"，债券代码为"149703";品种三简称为"21广发21"，债券代码 为"149704"。本期债券品种二发行期限为5年，发 ...

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） 廣發証券股份有限公司 林傳輝 董事長 中國，廣州 2025年11月13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。 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關於「21廣發 20」及「21廣發21」2025年付息的公告》。茲載列如下，僅供參閱。 承董事會命 （股份代號：1776） 债券代码：149703 债券简称：21 广发 20 债券 ...

债券代码：149703 债券简称：21 广发 20 债券代码：149704 债券简称：21 广发 21 特别提示： 由广发证券股份有限公司（以下简称"本公司"）发行的广发证券股份有限 公司 2021 年面向专业投资者公开发行公司债券（第七期）（品种二、品种三） （以下简称"本期债券"）将于 2025 年 11 月 17 日支付本期债券自 2024 年 11 月 17 日至 2025 年 11 月 16 日期间的利息。为确保本次付息工作的顺利进行，现 将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：广发证券股份有限公司 2021 年面向专业投资者公开发行公司 债券（第七期）（品种二、品种三） 2、债券简称及代码：本期债券品种二简称为"21 广发 20"，债券代码为 "149703"；品种三简称为"21 广发 21"，债券代码为"149704"。 3、债券发行批准机关及文号：中国证券监督管理委员会证监许可〔2021〕 1653 号。 4、发行期限、规模和利率：本期债券品种二发行期限为 5 年，发行规模为 35 亿元，票面利率为 3.50%；品种三发行期限为 10 年，发行规模为 10 亿元，票 面利率为 ...