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 )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（第四期）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 2025年9月23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 ...

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（第四期）符合深圳证券交易所债券上市条件， 将于 2025 年 9 月 24 日起在深圳证券交易所上市，并面向专业机构投资者交易， 交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。债券相关 要素如下： 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（第四期） 在深圳证券交易所上市的公告 | 债券名称 | 广发证券股份有限公司 | | 年面向专业投资者公开发 2025 | | --- | --- | --- | --- | | | | 行公司债券（第四期）（品种一） | | | 债券简称 | 广发 25 07 | | | | 债券代码 | 524436 | | | | 信用评级 | 主体评级 AAA/债项评级 | | AAA | | 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） | 42.2 | | | | 债券期限 | 年 2 | | | | 票面年利率（％） | 1.93 | | | | 利率形式 | 固定利率 | | | | 付息频率 ...

该行预期券商板块平均股本回报率(ROE)将于2026年反弹至9%，其中，中信证券及中金公司的ROE分别 有望达10.7%及9.4%，目前预测中金、广发及中信证券的今年投资收入分别增长20%、21%及11%，而 东方财富（300059）(300059.SZ)及招商证券（600999）(06099)今年投资收入则可能录得下跌。 摩根士丹利发布研报称，A股市场日均成交额(ADT)持续高企，目前对全年ADT预测更具信心，将2025 年ADT预测上调53%至1.53万亿元人民币，并预测2026及2027年ADT将保持每年5%至6%的同比增长， 相应将所覆盖中资券商2025至2027年各年盈利预测平均上调25%、23%及20%，相信交投增加可带动经 纪佣金、保证金利息及经营杠杆提升，市场流动性充裕将支持更多融资活动，预料利好中金公司 （601995）(03908)、中信证券（600030）(06030)及广发证券（000776）(01776)等拥有强劲承销、交易 及资产管理业务的券商。 ...

MACD金叉信号形成，这些股涨势不错！ 摩根士丹利发表研究报告指，A股市场日均成交额(ADT)持续高企，目前对全年ADT预测更具信心，将 2025年ADT预测上调53%至1.53万亿元，并预测2026及2027年ADT将保持每年5%至6%的按年增长，相 应将所覆盖中资券商2025至2027年各年盈利预测平均上调25%、23%及20%。该行相信交投增加可带动 经纪佣金、保证金利息及经营杠杆提升，市场流动性充裕将支持更多融资活动，预料利好中金公司、中 信证券及广发证券等拥有强劲承销、交易及资产管理业务的券商。 该行预期券商板块平均股本回报率(ROE)将于2026年反弹至9%，其中，中信证券及中金公司的ROE分别 有望达10.7%及9.4%，目前预测中金、广发及中信证券的今年投资收入分别增长20%、21%及11%，而 东方财富及招商证券今年投资收入则可能录得下跌。 ...

智通财经APP获悉，摩根士丹利发布研报称，A股市场日均成交额(ADT)持续高企，目前对全年ADT预 测更具信心，将2025年ADT预测上调53%至1.53万亿元人民币，并预测2026及2027年ADT将保持每年 5%至6%的同比增长，相应将所覆盖中资券商2025至2027年各年盈利预测平均上调25%、23%及20%， 相信交投增加可带动经纪佣金、保证金利息及经营杠杆提升，市场流动性充裕将支持更多融资活动，预 料利好中金公司(03908)、中信证券(06030)及广发证券(01776)等拥有强劲承销、交易及资产管理业务的 券商。 该行预期券商板块平均股本回报率(ROE)将于2026年反弹至9%，其中，中信证券及中金公司的ROE分别 有望达10.7%及9.4%，目前预测中金、广发及中信证券的今年投资收入分别增长20%、21%及11%，而 东方财富(300059.SZ)及招商证券(06099)今年投资收入则可能录得下跌。 ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Short Selling Ratios - The top three companies with the highest short-selling ratios are China Resources Beer (100.00%), Li Ning (100.00%), and Tencent Holdings (95.84%) [1][2]. - The short-selling ratio reflects the percentage of shares that are sold short compared to the total shares outstanding, indicating bearish sentiment among investors [2]. Short Selling Amounts - The companies with the highest short-selling amounts are Alibaba (35.98 billion), Baidu (25.30 billion), and Xiaomi (14.66 billion) [1][2]. - These figures represent the total monetary value of shares that have been sold short, suggesting a significant level of investor concern regarding these companies [2]. Deviation Values - The top three companies with the highest deviation values are China Ping An (46.83%), Tencent Holdings (43.52%), and Yixin Group (38.34%) [1][2]. - Deviation value indicates the difference between the current short-selling ratio and the average short-selling ratio over the past 30 days, highlighting stocks that may be experiencing unusual trading activity [2].

Group 1 - The core viewpoint of the report maintains that the market has established a "bull market mentality," and once a trend is formed, it is difficult to reverse in the short term, emphasizing the importance of adhering to industry main lines [1] - The transition from a bear market to a bull market can be divided into two phases: "watching" and "entering," with specific emotional and funding indicators to observe [29][31] Group 2 - Three emotional indicators are identified to assess the degree of resident participation in the bull market, including internet search volumes for keywords like "bull market" and "stocks," app download volumes, and new account openings at securities firms [2][31] - The emotional uplift phase for residents entering the market began in mid-August, corresponding to the Shanghai Composite Index around 3750 points and a market turnover of approximately 2.5 trillion [2][31] Group 3 - The report highlights that the number of new accounts opened in August approached levels seen during the spring market surge but was less than half of the levels during the "924" period last year, indicating that resident sentiment is still in its early stages [3][31] - The report notes that while the current funding volume has increased since August, it has not yet reached peak levels compared to previous bull markets [8][12] Group 4 - The report discusses the funding indicators, noting that the net inflow of funds in August was approximately 4058 billion, which is significantly lower than the peak inflows seen in previous bull markets [12][48] - The net inflow of leveraged funds in August was 2700 billion, which is considered relatively high compared to recent years but still below the levels seen in the 2014-2015 bull market [15][50] Group 5 - The report indicates that the current trend of resident participation in the market is characterized by a gradual shift in risk preference, with a notable increase in the use of "fixed income+" and ETFs rather than active equity funds [17][53] - The report compares the current inflow of funds through ETFs and active equity funds, noting that the current inflow levels are still in the early stages compared to previous bull markets [21][55] Group 6 - The report emphasizes the importance of maintaining a bull market mentality and adhering to industry main lines, using a moving average deviation indicator to assess the strength of the main line trend [25][60] - Current average deviation values for key sectors such as optical modules, PCBs, and innovative pharmaceuticals indicate that most trends remain healthy, with a need to monitor the innovative pharmaceuticals sector for potential weakness [25][60]

Core Insights - The bond financing activities of securities firms in China have significantly increased this year, with a total issuance exceeding 1 trillion yuan [4][2]. - As of September 19, 2023, 71 securities firms have issued 657 bonds, marking a year-on-year growth of 64.25% [4]. - The total bond issuance scale for the year has reached 1.18 trillion yuan, representing a year-on-year increase of 69.93% [4]. Group 1: Bond Issuance Data - The top 10 securities firms by bond issuance scale as of 2025 include China Galaxy (107.9 billion yuan), Huatai Securities (93.7 billion yuan), and Guotai Junan (75.8 billion yuan) [5]. - Other notable firms in the top 10 include GF Securities (68.52 billion yuan) and China Merchants Securities (62.7 billion yuan) [5][6]. Group 2: Bond Holding Data - As of September 19, 2023, the total bond holding scale of 76 securities firms is 2.96 trillion yuan [7]. - The top 10 firms by bond holding scale include Guotai Junan (252.6 billion yuan), China Galaxy (188.6 billion yuan), and Huatai Securities (188 billion yuan) [7][8]. Group 3: Recent Approvals for Bond Issuance - In September, several securities firms, including Guotai Junan and CITIC Securities, received approval to issue bonds to professional investors [9]. - CITIC Securities has been approved to issue bonds with a face value of up to 60 billion yuan [13].

Group 1 - The core point of the article is that southbound funds have increased their holdings in GF Securities (01776.HK) significantly, with a total net increase of 370.98 million shares over the last five trading days and 444.34 million shares over the last twenty trading days [1][2] - As of September 19, 2025, southbound funds hold 962 million shares of GF Securities, accounting for 56.5% of the company's total issued ordinary shares [1][2] - The daily changes in shareholding show fluctuations, with a notable increase of 346.66 million shares on September 15, 2025, and a decrease of 368.02 million shares on September 18, 2025 [2] Group 2 - GF Securities is primarily engaged in securities business through five divisions, including investment banking, wealth management, trading and institutional client services, investment management, and other corporate operations [2]

Group 1 - The company hosted a specific investor research and site visit event on September 18, attended by six institutions including GF Securities and Morgan Fund [1] - The main products in the company's home hardware business include slides and hinges, with applications across various industries such as custom home furnishing and household appliances [2] - The company emphasizes its core competitiveness in R&D and technological innovation, lean manufacturing, cost control, channel network, customer service, and brand premium [2] Group 2 - Domestic home hardware brands offer high cost-performance and rapid product iteration, while foreign brands are often tied to high-end cabinetry and have stable engineering channels [2] - The company's customer base is primarily industrial, with a significant portion of sales through direct sales, and it has established over 160 agency channels in key cities [2] - Future market drivers for the home hardware industry include demand for renovation and partial remodeling, consumption upgrades, and the deepening of whole-house customization [2]