广发证券发布研报称，据10月六家上市航司主要运营数据公告，六家上市航司10月总供给与总需求同比 各增加6.4%/9.2%，约为19年同期的113.2%/119.5%；客座率同比提升2.2个百分点至87.1%，较19年同期 提升4.6个百分点。三大航10月供需同比各增加6.2%/9.3%，延续修复节奏。其中国内线供需分别恢复至 19年同期的120.0%/126.5%。此外，受外部事件影响，中日航线需求受挫，对航司国际线短期需求构成 一定压力，但整体需求具备韧性，中长期复苏趋势不改，叠加票价弹性显现。 外交部领事司于11月14日晚提醒中国公民近期避免前往日本，随后多家主要航司宣布12月31日前日本航 线客票可免费退改。11月以来，中日航班量已出现明显下滑，第45周(11.03-11.09)航班量恢复率(较2019 年同期)为82.9%，环比第40周下降14.5%。 广发证券主要观点如下： 10月全行业供需双旺，客座率同比提升至高位，其中国内线增幅持续拉大，国际线全面超过2019年水平 从航司受影响程度看，春秋航空(中日航线ASK占比11.3%)和吉祥航空（603885）(9.9%)敞口最大，国 航、东航、南航占比 ...

Group 1: CRO Industry Recovery - The clinical and preclinical CRO industry is gradually recovering, with an expected improvement in order structure [1] - Domestic R&D demand is showing marginal improvement, driven by the resurgence of innovative drug development and stabilization of order prices [1] - Companies like Tigermed, Nossan, and Proprius are projected to see revenue growth turning positive by 2025, with significant contributions from overseas business [1] Group 2: CDMO Industry Growth - The CDMO sector has reached a bottom and is on a recovery trajectory, with new orders continuing to improve [2] - The global demand for innovative drug R&D is driving growth in new orders and backlog, with a strong certainty of performance and profitability improvement [2] - Companies are expected to maintain excellent growth trends in 2026 due to robust demand for new molecules [2] Group 3: Life Sciences Sector Dynamics - The life sciences upstream sector is experiencing a dual drive from domestic substitution and overseas expansion, with urgent demand for domestic alternatives [3] - Companies are likely to capture market share in low-penetration segments by leveraging new molecular categories or high-cost performance products [3] - The demand for specific segments such as drug efficacy, antibodies, and proteins is increasing, indicating a clear long-term growth logic [3] Group 4: API Market Conditions - The raw material pharmaceutical industry is currently in a price bottom and supply surplus adjustment phase, with traditional product performance under pressure [4] - Companies are extending their business into generics, innovative drugs, and specialty APIs, which may lead to value reconstruction through business structure optimization [4] - The valuation of raw material pharmaceutical companies is at a bottom range, highlighting potential opportunities from new business layouts [4]

Core Insights - The report from GF Securities indicates significant growth in GMV for both comprehensive e-commerce and live-streaming e-commerce platforms during the 2025 Double Eleven shopping festival, with total sales expected to reach 1.695 trillion yuan, a 14.2% increase from the previous year [1] - The top ten categories in comprehensive e-commerce sales include home appliances, mobile digital products, clothing, personal care and beauty, among others, with clothing and footwear remaining crucial sales channels [1] Group 1: E-commerce Performance - The total sales during the 2025 Double Eleven period (October 7 to November 11) are projected to be 1.695 trillion yuan, up from 1.4418 trillion yuan in 2024, reflecting a 14.2% year-on-year growth [1] - Comprehensive e-commerce platforms, including Tmall, JD.com, and Douyin, are expected to generate sales of 1.6191 trillion yuan, compared to 1.1093 trillion yuan in 2024, marking a 12.3% increase [1] - The top ten sales categories in comprehensive e-commerce include home appliances, mobile digital products, clothing, personal care and beauty, footwear, furniture, food and beverages, office supplies, baby products, and sports and outdoor items [1] Group 2: Competitive Landscape - In the Tmall channel, the competition in the clothing and home textile sectors remains stable, with slight changes in the rankings of the top ten brands across various sub-sectors [2] - For men's clothing, Uniqlo retains the top position, while in women's clothing, Uniqlo also ranks first, showing a slight increase in its position [2] - The overlap of top brands between Tmall and Douyin is low, with only a few brands appearing in the top ten of both platforms, indicating a distinct competitive landscape [3] Group 3: Investment Recommendations - Companies are advised to focus on leading firms in sub-sectors that rank high during the Double Eleven event, as online retail remains a vital channel for clothing and home textiles [4] - Attention should be given to home textile companies that exceed expectations in their Q3 performance [4] - Companies involved in high-demand IP licensing, cultural creativity, high-end crafts, and discount retail in clothing and footwear are recommended for investment [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 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股股东另行发 出的会议通告及其他相关文件。 涉及融资融券、约定购回、转融通业务相关账户、合格境外机 ...

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 ...