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2026年面向專 業投資者公開發行短期公司債券（第三期）在深圳證券交易所上市的公告》。茲載 列如下，僅供參閱。 | 债券名称 | 广发证券股份有限公司 | | | | | | 2026 | 年面向专业投资者公开发行短 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 期公司债券（第三期）（品种二） | | | | | | | | | 债券简称 | 广发 ...

| 债券名称 | 广发证券股份有限公司 | | | | | 2026 | 年面向专业投资者公开发行短期 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 公司债券（第三期）（品种二） | | | | | | | | 债券简称 | 26 D4 | 广发 | | | | | | | 债券代码 | 524701 | | | | | | | | 信用评级 | 主体评级 AAA/债项评级 | | | | | A-1 | | | 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） | 54 | | | | | | | | 债券期限 | 365 | 天 | | | | | | | 票面年利率（％） | 1.62 | | | | | | | | 利率形式 | 固定利率 | | | | | | | | 付息频率 | 到期一次还本付息 | | | | | | | | 发行日 | 2026 3 日-2026 | 年 | 月 | 11 | 年 | 3 | 月 12 日 | | 起息日 | 日 2026 3 | 年 | 月 | 1 ...

Market Overview - The A-share market experienced a morning surge followed by a decline, with all three major indices turning negative. As of midday, the Shanghai Composite Index fell by 0.04%, the Shenzhen Component Index decreased by 0.4%, the ChiNext Index dropped by 0.58%, and the Sci-Tech Innovation Board Index declined by 0.72% [1][2]. Sector Performance - The green energy sector showed repeated activity, with Huadian Liaoning Energy achieving two consecutive trading limits, and Jiangsu New Energy and Zhejiang New Energy hitting the daily limit [5]. - The real estate sector saw gains, with Zhongzhou Holdings and Jingneng Real Estate reaching the daily limit [5]. - The space photovoltaic concept surged, with GCL-Poly Energy and Yabo Co. hitting the daily limit [5]. - The steel sector was active, with Anyang Steel and Jiugang Hongxing both reaching the daily limit [5]. - Financial stocks strengthened, with Aijian Group hitting the daily limit and several securities firms, including Guosen Securities and Dongfang Caifu, following suit. Hangzhou Bank reached a historical high during the session [6]. Declining Sectors - The computing power sector, including optical modules, optical communications, and optical chips, led the market decline, with Tianfu Communication dropping over 9% [6]. - Other sectors that saw significant declines included agriculture, mineral products, communication equipment, coal, and petrochemicals [6]. Hong Kong Market - In the Hong Kong market, automotive stocks performed well, with Geely Auto and Chery Auto rising over 5%, and Li Auto and NIO increasing by over 3% [7]. Nvidia GTC Conference - Nvidia announced collaborations with several automotive companies, including BYD and Geely, to develop L4 autonomous vehicles on the NVIDIA DRIVE Hyperion platform during the GTC conference [9]. Cryptocurrency Market - Bitcoin surpassed $75,000, with the entire cryptocurrency market experiencing an upward trend, leading to over 120,000 liquidations [12].

Group 1: Gold Stocks - Gold stocks showed recovery, with Zijin Gold International rising by 4.08%, Lingbao Gold by 2.97%, and Chifeng Jilong Gold by 3.56% as spot gold prices rose above $5020 per ounce [1] Group 2: JD Logistics - JD Logistics saw a nearly 4% increase, with projected revenue growth of 18.8% for 2025, significantly higher than the 9.7% growth in 2024, driven by rapid growth in instant delivery services [2] Group 3: China Glass - China Glass experienced a nearly 5% decline after issuing a profit warning, expecting a loss of up to 5.8 billion yuan for the fiscal year ending December 31, 2025, a significant increase from the 964 million yuan loss in 2024, attributed to weak domestic demand in the glass market [2] Group 4: Aide New Energy - Aide New Energy's stock rose by 5.56% following the announcement of a strategic investment of 39.5 million AUD in Horizon Minerals, increasing its stake to approximately 9.95% [2] Group 5: Zhaoyan New Drug - Zhaoyan New Drug's stock fell by 6.47% after shareholders announced plans for a significant reduction in A-share holdings [3] Group 6: Gaming Stocks - Gaming stocks saw a general increase, with notable gains from companies like Bilibili and NetEase, following reports of reduced commission rates by Apple and Google for app stores [3] Group 7: Automotive Stocks - Automotive stocks continued their upward trend, with Li Auto rising by 3.15% and Geely by 5.11%, supported by the recent release of new vehicle models by various manufacturers [4] Group 8: Weigong Holdings - Weigong Holdings' stock plummeted by 18.46% after announcing plans for privatization at a cash price of 0.28 HKD per share, representing a 13.8% discount from the last trading price [5] Group 9: Chinese Securities Firms - Chinese securities stocks collectively rose, with CITIC Securities increasing by 7.03% and GF Securities by 5.21%, reflecting positive market sentiment [5] Group 10: AI and Technology Stocks - AI-related stocks saw gains, with OpenRouter reporting that China's AI model usage surpassed that of the U.S. for two consecutive weeks [5] Group 11: U.S. Market Performance - Futu Holdings reported a 45.3% year-on-year revenue increase for Q4 2025, with total revenue reaching 6.438 billion HKD (approximately 827 million USD) [6] - Semiconductor stocks rose, with companies like Marvell Technology and AMD seeing increases, amid expectations of a new price hike in the semiconductor industry [6] - NIO's stock rose by 2.9% after reporting a 46.9% increase in vehicle deliveries for 2025, with total revenue growth of 33.1% [8]

Core Viewpoint - Chinese brokerage stocks have collectively risen, indicating positive market sentiment and expectations for future performance in the sector [1] Group 1: Stock Performance - CITIC Securities (06030) increased by 6.31%, reaching HKD 26.62 [1] - GF Securities (01776) rose by 6.14%, reaching HKD 16.08 [1] - China Galaxy (06881) saw a rise of 4.65%, reaching HKD 9.45 [1] - CICC (03908) increased by 4.74%, reaching HKD 19.02 [1] Group 2: Industry Outlook - CITIC Jiantou's report indicates that the securities sector's performance is expected to exceed expectations by 2026 due to three favorable marginal changes [1] - There has been a significant year-on-year increase in trading activity in the first half of the year, establishing a trend that may lead to overall growth exceeding expectations [1] - The number of new account openings at the beginning of the year has been impressive, suggesting that retail investors are poised to inject more capital into the market [1] - The expansion of bond financing by brokerages is expected to drive leverage improvements and potentially break through the industry's return on equity (ROE) high points [1] Group 3: Future Projections - Shenwan Hongyuan states that 2026 marks the beginning of the "14th Five-Year Plan," and brokerages are expected to benefit from a triple boost of policy, capital, and market trading [1] - There is an anticipated "Davis Double" effect in 2026, driven by these factors [1] - The first quarter of 2026 will be crucial for performance disclosures and the impact of policy reforms on the sector [1]

Core Viewpoint - Chinese brokerage stocks have collectively risen, indicating positive market sentiment and expectations for future performance in the sector [1] Group 1: Stock Performance - Citic Securities (600030) increased by 6.31%, reaching HKD 26.62 [1] - GF Securities (000776) rose by 6.14%, reaching HKD 16.08 [1] - China Galaxy (601881) saw a 4.65% increase, reaching HKD 9.45 [1] - CICC (601995) grew by 4.74%, reaching HKD 19.02 [1] Group 2: Industry Outlook - Citic Jiantou reported that three marginal changes are favorable, with expectations for the securities sector's performance in 2026 to exceed forecasts [1] - The trading activity in the first half of the year has significantly increased year-on-year, establishing a trend that may lead to overall growth exceeding expectations for the year [1] - New account openings at the beginning of the year have been impressive, indicating that retail investors are poised to inject more capital [1] - The expansion of brokerage financing through bond issuance is expected to drive leverage improvements and surpass the industry's return on equity (ROE) peak [1] Group 3: Policy and Market Drivers - Shenwan Hongyuan noted that 2026 marks the beginning of the "14th Five-Year Plan," with brokerages expected to benefit from a combination of policy, funding, and market trading dynamics [1] - The year 2026 is anticipated to see a "Davis Double Play" for brokerages, driven by these three factors [1] - Attention is drawn to the first quarter of 2026 for performance disclosures and the impact of policy reforms on the sector [1]

Investment Rating - The report maintains a positive outlook on the insurance sector, indicating a high cost-performance ratio for investment opportunities [2][11] Core Views - The insurance sector has experienced significant adjustments due to pessimistic narratives surrounding AI, geopolitical conflicts, and investor concerns about the investment performance of the insurance sector. However, the valuation has dropped to historically low levels, suggesting a high cost-performance ratio for investment [2][11] - The banking sector is expected to see a stabilization in interest margins due to marginal improvements in both assets and liabilities, with non-interest income likely to recover as the equity market rebounds [3][20] Summary by Sections Insurance Sector - The insurance sector's index fell by 2.10%, underperforming the CSI 300 index by 2.28 percentage points. The sector has seen a cumulative decline of over 9% this year, with current valuations indicating significant room for recovery [2][11] - The sector's price-to-earnings value (PEV) is at 0.65x for A-shares and 0.42x for H-shares, indicating potential recovery spaces of 53% and 137% respectively [11] - The long-term core logic of improvement in both assets and liabilities remains unchanged, with expectations for dual recovery in valuation and performance as market sentiment improves [2][11] Brokerage Sector - The brokerage sector index decreased by 1.75%, underperforming the CSI 300 index by 1.94 percentage points. The sector's price-to-book (PB) ratio is at 1.27x, indicating a significant mismatch between earnings and valuation [17][18] - The "14th Five-Year Plan" emphasizes the need for comprehensive reforms in the capital market, which will benefit leading brokerages with strong service capabilities [17][18] - Recommendations include focusing on large brokerages with strong fundamentals and low valuations, as well as those undergoing mergers or restructuring [18][19] Banking Sector - The banking sector index increased by 1.39%, outperforming the CSI 300 index by 1.20 percentage points. The sector's PB ratio is at 0.52x [20][21] - Expected improvements in both asset and liability sides are anticipated to stabilize interest margins, with a projected decrease in the average cost of interest-bearing liabilities by 40 basis points in 2025 [20][21] - The overall asset quality is expected to remain stable, with non-performing loans in corporate real estate and non-real estate consumer credit anticipated to stabilize at high levels [22][23] - Recommendations include focusing on high-dividend large banks and those with strong recovery potential in performance [23]

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之內容概不負責，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 廣發証券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將於2026年3月 30日（星期一）舉行董事會會議，藉以（其中包括）審議及批准刊發本公司及其附 屬公司截至2025年12月31日止經審計的年度業績公告及派發末期股息之建議（如 有）等議案。 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 2026年3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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1776） 董事會會議召開日期 ...

承董事會命 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） 董事會會議召開日期 廣發証券股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將於2026年3月 30日（星期一）舉行董事會會議，藉以（其中包括）審議及批准刊發本公司及其附 屬公司截至2025年12月31日止經審計的年度業績公告及派發末期股息之建議（如 有）等議案。 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之內容概不負責，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 林傳輝 董事長 中國，廣州 2026年3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。 ...

Core Viewpoint - The technology innovation bond market in China is experiencing explosive growth driven by the national strategy of technological self-reliance and strength, with significant increases in both the number of participating securities firms and the total amount of bonds issued [1][2]. Group 1: Growth of Technology Innovation Bonds - In 2025, 83 securities firms acted as main underwriters for technology innovation bonds, underwriting a total of 998 bonds amounting to 10,219.35 billion yuan, marking a year-on-year growth of over 60% [2]. - The number of participating firms increased by nearly 40% from 60 in 2024 to 83 in 2025, indicating a robust expansion in the market [2]. - The issuance of technology innovation bonds has grown from less than 500 billion yuan in 2021 to over 10 trillion yuan in 2025, reflecting a 28.7-fold increase in underwriting scale over five years [3][4]. Group 2: Underwriting Firms and Rankings - The top three underwriters for technology innovation bonds are CITIC Securities, CITIC Construction Investment, and Guotai Junan, with underwriting amounts of 1,904.72 billion yuan, 1,598.90 billion yuan, and 1,166.17 billion yuan respectively [4]. - In 2024, only CITIC Securities surpassed the 1 trillion yuan mark in underwriting, highlighting its dominance in the market [4]. Group 3: Policy Support and Market Dynamics - The rapid expansion of technology innovation bonds is supported by continuous policy enhancements, including a joint announcement by the central bank and the securities regulatory commission in May 2025 to establish a special underwriting evaluation system for these bonds [5]. - This policy aims to inject strong momentum into the market by increasing the weight of technology innovation bond underwriting in the evaluation system of securities firms [5]. - The growth of technology innovation bonds is seen as beneficial for providing targeted financial support to "hard technology" enterprises, thereby optimizing the business structure of securities firms and enhancing the capital market's ability to serve national strategies [5]. Group 4: Strategic Importance of Technology Innovation - The government work report emphasizes the importance of technology innovation as a key driver for economic growth, aiming to foster new momentum and support high-level technological self-reliance [7]. - Analysts believe that the capital market will play a crucial role in supporting the development of new productive forces and facilitating the integration of technology and capital during the 14th Five-Year Plan period [7][8]. - The core theme of the technology strategy during this period is to achieve breakthroughs in foundational computing power and deep integration of AI across industries, which will accelerate the cultivation of new productive forces [8].