当年累计新增借款超过上年末净资产的百分之二十的公告 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。 根据《证券法》《公司债券发行与交易管理办法》《深圳证券交易所公司债券上市规则》等相关规定， 公司就2025年累计新增借款情况予以披露。具体情况如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000776 证券简称：广发证券 公告编号：2025-019 广发证券股份有限公司 截至2025年3月31日，公司债券及收益凭证等余额较2024年末增加102.50亿元，主要系发行或到期偿还 所致。 （三）其他借款 截至2025年3月31日，公司其他借款余额较2024年末增加453.26亿元，主要系拆入资金和卖出回购金融 资产款的增加。 一、主要财务数据概况（合并口径） 截至2024年12月31日，公司经审计的净资产为1,530.85亿元，借款余额为3,930.31亿元。截至2025年3月 31日，公司借款余额为4,467.78亿元，累计新增借款金额537.47亿元，累计新增借款占上年末净资产比 例35.11%，超过20%。 二、新增借款的分类披露（合并口 ...

证券代码：000776 证券简称：广发证券 公告编号：2025-019 广发证券股份有限公司 当年累计新增借款超过上年末净资产的百分之二十的公告 截至 2024 年 12 月 31 日，公司经审计的净资产为 1,530.85 亿元，借款余额 为 3,930.31 亿元。截至 2025 年 3 月 31 日，公司借款余额为 4,467.78 亿元，累计 新增借款金额 537.47 亿元，累计新增借款占上年末净资产比例 35.11%，超过 20%。 二、新增借款的分类披露（合并口径） 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。 根据《证券法》《公司债券发行与交易管理办法》《深圳证券交易所公司债券 上市规则》等相关规定，公司就 2025 年累计新增借款情况予以披露。具体情况 如下： 一、主要财务数据概况（合并口径） （一）银行贷款 截至 2025 年 3 月 31 日，公司银行贷款余额较 2024 年末减少 18.29 亿元， 系短期借款的减少。 （二）公司信用类债券、非银行金融机构贷款 截至 2025 年 3 月 31 日，公司债券及收益凭证等余额较 2024 ...

Summary of Key Points Core Viewpoint - The brokerage industry is experiencing a trend of salary reductions, particularly among executives, due to regulatory pressures and declining performance in investment banking activities [1][2][7]. Group 1: Salary Trends - As of April 3, 2024, 24 listed brokerages reported a total management salary of 380 million yuan, a decrease of approximately 198 million yuan, representing a decline of 34.25% year-on-year [1]. - Among the 24 brokerages, 13 reported an increase in average salary compared to the previous year, with a notable increase of 30.87% in Huazhong Securities, where average salary rose from 269,400 yuan to 352,500 yuan [3]. - Major brokerages like CITIC Securities, CICC, and Guotai Junan saw average salaries drop by 1.53%, 8.26%, and 17.05% respectively [3]. Group 2: Impact of Regulatory Changes - The regulatory environment has been pushing brokerages to strengthen salary management, with many executives' salaries falling below 3 million yuan, except for Dongfang Fortune [2]. - The tightening of IPO approvals has significantly impacted investment banking revenues, leading to a reduction in workforce and salaries in this sector [4][5]. Group 3: Business Performance and Adjustments - The investment banking sector is under pressure, with a record 436 IPO rejections in 2024, leading to a reduction in personnel by up to 25% in some firms [5][7]. - Brokerages are adopting various cost-cutting measures, including reallocating staff from equity to bond business and reducing performance-linked bonuses [6]. - The decline in revenue from investment banking and public fund commission reductions has led to increased competition in research departments, further impacting salaries [5][6]. Group 4: Long-term Implications - While short-term salary reductions may cause discomfort, they are expected to benefit the financial industry's long-term health by lowering operational costs and enhancing risk management awareness [8].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company achieved a significant increase in self-operated income, with a year-on-year growth of 117% in 2024, reaching 7.8 billion yuan [3]. - The company's wealth management advantages remain solid, with its public fund management continuing to lead the industry [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 1.38 yuan, 1.59 yuan, and 1.80 yuan respectively [4]. Financial Performance Summary - The company reported total operating revenue of 27.2 billion yuan in 2024, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 9.6 billion yuan, up 38.11% year-on-year [1]. - The weighted average return on equity (ROE) was 7.44%, an increase of 1.78 percentage points year-on-year [1]. - The breakdown of net income by business segment for 2024 includes brokerage at 6.7 billion yuan, investment banking at 800 million yuan, asset management at 6.9 billion yuan, credit at 2.3 billion yuan, and self-operated business at 7.8 billion yuan [1]. Business Segment Performance - Brokerage: The company achieved a stock trading volume of 23.95 trillion yuan in 2024, a year-on-year increase of 28.98% [2]. - Investment Banking: The company completed three A-share IPOs with a total underwriting amount of 800 million yuan, and five refinancing projects totaling 7.9 billion yuan, with declines of 60% and 45% respectively compared to the previous year [2]. - Asset Management: The total asset management scale reached 253.5 billion yuan by the end of 2024, a 24% increase year-on-year [2]. - Margin Financing: The margin financing business scale was 103.7 billion yuan, up 17% year-on-year, with a market share of 5.56% [3].

Group 1 - The core components of dexterous hands include three systems: drive, transmission, and perception [1] - The driving solution has shifted to electric drives, with hollow cup motors and brushless gear motors being the preferred choices [1] - The transmission solutions are categorized into linkages, tendon-driven, and worm gear/gear systems, with tendon-driven applications being the most widespread [1] Group 2 - The third generation of Optimus dexterous hands features an upgraded transmission structure and enhanced tactile sensing, significantly increasing degrees of freedom from 11 to 22 [2] - The active control degrees of freedom have increased from 6 to 17, allowing for more complex movements [2] Group 3 - Key components in the dexterous hand market include brushless DC motors, micro lead screws, tactile sensors, and tendons [3] - Major companies involved in brushless DC motors include Mingzhi Electric, Zhaowei Electromechanical, and Weichuang Electric [3] - Micro lead screws are critical for precision linear motion, with companies like Hengli Hydraulic and Zhejiang Rongtai leading in this area [3] Group 4 - Emerging players in the dexterous hand sector include unicorns such as Yinshi Robotics and Aoyi Technology, along with listed companies like Jiechang Drive and Leisai Intelligent [4] - These companies are positioned to benefit from the accelerated industrialization of dexterous hands [4]

Core Viewpoint - The revaluation of Chinese assets is driven by technological innovation, macroeconomic policies, industrial environment, and valuation levels, with a particular focus on AI technology as a significant catalyst for change [2][3][4]. Group 1: Drivers of Asset Revaluation - Technological innovation, exemplified by DeepSeek in the AI sector, is a key factor driving the revaluation of Chinese assets, showcasing China's capabilities in manufacturing and technology [2]. - The macroeconomic policy environment is improving, with the government signaling a shift to a "dual easing" cycle, which is expected to stabilize the economy and improve corporate profitability [3]. - Industrial policies are revitalizing market confidence, particularly in the private sector, which is crucial for economic growth and investment [3]. Group 2: Valuation Characteristics - Current asset valuations in China are at historical lows, with broad indices and major industries undervalued compared to international peers, creating an attractive investment opportunity [4]. - The combination of low valuations and improving fundamentals is drawing global investors to reassess the investment value of the Chinese market [4]. Group 3: International Market Context - The global market's adjustments, including a weakening dollar and volatility in U.S. stocks, are enhancing the comparative advantages of Chinese equities [5][6]. - The current economic uncertainty in the U.S. is prompting capital to flow out of American markets, potentially benefiting emerging markets like China [6][7]. Group 4: AI Sector Potential - The AI sector in China is characterized by low-cost advantages, an open-source ecosystem, and ongoing application innovations, indicating significant growth potential [8][9]. - The transition from concept validation to commercial realization in AI is expected to drive performance in the next 1-3 years, marking a shift towards earnings-driven investment [9]. Group 5: Investment Opportunities - Three categories of industries are identified for potential investment: those driven by policy stimulus, those with cleared supply-side issues, and those with clear demand-side support [10][11][12]. - A phased investment strategy is recommended, focusing on sectors with immediate policy impacts, followed by those with supply-side adjustments, and finally, long-term growth sectors in technology [12].

Group 1: Performance Highlights - In 2024, the "other equity instruments investment" category saw a significant increase from 13 million to 1.3 billion over three years, indicating strong growth in this area [3] - The company increased its allocation in perpetual bonds by 8.3 billion in 2024, reflecting strategic business considerations [3] Group 2: Market Position and Strategy - The company emphasizes a value investment approach, combining top-down macro strategies with industry and stock research to reduce investment yield volatility [5] - The company aims to enhance its core competitiveness and high-quality development by focusing on its main responsibilities and serving the real economy [6][12] Group 3: Shareholder Engagement and Value Management - The company has implemented a market value management system to enhance investment value and increase shareholder returns, as approved in the board meeting on March 28, 2025 [6][10] - The company is committed to providing stable cash dividends to investors, ensuring long-term investment returns [10] Group 4: Challenges and Market Perception - Despite good performance, the company's stock price has remained low over the past three years, influenced by market conditions, company performance, and investor sentiment [5][12] - The company acknowledges the need for effective market value management to address the disparity between its performance and stock price [12] Group 5: Subsidiary Performance - The subsidiary Guangfa Qianhe reported a significant loss of 700 million in 2024, compared to a profit of 340 million in 2023, primarily due to fluctuations in investment income [9] - Guangfa Asset Management's losses increased from 200 million in 2023 to 590 million in 2024, highlighting challenges in its operational performance [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣發証券股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01776 | 說明 | 廣發証券H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,701,796,200 | RMB | | 1 RMB | | 1,701,796,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 1,701,796,200 | RMB | | 1 RMB | | 1,701,796,200 | | 2. 股份分類 | 普通股 | 股份類 ...

为答谢广大客户长期以来给予的信任与支持，根据朱雀基金管理有限公司（以下简称"本公司"）与广发 证券股份有限公司（以下简称"广发证券"）签署的销售协议及相关业务安排，自2025年4月1日起，本公 司旗下部分基金参与广发证券开展的费率优惠活动，现将有关事项公告如下： 一、适用基金范围 ■ 二、费率优惠活动内容 自2025年4月1日起，投资者通过广发证券申购（含定期定额投资，不含转换转入）朱雀安鑫回报A,申购 （含定期定额投资，不含转换转入）费率按照《招募说明书》中约定的原费率的10%执行，如原费率适 用固定费用的，按照原固定费用执行，不再参与本次费率优惠活动。详情以广发证券的相关公告为准。 三、重要提示 1、本次优惠活动仅适用于朱雀安鑫回报A的申购或定期定额投资业务，不包括赎回、转换转入等其他 业务。 2、费率优惠活动截止日期，敬请投资者留意广发证券的有关公告。业务办理的相关规则及流程以广发 证券的安排和规定为准。 3、风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不一定保证产品一定 盈利，也不保证最低收益。投资者欲了解参加本次优惠活动的上述基金产品详细情况，请仔细阅读上述 基金的基金合同、 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 15% within six months [17]. Core Insights - The company reported a revenue increase of 16.7% year-on-year for 2024, with a net profit attributable to shareholders rising by 38.1%, resulting in a return on equity (ROE) of 7.44% [2][3]. - In Q4 2024, the company achieved a revenue of 8.06 billion yuan, reflecting a year-on-year growth of 52.5%, and a net profit of 2.87 billion yuan, which is a significant increase of 146.0% year-on-year [2][3]. - The growth in 2024 was primarily driven by the investment business, with contributions from the investment banking and brokerage sectors as well [2][3]. Revenue Breakdown - For the full year 2024, the revenue from various business segments was as follows: - Brokerage: 6.65 billion yuan, up 14% year-on-year - Investment Banking: 780 million yuan, up 37% year-on-year - Asset Management: 6.89 billion yuan, down 11% year-on-year - Investment: 7.75 billion yuan, up 117% year-on-year - Credit: 2.35 billion yuan, down 25% year-on-year - The revenue contributions from these segments were 24%, 3%, 25%, 29%, and 9% respectively, with changes in contribution percentages compared to the previous year [2][3]. Financial Projections - The company is projected to achieve revenues of 28.2 billion yuan and 31.0 billion yuan in 2025 and 2026, respectively, with year-on-year growth rates of 4% and 10% [3][10]. - The net profit attributable to shareholders is expected to be 9.8 billion yuan in 2025 and 11.1 billion yuan in 2026, with growth rates of 1% and 14% respectively [3][10].