格隆汇11月12日丨广发证券(01776.HK)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2024年面向专业投资者公开发行永续次级债券(第二期)(以下简称"本期债券")将于 2025年11月14日支付2024年11月14日至2025年11月13日期间的利息。本期债券"24广发Y2"的票面利率为 2.50%，本次付息每手(面值1,000元)"24广发Y2"派发利息人民币25.00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20.00元；非居民企业(包含QFII、RQFII)取得的实际每手派 发利息为25.00元。 ...

据悉，本期债券"24广发Y2"发行规模为21亿元，票面利率为2.50%，本次付息每手(面值1000元)派发利 息人民币25.00元(含税)。 广发证券(01776)公布公告，由广发证券股份有限公司(以下简称"公司")发行的广发证券股份有限公司 2024年面向专业投资者公开发行永续次级债券(第二期)(以下简称"本期债券")将于2025年11月14日支付 2024年11月14日至2025年11月13日期间的利息。 ...

廣發証券股份有限公司 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. （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2024年面向專 業投資者公開發行永續次級債券（第二期）2025年付息公告》。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12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。 债券代码：148942 债券简称：24 ...

据卓创资讯，截至2025年11月6日，国内浮法玻璃均价1208元/吨，环比+1.0%，同比去年-15.1%。库存 天数29.61天，较上周四库存减少0.67天。2.0mm镀膜面板主流订单价格13元/平方米左右，环比持平， 较上周暂无变动，样本库存天数约24.06天，环比增加6.43%。当前玻璃龙头估值偏低，关注旗滨集团、 信义光能、福莱特(A)、福莱特玻璃(H)、信义玻璃、南玻A、山东药玻。 消费建材长期需求稳定性好、行业集中度持续提升、竞争格局好的优质龙头中长期成长空间仍然很大。 下游地产仍在寻底，等待销售企稳好转;核心龙头公司经营韧性强。关注三棵树、兔宝宝、悍高集团、 东方雨虹、中国联塑、北新建材、伟星新材、东鹏控股、坚朗五金、箭牌家居、蒙娜丽莎、科顺股份、 志特新材、王力安防。 水泥：本周全国水泥市场价格环比回落0.1% 据数字水泥网，截至2025年11月7日，全国水泥均价351元/吨，环比-0.50元/吨，同比-74.33元/吨;全国水 泥出货率45.93%，环比持平，同比-7.87pct。随着部分区域水泥价格持续回调至底部区间，预计后期水 泥价格仍将维持小幅震荡调整走势。目前行业估值在历史底部区域， ...

Core Viewpoint - Jia De Li Electronic Materials Co., Ltd. has received acceptance for its IPO application, showcasing significantly higher profit margins compared to its peers, raising questions about the sustainability of its reported capacity utilization rates and the implications of its increasing construction projects [1][2][3]. Financial Performance - Jia De Li's revenue for 2022, 2023, 2024, and the first half of 2025 were 550 million, 528 million, 734 million, and 367 million respectively, with net profits of 192 million, 141 million, 238 million, and 125 million, indicating a decline in 2023 followed by a projected increase in 2024 [2][5]. - The company's gross profit margins for the same periods were 49.29%, 41.91%, 46.29%, and 48.79%, significantly higher than the industry averages of 41.31%, 33.22%, 32.88%, and 36.85% [2][3]. - Net profit margins were reported at 34.97%, 26.66%, 32.42%, and 33.99%, while the average for comparable companies was much lower at 16.26%, 10.54%, 10.65% [3][4]. Cost Management - Jia De Li's selling expenses were 2.6647 million, 3.0174 million, 4.8748 million, and 1.47 million, representing 0.48%, 0.57%, 0.66%, and 0.40% of revenue, significantly lower than the industry average of 1.37% to 1.44% [4]. - Management expenses were 17.4068 million, 28.2156 million, 27.9604 million, and 15.7799 million, accounting for 3.16%, 5.34%, 3.81%, and 4.29% of revenue, also below the industry averages [4][5]. Research and Development - Research and development expenses were 21.3174 million, 21.7237 million, 23.884 million, and 12.0019 million, with ratios of 3.88%, 4.11%, 3.25%, and 3.27%, showing a decline below industry averages in recent years [5]. - The decrease in R&D spending raises questions about whether Jia De Li's high profit margins are driven by innovation or other factors [5]. Capacity Utilization - Reported capacity utilization rates were 107.74%, 99.52%, 102.89%, and 105.81%, but these figures are based on "standardized output" rather than actual production, leading to concerns about the accuracy of these metrics [6][8]. - If calculated using actual production, the capacity utilization rates would drop to approximately 80%, indicating a significant discrepancy in reported performance [8]. Construction Projects - The company's construction projects have seen a substantial increase, with in-progress projects rising from 78 million to 339 million within six months, primarily due to investments in new production lines [5][9]. IPO Details - Jia De Li plans to issue no less than 45.9075 million shares, aiming to raise 725 million for new production facilities and working capital [9]. - Prior to the IPO application, the company brought in four external investors through a capital increase, with a valuation of approximately 3.65 billion [9].

Core Insights - The brokerage industry has experienced a significant performance surge in Q3 2025, with 42 listed brokerages achieving a total net profit of 169 billion yuan, marking a year-on-year increase of 62.4% [2] - The industry concentration continues to rise, with the top five brokerages also being the top five in net profit, indicating a "dual leader" competitive landscape [2][5] - There is a notable divergence in performance among brokerages, particularly in proprietary trading income [2] Revenue Performance - The top five brokerages exhibit a clear "one super, one strong" revenue pattern, with CITIC Securities leading at 55.81 billion yuan, followed by Guotai Junan at 45.89 billion yuan, together accounting for 57.6% of the top five's total revenue [3][4] - Guotai Junan's revenue growth of 101.6% is primarily attributed to the absorption and merger with Haitong Securities, while CITIC Securities shows a stable growth of 32.7% [4] Net Profit Analysis - The net profit of the top five brokerages has surpassed 10 billion yuan, with CITIC Securities at 23.16 billion yuan and Guotai Junan at 22.07 billion yuan, creating a "dual giant" scenario [5][7] - Guotai Junan leads in net profit growth at 131.8%, significantly influenced by goodwill from the merger, while CITIC Securities shows a robust growth of 37.86% [7] Brokerage Business - The average daily trading volume in the market reached 1.64 trillion yuan, a year-on-year increase of 106.1%, driving brokerage commission income to grow by over 50% across the board [10] - Guotai Junan's commission income surged by 142.8% to 10.81 billion yuan, while CITIC Securities leads in scale with 10.94 billion yuan, reflecting strong performance in the brokerage business [11][12] Proprietary Trading Income - The top five brokerages achieved a total proprietary trading income of 83.58 billion yuan, accounting for 47.02% of total revenue, with CITIC Securities leading at 31.60 billion yuan, a 45.88% increase [13][14] - There is a significant divergence in proprietary trading income growth, with Guotai Junan at 90.11% and Huatai Securities experiencing a decline of 15.08% [14][15]

Core Insights - The "Intelligent China · Set Sail for the Future" forum hosted by GF Securities focused on key sectors such as AI, robotics, new energy, innovative pharmaceuticals, and new consumption, attracting over 1,000 attendees including executives from around 80 well-known listed companies and top global institutional investors [1][3] Group 1: Forum Highlights - The forum featured prominent speakers from leading companies, including Zheng Hongmeng from Industrial Fulian and Zhou Qunfei from Lens Technology, who shared insights on market trends and company developments in AI and innovative pharmaceuticals [2][3] - The event served as a platform for direct dialogue between outstanding listed companies and top global investment institutions, showcasing the value of investing in Chinese assets [1][2] Group 2: Key Presentations - Zheng Hongmeng discussed the rapid growth of the AI server market and the impact of generative AI on data center infrastructure, emphasizing the company's core advantages in AI server systems and its commitment to high-quality industrial development through smart manufacturing and ESG [5] - Zhou Qunfei highlighted the challenges and opportunities presented by AI hardware transformation, outlining Lens Technology's strategy to become a leading provider in the trillion-dollar AI hardware market by leveraging its strengths in materials and manufacturing [5] - Wang Dongning focused on the integration of AI and energy, noting the importance of energy constraints in expanding AI infrastructure and the company's efforts to create a new generation of AI data centers powered by green energy [5][6] - Wen Shuhao emphasized the role of AI and robotics in accelerating drug and material discovery, while Jin Lei provided an overview of Changchun High-tech's innovative drug pipeline and its commitment to enhancing R&D efficiency [6][7] Group 3: GF Securities' Strategic Direction - The forum demonstrated GF Securities' influence in key industry sectors and its strong appeal to top global institutional investors, reflecting the company's commitment to an international strategy and integrated services [7] - The research division of GF Securities has been actively enhancing its overseas research capabilities and expanding its client base since the end of 2024, with plans to strengthen research teams in AI, new energy, and innovative pharmaceuticals [7]

Market Performance - A-shares saw a rise with the Shanghai Composite Index closing up 0.53% at 4018.6 points, while the Shenzhen Component Index increased by 0.18%[1] - The Hang Seng Index in Hong Kong closed up 1.55% at 26649.06 points, with the Hang Seng Tech Index rising 1.34% and the Hang Seng China Enterprises Index up 1.90%[1] - The total market turnover in Hong Kong decreased to 2147.878 million HKD[1] Economic Indicators - The U.S. government shutdown is expected to end soon, with the Senate likely to vote on a temporary funding bill[1] - China's passenger car sales fell for the first time in over a year, with a 0.8% year-on-year decline in October due to the withdrawal of trade-in subsidies[1][12] International Trade - Switzerland is reportedly close to reaching an agreement with the U.S. to reduce export tax rates from 39% to 15%, with a potential deal expected in the next two weeks[12] - The U.S. trade representative is optimistic about reaching a trade agreement with India, which may involve lowering tariffs on Indian goods[12]

Group 1: Industry Overview - The aviation sector is identified as a cyclical strengthening variety within the transportation sector, with a shift in macro expectations likely to catalyze market activity [1] - The Civil Aviation Administration of China (CAAC) is implementing policies to curb disorderly competition and guide rational pricing, which, along with optimized flight slot structures, is expected to improve the domestic aviation supply-demand relationship over the next 2-3 years [1] - The supply side is constrained by aging fleets, with over 15% of aircraft being over 15 years old, and a projected annual growth rate of only about 3% for the domestic fleet from 2020 to 2024, significantly lower than the 8% growth during the 13th Five-Year Plan [1] Group 2: Demand Potential - The resilience of aviation demand is highlighted, with passenger transport volume reaching 582 million from January to September 2025, a 17% increase compared to 2019, and a seat occupancy rate of 84.9%, surpassing pre-pandemic levels [2] - Domestic market recovery is steady, with flight and passenger numbers increasing by 13% and 19% respectively compared to 2019, and ticket prices stabilizing with a 4.3% year-on-year increase in October [2] - International routes are also recovering, with passenger transport volume reaching 102% of the 2019 level, driven by the expansion of visa-free policies and improved customs facilitation [2]

昨日（11月10日）A股市场探底回升，沪指午后拉升收于4018.6点，有望冲击10月30日的盘中高点—— 4025.7点。券商板块小幅异动，东北证券涨停，广发证券、东兴证券、长江证券等跟涨。 机构表示，展望全年，资本市场预计将保持稳步向上趋势，业绩增长的可持续性有望增强，板块具备估 值修复潜力。在资本市场持续向好的背景下，预计券商自营业务收入将延续增长态势，持续为整体业绩 注入稳健动力。 （文章来源：每日经济新闻） 热门ETF中，券商ETF（159842）上涨1.02%，成交额3.92亿元，较上周五明显放量。Wind数据显示， 该产品昨日份额增长600万份，规模则升至81.65亿元，创历史新高。 ...