证券代码：000776 证券简称：广发证券 公告编号：2025-035 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 （一）银行贷款 截至 2025 年 8 月 31 日，公司银行贷款余额较 2024 年末增加 38.97 亿元， 系短期借款的增加。 （二）公司信用类债券、非银行金融机构贷款 截至 2025 年 8 月 31 日，公司债券及收益凭证等余额较 2024 年末增加 220.41 亿元，主要系发行或到期偿还所致。 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） 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 8 月 31 日，公司借款余额为 4,460.12 亿元，累计 新增借款金额 529.81 亿元，累计新增借款占上年末净资产比例 34. ...

Group 1 - The core point of the announcement is that Guangfa Securities (000776.SZ) reported a borrowing balance of 446.012 billion yuan as of August 31, 2025, with a cumulative new borrowing amount of 52.981 billion yuan, which represents 34.61% of the net assets at the end of the previous year, exceeding the 20% threshold [1] - The new borrowings primarily come from bank loans, corporate credit bonds, loans from non-bank financial institutions, and other borrowings [1] - The new borrowings comply with relevant laws and regulations and fall within the normal scope of the company's business activities, indicating that they will not adversely affect the company's operational status and debt repayment capability [1]

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 广发证券股份有限公司 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當 年累計新增借款超過上年末淨資產的百分之二十的公告》。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5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。 证券代码：000776 证券简称： ...

Core Viewpoint - The sell-side research business in China's securities industry is considered the "crown jewel," reflecting a brokerage's professional capability and comprehensive influence, despite not generating significant profits [2][3]. Summary by Sections Sell-Side Research Capability Measurement - The measurement of sell-side research capabilities among brokerages is primarily based on the total amount of commission allocated by public funds and their rankings. The recent commission ranking, following the public fund commission reform, highlights the strengths and weaknesses of research and service capabilities [3][4]. Top Tier: Expected Reshuffling and Surprises - The merger of two traditional institutions, Guotai Junan and Haitong Securities, into Guotai Haitong Securities has created a reshuffling opportunity in the top tier of sell-side research. However, the merged entity did not surpass CITIC Securities, which remains the leader with a significant gap in commission income [4][5]. Commission Rankings - CITIC Securities leads with a total commission of 319 million yuan, holding a market share of 7.13%. Guotai Haitong Securities follows with 268 million yuan, while GF Securities ranks third with 250 million yuan [5][6][8]. Competitive Landscape - The competition for the second and third positions in the sell-side research market is expected to be intense, particularly between Guotai Haitong and GF Securities, given their close commission figures [7]. First Tier: Strong Contenders - The top ten brokerages are characterized by complete systems, strong teams, and significant influence. The rankings are subject to change based on performance in the latter half of the year [9][10]. Rising Institutions - Zhejiang Securities, Shenwan Hongyuan, and CICC have shown significant improvements in their rankings without the benefit of mergers, indicating genuine growth in their research capabilities [11][12]. Second Tier: The "Billion Club" - The second tier of brokerages, ranked 11th to 20th, is highly competitive, with many firms vying for the "billion club" threshold. The top three in this tier are Tianfeng Securities,招商证券, and东吴证券, all closely matched in commission income [14][15]. Notable Exceptions - Guolian Minsheng Securities, which also underwent a merger, is uniquely positioned in the rankings due to its late merger timing, potentially affecting its future standings [16]. Bottom Tier: Rare Positive Growth - Among the bottom ten brokerages, there are rare examples of positive growth, particularly华源证券 and华福证券, which have seen significant increases in their commission income due to strategic hires and team expansions [17][19].

Investment Rating - The report maintains a positive outlook on the brokerage sector, highlighting investment opportunities driven by policy support and the beta characteristics of brokers in the context of low-risk interest rates and high household deposits [9][10]. Core Insights - The brokerage sector experienced a significant profit increase of 51% year-on-year in the first half of 2025, with a return on equity (ROE) of 3.75% [1][4]. - Key revenue drivers included proprietary trading and brokerage services, with a notable contribution from wealth management and international business as future growth areas [4][8]. Summary by Sections 1. Performance Overview - In the first half of 2025, 43 listed brokerages reported total assets of CNY 13.9 trillion, up 11% from the end of 2024, and net profit of CNY 1,001 billion, reflecting a 51% year-on-year increase [5][7]. - The main revenue sources were proprietary trading and brokerage, with brokerage income rising 45% year-on-year [7][18]. 2. Capital Business - The report indicates a balanced structure in financial investments between equities and bonds, with a widening interest margin supported by declining funding costs [6][19]. - Proprietary trading income (excluding long-term stock investments) increased by 44% year-on-year, driven by a market recovery in Q2 2025 [18][24]. 3. Light Capital Business - The light capital business saw a revenue increase, with brokerage income reaching CNY 673 billion, up 45% year-on-year, while investment banking income rose by 18% [18][24]. - The asset management sector faced challenges, with a 3% decline in revenue due to fee reductions [18][24]. 4. Future Performance Drivers - Wealth management is expected to benefit from low deposit rates and an improved investment environment, leading to increased market participation by households [8][10]. - The international business segment is also poised for growth, with frequent capital increases in international subsidiaries and significant contributions to overall performance [8][10]. 5. Valuation and Investment Recommendations - The report recommends focusing on leading firms within the brokerage sector, identifying winners based on competitive positioning, beta amplification, and alpha leadership [9][10]. - Specific recommendations include firms like Guotai Junan, CITIC Securities, and Huatai Securities, which are expected to outperform due to their strong market positions and growth potential [9][10].

广发证券(01776)发布公告，广发证券股份有限公司2025年面向专业投资者公开发行短期公司债券(第二 期)(债券简称："25广发D3"，债券代码：524135)将于2025年9月8日(2025年9月7日为休息日，顺延至其 后第1个交易日)支付2025年2月21日至2025年9月6日期间的利息及本期债券的本金。 本期债券"25广发D3"的票面利率为1.95%，本次兑付兑息每手(面值1000元)"25广发D3"兑付本息合计人 民币1010.58元(含税)。债券摘牌日：2025年9月8日。 ...

智通财经APP讯，广发证券(01776)发布公告，广发证券股份有限公司2025年面向专业投资者公开发行短 期公司债券(第二期)(债券简称："25广发D3"，债券代码：524135)将于2025年9月8日(2025年9月7日为休 息日，顺延至其后第1个交易日)支付2025年2月21日至2025年9月6日期间的利息及本期债券的本金。 本期债券"25广发D3"的票面利率为1.95%，本次兑付兑息每手(面值1000元)"25广发D3"兑付本息合计人 民币1010.58元(含税)。债券摘牌日：2025年9月8日。 ...

格隆汇9月4日丨广发证券(01776.HK)发布公告，广发证券股份有限公司2025年面向专业投资者公开发行 短期公司债券（第二期）（债券简称："25广发D3"，债券代码：524135）将于2025年9月8日（2025年9 月7日为休息日，顺延至其后第1个交易日）支付2025年2月21日至2025年9月6日期间的利息及本期债券 的本金。本期债券"25广发D3"的票面利率为1.95%，本次兑付兑息每手（面值1,000元）"25广发D3"兑 付本息合计人民币1,010.578082元（含税）。 ...

Group 1 - The company is set to pay interest and principal for the short-term corporate bond "25 Guangfa D3" on September 8, 2025, with a coupon rate of 1.95% [1][2] - Each hand (face value of 1,000 yuan) will receive a total of 1,010.578082 yuan (including tax) upon maturity, with the net amount for individual and fund holders being 1,008.462465 yuan after tax deductions [2][3] - The bond has a credit rating of A-1, while the company's overall credit rating is AAA with a stable outlook [1][3] Group 2 - The bond's interest income tax for individual holders is set at a rate of 20% on the interest amount, which will be withheld at the time of payment [3][4] - Foreign institutional investors are exempt from corporate income tax and value-added tax on bond interest income until December 31, 2025 [3][4] - The company will ensure that the bond payment is transferred to the designated bank account of China Clearing Shenzhen Branch two trading days before the payment date [2][3]

Market Overview - On September 4, the securities sector declined by 0.3%, with Changcheng Securities leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Pacific Securities saw a significant increase of 10.11%, closing at 4.79, with a trading volume of 16.03 million shares and a turnover of 7.474 billion [1] - Huayin Securities rose by 5.78%, closing at 16.83, with a trading volume of 567,600 shares and a turnover of 949 million [1] - Changcheng Securities experienced a decline of 3.44%, closing at 11.78, with a trading volume of 1.9019 million shares and a turnover of 2.264 billion [2] - Dongfang Caifu fell by 1.58%, closing at 26.21, with a trading volume of 7.4042 million shares and a turnover of 19.571 billion [2] Capital Flow Analysis - The securities sector experienced a net outflow of 740 million from major funds, while retail investors saw a net inflow of 696 million [2] - Major funds showed a net inflow in Pacific Securities of 1.439 billion, while retail investors had a net outflow of 546 million [3] - The overall trend indicates a mixed sentiment among institutional and retail investors, with institutional funds pulling back while retail investors remain active [2][3]