Core Viewpoint - The hydrogen energy sector is accelerating globally, with China enhancing its strategic layout as hydrogen energy is included in the central government's five-year planning recommendations [2][3] Group 1: Hydrogen Energy Policy and Market Dynamics - Various countries are developing comprehensive hydrogen energy policy frameworks, and international trade cooperation is advancing [2] - During the 14th Five-Year Plan period, expanding non-electric applications of renewable energy and increasing hydrogen energy consumption are expected to be key focuses [2] - The construction of wind, solar, hydrogen, and methanol bases is expected to alleviate critical supply-demand bottlenecks in the hydrogen energy sector [2] Group 2: Hydrogen Production and Consumption - The hydrogen production chain is primarily dominated by fossil fuel-based hydrogen, while electrolysis projects are increasing in China [3] - In 2024, China's electrolysis water hydrogen production is projected to reach approximately 320,000 tons, reflecting a year-on-year growth of about 3.6% [3] - Synthetic methanol and ammonia account for the largest shares of hydrogen consumption, at 27% and 26% respectively [3] Group 3: Electrolyzer Demand and Market Competition - The demand for electrolyzers is expected to grow rapidly, with a projected public tender demand of over 2,369 MW for electrolysis water equipment in China in 2024, representing a year-on-year increase of 39.7% [4] - Alkaline and PEM electrolyzers are anticipated to dominate the market, with alkaline electrolyzers' demand increasing from 95.5% in 2023 to 98.6% in 2024 [4] - Global electrolyzer capacity is expected to grow significantly, with China's share exceeding 50% of the total installed capacity by the end of 2024 [4] Group 4: Investment Recommendations - Companies with cost advantages in electrolyzers and green methanol production are recommended for investment, including Longi Green Energy and Sungrow Power Supply [5] - Other companies to watch include Huaguang Huaneng, China Huadian Corporation, and Shuangliang Eco-Energy [5] - For green methanol, recommended companies include Goldwind Technology, with additional attention to Jiazhe New Energy and Jidian Co., Ltd. [5]

漫剧与网文、短剧同样，在内容上以"剧情钩子"带动用户持续观看，从而获得更长的用户使用时间与留 存，最终转化为流量价值。流量属性的特点带来了漫剧运营方式上的"短视频"化，同时在变现模式上也 承继了传统真人短剧的IAAP模式。当前漫剧供给集中在男频题材，因此男性用户占比较高，类似早期 真人短剧。但短剧市场整体上男女用户比例基本持平，在各小说平台开放改编版权后，女频内容预计成 为未来供给端、投流端重点发力赛道，流量价值与有望进一步提升。 漫剧核心竞争力 智通财经APP获悉，广发证券发布研报称，漫剧/AI漫剧在今年迅速起量，行业进入深度竞争时期。在 未来IP版权、AI技术进步、平台与政策多方加持下，AI漫剧有望在量级跃升的基础上继续提质，迎来进 一步的受众扩圈、流量价值提升。该行观察到此次各互联网大厂均快速积极涌入漫剧赛道，给予流量和 政策扶持，较上一轮入场短剧更为积极。考虑AI赋能制作，较真人短剧门槛更低，起量或更快，未来 漫剧市场天花板或比目前设想更为乐观。 广发证券主要观点如下： 漫剧市场增长核心动力是短剧市场扩容与转型下的流量价值再分配 25年以来，微短剧市场仍然保持持续的增长趋势。免费短剧应用是最为景气的赛 ...

Meeting Details - The meeting was held on November 26, 2025, at 14:30 [2] - The location of the meeting was at the 40th floor, Guangfa Securities Building, Guangzhou [3] - The voting method combined on-site and online voting [3] Attendance - A total of 1,148 participants attended the meeting, representing 3,875,570,996 shares, which is 50.96% of the total voting shares [4] - Among the attendees, 1,144 were A-share shareholders representing 3,444,691,300 shares (45.29%), while 4 were H-share shareholders representing 430,879,696 shares (5.67%) [4] - All 11 current directors and 5 supervisors attended the meeting [4] Proposal Review and Voting Results - The proposals were approved during the meeting, which followed legal and procedural requirements [5][6] - A special resolution required more than 2/3 of the voting rights held by attending shareholders for approval [7] Legal Opinion - The legal opinion was provided by Beijing Jiayuan Law Firm, confirming that the meeting's procedures and voting results were in compliance with relevant laws and regulations [7]

Core Insights - The China Securities Regulatory Commission (CSRC) has approved several brokerages, including Guolian Minsheng, Western Securities, and Northeast Securities, to conduct pilot programs for optimizing account management functions, which are crucial for operational efficiency and customer investment experience [1][2] Group 1: Account Management Optimization - The approved pilot programs aim to enhance the account management system of brokerages to keep pace with the increasing diversity of financial products and services in the market [1] - The regulatory guidelines emphasize the importance of customer fund safety, proper management of fund transfers, and compliance with identity verification and risk management protocols [1][2] Group 2: Customer-Centric Approach - Guolian Minsheng plans to establish a comprehensive account core system to achieve unified identity recognition, risk management, and centralized asset management for clients, moving away from traditional isolated account management [2] - The optimization of account management functions is expected to improve customer experience by allowing for a panoramic view of various assets and facilitating easier fund transfers, thereby enhancing fund utilization efficiency [2][3] Group 3: Industry Trends - There is a growing demand for wealth management among Chinese residents, with a significant increase in new investor accounts, totaling 24.67 million in the first ten months of the year, reflecting a 9.32% year-on-year growth [3] - Brokerages are increasingly focusing on customer service efficiency and quality as key competitive factors in the wealth management sector, with firms like Northeast Securities and招商证券 implementing customer-centric organizational structures and service systems [3]

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《北京市嘉源律師事務所關於廣發証券 股份有限公司2025年第二次臨時股東大會的法律意見書》。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 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：广发证券股份有限公司 北京市嘉源律师事务所 关于广发证券股份有限公司 2025 年第二次临时股东大会的 董事長 中國，廣州 2025年11月26日 ...

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 除非文義另有所指，否則本公告所用詞彙與本公司日期為2025年11月6日之 通函（「臨時股東大會通函」）中所採用者具有相同涵義。 臨時股東大會由董事會召集，本公司董事長林傳輝先生主持，以現場會議方 式召開。臨時股東大會並無否決或修改提案情形，亦無於會上提呈新議案以 投票表決及批准。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1776） 2025年第二次臨時股東大會投票表決結果 廣發証券股份有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司於2025年 11月26日（星期三）舉行的2025年第二次臨時股東大會（「臨時股東大會」）上提 呈之議案之投票結果。有關議案獲正式通過。 1. 臨時股東大會召開和出席情況 臨時股東大會已於2025年11月26日（星期三）下午2時30分於中國廣東省廣州 市天河區馬場路26號廣發証券大廈 ...

北京市嘉源律师事务所 关于广发证券股份有限公司 2025 年第二次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：广发证券股份有限公司 北京市嘉源律师事务所 关于广发证券股份有限公司 2025 年第二次临时股东大会的 法律意见书 嘉源(2025)-04-866 北京市嘉源律师事务所（以下简称"本所"）接受广发证券股份有限公司（以 下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有 效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《广 发证券股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本 所律师对公司2025年第二次临时股东大会（以下简称"本次股东大会"）进行见 证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行 ...

证券代码：000776 证券简称：广发证券 公告编号：2025-047 广发证券股份有限公司 2025 年第二次临时股东大会会议决议公告 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。 6．本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和《广发证券股份有限公司章程》（以下简称"《公司章程》"）的规定。 特别提示：本次股东大会未出现否决提案，也不涉及变更以往股东大会已通 过的决议。 一、会议召开和出席情况 （一）召开情况 1．召开时间： （1）现场会议召开日期和时间：2025 年 11 月 26 日（星期三）下午 14:30 时开始； （2）A 股网络投票时间：网络投票系统包括深圳证券交易所交易系统和互 联网投票系统（网址：http://wltp.cninfo.com.cn）。通过交易系统进行网络投票 的时间为 2025 年 11 月 26 日（星期三）上午 9:15-9:25，9:30-11:30，下午 13:00-15:00； 通过互联网投票系统进行网络投票的时间为 2025 年 11 月 26 日（星期三）上午 9:15 至下午 15: ...

Market Overview - The participatory fund sector experienced a decline of 0.84% compared to the previous trading day, with Daheng Technology leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Notable gainers included: - Zhongjia Group (Code: 000039) with a closing price of 9.35, up 10.00% and a trading volume of 1.9474 million shares, totaling 1.764 billion yuan [1] - Suzhou Gaoxin (Code: 600736) closed at 5.79, up 3.76% with a trading volume of 590,000 shares, totaling 345 million yuan [1] - Daheng Technology (Code: 600288) was the biggest loser, closing at 14.69, down 2.13% with a trading volume of 86,400 shares, totaling 129 million yuan [2] Capital Flow - The participatory fund sector saw a net outflow of 732 million yuan from institutional investors, while retail investors contributed a net inflow of 574 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their participation [2] Individual Stock Capital Flow - Zhongjia Group (Code: 000039) had a net inflow of 474 million yuan from institutional investors, representing 26.86% of its trading volume [3] - Fenghuo Communication (Code: 600498) experienced a net inflow of 76.36 million yuan from institutional investors, but a net outflow of 18.29 million yuan from speculative funds [3]

Core Insights - The securities sector experienced a slight decline of 0.23% on November 26, with Jinlong Co. leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Securities Sector Performance - Jinlong Co. saw a significant drop of 1.89%, closing at 12.97, with a trading volume of 149,400 shares and a turnover of 196 million [2] - Other notable declines included Huachuang Yuxin down 1.42% and Hatou Co. down 1.32% [2] - The overall net outflow of main funds in the securities sector was 1.138 billion, while retail investors saw a net inflow of 945 million [2] Fund Flow Analysis - Major net inflows were observed in Shenwan Hongyuan with 35.018 million, while retail investors had a net outflow of 33.736 million [3] - Huaxi Securities also reported a net inflow of 19.1457 million from major funds, but a net outflow of 11.1841 million from retail investors [3] - The overall trend indicates a mixed sentiment among different investor categories within the securities sector [3]