本期债券"21广发20"的票面利率为3.50%，本次付息每手(面值1000元)"21广发20"派发利息人民币35.00 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28.00元;非居民企业(包含 QFII、RQFII)取得的实际每手派发利息为35.00元。 本期债券"21广发21"的票面利率为3.85%，本次付息每手(面值1000元)"21广发21"派发利息人民币38.50 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30.80元;非居民企业(包含 QFII、RQFII)取得的实际每手派发利息为38.50元。 广发证券(01776)发布公告，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 2021年面向专业投资者公开发行公司债券(第七期)(品种二、品种三)(以下简称"本期债券")将于2025年11 月17日支付本期债券自2024年11月17日至2025年11月16日期间的利息。 本期债券品种二简称为"21广发20"，债券代码为"149703";品种三简称为"21广发21"，债券代码 为"149704"。本期债券品种二发行期限为5年，发 ...

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） 廣發証券股份有限公司 林傳輝 董事長 中國，廣州 2025年11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。 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關於「21廣發 20」及「21廣發21」2025年付息的公告》。茲載列如下，僅供參閱。 承董事會命 （股份代號：1776） 债券代码：149703 债券简称：21 广发 20 债券 ...

债券代码：149703 债券简称：21 广发 20 债券代码：149704 债券简称：21 广发 21 特别提示： 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 2021 年面向专业投资者公开发行公司债券（第七期）（品种二、品种三） （以下简称"本期债券"）将于 2025 年 11 月 17 日支付本期债券自 2024 年 11 月 17 日至 2025 年 11 月 16 日期间的利息。为确保本次付息工作的顺利进行，现 将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：广发证券股份有限公司 2021 年面向专业投资者公开发行公司 债券（第七期）（品种二、品种三） 2、债券简称及代码：本期债券品种二简称为"21 广发 20"，债券代码为 "149703"；品种三简称为"21 广发 21"，债券代码为"149704"。 3、债券发行批准机关及文号：中国证券监督管理委员会证监许可〔2021〕 1653 号。 4、发行期限、规模和利率：本期债券品种二发行期限为 5 年，发行规模为 35 亿元，票面利率为 3.50%；品种三发行期限为 10 年，发行规模为 10 亿元，票 面利率为 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry, particularly focusing on equity wealth management [1]. Core Insights - The equity market in China is experiencing a recovery, with significant growth in the issuance of equity mutual funds, indicating a robust development in equity wealth management [4][9]. - The demand for wealth preservation and appreciation among residents is strong, suggesting a shift in asset allocation towards equities, which presents substantial potential for the equity wealth management market [25][30]. - Securities firms are positioned as key players in equity wealth management, benefiting from the sector's growth due to their inherent advantages in market investment capabilities, asset acquisition, research capabilities, and customer base [30][34]. Summary by Sections 1. Equity Market Recovery - As of September 2025, the total market capitalization of the Chinese stock market reached 105 trillion yuan, accounting for 78% of GDP, marking a high since 2022 [9]. - The average monthly new account openings reached 2.9 million from October 2024 to September 2025, a 48% increase from 2023 [9]. - Daily average trading volumes for stock funds hit historical highs, with a peak of 3.6 trillion yuan [9][18]. 2. Future of Equity Wealth Management - The report emphasizes the strong potential for equity wealth management, driven by structural upgrades in the economy, declining interest rates, and supportive policies [25][30]. - The shift in asset allocation from real estate to equities is anticipated, with a growing focus on equity wealth management services [25][30]. 3. Securities Firms' Role - Securities firms are transitioning from traditional brokerage services to wealth management, with a significant reduction in brokerage income share from 70.5% in 2008 to 27% in 2025 [31][32]. - The firms are enhancing their product offerings and investment advisory services, with 29 firms approved for fund advisory business trials [30][35]. - The market share of securities firms in mutual fund distribution has increased from 6% in 2017 to 11% in 2023, with a notable advantage in ETF sales [41][47].

Group 1: Financial Market Connectivity - The financial market connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area is deepening, driven by reforms and opening up, with a cumulative transaction amount of 125 trillion yuan for the "Shenzhen-Hong Kong Stock Connect" by September 2025 [1] - The "Cross-Border Wealth Management Connect" has expanded, with a scale exceeding 120 billion yuan, indicating a growing cross-border financial service market [1] Group 2: International Competitiveness - Three financial center cities in the Greater Bay Area have entered the top ten in the Global Financial Centers Index (GFCI 38), reflecting an increase in international competitiveness [1] - The Greater Bay Area's financial industry is recognized for its large scale, comprehensive elements, and high degree of internationalization, positioning it among the global leaders [1] Group 3: Cross-Border Banking Initiatives - The establishment of WeBank's technology company in Hong Kong marks a significant step for domestic banks in international markets, with over 20 partnerships and intentions exceeding hundreds of millions of dollars [2] - Local banks are actively expanding their international presence, with Dongguan Bank's subsidiary opening in Hong Kong and other global financial institutions increasing their footprint in the Greater Bay Area [3] Group 4: Cross-Border Wealth Management - The "Cross-Border Wealth Management Connect" 2.0 has seen a 120% increase in participating individual investors compared to its previous version, indicating strong market response [4] - Securities firms are optimistic about the upcoming "Cross-Border Wealth Management Connect" 3.0, which is expected to expand beyond the Greater Bay Area to major cities like Beijing and Shanghai [5] Group 5: Cross-Border Insurance Services - The cross-border insurance services are improving, with over 90,000 vehicles insured under the "equivalent recognition" policy and health insurance serving over 150,000 individuals [7] - The insurance sector is actively developing cross-border products, with significant growth in new policies from mainland visitors to Hong Kong, reflecting a robust demand for cross-border insurance solutions [8] Group 6: Investment and Growth in the Greater Bay Area - China Taiping reported an investment scale of 120.3 billion HKD in the Greater Bay Area, highlighting the financial commitment to regional development [9] - The upcoming "2025 Greater Bay Area Technology and Financial Innovation Development Conference" aims to foster collaboration between technology and finance sectors, promoting sustainable growth in the region [13]

Group 1 - The core viewpoint of the news is that Guangfa Securities has shown a significant increase in stock price and profitability, with a year-to-date stock price increase of 49.84% and a net profit growth of 61.64% year-on-year [1][2]. Group 2 - As of November 13, Guangfa Securities' stock price reached 23.54 CNY per share, with a market capitalization of 179.04 billion CNY [1]. - The company has experienced a net outflow of 29.80 million CNY in principal funds, with large orders accounting for 29.17% of total buying and 27.20% of total selling [1]. - Guangfa Securities' main business segments include wealth management (40.08%), trading and institutional business (32.27%), investment management (24.97%), investment banking (2.14%), and others (0.54%) [2]. Group 3 - The company has distributed a total of 39.60 billion CNY in dividends since its A-share listing, with 9.34 billion CNY distributed in the last three years [3]. - As of September 30, 2025, the number of shareholders decreased by 12.76% to 145,200, while the average circulating shares per person increased by 14.72% to 41,016 shares [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and China Securities Finance Corporation, with notable changes in their holdings [3].

Core Viewpoint - Jinwo Co., Ltd. has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Summary by Sections Issuance Details - The total amount to be raised from the issuance of shares is not to exceed 720.51 million yuan, with net proceeds intended for investment in three projects: the expansion of the intelligent manufacturing base for bearing rings, enhancement of forging capacity, and replenishment of working capital [1][2] - The issuance will involve no more than 35 specific investors, including qualified institutional investors such as securities investment fund management companies, securities firms, insurance institutions, trust companies, and qualified foreign institutional investors [2] Project Investment Breakdown - The investment allocation for the projects is as follows: - Intelligent manufacturing base for bearing rings: 459.60 million yuan, with 405.43 million yuan from the raised funds - Forging capacity enhancement: 140.31 million yuan, with 98.93 million yuan from the raised funds - Replenishment of working capital: 216.15 million yuan, fully funded by the raised funds - Total investment across all projects is 816.06 million yuan, with 720.51 million yuan from the issuance [2] Pricing and Shareholder Control - The pricing benchmark for the issuance will be set on the first day of the issuance period, with the price not lower than 80% of the average trading price over the 20 trading days prior to the pricing benchmark [3] - The maximum number of shares to be issued will not exceed 30% of the company's total share capital before the issuance, and the final number will be determined after CSRC approval [3] - The actual controllers of the company hold a combined 53.47% of the shares, indicating that the issuance will not change the control of the company [4]

行业亏损叠加政策调控，关注左侧布局机会 当前肥猪、仔猪销售均已陷入亏损状态，行业已经具备亏损去产能的前期条件，预计行业产能去化有望 加速，关注猪周期左侧布局机会。除亏损去产能外，行业政策、冬季疫病等是影响后续母猪产能的重要 催化因素。考虑母猪产能、效率等因素，该行预计26年上半年猪价整体低位震荡，下半年供需有望逐步 改善，对应猪价或震荡上行。全年维度看，预计2026年生猪出栏量同比保持温和增长，对应全年生猪均 价同比小幅下滑，优质养殖企业在26年全年仍有望保持盈利。 风险提示 广发证券主要观点如下： 猪价跌破成本线，肥猪、仔猪均陷入亏损 猪价旺季上涨预期落空，9月下旬以来猪价开始加速下行，国庆假期过后猪价一度跌破11元/公斤，价格 达到年内低点。当前全国生猪均价已经跌破大部分企业现金成本线，行业陷入全面亏损状态。近期猪价 超预期下跌主要由于前期行业扩产效应显现以及行业效率提升，使得25年下半年供应压力较大。此外， 9月份仔猪价格也加速下行，仔猪销售也陷入深度亏损，预计仔猪头均亏损超100元/头。当前仔猪价格 跌幅已经超过合理的季节性回落，反映当前养殖户对于后续猪价的悲观预期。 当前猪周期筑底，26年上半年供给 ...

Core Insights - The bond issuance by securities firms has significantly increased this year, with a total of 1.6 trillion yuan raised, marking a year-on-year growth of 62.34% [1][2] Group 1: Bond Issuance Trends - Securities firms are actively issuing bonds to enhance capital strength and market competitiveness, with 73 firms having issued bonds totaling 1.6 trillion yuan as of November 12 [1] - Major firms leading in bond issuance include China Galaxy with 126.9 billion yuan, Huatai Securities with 121.9 billion yuan, and others like Guotai Junan, GF Securities, and CITIC Securities [2] Group 2: Factors Driving Bond Issuance - The increase in bond issuance is driven by multiple factors, including abundant market liquidity, low interest rates, and the need for firms to strengthen capital to support business growth [2] - The launch of the "Technology Board" in the bond market has also contributed to the growth in bond issuance by securities firms [2] Group 3: Use of Raised Funds - The funds raised through bond issuance are primarily used for repaying maturing debts and supplementing operational liquidity, which is crucial for the stable operation and business expansion of securities firms [3] Group 4: Technology Bonds - Since the introduction of the "Technology Board" in May, 45 securities firms have issued 58 technology bonds, raising a total of 78.97 billion yuan, with high investor interest reflected in an average oversubscription rate of 3.8 times [4] - Leading firms in technology bond issuance include China Merchants Securities with 15 billion yuan and Guotai Junan with 13.9 billion yuan [4] Group 5: Market Development and Services - Securities firms are enhancing their roles in the technology bond market by providing liquidity and underwriting services, with 76 firms participating in underwriting, totaling 823.688 billion yuan [4][6] - The complexity of technology bond services is pushing firms to upgrade their core service capabilities, creating competitive advantages in the market [6]

今年以来，券商线下营业网点呈现大规模收缩态势，据不完全统计，前三季度已有超25家券商 合计裁撤分支机构近120家。 与线下营业网点收缩形成鲜明对比的是，券商线上渠道建设与AI赋能持续加码，"数字化转 型"与"数智化赋能"成为多家券商在三季度业绩说明会上的高频关键词。 两家券商经纪业务收入超百亿 从三季报数据来看，42家券商经纪业务规模梯队分化明显。 记者丨易妍君 见习记者刘夏菲 近期，随着三季报披露落下帷幕，多家券商陆续召开三季度业绩说明会。21世纪经济报道记者 注意到，在业绩说明会上，多家券商从经纪业务收入的增长出发，围绕财富管理转型的举措与 成效作出说明。 三季报数据显示，前三季度42家A股上市券商业绩普增，合计实现营收4195.61亿元，归母净 利润1690.49亿元，净利增幅超六成。 其中，42家券商经纪业务手续费净收入合计达1117.77 亿元，占总营收比例超过四分之一，同比大增74.64%。 值得注意的是，在亮眼的业绩数据背后，一场围绕渠道重构与模式升级的财富管理转型正 加速推进。 头部券商的领先地位依然稳固。 中信证券和国泰海通前三季度的经纪业务手续费净收入双双 突破百亿大关 ， 分别为109. ...