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 广发证券股份有限公司 （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《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（第一期）2026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 2026年1月22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：14859 ...

Core Viewpoint - The film market in 2025 is expected to show a significant concentration of box office revenue towards top films, with a total box office of 51.829 billion yuan, reflecting a year-on-year growth of 21.98%, ranking fifth in film history [1] Group 1: Market Overview - The film market has experienced oscillation and differentiation as the main theme over the past three years, with 2025 representing a phase of concentrated reflection [1] - The total box office for 2025 is projected at 51.829 billion yuan, which is a decrease of 5.61% compared to the same period in 2023 and a decrease of 19.17% compared to 2019 [1] - The total number of moviegoers is expected to reach 1.238 billion, showing a year-on-year increase of 22.65%, but a decrease of 4.66% compared to 2023 and a decrease of 28.35% compared to 2019 [1] Group 2: Box Office Concentration - The box office structure is highly concentrated towards top films, with "Nezha: Birth of the Demon Child" contributing 15.446 billion yuan and 32.4 million viewers, accounting for approximately 30% and 26% of the total, respectively [2] - Excluding the special increment from "Nezha 2," the box office for 2025 is expected to be roughly flat compared to 2024 [2] Group 3: Market Challenges - The film market faces challenges such as the accelerated obsolescence of old experiences, leading to significant disparities in box office performance between the first and second halves of the year, and a collapse of long-tail box office, especially outside peak periods [3] - The overall ticket price remains above 40 yuan, with a decrease in frequent viewers and ineffective cultivation of young audiences' viewing habits [3] - The focus on certainty in viewing decisions and the echo effect of public opinion have resulted in a high concentration of box office revenue among a few top films [3] Group 4: Content Quality Focus - The current paradigm shift is expected to concentrate more on the quality of individual films rather than genres, with animated films in 2025 reflecting a stronger correlation with audience reception compared to live-action films that rely on superficial elements [4] - Quality traditional genre films can also resonate with audiences through solid narratives, indicating a market return to content-driven production rather than abstract concepts [4] Group 5: Investment Opportunities - Companies with strong content portfolios and robust cash flow are recommended for investment, particularly those with rich film projects and significant performance elasticity, such as Maoyan Entertainment, Damai Entertainment, Wanda Film, Shanghai Film, Hengdian Film, and Bona Film [5]

债券代码：148591 债券简称：24 广发 Y1 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（第一期） 2026 年付息公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 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 2024 年面向专业投资者公开发行永续次级债券（第一期）（以下简称"本 期债券"）将于 2026 年 1 月 26 日支付 2025 年 1 月 26 日至 2026 年 1 月 25 日期 间的利息。为确保付息工作的顺利进行，现将有关事宜公告如下： 7、付息方式：在发行人不行使递延支付利息权的情况下，每年付息一次。 1 如发行人决定递延支付利息的，发行人及相关中介机构应在付息日前 10 个交易 日披露《递延支付利息公告》。 8、担保情况：本期债券为无担保债券。 一、本期债券基本情况 1、债券名称：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（第一期） 2、债券简称与代码：本期债券简称为"24 广发 Y1"，债券代码为"148591"。 3、债券发行批准 ...

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 煤炭ETF（515220）跟踪的是中证煤炭指数（399998），该指数从沪深市场中选取涉及煤炭开采、 加工及相关设备制造等业务的上市公司证券作为指数样本，以反映煤炭行业相关上市公司证券的整体表 现。 广发证券指出，进入26年，短期受高位日耗影响，库存有望稳步下降，中长期供需面总体紧平衡， 预计价格中枢相比25年或有提升。根据国家统计局，25年1-11月煤炭开采行业利润总额2970亿元，同比 下降47%。预计26年行业盈利预期改善，板块估值和股息率优势明显。截至1月16日，煤炭行业市净率 1.44倍，市盈率15.0倍，部分龙头公司股息率普遍处于4-5%的水平。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准 ...

Group 1 - The core viewpoint is that space photovoltaics are expected to benefit from the global commercial space boom, with an estimated demand of nearly 10GW for space photovoltaics from existing low Earth orbit satellite plans [1][2] - The successful exploration of reusable rocket technology by companies like SpaceX has led to a rapid decrease in launch costs, creating a golden opportunity for the development of space photovoltaics [1] - The competition in commercial space between the US and China is intensifying, with China planning to submit applications for frequency and orbital resources for 203,000 satellites by December 2025 to secure valuable orbital resources [2] Group 2 - The concept of "computing power in space" has gained consensus, with major AI companies like Google and Amazon planning to deploy data centers in space, which could significantly reduce costs [3] - The deployment of a 40MW AI data center in space is estimated to cost $8.2 million over ten years, which is 95% lower than ground deployment [3] - Space photovoltaics are expected to be a primary energy source for these space-based data centers, with plans to launch 100GW of AI computing power satellites annually [3] Group 3 - Current mainstream space photovoltaic technology is based on gallium arsenide, which has excellent performance but is costly and limited by raw material availability [4] - Heterojunction technology is progressing rapidly and is expected to be applied first in computing satellites due to its simplicity and high yield [4] - Perovskite technology shows potential for future applications in space photovoltaics due to its high power-to-weight ratio, low cost, and flexibility, although large-scale application remains to be seen [4]

Group 1 - The core viewpoint of the report indicates that the film market in 2025 is expected to continue its differentiated characteristics, with market dynamics revolving around popular films and release schedules, leading to a focus on companies with abundant cash flow and rich film projects [1] - According to Top Data, the cumulative box office in 2025 is projected to reach 51.829 billion, representing a year-on-year growth of 21.98%, ranking fifth in film history; however, it shows a decrease of 5.61% compared to 2023 and a 19.17% decrease compared to 2019 [1] - The cumulative number of moviegoers is expected to be 1.238 billion in 2025, reflecting a year-on-year increase of 22.65%, but a decrease of 4.66% compared to 2023 and a 28.35% decrease compared to 2019 [1] Group 2 - The film market in 2025 faces challenges as old experiences become less effective, leading to significant disparities in box office performance between the first and second halves of the year, and a collapse in long-tail box office, especially during non-peak periods [2] - The overall ticket prices post-pandemic are expected to remain above 40 yuan, with a decrease in frequent moviegoers and ineffective cultivation of viewing habits among younger audiences, resulting in a conservative decision-making approach towards film selection [2] - The current market is characterized by a high concentration of box office revenue in a few top films, with diversified supply and segmented distribution strategies losing their persuasive power in this highly differentiated context [2] Group 3 - The current paradigm shift in the film industry is expected to focus more on the quality of individual films rather than on genres, with animated films in 2025 reflecting a stronger correlation with audience reception based on quality rather than mere genre classification [3] - The rise of high-quality traditional genre films is anticipated to resonate with audiences through solid narratives and production quality, indicating a shift away from the reliance on genre as a marketing tool [3] - The market is expected to return to a healthier focus on content itself, moving beyond the constraints of traditional genre categorizations [3]

发行人将按上述票面利率于2026年1月22日至2026年1月23日面向专业机构投资者网下发行。 该信息由智通财经网提供 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(以下简称"发行人")面向专业机构 投资者公开发行面值余额不超过300亿元(含)的短期公司债券已获得中国证券监督管理委员会证监许可 〔2025〕818号文同意注册。广发证券股份有限公司2026年面向专业投资者公开发行短期公司债券(第一 期)(以下简称"本期债券")计划发行规模为不超过30亿元(含)。 2026年1月21日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价，利率询价区间为 1.20%-2.20%。根据网下向专业机构投资者询价结果，经发行人与簿记管理人按照有关规定，在利率询 价区间内协商一致，最终确定本期债券(债券简称："26广发D1"，债券代码：524639)票面利率为 1.68%。 ...

Core Viewpoint - The report from GF Securities highlights a significant transformation in China's electricity consumption, with a gradual decline in the proportion of medium to long-term electricity consumption, shifting from secondary to tertiary industries and urban-rural residents [1] Group 1: Electricity Consumption Trends - The increase in electricity consumption is transitioning from the secondary industry to the tertiary industry and urban-rural residents [1] - The proportion of medium to long-term electricity consumption is gradually decreasing [1] Group 2: Power Generation Contributions - The growth in power generation is primarily driven by wind and solar energy [1] - The capacity price for thermal power is expected to increase in 2026, which may accelerate the public utility transformation [1] Group 3: Hydropower and Renewable Energy - Hydropower is expected to maintain high levels of energy storage to ensure electricity supply, with a focus on installed capacity and asset securitization [1] - The development of green energy is driven by policy support, while nuclear power and urban gas are expected to benefit from improved demand [1] Group 4: Public Utility Transformation - The acceleration of public utility transformation is noteworthy, with an emphasis on the value of sectoral dividends [1]

广发证券研报指出，AI的Memory时刻，AI记忆成为支撑上下文连续性、个性化与历史信息复用的底层 能力，持续扩展模型能力边界，有望促进AI Agent等应用加速落地。AI记忆的价值正从"费用项"转变 为"资产项"，相关上游基础设施价值量、重要性将不断提升。建议关注产业链核心受益标的。 ...

Core Viewpoint - The report from GF Securities highlights a significant transformation in China's electricity consumption, with a gradual decline in the proportion of medium to long-term electricity consumption, shifting from secondary to tertiary industries and urban-rural residents [1] Group 1: Electricity Consumption Trends - The increase in electricity consumption is transitioning from the secondary industry to the tertiary industry and urban-rural residents [1] - The contribution to electricity generation growth is primarily from wind and solar energy, leading to a decrease in the proportion of medium to long-term electricity [1] Group 2: Power Generation Insights - In thermal power, there is an expected increase in capacity pricing by 2026, which may accelerate the public utility transformation [1] - Hydropower is expected to maintain high levels of energy storage, with a focus on installed capacity and asset securitization [1] - Green energy is driven by policy support, while nuclear power and urban gas are expected to benefit from improved demand [1] Group 3: Public Utility Sector - The acceleration of public utility transformation is noteworthy, with an emphasis on the value of sectoral dividends [1]