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） 中國，廣州 2025年10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2025年面向專 業投資者公開發行公司債券（第五期）票面利率公告》。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 证券代码：524472 证券简称：25 广发 09 ...

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 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。 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《關於延長廣發証券股份有限公司2025 年面向專業投資者公開發行公司債券（第五期）簿記建檔時間的公告》。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10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。 关于延长广发证券股份有限公司 202 ...

证券之星消息，10月13日证券板块较上一交易日下跌1.17%，广发证券领跌。当日上证指数报收于 3889.5，下跌0.19%。深证成指报收于13231.47，下跌0.93%。证券板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日证券板块主力资金净流出35.51亿元，游资资金净流入14.1亿元，散户资金净流 入21.41亿元。证券板块个股资金流向见下表： ...

关于延长广发证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第五期） 簿记建档时间的公告 广发证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面 值总额不超过人民币 200 亿元（含）的公司债券已获得中国证券监督管理委员会 证监许可〔2025〕1214 号文注册。广发证券股份有限公司 2025 年面向专业投资 者公开发行公司债券（第五期）（以下简称"本期债券"）为前述注册批复项下的 第三期发行，计划发行规模合计不超过 50 亿元（含）。 根据《广发证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第 五期）发行公告》，发行人和主承销商于 2025 年 10 月 13 日 15:00-18:00 以簿记 建档的方式向网下专业机构投资者进行利率询价。 考虑到簿记建档当日市场情况，经发行人和簿记管理人协商一致，决定延长 本期债券发行时间，将簿记建档结束时间由 2025 年 10 月 13 日 18:00 延长至 2025 年 10 月 13 日 19:00。 特此公告。 （以下无正文） （本页无正文，为《关于延长广发证券股份有限公司 2025 年面向专业投资者公 开发行公司债券 ...

Group 1 - The core point of the news is that Guangfa Securities experienced a significant drop in stock price, falling by 5.03% to 22.84 CNY per share, with a total market capitalization of 173.718 billion CNY [1] - Guangfa Securities was established on January 21, 1994, and listed on June 11, 1997. Its main business areas include investment banking, wealth management, trading and institutional business, and investment management [1] - The revenue composition of Guangfa Securities is as follows: wealth management accounts for 40.08%, trading and institutional business 32.27%, investment management 24.97%, investment banking 2.14%, and others 0.54% [1] Group 2 - From the perspective of fund holdings, one fund under Puyin Ansheng has a significant position in Guangfa Securities, specifically the Puyin Ansheng CSI Securities Company 30 ETF (516730), which reduced its holdings by 6,080 shares in the second quarter [2] - The current holding of the fund in Guangfa Securities is 136,000 shares, representing 3.12% of the fund's net value, making it the seventh-largest holding [2] - The fund has incurred an estimated floating loss of approximately 164,600 CNY due to the recent stock price decline [2] Group 3 - The fund manager of Puyin Ansheng CSI Securities Company 30 ETF is Gao Gangjie, who has been in the position for 6 years and 211 days [3] - The total asset size of the fund is 522 million CNY, with the best return during Gao's tenure being 48.66% and the worst return being -45.63% [3]

Core Insights - The report from GF Securities highlights that since 2018, tariffs imposed by Trump have created disturbances, but China's manufacturing competitiveness remains resilient and cannot be easily contained or replaced [1][2] - The capital market typically experiences a one-time "provision," followed by a "rebound" as events stabilize and a "hedge" as policies warm up in response to external shocks [1] - The intrinsic safety margin of assets is a more critical pricing factor compared to external disturbances [1] Group 1 - The report maintains a medium to long-term confidence in the Chinese economy and assets, noting that by 2024, there will be 463,000 high-tech enterprises in China, 1.7 times that of 2020, with over 570 industrial companies in the global R&D investment top 2500, accounting for nearly a quarter [2] - In the event of external demand shocks, the timing of counter-cyclical policy signals is often a crucial asset pricing coordinate, with expectations of concentrated growth stabilization in Q4 if external trade conditions fluctuate [2] - It is advised to moderately enhance asset allocation "broadly" to avoid excessive unilateral asset risk exposure, as the S&P 500 Shiller P/E ratio averaged 39.2 in September, indicating a high level of intrinsic vulnerability compared to the trade war periods of 2018 and 2019 [2][3] Group 2 - The report suggests that the recent volatility in global asset classes triggered by Trump's tweets is likely a typical "TACO trade," where short-term declines provide good buying opportunities [3] - If a short-term sharp decline occurs due to liquidity shocks, the recommended sectors for allocation remain in domestic substitution related to AI computing power chips, semiconductor equipment, semiconductor lithography, and AI edge applications [3]

Core Viewpoint - The consensus among brokerages is that the impact of the current trade tensions will be significantly less than that experienced in April, with many viewing the situation as an opportunity rather than a cause for panic [1][4][5][10]. Group 1: Market Reactions and Strategies - Multiple brokerages emphasize the "TACO" trading strategy, suggesting that short-term market declines due to tariff threats often present buying opportunities [1][7][11]. - Analysts from various firms, including Guangfa Securities and Huaxi Securities, predict that the current market environment is different from April, with a more robust monetary and fiscal policy backdrop supporting the market [7][10]. - The potential for a minor risk-reward rebalancing is noted, with expectations of a short-term reduction in leveraged funds against the backdrop of strong market fundamentals [4]. Group 2: Economic and Policy Insights - The ongoing trade tensions are viewed as a tactical maneuver by the U.S. to gain leverage in negotiations, with the likelihood of a resolution being high [6][11]. - Analysts highlight that the long-term trend for A-shares remains bullish, supported by structural improvements in earnings and credit recovery [13]. - The upcoming APEC summit is identified as a critical event that may influence future negotiations and market sentiment [6]. Group 3: Investment Opportunities - Specific sectors such as technology, AI, and semiconductor industries are recommended for investment, particularly in the context of potential market volatility [7][10]. - The focus on domestic policies aimed at stabilizing growth and addressing internal demand is seen as a key driver for future market performance [9][13]. - Analysts suggest that the current market conditions may provide favorable entry points for investors, particularly in light of historical patterns observed during similar market conditions [7][8].

Investment Rating - The industry rating is "Recommended" [5] Core Views - The report indicates that the non-bank financial sector is expected to serve as a stabilizing force amid short-term market fluctuations [1] - The report highlights a significant increase in trading activity, with A-share average daily trading volume reaching 26,030 billion yuan, a 12.5% increase from the previous period and a 10.3% increase year-on-year [1][17] - The report anticipates continued improvement in the brokerage sector's performance, with a notable increase in trading volume and a recovery in equity financing [3][15] Summary by Sections 1. Non-Bank Financial Weekly Insights - The non-bank financial Shenwan index rose by 0.50%, outperforming the CSI 300 index by 1.01 percentage points, ranking 15th among all primary industries [2][14] - The securities sector increased by 0.49%, while the insurance sector rose by 0.73%. In contrast, the diversified finance, internet finance, and fintech sectors saw declines of 0.31%, 0.35%, and 1.55%, respectively [2][14] 1.1. Brokerage Sector - The report predicts a sustained increase in the brokerage sector's performance, with average daily trading volumes for Q1, Q2, and Q3 of 2025 being 15,225 billion, 12,619 billion, and 21,086 billion yuan, respectively, showing year-on-year increases of 71%, 52%, and 213% [3][15] - The report notes a recovery in equity financing, with the number of IPOs, additional issuances, and convertible bonds in Q3 2025 being 28, 43, and 53, respectively, raising funds of 379.715 billion, 883.310 billion, and 155.327 billion yuan [3][15] 1.2. Insurance Sector - A new regulation on non-auto insurance business was released, aiming to optimize assessment mechanisms and strengthen rate management, which is expected to enhance the profitability and service quality of insurance companies [4][16] - The regulation is anticipated to address long-standing issues in the non-auto insurance market, such as low rates and high costs, and to promote rational competition [4][16] 2. Market Indicators - The average daily trading volume in A-shares for the week was 26,030 billion yuan, reflecting a 12.5% increase from the previous week and a 10.3% increase year-on-year [1][17] - As of October 9, 2025, the margin trading balance was 24,455.50 billion yuan, a 0.60% increase from the previous period and a 56.06% increase compared to the average level in 2024 [1][17] 3. Industry News - The Beijing Stock Exchange has transitioned to a new "920" code system for all listed companies, marking a significant step in establishing its independent market identity [40] - The China Securities Regulatory Commission is focusing on deepening reforms in the capital market, particularly through the Sci-Tech Innovation Board and the Growth Enterprise Market [41]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [3][8]. Core Views - The securities sector is expected to see a recovery in performance due to active market trading in the third quarter, with valuations currently at reasonable levels, indicating potential for valuation recovery [8][28]. - The average daily stock trading volume in the two markets reached 25,869 billion yuan, a significant increase of 19% week-on-week, reflecting a strong recovery in trading activity post-holiday [6][15]. - In September, the equity financing scale reached 43.7 billion yuan, a year-on-year increase of 109%, indicating robust activity in the investment banking sector [7][20]. Summary by Sections Market Review - The report notes that during the first week after the holiday, the securities sector performed actively, with the broker index rising by 0.5%, outperforming the CSI 300 index by 1 percentage point [5][10]. - The broker index's price-to-book ratio stands at 1.48x, maintaining a level consistent with the previous week and within the 48th percentile of the past decade [5][10]. Industry Weekly Data - **Brokerage Business**: The average daily stock trading volume in September was 23,927 billion yuan, reflecting a month-on-month growth of 5% and a year-on-year increase of 154% [6][15]. - **Investment Banking**: In September, 28 companies engaged in equity financing, with a total financing scale of 437 billion yuan, marking a year-on-year increase of 109% [7][20]. - **Capital Intermediation**: As of October 10, the margin trading balance reached 24,456 billion yuan, a 2.1% increase from the previous period, continuing to set new highs for the year [7][23]. Investment Recommendations - The report suggests focusing on internet brokers with strong beta attributes, such as Zhina Compass, and recommends attention to Jiufang Zhitu Holdings in the Hong Kong market due to their strong performance certainty amid active trading [8][28].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The non-bank financial sector has experienced an excess decline compared to the overall A-share index since late August, with valuations and institutional holdings at low levels. The brokerage sector shows good performance prospects, while the insurance sector has certain dividend attributes. The non-bank financial sector is seen as having both offensive and defensive characteristics, and there are strategic opportunities for investment in the brokerage sector, particularly in undervalued life insurance stocks and high dividend yield companies like Jiangsu Jinzu [5] Summary by Sections Brokerage Sector - The average daily trading volume of stock funds reached 3.19 trillion yuan, up 15.9% month-on-month. In September, 2.94 million new A-share accounts were opened, a year-on-year increase of 61% and a month-on-month increase of 11%. The total number of new accounts opened from January to September reached 20.15 million, up 50% year-on-year [6] - The adjustment of margin financing collateral ratios is a routine measure and primarily affects new financing scales without impacting existing stock. The brokerage sector's performance in Q3 is expected to show a year-on-year growth of 53.1% in net profit attributable to the parent company, with a quarter-on-quarter increase of 1% [6] - The report recommends three main lines of brokerage stocks: Guosen Securities, which benefits from retail advantages and the Hainan cross-border asset management pilot; Huatai Securities and CICC, which excel in overseas and institutional business; and GF Securities and Dongfang Securities H, which have significant wealth management advantages [6] Insurance Sector - The implementation of the "reporting and operation integration" policy for non-auto insurance business is expected to lead to a decline in the comprehensive cost ratio (COR) for property insurance companies. The regulatory measures are anticipated to guide the industry towards more standardized development and lower insurance rates [7] - Long-term interest rates remain stable, alleviating net asset pressures, while the expected return on equity assets is boosted, leading to a potential improvement in the interest margin for insurance companies in the medium to long term. The report recommends undervalued stocks such as China Pacific Insurance and Ping An Insurance [7] Recommended and Beneficiary Stocks - Recommended stocks include Huatai Securities, GF Securities, Guosen Securities, Dongfang Securities H, CICC H, Dongfang Caifu, Guotai Junan; China Pacific Insurance, Ping An Insurance; Jiangsu Jinzu, Hong Kong Stock Exchange [8]