（文章来源：证券日报） 证券日报网讯 11月24日晚间，广发证券发布公告称，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公司债券（第五期）（以下简称"本期债 券"）将于2025年11月26日支付2024年11月26日至2025年11月25日期间的利息。 ...

Group 1: International Capital Confidence in Hong Kong - International investors are reassessing asset risk and adjusting strategies, with Hong Kong emerging as a safe haven for capital [3] - Hong Kong has seen significant fundraising from major new stocks this year, attracting cornerstone investors from the West and the Middle East [3] - The total bank deposits in Hong Kong have increased by over 10% this year, surpassing 19 trillion HKD, indicating strong confidence in the market [3] Group 2: Economic Resilience Beyond Finance - Hong Kong's shipping and trade sectors are demonstrating strong resilience, with a 11.3% year-on-year increase in goods exports over the first three quarters [4] - The Hong Kong government is actively promoting the advantages of its shipping industry, including strategic partnerships with ports in the Belt and Road regions [4] Group 3: Recovery of the Exhibition Industry - The recent hosting of the International Exhibition Association's global annual meeting in Hong Kong highlights the city's recognition as an international exhibition hub [5] - Hong Kong's connectivity and favorable business environment support its exhibition industry, with over 1,100 flights daily to more than 200 destinations [5] Group 4: International Private Equity Expansion - Adams Street, a leading global private equity firm, has opened a new office in Hong Kong, marking its sixth office in Asia and indicating a strategic focus on the Chinese market [6][7] - Ardian, another prominent investment firm, has also established a Hong Kong office, enhancing its penetration into the Chinese market [9] Group 5: Return of Dollar Funds to China - The return of dollar funds to China is driven by a restructuring of global asset valuations, with international capital focusing on sectors like technology and high-end manufacturing [10] - The recent fundraising activities of dollar funds indicate a renewed interest in the Chinese market, with significant participation from international investors [10] Group 6: Increased Competition Among Chinese Securities Firms - Chinese securities firms are intensifying their presence in Hong Kong, with several firms announcing the establishment of subsidiaries and significant capital increases [11] - The total capital increase by Chinese securities firms in Hong Kong has exceeded 5 billion HKD since 2025, reflecting their strategic focus on market opportunities [11][12] - The demand for IPO sponsorship, cross-border mergers, and wealth management services is driving the expansion of Chinese firms in Hong Kong [12]

本期债券品种一"24广发12"的票面利率为2.07%，本次付息每手(面值 1,000 元)"24广发12"派发利息人民 币20.70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16.56元;非居民企 业(包含QFII、 RQFII)取得的实际每手派发利息为20.70元。 本期债券品种二"24广发13"的票面利率为2.14%，本次付息每手(面值 1,000 元)"24广发13"派发利息人民 币21.40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17.12元;非居民企 业(包含QFII、 RQFII)取得的实际每手派发利息为21.40元。 广发证券（000776）(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2024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")将于2025年11月26 日支付2024年11月26日至2025年11月25日期间的利息。 本期债券品种一简称为"24广发12"，债券代码为 "524029";品种二简称为"24广发13"，债券代码 为"524030"。本期债券品种一 ...

本期债券品种一"24广发12"的票面利率为2.07%，本次付息每手(面值1,000元)"24广发12"派发利息人民 币20.70元(含税)。本期债券品种二"24广发13"的票面利率为2.14%，本次付息每手(面值1,000元)"24广发 13"派发利息人民币21.40元(含税)。 格隆汇11月24日丨广发证券(01776.HK)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2024年面向专业投资者公开发行公司债券(第五期)(本期债券品种一简称为"24广 发12"，债券代码为"524029"；品种二简称为"24广发13"，债券代码为"524030")将于2025年11月26日支 付2024年11月26日至2025年11月25日期间的利息。 ...

智通财经APP讯，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2024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")将于2025年 11月26日支付2024年11月26日至2025年11月25日期间的利息。 本期债券品种一"24广发12"的票面利率为2.07%，本次付息每手(面值 1,000 元)"24广发12"派发利息人民 币20.70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16.56元;非居民企 业(包含QFII、 RQFII)取得的实际每手派发利息为20.70元。 本期债券品种二"24广发13"的票面利率为2.14%，本次付息每手(面值 1,000 元)"24广发13"派发利息人民 币21.40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17.12元;非居民企 业(包含QFII、 RQFII)取得的实际每手派发利息为21.40元。 本期债券品种一简称为"24广发12"，债券代码为 "524029";品种二简称为"24广发13"，债券代码 为"524030"。本期债券品种 ...

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《廣發証券股份有限公司2024年面向專 業投資者公開發行公司債券（第五期）2025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 2025年11月24日 债券代码：524029 债券简称：24 广发 12 债券代码：524030 债券简称：24 广发 13 广发证券股份有限公司 2024 年面向专业投资者公开发行公司债券（第五期） 2025 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 ...

Core Insights - The report emphasizes the continuation of investment and financing coordination development in the securities industry, predicting a sustained industry boom in 2026 [8][16][20] - The report maintains a "market synchronization" investment rating for the securities sector, highlighting the expected strong performance of the equity market in 2026 [8][16][20] Group 1: "14th Five-Year Plan" Recommendations - The "14th Five-Year Plan" outlines the direction for capital market reform, emphasizing the need for a more inclusive and adaptable market system [14][15] - The plan aims to enhance the coordination of investment and financing functions within the capital market, promoting high-quality development [15][20] Group 2: 2025 Performance Review - In the first three quarters of 2025, listed securities firms showed significant recovery, with revenues increasing by 42.55% year-on-year and net profits rising by 62.38% [8][16][20] - The main drivers of this performance were retail brokerage, margin financing, and directional equity business, while fixed income and asset management businesses experienced declines [8][16][20] Group 3: 2026 Business Outlook - The brokerage business is expected to maintain high levels of activity, with average daily stock trading volumes remaining at historical highs [8][16][20] - Investment banking is projected to see a continued recovery in equity financing, while debt financing will also grow, contributing positively to overall revenue [8][16][20] - The asset management sector is anticipated to experience narrow fluctuations in revenue, with limited impact on overall performance [8][16][20] Group 4: Investment Strategy - The report suggests focusing on leading listed securities firms that are likely to play a pivotal role in the sector's recovery [8][16][20] - It also highlights the importance of mid-sized firms with differentiated competitive advantages and those with strong performance resilience [8][16][20] - Key recommended companies include CITIC Securities, Guotai Junan, GF Securities, Dongwu Securities, Caitong Securities, and Guojin Securities [8][16][20] Group 5: Market Trends - The securities sector is expected to experience wide fluctuations in 2026, with average valuations around 1.54 times P/B, consistent with the average over the past decade [8][16][20] - The report notes that the securities index has shown a range-bound performance, underperforming the CSI 300 index [8][16][20]

债券代码：524029 债券简称：24 广发 12 债券代码：524030 债券简称：24 广发 13 广发证券股份有限公司 2024 年面向专业投资者公开发行公司债券（第五期） 2025 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公司债券（第五期）（以下简称"本期债 券"）将于 2025 年 11 月 26 日支付 2024 年 11 月 26 日至 2025 年 11 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： 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公司 债券（第五期） 5、起息日：2024 年 11 月 26 日。 6、付息日：本期债券品种一的付息日为 2025 年至 2026 年每年的 11 月 26 日，品种二的付息日为 2025 年至 2027 年每年的 11 月 26 日（如遇法定节假日或 1 休息日，则顺延至其后的第 1 个交 ...

Core Viewpoint - The mechanical and automation equipment industry is expected to benefit from external demand and the "two new" sectors (emerging industries and new infrastructure) by 2025, with leading performance in sub-sectors such as construction machinery, electrical power grids, and energy equipment [1] Group 1: Industry Trends - The emerging sectors, including the AI industry chain and high-end equipment manufacturing, are showing high levels of prosperity [1] - Investment in equipment and tools is maintaining a high growth rate of 13% in the first ten months of 2025, reflecting the significant effects of large-scale equipment renewal policies [1] - It is anticipated that these policies will continue to support manufacturing investment in 2026 [1] Group 2: Investment Products - The Robot Industry ETF (159551) tracks the Robot Index (H30590), focusing on companies involved in the research, manufacturing, and application of robotics [1] - The index highlights technological innovation and industrial automation trends, aiming to reflect the overall development performance in the field of intelligent equipment and automation solutions [1]

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][7]. Core Viewpoints - The report indicates that the securities industry is entering a new phase of mergers and acquisitions, termed "M&A 2.0," which emphasizes functional enhancement and the creation of a complementary business ecosystem rather than merely increasing capital size [3][5]. - The report highlights that recent mergers, such as the absorption of Dongxing Securities and Xinda Securities by CICC, reflect a shift towards strengthening professional capabilities and expanding business lines [4][18]. - The overall improvement in the securities industry's fundamentals, including active market trading and growth in margin financing, is expected to drive both valuations and profitability for brokerages [4][22]. Summary by Sections Industry Overview - The report notes a significant wave of mergers and restructuring in China's securities industry, driven by both policy support and market competition. The aim is to cultivate leading investment banks and enhance core competitiveness through consolidation [6][10]. - In the first three quarters of 2025, 43 listed brokerages achieved revenue of CNY 421.42 billion, a year-on-year increase of 42.57%, and a net profit of CNY 169.29 billion, up 62.48% [6]. Mergers and Acquisitions - The merger between Guotai Junan and Haitong Securities is highlighted as a scale-driven consolidation, significantly enhancing net capital strength and risk tolerance, while optimizing the national network layout [15][17]. - CICC's merger with Dongxing and Xinda Securities is characterized as a functional superiority-driven integration, aimed at enhancing business capabilities and expanding service offerings [18][20]. Business Structure and Performance - The report outlines a dual-driven characteristic in the securities industry, with brokerage and proprietary trading as the main revenue drivers. In the first three quarters of 2025, brokerage income reached CNY 111.78 billion, a year-on-year increase of 74.64% [11]. - The revenue structure is shifting, with brokerage income accounting for 26.5%, investment income 44.4%, and other segments contributing to the overall performance [11]. Investment Recommendations - The report suggests that the recent mergers are likely to stimulate investment enthusiasm in the industry. It recommends focusing on leading brokerages with comprehensive performance layouts and those with high elasticity in earnings, such as Huatai Securities and CITIC Securities [22].