Group 1 - The core viewpoint of the report emphasizes that green electricity is still experiencing a downward trend from installed capacity to revenue and profit, but the implementation of Document No. 136 is expected to enhance the stability of ROE in the green electricity sector [1] - The report suggests focusing on subsidies and environmental value as entry points for investment in green electricity, while downplaying the emphasis on performance [1] - For nuclear power, continuous approval of nuclear units is noted, with a greater focus on market-driven electricity price levels [1] Group 2 - The gas sector is currently in a state of margin recovery, with more attention on the growth of gas sales volume [1] - Both the nuclear power and gas sectors exhibit stronger cyclical attributes [1]

证券代码：000776 证券简称：广发证券公告编号：2026-007 广发证券股份有限公司 关于向专业投资者公开发行公司债券获得中国证监会注册批复的公告 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。 近日，广发证券股份有限公司（以下简称"公司"）收到中国证券监督管理委员会《关于同意广发证券股 份有限公司向专业投资者公开发行公司债券注册的批复》（证监许可〔2026〕100号），批复主要内容 如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 一、同意公司向专业投资者公开发行面值总额不超过700亿元公司债券的注册申请。 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说明书进行。 三、批复自同意注册之日起24个月内有效，公司在注册有效期内可以分期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项，应及时报告并按有关规定处 理。 公司将按照有关法律法规和上述批复文件的要求及公司股东会的授权办理本次公司债券发行的相关事 宜，并及时履行信息披露义务。 特 ...

Core Viewpoint - The report from GF Securities indicates that the increase in capacity electricity prices in 2026 is expected to accelerate the utility transformation of thermal power companies [1] Group 1: Market Performance - In 2025, the stock performance of thermal power companies showed significant divergence, with northern companies generally outperforming due to high earnings growth [1] - The long-term contract electricity prices for 2026 are approaching their lower limits across various provinces, suggesting limited future declines [1] Group 2: Financial Implications - The increase in coal-fired capacity electricity prices in 2026 could lead to an increase of nearly 0.02 yuan per kilowatt-hour in revenue [1] - Thermal power companies are expected to enhance their revenue through market-based trading methods, indicating a potential for improved profitability stability [1] Group 3: Governance and Cash Flow - The market value management of thermal power companies is a key driver, with financial cost savings in Q1-Q3 of 2025 accounting for 3.2% of total profits [1] - There is a notable improvement in free cash flow for thermal power companies, suggesting significant potential for increased dividend payout ratios [1] - The transformation towards a "utility-like" model for thermal power may already be underway [1]

广发证券研报指出，蓄能高位保障电量，关注装机投产与资产证券化。25下半年珠江、长江来水偏丰带 动电量增长，长电已发布业绩快报，25年实现归母净利润342亿元（同比+5%），其中Q4达60亿元（同 比+34%），预计水电整体业绩亦有良好表现。25年末偏高蓄能将保障26上半年枯水期电量，汛期电量 低基数，水电有望维持多个季度利润提升。水电投产高峰期来临，大渡河等流域多座电站将陆续投产， 此外各集团仍有水电资产未证券化，亦可关注证券化进程。 ...

广发证券股份有限公司是一家主要从事证券业务的中国公司。该公司通过五个分部开展业务。投资银行 分部从事股权融资、债务融资、财务顾问和企业解决方案等。财富管理分部从事零售证券经纪、期货经 纪、金融产品代销、融资融券及回购交易融资服务、融资租赁等。交易及机构客户服务分部主要从事为 机构客户提供证券研究、资产托管服务、销售及投资交易（包括自营和其他对客交易服务）、另类投资 等。投资管理分部从事资产管理、公募基金管理、私募基金管理等。其他分部主要为公司总部运营。 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。 证券之星消息，1月22日南向资金增持180.56万股广发证券（01776.HK）。近5个交易日中，获南向资金 增持的有3天，累计净增持901.02万股。近20个交易日中，获南向资金增持的有14天，累计净增持 3579.47万股。截至目前，南向资金持有广发证券（01776.HK）10.39亿股，占公司已发行普通股的 54.07%。 ...

Group 1 - The fund being discussed is the Morgan Hang Seng Biotechnology Exchange-Traded Fund (ETF), which is a type of open-ended index securities investment fund [1][2][25]. - The fund's initial offering price is set at RMB 1.00 per share, and the subscription period is from January 26, 2026, to February 6, 2026 [3][5][29]. - The maximum fundraising limit for the fund is RMB 2 billion, and if this limit is reached, the fundraising will close early [5][6]. Group 2 - The fund is managed by JPMorgan Asset Management (China) Limited, with Guosen Securities Co., Ltd. serving as the custodian [2][26][55]. - The fund targets individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [2][23]. - The fund aims to passively track the performance of the Hang Seng Biotechnology Index, which reflects the overall performance of the largest 30 biotechnology companies listed in Hong Kong [9][10][24]. Group 3 - Investors can subscribe to the fund through online cash subscription or offline cash subscription methods [7][32]. - The fund's subscription fees are structured such that there are no fees for offline cash subscriptions, while online subscriptions may incur a fee of up to 0.3% [33][34]. - Investors must have a securities account to participate in the fund's subscription, specifically an A-share account or a fund account [37][38].

此外，李世杰补充表示，人民币升值预期持续强化也是重要催化因素。2025年12月人民币汇率逼近7.0 关口，进入2026年后在岸人民币已升至6.96附近，全年累计涨幅明显。在此背景下，国际业务占比较高 的企业出于降低外币敞口风险、锁定汇兑收益的考虑，主动推动结汇操作。同时，美元走弱预期升温、 美联储降息周期预期延续，也在外部环境层面放大了这一行为。 兴业研究高级研究员张梦也指出，年末净结汇走高具有明显的季节性特征。每年年末本身是传统的结汇 高峰期，而2025年11月下旬至12月美元兑人民币连续突破7.10、7.05、7.00等关键点位，强化了市场的 升值预期，并触及部分企业的成本汇率或盈亏平衡汇率，从而显著放大了客盘结汇量。 日前，广发证券发布研报显示，2025年12月净结汇创历史新高。12月银行代客净结汇7055亿元，环比、 同比分别上升5891亿元、7806亿元。 分析人士指出，人民币在2025年12月后呈现加快升值态势，是推动企业和个人加快结汇的重要直接因 素。在人民币持续升值背景下，若延迟结汇，外汇资产折算为人民币时将面临更明显的价值缩水，因此 相关主体倾向于提前将外汇兑换为人民币。 汇管信息科技研究院 ...

Group 1 - The core point of the news is that GF Securities Co., Ltd. won a bid for a procurement project from Shantou Investment Holding Group Co., Ltd. with a bid amount of 1.05 million yuan [1] Group 2 - GF Securities (000776.SZ) reported a revenue of 27.199 billion yuan for 2024, with a revenue growth rate of 16.74% and a net profit attributable to the parent company of 9.637 billion yuan, reflecting a net profit growth rate of 38.11% and a return on equity of 7.44% [2] - In the first half of 2025, the company achieved a revenue of 15.398 billion yuan, with a revenue growth rate of 34.38% and a net profit attributable to the parent company of 6.470 billion yuan, indicating a net profit growth rate of 48.31% [3] - The company operates in the financial industry, with its main product types including institutional business, investment banking, and asset management. The revenue composition for 2024 is as follows: wealth management business 43.17%, asset management 27.94%, securities investment business 25.63%, investment banking 2.89%, and others 0.37% [2][3]

北京商报讯（记者 刘宇阳 实习生 姚榕琰）1月22日，广发证券发布公告称，于近日收到中国证监会批复，同意广发证券向专业投资者公开发行面值总额不 超过700亿元公司债券的注册申请。该批复自同意注册之目起24个月内有效，广发证券在注册有效期内可以分期发行公司债券。 证券代码:000776 证券简称:广发证券 关于向专业投资者公开发行公司债券获得中国证监会 注册批复的公告 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。 近日,广发证券股份有限公司(以下简称"公司")收到中国证券监督管理 委员会《关于同意广发证券股份有限公司向专业投资者公开发行公司债券注册的 批复》（证监许可〔2026〕100 号）,批复主要内容如下: 一、同意公司向专业投资者公开发行面值总额不超过 700 亿元公司债券的注 册申请。 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说明书进行。 三、批复自同意注册之日起24个月内有效,公司在注册有效期内可以分期 发行公司债券。 公告编号:2026-007 广发证券股份有限公司 ...

广发证券(01776)公布，近日，公司收到中国证券监督管理委员会《关于同意广发证券股份有限公司向 专业投资者公开发行公司债券注册的批复》(证监许可〔2026〕100号)，批复主要内容如下：同意公司 向专业投资者公开发行面值总额不超过700亿元公司债券的注册申请。 ...