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2026年面向專 業投資者公開發行短期公司債券（第三期）在深圳證券交易所上市的公告》。茲載 列如下，僅供參閱。 | 债券名称 | 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（第三期）（品种二） | | | | | | | | | 债券简称 | 广发 ...

| 债券名称 | 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（第三期）（品种二） | | | | | | | | 债券简称 | 26 D4 | 广发 | | | | | | | 债券代码 | 524701 | | | | | | | | 信用评级 | 主体评级 AAA/债项评级 | | | | | A-1 | | | 评级机构 | 中诚信国际信用评级有限责任公司 | | | | | | | | 发行总额（亿元） | 54 | | | | | | | | 债券期限 | 365 | 天 | | | | | | | 票面年利率（％） | 1.62 | | | | | | | | 利率形式 | 固定利率 | | | | | | | | 付息频率 | 到期一次还本付息 | | | | | | | | 发行日 | 2026 3 日-2026 | 年 | 月 | 11 | 年 | 3 | 月 12 日 | | 起息日 | 日 2026 3 | 年 | 月 | 1 ...

记者丨江佩霞 见习记者林芊蔚 编辑丨谢珍 港股市场汽车股走强，其中，吉利汽车、奇瑞汽车涨超5%，零跑汽车涨超4%，理想汽车、蔚来涨超3%，比亚迪股份涨超2%。 3月17日，A股市场早盘冲高回落，三大指数均翻绿。截至午盘，沪指跌0.04%，深成指跌0.4%，创业板指跌0.58%，科创综指跌0.72%。盘面 上热点较为杂乱，全市场超3200只个股下跌。 | 上证指数 | 深证成指 | 创业板指 | 科创综指 | | --- | --- | --- | --- | | ▼ 4083.03 | · 14250.51 | - 3337.39 | ▼ 1729.39 | | -1.76 -0.04% | -57.07 -0.40% | -19.63 -0.58% | -12.62 -0.72% | | 涨跌分布 | | | 成交额 1.37万亿 | | 涨1812家 | | | 跌3273家 | 图源：21财经客户端 从板块来看，绿电概念反复活跃，华电辽能2连板，节能风电5天3板，江苏新能、浙江新能涨停。房地产板块盘中走高，中洲控股、京能置业 涨停。太空光伏概念快速拉升，协鑫集成、雅博股份涨停。钢铁板块表现活跃，安阳钢铁 ...

中信建投（601066）发布研报称，三重边际变化向好，2026证券板块业绩超预期值得期待。上半年交投 活跃度同比大增趋势确立，全年增长或超预期；年初新开户数据亮眼，散户增量资金蓄势待发；券商发 债融资规模边际大幅扩张，有望驱动杠杆提升、突破行业ROE高点。 申万宏源则表示，2026年是"十五五"规划开局之年，券商作为资本市场核心中介商，2026年有望在政策 +资金+市场交投三重驱动下戴维斯双击，上半年关注1Q26业绩披露、政策改革落地对板块的刺激。 中资券商股集体走高，截至发稿，中信证券（600030）(06030)涨6.31%，报26.62港元；广发证券 （000776）(01776)涨6.14%，报16.08港元；中国银河（601881）(06881)涨4.65%，报9.45港元；中金公 司（601995）(03908)涨4.74%，报19.02港元。 ...

Group 1 - The report highlights that the China Securities All Index Power Utility Index (H30199.CSI) was launched on July 15, 2013, and is characterized by high industry concentration, primarily focusing on the utility sector with a bias towards large-cap stocks [8][9]. - The first key point emphasizes that electricity has become a core asset in the AI era, with the government report in 2026 introducing "computing and electricity collaboration" as a national strategy, indicating a significant increase in demand for computing power and electricity [14][18]. - The second key point discusses the strengthening logic of rising electricity prices, with the introduction of a capacity pricing mechanism for coal and gas power, which is expected to enhance the profitability of utility assets [29][34]. - The third key point states that electricity assets align with the "HALO" asset paradigm, offering both defensive characteristics and growth dividends, characterized by high return on equity (ROE) and significant dividend yields [39][41]. - The fourth key point reveals that electricity assets are currently undervalued compared to the grid equipment index, with lower price-to-earnings (PE) and price-to-book (PB) ratios, indicating a potential for value recovery [44][48]. Group 2 - The report provides information on the Invesco Great Wall China Securities All Index Power Utility ETF, which was established on January 16, 2026, and had a scale of 1.18 billion yuan by March 13, 2026, investing at least 90% of its net asset value in the index's constituent stocks [29][36]. - The report outlines the rapid growth of the ETF and the strong management capabilities of the fund company, highlighting its experience in index management [29][36].

Investment Rating - The report maintains an "Overweight" rating for the banking and securities sectors, while suggesting a cautious approach towards the insurance sector [8]. Core Insights - The report highlights an optimistic outlook for quality financial institutions, particularly in the banking sector, due to improvements in interbank deposit self-discipline management and expected margin enhancements [1][11]. - The report notes a significant increase in social financing in February, primarily driven by corporate credit growth and a reduction in off-balance-sheet financing [12][17]. - The "14th Five-Year Plan" emphasizes the need to optimize the capital market's functions, including issuance, information disclosure, and mergers and acquisitions, aiming to enhance the quality of listed companies [1][37]. Summary by Sections Banking Sector - The report anticipates improved interest margins for large banks, joint-stock banks, and leading city commercial banks due to enhanced interbank deposit management [2][12]. - February's social financing growth exceeded expectations, largely supported by corporate credit expansion [12][17]. - Recommended quality stocks include Nanjing Bank, Chengdu Bank, and Shanghai Bank [3][12]. Securities Sector - The report discusses East Wu Securities' plan to acquire 83.77% of Donghai Securities through a combination of stock issuance and cash payment, indicating ongoing consolidation in the sector [2][39]. - The "14th Five-Year Plan" aims to cultivate top-tier investment banks and institutions, presenting valuation recovery opportunities for brokerage firms [2][37]. - Recommended stocks include leading brokerages such as CITIC Securities and Guotai Junan [3][11]. Insurance Sector - The report advises investors to adopt a more conservative risk preference in the insurance sector amid rising market uncertainties, focusing on relatively stable companies [2][51]. - Recommended stocks include China Pacific Insurance and AIA Group, which are expected to show resilience against market volatility [51].

Investment Rating - The report maintains an "Overweight" rating for the banking and securities sectors [10] Core Insights - The optimization of refinancing policies is expected to support the development of asset management products, with a long-term upward trend in the capital market [2] - The asset management industry is characterized by stable growth across various segments, including bank wealth management, public funds, insurance asset management, trust, and private equity [17] Summary by Sections Bank Wealth Management - In February, the total number of newly issued wealth management products decreased by 17.8% month-on-month, with a total of 2,243 products issued [3] - The total outstanding scale of bank wealth management products reached 31.67 trillion yuan, a slight increase of 0.10 trillion yuan month-on-month [3][37] - The average yield for wealth management products was 1.70%, down 192 basis points from the previous month [3] Public Funds - In February, the issuance of public funds was 90.6 billion units, a decrease of 25% month-on-month [4] - The total market size of public funds was 36.31 trillion yuan, with a slight increase of 0.03% month-on-month [4] Private Funds - As of the end of January 2026, the total scale of private fund products was 22.44 trillion yuan, with a month-on-month increase of 1.30% [6] - In January, the newly registered scale of private funds was 64.1 billion yuan, a year-on-year increase of 38% [6] Insurance Asset Management - By the end of Q4 2025, the balance of insurance funds reached 38.48 trillion yuan, a year-on-year increase of 16% [7] - The proportion of stock investments in insurance asset management increased by 0.65 percentage points month-on-month [7] Securities Asset Management - As of the end of Q3 2025, the scale of securities asset management was 6.37 trillion yuan, with a quarter-on-quarter increase of 4% [5] - In February, the newly issued scale was 4.574 billion units, a decrease of 42% month-on-month [5] Trust - As of the end of June 2025, the industry asset scale was 32.43 trillion yuan, an increase of 10% from the beginning of 2025 [8] - In February, a total of 933 trust products were issued, amounting to 101.1 billion yuan, a month-on-month decrease of 25% [8]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the investment value of insurance and brokerage firms [1]. Core Insights - The "14th Five-Year Plan" is expected to benefit the insurance and brokerage sectors, enhancing their configuration value [1]. - The report emphasizes the importance of the "14th Five-Year Plan" in driving policy, funding, and market trading, which is anticipated to lead to a double boost for brokerages in 2026 [2]. - The report identifies three main investment themes for brokerages: strong comprehensive capabilities of leading institutions, brokerages with significant earnings elasticity, and firms with strong international business competitiveness [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,669.14 with a fluctuation of +0.19%. The non-bank index closed at 1,887.83, down by -1.93%. The brokerage, insurance, and diversified financial indices reported declines of -1.75%, -2.10%, and -2.73% respectively [5]. Non-Banking Industry News and Key Announcements - The "14th Five-Year Plan" emphasizes the need for a robust financial system, focusing on risk prevention, strong regulation, and high-quality development. It aims to enhance financial services for the real economy and promote various financial sectors, including technology and green finance [7][8]. - The report highlights the need for financial institutions to focus on their core businesses and improve governance, supporting the development of first-class investment banks and institutions [8]. Investment Analysis - For brokerages, 2026 is seen as a pivotal year with potential for significant growth driven by policy and market dynamics. Recommended stocks include Guotai Junan, GF Securities, and CITIC Securities for their strong market positions and performance potential [2]. - In the insurance sector, the report suggests a mid-term positive outlook for value reassessment, recommending China Ping An, New China Life, and China Life Insurance among others [2]. Key Data Tracking - As of March 13, 2026, the average daily stock trading volume was 25,719.27 billion [31]. - The margin trading balance reached 26,646.58 billion as of March 12, 2026 [33].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly highlighting the investment value of the insurance and brokerage segments [1]. Core Insights - The "14th Five-Year Plan" is expected to benefit the insurance and brokerage sectors, enhancing their configuration value [1]. - The report emphasizes the importance of the "14th Five-Year Plan" in driving policy, funding, and market trading, which is anticipated to create a favorable environment for brokerages in 2026 [2]. - The report identifies three main investment themes for brokerages: strong institutions benefiting from improved competitive dynamics, brokerages with significant earnings elasticity, and firms with strong international business capabilities [2]. Summary by Sections Market Review - During the week of March 9-13, 2026, the Shanghai Composite Index closed at 4,669.14 with a slight increase of +0.19%, while the non-bank index fell to 1,887.83, down -1.93% [6]. - The brokerage, insurance, and diversified financial indices reported declines of -1.75%, -2.10%, and -2.73%, respectively [6]. Non-Banking Industry News and Key Announcements - The "14th Five-Year Plan" emphasizes the construction of a modern financial system, focusing on risk prevention, strong regulation, and high-quality development [8]. - The plan aims to enhance financial services for the real economy, promote technological and green finance, and improve the structure of monetary policy tools [8]. - The report notes that the brokerage sector's market share in non-cash fund distribution has increased, with the top 100 brokerages holding a 23% market share, up 2.02 percentage points from the previous half [2]. Investment Analysis - For brokerages, 2026 is seen as a pivotal year with potential for significant growth driven by policy and market dynamics. Recommended stocks include Guotai Junan, Haitong Securities, and Citic Securities for their strong competitive positions [2]. - The insurance sector is expected to undergo a value reassessment, with recommendations for China Ping An, New China Life, and China Life Insurance, among others [2].

Investment Rating - The report maintains a positive outlook on the insurance sector, indicating a high cost-performance ratio for investment opportunities [2][11] Core Views - The insurance sector has experienced significant adjustments due to pessimistic narratives surrounding AI, geopolitical conflicts, and investor concerns about the investment performance of the insurance sector. However, the valuation has dropped to historically low levels, suggesting a high cost-performance ratio for investment [2][11] - The banking sector is expected to see a stabilization in interest margins due to marginal improvements in both assets and liabilities, with non-interest income likely to recover as the equity market rebounds [3][20] Summary by Sections Insurance Sector - The insurance sector's index fell by 2.10%, underperforming the CSI 300 index by 2.28 percentage points. The sector has seen a cumulative decline of over 9% this year, with current valuations indicating significant room for recovery [2][11] - The sector's price-to-earnings value (PEV) is at 0.65x for A-shares and 0.42x for H-shares, indicating potential recovery spaces of 53% and 137% respectively [11] - The long-term core logic of improvement in both assets and liabilities remains unchanged, with expectations for dual recovery in valuation and performance as market sentiment improves [2][11] Brokerage Sector - The brokerage sector index decreased by 1.75%, underperforming the CSI 300 index by 1.94 percentage points. The sector's price-to-book (PB) ratio is at 1.27x, indicating a significant mismatch between earnings and valuation [17][18] - The "14th Five-Year Plan" emphasizes the need for comprehensive reforms in the capital market, which will benefit leading brokerages with strong service capabilities [17][18] - Recommendations include focusing on large brokerages with strong fundamentals and low valuations, as well as those undergoing mergers or restructuring [18][19] Banking Sector - The banking sector index increased by 1.39%, outperforming the CSI 300 index by 1.20 percentage points. The sector's PB ratio is at 0.52x [20][21] - Expected improvements in both asset and liability sides are anticipated to stabilize interest margins, with a projected decrease in the average cost of interest-bearing liabilities by 40 basis points in 2025 [20][21] - The overall asset quality is expected to remain stable, with non-performing loans in corporate real estate and non-real estate consumer credit anticipated to stabilize at high levels [22][23] - Recommendations include focusing on high-dividend large banks and those with strong recovery potential in performance [23]