Core Insights - The Hong Kong stock market has seen active financing since the beginning of the year, with equity financing reaching HKD 39.09 billion, a year-on-year increase of 316.27% [1] - Chinese securities firms are increasingly taking a leading role in the Hong Kong market, with six out of the top ten equity underwriting positions held by Chinese institutions, accounting for a total market share of 56.15% [1][2] Group 1: Market Performance - The Hang Seng Index rose by 27.77% in 2025, and the primary market equity financing reached HKD 612.7 billion, a year-on-year increase of 248.8% [1] - The active investment and financing environment is attributed to the deep involvement of intermediary institutions, providing valuable development opportunities for investment banks [1] Group 2: Underwriting and Advisory Services - In IPO sponsorship, China International Capital Corporation (CICC) led with a sponsorship scale of HKD 51.65 billion, followed by CITIC Securities (Hong Kong) at HKD 46.03 billion [2] - CICC also demonstrated a strong advantage in refinancing underwriting, with a scale of HKD 24.97 billion and 13 transactions [2] Group 3: Strategic Developments - Chinese securities firms are enhancing their presence in Hong Kong to capture growth opportunities, with several firms increasing capital for their subsidiaries and providing guarantees for business development [4] - For instance, Guotai Junan Securities announced plans to secure a bank loan of up to HKD 35 million to support its Hong Kong subsidiary [4] Group 4: Future Outlook - The Hong Kong market is becoming a crucial platform for Chinese securities firms to expand internationally, with expectations of increased opportunities as international investors seek quality Chinese assets [3] - The core opportunity for Chinese securities firms lies in leveraging their client networks and understanding of Chinese enterprises to serve "A+H" listed companies and support the internationalization of domestic industry chains [5]

Core Viewpoint - The Hong Kong capital market has seen a significant increase in refinancing activities at the beginning of 2026, with over HKD 27 billion raised, marking a more than 20-fold increase compared to the same period in 2025, setting a vibrant tone for the year ahead [1][3]. Group 1: Active Refinancing at the Start of 2026 - As of January 18, 2026, Hong Kong-listed companies have raised over HKD 27 billion through various methods such as placements and rights issues, compared to HKD 1.1 billion in the same period of 2025 [1][3]. - The robust refinancing activity is built on the historical high of HKD 325.32 billion in 2025, which surpassed the IPO fundraising scale for the first time [3]. - Major companies like BYD and Xiaomi have completed significant fundraising projects, contributing to a trend of continuous capital replenishment [3]. Group 2: Structural Characteristics of Refinancing - The refinancing activities in early 2026 are characterized by a diverse industry distribution, including sectors like oil and gas, construction, software services, and healthcare [7]. - Notable companies such as SF Express and Jitu Express have raised over HKD 1 billion, indicating a clear differentiation in fundraising scales [7]. - The use of raised funds is closely aligned with core business strategies, including international expansion, technology R&D, and financial structure optimization [7]. Group 3: Advantages of Hong Kong's Refinancing Market - The efficiency of Hong Kong's refinancing system allows companies to quickly seize market opportunities without prior regulatory approval for placements [4]. - The flexible and diverse financing tools available in the Hong Kong market cater to various corporate needs, enhancing the ability to raise funds [5]. - The market's recovery and valuation improvements since Q3 2024 have created a favorable environment for refinancing activities [5]. Group 4: Emerging Trends in Refinancing - The refinancing landscape is evolving, with a notable increase in strategic mutual holdings among companies, exemplified by the collaboration between SF Express and Jitu Express [8]. - The current refinancing structure shows a higher proportion of traditional and consumer industries compared to emerging sectors, highlighting the complementary nature of Hong Kong and A-share markets [8]. - Future trends indicate that refinancing will remain high but with a more stable growth rate, and the focus will shift towards optimizing capital structures and enhancing R&D capabilities [10].

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2025年面向专业投资者公开发行公 司债券(第一期)将于2026年1月21日支付2025年1月21日至2026年1月20日期间的利息。本期债券品种一 简称为"25广发01"，债券代码为 "524121"，品种二简称为"25广发02"，债券代码为"524122"。本期债 券"25广发01"的票面利率为1.83%，本次付息每手(面值1000元) "25 广发01"派发利息人民币18.30元(含 税)。本期债券"25广发02"的票面利率为1.90%，本次付息每手(面值1000元) "25 广发02"派发利息人民币 19.00元(含税)。 ...

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission to publicly issue perpetual subordinated bonds with a total face value of up to 20 billion yuan [1] Group 1 - The approval allows the company to issue perpetual subordinated bonds to professional investors [1] - The issuance must strictly follow the prospectus submitted to the Shenzhen Stock Exchange [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches during this period [1] Group 2 - The company is required to report any significant events that occur from the date of registration until the completion of the bond issuance [1]

Group 1 - The core point of the article is that Guangfa Securities has received approval from the China Securities Regulatory Commission to publicly issue perpetual subordinated bonds with a total face value of up to 20 billion yuan [1] Group 2 - The approval allows the company to issue the bonds strictly according to the prospectus submitted to the Shenzhen Stock Exchange [1] - The approval is valid for 24 months from the date of registration, during which the company can issue the bonds in tranches [1] - The company is required to report any significant events that occur from the date of registration until the completion of the bond issuance [1]

1债券名称：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（第一期）2、债券简称与 代码：本期债券品种一简称为"25广发01"，债券代码为"524121"，品种二简称为"25广发02"，债券代码 为"524122"。 发行期限、规模和利率：本期债券品种一发行期限为3年，发行规模为16亿元，票面利率为1.83%；品 种二发行期限为5年，发行规模为15亿元，票面利率为1.90%。起息日：2025年1月21日。 格隆汇1月19日丨广发证券(01776.HK)公告，由广发证券股份有限公司发行的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(第一期)(以下简称"本期债券")将于2026年1月21日支付2025年 1月21日至2026年1月20日期间的利息。 ...

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission to publicly issue perpetual subordinated bonds totaling up to 20 billion yuan [1] Group 1 - The company is authorized to issue perpetual subordinated bonds with a total face value not exceeding 20 billion yuan [1] - The issuance must strictly follow the prospectus submitted to the Shenzhen Stock Exchange [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches within this period [1] Group 2 - The company is required to report any significant events that occur from the date of registration until the completion of the bond issuance [1]

广发证券（000776）(01776)发布公告，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(第一期)将于2026年1月21日支付2025年1月21日至2026年1月20日期间的利息。本期债券品种一简称 为"25广发01"，债券代码为 "524121"，品种二简称为"25广发02"，债券代码为"524122"。本期债券"25 广发01"的票面利率为1.83%，本次付息每手(面值1000元) "25 广发01"派发利息人民币18.30元(含税)。本 期债券"25广发02"的票面利率为1.90%，本次付息每手(面值1000元) "25 广发02"派发利息人民币19.00元 (含税)。 ...

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 )及中國報章刊發的《廣發証券股份有限公司關 於向專業投資者公開發行永續次級公司債券獲得中國證監會註冊批覆的公告》。茲 載列如下，僅供參閱。 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。 证券代码：000776 证券简称：广发证券 公告编号：2026-005 广发证券股份有限公司 承董事會命 廣發証券股份有 ...

广发证券（000776）(01776)发布公告，广发证券股份有限公司2026年面向专业投资者公开发行次级债 券(第一期)发行时间为2026年1月16日至2026年1月19日，发行期限为3年，最终发行规模为17.2亿元，最 终票面利率为2.00%，认购倍数为2.77倍。本期债券的募集资金将全部用于偿还同业拆借。 ...