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《關於延長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（第二期）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 2026年2月4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 ...

发行人将按上述票面利率于 2026 年 2 月 5 日至 2026 年 2 月 6 日面向专业机 构投资者网下发行。具体认购方法请参考 2026 年 2 月 3 日刊登在深圳证券交易 所网站（www.szse.cn）、巨潮资讯网（www.cninfo.com.cn）上的《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（第二期）发行公告》。 特此公告。 （本页以下无正文） 证券代码：524665 证券简称：26 广发 D2 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（第二期） 票面利率公告 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。 广发证券股份有限公司（以下简称"发行人"）面向专业机构投资者公开发 行面值余额不超过 300 亿元（含）的短期公司债券已获得中国证券监督管理委员 会证监许可〔2025〕818 号文同意注册。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（第二期）（以下简称"本期债券"）计划发行规 模为不超过 60 亿元（含）。 2026 年 2 月 4 日，发行人和主承销 ...

Group 1 - The core point of the news is that Shen Minggao, the global chief economist and head of the industry research institute at GF Securities, is reaching the legal retirement age in February 2026 and will no longer hold his positions, which is not a resignation as speculated [1] - GF Securities confirmed that Shen Minggao will continue to participate in internal research activities in the near future [1] - Shen Minggao has a strong academic background and extensive industry experience, holding degrees from Nanjing Agricultural University, the Chinese Academy of Social Sciences, and Stanford University [1] Group 2 - Shen Minggao has been engaged in macroeconomic, development economics, and financial market research for a long time [2] - He highlighted Guangdong's advantages in market-oriented reforms, including location, industrial application scenarios, and relatively low local government debt, which can be leveraged during the 14th Five-Year Plan period for growth and innovation [2]

记者丨 庞成 王达毓 广发证券全球首席经济学家、产业研究院院长沈明高（来源：广发证券） 沈明高出生于1965年，公开履历显示，他拥有扎实的学术积淀与丰富的业界从业经历。教育背 景方面，1985年，他获得南京农业大学农业经济学士，1988年获得中国社会科学院农村发展 研究所经济学硕士，2001年获得美国斯坦福大学经济学博士。 职业履历上，在加盟广发证券前，沈明高曾任北京大学中国经济研究中心副教授，并在花旗环 球金融亚洲有限公司担任董事总经理、中国研究主管及大中华区首席经济学家等重要职务。 2017年6月，沈明高正式加入广发证券，出任全球首席经济学家，并领导产业研究院。2019年 至2021年间，他还曾兼任广发控股（香港）有限公司总经理。 沈明高长期从事宏观经济、发展经济学及金融市场研究。近期，他在接受采访时提到，广东作 为市场化改革走在前列的省份，在产业体系、外贸结构、金融支持体系方面具备基础优 势。"十五五"时期广东可以充分利用三大优势，即区位优势、产业应用场景优势以及地方政府 负债率相对较低的优势，在"十五五"期间为实现增长动能转换、创新角色转换走在全球前列。 编辑丨蒋韵 近日，有消息称，证券从业系统已查不 ...

Group 1 - The core point of the news is that Shen Minggao, the global chief economist and head of the industry research institute at GF Securities, is reaching the legal retirement age in February 2026 and will no longer hold his positions, but he is not leaving the company as rumored [1] - GF Securities confirmed that Shen Minggao will continue to participate in internal research activities in the near future [1] - Shen Minggao has a strong academic background and extensive industry experience, having previously held significant positions at Peking University and Citigroup before joining GF Securities in June 2017 [1] Group 2 - Shen Minggao has been engaged in macroeconomic, development economics, and financial market research, highlighting Guangdong's advantages in market-oriented reforms, including location, industrial application scenarios, and relatively low local government debt [2] - During the 14th Five-Year Plan period, Guangdong is expected to leverage its three advantages to lead in the transformation of growth momentum and innovation on a global scale [2]

Core Viewpoint - The retirement of Shen Minggao, a prominent figure in the securities industry, marks a significant transition in the sector, highlighting a trend of influential economists leaving their positions [2][3][4]. Group 1: Retirement Announcement - Shen Minggao's departure from his role as Global Chief Economist at GF Securities was confirmed, effective February 2026, coinciding with his reaching the legal retirement age [2][3]. - Shen has a robust academic and professional background, holding degrees from Nanjing Agricultural University, the Chinese Academy of Social Sciences, and Stanford University, and has held significant positions in both academia and major financial institutions before joining GF Securities in 2017 [3]. Group 2: Industry Trends - The retirement of Shen adds to a wave of departures among influential chief economists in the securities industry, including notable figures from Guotai Junan and Xiangcai Securities [4]. - Shen's retirement reflects broader changes in the industry, as several key personnel have recently stepped down, indicating a potential shift in the landscape of economic research within the sector [4]. Group 3: Contributions and Insights - Before his retirement, Shen actively participated in industry discussions, emphasizing the need for technology finance innovation to transition from pilot projects to scalable models, particularly during the 14th Five-Year Plan period [5]. - He proposed that technology finance should support both "technology industrialization" and "industrial technology" goals, advocating for the concept of "technology capital" that combines funding with industry insight [5]. - In his outlook on industries, Shen identified the "smart manufacturing industry chain" as a potential new pillar of the economy, suggesting it could rival real estate in significance over the next 5-10 years [6].

广发证券股份有限公司（以下简称"发行人"）面向专业机构投资者公开发 行面值余额不超过 300 亿元（含）的短期公司债券已获得中国证券监督管理委员 会证监许可〔2025〕818 号文同意注册。 根据《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（第二期）发行公告》，发行人及簿记管理人原定于 2026 年 2 月 4 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，并根据簿记建档结果确 定本期债券的最终票面利率。 考虑到簿记建档当日市场情况，经发行人、簿记管理人及其他簿记参与方协 商一致，现将簿记建档结束时间由 2026 年 2 月 4 日 18:00 延长至 2026 年 2 月 4 日 19:00。 关于延长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（第二期） 簿记建档时间的公告 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 2026 年面向专业投资者公 开发行短期公司债券（第二期）簿记建档时间的公告》之盖章页） 2 （本页无正文，为《关于延长广发证券股份有限公司 2026 年面向专业投资者公 开发 ...

Core Viewpoint - The coal industry experienced a significant profit decline of 42% in 2025, but there is an expectation for improvement in profitability in 2026 as supply growth slows and demand recovers [1] Coal Industry Overview - In 2025, the coal industry faced a downturn, with total profits amounting to 352 billion yuan, a 42% year-on-year decrease. However, the second half of the year saw a shift from a loose supply-demand balance to a more stable one [1] - The coal sector outperformed the market in January, with an 8.3% increase year-to-date, surpassing the CSI 300 index by 6.7 percentage points [1] - The overall valuation metrics, including price-to-earnings and price-to-book ratios, are at historically high levels, with the price-to-earnings ratio ranking 5th among all market sectors [1] Market Dynamics - In 2025, the coal market experienced a loose supply-demand balance, with December electricity consumption flat year-on-year and coal imports up by 12%. January saw stable coal prices with slight increases [2] - Domestic coal production rose by 1.2% year-on-year, while imports fell by 9.6%. Global coal shipping volumes decreased by 2.8% [2] - The first quarter of 2026 is expected to see a tightening supply, with safety regulations impacting production levels [2] Recent Market Trends - Recent trends indicate a stabilization and potential increase in coal prices, with high consumption levels and a narrowing supply leading to a stable outlook for coal prices [3] - The coking coal market is currently in a demand lull, but there are signs of increased production in the steel sector, which may support future price stability [3] Key Companies - Companies with stable profits and dividends in the thermal coal sector include China Shenhua, Yanzhou Coal, Shaanxi Coal, and others [4] - High elasticity companies benefiting from rising coal prices include Huabei Mining, Shanxi Coking Coal, and others [4] - Companies with long-term growth potential include Huayang Co., Xinjie Energy, and others [4]

Core Viewpoint - Shen Minggao, the global chief economist of GF Securities, is retiring due to reaching the legal retirement age, not due to rumors of resignation [1][5]. Group 1: Retirement Announcement - Shen Minggao will no longer serve as the global chief economist and head of the industry research institute at GF Securities as of February 2026 [1][5]. - There were rumors about his departure due to the inability to find his information in the securities industry system, which led to speculation about personnel changes at GF Securities [1][5]. Group 2: Professional Background - Shen Minggao was born in 1965 and has an extensive academic background, including a bachelor's degree in agricultural economics from Nanjing Agricultural University, a master's degree from the Chinese Academy of Social Sciences, and a Ph.D. in economics from Stanford University [1][5]. - His career includes roles in policy research at the State Council's Rural Development Research Center and the Development Research Center from 1988 to 1994, followed by academic positions at Peking University [3][7]. - He entered the financial industry in 2005, serving as chief economist at Citibank (China) and later at various prestigious financial institutions, including a return to Citigroup as managing director and chief economist for Greater China [3][7]. Group 3: Recent Contributions - Shen Minggao's last public appearance was at the 2025 Greater Bay Area Technology and Financial Innovation Development Conference, where he delivered a speech on the theme of "Technological Financial Innovation: From 1 to N" [3][7]. - He emphasized the need for a financial ecosystem that can scale to support modern industrial systems, which is crucial for nurturing globally competitive technology enterprises [4][8]. - He noted that the "14th Five-Year Plan" has explicitly outlined a framework for building a modern industrial system, highlighting the balance between "technological industrialization" and "industrial technologicalization" [4][8].

Group 1 - Shen Minggao, the global chief economist of GF Securities, is retiring due to reaching the legal retirement age in February 2026, not due to rumors of leaving the company [1] - Shen Minggao has extensive experience in economic research, having worked in various prestigious institutions and financial organizations since 1988, including the State Council and Citibank [2] - His recent public appearance was at the 2025 Greater Bay Area Technology and Financial Innovation Development Conference, where he discussed the challenges of scaling technological financial innovation [2] Group 2 - Shen emphasized the need for a financial ecosystem that can scale to support modern industrial systems, which is crucial for nurturing globally competitive technology enterprises [2] - He noted that the 14th Five-Year Plan explicitly outlines a framework for a modern industrial system, indicating a shift from merely emphasizing technological innovation to integrating technology with industry [3] - This integration requires balancing the service of "industrialization of technology" and "technologization of industry" [3]