Investment Rating - The report maintains a "Positive" outlook on the non-bank financial sector, highlighting the potential for growth in wealth management and asset management businesses within brokerages [3][4]. Core Insights - The report indicates a significant shift of household deposits from traditional banks to capital markets, with a notable increase in non-bank institution deposits by 1.85 trillion yuan in October 2025, while household deposits decreased by 1.34 trillion yuan [4]. - The insurance sector shows robust growth, with insurance funds' investment balance reaching 37.5 trillion yuan by the end of Q3 2025, reflecting a 3.4% increase from Q2 2025 and a 12.6% increase year-on-year [4]. - The report emphasizes the increasing attractiveness of the equity market, which is expected to benefit brokerage firms' wealth management and asset management businesses [4]. Summary by Sections Market Performance - The Shanghai Composite Index closed at 4,628.14 with a weekly change of -1.08%, while the non-bank index rose slightly by 0.16% [7]. - The brokerage sector index decreased by 1.01%, while the insurance sector index increased by 2.63% [7]. Non-Bank Financial Data - As of November 14, 2025, the average daily trading volume in the stock market was 20,283.14 billion yuan, reflecting a slight decrease of 0.76% from the previous period [46]. - The margin trading balance reached 25,065.34 billion yuan, an increase of 34.4% compared to the end of 2024 [19]. Key Investment Recommendations - The report recommends focusing on brokerage firms that will benefit from the increased attractiveness of the equity market, specifically highlighting firms such as GF Securities, Huatai Securities, and China Galaxy Securities [4]. - In the insurance sector, companies like China Life, China Pacific Insurance, and AIA are recommended due to their strong performance and growth potential [4].

Group 1 - The announcement refers to a fund that has been modified according to the guidelines for asset management business by securities companies [1] - The fund is managed by GF Securities Co., Ltd., which will invest in money market instruments [2] - The estimated net income and annualized yield of the fund may fluctuate due to market volatility, and the manager reserves the right to adjust management fees accordingly [2] Group 2 - Investors can access relevant information through the management company's website or customer service hotline [1] - The announcement emphasizes that investing in the fund does not guarantee profits or minimum returns, and investors should carefully read legal documents before making investment decisions [3]

Core Viewpoint - The Zhejiang Securities Regulatory Bureau has issued a warning letter to Shen Yu, an employee of GF Securities, for promoting and selling financial products not issued or sold by GF Securities, resulting in improper benefits [1] Regulatory Compliance - Shen Yu's actions violated multiple regulations, including the "Regulations on the Management of Financial Products Distributed by Securities Companies" and the "Supervision and Management Measures for Directors, Supervisors, Senior Management Personnel, and Practitioners of Securities and Fund Management Institutions" [1] - The specific articles violated include Article 17, Paragraph 1 of the aforementioned regulations, and Article 26, Items 1 and 2 of the supervision measures [1] Penalty Measures - The regulatory authority decided to impose a supervisory management measure by issuing a warning letter to Shen Yu, which will be recorded in the integrity database of the securities and futures market [1]

Market Performance - The Blockchain 50 Index (399286) closed at 3982.08 points, down 1.49%, with a trading volume of 35.197 billion yuan and a turnover rate of 1.74% [1] - Among the index constituents, 4 stocks rose while 45 stocks fell, with Yihualu leading the gainers at 3.15% and Handexin leading the decliners at 3.57% [1] Key Constituents - The top ten constituents of the Blockchain 50 Index include: - Dongfang Caifu (8.42% weight) at 24.54 yuan, down 2.35% [1] - Keda Xunfei (8.07% weight) at 49.98 yuan, down 1.75% [1] - Midea Group (7.16% weight) at 79.23 yuan, down 0.46% [1] - Ping An Bank (6.85% weight) at 11.75 yuan, up 0.43% [1] - SF Holding (6.06% weight) at 40.29 yuan, down 0.71% [1] - TCL Technology (5.95% weight) at 4.36 yuan, down 1.36% [1] - Tonghuashun (5.64% weight) at 331.50 yuan, down 2.39% [1] - Guangfa Securities (4.83% weight) at 22.85 yuan, down 2.64% [1] - Runhe Software (3.58% weight) at 57.00 yuan, down 1.40% [1] - Giant Network (3.25% weight) at 35.85 yuan, down 2.56% [1] Capital Flow - The net outflow of main funds from the Blockchain 50 Index constituents totaled 2.988 billion yuan, while retail investors saw a net inflow of 2.268 billion yuan [3] - Notable capital flows include: - Ping An Bank with a main fund net inflow of 12.8 million yuan [3] - Yihualu with a main fund net inflow of 41.29 million yuan [3] - Midea Group with a main fund net inflow of 10.00 million yuan [3]

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(以下简称"发行人"或"公司")已于 2024年9月5日获得中国证券监督管理委员会证监许可〔2024〕1258号文注册公开发行面值不超过200亿 元的次级公司债券(以下简称"本次债券")。 该信息由智通财经网提供 本期债券简称为"25广发C7"，债券代码为"524544"。本期债券每张面值为100元，发行价格为人民币100 元/张。本期债券发行期限为3年。本期债券的询价区间为1.60%-2.60%。本期债券发行规模不超过人民 币30亿元(含)。 ...

本期债券简称为"25广发C7"，债券代码为"524544"。本期债券每张面值为100元，发行价格为人民币100 元/张。本期债券发行期限为3年。本期债券的询价区间为1.60%-2.60%。本期债券发行规模不超过人民 币30亿元(含)。 广发证券（000776）(01776)发布公告，广发证券股份有限公司(以下简称"发行人"或"公司")已于2024年 9月5日获得中国证券监督管理委员会证监许可〔2024〕1258号文注册公开发行面值不超过200亿元的次 级公司债券(以下简称"本次债券")。 ...

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2025年面向專 業投資者公開發行次級債券（第五期）信用評級報告》。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14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。 广发证券股份有限公司 2025 年面向专业投资者公开 ...

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. （住所：广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） （股票简称：广发证券；股票代码：000776.SZ、1776.HK） 2025 年面向专业投资者公开发行次级债券（第五期） 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2025年面向專 業投資者公開發行次級債券（第五期）募集說明書》。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14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 ...

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 广发证券股份有限公司 2025年面向专业投资者公开发行次级债券 （第五期） 发行公告 牵头主承销商 （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2025年面向專 業投資者公開發行次級債券（第五期）發行公告》。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14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 ...

广发证券(01776)公布，根据深圳证券交易所债券上市的有关规定，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(第六期)符合深圳证券交易所债券上市条件，将于2025年11月17日起在深 圳证券交易所上市，并面向专业机构投资者交易。本期债券品种一发行总额为33.1亿元，品种二发行总 额为11.6亿元。 ...