本期债券"24广发01"的票面利率为2.75%，本次付息每手(面值1,000元)"24广发01"派发利息人民币27.50 元(含税)。本期债券"24广发02"的票面利率为2.93%，本次付息每手(面值1,000元)"24广发02"派发利息人 民币29.30元(含税)。本期债券"24广发03"的票面利率为3.07%，本次付息每手(面值1,000元)"24广发 03"派发利息人民币30.70元(含税)。 格隆汇1月16日丨广发证券(01776.HK)发布公告，由公司发行的广发证券股份有限公司2024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19日支付2025年1月19日至2026 年1月18日期间的利息。本期债券品种一简称为"24广发01"，债券代码为"148583"，品种二简称为"24广 发02"，债券代码为"148584"，品种三简称为"24广发03"，债券代码为"148585"。 ...

本期债券"24广发01"的票面利率为2.75%，本次付息每手(面值1,000元)"24广发01"派发利息人民币27.50 元(含税)。本期债券"24广发02"的票面利率为2.93%，本次付息每手(面值1,000元)"24广发02"派发利息人 民币29.30元(含税)。本期债券"24广发03"的票面利率为3.07%，本次付息每手(面值1,000元)"24广发 03"派发利息人民币30.70元(含税)。 格隆汇1月16日丨广发证券(01776.HK)发布公告，由公司发行的广发证券股份有限公司2024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19日支付2025年1月19日至2026 年1月18日期间的利息。本期债券品种一简称为"24广发01"，债券代码为"148583"，品种二简称为"24广 发02"，债券代码为"148584"，品种三简称为"24广发03"，债券代码为"148585"。 ...

广发证券(01776)发布公告，公司发行的广发证券股份有限公司2024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19日支付2025年1月19日至2026年1月18日期间的利息。本期债券"24广发 01"的票面利率为2.75%，本次付息每手(面值1000元)"24广发01"派发利息人民币27.50元(含税)。本期债 券"24广发02"的票面利率为2.93%，本次付息每手(面值1000元)"24广发02"派发利息人民币29.30元(含 税)。本期债券"24广发03"的票面利率为3.07%，本次付息每手(面值1000元)"24广发03"派发利息人民币 30.70元(含税)。 ...

智通财经APP讯，广发证券(01776)发布公告，公司发行的广发证券股份有限公司2024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19日支付2025年1月19日至2026年1月18日期间的利息。本期 债券"24广发01"的票面利率为2.75%，本次付息每手(面值1000元)"24广发01"派发利息人民币27.50元(含 税)。本期债券"24广发02"的票面利率为2.93%，本次付息每手(面值1000元)"24广发02"派发利息人民币 29.30元(含税)。本期债券"24广发03"的票面利率为3.07%，本次付息每手(面值1000元)"24广发03"派发利 息人民币30.70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 )刊發的《廣發証券股份有限公司2024年面向專 業投資者公開發行公司債券（第一期）2026年付息公告》。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1月16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。 债券代码：148583 债券简称：24 广发 0 ...

债券代码：148583 债券简称：24 广发 01 债券代码：148584 债券简称：24 广发 02 债券代码：148585 债券简称：24 广发 03 2026 年付息公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 由广发证券股份有限公司（以下简称"本公司"）发行的广发证券股份有限 公司 2024 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 19 日支付 2025 年 1 月 19 日至 2026 年 1 月 18 日期间的 利息。为确保付息工作的顺利进行，现将有关事宜公告如下： 广发证券股份有限公司 一、本期债券基本情况 1、债券名称：广发证券股份有限公司 2024 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"24 广发 01"，债券代码为 "148583"，品种二简称为"24 广发 02"，债券代码为"148584"，品种三简 称为"24 广发 03"，债券代码为"148585"。 3、债券发行批准机关及文号：中国证券监督管理委员会证监许可〔 ...

Market Overview - The securities sector experienced a decline of 0.84% on January 16, with Huayin Securities leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Individual Stock Performance - Jinlong Co., Ltd. (000712) saw an increase of 1.38% in its closing price at 12.48, with a trading volume of 219,900 shares and a transaction value of 275 million [1] - Huayin Securities (002945) reported a significant decline of 3.42%, closing at 17.78, with a trading volume of 493,300 shares and a transaction value of 893 million [2] - Other notable declines included Caizheng Securities (601108) down 2.04% and Xiangcai Co. (600095) down 1.91% [2] Capital Flow Analysis - The securities sector saw a net outflow of 1.591 billion in main funds, while retail investors contributed a net inflow of 580 million [2] - The main funds showed a significant net inflow in stocks like Zhaokang Le Yuan (601211) with 446 million, while Huatai Securities (601688) had a net inflow of 113 million [3] - Conversely, stocks like Huayin Securities (002945) and Guangfa Securities (000776) experienced notable net outflows from main funds [3]

Core Viewpoint - The restaurant supply industry is undergoing a structural transformation, shifting from "passive supporters" to "active drivers" as companies adapt to a more cautious capital expenditure environment and a less aggressive price competition landscape [1][2]. Supply Side - The peak of capital expenditure has passed, revealing opportunities for structural adjustment within the restaurant supply industry. The industry continues to grow driven by the expansion of the restaurant sector, increased chain rates, and high growth in food delivery services. However, the past few years of downturn in the downstream restaurant sector and supply surplus have accelerated industry consolidation. Leading companies are moving away from past extensive capacity expansion and distribution strategies towards efficient service for large clients and refined operations for smaller clients, focusing on quality growth through product innovation and customization [2]. Demand Side - Historical analysis shows that when the Consumer Price Index (CPI) transitions from negative to positive or enters an upward phase, market expectations for consumer recovery often lead to capital flowing into cyclical sectors like the restaurant supply chain. The CPI is expected to turn positive in October 2025, indicating a mild recovery in consumer demand, which creates a favorable macro environment for the restaurant supply sector. The performance of leading companies has shown improvement since Q3 2025, suggesting that while the industry has not entered a high-growth phase, it has passed its worst stage and is currently stabilizing, with potential for both performance and valuation recovery [3]. Valuation - The restaurant supply sector's valuation has fallen to historically low levels, and the sector remains underweight, providing a high margin of safety and emotional recovery potential. Key segments include: 1. Frozen baking: The industry is expected to maintain rapid growth with a CAGR of 22.1% from 2020 to 2025. Leading company Lihigh Foods (300973) is benefiting from new product launches and channel expansion, with significant growth potential in its frozen baking business and cream business due to domestic substitution acceleration [4]. 2. Frozen food: The price competition has significantly weakened, with leading company Anjui establishing a clear advantage over competitors in management, channels, and capacity. The company is expected to enjoy dual benefits from industry growth and market share increase due to a rich pipeline of new products in 2025 [4]. 3. Compound seasoning: The current penetration rate in China is only 25.4%, compared to over 50% in mature markets like Europe, the U.S., and Japan, indicating substantial growth potential. The long-term development of leading companies in Western-style compound seasoning, such as Baoli Foods (603170) and Chinese-style compound seasoning companies like Tianwei Foods (603317) and Richen Co. (603755) is promising [4]. Investment Recommendations - The sector is currently in a phase of low valuation and institutional holdings, with demand stabilizing and improving policy conditions. Capital expenditures have significantly decreased, and the competitive landscape is shifting from price wars to a more rational framework. Leading companies are actively pursuing new products and channels (membership supermarkets/new retail), mergers and acquisitions, and R&D initiatives, providing high certainty and elasticity. It is recommended to focus on large-cap stocks for allocation and small-cap stocks for elasticity, with particular attention to the performance improvements of Anjui Foods (603345), Lihigh Foods (300973), and Qianhe Flavor (603027), as well as the growth elasticity from new channels and category expansions of Tianwei Foods (603317), Guoquan (02517), and Qianwei Yangchu (001215) [5].

Group 1 - The core viewpoint of the article highlights the acceleration of the global technological revolution and the emerging opportunities in material transformation, particularly in AI materials and related industries [1] Group 2 - The demand for chromium chemicals is experiencing a boom due to the explosive demand from two major machines, leading to sustained prosperity under strong supply constraints [1] - The high computing power density is creating a necessity for liquid cooling, with 3M planning to exit the PFAS market by the end of 2025, indicating a promising demand for cooling liquids [1] - The trend towards high-frequency and high-speed PCBs is confirmed, with clear upgrades in CCL electronic materials [1] - The demand for energy storage is being driven by data centers, with expectations for dynamic storage needs exceeding forecasts, marking a turning point for the lithium battery industry [1] Group 3 - In the growth materials sector, new industries, technologies, and trends are continuously emerging, including the global substitution of lubricant additives, AI-enabled biomanufacturing (such as PDO and other new materials), green fuels driven by international emission reduction demands (SAF, green alcohol), and the nearing industrialization of solid-state batteries (upgrades in sulfide and other battery materials) [1] Group 4 - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which selects listed companies involved in advanced basic materials, key strategic materials, and cutting-edge new materials to reflect the overall performance of securities related to the new materials industry [1]

Core Viewpoint - The financial data for 2025 marks a significant point in China's macroeconomic transition, highlighting a divergence between M2 growth and social financing, indicating a shift from simple monetary expansion to a more precise restructuring of financial resources [1] Group 1: Social Financing Dynamics - The decline in social financing (社融) is not alarming; December saw a new social financing of 2.21 trillion yuan, a year-on-year decrease of 645.7 billion yuan [2] - The primary drag on social financing comes from government bonds, which saw a year-on-year decrease of 1.07 trillion yuan, attributed to a base effect from the previous year [3] - Direct financing channels are gaining strength, with corporate bond financing in December increasing by over 170 billion yuan year-on-year, driven by "hard technology" bonds [4][5] Group 2: Credit Structure Analysis - The credit structure shows a "K-shaped" dynamic, with strong corporate borrowing contrasted by weak household borrowing [6] - Corporate loans demonstrated unexpected resilience, with short-term loans increasing by 370 billion yuan in December, significantly higher than previous years [7] - In contrast, household loans are still in a repair phase, with short-term loans decreasing year-on-year, influenced by high real interest rates [8][9] Group 3: M2 and M1 Trends - M2 growth rebounded to 8.5%, primarily due to structural adjustments in bank liabilities rather than asset expansion [10][11] - M1 remains low at 3.8%, affected by a high base and a decrease in government contributions, although signs of "residential deposit migration" are emerging [12] Group 4: Policy Outlook for 2026 - The policy landscape for 2026 is expected to shift from a singular focus on monetary policy to a combination of fiscal and monetary strategies [13] - Monetary policy may see further easing during the upcoming Two Sessions, with potential for rate cuts [14] - Fiscal policy is anticipated to play a crucial role in stabilizing growth, with significant projects expected to be prioritized in early 2026 [15] - Improved liquidity conditions in the capital market are expected as M1 growth rebounds, potentially enhancing equity asset valuations [16] Conclusion - The financial data for 2025 reflects a complex interplay of factors, indicating a transition phase where structural optimization in corporate financing and direct financing channels is taking place, setting the stage for new growth logic in 2026 [17][18]