Core Insights - The sell-side research sector is intensifying efforts to boost performance during the Chinese New Year, with a significant number of conference calls scheduled, including 292 calls from February 16 to 23, averaging over 32 calls per day [1][2] - The spring strategy meetings are also being held earlier and more densely than in previous years, with seven brokerages confirmed to host events, indicating a competitive landscape for research market share [2][11] Conference Calls and Meetings - A total of 176 sell-side roadshow meetings are planned, with 108 occurring during the Chinese New Year holiday from February 15 to 23, involving over 13 brokerages [3][4] - Notable brokerages participating include Pacific Securities, Guotai Junan, and CITIC Securities, with a focus on various industries such as food and beverage, real estate, and technology [3][7] Spring Strategy Meetings - The spring strategy meetings are characterized by early initiation and dense scheduling, with the first meeting held by Huafu Securities on February 3, 2026 [11][12] - The themes of these meetings reflect a positive outlook for the capital market, with keywords like "new," "breakthrough," and "upgrade" being prevalent [12][13] - Brokerages are also expanding their geographical reach, with events planned in locations beyond traditional financial hubs, indicating a shift in focus towards emerging economic regions [12] Competitive Landscape - The competition among brokerages for research market share is intensifying, driven by pressures on research income due to ongoing reforms in public fund fees [10][11] - Medium-sized brokerages are particularly focused on enhancing their research capabilities to capture market share, while larger firms maintain strategic investments in research to support both external and internal functions [10]

Core Viewpoint - The article discusses various grassroots financial education activities organized by multiple securities firms during the Spring Festival, aiming to enhance investor awareness and participation in financial literacy while addressing the rise of illegal financial activities during this period [1][2]. Group 1: Financial Education Activities - Securities firms have organized community events such as Spring Festival garden parties, where residents engage in games like financial knowledge quizzes and anti-fraud knowledge contests to learn about financial concepts [2][4]. - Activities include interactive elements like writing Spring Festival couplets and financial knowledge spinning wheels, making the learning process enjoyable and culturally relevant [4][5]. - Over a dozen securities firms, including Dongwu Securities and Huabao Securities, have launched similar festive educational activities targeting grassroots communities since late January [4]. Group 2: Innovative Approaches - Some firms, like Kaisheng Securities, have integrated traditional crafts with financial education, creating themed events that promote anti-fraud awareness and rational investment concepts through hands-on activities [5]. - The use of MBTI personality tests in investment profiling has been introduced by firms like Zhongxin Jianshe Securities, allowing investors to receive personalized investment reports based on their preferences and behaviors [7][8]. Group 3: Online and Offline Integration - Firms are leveraging both online and offline channels to maximize the reach and impact of their educational initiatives, ensuring comprehensive coverage of their activities [9]. - Zhongxin Jianshe Securities has developed a mini-program for investment education, enhancing accessibility and engagement through digital platforms [7][9]. Group 4: Challenges and Future Directions - Despite the success of these initiatives, there are challenges in making financial education sustainable and effective, particularly in adapting content to meet the diverse needs of different community demographics [10][12]. - Suggestions for improvement include establishing fixed educational service points in community centers and enhancing collaboration among various stakeholders to create a more integrated approach to financial education [12].

Core Viewpoint - Chinese securities firms are increasingly expanding their overseas operations, with multiple major and mid-sized firms announcing initiatives for international capital operations at the beginning of the year [1][2]. Group 1: Recent Developments - On February 13, major firms including CITIC Securities, CICC, and Zhongtai Securities announced guarantees for their overseas subsidiaries [2]. - GF Securities reported a change in registered capital from 7.606 billion RMB to 7.825 billion RMB due to a completed H-share placement, with funds aimed at enhancing overseas subsidiary capital [2]. - GF Securities plans to list its zero-interest convertible bonds on the Vienna MTF [3]. Group 2: Industry Trends - GF Securities is not the first to pursue overseas financing; Huatai Securities recently issued 10 billion HKD in zero-interest convertible bonds for international business support [5]. - Since 2025, over ten securities firms have made significant strides in international business, with firms like Western Securities and Dongwu Securities establishing wholly-owned subsidiaries in Hong Kong [6]. - The push into overseas markets represents a shift for Chinese securities firms from local intermediaries to global traders, driven by the need for risk hedging and capital flow [6]. Group 3: Performance Metrics - As of mid-2025, 13 out of 16 comparable A-share listed securities firms reported over 10% year-on-year growth in overseas business revenue [7]. - Notable revenue figures include CITIC Securities at 6.912 billion RMB (up 13.57%), CICC at 4.024 billion RMB (up 75.66%), and Haitong Securities at 2.459 billion RMB (up 76.21%) [8]. Group 4: Future Outlook - Experts predict that a significant number of quality domestic enterprises will connect with global markets through Hong Kong, creating opportunities for IPOs and cross-border capital services [9]. - The competitive edge in overseas business will increasingly focus on cross-border derivatives and FICC (Fixed Income, Currency, and Commodity) operations [10]. - Chinese securities firms are expanding beyond Hong Kong to Southeast Asia and the Middle East, establishing a comprehensive international business landscape [10]. Group 5: Strategic Considerations - The future growth potential for Chinese securities firms lies in cross-border wealth management, offshore RMB-related businesses, and investment banking in emerging markets [11]. - Firms are advised to build a composite team that understands both international rules and Chinese industries, while also enhancing cross-cultural integration [12].

Group 1 - The company has completed the issuance of 219,000,000 new H-shares at a price of 18.15 HKD per share, as approved by the shareholders' meeting and the board of directors [1] - Following the H-share issuance, the company's registered capital has increased from RMB 7,605,845,511 to RMB 7,824,845,511, reflecting an increase of RMB 219,000,000 [2] - The company has completed the necessary registration changes with the Guangdong Provincial Market Supervision Administration and has received a new business license [2]

Core Viewpoint - Recent trading activity indicates a mixed sentiment towards Guangfa Securities, with southbound funds reducing their holdings while also showing net increases over the past weeks [1] Group 1: Trading Activity - On February 13, southbound funds reduced their holdings by 542,000 shares of Guangfa Securities (01776.HK) [1] - Over the last five trading days, there were three days of net increases in southbound fund holdings, totaling 744,200 shares [1] - In the past 20 trading days, there were 14 days of net increases, with a cumulative total of 19,895,500 shares added [1] Group 2: Current Holdings - As of now, southbound funds hold 1,047,000,000 shares of Guangfa Securities, which represents 54.48% of the company's total issued ordinary shares [1] Group 3: Company Overview - Guangfa Securities Co., Ltd. primarily engages in securities business in China, operating through five divisions [1] - The Investment Banking division focuses on equity financing, debt financing, financial advisory, and corporate solutions [1] - The Wealth Management division provides retail securities brokerage, futures brokerage, financial product distribution, margin financing, and leasing services [1] - The Trading and Institutional Client Services division offers securities research, asset custody services, sales and investment trading, and alternative investments [1] - The Investment Management division is involved in asset management, public fund management, and private fund management [1] - The Other division mainly supports the company's headquarters operations [1]

Group 1 - The core viewpoint of the article is that Guangfa Securities has disclosed its performance situation according to relevant regulations [1] - The company has scheduled the disclosure date for its 2025 annual report to be March 31, 2026 [1]

Core Viewpoint - Guangfa Securities announced a plan to issue 219 million new H-shares at a price of HKD 18.15 per share, following resolutions from its 2025 second extraordinary general meeting and the twelfth meeting of the eleventh board of directors [3] Group 1: Share Issuance Details - The company completed the H-share placement on January 14, resulting in an increase in its registered capital from RMB 76.06 billion to RMB 78.25 billion [3] - The registered capital was increased by RMB 219 million due to the issuance of new shares [3] - The company has completed the necessary registration changes with the Guangdong Provincial Market Supervision Administration and received a new business license [3] Group 2: Corporate Governance - The articles of association of the company have been revised to reflect the changes in registered capital [3]

广发证券股份有限公司章程 2026 年 2 月 （经公司 2025 年第二次临时股东大会授权修订） | | | | | | 第一章 总则 第一条 为维护广发证券股份有限公司（以下简称"公司"或"本 公司")、股东、职工和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）、《证券公司治理准则》《香港联合 交易所有限公司证券上市规则》（以下简称《香港上市规则》）、《证券 公司股权管理规定》和其他有关规定，制定本章程。 第二条 公司系依据《公司法》《证券法》及其他有关规定成立的 股份有限公司。 公司前身延边公路建设股份有限公司是根据吉林省经济体制改革 委员会吉改股批字[1993]52 号《关于成立延边公路建设股份有限公司 的批复》，以定向募集方式于 1994 年 1 月 21 日设立；在吉林省延边朝 鲜族自治州工商行政管理局注册登记，取得营业执照，营业执照注册 号 2224001002142。公司由国家民族事务委员会民委（经）函字[1997]55 号《关于将延边公路建设股份有限公司作为国家民委推荐上市公司的 复函》推荐，并于 ...

关于完成注册资本工商变更登记并修订公司章程的公告 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。 根据广发证券股份有限公司（以下简称"公司"）2025 年第二次临时股东大 会和第十一届董事会第十二次会议决议，公司拟按每股配售价格 18.15 港元向符 合条件的独立投资者配售本公司新增发行的 219,000,000 股 H 股（以下简称"H 股配售"）；授权董事会批准公司在发行新股后增加注册资本及对《公司章程》 中涉及股本总额、股权结构等相关内容进行修改，并授权公司经营管理层办理相 关手续。 证券代码：000776 证券简称：广发证券 公告编号：2026-009 广发证券股份有限公司 2026 年 1 月 14 日，公司完成上述 H 股配售，公司股本变更为人民币 7,824,845,511 元，相应增加公司注册资本人民币 219,000,000 元，公司注册资本 从人民币 7,605,845,511 元变更为 7,824,845,511 元。公司近日已完成注册资本增 加工商变更登记手续，并取得了广东省市场监督管理局换发的《营业执照》。《公 司章程》相应条款已修订 ...

茲提述廣發証券股份有限公司（「本公司」）(i)日期為2025年11月6日的2025年第二 次臨時股東大會（「臨時股東大會」）通函及通告及日期為2025年11月26日的臨時 股東大會投票表決結果公告，內容有關授予本公司董事會（「董事會」）發行本公司 H股股份（「H股股份」）的一般性授權；及(ii)日期為2026年1月7日及1月14日的公 告，內容有關（其中包括）本公司按照每股18.15港元的配售價向符合條件的獨立 投資者配售合共219,000,000股H股股份（「H股配售」）。 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） 關於完成註冊資本工商變更登記並修訂公司章程的公告 承董事會命 廣發証券股份有限公司 林傳輝 董事長 於臨時股東大會上，本公司股東已授權董事會批准本公司在發行新股後增加註冊 資本及對本公司《公司章 ...