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）信用评级报告 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）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2026 年 1 月 12 日 2 中诚信国际信用评级有限责任公司 | 编号:CCXI-20260071D-01 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信 ...

（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） 2026 年面向专业投资者公开发行次级债券（第一期） 募集说明书 | 本期债券发行金额 | 不超过 33.9 亿元（含） | | --- | --- | | 担保情况 | 无担保 | | 信用评级结果 | 主体评级 AAA；评级展望：稳定 债项评级：AAA | | 发行人 | 广发证券股份有限公司 | | 牵头主承销商/簿记管理人/债券受托管理人 | 东方证券股份有限公司 | | 联席主承销商 | 招商证券股份有限公司 | | 资信评级机构 | 中诚信国际信用评级有限责任公司 | 牵头主承销商/簿记管理人/债券受托管理人 （住所：上海市黄浦区中山南路 119 号东方证券大厦） 联席主承销商 （住所：深圳市福田区福田街道福华一路 111 号） 签署日期： 年 月 日 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）募集说明书 声 明 本募集说明书依据《中华人民共和国公司法》《中华人民共和国证券法》（2019 年 修订）《公司债券发行与交易管理办法 ...

Group 1 - The overall water inflow in the Yangtze and Pearl River basins is favorable for Q4 and the entire year, with electricity generation expected to increase significantly [1][2] - The Yangtze River's electricity generation is projected to reach 3,071.94 billion kWh in 2025, a year-on-year increase of 3.82%, with Q4 generation at 720.68 billion kWh, up 19.9% year-on-year [2] - The Pearl River basin has also seen a strong performance, with Guiguan Power's Q4 hydropower generation increasing by 79.1% year-on-year, contributing to an annual total of 415.68 billion kWh, a record high [2] Group 2 - The Yarlung Tsangpo River's water inflow is below average, leading to reduced electricity generation, with projected generation declines of 40.6%, 35.2%, and 7.2% for the months of October to December [2] - The Dadu River is also expected to see a decrease in generation, with a projected annual output of 448.81 billion kWh, down 7.5% year-on-year [2] - Overall, while the Yangtze and Pearl River basins show strong performance, the Yarlung Tsangpo and Dadu Rivers are lagging behind [2] Group 3 - The end-of-year energy storage levels are high, ensuring electricity generation during the dry season, with the Longtan Power Station achieving full capacity for the first time since 2021 [3] - The Yangtze River's energy storage is also robust, with a total of 345.28 billion kWh stored, an increase of 33.40 billion kWh year-on-year [3] - The impact of drought conditions on energy generation has been largely mitigated [3] Group 4 - The hydropower sector is entering a new peak of production, with several new projects coming online, including those from Guiguan Power, which is set to acquire assets from Datang Group [4] - The long-term interest rates remain low, which is expected to reduce funding costs and enhance valuations for companies like Yangtze Power, which has a current dividend yield of approximately 3.6% [4] - The environment of declining long-term interest rates is anticipated to support valuation increases in the sector [4] Group 5 - Companies with high electricity generation growth and significant asset injections, such as Guiguan Power and Yangtze Power, are recommended for investment [5] - Other companies to watch include Guodian Power, which has recently seen a rebound, and those with strong dividend commitments [5]

Group 1 - The chemical industry is characterized as a typical cyclical sector, usually experiencing a five-year cycle consisting of four stages: "profit upturn - capacity expansion - profit bottoming - capacity clearance / demand expectation improvement" [1] - With capital expenditure growth turning negative, anti-involution trends, overseas interest rate cuts, and domestic demand expansion, the company is optimistic about the chemical industry's "dawn" at the beginning of the 14th Five-Year Plan [1] - The ongoing global technological revolution is accelerating, presenting new opportunities for material transformation [1]

Group 1 - The Hong Kong IPO market has started 2026 with strong momentum, with multiple companies successfully completing their IPOs across various sectors, including semiconductors and software services [1][2] - As of January 13, 2026, 11 companies have completed IPOs in Hong Kong, raising a total of HKD 33.1 billion, with significant contributions from the semiconductor and software service industries [2] - In 2025, the Hong Kong IPO market reached a total fundraising amount of HKD 612.4 billion, representing a year-on-year increase of over 250% [2] Group 2 - The refinancing market in Hong Kong also showed robust growth in 2025, with 574 companies involved, marking a 43.5% increase year-on-year, and a total refinancing scale of HKD 326.4 billion, up 278.15% [2][3] - The automotive sector emerged as a key player in refinancing, with major companies like BYD and Xiaomi leading the way [3] Group 3 - Chinese securities firms have established a dominant position in the Hong Kong IPO market, holding six out of the top ten spots in equity underwriting, with a combined market share exceeding 56% [4] - Notable firms such as CICC and CITIC Securities have significantly contributed to the fundraising efforts, with CICC raising HKD 66.2 billion and CITIC Securities raising HKD 48.6 billion [4] Group 4 - The pipeline for IPOs remains strong, with over 300 companies waiting to go public, primarily in the technology and pharmaceutical sectors [7] - The Hong Kong Stock Exchange's recent rule changes are expected to further enhance the market's competitiveness and liquidity, potentially leading to an IPO fundraising scale exceeding HKD 300 billion in 2026 [7] Group 5 - The overall performance of securities firms in 2025 has been bolstered by investment banking activities, with significant revenue growth reported across major firms [6] - CICC and CITIC Securities reported substantial increases in revenue, driven by strong performance in their core business segments [6]

Group 1 - The A-share market has shown a strong upward trend since the beginning of 2026, with the financing balance of the two markets exceeding 2.6 trillion yuan, prompting leading brokerage firms to issue bonds to support business development [1][3] - Major brokerages have actively engaged in bond issuance, with China Galaxy announcing a public bond issuance of up to 30 billion yuan and East Money Securities planning to issue up to 20 billion yuan in subordinated bonds [1][3] - The bond financing scale for brokerages has experienced explosive growth, with a total issuance amount of 81.3 billion yuan in early 2026, a nearly 70% increase compared to the same period in 2025 [3][4] Group 2 - The surge in bond financing is driven by a combination of factors, including increased market activity, rising capital demands, and a favorable low-interest-rate environment that makes bond financing more attractive than equity financing [6][7] - Brokerages are using the proceeds from bond issuances primarily for replenishing working capital and repaying maturing debts, which is crucial for their operational stability and growth [5][6] - The trend of bond issuance is expected to continue in 2026, with a focus on capital supplement bonds and a shift towards longer-term financing to match the capital needs of margin trading and proprietary investment [8][9]

Market Overview - On January 13, the securities sector declined by 0.64%, with Guosheng Securities leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Individual Stock Performance - Huayin Securities (002945) saw a closing price of 18.92, up 3.61% with a trading volume of 1.0787 million shares and a turnover of 20.85 million [1] - Fangzheng Securities (601901) closed at 8.18, up 2.25%, with a trading volume of 2.5925 million shares and a turnover of 2.146 billion [1] - Other notable performers include Huatai Securities (601688) at 24.08, up 0.71%, and GF Securities (000776) at 22.86, up 0.66% [1] Capital Flow Analysis - The securities sector experienced a net outflow of 2.057 billion from institutional investors, while retail investors saw a net inflow of 1.835 billion [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Detailed Capital Flow by Stock - Huayin Securities (002945) had a net inflow of 1.92 million from institutional investors, while retail investors experienced a net outflow of 83.81 million [3] - Fangzheng Securities (601901) reported a net inflow of 1.42 million from institutional investors, with retail investors seeing a net outflow of 29.78 million [3] - Other stocks like Dongfang Securities (600958) and Huatai Securities (601688) also showed varied capital flows, reflecting differing investor sentiments [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|新浪财经上海站 十里 在卖方研究圈，跳槽并不稀奇，但落座即发声的并不多。 2025年12月30日，姜涛已正式加盟国金证券，出任研究所副所长、公用环保煤炭行业首席分析师，并兼 任红利资产研究牵头人。 2026年1月11日，距离入职完成仅仅12天时间，一个名为"GJ公用煤炭"的微信公众号完成注册，公众号 的定位是国金公用煤炭组最新动态与研究成果发布平台。并与当日晚10点半发布了第一篇文章《国金公 用-重视资本运作，衡量火电价值》，文章署名姜涛。 这位在公用事业研究领域颇具辨识度的分析师，仅四天便完成从广发证券到国金证券的职业切换，并且 入职后仅用12天，完成快速从离开旧平台到对外发声。 按常规路径，研究员跳槽后的前几周，往往是水下期。执业变更、内部交接、覆盖调整、客户重新对 接，更多是体系内的动作，很少有人急着把自己推到台前。 但姜涛显然没有选择等待。他的第一件事，不是密集路演，也不是公开亮相，而是先把一个研究发布窗 口搭了起来。 回头看姜涛的履历，并不存在必须急于证明自己的压力。自2019年进入广发证券，他在环保、公用事 业、煤炭这一 ...

美银证券发布研报称，中资券商股今年迎来五大核心主题，包括再杠杆启动推动净资产收益率（ROE） 扩张；财富管理业务受益于家庭资产重新配置；投行业务增长受在岸市场复苏及离岸市场强劲势头带 动；离岸扩张提振经营杠杆及ROE上行；以及行业持续整合。 该行预计主要上市中资券商去年及今年盈利分别上升46%及15%。受行业利好及再杠杆支撑，海通证券 (02611)、中金公司（601995）(03908)及广发证券（000776）(01776)的盈利增长预计跑赢行业。以A股 今年预测日均成交1.8万亿元人民币（意味同比上升5%）计算，预计经纪业务收入同比上升5%。承销费 收入预计上升16%，受在岸及离岸IPO支持。财富管理收入预计上升9%，受益于证券资产管理规模扩 张。净利息收入预计上升27%，受融资余额增加及融资成本下降支持。交易收入在高基数下预计上升 8%。成本节省空间预计有限。 美银证券提到，成本效率在牛市时较为重要，但监管机构对券商股权融资仍保持审慎态度。该行偏好具 备强劲资本状况的券商，看好海通证券、中金公司及广发证券H股，因其增长前景良好且ROE具备上行 空间。 该行提到，所覆盖H股券商去年平均上涨33%，跑赢中 ...

Market Overview - The A-share market experienced a narrow fluctuation with the Shanghai Composite Index down 0.03% at 4163.84 points, the Shenzhen Component down 0.31% at 14321.8 points, and the ChiNext Index down 0.83% at 3360.23 points, as well as the STAR Market Index down 1.77% at 1485.01 points, with a total trading volume of 2.44 trillion yuan and over 2800 stocks declining [1] Hot Sectors - The AI application sector led the market, with stocks like Easy Point World, Liou Shares, and Gravity Media hitting the daily limit, while AI medical concepts remained active with companies like Meian Health and Dean Diagnostics achieving three consecutive limit-ups [2][1] - The innovative drug sector saw significant gains, with Hongbo Pharmaceutical hitting the daily limit and other companies like Chengdu Xian Dao and Rui Zhi Pharmaceutical rising over 10% [3] - The insurance sector remained active, with China Life rising over 4% and other major insurers following suit, driven by policy support and macroeconomic changes [4] Securities Sector - The securities sector showed a rising trend, with Huayin Securities hitting the limit and other firms like Founder Securities and GF Securities also experiencing gains [5] Trading Volume - The trading volume in the Shanghai and Shenzhen markets reached a record high of 3.6 trillion yuan, indicating strong market activity [6] Institutional Insights - Zhongtai Securities noted that the market may maintain active trading under policy support, with long-term funds providing a necessary liquidity condition [7] - Dongfang Securities commented on the current healthy market trend, despite concerns about potential adjustments due to increased trading volume [8][9] - CITIC Securities highlighted the potential impact of the cancellation of export tax rebates for the photovoltaic industry, suggesting short-term challenges but long-term opportunities for high-quality development [10]