广发证券股份有限公司董事会 对独立董事独立性评估的专项意见 经核查独立董事梁硕玲女士、黎文靖先生、张闯先生、王大树先生、范立夫 先生和胡滨先生的任职经历以及签署的相关自查文件，上述独立董事未在公司担 任除董事外的其他职务，并与公司及其主要股东不存在直接或者间接利害关系或 者其他可能影响其进行独立客观判断的关系，符合《上市公司独立董事管理办法》 《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《香港 联合交易所有限公司证券上市规则》以及《广发证券股份有限公司章程》等关于 独立董事的独立性要求。 广发证券股份有限公司董事会 二〇二五年三月二十八日 1 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》等要求，广发证券股份有限公司（以下简 称"公司"）董事会对公司现任独立董事梁硕玲女士、黎文靖先生、张闯先生和 王大树先生，以及公司第十届董事会独立董事范立夫生和胡滨先生的独立性情况 进行评估并出具如下专项意见： ...

Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 4.00 RMB per 10 shares to all shareholders, totaling a payout of 40% of the share capital[5] - The company does not plan to issue bonus shares or convert reserves into share capital in the current dividend proposal[5] Financial Performance - Total revenue for 2024 reached ¥27.20 billion, an increase of 16.74% compared to ¥23.30 billion in 2023[44] - Net profit attributable to shareholders for 2024 was ¥9.64 billion, up 38.11% from ¥6.98 billion in 2023[44] - The net profit after deducting non-recurring gains and losses was ¥8.91 billion, reflecting a 36.99% increase from ¥6.51 billion in 2023[44] - The company's total assets at the end of 2024 amounted to ¥758.75 billion, an increase of 11.22% from ¥682.18 billion at the end of 2023[44] - The total liabilities at the end of 2024 were ¥605.66 billion, up 11.85% from ¥541.51 billion at the end of 2023[44] - Basic earnings per share for 2024 were ¥1.15, a 38.55% increase from ¥0.83 in 2023[44] - The weighted average return on equity increased to 7.44%, up 1.78 percentage points from 5.66% in 2023[44] - The net cash flow from operating activities for 2024 was ¥9.97 billion, a significant recovery from a negative cash flow of ¥8.92 billion in 2023[44] Risk Management - The company emphasizes the importance of risk management, including liquidity, market, credit, compliance, operational, information technology, and reputational risks[4] - The company has established a comprehensive risk management system to ensure stable operations within controllable risk limits[4] - The company is committed to supporting the construction of a financial powerhouse and enhancing the quality of financial services[184] - The company has established a comprehensive risk management system to address various risk types across all business lines and departments[200] - The company faces liquidity risk, which includes challenges in obtaining sufficient funds to meet obligations and operational needs[192] - Market risk is concentrated in equity price risk and interest rate risk, with increased exposure due to international expansion and market volatility[193] - Credit risk is rising due to complex financial products and increased default rates in the credit market[194] - Compliance risk arises from potential legal liabilities and regulatory actions due to non-compliance with laws and regulations[196] - Operational risk is prevalent across all departments, with potential losses from internal process failures and external events[197] - Information technology significantly enhances the company's operational efficiency and competitiveness, but also introduces risks such as data loss and cyberattacks[198] - Reputation risk arises from violations of ethical standards and can negatively impact the company's brand value and market stability[199] Corporate Governance - All board members attended the meeting to review the annual report, ensuring corporate governance compliance[4] - The financial report for the fiscal year 2024 has been audited by Ernst & Young Huaming, which issued a standard unqualified audit opinion[4] Business Operations and Structure - The report period covers the fiscal year 2024, from January 1, 2024, to December 31, 2024[12] - The company has maintained its main business operations without changes since its listing[18] - GF Securities holds a securities and futures business license approved by the China Securities Regulatory Commission since November 1998[19] - The company has been a member of the Shanghai Stock Exchange and Shenzhen Stock Exchange since April 2007[19] - The company has expanded its business capabilities with over 40 different licenses and qualifications in the financial sector[19] - The company has established a comprehensive service framework for investment management and financial products distribution since 2012[19] - The company operates four main business segments: Investment Banking, Wealth Management, Trading and Institutional Business, and Investment Management, providing a comprehensive range of financial solutions[75] Subsidiaries and International Presence - The company has established a total of 12 subsidiaries in various regions, including Hong Kong and Canada[35][37] - The company has established a presence in international markets, obtaining licenses such as the Foreign Investment Adviser from the Financial Services Commission of South Korea in November 2013[22] - The company has been actively involved in the insurance sector, receiving the Investment Management Qualification for managing insurance funds in March 2016[23] Market Position and Industry Recognition - The company ranked third in the industry for the scale of non-monetary public fund distribution, with a focus on enhancing comprehensive wealth management services[65] - The company ranked 4th among Chinese securities firms in the Hong Kong market for equity financing, based on the total issuance scale of IPO and refinancing projects[91] - The company has been recognized multiple times for its research capabilities, winning several prestigious awards from 2017 to 2024[116] Future Outlook and Strategic Goals - The company aims to become a modern investment bank with international competitiveness and brand influence, focusing on high-quality development and optimizing business structure[188] - By 2025, the company anticipates a positive economic recovery and will enhance its core professional capabilities and comprehensive service abilities[189] - The company plans to explore various fundraising methods to meet its funding needs for business development in 2024[190] - The company plans to focus on service to national strategies and optimize business layout, particularly in wealth management and investment banking[68] - The company aims to deepen the application of artificial intelligence across all business scenarios to drive strategic upgrades[68] Financial Health and Capital Structure - The registered capital of GF Securities is RMB 7,621,087,664[15] - The net capital of GF Securities stands at RMB 95,860,233,564.88[15] - The company's equity totaled RMB 153.085 billion, up by RMB 12.410 billion, representing an 8.82% increase, driven by the issuance of perpetual bonds and contributions from comprehensive income[152] - The total debt at the end of the reporting period was approximately CNY 365.52 billion, with short-term debt accounting for 71.74%[163] - The company maintained a strong liquidity position with sufficient high-liquid assets to meet emergency liquidity needs[165] - The company received a long-term issuer rating of BBB and a stable outlook from S&P Global Ratings, indicating strong creditworthiness[166]

Core Viewpoint - The board of directors of GF Securities Asset Management (Guangdong) Co., Ltd. guarantees that the annual report of the collective asset management plan does not contain false records, misleading statements, or significant omissions, and they bear individual and joint responsibility for the authenticity, accuracy, and completeness of its content [1]. Group 1 - The company has completed the contract changes for the collective asset management plans, which are operated similarly to public offerings [1]. - A total of 12 collective asset management plans are listed, including various types such as bond-type and mixed-type plans, with specific holding periods [3]. - The full annual report for these 12 collective asset management plans will be disclosed on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website on March 28, 2025 [1][3]. Group 2 - The management of the collective plans commits to managing and utilizing the assets with honesty, diligence, and responsibility, but does not guarantee profits or minimum returns [1].

Core Viewpoint - The report from GF Securities indicates that the export chain is expected to experience a surge driven by EPS expectations as companies like Juxing Technology exceed forecasts in the upcoming annual report preview season in December 2024 [1][2] Group 1: Export Chain Performance - The stock performance of export chain companies shows a cyclical pattern, with price increases typically occurring during earnings seasons when EPS can be earned, while performance tends to decline during earnings gaps [2] - As of now, many companies' 2025 PE ratios have fallen to a favorable range of 10-15X, indicating potential investment opportunities [1][2] - The upcoming first quarter earnings season is a critical time to monitor performance indicators within the export chain [2] Group 2: Sector Recommendations - In the machinery sector, durable goods are expected to follow a cyclical trend, with recommendations for overseas durable goods including Juxing Technology and Yindu Co., and for industrial products, companies like Sany Heavy Industry [3] - In the home appliance sector, leading companies with overseas production capabilities are positioned to benefit from improved export competitiveness due to U.S. tariffs, with a focus on OEMs like Xinbao Co., Ousheng Electric, and Dechang Co. [3] - The textile and apparel sector is anticipated to maintain stable performance in Q1 2025 despite increased tariffs, as many companies have global production layouts that mitigate trade friction impacts [3] Group 3: Automotive Sector Insights - The export of passenger vehicles, particularly PHEVs, is accelerating, while commercial vehicle exports are expected to slow in the short term but have significant long-term market potential [4] - Recommended companies in the passenger vehicle segment include BYD, Great Wall Motors, and Changan Automobile, among others [4] Group 4: Light Industry and Export Dynamics - The light industry sector is expected to see performance differentiation in Q1 2025, with domestic exporters to the U.S. facing profitability pressures, while Vietnamese exporters maintain higher income levels [4]

出席本次年度业绩说明会的人员有：公司董事长、执行董事林传辉先生，执 行董事、总经理秦力先生，执行董事、常务副总经理、财务总监孙晓燕女士，独 立非执行董事黎文靖先生，董事会秘书尹中兴先生。 为充分尊重投资者，提升交流的针对性，现就公司2024年度业绩说明会提前 向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2025年4月 1日（星期二）12:00前访问https://ir.p5w.net/zj/，进入问题征集专题页面。公司将 在2024年度业绩说明会上，对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 广发证券股份有限公司董事会 证券代码：000776 证券简称：广发证券 公告编号：2025-011 广发证券股份有限公司 关于召开 2024 年度业绩说明会的公告 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。 广发证券股份有限公司（以下简称"公司"）定于2025年4月2日（星期三） 下午15:00-17:00在全景网举办2024年度业绩说明会。本次年度业绩说明会将采用 网络远程的方式举行，投资者可登陆全景网"投 ...

Group 1 - The core viewpoint is that AI is leading the transformation towards smart agriculture, with significant government support for the development of smart agriculture and the application of AI technologies [1][4] - AI is driving the transition from traditional experience-based agriculture to standardized production, playing a crucial role in crop monitoring and management, precision agriculture, agricultural robotics, and data analysis and forecasting [1][3] - The implementation of land transfer policies has significantly improved the degree of land intensification and scale, providing a solid foundation for the application of AI in agriculture [1][3] Group 2 - In the breeding sector, the shift to "smart design breeding" is being facilitated by AI-driven tools that analyze vast amounts of data to accurately predict genotype-phenotype associations and identify new gene combinations, greatly enhancing precision and efficiency [2] - Major international seed companies like Syngenta and Bayer are leveraging comprehensive crop genome and phenotype databases, utilizing AI algorithms for significant advancements in crop gene editing and selection models [2] - Domestic breakthroughs in AI crop breeding have been achieved, with institutions like the Chinese Academy of Agricultural Sciences collaborating with Alibaba's Damo Academy to develop a comprehensive smart breeding platform [2] Group 3 - AI assists in intelligent decision-making and automated farming practices, enabling precise planting by analyzing various factors such as crop variety, soil fertility, and weather conditions to determine optimal planting parameters [3] - The use of agricultural robots powered by AI is enhancing automation in farming, allowing for tasks like weed removal and irrigation to be performed without human intervention [3] - The rapid development and application of AI technology in large-scale farms in Europe and the U.S. have demonstrated significant improvements in planting efficiency through real-time data analysis [3] Group 4 - The investment recommendation highlights the positive outlook for AI in agriculture, suggesting to focus on companies involved in AI breeding, AI planting, and AI agricultural services [4] - Specific companies to watch include Longping High-Tech (隆平高科), Dabeinong (大北农), Beidahuang (北大荒), and Suqian Agricultural Development (苏垦农发) [4]

2025 年面向专业投资者公开发行次级债券（第一期） 在深圳证券交易所上市的公告 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次级债券（第一期）（以下简称"本期债券"）符合深 圳证券交易所债券上市条件，将于 2025 年 3 月 25 日起在深圳证券交易所上市， 并面向专业机构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞 买成交和协商成交。本期债券品种一相关要素如下，品种二未发行。 广发证券股份有限公司 （本页无正文，为《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（第一期）在深圳证券交易所上市的公告》之盖章页） 发行人：广发证券股份有限公司 年 月 日 | 债券名称 | | 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（第一期）（品种一） | | | 债券简称 | 25 广发 C1 | | | | | 债券代码 | 524181 | | | | | 信用评级 | 主体评级 | | AAA/债项评级 | AAA ...

Core Viewpoint - The Chinese millet economy market is expanding rapidly, projected to reach 168.9 billion yuan in 2024 with a year-on-year growth rate of 41%, and expected to surpass 200 billion yuan in 2025. The low conversion rate of domestic IP compared to the US and Japan indicates significant growth potential in the industry [1][2]. Group 1: Reasons for High Market Prosperity - Supply-side factors include an increase in specialized players such as copyright agents, trendy toy brands, contract manufacturers, millet stores, and second-hand trading platforms, which enhance authorization and sales channels [2]. - Demand-side factors involve the expansion of domestic subculture user base and a shift in consumer perception from entertainment products to emotional values like cultural belonging and social connection [2]. Group 2: IP Value and Monetization Paths - Shanghai Film holds 60 IPs authorized by Shanghai Film Group and Shanghai Animation Film Studio, focusing on revitalizing classic animation IPs through content renewal, commercial authorization, game collaboration, and cultural product development [3]. - Light Media emphasizes content development over derivatives, with the animated film "Ne Zha" grossing $2.1 billion globally, ranking fifth in box office history, and generating over 300 million yuan in merchandise sales within a month of release [3]. - Ao Fei Entertainment centers on developing trendy toys and AI toys based on anime IPs [4]. - Alibaba Pictures operates Alibaba Fish, the largest IP authorization agency in China, collaborating with top global IPs and providing comprehensive development and operation services [4]. Group 3: Investment Recommendations - Focus on content IP development with companies like Shanghai Film (revitalizing classic animation IPs), Ao Fei Entertainment (developing trendy toys and AI toys), and Yuewen Group (leading in web literature IP with impressive derivative growth) [5]. - In IP authorization operations, Alibaba Pictures is noteworthy for its extensive IP authorization platform [5]. - For IP derivative product creation and sales, attention should be given to Pop Mart (new IP launches, overseas expansion, and product diversification), Huali Technology, Tom Cat, and Fengyu Zhu [5].

Group 1 - Nuclear fusion is expected to become the ultimate energy source for humanity due to its rich energy potential, high energy density, zero emissions, and high fuel availability [2][4] - The technology is still in the laboratory stage, and commercial application requires further breakthroughs [1][3] - Significant investments in nuclear fusion are increasing globally, making it a competitive field among countries [4] Group 2 - The key indicators for measuring nuclear fusion reactions include the product of plasma temperature, atomic density, and confinement time, which must exceed a certain value for ignition [3] - The energy gain factor Q must be greater than 1 to achieve net fusion energy, indicating the feasibility of engineering technology [3] - The main technical routes for nuclear fusion research are magnetic confinement fusion and inertial confinement fusion, with tokamaks being the most widely studied and likely to achieve controllable fusion [5] Group 3 - The magnet system constitutes the largest cost component (28%) in the ITER experimental reactor, highlighting the critical role of superconducting technology [5] - High-temperature superconducting materials, such as REBCO, are expected to become significant components in nuclear fusion, providing stronger magnetic fields and reducing the size and cost of fusion reactors [5] - Companies involved in the development of superconducting materials and fusion technologies are likely to benefit as fusion projects progress [5]

证券代码：524181 证券简称：25 广发 C1 证券代码：524182 证券简称：25 广发 C2 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（第一期） 发行结果公告 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。 广发证券股份有限公司（以下简称"发行人"）公开发行不超过人民币 200 亿元（含）次级公司债券已获得中国证券监督管理委员会证监许可〔2024〕1258 号文注册。根据《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（第一期）发行公告》，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（第一期）（以下简称"本期债券"）发行规模为不超过 50 亿元（含）， 发行价格为每张 100 元，采取网下面向专业机构投资者询价配售的方式发行。 本期债券发行时间为 2025 年 3 月 18 日至 2025 年 3 月 19 日，其中品种一 发行期限为 394 天，最终发行规模为 35 亿元，最终票面利率为 2.10%，认购倍 数为 2.24 倍；品种二未发行。本期债券募集资金中 34 亿元用于偿还"22 ...