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 ...

| 第一章 | 總則 4 | | --- | --- | | 第二章 | 經營宗旨和範圍 7 | | 第三章 | 股份 8 | | 第一節 | 股份發行 8 | | 第二節 | 股份增減和回購 11 | | 第三節 | 股份轉讓 13 | | 第四節 | 股權管理事務 14 | | 第四章 | 股東和股東會 18 | | 第一節 | 股東 18 | | 第二節 | 股東會的一般規定 26 | | 第三節 | 股東會的召集 30 | | 第四節 | 股東會的提案與通知 32 | | 第五節 | 股東會的召開 35 | | 第六節 | 股東會的表決和決議 40 | | 第五章 | 董事和董事會 46 | | 第一節 | 董事 46 | | 第二節 | 獨立董事 51 | | 第三節 | 董事會 60 | | 第四節 | 董事會專門委員會 71 | | 第五節 | 董事會秘書 81 | 廣發証券股份有限公司章程 2026年2月 （經公司2025年第二次臨時股東大會授權修訂） # 本公司章程的原始版本為中文，其英文版本為中文版本的譯本。若章程中英版本存有任何歧義， 應以中文版本為準。 1 | | | | 第六章 | ...

[Table_scodeMsg1] 公司研究丨深度报告丨广发证券（000776.SZ） [Table_Title] 广发证券深度报告：大湾区迈向国际一流的财富 管理先驱 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 随着慢牛市延续，财富管理有望迎来黄金发展期，广发证券凭借区位优势、多元化布局、市场 化机制，围绕财富管理业务形成较强先发优势。展望中长期，一方面财富管理成券商竞争"胜 负手"，广发成长潜质优于同业，另一方面公司发力国际业务，强化跨境综合能力，自营也有望 受益于风控指标优化。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 2 / 24 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 广发证券（000776.SZ） cjzqdt11111 [Table_Title 广发证券深度报告：大湾区迈向国际一流的财 2] 富管理先驱 以区 ...

Core Viewpoint - The report from GF Securities highlights the acceleration in the improvement of the national unified electricity market system, which is expected to enhance the complexity of trading entities, trading volumes, and transactions [1] Group 1: Policy and Market Structure - The State Council recently issued the "Implementation Opinions on Improving the National Unified Electricity Market System," emphasizing the need to accelerate the establishment of market and pricing mechanisms suitable for the new energy system [2] - The document is of high significance as it is directly issued by the State Council, indicating a stronger push for coordinated advancement [3] - The report sets a new target for 2035, aiming for a fully established national unified electricity market system, with a steady increase in the proportion of market-based trading volumes [3] Group 2: Market Composition and Reform Directions - The report outlines the construction of a multi-dimensional market system, including long-term markets, spot markets, ancillary service markets, green electricity markets, and capacity markets, with a focus on the spot market's development [3] - It emphasizes the need for unified pricing and joint trading across different market levels, moving away from isolated trading practices [3] Group 3: Market Participation and Energy Sources - By 2030, all types of power sources and electricity users, except for guaranteed users, are expected to participate directly in the electricity market, with market-based trading volumes accounting for approximately 70% of total electricity consumption [4] - The report encourages various forms of renewable energy to participate in the electricity market, supporting large-scale renewable energy bases and distributed generation to engage in market transactions [4]

Group 1 - The Securities ETF Index Fund (516200) opened with a slight increase of 0.09%, priced at 1.134 yuan [1] - Major holdings in the Securities ETF Index Fund include Dongfang Caifu, which rose by 0.18%, and other securities firms like CITIC Securities and Huatai Securities, which remained stable or showed minor fluctuations [1] - The fund's performance benchmark is the CSI All Share Securities Company Index return rate, managed by Huaan Fund Management Co., Ltd., with a return of 13.19% since its inception on March 9, 2021, and a recent one-month return of -5.46% [1]

Core Viewpoint - The A-share market is expected to experience its first wave of upward momentum in the Year of the Horse, with optimism surrounding sectors such as the AI industry chain, space photovoltaics, and non-bank financials [1][2]. Group 1: Market Timing - The spring market rally is anticipated to begin in February, historically the strongest period for such movements, with a 100% probability of small-cap indices rising between the Spring Festival and the National People's Congress [1]. - Previous instances of early spring rallies occurred during economic upturns or policy shifts, with notable years being 2013, 2014, 2015, and 2020 [2]. Group 2: Market Conditions - The release of annual report forecasts has alleviated negative fundamental disturbances, with a record high of companies reporting low expectations or losses in 2025 [2]. - As negative financial news is digested, the market is expected to be in a better position starting in February, allowing for a more favorable trading environment [2]. Group 3: Investment Strategy - The correlation between spring rallies and corporate performance is strong, with recommended sectors including the ByteDance industry chain, space photovoltaics, and non-bank sectors such as brokerage and insurance [2]. - Other sectors to consider for investment include optical modules, semiconductors, humanoid robots, chips, PCBs, and innovative pharmaceuticals, with additional tracking suggested for metals, satellites, storage, chemicals, and power grids [2].

Core Viewpoint - The competition in the overseas market for Chinese securities firms is intensifying, with leading players dominating the Hong Kong IPO market, while many smaller firms struggle to establish a foothold. Group 1: Overseas Expansion Efforts - As of February 11, 2026, four securities firms have disclosed their latest progress in overseas business, including Huatai Securities and GF Securities, which are issuing zero-coupon convertible bonds to support their international operations [2][4] - Northeast Securities and Huawan Securities have received approval to establish and increase capital in their Hong Kong subsidiaries, with each committing HKD 500 million [3][4] Group 2: Competitive Landscape - The "Matthew Effect" is evident in the overseas competition, with leading firms like CITIC Securities and CICC capturing a significant share of the Hong Kong IPO market, accounting for 53.96% of the total fundraising, while smaller firms have less than 1% [5][6] - Head firms have expanded into derivatives and broader international markets, establishing a 24-hour global trading system, while smaller firms face higher barriers to entry and slower internationalization processes [6][7] Group 3: Strategic Differentiation - The industry consensus is that while the pace of overseas expansion varies, it is essential for firms to explore differentiated development paths. Leading firms should leverage their capital strength and extensive client networks, while smaller firms should focus on niche markets or specialized financial products [8][9] - Smaller firms are exploring opportunities in cross-border services, wealth management, and Southeast Asian markets, capitalizing on their understanding of domestic policies and established trust with local enterprises [9]

Core Viewpoint - Domestic securities firms are accelerating their internationalization efforts in response to industry homogenization and to explore new growth points, driven by policy encouragement and recovering market demand [1][10]. Group 1: Recent Developments - Huatai Securities has completed the issuance of HKD 10 billion H-share convertible bonds, providing funding for overseas business development [6][8]. - Huazhong Securities and Northeast Securities have both received approval from the China Securities Regulatory Commission (CSRC) for capital increases in their Hong Kong subsidiaries, with each firm planning to inject HKD 5 million [2][4]. Group 2: Industry Trends - The recent actions of multiple securities firms reflect a broader industry consensus on the importance of expanding overseas markets and enhancing international business [9][10]. - In January, GF Securities announced the successful placement of 219 million new H-shares, raising approximately HKD 39.59 billion, with plans to allocate 70% of the funds to support international business development [9]. Group 3: Opportunities and Challenges - Opportunities include the increasing demand for cross-border financing as Chinese enterprises expand internationally, supported by favorable policies and Hong Kong's status as a global financial hub [10]. - Challenges faced by domestic securities firms include gaps in brand influence, global pricing capabilities, and regulatory complexities in foreign markets, which increase compliance costs and operational difficulties [11].

广发证券研报指出，国信证券是老牌综合性券商，盈利韧性凸显，ROE步入提升通道。以自营投资交易 与财富管理为核心驱动、投行与资管为增长点的业务结构，是其高ROA优势的核心支撑。卡位海南政 策高地，深耕大湾区多维协同，奠定长期发展根基。增量资金入市持续，公司财富及泛自营构筑高ROE 优势，叠加政策红利释放，预计公司2026-2027年归母净利润同比+34%、+20%。考虑可比公司估值及 历史估值中枢，给予2026年1.3倍PB，对应合理价值14.47元/股，首次覆盖给以"买入"评级。 ...

Core Viewpoint - Recently, Guangfa Futures Co., Ltd. has increased its registered capital from 2.05 billion RMB to 2.45 billion RMB, representing an increase of approximately 19.5% [1] Company Information - Guangfa Futures was established in March 1993 and is legally represented by Zhou Wei [1] - The company's business scope includes commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, and fund sales [1] - Guangfa Futures is wholly owned by Guangfa Securities (000776) [1]