Core Viewpoint - The globalization of China's industrial chain and the increasing demand for cross-border asset allocation by domestic institutions and residents, along with the deepening of China's capital market opening policies, provide favorable opportunities and strong momentum for the development of international business by domestic securities firms [1] Group 1: Historical Development Opportunities for Securities Firms - The internationalization of China's industrial chain has significantly increased the demand for cross-border financial services, with non-financial direct investment by domestic investors abroad expected to reach USD 143.9 billion in 2024, a year-on-year growth of 10.54% [2] - Over 50% of A-share companies have disclosed overseas business income, indicating that going global is now a common phenomenon, with 33.36% of listed companies having over 30% of their income from overseas [2] Group 2: Growth in Cross-Border Investment Demand - The cross-border investment demand from institutions and residents has been strong, with foreign securities investment assets increasing from USD 1019.6 billion to USD 1694.1 billion from mid-2022 to mid-2025, reflecting an annual compound growth rate of 18.44% [6] - Foreign institutions' investment in domestic securities has also grown, with the market value of foreign holdings in domestic stocks and securities rising from USD 737.5 billion to USD 1071.8 billion from mid-2020 to mid-2025, with a compound annual growth rate of 7.76% [6] Group 3: Capital Market Opening and Securities Firms' Internationalization - China's accelerated financial market opening has created a favorable policy environment for the internationalization of securities firms, with various mutual recognition and cross-border financial policies being implemented [7] - The trading volume of the Hong Kong Stock Connect has increased from CNY 620.4 billion in 2015 to CNY 16.27 trillion by the end of 2025, reflecting a compound annual growth rate of 38.64% [7] Group 4: Market Landscape and Development Prospects of Securities Firms' International Business - Securities firms' international business encompasses various lines, including cross-border brokerage, wealth management, asset management, proprietary trading, and emerging digital asset businesses, with significant growth potential [9] Group 5: Cross-Border Brokerage and Trading Business - Chinese securities firms provide cross-border trading channels for clients, utilizing overseas subsidiaries to offer access to foreign stocks, bonds, and derivatives [10] Group 6: Cross-Border Wealth Management Business - The cross-border wealth management business is becoming a key development direction for securities firms, driven by the increasing demand for diversified asset allocation among Chinese residents [15] - The cross-border wealth management products of leading firms like CITIC Securities have seen rapid growth, with overseas product sales reaching USD 8.7 billion in 2024, a year-on-year increase of 151% [17] Group 7: Cross-Border Asset Management Business - The global asset management industry is increasingly focusing on cross-border asset management to capture growth cycles and interest rate differentials across different economies [19] Group 8: Overseas Investment Banking Business - Hong Kong serves as a critical hub for domestic securities firms' overseas investment banking activities, with supportive policies for mainland companies listing in Hong Kong [24] - The scale of equity financing in Hong Kong has significantly increased, with the total equity financing amount reaching HKD 590.6 billion in 2025, 3.26 times that of 2024 [25] Group 9: Overseas Proprietary Business - The overseas proprietary business has become a core profit source for leading securities firms, with a significant portion of their fixed-income investments being allocated to overseas markets [29] Group 10: Second Growth Curve for Securities Firms' International Business - The international business of securities firms is becoming an important revenue component, with firms like Huatai Securities and CITIC Securities showing strong growth in overseas business income [32] - The return on equity (ROE) for international subsidiaries of firms like CITIC Securities is significantly higher than their overall ROE, indicating better profit generation capabilities [34]

- The report introduces the construction of four ETF portfolios: A-share market asset allocation ETF portfolio, overseas equity index QDII-ETF portfolio, A-share relative return ETF portfolio, and A-share absolute return ETF portfolio, which are combined to form the All-weather diversified allocation ETF portfolio[7][12][13] - The A-share market asset allocation ETF portfolio is constructed using strategic allocation models (fixed ratio, volatility control, and risk parity) and tactical dynamic adjustment models based on macro and technical indicators. Monthly frequency scoring is applied to adjust weights[17][21][29] - Macro indicators for the A-share market asset allocation ETF portfolio include PMI, CPI YoY, social financing stock YoY, 10-year government bond yield, and USD index, with scoring ranges of -1, 0, 1 based on trends and impact directions[24][31][29] - Technical indicators for the A-share market asset allocation ETF portfolio are derived from trend, valuation, and fund flow dimensions, with scoring ranges of -1, 0, 1 for trend and fund flow, and -2, -1, 0, 1, 2 for valuation[32][34] - The A-share relative return ETF portfolio is constructed using six dimensions: historical fundamentals, fund flow, consensus expectations, macro, momentum, and style. Indicators are weighted and scored using Z-values[61][67][68] - The relative return ETF portfolio incorporates crowding indicators such as turnover ratio, beta, financing balance ratio, financing increment ratio, fund holdings ratio, and active buy-in ratio, with thresholds based on historical percentiles[69][72][73] - The A-share absolute return ETF portfolio focuses on stability, dividend yield, and low correlation with market volatility. Indicators include ROE TTM mean/standard deviation, net profit growth TTM standard deviation, dividend yield, cash dividend/net profit ratio, beta, semi-beta, and average correlation[84][90][89] - The All-weather diversified allocation ETF portfolio combines the above four portfolios, using fixed ratio models for strategic allocation and macro/technical indicators for tactical adjustments. It sets specific weight ranges for A-share relative and absolute return ETF portfolios[100][101] - Backtesting results for the A-share market asset allocation ETF portfolio show annualized returns of 9.75%, 8.41%, and 8.31% for fixed ratio, volatility control, and risk parity models respectively, with maximum drawdowns of 4.85%, 6.42%, and 2.77%[38][42] - The QDII-ETF portfolio achieves an annualized return of 18.51%, maximum drawdown of 16.78%, and annualized volatility of 11.64% during the backtesting period[59][56] - The relative return ETF portfolio with crowding indicators achieves an annualized return of 19.32%, maximum drawdown of 25.69%, and annualized volatility of 21.87%[82][78] - The absolute return ETF portfolio achieves an annualized return of 12.33%, maximum drawdown of 26.11%, and annualized volatility of 17.53%[98][94] - The All-weather diversified allocation ETF portfolio achieves an annualized return of 9.36%, maximum drawdown of 3.64%, and annualized volatility of 3.82%, with monthly win rates of 82.41%, 3-month rolling win rates of 98.11%, and 1-year rolling win rates of 100%[105][100]

Group 1 - The core viewpoint of the report is that the real estate sector is expected to see absolute return opportunities in the development segment in 2026, with light asset and core commercial assets continuing to recover in value [1] - In 2025, the A-share real estate sector underperformed the market by over 25 percentage points, while Hong Kong's development also lagged behind the market [1] - The report anticipates a policy adjustment window in 2026, with mainstream development companies likely to present absolute return opportunities [1] Group 2 - Total demand for real estate is supported, but real estate assets lack attractiveness; the estimated total area of new and second-hand residential transactions in 2025 is around 1.33 billion square meters, with strong support at the 1.2-1.3 billion square meter level [1] - The decline in new housing prices has narrowed compared to 2024, and the transaction volume of second-hand homes has slowed down, with prices facing significant pressure [1] - The current burden rate for homebuyers has decreased to 48%, but the annualized net asset return rate for homes purchased with a 20% down payment over the past four years is -62% [1] Group 3 - The necessity for policy implementation in 2026 is gradually increasing, with "risk prevention" as the bottom line and stabilizing the real estate market as the main goal [2] - The industry faces severe challenges in 2026, including the expansion of negative asset scales among residents and the economic drag from real estate [2] Group 4 - New housing transactions, land acquisition, and construction are sensitive to market changes, with expectations for a narrowing of declines or even positive year-on-year growth [3] - In a neutral expectation environment, new residential sales area is projected to decline by 9%, new construction by 9%, completed area by 21%, real estate investment by 12%, and construction area by 8% [3] Group 5 - The supply-demand relationship in the domestic housing market is being reshaped, with the top ten real estate companies' land market share exceeding 30% [4] - In 2025, the land acquisition market share of the top ten real estate companies reached 32%, which is 13 percentage points higher than their sales market share [4] - In a neutral scenario, sales revenue for the top ten real estate companies is expected to grow by 5% year-on-year in 2026 [4]

Core Viewpoint - The announcement details the completion of the second phase of a non-public issuance of exchangeable bonds by a major shareholder, Liaoning Chengda Co., Ltd., with a total issuance scale of RMB 1 billion and specific terms outlined for the bonds [2]. Group 1 - The exchangeable bonds, referred to as "25 Chengda E2," have a total issuance scale of RMB 1 billion and a maturity period of 3 years [2]. - The coupon rate for the bonds is set at 0.01%, with an initial conversion price of RMB 24.58 per share [2]. - The conversion period for the bonds will commence six months after the issuance date and will last until the day before the bond's maturity, specifically from June 30, 2026, to December 28, 2028 [2]. Group 2 - The company will disclose any subsequent developments regarding the non-public issuance of exchangeable bonds by Liaoning Chengda in accordance with relevant regulatory requirements [3].

Core Viewpoint - Guangfa Securities (000776)(01776) announced that its major shareholder, Liaoning Chengda (600739), has completed the issuance of the second phase of non-public exchangeable bonds aimed at professional institutional investors, with a total issuance scale of RMB 1 billion [1] Group 1 - The exchangeable bonds, referred to as "25 Chengda E2," have a maturity period of 3 years and a coupon rate of 0.01% [1] - The initial conversion price for the bonds is set at RMB 24.58 per share [1] - The conversion period for these bonds will commence 6 months after the issuance date and will last until the day before the bond's maturity, specifically from June 30, 2026, to December 28, 2028 [1]

（记者 王晓波） 截至发稿，广发证券市值为1669亿元。 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 每经AI快讯，广发证券（SZ 000776，收盘价：21.94元）12月29日晚间发布公告称，近日，公司收到持 股5%以上股东辽宁成大股份有限公司通知，辽宁成大面向专业机构投资者非公开发行可交换公司债券 （第二期）已发行完成，本期可交换债券的债券简称为"25成大E2"，债券代码为"117247"，发行规模为 人民币10亿元，债券期限为3年，票面利率为0.01%，初始换股价格为24.58元/股。换股期为自本期可交 换公司债券发行结束之日满6个月后的第一个交易日起至本期可交换公司债券到期日前一交易日止，即 2026年6月30日至2028年12月28日。如换股期起始日为法定节假日或休息日，则顺延至下一交易日。 2025年1至6月份，广发证券的营业收入构成为：财富管理业务占比40.08%，证券投资业务占比 32.27%，投资管理业务占比24.97%，投资银行业务占比2.14%，其他-其他占比0.54%。 ...

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)及中國報章刊發的《廣發証券股份有限公司關 於持股5%以上股東非公開發行可交換公司債券（第 期）發行完成的公告》。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 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。 广发证券股份有限公司 关于持股 5%以上股东非公开发行可交换公司债券 （第二期）发行完成的公告 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。 广发证券股份有限公司（以下简称"公司"）于2025年9月19日和11月19日分 别披露了 ...

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） 董事長 中國，廣州 2025年12月29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。 | 债券简称：22 | 广发 | Y1 | 债券代码：149967 | 债券简称：24 | 广发 | 03 | 债券代码：148585 | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称：22 | 广发 | Y2 | 债券代码：148004 | 债券简称：24 | 广发 | Y1 | 债券代码：148591 | | 债券简称：22 | 广发 | Y3 | 债券代码 ...

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。 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。 ٰㆶ〦φ ᒵਇ ٰԙ⸷φ6= ٰㆶ〦φ ᒵਇ ٰԙ⸷φ6= ٰㆶ〦φ ᒵਇ ٰԙ⸷φ6= ٰㆶ〦φ ᒵਇ ٰԙ⸷φ6= ٰㆶ〦φ ᒵਇ ٰԙ⸷φ6= ٰㆶ〦φ ᒵਇ ٰԙ⸷φ6= ٰㆶ〦φ ᒵਇ ٰԙ⸷φ6= ള⌦⎭䙐䇷㛗Գᴿ䲆ޢਮ ީӄᒵਇ䇷㛗Գᴿ䲆ޢਮ ᒪㅢж⅗ Ѫᰬᢎ㇗⨼Ӂࣗᣛ ᢎ㇗⨼Ӱ 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( h ...

GF SECURITIES CO., LTD. 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。 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《華泰聯合證券有限責任公司關於廣發 証券股份有限公司2025年第一次臨時受託管理事務報告》。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 2025年12月29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。 华泰联合证券有限责任公司 | 债券代码：5243 ...