广发证券(01776)发布公告，根据《广发证券股份有限公司2026年面向专业投资者公开发行永续次级债 券(第一期)发行公告》，广发证券股份有限公司2026年面向专业投资者公开发行永续次级债券(第一期) (以下简称"本期债券")发行规模为不超过30亿元(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2026年2月9日至2026年2月10日，最终发行规模为30亿元，最终票面利率为 2.32%，认购倍数为2.45倍。 ...

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。 （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《廣發証券股份有限公司2026年面向專 業投資者公開發行短期公司債券（第二期）在深圳證券交易所上市的公告》。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 董事長 中國，廣州 2026年2月10日 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） 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 2026 年 面向专业投资者公开发行短期公司债券（第二期）符合深圳证券交易所债券上市 条件，将于 2026 年 2 月 11 日起在深圳证券交易所上市，并面向专业投资者中的 ...

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 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《廣發証券股份有限公司2026年面向專 業投資者公開發行永續次級債券（第一期）發行結果公告》。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 董事長 中國，廣州 2026年2月10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。 证券代码：524669 证券简称：26 广发 Y1 广发证券股份有限公司 2026 年面向专业投资者公开发行永续次级债 ...

证券代码：524669 证券简称：26 广发 Y1 广发证券股份有限公司 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"）公开发行面值总额不超过 200 亿元（含）永续次级公司债券已获得中国证券监督管理委员会"证监许可〔2026〕 41 号"文注册。根据《广发证券股份有限公司 2026 年面向专业投资者公开发行 永续次级债券（第一期）发行公告》，广发证券股份有限公司 2026 年面向专业投 资者公开发行永续次级债券（第一期）（以下简称"本期债券"）发行规模为不超 过 30 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 2026 年 2 月 9 日至 2026 年 2 月 10 日，最终发行规模 为 30 亿元，最终票面利率为 2.32%，认购倍数为 2.45 倍。 发行人的董事、高级管理人员、持股比例超过 5%的股东以及其他关联方未 参与本期债券认购。经主承销商核查，本期债券主承销商长城证券股份有限公司 参与了认购，最终获配规模为 1.1 亿元，认购报价公允 ...

| 债券名称 | 广发证券股份有限公司 | | | 2026 年面向专业投资者公开发行短期 | | --- | --- | --- | --- | --- | | | 公司债券（第二期） | | | | | 债券简称 | 广发 26 D2 | | | | | 债券代码 | 524665 | | | | | 信用评级 | 主体评级 | | AAA/债项评级 | A-1 | | 评级机构 | | | 中诚信国际信用评级有限责任公司 | | | 发行总额（亿元） | 60 | | | | | 债券期限 | 天 362 | | | | | 票面年利率（％） | 1.69 | | | | | 利率形式 | 固定利率 | | | | | 付息频率 | 到期一次还本付息 | | | | | 发行日 | 2026 年 2 | 月 5 | 日-2026 | 年 2 月 6 日 | | 起息日 | 年 日 2026 2 | 月 6 | | | | 上市日 | 年 2026 2 | 月 11 | 日 | | | 到期日 | 2027 年 2 日 | 月 3 | | | | 债券面值 | 人民币 100 | 元/张 | | | | ...

Core Viewpoint - Guangfa Securities is heavily reliant on debt financing, with significant increases in its borrowings and a concerning debt structure that raises questions about its financial stability and future growth prospects [1][2][5]. Group 1: Debt and Financing - As of January 31, 2026, Guangfa Securities' borrowings reached 552.4 billion yuan, with a cumulative increase of 76.76 billion yuan, exceeding 40% of its net assets [2][5]. - The company has a total of 1.1 trillion yuan in bonds approved but not yet issued, indicating a potential for further increases in its debt levels [5]. - The proportion of interest-bearing debt to total liabilities has been consistently high, with figures of 61.30%, 61.34%, 60.35%, and 57.63% from 2022 to the third quarter of 2025 [2][3]. Group 2: Short-term Debt Concerns - Over 80% of Guangfa Securities' interest-bearing debt is due within one year, raising liquidity risk concerns [5][7]. - The company's reliance on repurchase agreements for short-term financing is significant, with 45% of its interest-bearing debt attributed to this category [7]. Group 3: International Business and Fundraising - In January 2026, Guangfa Securities raised over 6.1 billion HKD through H-share placements and convertible bonds, aimed at supporting its international business expansion [10][11]. - Despite the fundraising efforts, the contribution of international business to total revenue remains low, with only 4.97% in 2024 and 7.4% in the first half of 2025 [11].

广发证券认为，《异环》核心在于强化玩家主体性。这为二次元开放世界创造了全新体验。具体体现 为：在操作上，可选第一人称视角，带来更强的沉浸感；在玩法上，多分支的支线设计让玩家的主动选 择能显著改变进程与结局，从而使其从剧情的"阅读者"转变为内容的"推动者"。 《异环》关注度较高，具备用户基础，且玩法体验丰富 (1)用户基础扎实，市场热度高。据官网数据，游戏预约量已突破2000万；其三测PV在哔哩哔哩的播放 量超过700万，反映出产品通过早期宣发积累了扎实的关注度与用户基本盘。 智通财经APP获悉，广发证券发布研报称，根据伽马数据，回顾过去5年的二次元游戏市场，行业有典 型的供给创造需求的特征，在重点产品发行的年份，市场规模均有显著增长。《明日方舟：终末地》持 续验证二次元开放世界的商业化潜力，当前《异环》测试表现突出，玩家获得更加沉浸的游戏体验，产 品上线有望实现突出流水表现，核心推荐具备二次元产品的游戏研发商。首推完美世界(002624.SZ)， 关注头部公司腾讯控股(00700)、储备有《无限大》的网易-S(09999)等。 广发证券主要观点如下： 二次元市场或迎来复苏，《明日方舟：终末地》的成功发行持续验 ...

Core Viewpoint - As the Spring Festival approaches, the choice between "holding stocks or holding cash" has become a focal point for investors, with a consensus emerging among major brokerages favoring "holding stocks" as the better option this year [1][2]. Group 1: Market Sentiment and Predictions - Major brokerages, including Guotai Junan and GF Securities, express optimism about the market's potential for recovery post-holiday, suggesting that the A-share market may experience a favorable "timing, location, and human factors" for an upward trend [2][17]. - Despite a general consensus on holding stocks, several brokerages caution that market performance may still be influenced by multiple risks, including slower-than-expected economic recovery and geopolitical uncertainties [3]. Group 2: Investment Strategies and Sector Focus - Guotai Junan recommends focusing on emerging technology and value sectors, highlighting themes such as commercial aerospace, robotics, urban renewal, and domestic consumption [4]. - Dongwu Securities suggests three main investment directions: overvalued technology sectors, booming industries like energy storage and lithium batteries, and themes related to the 14th Five-Year Plan, including commercial aerospace and 6G technology [5]. - Galaxy Securities advocates for a cautious approach with "light positions," emphasizing the importance of the upcoming "Two Sessions" and the shift towards "new productive forces" in sectors like semiconductors and artificial intelligence [6][7]. - Huaxia Securities emphasizes the importance of preparing for the post-holiday "red envelope" market, noting that technology sectors typically show better elasticity after the holiday [13]. - The investment focus should also include sectors that have underperformed but are expected to recover, such as food and beverage, agriculture, and healthcare [12]. Group 3: Market Dynamics and Historical Trends - Historical data indicates that the market tends to perform better after the Spring Festival, with a common pattern of "lower before the holiday and higher after" across various style indices [11]. - The current market environment is characterized by a high trading volume, with brokerages maintaining a cautious yet optimistic stance, suggesting that the market is not likely to turn bearish easily [8][9]. - The upcoming Spring Festival is seen as a critical period for potential market recovery, with many brokerages encouraging investors to remain confident and prepared for the first wave of the new year's upward cycle [17].

证券之星消息，2月9日南向资金增持220.52万股广发证券（01776.HK）。近5个交易日中，获南向资金 增持的有4天，累计净增持461.09万股。近20个交易日中，获南向资金增持的有15天，累计净增持 2297.17万股。截至目前，南向资金持有广发证券（01776.HK）10.48亿股，占公司已发行普通股的 54.56%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 广发证券股份有限公司是一家主要从事证券业务的中国公司。该公司通过五个分部开展业务。投资银行 分部从事股权融资、债务融资、财务顾问和企业解决方案等。财富管理分部从事零售证券经纪、期货经 纪、金融产品代销、融资融券及回购交易融资服务、融资租赁等。交易及机构客户服务分部主要从事为 机构客户提供证券研究、资产托管服务、销售及投资交易（包括自营和其他对客交易服务）、另类投资 等。投资管理分部从事资产管理、公募基金管理、私募基金管理等。其他分部主要为公司总部运营。 ...

Core Viewpoint - The article discusses the intensifying competition among banks for deposits ahead of the Spring Festival, highlighting strategies employed by both small and large banks to attract customers through interest rate adjustments and promotional incentives [3][4]. Group 1: Deposit Competition - Small banks are raising interest rates on specific deposit products, with some rural commercial banks offering three-year deposit rates close to 2% [3][5]. - Over 10 small banks have increased deposit rates since the beginning of 2026, particularly targeting specific products and higher minimum deposit amounts [5]. - Large banks are not directly raising rates but are enhancing their deposit acquisition efforts through rewards and incentives, such as cash rebates and points for new customers [6]. Group 2: Expectations on Deposit Flows - The competition for deposits reflects banks' anticipation of a significant amount of term deposits maturing in 2026, with expectations that most of these funds will remain within the banking system [4][8]. - Estimates suggest that approximately 75 trillion yuan of household term deposits will mature in 2026, with 67 trillion yuan being one year or longer [8]. - Despite concerns about potential "deposit migration" to the stock market, industry insiders believe that the majority of maturing funds will continue to circulate within the banking system [8][9]. Group 3: Trends in Risk Appetite - The increase in maturing deposits is not particularly pronounced, with annual growth rates of 4 trillion to 7 trillion yuan observed since 2022 [9]. - Current low-risk appetite among residents is evident, as data shows a negative correlation between income confidence and savings willingness [9]. - Historical trends indicate that periods of declining savings willingness often coincide with rising income expectations [9]. Group 4: Asset Allocation Post-Maturity - Funds from maturing deposits are expected to flow primarily into low-risk assets, such as bank wealth management products and money market funds [11][13]. - Historical data from Japan indicates that during similar economic conditions, residents increased their holdings in cash, deposits, and insurance while reducing investments in stocks and high-risk assets [10][12]. - The preference for low-risk investments is expected to continue, with a significant portion of maturing deposits likely being allocated to wealth management products [13][14].