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（第二期）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（第二期）（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 2026 年 3 月 20 日至 2026 年 3 月 23 日，最终发行规 模为 40.40 亿元，最终票面利率为 2.30%，认购倍数为 1.68 倍。本期债券的募集 资金将全部用于偿还 24 广发 14。 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，本期债券主承销商华福证券股份有限公司 的关联方兴业国际信托有限公司参与了认购，最终获配规模为 1.10 ...

Core Viewpoint - The A-share market has experienced a significant upward trend in 2025, with major indices breaking through important levels for the first time in a decade, yet the number of securities business offices has decreased, returning to levels seen seven years ago despite a daily trading volume exceeding 1.5 trillion yuan [1][4]. Group 1: Changes in Securities Business Offices - As of the end of 2025, the total number of securities business offices in mainland China has dropped to 11,300, reverting to 2018 levels, after peaking at 11,800 in 2021, marking a 40% increase over six years from 2015 [4]. - The decline in the number of business offices is attributed to industry competition, transformation requirements, and technological advancements, with a significant shift towards online services reducing the need for physical locations [4][5]. - The trend of reducing business offices is particularly pronounced in lower-tier cities, with many offices in regions like Guangxi and Henan returning to levels seen in 2017 or earlier [7][9]. Group 2: Strategic Adjustments by Brokerages - Brokerages are adopting two main strategies for consolidating offices: merging those in areas with limited market potential and closing underperforming offices to enhance overall operational efficiency [5]. - The focus has shifted towards core urban areas and key cities, with new branch offices being established in these regions while traditional offices are being reduced [5][12]. - The industry is moving towards a model that emphasizes customized services in core areas, the establishment of offices in industrial parks, and the enhancement of service capabilities in major cities [13]. Group 3: Regional Disparities in Office Reductions - There is a notable disparity in the reduction of business offices across different provinces and city tiers, with developed regions like Beijing and Shanghai seeing a concentration of resources, while many less developed areas experience significant declines [7][8]. - In Guangxi, for instance, the number of business offices has decreased significantly, with only two firms maintaining county-level offices, reflecting a broader trend of consolidation in less profitable markets [9][14]. - Some provinces, such as Shaanxi and Hainan, have seen an increase in the number of business offices, driven by local economic initiatives and development strategies [9]. Group 4: Local Brokerages and Market Dynamics - Local brokerages are playing a crucial role in providing financial services in economically weaker regions, maintaining stable office numbers while larger firms withdraw [14][15]. - The ongoing urbanization and the emergence of a new middle class present opportunities for local firms to expand their wealth management services [15]. - However, challenges remain as larger firms continue to invest in these regions, intensifying competition and highlighting the need for local firms to enhance their service capabilities and talent acquisition [16].

Investment Rating - The report maintains an "Overweight" rating for the banking and securities sectors, while recommending a cautious approach towards the insurance sector [8]. Core Insights - Investment opportunities are identified in the order of banking > securities > insurance, with the LPR remaining unchanged, which helps protect bank interest margins [11][12]. - The implementation of the "Interim Measures for the Regulatory Rating of Wealth Management Companies" indicates that higher rating scores reflect greater institutional risk, necessitating increased regulatory attention [14][15]. - The average daily trading volume in the A-share market decreased by 12% week-on-week to 2.2 trillion yuan, while the financing balance remained stable at 2.6 trillion yuan [11][28]. - The initiation of consolidated management reporting and risk control indicators by the China Securities Association marks a significant step in the implementation of industry-wide consolidated supervision [29]. Summary by Sections Banking Sector - The unchanged LPR supports bank interest margins, and recent performance reports from banks like Shanghai Bank show growth in both net profit and operating income [2][12]. - Recommended quality stocks include Nanjing Bank, Chengdu Bank, and Shanghai Bank, with a focus on banks with strong dividend yields [3][12]. Securities Sector - The report highlights a strategic allocation opportunity in the securities sector, particularly for leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, which are expected to benefit from improved market conditions and regulatory support [28][29]. - The first batch of six pilot brokerages for consolidated supervision has been established, indicating a move towards more robust risk management practices in the sector [29]. Insurance Sector - The insurance sector experienced volatility, with stocks initially rising before declining, reflecting market sentiment [44]. - The report suggests focusing on high-quality leading insurance companies, as the sector shows signs of recovery and potential for valuation improvement [44].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, particularly focusing on the investment value of brokerage firms and insurance companies [1]. Core Insights - The report highlights that the adjustment expectations for solvency rules will have a limited impact on current insurance asset allocation, while emphasizing the importance of brokerage performance and valuation recovery [1]. - It suggests that 2026 will be a pivotal year for brokerages, driven by policy, capital, and market trading dynamics, with a focus on the upcoming quarterly earnings disclosures and policy reforms [3]. Summary by Sections Market Review - For the week of March 16-20, 2026, the Shanghai Composite Index closed at 4,567.02, with a decline of 2.19%. The non-bank index closed at 1,839.69, down 2.55%. The brokerage, insurance, and diversified financial indices reported declines of 2.79%, 1.99%, and 2.99%, respectively [7]. Non-Banking Sector Insights - The report notes significant net redemptions in equity funds, with a total of 14.91 billion units redeemed, impacting brokerage performance. The geopolitical tensions and inflation expectations have also pressured the market, leading to a defensive investment style [3]. - It emphasizes the undervaluation of brokerage stocks, with current valuations at historical lows, suggesting a mismatch between earnings and valuations [3]. Key Company Announcements - Sunshine Insurance reported a net profit growth of 15.7% for 2025, with total premium income reaching 150.72 billion yuan, a 17.4% increase [13]. - ZhongAn Online announced a remarkable net profit increase of 82.56% for 2025, with total premium income of 35.735 billion yuan, reflecting strong performance in its core insurance business [14]. - China Ping An disclosed a slight decline in net profit of 4.2% for 2025, with total operating income of 131.442 billion yuan, down 10.4% [18]. Investment Recommendations - For brokerages, the report recommends focusing on three investment themes: leading firms benefiting from improved competitive dynamics, brokerages with significant earnings elasticity, and those with strong international business capabilities [3]. - In the insurance sector, the report maintains a positive view on the value re-evaluation trend, recommending stocks like China Ping An, New China Life, and China Life Insurance [3]. Financial Data Tracking - As of March 20, 2026, the average daily stock trading volume was 2,451.723 billion yuan, and the margin trading balance was 2,650.128 billion yuan [36].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The non-bank financial sector index fell by 2.55%, underperforming the CSI 300 index by 0.36 percentage points, ranking sixth among all primary industries [2][13] - The average daily trading volume of A-shares was 22,111 million yuan, a decrease of 11.5% week-on-week but an increase of 38% year-on-year [19] - The draft of the Financial Law was released for public consultation, aiming to strengthen financial regulation and risk management, promoting high-quality financial development [3][15] Summary by Sections Market and Sector Performance - The non-bank financial sector index decreased by 2.55%, with the securities sector down by 2.79%, insurance down by 1.99%, diversified finance down by 2.99%, internet finance down by 5.01%, and financial technology down by 4.86% [2][13] - Notable gainers included *ST Panda (+21.41%) and Zhongyou Capital (+11.71%), while major losers included Bohai Leasing (-12.34%) and Dongwu Securities (-11.84%) [2][13] Regulatory Developments - The Financial Law draft, released by five departments including the Ministry of Justice and the People's Bank of China, aims to comprehensively regulate financial activities and enhance risk management [3][14] - The law is expected to strengthen market-oriented legal risk management and regulatory constraints, optimizing financial market functions and behavior norms [15] Insurance Sector Updates - The self-pricing coefficient range for new energy vehicle insurance has been adjusted from [0.6, 1.4] to [0.55, 1.45], with a third adjustment expected in the second half of 2026 [7][16] - This gradual adjustment aims to minimize market impact while aligning pricing with risk levels, reducing the burden on low-risk customers [16]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report indicates that low valuations are expected to provide anti-drawdown characteristics, with a focus on performance and style switching catalysts [4] - The insurance and brokerage sectors continue to adjust due to geopolitical conflicts, but the medium-term logic remains unchanged, with positive trends in non-bank business and asset sides driven by deposit migration and a slow bull market [4] - The report highlights that the valuation of five A-share insurance companies has dropped to a low of 0.73 times P/EV, while leading brokerages have PB and PE valuations at historical lows, suggesting potential for anti-drawdown characteristics and left-side opportunities [4] Summary by Sections Brokerage - The average daily trading volume of stock-based funds is 2.74 trillion, down 10% week-on-week; however, the cumulative average daily trading volume for the year is 3.22 billion, up 85% year-on-year [5] - Six brokerages have initiated consolidated regulatory reporting, with a deadline for submitting 2025 annual reports by April 30, 2026 [5] - The report recommends the brokerage sector, focusing on low-valuation firms with high wealth management contributions, such as Huatai Securities and GF Securities, as well as leading brokerages like Guotai Junan and CITIC Securities [5] Insurance - Sunshine Insurance reported a total premium income of 150.72 billion, up 17.4% year-on-year, with a net profit of 6.31 billion, up 15.7% [6] - The self-pricing coefficient for new energy vehicle insurance has been optimized, which is expected to benefit market pricing and the development of new energy vehicle insurance business [6] - The report recommends China Pacific Insurance, China Life H shares, and Ping An, highlighting the high growth potential in the liability side due to deposit migration [6] Recommended and Beneficiary Stocks - Recommended stock combination includes Huatai Securities, Guotai Junan, China Pacific Insurance, Tonghuashun, China Life, Ping An, GF Securities, CITIC Securities, and others [7]

Investment Rating - The report maintains a positive investment rating for the industry, highlighting significant growth in fund holdings and a shift towards index products [6]. Core Insights - The overall fund holdings have shown substantial growth, with non-monetary fund holdings of the top 100 sales institutions reaching 11.7 trillion, a 14.7% increase from the previous half [2]. - Equity fund holdings have rebounded, with a 16.7% increase to 6.0 trillion, while fixed income holdings grew by 12.7% to 5.7 trillion [2]. - The growth rate of passive funds outpaces that of active funds, with stock index funds increasing by 23.7% to 2.4 trillion [2]. - The concentration of top institutions is rising, with 57 brokerage firms in the top 100, and notable entries and exits among various categories [3]. Summary by Sections Fund Holdings Growth - Non-monetary fund holdings of the top 100 institutions reached 11.7 trillion, up 14.7% from the previous half [2]. - Equity fund holdings increased to 6.0 trillion, a 16.7% rise, while fixed income holdings reached 5.7 trillion, up 12.7% [2]. Performance of Different Fund Types - The three major indices saw an average increase of 27.2%, with the Wind equity fund index rising by 23.5% [2]. - Passive equity funds grew significantly, while active equity funds saw a more modest increase of 12.4% [2]. Institutional Concentration - The top 100 institutions include 57 brokerage firms, 25 banks, and 17 internet firms, with notable changes in rankings [3]. - The market share of banks increased to 21.5%, while internet firms reached 17.7%, and brokerage firms accounted for 11.4% [3]. Internet Sector Insights - Ant Group maintains a strong position with a non-monetary scale of 1.8 trillion, a 15.5% increase, and a market share of 8.0% [4]. - There is a notable differentiation in fixed income and equity layouts among internet firms, with significant growth in specific funds [4]. Banking Sector Insights - China Merchants Bank leads the banking sector with a non-monetary scale of 1.2 trillion, a 19.8% increase, and a market share of 5.5% [10]. - The bank is actively embracing index products, with significant growth in its equity and fixed income holdings [10]. Brokerage Sector Insights - Brokerage firms have seen a strong increase in index fund holdings, with a total of 1.3 trillion, a 21.7% rise [11]. - There is a notable divergence in the performance of active equity funds among different brokerage firms, with some experiencing significant declines [11]. Investment Recommendations - The report suggests focusing on brokerage firms with strong wealth management capabilities, such as GF Securities and Guotai Junan, as the market evolves [11].

Core Viewpoint - The A-share brokerage sector is expected to experience multiple favorable catalysts as the 2025 annual report disclosures progress, with a significant number of brokerages forecasting substantial profit growth [1][2]. Group 1: Performance Disclosure Timeline - The disclosure window for A-share listed brokerages' 2025 annual reports has opened, with a clear pattern of "leading firms first, followed by others," scheduled from March 20 to April 30 [2]. - The first report was released by Dongfang Caifu on March 19, followed by other firms like Shouchuang Securities and Xiangcai Securities [2]. - Major brokerages, including CITIC Securities and Guotai Junan, are set to disclose their reports in late March, while smaller firms will complete their disclosures by the end of April [2][4]. Group 2: Profit Forecasts - As of now, 26 listed brokerages have disclosed their 2025 profit forecasts, collectively achieving a net profit of 128.65 billion yuan, with an average profit of 4.95 billion yuan, reflecting a significant year-on-year growth of 65.16% [6][7]. - Among these, CITIC Securities leads with a projected net profit of 30.05 billion yuan, followed by Guotai Junan at 28.01 billion yuan, and other major firms also showing strong profit forecasts [7][8]. Group 3: Stock Buybacks - Brokerages are increasingly engaging in "cancellation-style" buybacks as a means of market value management, with nearly 10 firms announcing buyback plans since the introduction of the new "National Nine Articles" [10][11]. - As of March 20, nine brokerages have completed buyback plans, repurchasing a total of 263 million shares for a total of 2.57 billion yuan [10][12]. - Notably, Guotai Junan leads with a buyback scale of 1.21 billion yuan, followed by other firms like Zhongtai Securities and Caitong Securities [11][12]. Group 4: Market Outlook - The brokerage sector is poised for a recovery, supported by high profit growth and buyback activities, as indicated by the recent statements from the China Securities Regulatory Commission [16]. - Analysts express optimism regarding the sector's valuation and institutional positioning, suggesting that current levels present strategic investment opportunities [18]. - Factors influencing the sector's performance include market liquidity pressures, policy stability, and concerns over the sustainability of earnings, which analysts believe are likely to ease, paving the way for valuation recovery [18].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5][11][54]. Core Views - The company has a stable and diversified shareholding structure, with no controlling shareholder, which enhances its governance and stability [5][18]. - The asset management business is a key strength, contributing significantly to the company's profitability, with major contributions from its controlled and affiliated funds [7][22]. - The investment banking segment shows signs of recovery, with a notable increase in market share for both A-share IPOs and bond underwriting [8][34]. - International business expansion is supported by capital injections, enhancing the company's growth potential in overseas markets [9][41]. - The company has established a first-mover advantage in digital finance by issuing the first tokenized security in Hong Kong, which may strengthen its market position [43]. Summary by Sections 1. Investment Management - The asset management business is a cornerstone of the company's operations, with significant contributions from both its controlled and affiliated funds [22][23]. - The public fund business has seen a rebound in new fund issuance, with a record high in January 2026, indicating a positive trend for future performance [23][30]. 2. Investment Banking - The investment banking segment is recovering, with market share for A-share IPOs increasing from 0.59% to 1.01% from 2022 to 2025, and bond underwriting market share rising from 1.45% to 2.12% [8][34]. - The company achieved a remarkable 228% year-on-year growth in Hong Kong underwriting, reaching HKD 6.931 billion in 2025, marking its best performance in a decade [8][35]. 3. International Business - The company is actively expanding its international business, with a significant increase in revenue contribution from overseas operations, which rose from 3% to 7% from 2020 to 2025H1 [41]. - Capital injections into overseas subsidiaries are expected to enhance profitability and leverage, with the Hong Kong subsidiary's ROE at 11% as of 2025H1 [41][42]. 4. Financial Projections - The company forecasts net profits of RMB 15.3 billion, RMB 18.9 billion, and RMB 20.8 billion for 2025, 2026, and 2027, respectively, with growth rates of 58%, 24%, and 10% [11][53]. - The current price-to-book (PB) ratio is projected at 0.9 for 2025, indicating potential undervaluation compared to peers [11][54].

Core Viewpoint - The global capital market is currently influenced by the dual factors of geopolitical tensions and the transformative impact of AI, leading to increased risk premiums and disruptions in global supply chains [1] Group 1: Geopolitical Impact on A-shares - The recent escalation of the Middle East situation is expected to temporarily affect risk appetite in A-shares, but the medium-term positive trend remains intact [3] - The restructuring of international order and China's industrial innovation are seen as core drivers for the current A-share rally and the revaluation of Chinese assets [3] - Historical analysis indicates that military conflicts typically raise risk premiums and affect supply chains, but markets often stabilize and rebound within 1-2 weeks if conflicts do not escalate further [4] Group 2: AI Industry Evolution - The market's perception of AI technology is shifting from optimistic embrace to more rational scrutiny, leading to increased internal structural adjustments [5] - Investment logic is transitioning from chasing growth to focusing on certainty and scarcity, with an emphasis on sectors that provide stable cash flows and have low elimination rates [6] Group 3: Investment Strategies and Sector Focus - The focus for investment should be on sectors with pricing power and low valuations, particularly in Chinese manufacturing, chemicals, non-ferrous metals, and renewable energy [9] - The "HALO" investment strategy, which emphasizes heavy assets and low elimination rates, is gaining traction, with sectors like oil, petrochemicals, and utilities performing well [5][6] - The consensus among various brokerages suggests that "upstream resources, advanced manufacturing, and AI technology" are the three main investment lines, with non-ferrous metals and chemicals being widely recommended [8]