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 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 （第五期） 发行公告 牵头主承销商 （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《廣發証券股份有限公司2025年面向專 業投資者公開發行次級債券（第五期）發行公告》。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 2025年11月14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 ...

广发证券(01776)公布，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公司债券(第六期)符合深圳证券交易所债券上市条件，将于2025年11月17日起在深 圳证券交易所上市，并面向专业机构投资者交易。本期债券品种一发行总额为33.1亿元，品种二发行总 额为11.6亿元。 ...

智通财经APP讯，广发证券(01776)公布，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公司债券(第六期)符合深圳证券交易所债券上市条件，将于 2025 年 11 月 17 日起在深圳证券交易所上市，并面向专业机构投资者交易。本期债券品种一发行总额为33.1 亿元，品种二发行总额为11.6亿元。 ...

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 董事長 中國，廣州 2025年11月14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。 广发证券股份有限公司 2025 年面向专业投资者 公开发行公司债券（第六期） （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《廣發証券股份有限公司2025年面向專 業投資者公開發行公司債券（第六期）在深圳證券交易所上市的公告》。茲載列如 下，僅供參閱。 ...

Group 1 - Qingdao Bank (SZ 002948) announced an investor research meeting scheduled for November 14, 2025, from 14:00 to 15:30, where executives and relevant department heads will participate and answer investor questions [1] - For the first half of 2025, Qingdao Bank's revenue composition shows that interest income accounted for 81.78%, while non-interest income made up 7.48% [1] - As of the report date, Qingdao Bank's market capitalization is 29.3 billion yuan [1]

Market Overview - The participation fund sector declined by 0.53% on November 14, with Changjiang Securities leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers included: - Zhongshun Group (Code: 000039) with a closing price of 8.94, up 9.96% [1] - Guomai Technology (Code: 002093) with a closing price of 11.90, up 2.15% [1] - Major decliners included: - Changjiang Securities (Code: 000783) with a closing price of 8.80, down 2.98% [2] - Huatai Securities (Code: 601688) with a closing price of 22.17, down 2.93% [2] Capital Flow Analysis - The participation fund sector experienced a net outflow of 2.136 billion yuan from institutional investors, while retail investors saw a net inflow of 1.242 billion yuan [2] - The overall capital flow indicated that speculative funds had a net inflow of 894 million yuan [2] Detailed Capital Flow by Stock - Key stocks with significant capital flow: - Zhongshun Group had a net inflow of 597 million yuan from institutional investors, but a net outflow of 378 million yuan from speculative funds [3] - Industrial and Commercial Bank of China (Code: 601398) saw a net inflow of 145 million yuan from institutional investors [3] - Other stocks like Northeast Securities (Code: 000686) and Hanhua Technology (Code: 600226) showed mixed capital flows with both inflows and outflows from different investor types [3]

Core Viewpoint - The overall revenue growth rate of the chemical pharmaceutical industry is projected to be -2.1% for Q1-Q3 2025, while the net profit margin (excluding non-recurring items) is expected to be 12.5%, indicating short-term revenue pressure but continuous improvement in profitability [1][2]. Group 1: Industry Performance - The pharmaceutical industry is experiencing a decline in revenue growth, with a rate of -2.1% for Q1-Q3 2025, but profitability is on the rise, as indicated by a net profit margin of 12.5% [1]. - Research and development (R&D) expenditure is increasing, with an R&D expense ratio of 9.6% for the first three quarters of 2025, up by 0.7 percentage points year-on-year [1]. - The financial data of 18 A-share biotech companies shows a revenue of 10 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.3%, while the net loss (excluding non-recurring items) has narrowed by 25.2% [1]. Group 2: Internationalization and Innovation - The internationalization of domestic pharmaceutical companies is crucial for innovation upgrades, with a total transaction amount of 93.7 billion USD for Q1-Q3 2025, matching the total amount of foreign transactions [2]. - The number of transactions reached 230, with upfront payments totaling 5 billion USD, both figures surpassing the total for the entire year of 2024, indicating a growing emphasis on independent R&D capabilities [2]. Group 3: Investment Opportunities - The domestic pharmaceutical industry is expected to benefit from a new product cycle driven by innovation and internationalization, presenting medium to long-term investment opportunities [3]. - The implementation of the "Full Chain Support for Innovative Drug Development" plan clarifies the industry's development direction, emphasizing continuous quality improvement in innovation [3]. Group 4: Recommended Stocks - Recommended stocks in the innovative drug sector include: 恒瑞医药 (600276.SH), 科伦博泰生物-B (06990), 百利天恒-U (688506.SH), and others [4]. - In the specialty drug sector, recommended stocks include: 人福医药 (600079.SH), 恩华药业 (002262.SZ), and 东诚药业 (002675.SZ) [4].

Core Insights - The company aims to leverage its asset management institutions' resources to create a comprehensive product supply system and establish a leading asset management brand in the industry [1] - The company is continuously optimizing its business structure and enhancing its investment research system [1] - As of September 2025, the public fund management scale of Guangfa Fund and E Fund, excluding money market funds, ranks third and first in the industry, respectively [1]

Market Overview - On November 14, the securities sector declined by 1.42%, with Changjiang Securities leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers included Huachuang Yuxin, which rose by 2.41% to a closing price of 7.65, and Dongbei Securities, which increased by 0.70% to 10.10 [1] - Major decliners included Changjiang Securities, which fell by 2.98% to 8.80, and Huatai Securities, down 2.93% to 22.17 [2] Trading Volume and Value - The trading volume for Huachuang Yuxin was 859,400 shares, with a transaction value of 666 million yuan [1] - Changjiang Securities had a trading volume of 1,008,200 shares, with a transaction value of 896 million yuan [2] Capital Flow Analysis - The securities sector experienced a net outflow of 3.399 billion yuan from institutional investors, while retail investors saw a net inflow of 1.989 billion yuan [2] - The net inflow from speculative funds was 1.409 billion yuan [2] Detailed Capital Flow for Selected Stocks - Dongbei Securities had a net inflow of 19.9 million yuan from institutional investors, while it faced a net outflow of 3.2652 million yuan from speculative funds [3] - Huachuang Yuxin saw a net inflow of 30.2283 million yuan from institutional investors, but a net outflow of 1.2207 million yuan from speculative funds [3]

Group 1: Business Strategy and Development - The company has accelerated the transformation of traditional businesses, enhancing competitive strength [2] - Focus on optimizing business structure and advancing international strategy [2] - Emphasis on customer-driven development and improving comprehensive service capabilities [2] - Commitment to embracing technological revolution and accelerating digital transformation [2] Group 2: Wealth Management Business - The company is dedicated to being a responsible wealth manager, aligning with high-quality development and digital platform strategies [4] - Focus on high-quality client base and efficient online operations, enhancing customer foundation and standardized operations [4] - Accelerating the transition to buy-side advisory services and strengthening multi-asset allocation capabilities [4] - Comprehensive construction of AI service functions to enhance customer experience [4] Group 3: Derivatives Business - The company, as a primary dealer in OTC derivatives, is enhancing team and system capabilities [5] - Continuous development of product offerings and risk management solutions for institutional clients [5] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management [6] - The company is building a diverse product supply system to provide clients with superior strategies and diverse products [6] - As of September 2025, the public fund management scale of Guangfa Fund ranks third in the industry, while E Fund ranks first, excluding money market funds [7]