研报掘金丨开源证券：维持广发证券“买入”评级，配售H股及发行可转债，中长期利好国际业务

Core Viewpoint - The report from Open Source Securities indicates that GF Securities' placement of H-shares and issuance of convertible bonds will dilute total shares by 4% and H-shares by 19%, which is beneficial for international business in the medium to long term [1] Group 1 - The placement and issuance of convertible bonds will result in a 19% dilution of H-shares and a 4% dilution of total share capital [1] - The raised funds will be entirely used to increase capital for the company's overseas subsidiaries, supporting the development of international business [1] - Short-term pressure on stock prices, particularly in the Hong Kong market, is expected, but medium to long-term benefits for overseas business development and overall return on equity (ROE) are anticipated [1] Group 2 - The company’s fund management division holds a solid position in the industry and is expected to benefit from the beta of the cyclical fund market following a bull market [1] - The investment rating is maintained at "Buy" [1]