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） 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。 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）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 2025年11月25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。 （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。 广发证券股份有限公司 2025 年面 ...

Group 1 - The core viewpoint of the article is that GF Securities has been included in the MSCI China Index, effective November 25, 2025, which signifies its recognition in the international capital market [1][4]. - MSCI indices are widely adopted benchmarks for institutional investors, with strict selection criteria based on market capitalization, stock liquidity, and industry representation [3]. - The inclusion of GF Securities in the MSCI China Index enhances its visibility and investment appeal among global investors, providing a diversified option for allocating Chinese assets [4]. Group 2 - GF Securities is recognized as a leading comprehensive securities company in China, characterized by stable operating performance, a complete business system, and a balanced business structure [4]. - The addition of GF Securities to the MSCI China Index reflects its long-term investment value and authority recognition in the global capital market [4].

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） 在深圳证券交易所上市的公告 | 债券名称 | 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） | | | | | | | | | | | 债券简称 | 广发 25 C7 | | | | | | | | | | | 债券代码 | 524544 | | | | | | | | | | | 信用评级 | 主体评级 AAA/债项评级 | | | | | AAA | | | | | | 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） | 29.5 | | | | | | | | | | | 债券期限 | 年 3 | | | | | | | | | | | 票面年利率（％） | 2.00 | | | | | | | | | | | 利率形式 | 固定利率 | | | | | | ...

资金面上看，两市主力资金全天净流入132.15亿元，今日有19个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨2.14%，全天净流入资金50.00亿元，其次是通信行业，日涨幅为 3.54%，净流入资金为48.81亿元。 | 600927 | 永安期货 | 0.21 | 0.26 | -4.84 | | --- | --- | --- | --- | --- | | 600918 | 中泰证券 | -0.15 | 0.45 | 129.60 | | 603300 | 海南华铁 | 1.36 | 3.48 | 145.44 | | 600061 | 国投资本 | 0.27 | 0.40 | 172.63 | | 000567 | 海德股份 | 4.16 | 2.01 | 183.43 | | 002961 | 瑞达期货 | 1.04 | 1.55 | 248.90 | | 600369 | 西南证券 | 0.00 | 0.50 | 251.25 | | 300773 | 拉卡拉 | 1.91 | 2.26 | 379.20 | | 600999 | 招商证券 | 0.18 | 0.41 | ...

央行持续加码中长期资金投放。11月25日中国人民银行将以固定数量、利率招标、多重价位中标方式开 展10000亿元MLF操作，期限为1年期。 广发证券表示，重新审视本轮AH牛市的基础，近期并没有发生改变。 第一，中国经济长尾风险的担忧 逐步缓解。第二，一些中国优势产业全球竞争力显著提升，经济结构转型体现在了今年上市公司的基本 面上。在传统内需资产ROE持续下行的背景下，整体A股仍然出现了连续3个季度的ROE企稳。第三， 资本市场定位提升，市场不缺钱、居民存款搬家才刚刚开始，未来空间可期。 截止11月25日13:12，A股反弹，沪指盘中涨超1%，A500ETF银河(563660)上涨1.24%。 成分股方面，沪电股份(002463)上涨10.01%，巨人网络(002558)上涨9.99%，方大炭素(600516)上涨 9.97%，东山精密(002384)，深南电路(002916)等个股跟涨。 在此背景下，以 A500 指数为代表的宽基核心资产指数备受关注。银河基金身为国内资产管理能力突出 的老牌基金公司，深耕资管领域23载 。作为银河基金旗下紧密跟踪中证 A500 指数的 ETF 产品， A500ETF 银河 ( ...

Group 1 - The core point of the article is the appointment of Mr. Ouyang Xi as an executive director of Hui Li Group, effective immediately [1] Group 2 - Mr. Ouyang Xi is 57 years old and has a diverse background in finance and investment banking [3] - He will also serve as the deputy general manager of the major shareholder of Hui Li Group, Guangfa Securities, starting from May 2024 [4] - His previous roles include positions at Guangdong Mechanical College, Guangfa Securities, and Guangfa Fund Management, showcasing extensive experience in the financial sector [4]

Group 1 - The China Securities and Insurance Index (399966) has shown a strong increase of 1.06% as of November 25, 2025, with key stocks such as China Life Insurance (601628) rising by 2.92% and China Pacific Insurance (601601) also experiencing gains [1] - The latest data indicates that among 118 available personal pension insurance products, annuity insurance dominates with nearly 60% of the total, while over 40% are dividend-type insurance products, providing flexible returns for investors [1] - The new "National Ten Articles" emphasizes high-quality development under a strong regulatory and risk prevention framework, suggesting a focus on large comprehensive insurance companies with competitive advantages [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the China Securities and Insurance Index (399966) account for 62.44% of the index, including major players like Ping An Insurance (601318) and CITIC Securities (600030) [2]

Core Viewpoint - The report from GF Securities highlights the rapid development of AI models and applications globally, driven by the scaling law and increasing demand for AI inference, which in turn boosts AI storage growth. The domestic AI industry is also experiencing continuous innovation and growth, suggesting a focus on both overseas and domestic AI industry chain-related stocks [1]. Group 1: Electronics Industry - The electronics industry continues to show high prosperity, with a revenue growth of 11% year-on-year and a net profit growth of 29% in the first three quarters of 2025. In Q3 2025, the industry saw a revenue increase of 13% year-on-year and 12% quarter-on-quarter, with net profit rising by 44% year-on-year and 22% quarter-on-quarter [1]. Group 2: Consumer Electronics - The consumer electronics sector is experiencing upward momentum, with a revenue growth of 19% year-on-year and 26.5% quarter-on-quarter in Q3 2025. For the first three quarters of 2025, the sector's revenue increased by 14%. The net profit for Q3 2025 grew by 26% year-on-year and 37% quarter-on-quarter, with a 15% year-on-year increase for the first three quarters [2]. Group 3: Semiconductor Industry - The semiconductor industry shows significant profit improvement, with a revenue growth of 8% year-on-year in the first three quarters of 2025. In Q3 2025, the sector's revenue grew by 5%, marking the 11th consecutive quarter of year-on-year growth. The net profit for the first three quarters increased by 35%, while Q3 2025 saw a 73% year-on-year increase in net profit [3]. The gross margin for the semiconductor sector was 26.3% for the first three quarters, up by 1.7 percentage points year-on-year, and 28.0% in Q3 2025, reflecting a 3.2 percentage point increase year-on-year [3].

Group 1 - The core viewpoint of the news highlights the positive performance of the securities market, with the Guozheng Securities Leading Index (399437) rising by 0.63% and significant gains in major securities firms such as Guotai Junan (601211) and Changjiang Securities (000783) [1] - The market showed strong momentum with the Shanghai Composite Index increasing by over 1% and the ChiNext Index rising by over 2%, indicating a robust trading environment with a half-day turnover of 1.17 trillion yuan, an increase of 149.3 billion yuan compared to the previous trading day [1] - East China Securities emphasized the effectiveness and direction of the new "Nine National Policies" for capital markets, suggesting a focus on mergers and acquisitions, wealth management transformation, innovative licensing, and ROE improvement as key investment themes [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index (399437) include Dongfang Caifu (300059), CITIC Securities (600030), and Huatai Securities (601688), with these stocks collectively accounting for 78.89% of the index [2]

Group 1: Construction Materials Sector - The construction materials sector is currently at a low point in terms of profitability, valuation, and holdings, but some leading companies have begun to recover from this bottom, with expectations of a revival in consumer building materials driven by policy support [1] - Despite the basic fundamentals still being on the downside, the sector has experienced a four-year decline, and the supply clearing and transformation of revenue structures are benefiting some leading companies, which are showing signs of stabilization in operations [1] - The report highlights strong operational resilience among leading companies in the consumer building materials segment, with a stable long-term demand and an improving competitive landscape, indicating significant growth potential for quality leaders [1] Group 2: Cement Market - The national average price of cement has slightly decreased by 0.4% week-on-week, with the current price at 351 RMB/ton, reflecting a year-on-year drop of 77.67 RMB/ton [2] - The national cement shipment rate stands at 45.73%, showing a week-on-week decline of 0.47% and a year-on-year decrease of 4.40 percentage points [2] - The industry valuation remains at historical low levels, with a focus on companies such as Huaxin Cement, Conch Cement, and others [2] Group 3: Glass Market - The price of float glass has weakened, with the average price at 1154 RMB/ton, down 2.8% week-on-week and 20.6% year-on-year [3] - Inventory levels have increased, with stock days rising to 30.36 days, indicating a growing supply [3] - Leading glass companies are currently undervalued, with attention on firms like Xinyi Glass and others [3] Group 4: Fiberglass and Composite Materials - The market price for fiberglass yarn has shown slight fluctuations, with mainstream transaction prices for 2400tex yarn ranging from 3250 to 3700 RMB/ton, reflecting a 0.2% increase week-on-week [4] - Electronic yarn prices have remained stable, with G75 mainstream quotes between 8800 and 9300 RMB/ton [4] - Leading companies in the fiberglass and composite materials sector are well-positioned, with a focus on firms like China Jushi and others [4]