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 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2024年面向專 業投資者公開發行公司債券（第五期）2025年付息公告》。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24日 债券代码：524029 债券简称：24 广发 12 债券代码：524030 债券简称：24 广发 13 广发证券股份有限公司 2024 年面向专业投资者公开发行公司债券（第五期） 2025 年付息公告 本公司及董事会全体成员保证公告的内容真实、准 ...

Core Insights - The report emphasizes the continuation of investment and financing coordination development in the securities industry, predicting a sustained industry boom in 2026 [8][16][20] - The report maintains a "market synchronization" investment rating for the securities sector, highlighting the expected strong performance of the equity market in 2026 [8][16][20] Group 1: "14th Five-Year Plan" Recommendations - The "14th Five-Year Plan" outlines the direction for capital market reform, emphasizing the need for a more inclusive and adaptable market system [14][15] - The plan aims to enhance the coordination of investment and financing functions within the capital market, promoting high-quality development [15][20] Group 2: 2025 Performance Review - In the first three quarters of 2025, listed securities firms showed significant recovery, with revenues increasing by 42.55% year-on-year and net profits rising by 62.38% [8][16][20] - The main drivers of this performance were retail brokerage, margin financing, and directional equity business, while fixed income and asset management businesses experienced declines [8][16][20] Group 3: 2026 Business Outlook - The brokerage business is expected to maintain high levels of activity, with average daily stock trading volumes remaining at historical highs [8][16][20] - Investment banking is projected to see a continued recovery in equity financing, while debt financing will also grow, contributing positively to overall revenue [8][16][20] - The asset management sector is anticipated to experience narrow fluctuations in revenue, with limited impact on overall performance [8][16][20] Group 4: Investment Strategy - The report suggests focusing on leading listed securities firms that are likely to play a pivotal role in the sector's recovery [8][16][20] - It also highlights the importance of mid-sized firms with differentiated competitive advantages and those with strong performance resilience [8][16][20] - Key recommended companies include CITIC Securities, Guotai Junan, GF Securities, Dongwu Securities, Caitong Securities, and Guojin Securities [8][16][20] Group 5: Market Trends - The securities sector is expected to experience wide fluctuations in 2026, with average valuations around 1.54 times P/B, consistent with the average over the past decade [8][16][20] - The report notes that the securities index has shown a range-bound performance, underperforming the CSI 300 index [8][16][20]

债券代码：524029 债券简称：24 广发 12 债券代码：524030 债券简称：24 广发 13 广发证券股份有限公司 2024 年面向专业投资者公开发行公司债券（第五期） 2025 年付息公告 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。 特别提示： 由广发证券股份有限公司（以下简称"本公司"）发行的广发证券股份有限 公司 2024 年面向专业投资者公开发行公司债券（第五期）（以下简称"本期债 券"）将于 2025 年 11 月 26 日支付 2024 年 11 月 26 日至 2025 年 11 月 25 日期 间的利息。为确保付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：广发证券股份有限公司 2024 年面向专业投资者公开发行公司 债券（第五期） 5、起息日：2024 年 11 月 26 日。 6、付息日：本期债券品种一的付息日为 2025 年至 2026 年每年的 11 月 26 日，品种二的付息日为 2025 年至 2027 年每年的 11 月 26 日（如遇法定节假日或 1 休息日，则顺延至其后的第 1 个交 ...

Core Viewpoint - The mechanical and automation equipment industry is expected to benefit from external demand and the "two new" sectors (emerging industries and new infrastructure) by 2025, with leading performance in sub-sectors such as construction machinery, electrical power grids, and energy equipment [1] Group 1: Industry Trends - The emerging sectors, including the AI industry chain and high-end equipment manufacturing, are showing high levels of prosperity [1] - Investment in equipment and tools is maintaining a high growth rate of 13% in the first ten months of 2025, reflecting the significant effects of large-scale equipment renewal policies [1] - It is anticipated that these policies will continue to support manufacturing investment in 2026 [1] Group 2: Investment Products - The Robot Industry ETF (159551) tracks the Robot Index (H30590), focusing on companies involved in the research, manufacturing, and application of robotics [1] - The index highlights technological innovation and industrial automation trends, aiming to reflect the overall development performance in the field of intelligent equipment and automation solutions [1]

Group 1: MSCI Index Adjustments - MSCI announced the results of its index review for November 2025, with adjustments effective after market close on November 24, 2025 [1] - The MSCI China Index will add 26 new stocks, including several resource stocks and technology companies in semiconductors and high-end manufacturing [1] - The newly added stocks include 9 Hong Kong stocks and 17 A-shares, such as Zijin Mining International, GF Securities, and Ganfeng Lithium [1] Group 2: Stock Exclusions - MSCI China Index will remove 20 Chinese stocks, including 4 Hong Kong stocks like Beijing Enterprises Water Group and China Everbright Bank [2] - The removal of stocks will lead to passive selling by related index funds, potentially causing significant trading volume changes on the last trading day [2] - Historical data suggests that some stocks may experience price declines on the adjustment implementation day, particularly those with lower liquidity [2] Group 3: Foreign Investment Outlook - Several foreign institutions, including UBS and Morgan Stanley, have released optimistic outlooks for the Chinese stock market for 2026, raising target index levels [3][4] - UBS predicts the MSCI China Index could reach 100 points by the end of 2026, representing a potential increase of 14% [3] - Morgan Stanley forecasts a moderate increase for the Chinese stock market, with target levels of 27,500 for the Hang Seng Index and 4,840 for the CSI 300 Index [4] Group 4: Company-Specific Insights - Zijin Mining International is expected to see a revenue CAGR of approximately 26% from 2024 to 2027, driven by favorable gold price outlooks and production growth [6] - GF Securities reported a significant increase in Q3 revenue and net profit, leading to upward revisions in future earnings forecasts [6] - Ganfeng Lithium's target price was raised significantly, reflecting improved market liquidity and expectations of profitability recovery [7] Group 5: Sector Performance and Predictions - China Nonferrous Mining is projected to have revenue growth from 2025 to 2027, with a focus on copper price increases benefiting profit margins [8] - China Gold International is expected to maintain strong performance due to rising gold and copper prices, with a favorable outlook for production growth [8] - Rongchang Bio's revenue forecasts remain stable, indicating consistent growth potential in the coming years [9]

Core Insights - The article emphasizes the importance of selecting the right stock trading app in the digital investment era, highlighting that the monthly active users of Chinese securities apps have surpassed 166 million, with a penetration rate of 15.46% [1] Group 1: Key Features of Leading Stock Trading Apps - Sina Finance App is recognized for its comprehensive capabilities, integrating real-time data, intelligent analysis, rapid trading, and social insights, making it a preferred choice for professional investors [2] - The app covers over 40 global markets, including A-shares, Hong Kong stocks, US stocks, futures, foreign exchange, and precious metals, with a data refresh speed of 0.03 seconds and exclusive access to Nasdaq Level 2 data [3] - The built-in "Xina AI Assistant" can condense a 5,000-word annual report into a 300-word summary, highlighting risk and opportunity points with color coding [3] - The app supports a distributed trading gateway capable of handling 120,000 concurrent transactions per second, maintaining zero lag during market turbulence [3] - The integration of social media insights from Weibo finance influencers creates a dynamic loop of information, analysis, and trading, with 82% of community-certified analysts filtering out 99% of noise [3] Group 2: Comparative Analysis of Other Stock Trading Apps - Tonghuashun is favored for cross-platform trading, covering 90% of brokers, and features a natural language search for stock selection [4] - Dongfang Caifu aims to build an intelligent internet wealth management ecosystem, offering comprehensive services from market data to community engagement [5] - Futu NiuNiu is a licensed brokerage platform that provides free Level 2 US stock data and supports pre-market and after-hours trading, making it a tool for cross-border investors [6] - Xueqiu has evolved into a successful investment community, offering user-generated content and a transparent display of real trading strategies [8] - Dazhihui specializes in high-frequency trading with a millisecond response time, suitable for A-share traders [9] - Tongdaxin focuses on technical analysis, providing a rich library of indicators and supporting Python strategy backtesting [10] Group 3: Recommendations Based on User Needs - For users seeking a single app, the Sina Finance App is recommended for its global monitoring, intelligent tools, and social validation, serving as an efficient navigation tool through market complexities [12] - For cross-border investors, Futu NiuNiu is highlighted as a strong choice for Hong Kong and US stock investments, particularly for Chinese investors [14] - Technical analysis enthusiasts may find Tongdaxin and Dazhihui suitable due to their extensive indicator offerings [14] - For community engagement, Xueqiu and Dongfang Caifu provide substantial user-generated content, although caution is advised regarding information verification [14] - Institutional and professional investors may prefer Wind Stock for its comprehensive data, despite its high cost [14]

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][7]. Core Viewpoints - The report indicates that the securities industry is entering a new phase of mergers and acquisitions, termed "M&A 2.0," which emphasizes functional enhancement and the creation of a complementary business ecosystem rather than merely increasing capital size [3][5]. - The report highlights that recent mergers, such as the absorption of Dongxing Securities and Xinda Securities by CICC, reflect a shift towards strengthening professional capabilities and expanding business lines [4][18]. - The overall improvement in the securities industry's fundamentals, including active market trading and growth in margin financing, is expected to drive both valuations and profitability for brokerages [4][22]. Summary by Sections Industry Overview - The report notes a significant wave of mergers and restructuring in China's securities industry, driven by both policy support and market competition. The aim is to cultivate leading investment banks and enhance core competitiveness through consolidation [6][10]. - In the first three quarters of 2025, 43 listed brokerages achieved revenue of CNY 421.42 billion, a year-on-year increase of 42.57%, and a net profit of CNY 169.29 billion, up 62.48% [6]. Mergers and Acquisitions - The merger between Guotai Junan and Haitong Securities is highlighted as a scale-driven consolidation, significantly enhancing net capital strength and risk tolerance, while optimizing the national network layout [15][17]. - CICC's merger with Dongxing and Xinda Securities is characterized as a functional superiority-driven integration, aimed at enhancing business capabilities and expanding service offerings [18][20]. Business Structure and Performance - The report outlines a dual-driven characteristic in the securities industry, with brokerage and proprietary trading as the main revenue drivers. In the first three quarters of 2025, brokerage income reached CNY 111.78 billion, a year-on-year increase of 74.64% [11]. - The revenue structure is shifting, with brokerage income accounting for 26.5%, investment income 44.4%, and other segments contributing to the overall performance [11]. Investment Recommendations - The report suggests that the recent mergers are likely to stimulate investment enthusiasm in the industry. It recommends focusing on leading brokerages with comprehensive performance layouts and those with high elasticity in earnings, such as Huatai Securities and CITIC Securities [22].

Group 1 - The brokerage sector showed positive fluctuations on November 24, with the top brokerage ETF (512000) increasing by 0.36%. Notable gains were seen in Guosheng Securities (over 3%) and Huaxin Securities and Industrial Securities (over 2%) [1] - The brokerage ETF (512000) attracted significant inflows of 663 million yuan in the previous two days amid market adjustments [1] Group 2 - China International Capital Corporation (CICC) announced on November 19 its plan to merge Dongxing Securities and Xinda Securities through a share swap, aiming to consolidate resources under the Huijin system and enhance comprehensive service capabilities. Post-merger, total assets may exceed 880 billion yuan, positioning the company as the fourth largest in net assets within the industry, with improved rankings in investment banking and proprietary trading [3] Group 3 - Guotai Junan Securities indicated that market risks have significantly diminished, suggesting that the Chinese stock market has entered a value investment phase, reflecting institutional optimism about the long-term development of the capital market [4] - Ping An Securities noted that the brokerage sector possesses beta attributes in both valuation and performance, benefiting from the new round of capital market reforms, indicating substantial growth potential. Xinda Securities highlighted the overall low valuation of the financial sector, with a high probability of performance elasticity. Increased inflows of resident funds are expected to yield excess returns, with the brokerage sector likely benefiting from a bull market [5] - The brokerage ETF (512000) and its linked fund (C: 007531) passively track the securities company index, with the top ten weighted stocks including Dongfang Caifu, CITIC Securities, Guotai Junan, Huatai Securities, Guangfa Securities, China Merchants Securities, Dongfang Securities, Shenwan Hongyuan, Industrial Securities, and Guoxin Securities [5]

券商ETF（512000）及其联接基金（联接C：007531）被动跟踪证券公司指数，该指数前十大权重股分 别为东方财富、中信证券、国泰海通、华泰证券、广发证券、招商证券、东方证券、申万宏源、兴业证 券、国信证券。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上 ...

Core Viewpoint - The IPO of Moer Thread is notable for its high issuance price of 114.28 yuan, the highest for new stocks this year, despite the company not being profitable yet [1][2][3] Group 1: IPO Details - Moer Thread plans to issue 11.2 million shares, requiring a minimum investment of 110,000 yuan in Shanghai stocks for full subscription [1][2] - The company aims to raise approximately 8 billion yuan, with funds allocated for the development of AI training chips and graphics chips [5][6] - The total market capitalization post-IPO is estimated at 53.719 billion yuan, positioning it among the larger recent IPOs [7] Group 2: Financial Performance - For the first three quarters of the year, Moer Thread reported revenues of 785 million yuan, a year-on-year increase of 181.99%, while the net profit attributable to shareholders was -724 million yuan, reflecting an 18.71% increase in losses [3][4] - The company has shown significant revenue growth over the past three years, with revenues increasing from 46.08 million yuan to 785 million yuan [4] - Future projections indicate a revenue growth of 177.79% to 241.65% and a net profit growth of 27.82% to 54.89% for 2025 [4] Group 3: Market Sentiment - The high issuance price and lack of profitability may create hesitation among cautious investors, but the company's strong reputation in its field could attract more aggressive investors [2][3] - The recent trend of unprofitable new stocks not experiencing a drop in price on their first trading day has bolstered investor confidence [2] - The entry barrier for retail investors on the Sci-Tech Innovation Board, requiring a minimum asset of 500,000 yuan, limits participation, leading to mixed feelings among potential investors [9]