2026.01. 07 本文字数：845，阅读时长大约2分钟 作者 | 第一财经 李隽 1月6日晚间，广发证券（000776.SZ，01776.HK）公告称，拟以18.15港元/股的价格，发行股 份，加上可转债共计融资61亿港元。7日，广发证券H股一度大跌超过5%，一度跌破19港元；A股 当天下跌2.61%，报收23.16元。 在业内人士看来，目前A股与港股市场情绪较好，内地券商补充资本符合行业惯例，而且配售附带锁 定期，折价属于常见安排。不过，也有市场人士提醒，广发证券这次融资后，预计市场继续向好，如 果后续有其他券商集中启动大额融资项目，可能预示板块估值已经修复到一定程度，投资者需关注后 续波动风险。 根据公告，广发证券拟以每股18.15港元的价格，向不少于六名独立专业机构配售2.19亿股，预计融 资39.75亿港元；同时拟发行零票息可转换债券，转股价19.82港元，预计融资21.5亿港元，合计募 集资金约61亿港元。 广发证券于2015年4月10日在港交所主板挂牌，发行价18.85港元，IPO募资约280亿港元；上市十 年间，每年现金分红在每股0.35元至0.8元人民币之间。2015年6月1日，华泰证券 ...

四、配售新 H 股和发行可转换债券) 1月6日晚间，广发证券（000776.SZ，01776.HK）公告称，拟以18.15港元/股的价格，发行股份，加上可转债共计融资61亿港元。7日，广发证券H股一度大 跌超过5%，一度跌破19港元；A股当天下跌2.61%，报收23.16元。 | 股东(附注 1) | | 于本公告日期 | | 紧随完成配售后但? 转换前 | | | --- | --- | --- | --- | --- | --- | | | 股份 | | 占已发行股 | | 占1 股1 | | | 类别 | 股份数目 | 份总数概约 | 股份数目 | 相先乡 | | | | | 百分比(%) | | E | | 吉林 敖东药业集 团股份有限公司 | A 股 | 1,252,768,767 | 16.47 | 1,252,768,767 | | | 辽宁成大股份有 | A 股 | 1.250.154.088 | 16.44 | 1.250.154.088 | | | 限公司 | | | | | | | 中山公用事业集 | A 股 | 686.754.216 | 9.03 | 686.754.216 | | ...

近期，已有多家券商获批发行百亿元级别大额债券。例如，12月11日晚间，招商证券发布公告称，收到 中国证监会批复，同意公司向专业投资者公开发行面值总额不超过400亿元公司债。 本报记者 于宏 当前，资本实力已成为影响券商经营与发展的关键因素之一。今年以来，为把握资本市场向好带来的发 展机遇，券商积极通过发行债券等多种方式补充资本金，以优化公司业务结构、提升盈利能力及市场竞 争力。 多因素驱动券商发债升温 整体来看，今年以来，券商发债"热情"较去年显著提升。Wind资讯数据显示，截至12月12日，年内券 商合计在境内发行了925只债券，发行规模合计达1.8万亿元，较去年同期增长44.79%。具体来看，年内 券商合计发行证券公司债502只，发行规模达1.08万亿元；发行证券公司短期融资券311只，发行规模为 5408.7亿元；发行证券公司次级债112只，发行规模为1812.89亿元。 对此，巨丰投资首席投资顾问张翠霞在接受《证券日报》记者采访时表示："年内券商发债规模同比显 著增长，受到多重因素的驱动。首先，在市场交投活跃背景下，券商扩张业务规模的意愿和资金需求更 加旺盛，通过发行债券进行融资，可以快速有效地补充运 ...

Core Insights - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by brokerages, with a total issuance exceeding 1.7 trillion yuan, a nearly 50% year-on-year increase [1] - The expansion of brokerages' balance sheets is driven by increased operational settlement funds due to market conditions and a strategic shift towards heavier asset management businesses [1] - Major brokerages like China Galaxy, Guotai Junan, and Huatai Securities have issued the most bonds this year, with issuance amounts of 138.9 billion, 127.3 billion, and 125.6 billion yuan respectively, yet their leverage ratios remain relatively low [1][2] Debt Structure and Financing Costs - As of Q3 2025, the equity multipliers (excluding client transaction margins) for the top three brokerages are 4.23, 4.69, and 3.86, ranking them ninth, sixth, and thirteenth among 43 listed brokerages [2] - The highest equity multipliers are held by CICC, Shenwan Hongyuan, and CITIC Securities, at 5.42, 5.26, and 4.83 respectively, indicating a reliance on interbank financing rather than bond issuance [3] - The sell-buyback financial assets account for 24.40% and 17.53% of total liabilities for the 43 listed brokerages, with other liabilities not exceeding 8% [3] Sell-Buyback Financing - Shenwan Hongyuan's sell-buyback financial assets account for 32.72% of its total liabilities, ranking third in the industry, indicating a strong reliance on this financing method [4] - The average financing cost for CITIC Securities is 2.65%, with a significant portion of its liabilities coming from sell-buyback agreements, which typically have lower interest rates compared to bond issuance [4] - The financing cost structure shows that brokerages with higher sell-buyback ratios tend to have lower overall financing costs, with the lowest costs observed in Guosheng Securities, Dongwu Securities, Guohai Securities, and Hualin Securities [5] Market Trends and Historical Context - The reliance on sell-buyback financing peaked in 2014, with a total of 788.6 billion yuan, but decreased significantly after 2015 due to tighter liquidity and regulatory changes [10] - Following the resolution of major health issues in 2022, the capital market entered a new "interest rate reduction" cycle, leading to a 25% increase in sell-buyback financial assets from 1.96 trillion yuan in 2022 to 2.46 trillion yuan in 2024 [11] - The current trend indicates that brokerages favor sell-buyback financing for its lower costs and flexibility, but this approach carries risks related to market volatility and liquidity [11]

Core Insights - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by brokerages, with 73 brokerages issuing over 1.5 trillion yuan in domestic bonds, a year-on-year increase of nearly 60% [1][2] - CITIC Securities, a leading brokerage, has been less active in bond issuance compared to its peers, issuing 29 bonds totaling 87.7 billion yuan, ranking 9th in quantity and 5th in scale [1][2] - The lower reliance on credit bonds by CITIC Securities compared to other major brokerages indicates a different financing strategy, primarily through accounts payable [2][10] Group 1: Bond Issuance and Market Trends - The bond issuance by brokerages is driven by increased operational settlement funds and a shift towards heavy asset business allocation [1] - CITIC Securities' bond issuance is notably lower than that of its peers like Guotai Junan and Huatai Securities, which have issued 118.2 billion yuan and 126.9 billion yuan respectively [1][2] - The overall bond issuance trend reflects a broader industry strategy to manage debt costs and support business expansion [11] Group 2: Financial Structure and Debt Management - As of Q3 2025, CITIC Securities has a total asset of 2.0089 trillion yuan and total liabilities of 1.670 trillion yuan, with a significantly lower bond payable amount compared to Guotai Junan [2][10] - CITIC Securities ranks 4th in the industry for the lowest bond payable ratio, indicating a strong position in managing liabilities [2][8] - The reliance on accounts payable for financing is a key differentiator for CITIC Securities, with accounts payable amounting to 242.64 billion yuan, much higher than Guotai Junan's 98.34 billion yuan [2][10] Group 3: Debt Cost and Interest Rates - The current interest rate structure for CITIC Securities shows a higher proportion of lower-rate debt compared to Guotai Junan, which may result in lower overall financing costs [11][12] - The strategy of issuing bonds is not only for funding needs but also for refinancing existing debt to reduce costs, as seen in Guotai Junan's recent bond issuance plan [11]

Group 1: East Wu Securities Performance - East Wu Securities is the first listed brokerage to announce a profit increase for the first three quarters of 2025, expecting a net profit of 2.748 billion to 3.023 billion yuan, a year-on-year increase of 50% to 65% [1] - The growth is driven by increased revenues from wealth management and investment trading, indicating strong operational performance [1] - The overall brokerage industry is expected to see a profit growth of over 50% year-on-year for the first three quarters, with the third quarter potentially nearing a 90% increase [1] Group 2: Gold-themed ETFs - The scale of gold-themed ETFs has surpassed 200 billion yuan, reaching 203.34 billion yuan, with a net inflow of 74.577 billion yuan this year, reflecting a growth of over 180% since the end of last year [2][3] - Five gold-themed ETFs have entered the "billion club," with Huaan Gold ETF leading at 73.816 billion yuan, having attracted 25.516 billion yuan this year [2] - The average unit net value growth rate for gold-themed ETFs is 64.55%, with several products seeing their net values double, indicating strong market optimism towards the gold industry [2][3] Group 3: China Galaxy Securities Bond Issuance - China Galaxy Securities has received approval to issue short-term corporate bonds not exceeding 15 billion yuan, highlighting regulatory support for leading brokerages [4] - The total bond issuance by brokerages this year has reached 1.29 trillion yuan, a year-on-year increase of 70.23%, indicating strong capital replenishment needs in the industry [4] - This bond issuance will enhance liquidity management and support business expansion for China Galaxy, contributing to a favorable financing environment for the brokerage sector [4] Group 4: Share Buybacks by Listed Brokerages - Listed brokerages and their major shareholders have repurchased shares exceeding 2.3 billion yuan this year, reflecting strong confidence in the industry [5][6] - The proactive management of market value by brokerages may lead to a reassessment of the sector's value, positively impacting stock valuations [6] - The actions of brokerages serve as a positive signal for the overall market, potentially boosting investor confidence in the capital market's medium to long-term outlook [6]

Core Viewpoint - The brokerage firms in China have significantly increased their bond issuance this year, with a total of 1.26 trillion yuan, marking a year-on-year growth of 75.42% [1][2][3] Group 1: Bond Issuance Details - As of October 10, 2023, several brokerages, including China International Capital Corporation (CICC), Industrial Securities, and Zhongyuan Securities, have announced progress in bond approvals or listings [1][2] - CICC plans to issue up to 10 billion yuan in corporate bonds, while Industrial Securities has received approval for a public issuance of up to 20 billion yuan [1][2] - China Galaxy Securities leads the bond issuance with 107.9 billion yuan, followed by Huatai Securities with 98.1 billion yuan, and Guotai Junan with 87 billion yuan [2] Group 2: Factors Driving Bond Issuance - The increase in bond issuance is attributed to a recovering market, rising capital-intensive businesses like margin trading and derivatives, and a slowdown in equity financing [3][4] - Company bonds have become the preferred method for brokerages, reflecting their long-term funding needs and the advantages of lower costs compared to equity financing [3][4] - Regulatory changes have also influenced the shift towards bond financing, as the pace of equity financing has slowed down due to new regulations promoting capital-efficient and high-quality development [4]

Core Viewpoint - The demand for bond issuance by securities firms has surged in August, reaching a new high for the year, driven by active market trading, low interest costs, and policy encouragement [1] Group 1: Bond Issuance Trends - In August, securities firms experienced a wave of financing, with both the scale and number of bond issuances hitting a year-to-date high [1] - The bond issuance momentum continued into September, with several leading securities firms receiving regulatory approval for bond issuance plans amounting to hundreds of billions [1] Group 2: Driving Factors - The recent bond issuance activity is a strategic response to several factors, including active market trading, low interest costs, policy encouragement, and the development of proprietary trading and margin financing businesses [1] - The need for debt structure adjustment among securities firms has also contributed to the increased bond issuance [1]

Group 1 - Tianfeng Securities announced that its controlling shareholder intends to fully subscribe to the upcoming private placement shares and has committed not to transfer them for five years, which will strengthen the state-owned shareholder's control over the company [1] - The fundraising is expected to enhance the company's governance level and stabilize its equity structure, demonstrating the controlling shareholder's confidence in the company's high-quality development [1] - The securities industry is capital-intensive, and financing is crucial for enhancing comprehensive strength and risk resistance, as well as better serving the real economy [1] Group 2 - Several securities firms, including Guotai Junan and Guolian Minsheng, have successfully implemented private placements this year to raise funds for mergers and acquisitions, aiming for business expansion and integration [2] - As of May 6, 62 securities firms have issued a total of 229 bonds, with a combined issuance scale of 381.528 billion yuan, indicating a growing trend in bond issuance as a financing method [2] - Among the 62 firms, 11 have issued bonds exceeding 10 billion yuan, with Huatai Securities leading at 31.2 billion yuan, followed by GF Securities at 27.56 billion yuan [2] Group 3 - The advantages of bond issuance for financing include not diluting shareholder equity and lower costs in a relatively low-interest-rate environment, allowing firms to flexibly choose bond terms for short-term liquidity [3] - Funds raised through private placements typically provide long-term and stable financial support for the implementation of the company's long-term strategies [3]