11月25日，华泰证券公告称，公司间接全资子公司华泰国际财务有限公司根据计划发行了4笔合计2.3亿 美元的中期票据，并由全资子公司华泰国际提供担保。 据惠誉评级亚太区非银行金融机构评级董事张榕容介绍，当前中资券商海外补充资本的常见路径包括直 接股东增资、发行永续债/次级债工具、资本性贷款与股东支持安排等。 证券时报记者梳理的上市券商公告信息显示，今年，东兴证券、山西证券、中银证券、东吴证券、华安 证券、广发证券已对或拟对其香港子公司进行增资，增资金额最高达21.37亿港元，最少也有3亿港元。 与此同时，年内还有10余家券商为其海外子公司发行债券或银行贷款提供担保。其中，中信证券、华泰 证券、国泰海通、中信建投等头部券商多次对其海外子公司发行中期票据提供担保；广发证券、东方证 券、中泰证券、申万宏源为其海外子公司发行可交换债券/美元债提供担保；招商证券、东方证券、国 金证券等券商则为其海外子公司的银行贷款/回购协议提供增信担保。 "这些举措旨在增强子公司的资本实力、扩充其业务容量并提升风险承受能力，表明券商对境外业务的 重视程度在提升。"张榕容强调，香港监管部门并未对券商设置资本适足率约束，现阶段中资券商海外 ...

本报记者 周尚伃 近年来，场外衍生品交易商在服务国家战略、服务实体经济等方面积极作为，结合自身优势精准定位衍 生品业务的发力点，凝心聚力做好金融"五篇大文章"。11月24日，《证券日报》记者从券商处获悉，中 国证券业协会近日向券商下发了由中证机构间报价系统股份有限公司（以下简称"中证报价"）开展的券 商2024年度场外业务功能发挥情况的调研报告，系统梳理了交易商在做好金融"五篇大文章"方面的案例 和成效，并对交易商对场外业务功能定位的认识进行了总结。 在数字金融领域，37家交易商在场外业务的发展进程中，高度重视金融科技的运用，推动风险管理从经 验驱动向算法驱动跨越。具体体现在：构建场外业务全链路数字化平台，实现业务运营与风控一体化跃 迁；突破关键技术引擎，驱动场外衍生品定价效率与风控能力质变升级；深化AI大模型融合，重构场 外业务场景智能决策生态等。 功能定位有共识 从调研情况看，交易商对场外业务在证券行业高质量发展中的功能定位形成了三方面认识。 其一，场外衍生品业务能有效连接场外市场与场内市场，交易商可在其中行使风险中介职能，通过多种 措施发挥市场"稳定器"作用，提升资本市场的完整性与韧性。其二，场外衍生品 ...

近年来，场外衍生品交易商在服务国家战略、服务实体经济等方面积极作为，结合自身优势精准定位衍 生品业务的发力点，凝心聚力做好金融"五篇大文章"。11月24日，《证券日报》记者从券商处获悉，中 国证券业协会近日向券商下发了由中证机构间报价系统股份有限公司（以下简称"中证报价"）开展的券 商2024年度场外业务功能发挥情况的调研报告，系统梳理了交易商在做好金融"五篇大文章"方面的案例 和成效，并对交易商对场外业务功能定位的认识进行了总结。 衍生品精准赋能 为切实落实相关工作要求，中证报价开展了专项调研。此次调研覆盖44家交易商，其中42家交易商反馈 了有效数据与典型案例，全方位展现了行业在金融"五篇大文章"方面的实践硕果。 功能定位有共识 从调研情况看，交易商对场外业务在证券行业高质量发展中的功能定位形成了三方面认识。 其一，场外衍生品业务能有效连接场外市场与场内市场，交易商可在其中行使风险中介职能，通过多种 措施发挥市场"稳定器"作用，提升资本市场的完整性与韧性。其二，场外衍生品凭借其定制化、高灵活 性和精细化管理优势，为专业投资者提供了高效的资产配置工具，满足了多元化投资需求。其三，场外 衍生品业务深度驱动交易 ...

证券代码：000776 证券简称：广发证券 1 | 2、公司投资银行业务的发展情况？ | | --- | | 答：公司立足服务实体经济高质量发展，深入贯彻国家 | | 战略与监管要求，积极发挥直接融资"服务商"及资本市场 | | "看门人"功能。坚持行业引领，加强重点赛道产业资源积 | | 累与专业能力建设，着力打造产业投行、科技投行。深耕重 | | 点区域，巩固大湾区市场地位及竞争力，深化长三角重点区 | | 域布局。持续深化境内外一体化战略，健全跨境人才培养及 | | 协同机制，全面提升跨境协作质效和综合服务能力，有效助 | | 力中国企业出海布局。扎实推进数智化转型，强化精细化管 | | 理和风险防控，不断夯实提质增效、稳健发展的基础。 | | 3、公司场外衍生品业务的发展情况？ | | 答：公司作为场外衍生品业务一级交易商，立足衍生品 | | 定价和交易的专业优势，持续强化团队及系统建设，深耕产 | | 品创设、策略创新、交易销售及客户服务能力，丰富和拓展 | | 产品体系、挂钩标的种类及收益结构，持续为机构客户提供 | | 以场外衍生品为载体的资产配置和风险管理解决方案。 | | 4、公司投资管理业 ...

Core Viewpoint - Nanhua Futures has established a unique path for high-quality development by focusing on "serving the real economy" and "innovation-driven development" in the rapidly growing futures industry [1] Group 1: Business Model Innovation - Nanhua Futures has been deeply engaged in the futures industry for over 20 years, focusing on derivative business as its core, while actively promoting innovative business development [2] - The company has developed a comprehensive financial service platform that includes futures brokerage, asset management, basis trading, OTC derivatives, and public fund services, providing one-stop financial services for clients [2] - Nanhua Futures has helped enterprises transition from passive risk acceptance to proactive risk management, significantly aiding in the high-quality development of businesses [2] Group 2: Internationalization Efforts - Nanhua Futures has made significant strides in internationalization, recently becoming a clearing member of the Intercontinental Exchange (ICEU) in the UK, further expanding its global clearing layout [3] - The company is one of the earliest in the domestic futures industry to pursue internationalization, with a broad overseas financial service network covering Asia, North America, and Europe [3] - Nanhua Futures aims to support Chinese enterprises going global by leveraging its global exchange clearing advantages and enhancing service processes for physical delivery needs [3] Group 3: Social Responsibility and Brand Value - Nanhua Futures has actively engaged in rural revitalization efforts, establishing a leadership group to explore ways to leverage its industry characteristics for local economic development [4] - The company has implemented various forms of assistance, including education and consumption support, to contribute to rural revitalization and has seen significant results in underdeveloped areas [4] - Nanhua Futures has built a strong brand image through extensive media outreach, with over 4,587 content pieces published and 1.068 billion views in domestic media, enhancing its brand value [5] Group 4: Investor Education and Industry Responsibility - Nanhua Futures has committed to enhancing investor education through various channels, including lectures and live broadcasts, to help investors understand the futures market and legal regulations [6] - The company has developed original educational content that has received multiple awards, further solidifying its reputation in the industry [6] - Nanhua Futures' brand-building efforts have increased its attractiveness and influence within the market, contributing to a positive social image [6]

证券代码：000776 证券简称：广发证券 广发证券股份有限公司 2025 年 11 月 14 日投资者关系活动记录表 编号：2025111401 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他 参与单位名称及 人员姓名 方正证券2026年年度策略会所邀请分析师和投资者 时间 2025年11月14日上午10:00-11:00 地点及形式 长沙君悦酒店，现场会议 上市公司接待人 员姓名 董事会办公室 王强女士 投资者关系活动 主要内容介绍 1、公司在业务方面有哪些重点布局及优势？ 答：2025 年初，公司系统部署了重点工作，目前均取 得了良好的进展。一是传统业务转型提速，业务竞争力提 升。二是优化业务结构，国际化战略纵深推进。三是深化客 需驱动发展，提升综合服务能力。四是拥抱科技革命，加快 数智化转型。 未来，公司以专业能力和综合服务能力为抓手，持续增 强服务实体经济的能力，进一步推进跨境业务联动，持续锻 造各业务板块的核心竞争力，促进功能发挥的同时推动自 身高质量发展。一是财富管理业务，坚定不移地推进买方投 顾业务转型。二是投资银行业 ...

Core Insights - China Galaxy's executives attended the Q3 2025 earnings conference, highlighting their unique strategies in international business, wealth management, and institutional services [1] - The low-interest environment has become a focal point for investors regarding asset allocation strategies [2] Group 1: International Business - The company maintains a functional-first approach in its investment banking operations, focusing on enhancing service quality aligned with national strategies and key industries outlined in the 14th Five-Year Plan [3] - China Galaxy's international business network spans regions including Hong Kong, Singapore, Malaysia, Indonesia, and Thailand, making it one of the most widely networked Chinese brokers in Asia [3] - Future plans include strengthening overseas subsidiaries' management and enhancing integrated operations to solidify its position in Southeast Asia [3] Group 2: Wealth Management - The wealth management division aims to resonate with national goals, collaborate with partners, and align closely with client needs, continuously upgrading its trading systems to create a diverse and stable service ecosystem [3] Group 3: Institutional Services - The institutional business is focused on becoming a reliable full-service provider, integrating technology deeply into operations, and offering a comprehensive range of services including research, derivatives, asset management, and brokerage [3] Group 4: Investment Strategy - In the current low-interest environment, traditional fixed-income investments face challenges such as low spreads and high volatility, prompting a shift towards quantitative, neutral, and structured investment strategies to enhance returns [3] - The company is also leveraging its own funds and responding to new financial policies to maintain stable investment scales in OCI accounts while exploring opportunities in the convertible bond market [4] Group 5: Strategic Planning - The company is engaged in thorough discussions and rigorous evaluations for its new strategic plan, which is crucial for its development over the next five years and beyond, ensuring that the strategy is clear, feasible, and capable of creating long-term value for shareholders [4]

Core Insights - The company reported significant growth in its financial performance for the first three quarters of 2025, with a consolidated revenue of 19.499 billion yuan, a year-on-year increase of 55.22%, and a net profit of 8.793 billion yuan, up 86.64% [1] - The company is focusing on enhancing its professional capabilities and reforming its operations to align with the development of a modern capital market system [1] Financial Performance - The weighted average return on equity reached 7.41%, an increase of 3.63 percentage points year-on-year [1] - The total assets of the company amounted to 721.973 billion yuan, with net assets of 139.542 billion yuan as of the end of September [1] - Investment income, including fair value gains and losses, was 12.629 billion yuan, reflecting a year-on-year growth of 57.15% [4] Investment Banking and Services - The company achieved net investment banking fees of 0.851 billion yuan, a year-on-year increase of 30.33% [2] - The company ranked 5th, 6th, and 8th in the number of IPOs, mergers and acquisitions, and refinancing respectively, with a total issuance of 34 billion yuan in sci-tech bonds, up 138% year-on-year [2] - The company has established a sci-tech fund in Xinjiang to support local industries and technology enterprises [2] Client Services and Wealth Management - The company is enhancing its wealth management capabilities by transitioning to a buyer advisory model, focusing on diverse asset allocation and financial technology [5] - Brokerage service net income reached 4.485 billion yuan, a year-on-year increase of 65.55%, indicating significant growth in client asset allocation [5] Governance and Compliance - The company emphasizes compliance and risk management as fundamental principles, integrating these into its governance and operational processes [7] - The company plans to distribute a mid-term dividend of 0.876 billion yuan, doubling the total from the mid-term of 2024, reflecting its commitment to enhancing investor returns [7]

Core Viewpoint - Southwest Securities has shown a positive performance with a stock price increase of 3.66% this week, reflecting strong support from local government and strategic partnerships in the region [1] Company Overview - Southwest Securities is a key state-owned enterprise in Chongqing and the only headquarters brokerage in the city, benefiting from long-term support from local state-owned asset regulatory bodies [1][3] - The company aims to become the preferred service provider for Chongqing enterprises going public and a core service provider for capital operations of local state-owned enterprises [2] Business Performance - The company has maintained the number one ranking in debt business in Chongqing for four consecutive quarters and has successfully underwritten three corporate bonds for technology innovation companies [2][4] - In the equity business, the company completed one equity underwriting in Chongqing with a total amount of 600 million yuan in the first three quarters [2] - The company has completed four merger and acquisition projects in Chongqing with a total transaction amount exceeding 5 billion yuan, including a significant acquisition project involving state-owned assets [2][4] Strategic Initiatives - The company is actively pursuing wealth management transformation by enhancing asset allocation across all categories and optimizing its product ecosystem [3] - It is focusing on building a research service system that supports wealth, industry, and institutional clients, transitioning from traditional sell-side research to a more integrated approach [3] - The company emphasizes value creation and has integrated market value management into its strategic planning, aligning with the "14th Five-Year Plan" [3] Partnerships and Collaborations - Southwest Securities has signed strategic cooperation agreements with over 30 district governments in Chongqing and has engaged with 33 key state-owned enterprises for comprehensive services [1][4] - The company is recognized as a secondary trader for over-the-counter options and is qualified to conduct client-demand derivative business [4]

Core Insights - As of the end of 2024, 529 out of 5,383 listed companies in China's A-share market are participating in futures and options trading, representing 9.8% of all listed companies and 35.8% of the market capitalization [1] - The number of listed companies engaging in commodity futures and options has increased, with 509 companies participating, accounting for 9.5% of all listed companies and over 30% of market capitalization, showing an improvement from 2023 levels [1][3] - The average market capitalization of companies participating in commodity futures and options is 66.69 billion yuan, which is significantly higher than the overall market average of 18.36 billion yuan, reflecting a growth of 22.1% from 2023 [3] Group 1 - The cumulative hedging position of non-financial listed companies in commodity futures has exceeded 50% of their total cumulative positions, marking a 15 percentage point increase from 2023 [3] - The participation of state-owned listed companies in the commodity futures and options market is notable, with approximately 40% of all listed companies being state-owned and accounting for nearly 80% of the total cumulative positions [3] - The participation rate in various commodity futures and options is high, with companies engaging in 116 different products, which is 92% of the total listed products for the year [3] Group 2 - The increase in the number of technology innovation-oriented listed companies participating in the futures market indicates the market's positive role in supporting new productivity and industrial development [3] - The most actively traded commodity futures include copper, aluminum, silver, gold, lithium carbonate, rebar, and hot-rolled coil, highlighting the sectors with high participation [3]