Group 1 - The core point of the article is that GF Securities (01776.HK) announced the issuance of perpetual subordinated bonds (Phase 3) aimed at professional investors, with interest payments scheduled for August 11, 2025 [1] - The bond "22 GF Y3" has a coupon rate of 3.48%, and the interest payment for each unit (face value of 1,000 yuan) will be 34.80 yuan (including tax) [1] - After tax deductions, individual and securities investment fund bondholders will receive an actual interest payment of 27.84 yuan per unit, while non-resident enterprises (including QFII and RQFII) will receive the full amount of 34.80 yuan per unit [1]