Core Viewpoint - The revaluation of Chinese assets is driven by technological innovation, macroeconomic policies, industrial environment, and valuation levels, with a particular focus on AI technology as a significant catalyst for change [2][3][4]. Group 1: Drivers of Asset Revaluation - Technological innovation, exemplified by DeepSeek in the AI sector, is a key factor driving the revaluation of Chinese assets, showcasing China's capabilities in manufacturing and technology [2]. - The macroeconomic policy environment is improving, with the government signaling a shift to a "dual easing" cycle, which is expected to stabilize the economy and improve corporate profitability [3]. - Industrial policies are revitalizing market confidence, particularly in the private sector, which is crucial for economic growth and investment [3]. Group 2: Valuation Characteristics - Current asset valuations in China are at historical lows, with broad indices and major industries undervalued compared to international peers, creating an attractive investment opportunity [4]. - The combination of low valuations and improving fundamentals is drawing global investors to reassess the investment value of the Chinese market [4]. Group 3: International Market Context - The global market's adjustments, including a weakening dollar and volatility in U.S. stocks, are enhancing the comparative advantages of Chinese equities [5][6]. - The current economic uncertainty in the U.S. is prompting capital to flow out of American markets, potentially benefiting emerging markets like China [6][7]. Group 4: AI Sector Potential - The AI sector in China is characterized by low-cost advantages, an open-source ecosystem, and ongoing application innovations, indicating significant growth potential [8][9]. - The transition from concept validation to commercial realization in AI is expected to drive performance in the next 1-3 years, marking a shift towards earnings-driven investment [9]. Group 5: Investment Opportunities - Three categories of industries are identified for potential investment: those driven by policy stimulus, those with cleared supply-side issues, and those with clear demand-side support [10][11][12]. - A phased investment strategy is recommended, focusing on sectors with immediate policy impacts, followed by those with supply-side adjustments, and finally, long-term growth sectors in technology [12].

Group 1: Performance Highlights - In 2024, the "other equity instruments investment" category saw a significant increase from 13 million to 1.3 billion over three years, indicating strong growth in this area [3] - The company increased its allocation in perpetual bonds by 8.3 billion in 2024, reflecting strategic business considerations [3] Group 2: Market Position and Strategy - The company emphasizes a value investment approach, combining top-down macro strategies with industry and stock research to reduce investment yield volatility [5] - The company aims to enhance its core competitiveness and high-quality development by focusing on its main responsibilities and serving the real economy [6][12] Group 3: Shareholder Engagement and Value Management - The company has implemented a market value management system to enhance investment value and increase shareholder returns, as approved in the board meeting on March 28, 2025 [6][10] - The company is committed to providing stable cash dividends to investors, ensuring long-term investment returns [10] Group 4: Challenges and Market Perception - Despite good performance, the company's stock price has remained low over the past three years, influenced by market conditions, company performance, and investor sentiment [5][12] - The company acknowledges the need for effective market value management to address the disparity between its performance and stock price [12] Group 5: Subsidiary Performance - The subsidiary Guangfa Qianhe reported a significant loss of 700 million in 2024, compared to a profit of 340 million in 2023, primarily due to fluctuations in investment income [9] - Guangfa Asset Management's losses increased from 200 million in 2023 to 590 million in 2024, highlighting challenges in its operational performance [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣發証券股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01776 | 說明 | 廣發証券H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,701,796,200 | RMB | | 1 RMB | | 1,701,796,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 1,701,796,200 | RMB | | 1 RMB | | 1,701,796,200 | | 2. 股份分類 | 普通股 | 股份類 ...

为答谢广大客户长期以来给予的信任与支持，根据朱雀基金管理有限公司（以下简称"本公司"）与广发 证券股份有限公司（以下简称"广发证券"）签署的销售协议及相关业务安排，自2025年4月1日起，本公 司旗下部分基金参与广发证券开展的费率优惠活动，现将有关事项公告如下： 一、适用基金范围 ■ 二、费率优惠活动内容 自2025年4月1日起，投资者通过广发证券申购（含定期定额投资，不含转换转入）朱雀安鑫回报A,申购 （含定期定额投资，不含转换转入）费率按照《招募说明书》中约定的原费率的10%执行，如原费率适 用固定费用的，按照原固定费用执行，不再参与本次费率优惠活动。详情以广发证券的相关公告为准。 三、重要提示 1、本次优惠活动仅适用于朱雀安鑫回报A的申购或定期定额投资业务，不包括赎回、转换转入等其他 业务。 2、费率优惠活动截止日期，敬请投资者留意广发证券的有关公告。业务办理的相关规则及流程以广发 证券的安排和规定为准。 3、风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不一定保证产品一定 盈利，也不保证最低收益。投资者欲了解参加本次优惠活动的上述基金产品详细情况，请仔细阅读上述 基金的基金合同、 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 15% within six months [17]. Core Insights - The company reported a revenue increase of 16.7% year-on-year for 2024, with a net profit attributable to shareholders rising by 38.1%, resulting in a return on equity (ROE) of 7.44% [2][3]. - In Q4 2024, the company achieved a revenue of 8.06 billion yuan, reflecting a year-on-year growth of 52.5%, and a net profit of 2.87 billion yuan, which is a significant increase of 146.0% year-on-year [2][3]. - The growth in 2024 was primarily driven by the investment business, with contributions from the investment banking and brokerage sectors as well [2][3]. Revenue Breakdown - For the full year 2024, the revenue from various business segments was as follows: - Brokerage: 6.65 billion yuan, up 14% year-on-year - Investment Banking: 780 million yuan, up 37% year-on-year - Asset Management: 6.89 billion yuan, down 11% year-on-year - Investment: 7.75 billion yuan, up 117% year-on-year - Credit: 2.35 billion yuan, down 25% year-on-year - The revenue contributions from these segments were 24%, 3%, 25%, 29%, and 9% respectively, with changes in contribution percentages compared to the previous year [2][3]. Financial Projections - The company is projected to achieve revenues of 28.2 billion yuan and 31.0 billion yuan in 2025 and 2026, respectively, with year-on-year growth rates of 4% and 10% [3][10]. - The net profit attributable to shareholders is expected to be 9.8 billion yuan in 2025 and 11.1 billion yuan in 2026, with growth rates of 1% and 14% respectively [3][10].

Core Insights - The Hong Kong stock market is leading globally, with the Hang Seng Index and Hang Seng Tech Index rising by 16.8% and 23.2% respectively as of March 28, 2025, indicating a significant revaluation of core technology assets [1][2] - The cumulative increase of Hong Kong tech leaders has surpassed that of US tech leaders since the beginning of 2024, reflecting strong performance in the sector [1][2] - The internet sector continues to maintain robust absolute growth, while the real estate sector shows signs of recovery from previous downturns, although confirmation is pending until all reports are released [3] Market Performance - The overall market performance indicates that the Hong Kong core indices are outperforming global counterparts, with significant contributions from valuation increases [2] - The market's earnings yield (ERP) is approaching historical high-pressure levels, suggesting increased volatility and market speculation [2] - The price-to-earnings (P/E) ratio has been a major contributor to this year's market gains, while the price-to-book (P/B) ratio remains relatively low compared to global earnings levels [2] Fundamental Analysis - Preliminary statistics for the 2024 annual reports show that approximately 84% of Hong Kong stocks have disclosed their results, confirming a stabilization in the fundamentals [2] - The net profit growth for all Hong Kong stocks, Hong Kong Stock Connect, and H-shares is reported at 12.0%, 4.9%, and 33.5% respectively, indicating a positive trend in profitability [2] Sector Focus - Future attention is directed towards two key marginal sectors: the Hang Seng Internet sector, which requires monitoring for base effect issues, and the cyclical/real estate chain, which is expected to show signs of recovery as downward pressures ease [3] - The internet sector continues to exhibit strong growth, while the real estate sector is beginning to show signs of a turnaround from previous challenges [3] Capital Flow and Pricing Issues - The overall capital flow in the Hong Kong market is at its highest level in the past decade, as indicated by absolute trading volumes and turnover rates [4] - Southbound capital is gaining pricing power, with a notable overweight in dividend-paying sectors and significant inflows into growth sectors [4] - Recent trends show that overseas capital has experienced a pattern of active selling followed by slight recovery, with a current trend of active outflows and passive inflows [4]

Core Viewpoint - The report highlights the strong performance and resilience of GF Securities, driven by its business transformation and upgrade, with significant growth in revenue and net profit for 2024 [1]. Business Performance - GF Securities achieved total operating revenue of 27.199 billion yuan, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 9.637 billion yuan, up 38.11% year-on-year [1]. - The wealth management business generated operating revenue of 11.740 billion yuan, reflecting a growth of 11.48% year-on-year [2]. - The company’s financial product distribution and traditional brokerage businesses also saw growth, with the scale of distributed financial products exceeding 260 billion yuan, a growth of approximately 22% year-on-year [2]. Investment Banking and Capital Markets - GF Securities completed 86.66 billion yuan in A-share equity financing as the lead underwriter, increasing its market share despite a significant decline in the overall market [6]. - The company also led 665 bond issuances, with an underwriting amount of 296.322 billion yuan, marking a year-on-year growth of 21.22% [7]. - In the overseas market, GF Securities completed 14 Hong Kong IPOs and 1 U.S. IPO, maintaining a strong position in the industry [7]. Asset Management - As of the end of 2024, GF Securities and its subsidiaries managed over 3.5 trillion yuan in public funds, with E Fund ranking first in the industry [8]. - The company is recognized as a leading market maker for various financial products, providing services for over 800 funds and all ETF options on major exchanges [8][9]. Service Capability Enhancement - GF Securities is focused on enhancing its comprehensive financial service capabilities, emphasizing high-quality customer service and efficient online operations [10]. - The company has been actively involved in the Guangdong-Hong Kong-Macao Greater Bay Area financial cooperation and has received pilot qualifications for cross-border wealth management [10]. Innovation and Development - The company has invested in 30 technology innovation enterprises, raising 147 billion yuan for 42 tech companies through equity and debt financing [13]. - GF Securities is expanding its green finance services, issuing 7 green ABS projects and investing 5.993 billion yuan in green bonds [13]. - The company has implemented 43 AI model applications, maintaining a leading position in the industry [14]. Social Responsibility - GF Securities has committed to social responsibility, with a focus on rural revitalization, education, and healthcare, contributing 22.676 million yuan to public welfare in 2024 [14].

Investment Rating - The report maintains a "Buy" rating for the company, with target prices set at HKD 15.46 for H shares and RMB 22.42 for A shares [8]. Core Insights - The company achieved a revenue of RMB 27.199 billion in 2024, representing a year-over-year increase of 16.74%, and a net profit attributable to shareholders of RMB 9.637 billion, up 38.11% year-over-year, exceeding expectations [1]. - Investment income saw a significant year-over-year growth of 117%, reaching RMB 7.754 billion, marking the highest level since 2018, and accounting for 29% of total revenue [2]. - The company completed 8 A-share equity financing projects with a total underwriting amount of RMB 8.666 billion, and bond underwriting reached RMB 296.3 billion, a 21% increase year-over-year [3]. - Asset management income decreased by 11% year-over-year to RMB 6.885 billion, while net interest income fell by 25% to RMB 2.348 billion due to competitive pressures in margin financing [4]. - The report projects EPS for 2025, 2026, and 2027 to be RMB 1.47, RMB 1.64, and RMB 1.80 respectively, with a BPS of RMB 20.38 for 2025 [5]. Summary by Sections Financial Performance - The company reported a total revenue of RMB 27.199 billion for 2024, with a net profit of RMB 9.637 billion, reflecting a year-over-year growth of 16.74% and 38.11% respectively [1][7]. - Investment income reached RMB 7.754 billion, a 117% increase from the previous year, contributing 29% to total revenue [2]. Investment Banking and Brokerage - The company completed 8 A-share equity financing projects with a total underwriting amount of RMB 8.666 billion, and bond underwriting reached RMB 296.3 billion, a 21% increase year-over-year [3]. - Brokerage income increased by 14% year-over-year to RMB 6.650 billion, with a significant growth in the scale of financial products sold [3]. Asset Management and Interest Income - Asset management income decreased by 11% year-over-year to RMB 6.885 billion, while net interest income fell by 25% to RMB 2.348 billion due to competitive pressures in margin financing [4]. Earnings Forecast and Valuation - The report projects EPS for 2025, 2026, and 2027 to be RMB 1.47, RMB 1.64, and RMB 1.80 respectively, with a BPS of RMB 20.38 for 2025 [5][20].

Core Viewpoint - 2024 is a critical year for China's economic transformation and comprehensive reform of the capital market, with Guangfa Securities maintaining its "functional" positioning and effectively serving the real economy, achieving a total operating revenue of 27.199 billion yuan and a net profit attributable to shareholders of 9.637 billion yuan [1] Group 1: Business Performance - Guangfa Securities has four major business segments: investment banking, wealth management, trading and institutional services, and investment management, with a comprehensive service capability and a strong market position [2] - The investment banking business achieved counter-cyclical growth, with equity financing underwriting amounting to 8.666 billion yuan and a market share increase, while debt financing saw a 21.22% year-on-year growth in underwriting amount to 296.322 billion yuan [3] - Wealth management transformation showed significant results, with the scale of financial products sold exceeding 260 billion yuan, a 22% increase year-on-year, and a financing balance of 103.686 billion yuan, up 16.52% [3] Group 2: Trading and Investment Management - The trading and institutional business segment remains strong, providing market-making services for over 800 funds and all ETF options, with a total scale of private products issued reaching 900.744 billion yuan [4] - The investment management segment has solidified its advantages, with public fund management exceeding 3.5 trillion yuan, ranking third and first in the industry respectively, and private fund management focusing on key sectors such as biomedicine and new energy [4] Group 3: Social Responsibility and Future Outlook - The company actively fulfills social responsibilities, with a focus on rural revitalization, education, financial empowerment, and medical assistance, contributing over 22.676 million yuan to public welfare [8] - Looking ahead to 2025, the company aims to develop in line with national strategies and embrace technological revolutions, striving to build an internationally leading investment bank [8]

2024年度 可持续发展暨环境、社会及管治（ESG）报告 CSR & ESG REPORT 以环保纸印制 广发证券 年度可持续发展暨环境、社会及管治（ ）报告 01 2024 年度可持续发展暨环境、社会及管治（ESG）报告 2024 ESG 年度报告。公司于2011年起连续十五年发布了社会责任报告（现称"可持续发展暨环境、 如无特别说明，报告组织范围包括广发证券股份有限公司母公司、26家分公司、330家 证券营业部、6家一级全资子公司（包含：广发期货、广发控股香港、广发资管、广发信 报告中的财务数据来自经审计符合中国会计准则/国际财务报告准则编制的2024年度财务 报告，并经安永华明会计师事务所（特殊普通合伙）/安永会计师事务所审计。财务报告及 审计报告详见《广发证券股份有限公司二〇二四年度报告》。其他数据以2024年为主，主 要来源于公司内部统计。如无特别说明，本报告所列数据以人民币为单位。 主要依照香港联交所《证券上市规则》附录C2《环境、社会及管治报告守则》、深交所 《上市公司自律监管指引第1号——主板上市公司规范运作》，参考深交所《深交所上市 公司自律监管指引第17号——可持续发展报告（试行）》和，同 ...