Investment Banking and Brokerage

GF SECURITIES

GF Securities completes 5 billion yuan perpetual subordinated bond issuance at coupon rate of 2.09%

GF Securities' '26 GF D5' Corporate Bonds to List on SZSE on May 18

GF Securities Obtains AAA Credit Rating and Issues Perpetual Subordinated Bonds

GF Securities Prices and Issues Short-Term Corporate Bonds

CGB Securities Publicly Issued Corporate Bonds to Professional Investors

GF Securities Issuing Up to 6 Billion Yuan in Corporate Bonds to Repay Maturing Debt

JPMorgan Raises Guangfa Securities Rating to Overweight with Target Price of HKD 20.3

GF Securities reports 70.73% YoY growth in net profit in Q1 2026

GF SECURITIES released FY2026 Q1 earnings on April 27 After-Market (BJT), actual revenue CNY 12.08 B (forecast CNY 10.59 B), actual EPS CNY 0.58 (forecast CNY 0.54)

GF Securities 2026 Year Corporate Bonds (Second Issue) to be Listed on April 27

GF Securities Issued RMB 6 Billion Corporate Bonds

GF SECURITIES to Release FY2026 Q1 Earnings on April 27 After-Market (BJT), Forecast Revenue CNY 9.792 B, EPS CNY 0.47

CGB Securities Announces Fixed Coupon Rates for Second Tranche of Corporate Bonds

GF Securities Plans to Issue Up to 6 Billion RMB in Corporate Bonds

GF Securities Sees Strength in Top Securities Firms

Goldman Sachs Ups Guangfa Securities' Profit Forecast for FY2026 to FY2028

GF SECURITIES released FY2025 Q4 earnings on March 31 Pre-Market (BJT), actual revenue CNY 9.976 B (forecast CNY 10.13 B), actual EPS CNY 0 (forecast CNY 0.43)

GF Securities Announces 2025 Performance, Net Profit Up 42.18%

GF Securities issues RMB 4.04 billion perpetual subordinated bond

GF SECURITIES to release FY2025 earnings on March 30 Pre-Market BJT, forecast revenue CNY 34.69 B, EPS CNY 1.779

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Following Guosen Securities' release of its 2025 performance results, the ranking of the top ten securities firms has been reshuffled. CITIC SEC and GTHT have formed a "two super giants" pattern, with their combined revenue and net profit accounting for nearly 40% of the top ten. GF SEC saw its net profit rise to fourth place, while CMSC fell to sixth. Proprietary trading and brokerage services have become growth engines, with proprietary income among the top ten firms growing 33% year-on-year and brokerage fee income surging 48%. Looking ahead, internationalization and technology empowerment will be key to competition. Overall, the strength of leading brokerages continues to strengthen

- With Guosen Securities releasing its 2025 report, the rankings of the top ten securities firms have been finalized.  
- CITIC Securities and Guotai Junan dominate the industry, together accounting for nearly 40% of total revenue and net profit among the top ten, whose overall performance shows significant growth in proprietary trading and brokerage services.  
- Looking ahead, internationalization and technological empowerment are seen as key competitive areas for leading firms, as market dynamics shift towards a more concentrated landscape.

Wallstreetcn

Guotai Haitong

CITIC Securities Co., Ltd.

GTHT

CITIC SEC

GUOSEN SECURITIES

CMSC

GF SEC

Guotai CSI All Share Investment Banking & Brokerage ETF

Yinhua CSI All Share Investment Banking & Brokerage ETF

E Fund CSI Hongkong Bond Investment Theme ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Tianhong CSI All Share Investment Banking & Brokerage ETF

Guotai SSE 180 Finance ETF

HTSC

CICC

Shenwan Hongyuan

SWHY

Huatai Securities Co., Ltd. GDR Class A RegS

SWHYHK

Top Ten Brokerages Reshuffled! "Two Super Giants and Multiple Strong Players" Pattern Emerges, Two Business Lines Become Key Tracks

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Morgan Stanley expects that GF Securities has an over 80% chance of a price increase in the next 30 days. The reason is the recent price decline, making short-term valuations more attractive. GF Securities is expected to increase its market share in asset management, and the enhanced capital base can be quickly deployed into high ROE derivative businesses. The market environment is favorable, with high trading volumes in A-shares and H-shares, and improved investment willingness. Potential catalysts include the relaxation of brokerage leverage limits and the implementation of new derivative regulatory guidelines. Morgan Stanley maintains a "Market Perform" rating on GF Securities

AASTOCKS

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

Morgan Stanley

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

Morgan Stanley expects that GF Securities has an over 80% chance of rising in stock price in the next 30 days

Liu Chenming, Chief Strategist at GF Securities, stated at a Bosera Fund event that the probability of a global bear market is low and the AI industry trend remains strong. He believes that the core support for East Asian markets is the AI industry. Although interest rate hikes and liquidity contraction may suppress valuations, localized high-prosperity sectors will attract capital. Liu Chenming emphasized that structural allocation in the second quarter is more important than overall positions, recommending industries less affected by high oil prices and interest rates, and pointing out valuation repair opportunities in Hong Kong stocks

- Liu Chenming, Chief Strategist at GF Securities, discussed the sustainability of the bull market in non-U.S. markets and the impact of geopolitical tensions at a recent event.  
- He expressed optimism, asserting that the artificial intelligence sector remains a critical support for East Asian markets and that global markets are unlikely to enter a bear phase.  
- Emphasizing the importance of structural allocation over overall positioning, he noted potential opportunities in sectors like renewable energy and AI data centers amid a stabilizing risk appetite.

GF's Liu Chenming: Low Probability of Global Bear Market, AI Industry Trend Continues

Goldman Sachs raised the target price for GF SECURITIES to HKD 18.26, with a rating of "Neutral." It is expected that the revenue and net profit for the fiscal year 2025 will be RMB 35 billion and RMB 15 billion, respectively, with annual growth of 30% and 43%. The core asset management business performed well, with an annual growth of 13%. Adjustments were made to the revenue and profit forecasts for 2026 to 2028, with the target price for A-shares raised from RMB 29.18 to RMB 29.31, and the target price for H-shares raised from HKD 18.17 to HKD 18.26

Goldman Sachs raises GF SECURITIES target price to 18.26 yuan, rating "Neutral"

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GF Securities analyst maintained a Buy rating on China International Capital yesterday and set a price target of HK$26.14.End of Quarter Sale - 50% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks Currently, the analyst consensus on China International Capital is a Strong Buy with an average price target of HK$26.18.

Tip Ranks

GF Securities Remains a Buy on China International Capital (CNICF)

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Since the beginning of this year, 380 new funds have been established, 102 of which have an issue size exceeding 1 billion yuan. Spanning sectors such as equity, "fixed income+", and FOFs, several blockbuster products have emerged. Representative hits include the GF Research Selection Mixed Fund (7.221 billion yuan), Maxwealth Ruijian Growth Mixed Fund (5.867 billion yuan), Hwabao Advantageous Industry Mixed Fund (5.777 billion yuan), and GF CSI 500 Index Quant Enhanced Fund (5.605 billion yuan)

Harvest CSI 500 ETF

CSI 500

ChinaAMC CSI 500 ETF

China Southern CSI 500 ETF

Number of New "Billion-Yuan Funds" Surpasses 100 This Year

The 2025 public fund annual report shows that institutional investors significantly increased their holdings in equity and mixed funds, while individual investors increased their holdings in equity funds but reduced their holdings in mixed funds. The share of equity funds held by institutional investors rose from 14.79949 trillion to 18.44702 trillion, and mixed funds increased from 4.32763 trillion to 4.80517 trillion. Yi Fang Da Fund, GF SECURITIES, and Hua Xia Fund are the top choices for institutional investors. Individual investors hold 18.63325 trillion in equity funds, while mixed funds decreased to 21.63354 trillion

腾讯新闻 - 财经

2025 Public Fund Annual Report Overview: Institutions and Retail Investors "Coincidentally" Increase Holdings in Stock Funds

GF Securities Unveils Audited 2025 Results and Confirms Cash Dividend Payout

GF Securities Unveils Audited 2025 Results and Confirms Cash Dividend Payout

GF Securities Sets Online 2025 Results Presentation With Investor Q&A Push

GF Securities Sets Online 2025 Results Presentation With Investor Q&A Push

GF SECURITIES(000776.SZ)

Top Ten Brokerages Reshuffled! "Two Super Giants and Multiple Strong Players" Pattern Emerges, Two Business Lines Become Key Tracks

Morgan Stanley expects that GF Securities has an over 80% chance of rising in stock price in the next 30 days

GF's Liu Chenming: Low Probability of Global Bear Market, AI Industry Trend Continues

Goldman Sachs raises GF SECURITIES target price to 18.26 yuan, rating "Neutral"

GF Securities Remains a Buy on China International Capital (CNICF)

Number of New "Billion-Yuan Funds" Surpasses 100 This Year

2025 Public Fund Annual Report Overview: Institutions and Retail Investors "Coincidentally" Increase Holdings in Stock Funds

GF Securities Unveils Audited 2025 Results and Confirms Cash Dividend Payout

GF Securities Sets Online 2025 Results Presentation With Investor Q&A Push