Investment Banking and Brokerage

GF SEC

GF Securities Completes 1.67 Billion RMB Subordinated Bond Issuance with Coupon Rate of 1.70%

GF Securities Employee Zhou Punished for 3.27 Million RMB Profit from Insider Trading

GF Securities Plans to Issue 6 Billion RMB Corporate Bonds for Debt Repayment and Working Capital

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 SEC released FY2026 Q1 earnings on April 27 After-Market (BJT), actual revenue HKD 13.7 B (forecast HKD 12.01 B), actual EPS HKD 0.6575 (forecast HKD 0.6122)

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

GF Securities Issued RMB 6 Billion Corporate Bonds

GF SEC to Release FY2026 Q1 Earnings on April 27 After-Market (BJT), Forecast Revenue HKD 11.13 B, EPS HKD 0.5342

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 SEC released FY2025 Q4 earnings on March 31 Pre-Market (BJT), actual revenue HKD 11.09 B (forecast HKD 11.27 B), actual EPS HKD 0 (forecast HKD 0.4781)

SOFTMEDX

SYNERTONE

TAILAM TECHCON

HIPINE

BIOSTAR PHARM-B

WING FUNG GROUP

G-VISION INT'L

PAN ASIA DATA H

MEDINET GROUP

000776

01776

GF Securities announced that independent directors Leung Shek Ling Olivia and Li Wenjing are resigning after serving six-year terms. Their departures will temporarily reduce the board's independent director ratio below one-third and remove an accounting professional, triggering compliance obligations. Consequently, their resignations take effect only upon the election of replacements at a general meeting. The company pledged to complete by-elections promptly. Analyst ratings remain 'Hold' with a HK$18.40 price target.

Tip Ranks

GF SECURITIES

GF Securities Announces Planned Board Changes as Two Independent Directors Step Down

GF SECURITIES (000776) announced that it won the bid for the procurement project of Chengdu Xingjin Urban Construction Investment Co., Ltd., with a bid amount of 3.5 million yuan. This project is for the underwriting service procurement of private placement corporate bonds

同壁财经

GF SECURITIES (000776): Won the bid for the procurement project of Chengdu Xingjin Urban Construction Investment Co., Ltd., with a bid amount of 3.5 million yuan

159207

The high dividend ETF GF (159207) attracted 52.5814 million yuan in the previous trading day, with a fund size reaching 1.744 billion yuan. The net inflow in the past week was 144 million yuan, 806 million yuan in the past month, 1.158 billion yuan in the past three months, and 1.436 billion yuan in the past six months. The increase in the past three months was 0.42%, 9.76% in the past six months, and 19.58% in the past year. This fund tracks the High Dividend Strategy Custom Index, managed by GF Fund

GF Fund CSI High Dividend Strategy Custom ETF

The high dividend ETF GF (159207) attracted 52.5814 million yuan on the previous trading day, with a fund size reaching 1.744 billion yuan

02513

00992

02476

00100

01888

02423

09980

09926

06030

KNOWLEDGE ATLAS(02513) rose 26.93%, with a trading turnover 3.6 Billion HKD, and a year-to-date rose 1003.3%. LENOVO GROUP(00992) rose 19.77%, with a trading turnover 8.3 Billion HKD, and a year-to-date rose 70.1%. BEKE-W(02423) fell 5.26%, with a trading turnover 875.3 Million HKD, and a year-to-date rose 5.1%. EASTROC(09980) fell 3.03%, with a trading turnover 14.8 Million HKD, and a year-to-date fell 38.7%.

Top Gainers&Losers

KNOWLEDGE ATLAS

LENOVO GROUP

MINIMAX-W

KB LAMINATES

BEKE-W

EASTROC

AKESO

CITIC SEC

Top 5 HK Stock Gainers/Losers (>100B) (5.22)

601211

600030

02611

512880

159842

513090

512000

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

GUOSEN SECURITIES

CMSC

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

09866

09660

01179

06656

03986

02359

03317

06869

NIO-SW(09866) rose 3.42%, with a trading turnover 239.3 Million HKD, and a year-to-date rose 33.1%. GF SEC(01776) rose 3.2%, with a trading turnover 321.7 Million HKD, and a year-to-date fell 1.2%. SIGENERGY(06656) fell 9.02%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 85.1%. GIGADEVICE(03986) fell 6.83%, with a trading turnover 894.9 Million HKD, and a year-to-date rose 165.9%.

- The Hang Seng Index fell by 0.89%, with a year-to-date increase of 2.1%.  
- The Hang Seng Tech Index decreased by 0.97%, showing an annual decline of 8.6%.  
- Notable movements included NIO rising by 3.42% and Zhaoyi Innovation dropping by 6.83%, reflecting significant annual gains and losses respectively.

NIO-SW

HORIZONROBOT-W

HWORLD-S

SIGENERGY

GIGADEVICE

WUXI APPTEC

XUNCE

YOFC

Top 5 HK Stock Gainers/Losers (>100B) (4.17)

513750

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

000049

300068

In early trading, the large financial sector rose, with NANHUA FUTURES hitting the daily limit, CITIC SEC rising over 8%, and EASTMONEY, HTSC, INDUSTRIAL SECURITIES, GF SEC, Yinzhijie, and ROYALFLUSH INFO gaining over 5%. The lithium battery supply chain rallied with volatility, with GOTION and Xinyuren hitting the daily limit, while Canmax Technologies, Great Power, Desay Battery, NARADA, and Dynanonic followed suit

- On April 10, A-shares opened high with the Shanghai Composite Index recovering above 4000 points, while the ChiNext Index gained over 2%, led by strong performances in the battery, brokerage, and semiconductor sectors.  
- Hong Kong stocks also rose, with the Hang Seng Index increasing by over 2%, particularly driven by a rebound in tech stocks.  
- In the bond market, government bond futures showed mixed performance, while commodity futures displayed varied results, with some metals and lithium carbonate prices rising.

Desay Battery

NARADA

Canmax Technologies

NANHUA FUTURES

GOTION

ROYALFLUSH INFO

EASTMONEY

INDUSTRIAL SECURITIES

Xinyuren

Great Power

Shanghai Composite Index recovers 4,000-point mark, ChiNext rises over 2%, brokerages explode, lithium battery supply chain rallies, HSTECH rises over 2%, tech stocks rebound

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

GF SEC(01776.HK)