MBGFSEC@EC2702A

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)

GF Securities Announces 2025 Performance, Net Profit Up 42.18%

GF Securities issues RMB 4.04 billion perpetual subordinated bond

GF SEC to release FY2025 earnings report on March 30 Pre-Market (BJT), forecast revenue HKD 39.55 B, EPS HKD 2.0721

GF Securities Determines the Coupon Rate of the Second Tranche of Perpetual Subordinated Bonds in 2026 as 2.30%

GF Securities Secures CSRC Approval for Public Offering of Up to 20 Billion RMB Perpetual Subordinated Bonds

CITIC Securities Issued RMB 3 Billion Perpetual Subordinated Bonds

GF Securities Plans to Increase Capital in GF HK Up to HKD6.101 Billion

GF Securities' 2026 Corporate Bonds to List on Shenzhen Stock Exchange on March 12th

GF Securities to Issue Up to 7 Billion Yuan of Short-term Corporate Bonds in 2026 面向 Professional Investors

GF Securities Announces Pricing of RMB6 Billion Corporate Bonds

GF Securities Maintains 'Buy' Rating For Baidu, Sets Target Price at HKD173

GF Securities' 2026 Perpetual Subordinated Bonds to be Listed on SZSE

GF Securities Second Short-term Corporate Bond to be Listed on Shenzhen Stock Exchange

DATRONIX HOLD

ALPHA PRO HLDGS

PRODUCTIVE TECH

INVESTECH HLDGS

QIANHAI HEALTH

SHANGSHAN GOLD

KIMOU ENVIRON

GUOXIA TECH

YUXING INFOTECH

HUA HONG SEMI

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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

GF SECURITIES

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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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.

Top Gainers & Losers

NIO-SW

HORIZONROBOT-W

LENOVO GROUP

HWORLD-S

SIGENERGY

GIGADEVICE

WUXI APPTEC

XUNCE

YOFC

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

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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

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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

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 has reaffirmed its Buy rating on Sichuan Baicha Baidao Industrial Co., Ltd. Class H (2555), setting a price target of HK$8.55. The stock has an analyst consensus of Strong Buy, with a price target consensus of HK$8.26.

Tip Ranks

Tianhong CSI Food and Beverage ETF

CHABAIDAO

China Merchants Guozheng Food and Beverage ETF

First Trust NASDAQ Food & Beverage

GF Securities Keeps Their Buy Rating on Sichuan Baicha Baidao Industrial Co., Ltd. Class H (2555)

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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.

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

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Hong Kong stocks rose in the morning session, with the Hang Seng Index up 254 points at 26,088 points. Insurance, brokerage, and automotive stocks generally increased, with CHINA TAIPING rising 3.8%, GF SECURITIES and CITIC SEC up 5.3% and 7.1% respectively. BRIGHT SMART surged 66% due to news of Ant Group's stake acquisition. Automotive stocks rose on market expectations of price increases in industry competition, with BYD up 2%, and Li Auto and Nio up 3.1%. Battery stock CATL fell 2.4% in the morning session

BRIGHT SMART

CHINA TAIPING

LI AUTO-W

BYD COMPANY

"Hong Kong Stocks" Hang Seng Index rises 254 points in half a day, with insurance, brokerage, automotive, and pharmaceutical stocks up; Bright Smart resumes trading and surges 66%

GF Fund announced that fund manager Fu Youxing has left the company and has resigned from all products he managed, including GF Stable Growth and GF Ruiyang Three-Year Open-End. After his departure, GF Stable Growth will continue to be managed by Zhou Zhishuo, while GF Ruiyang Three-Year Open-End will be taken over by Wang Ruidong

MBGFSEC@EC2702A(28237.HK)

MBGFSEC@EC2702A Stock Performance Chart

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

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

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

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

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