MBGFSEC@EC2602A

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

GF Securities Issued RMB 3 Billion Perpetual Subordinated Bonds

GF SEC released FY2025 earnings on February 10 Pre-Market (BJT), actual revenue HKD 238.37 M (forecast HKD 38.17 B), actual EPS HKD 0.7455 (forecast HKD 1.9772)

GF Securities Sets Coupon Rate at 2.32% for Perpetual Subordinated Bond Issuance

GF Securities issues 6 billion short-term corporate bonds with a coupon rate of 1.69%

GF Securities Issuing Perpetual Subordinated Bonds to Raise Funds

GF Securities Increases Borrowing Balance by 76.757 billion yuan

Guangfa Securities Issuing Second Short-term Corporate Bonds

GF Securities Transforms to Buy-Side Advisory Model

GF Securities Successfully Issued 3 Billion RMB Short-term Corporate Bonds

GF Securities' Tier 2 Bond (Series 1) to be Listed on SZSE on January 26, 2026

GF Holdings Provides Guarantee for GF Global Capital Structured Notes Issuance

GF Securities Approved to Issue Up to 70 Billion Yuan in Corporate Bonds

GF Securities Plans to Issue Short-term Corporate Bonds to Repay Maturing Bonds

GF Securities Issues RMB 1.72 Billion Subordinated Bonds

Guangfa Securities Approved to Issue Up to 20 Billion Yuan Perpetual Subordinated Corporate Bonds

GF Securities Determines Coupon Rate for 2026 First Tranche Subordinated Bond at 2.00%

GF Securities Completes HK$6 Billion Stock and Bond Issue

GF Securities Completes Private Placement of 219 Million New H Shares

GF Securities Plans to Issue RMB 3.39B Subordinated Bonds

GUANZE MEDICAL

PCPD

STARCOIN GROUP

HUILI RES

TIMES UNI GP

MANY IDEA CLOUD

WALNUT CAP

SILKWAVE INC

HUA LIEN INT'L

WAI CHUN GROUP

601108

02611

03908

601688

06030

01776

601211

601995

600030

600999

Bank of America Securities released a research report listing the investment ratings and target prices for Chinese brokerage stocks. CITIC Securities is rated as Buy, with a target price of HKD 35.7; Guotai Haitong is rated as Buy, with a target price of HKD 21.4; HTSC is rated as Buy, with a target price of HKD 22.1; GF SEC is rated as Buy, with a target price of HKD 22.9; CMS is rated as Underperform, with a target price of HKD 15.3; CGS is rated as Neutral, with a target price of HKD 12.1; CICC is rated as Buy, with a target price of HKD 26.9; CSC is rated as Buy, with a target price of HKD 15.7; DFZQ is rated as Underperform, with a target price of HKD 6.1

AASTOCKS

CAITONG SECURITIES

GTHT

CICC

HTSC

DFZQ

CMSC

CITIC SEC

GF SEC

GUOTAI JUNAN I

Guotai Haitong

CITIC Securities Co., Ltd.

"Major Banks" Bank of America Securities' Investment Ratings and Target Prices for Chinese Brokerage Stocks (Table)

512000

513750

513090

000776

159842

512880

Bank of America Securities released a report stating that the fundamentals of Chinese brokerage stocks have decoupled from their stock price performance. Despite upward revisions in profit forecasts, A-shares and H-shares have performed poorly, affected by the national team's reduction in holdings and equity financing. The bank believes that the fundamentals of brokerages are robust and anticipates the government to introduce supportive policies, expecting a strong revaluation of valuations. Bank of America Securities prefers H-shares, giving "Buy" ratings to Guotai Haitong, CICC, and GF SECURITIES, and upgrading the rating of HTSC to "Buy," with a target price of 22.1 yuan

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

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

E Fund CSI Hongkong Bond Investment Theme ETF

GF SECURITIES

Yinhua CSI All Share Investment Banking & Brokerage ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

"Big Banks" Bank of America Securities: The fundamentals of Chinese brokerage stocks are decoupled from stock price performance, looking forward to the introduction of supportive policies

Multiple research institutions believe that there is a significant "calendar effect" around the Spring Festival in the A-share market, suggesting that investors hold stocks during the holiday. GF Securities pointed out that the period before and after the Spring Festival is the strongest phase of the "spring rally" effect, with a high market win rate. Dongwu Securities and Guosen Securities also support holding stocks during the holiday, believing that the market is likely to rebound. Historical data shows that the probability of the SSE Index rising in the week before the Spring Festival is 81%. China Galaxy Securities recommends "lightly holding stocks during the holiday" to avoid pre-holiday volatility risks while retaining opportunities to participate in post-holiday market trends

Wallstreetcn

GUOSEN SECURITIES

SSE Index

CSI 300

Institution: The A-share market has a significant Chinese New Year "calendar effect," holding stocks during the holiday may be a better choice

000750

600308

As of February 6, 685 listed companies have received brokerage research teams this year. Leading brokerages, leveraging the advantages of their research teams, have become the "main force" in the research market, with CITIC Securities ranking first with 213 research visits; Changjiang Securities, Guotai Haitong, and CICC also exceeded 150 visits each; 12 brokerages including Guosen Securities, Huatai Securities, Western Securities, GF SEC, and CSC have all conducted over 100 research visits

Sealand Securities

SDHT

ZHONGTAI SECURITIES

Changjiang Securities

SINOLINK SECURITIES

Western Securities

Huaan Securities

Since the beginning of the year, securities firms have "visited" a total of 685 A-share companies

GF SECURITIES announced that after consultation between the issuer and the lead underwriter yesterday (the 4th), the coupon rate for the company's second short-term corporate bond this year has been finalized at 1.69%

GF SECURITIES has set the coupon rate for its short-term corporate bonds at 1.69%

512070

Since the beginning of 2026, the public fund industry has shown a strong enthusiasm for self-purchase, with a total of 24 fund companies implementing self-purchases, amounting to a total scale of 406 million yuan, with over 80% directed towards equity funds. The self-purchase amounts for stock funds and mixed funds were 100 million yuan and 248 million yuan, respectively. Ruifeng Fund's self-purchase amount reached 100 million yuan, while 8 fund companies including GF Fund, China Merchants Fund, and E Fund each self-purchased 20 million yuan

E Fund CSI 300 Financials (ex Banks) ETF

China Merchants CSI BANK AH Price ETF

WP CSI Banks ETF

Fullgoal CSI 800 Banks ETF

Huaan CSI Banks ETF

Hwabao WP CSI Banks ETF

China Merchants Bank

ChinaAMC CSI Banks ETF

China Southern CSI Banks ETF

Public funds are actively buying back at the beginning of the year, with over 80% directed towards equity funds

515850

GF Securities (1776.HK) showed a clear divergence in performance during today's morning session, with funds oscillating between high and low positions, creating a strong atmosphere of market caution. From a technical perspective, the daily MACD has formed a golden cross for two consecutive days, with volume moderately increasing, gradually establishing a bullish structure. The 5-day and 10-day moving averages are providing short-term support, but the fierce tug-of-war between bulls and bears has led to frequent shadow lines in the K-line trend. 

On the industry front, the brokerage sector is currently in a period sensitive to news. The positive performance expectations for the first half of the year and the advancement of financial reforms are helping to boost valuations. However, strict regulations and uneven market trading activity are causing accelerated rotation within the sector, making short-term capital battles increasingly complex. The morning trading showed that major funds attempted to repeatedly push prices higher, but the buying power was limited, leading to multiple slight pullbacks during the session, each accompanied by buying on dips. This interplay reflects the intertwining of major fund driving and cautious sentiment in the market.

Investors should note that the current market is in a stage of stock game, with the brokerage sector serving as a barometer for capital flow. Although there are short-term positive boosts, the oscillating trend is evident, and the sustainability of high-level support needs further confirmation. As we approach lunchtime, if the volume does not effectively increase or if funds continue to remain cautious, GF Securities may enter a phase of consolidation in the short term. Conversely, if the main funds break through with volume, short-term gains may continue. 

The operational suggestion is to primarily adopt a flexible strategy of selling high and buying low, while being cautious about chasing prices. Key observations should focus on changes in volume and intraday trends, and setting preventive stop-loss levels

Technical Forecast

Fullgoal CSI All Share Investment Banking & Brokerage ETF

Morning Trend | GF Securities sees fluctuating capital tug-of-war, will the wait-and-see atmosphere break?

GF Securities gets securities regulators' approval to issue bonds

marketscreener

GF Securities gets securities regulators' approval to issue bonds

GF Securities Completes HK$6 Billion Stock Plus Bond Offerings

GF Securities Completes HK$6 Billion Stock Plus Bond Offerings

GF Securities Co. Ltd. has successfully completed a private placement of 219 million new H shares at HK$18.15 per share, raising HK$3.98 billion. The placement was made to at least six investors and is not a public offering in the U.S. Proceeds will enhance cross-border investment banking capabilities, support offshore subsidiaries, and fund general purposes. This announcement was published via the Hong Kong Stock Exchange.

Reuters

GF Securities Completes HK$3.98 Billion Private Placement of H Shares

Chip World Technology submitted a listing application to the Hong Kong Stock Exchange, with GF SECURITIES and CITIC SEC as joint sponsors. The company focuses on the research, design, and sales of code-type flash memory chips. In the first three quarters of 2023, it achieved revenue of nearly RMB 380 million, a year-on-year increase of 10%, and realized a profit of approximately RMB 8.418 million. The funds raised from the listing will be used for research and innovation, product iteration, and enhancing operational capabilities

"New Shares" Chip manufacturer Chip World Technology applies for listing in Hong Kong

Huatai Securities pointed out that GF Securities plans to raise over HKD 6 billion through H-share placement and the issuance of zero-coupon convertible bonds to increase capital for its overseas subsidiaries. This will enhance the company's capital strength and promote the development of international business. Huatai Securities maintains its forecast for GF Securities' net profit attributable to shareholders from 2025 to 2027 and adjusts the target prices for A-shares and H-shares, maintaining a "Buy" rating

Huatai Securities: GF Securities' refinancing aids capital expansion and internationalization, maintaining a "Buy" rating

MBGFSEC@EC2602A(19610.HK)

"Major Banks" Bank of America Securities' Investment Ratings and Target Prices for Chinese Brokerage Stocks (Table)

"Big Banks" Bank of America Securities: The fundamentals of Chinese brokerage stocks are decoupled from stock price performance, looking forward to the introduction of supportive policies

Institution: The A-share market has a significant Chinese New Year "calendar effect," holding stocks during the holiday may be a better choice

Since the beginning of the year, securities firms have "visited" a total of 685 A-share companies

GF SECURITIES has set the coupon rate for its short-term corporate bonds at 1.69%