GF Securities
GF Securities is a Guangzhou-based securities firm listed in Shenzhen and Hong Kong and one of China's largest brokers. Its research center has earned leading positions in China's New Fortune analyst poll, and its Hong Kong unit covers U.S. technology hardware stocks.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 312M
- Actions
- 312M
- Ratings / Price targets
- 3 / 0
- Upgrades / Downgrades
- 1 / 1
- Initiations
- 1
- Buy-rated
- 67%of 3 rated
- On record
- Nov 2019 – Aug 2026
Overview
GF's Development Research Center covers Chinese macroeconomics, investment strategy, fixed income and sector equities. The firm earned 13 rankings in the 2025 New Fortune best-analyst poll, with its macroeconomics and strategy teams ranked first. GF Securities (Hong Kong) has an overseas technology team, led by Jeff Pu since 2025, that covers U.S. AI-server and hardware companies. As of 2023, the center also advised ministries and regulators and worked with the firm's primary-market, wealth management and derivatives teams under its "Research+N" model.
GF Securities began in April 1991 as the securities department of Guangdong Development Bank, now China Guangfa Bank. It became Guangdong Guangfa Securities in 1994, was spun off from the bank in 1999 under sector-separation rules and adopted its current name as a joint-stock company in 2001. It listed on the Shenzhen Stock Exchange in 2010 through a reverse takeover and issued H shares in Hong Kong in 2015.
Milestones
- 1991
Founded as Guangdong Development Bank's securities department
- 1999
Spun off from Guangdong Development Bank
- 2001
Became joint-stock company named GF Securities Co., Ltd.
- 2010
Listed on Shenzhen Stock Exchange via reverse takeover
- 2015
H shares listed on Hong Kong Stock Exchange
Firm facts
- Legal name
- GF Securities Co., Ltd.
- Type
- Full-service
- Founded
- 1991
- Headquarters
- Guangzhou, China
- Listing
- SZSE: 000776
- President (General Manager)
- Qin Li
- Rating scale
- BuyAccumulateHoldSell12 months
- Website
- gf.com.cn
Research philosophy
The team upholds an independent, objective research spirit and a steady, solid research style, continually uncovering value opportunities.
GF's Development Research Center says it combines top-down and bottom-up work: macro analysts set key variables that sector analysts carry into company forecasts, while strategists aggregate weekly earnings revisions to track sector conditions and valuations.
Rating methodology
Company ratings are Buy, Accumulate, Hold and Sell, based on expected 12-month performance relative to the market.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Dell Technologies Inc.DELL | Hold | — |
 Monolithic Power Systems, Inc.MPWR | Buy | — |
 Super Micro Computer, Inc.SMCI | Buy | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Aug 11 | Monolithic Power Systems, Inc.MPWR | Initiate | Buy |
| Jun 25 | Dell Technologies Inc.DELL | Downgrade | Hold |
| Jun 22 | Super Micro Computer, Inc.SMCI | Upgrade | Buy |
| Nov 29, 2019 |  Micron Technology, Inc.MU | Reiterate | Buy |