GF Securities
GF Securities Co., Ltd.
GF Securities is a Guangzhou-based Chinese securities firm listed in Shenzhen and Hong Kong and one of China's largest brokers; its research centre places highly in China's New Fortune analyst poll, and its Hong Kong unit publishes on US technology hardware stocks.
Company history
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.
- 1991Founded as Guangdong Development Bank's securities department
- 1999Spun off from Guangdong Development Bank
- 2001Became joint-stock company named GF Securities Co., Ltd.
- 2010Listed on Shenzhen Stock Exchange via reverse takeover
- 2015H shares listed on Hong Kong Stock Exchange
Research
GF's Development Research Center covers Chinese macro, strategy, fixed income and sector equities; in the 2025 New Fortune best-analyst poll the firm placed 13 times, with its macro and strategy teams ranked first. GF Securities (Hong Kong) runs an overseas technology team, led by Jeff Pu since 2025, that covers US AI-server and hardware companies. Company ratings are Buy, Accumulate, Hold and Sell, based on expected 12-month performance relative to the market.
Coverage12M
- Stocks
- 3
- Ratings
- 3
- Price targets
- 0
- Upgrades
- 1
- Downgrades
- 1
- Initiations
- 1
- Reiterations
- 0
- Positive67%2
- Neutral33%1
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 DELLDell Technologies Inc. | Hold | — |
 MPWRMonolithic Power Systems, Inc. | Buy | — |
 SMCISuper Micro Computer, Inc. | Buy | — |
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| Monolithic Power Systems, Inc.MPWR | Initiate | Buy | Aug 11 |
| Dell Technologies Inc.DELL | Downgrade | Hold | Jun 25 |
| Super Micro Computer, Inc.SMCI | Upgrade | Buy | Jun 22 |
 Micron Technology, Inc.MU | Reiterate | Buy | Nov 29, 2019 |
References
- Company Introduction - GF Securitiesen.gf.com.cn
- GF Securities 2025 Annual Report (history section) - Sina Financemoney.finance.sina.com.cn
- Senior Management - GF Securities Investor Relationsir.gf.com.cn
- 2025 New Fortune Best Analyst rankings - Sina Financefinance.sina.com.cn
- Jeff Pu - LinkedInlinkedin.com
- GF Securities research report with rating definitionsreportify-1252068037.cos.ap-beijing.myqcloud.com