Group 1 - The core point of the announcement is the issuance of the fifth phase of corporate bonds by Guojin Securities Co., Ltd., which will start paying interest on July 14, 2025 [1][2] - The bond has a total issuance amount of 1 billion yuan and a term of 3 years, with a coupon rate of 2.98% [5] - The interest payment date is set for July 14 each year, with the first interest payment covering the period from July 14, 2024, to July 13, 2025 [1][2] Group 2 - The bond's interest payment amount is 29.80 yuan per bond (including tax), based on a face value of 1,000 yuan [2] - The bond registration date is July 11, 2025, after which investors will be entitled to the interest for the current year [2] - The company will sign an agreement with China Securities Depository and Clearing Corporation Limited Shanghai Branch for the bond payment and interest distribution [2][3] Group 3 - Individual investors are required to pay personal income tax on the interest income from the bonds, which will be withheld by the payment institutions [6] - For foreign institutional investors, there is a temporary exemption from corporate income tax and value-added tax on bond interest income until December 31, 2025 [7] - The announcement includes contact information for the issuer, trustee manager, and custodian [7]

证券代码：600109 证券简称：国金证券 公告编号：临 2025－59 2025年付息公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 债券代码：115630 债券简称：23 国金 06 国金证券股份有限公司 债权登记日：2025 年 7 月 11 日 债券付息日：2025 年 7 月 14 日 国金证券股份有限公司 2023 年面向专业投资者公开发行公司债 券(第五期)（以下简称"本期债券"），将于 2025 年 7 月 14 日开始支 付自 2024 年 7 月 14 日至 2025 年 7 月 13 日期间的利息。为保证本次 付息工作的顺利进行，现将有关事宜公告如下： 2023年面向专业投资者公开发行公司债券(第五期) 一、本期债券的基本情况 （六）债券期限：3 年 （七）票面利率：2.98% （八）计息期限及付息日：本期债券计息期限自 2024 年 7 月 14 日至 2027 年 7 月 13 日，本期债券付息日为计息期限的每年 7 月 14 日（上述付息日如遇法定节假日，则顺延至下一个交 ...

国金证券主要观点如下： 东南亚为美国轮胎的主要进口地区，虽然存在关税风险但短期美国本土产能难以实现补充供应 美国自2014年开始陆续对我国乘用车和轻型货车轮胎、卡车和公共汽车轮胎、非公路轮胎发起双反调 查，国内轮胎企业通过出海建厂应对政策变化，距离较近且橡胶产能丰富的东南亚成为了首选。随着泰 国、越南等地新建轮胎产能逐渐落地，对美国的轮胎出口量也开始快速增长，2020年美国双反政策覆盖 面也扩大到了泰国和越南等地，尽管今年4月开始美国关税的阴影也笼罩了东南亚地区，但是考虑到原 料配套和成本优势东南亚依然是轮胎企业出海的首站。 智通财经APP获悉，国金证券发布研报称，7月2日晚间，特朗普表示已与越南达成贸易协议。根据协 议，越南所有出口至美国的商品将被征收20%的关税，而任何转运货物将被征收40%的关税。目前，美 国尚未公布适用40%关税的具体商品清单。目前，尚不清楚该协议是否已最终达成，或者越南是否同意 特朗普宣布的内容。考虑到全球各地未来贸易政策的变化有不确定性，实现海外多基地布局的企业经营 更具稳定性，并且随着未来海外基地产能顺利放量后将推动公司实现业绩增长和市占率提升。 根据隆众资讯数据，美国轮胎进口的 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 在刚刚过去的6月份，A股IPO迎来井喷式爆发，单月受理量达150家，占上半年总量的 84.75%。今年上半年，沪深北三大交易所合计受理177家企业IPO申 请，较去年同期大幅增长510.34% 。 审核层面，6月份A股共有9家IPO企业上会，全部过会。今年上半年，沪深北三大交易所合计30家企业上会且全部过会，过会率为100%，较2024年上半年的 87.1%大幅提高。 终止情况，交易所官网数据显示，2025年6月份合计10家企业终止IPO进程。今年上半年，合计77家企业终止IPO进程，较去年同期大降七成以上。 发行方面，6月份有8家新股发行上市。今年上半年合计有51家公司成功IPO，募资总额约为373.55亿元（按上市日统计，下同），募资总额较2024年同期增 长14.96%。51家企业上市首日平均涨幅高达229.09%，并且0破发。 券商排名情况，截至2025年6月30日，国泰海通以46家排队企业数量排名第一，同时IPO撤单数量（8家）也排第一。承销保荐方面，中信证券、国泰海通 ...

Group 1 - The company plans to repurchase its shares through a centralized bidding method on the Shanghai Stock Exchange, with a repurchase price not exceeding RMB 18.16 per share and a total repurchase fund between RMB 20 million and RMB 40 million [1][2] - The repurchased shares will be used for employee stock ownership plans or equity incentives, and to maintain company value and shareholder rights [1][2] - The company intends to implement a differentiated dividend distribution for the fiscal year 2024, proposing a cash dividend of RMB 0.234 per 10 shares, amounting to a total cash dividend of approximately RMB 3.35 million [2][4] Group 2 - The total share capital of the company is 150,292,062 shares, with 6,952,007 shares in the repurchase account, leading to a base for profit distribution of 143,340,055 shares [2][4] - The cash dividend distribution represents 30.08% of the company's net profit attributable to shareholders for the year [2][4] - The impact of the differentiated dividend on the ex-dividend reference price is minimal, with an absolute value change of less than 1% [4] Group 3 - The sponsor institution, Guojin Securities, has verified that the differentiated dividend plan complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [5]

Core Viewpoint - In the first half of the year, seven brokerage firms implemented share buybacks totaling 191 million shares and an aggregate amount of 2.031 billion yuan, indicating a positive trend in the brokerage sector's valuation recovery due to various supportive measures and an improving market environment [1][2]. Group 1: Share Buyback Details - Seven brokerages have disclosed their share buyback progress, with notable examples including Dongfang Securities, Guotai Junan, and Zhongtai Securities, which collectively repurchased millions of shares and spent significant amounts [2]. - Dongfang Securities repurchased 26.70 million shares for 250 million yuan, Guotai Junan repurchased 59.22 million shares for 1.051 billion yuan, and Zhongtai Securities repurchased 33.50 million shares for 213 million yuan [2]. Group 2: Future Buyback Plans - Some brokerages have announced future buyback plans, such as Hongta Securities, which plans to repurchase between 100 million and 200 million yuan worth of shares to support its ongoing development [3]. Group 3: Purpose of Share Buybacks - The primary objectives of the share buybacks include maintaining company value and shareholder rights, optimizing capital structure, and enhancing shareholder returns [4]. - Brokerages like Zhongtai Securities and Hongta Securities explicitly stated that their repurchased shares would be canceled to reduce registered capital and improve shareholder returns [4]. Group 4: Broader Market Management Strategies - In addition to share buybacks, several major shareholders of brokerages have announced plans to increase their holdings, reflecting a growing awareness of enhancing investor returns [5]. - For instance, Tianfeng Securities' major shareholder increased its stake by 1.79 million shares for 502 million yuan, while Changcheng Securities' major shareholder plans to invest between 50 million and 100 million yuan [5]. Group 5: Market Outlook - Analysts predict that with the influx of long-term capital and increased market stability, the risk appetite in the market is likely to improve, which may lead to a recovery in brokerage valuations [6].

Core Viewpoint - The China Securities Association has announced the second batch of companies for on-site inspections for initial public offerings (IPOs) in 2025, with a total of 12 companies selected for review [1] Group 1: Selected Companies - The companies selected for the on-site inspections include: - Changyu Group with 700 million - Yisiwei with 1.214 billion - Hengyun Chang with 1.55 billion - Xinmi Technology with 785 million - Aiteke with 1.5 billion - Tianyuan Biochemical with 630 million - Zhenshi Co. with 3.981 billion - Kangrui New Materials with 1.105 billion - Future Materials with 2.446 billion - Electric Science Blue Sky with 1.5 billion - Huigu New Materials with 900 million - Huike Co. with 8.5 billion [1] Group 2: Underwriters - The IPOs are sponsored by various securities firms, including: - Southwest Securities - Guotou Securities - CITIC Securities - Guojin Securities - Huatai United Securities - Guohai Securities - CICC - Guotai Junan - CITIC Securities - CITIC JianTou - CITIC Securities - CICC [1] Group 3: IPO Distribution - The majority of the selected companies are from the main board, with a total of 6 companies listed [1]

Core Viewpoint - The integration of AI technology in the securities industry is transforming wealth management, with firms like Guojin Securities leading the way by launching AI advisory services to enhance service quality and efficiency [1][6]. Group 1: AI Advisory Services - Guojin Securities has launched an "AI Advisory" service that provides personalized investment recommendations based on investors' historical trading preferences, aiming for tailored advice for different clients [1][4]. - The AI advisory service includes five main functions: AI stock recovery, AI fund recovery, AI stock selection, AI fund selection, and AI holding optimization, addressing various investment pain points and aligning with investor behavior [4][6]. - The AI advisory leverages big data and machine learning to improve market analysis accuracy and investment efficiency, offering customized wealth management solutions throughout the investor's life cycle [4][7]. Group 2: Market Trends and Investor Demographics - Over 80% of securities firms have initiated AI-related projects in the past two years, indicating a strategic shift in the industry to enhance service efficiency and respond to market changes [6][9]. - As of July 2023, the number of A-share investors in China surpassed 220 million, with a significant increase in new accounts, highlighting a growing demand for professional investment guidance among retail investors [6][9]. - The majority of investors are small and medium-sized, many of whom lack investment experience, creating a pressing need for accessible professional investment services [6][7]. Group 3: Benefits of AI Advisory - AI advisory services empower traditional advisory teams by providing efficient data processing and analysis tools, enhancing service efficiency and professionalism [7][9]. - The AI advisory platform allows small and medium-sized investors to receive personalized asset allocation plans and real-time investment advice based on their risk tolerance and financial goals [7][8]. - Guojin Securities emphasizes a customer-centric approach, utilizing AI algorithms to create a comprehensive service model that includes demand analysis, asset allocation, product selection, and ongoing tracking [8][9].

Core Viewpoint - The launch of "AI Investment Advisory" service by Guojin Securities aims to provide comprehensive intelligent investment support for investors, addressing challenges in stock selection, fund recovery, and portfolio optimization [1][3]. Group 1: AI Investment Advisory Features - The AI Investment Advisory service includes five main functionalities: AI stock selection, AI stock recovery, AI fund recovery, AI fund selection, and AI holding optimization [3][4]. - AI stock selection utilizes investor preferences to recommend stocks with reference buy prices and trading signals [3]. - AI stock recovery offers customized recovery plans based on the investor's current losses, including strategies for trading and stock switching [3]. - AI fund recovery employs algorithms for segment trading, regular investment, and asset allocation to help investors recover losses efficiently [4]. - AI fund selection identifies funds with potential based on market conditions and selects valuable global assets to balance returns and risks [4]. Group 2: Technological Integration and Development - Guojin Securities is one of the first institutions in the industry to explore the application of AI large models in investment, enhancing market analysis accuracy and investment efficiency [1][5]. - The company has been deeply engaged in financial technology since 2014, continuously pushing the application of leading technologies like AI large models in wealth management and investment research [5][6]. - The AI Investment Advisory service is built on a foundation of strategies that have been tested over years, ensuring that only strategies with a proven track record are included [6]. Group 3: User Experience and Accessibility - The service offers a 30-day free trial for first-time users, allowing them to experience AI-driven investment services [1][4]. - Continuous updates and trading signals are provided through the app and SMS, facilitating timely decision-making for users [4][6]. - The launch of AI Investment Advisory marks a significant step towards democratizing financial services and enhancing investor experience [6].

Core Insights - The domestic energy storage and battery market is experiencing significant growth, with May's installed capacity reaching 23.1 GWh, reflecting a year-on-year increase of 679% and a month-on-month increase of 427% [1] - The sales of energy storage and other batteries in May reached 36 GWh, with a year-on-year increase of 69% and a month-on-month increase of 15% [1] - The lithium battery sector is seeing price declines, with lithium carbonate priced at 59,600 CNY/ton, down 7% from the previous month, and lithium hydroxide at 62,400 CNY/ton, down 5% [1] Industry Changes - The solid-state battery technology is transitioning from pilot production to mass production, with key companies receiving MWh scale orders and planning GWh scale production lines [1][6] - The solid-state battery is expected to enter the vehicle testing phase between 2026 and 2027, marking a significant technological advancement in the industry [3] - The overall performance of the lithium battery sector has been active since June 2025, with over half of the segments outperforming major indices [2] Market Trends - The sales of new energy vehicles in May reached 1.22 million units in China, showing a year-on-year increase of 33% and a month-on-month increase of 17% [1][4] - The cumulative sales of new energy vehicles from January to May reached 4.98 million units, reflecting a year-on-year increase of 41% [1] - The market for energy storage in China is driven by the "531 installation rush," leading to a significant increase in installed capacity [4] Investment Recommendations - The lithium battery sector is expected to shift from broad market-driven growth to structural opportunities led by technological breakthroughs and new application fields in 2025 [7] - Key companies recommended for investment include CATL, EVE Energy, Keda Industrial, and Xiamen Tungsten [7]