国金证券股份有限公司 关于2024年度第二期短期融资券 兑付完成的公告 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！ 证券代码：600109 证券简称：国金证券 公告编号：临2025－74 国金证券股份有限公司（以下简称"本公司"）于2024年9月12日发行了2024年度第二期短期融资券，发 行金额为人民币10亿元，票面利率为2.05%，发行期限为365天，兑付日为2025年9月12日。详见公司于 2025年9月13日在上海证券交易所网站（www.sse.com.cn）披露的《关于2024年度第二期短期融资券发 行结果公告》以及2025年9月5日登载于中国货币网（www.chinamoney.com.cn）、上海清算所网站 （www.shclearing.com）的《国金证券股份有限公司2024年度第二期短期融资券兑付公告》。 2025年9月12日，本公司兑付了该期短期融资券本息共计人民币1,020,500,000.00元。 特此公告。 国金证券股份有限公司董事会 二〇二五年九月十五日 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 ...

Core Insights - The market showed active trading in 25H1, with daily average stock fund transaction volume increasing by 64% year-on-year, and income from financial products sold by listed brokerages rising by 32% [1] - The top 100 distribution institutions held a combined "stock + mixed" fund balance of 5.14 trillion yuan, up 5.9% quarter-on-quarter; stock index funds totaled 1.95 trillion yuan, up 14.6%; and non-monetary funds reached 10.20 trillion yuan, up 6.9% [1] Distribution Institutions - The market share of brokerages in non-monetary and stock-mixed fund holdings increased, while the market share of stock index funds decreased, primarily taken by banks; brokerages still hold over 50% market share [2] - For non-monetary funds, the market shares of banks, third parties, and brokerages are 43.1%, 34.9%, and 20.4% respectively, with changes of -1.11 percentage points, +0.62 percentage points, and +0.46 percentage points quarter-on-quarter [2] - In the "stock + mixed" category, the market shares are 41.8% for banks, 28.6% for third parties, and 27.4% for brokerages, with slight changes quarter-on-quarter [2] Brokerages - Brokerages saw an increase in market share for stock-mixed and non-monetary fund holdings, while stock index fund market share slightly declined but still remains significant [3] - The "stock + mixed" fund and stock index fund holdings increased by 6.5% and 9.9% quarter-on-quarter, respectively, while non-monetary fund holdings rose by 9.4% [3] - Leading brokerages include CITIC Securities and Huatai Securities, both maintaining holdings above 120 billion yuan, with slight changes in market share [3] Banks - Banks experienced a decline in market share for non-monetary and stock-mixed funds, but stock index fund market share increased from a smaller base [4] - The "stock + mixed" fund holdings for banks increased by 5.5% quarter-on-quarter, while stock index funds surged by 38.7% [4] - China Merchants Bank leads with a "stock + mixed" fund holding of 492 billion yuan, showing a significant quarter-on-quarter increase [4] Investment Recommendations - The proposed fee reform for public funds is favorable for equity funds and ETFs, with brokerages expected to benefit from new evaluation criteria that favor those with significant growth in equity fund holdings [5] - Brokerages are positioned to enhance their market share in fund distribution and advisory services due to these favorable conditions [5]

证券代码：600109 证券简称：国金证券 公告编号：临2025－74 国金证券股份有限公司 关于2024年度第二期短期融资券兑付完成的公告 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。 国金证券股份有限公司（以下简称"本公司"）于2024年9月12日 发行了2024年度第二期短期融资券，发行金额为人民币10亿元，票面 利率为2.05%，发行期限为365天，兑付日为2025年9月12日。详见公司 于2025年9月13日在上海证券交易所网站（www.sse.com.cn）披露的《 关于2024年度第二期短期融资券发行结果公告》以及2025年9月5日登 载于中国货币网（www.chinamoney.com.cn）、上海清算所网站（www.shc learing.com）的《国金证券股份有限公司2024年度第二期短期融资券 兑付公告》。 2025年9月12日，本公司兑付了该期短期融资券本息共计人民币 1,020,500,000.00元。 特此公告。 国金证券股份有限公司 董事会 二〇二五年九月十五日 ...

Group 1: Market Overview - The chemical market experienced an upward trend this week, with the Shenwan Chemical Index rising by 2.36%, outperforming the CSI 300 Index by 0.98% [1] - Benefiting from rising prices of new energy materials and Oracle's substantial orders, AI materials and certain new energy chemical materials performed strongly [1] - The potassium fertilizer sector also showed good performance, while some market funds shifted towards solid-state batteries, leading to positive results for related stocks [1] Group 2: Industry Developments - In the basic chemical industry, POE production capacity is being gradually released, with Shenghong Petrochemical's 100,000 tons/year POE project successfully launched and Dingjide's POE expected to start production by September 30 [1] - New Hecun and Sinopec's joint venture has successfully produced qualified products from its 180,000 tons/year liquid methionine project [1] - The current price-to-book (PB) ratio for basic chemicals is at a historical percentile of 31% since 2010, indicating good value in the sector [1] Group 3: Oil Market Dynamics - OPEC+ has "principally agreed" to increase production in October, marking a strategic shift towards market share rather than price defense, with Saudi Arabia aiming to reclaim sales volume lost to U.S. shale oil producers [3] - This decision may weaken the long-standing safety net of idle production capacity that could buffer against unexpected supply shocks in the global oil market [3] Group 4: AI Industry Insights - Oracle's stock surged over 27% following its Q1 earnings report, which, despite not meeting expectations, highlighted strong growth prospects in AI, with a significant deal with OpenAI leading to a remaining performance obligation of $455 billion, a year-on-year increase of approximately 359% [2] - Broadcom is set to design and produce AI chips for OpenAI starting in 2026, causing its stock to rise by 9.4%, while Nvidia's stock fell by 2.70% due to increased competition concerns [2] - TSMC reported a year-on-year sales increase of 33.8% in August, indicating continued strong demand in the AI sector [2]

Group 1 - Panasonic's MEGTRON9 copper-clad laminate shows significant reduction in circuit loss compared to M8, especially in high-frequency environments, indicating a leap in dielectric performance [1] - The Df value of M9 is lower than that of M8, suggesting that existing PPO/PPE high-frequency resins may not meet the performance requirements of M9, leading to an upgrade in upstream resin materials [1] - M9 copper-clad laminate is expected to utilize more hydrocarbon resins and specialty hydrocarbon resins to meet electrical performance demands [1] Group 2 - Domestic hydrocarbon resin industry is still developing, with companies like Dongcai Technology and Shiming Technology making strides in R&D and production capacity [2] - Dongcai Technology has a planned capacity of 3,500 tons/year for electronic-grade hydrocarbon resin, while Shiming Technology has already established a 500-ton capacity [2] Group 3 - A new type of specialty hydrocarbon resin, anthracene resin, has low Df values (0.0005-0.0006), making it an ideal material for M9 copper-clad laminates [3] - Meilian New Materials' subsidiary, Huihong Technology, is the first in China to produce anthracene monomers for electronic materials, with an annual capacity of 200 tons [3] Group 4 - BCB hydrocarbon resin is facing long-term technological barriers from the US and Japan, but domestic production is underway with a new production line set to launch in November [4] - The new production line by Hubei Disai Hongding High-tech Materials will break the monopoly of US and Japanese companies in high-end electronic chip packaging materials [4] Group 5 - Dongcai Technology is positioned as a leader in the electronic resin sector in China, with significant R&D and production capabilities, and has developed various electronic-grade resins [5][6]

Group 1 - The core viewpoint is that the market is in a confirmed upward trend, with a positive medium-term outlook, but September will continue to experience a wide range of fluctuations [1] - On Thursday, trading volume increased significantly, surpassing 2.4 trillion yuan, with a rise of 400 billion yuan compared to Wednesday [1] - There is an expectation that new capital is preparing to enter the market, waiting for trading volume to rebound [1]

Core Viewpoint - The investment banking sector is experiencing a recovery with significant internal differentiation, as evidenced by a reduction in the number of loss-making firms and a notable performance improvement among leading brokerages [1][4]. Group 1: Profitability Trends - The number of brokerages reporting losses in investment banking has decreased from 20 in 2024 to only 10 in 2025, indicating a significant improvement in profitability [1][4]. - Leading brokerages such as CICC and CITIC Securities have turned losses into profits, with CICC's investment banking revenue soaring by 149.70% year-on-year, reaching 1.445 billion yuan [1][10]. - Despite the overall improvement, some brokerages, including Guojin Securities and Zhongtai Securities, have reported substantial losses, with Guojin Securities losing 98.07 million yuan [1][5]. Group 2: Market Shifts - In response to the changing IPO landscape in the A-share market, leading brokerages are increasingly focusing on the Hong Kong market, with CICC International achieving a substantial underwriting scale of 22.582 billion yuan in the first eight months of the year [2][11]. - The competitive environment in the Hong Kong market has led to a decline in profit margins for many brokerages, with average profit margins dropping to around 20%, significantly lower than the pre-"827 New Policy" levels of over 50% [2][13]. Group 3: Performance of Specific Brokerages - CICC has shown remarkable recovery, with its investment banking profit reaching 276 million yuan in the first half of the year, a significant turnaround from a loss of 784 million yuan in the previous year [10][11]. - Guojin Securities, despite high revenue of 377 million yuan, has seen its losses expand to 98.07 million yuan, highlighting the challenges faced by some brokerages in the current market [5][7]. - Zhongtai Securities has also experienced a shift from profit to loss, with a reported loss of 37.59 million yuan in the first half of 2025, down from a profit of 139 million yuan in the same period last year [4][5]. Group 4: Competitive Landscape - The competitive landscape in the Hong Kong IPO market is intensifying, with domestic brokerages capturing four of the top five spots in underwriting amounts, showcasing their growing competitiveness [2][16]. - The shift in focus towards the Hong Kong market has led to increased collaboration between A-share and Hong Kong brokers, as they work together to secure IPOs for companies looking to list in Hong Kong [14][15].

Group 1 - The core point of the announcement is that Guojin Securities has successfully issued the 7th short-term financing bond for the year 2025 on September 11, 2025 [1][3] - The company assures that the announcement contains no false records, misleading statements, or significant omissions, and that the board of directors is responsible for the authenticity, accuracy, and completeness of the content [1] - Relevant documents regarding the bond issuance have been published on the China Money website and the Shanghai Clearing House website [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In August, the approval of urban investment bonds was characterized by a slight decline in registration quotas, a significant slowdown in the approval pace, especially in weakly - qualified districts and counties, and a decrease in the scale of terminated issuances. The supply of urban investment bonds is unlikely to "surge", and the demand for high - quality urban investment bonds is strong. The credit stratification trend will continue to deepen, and future approval policies are expected to remain strict, promoting the market - oriented transformation of urban investment companies [6][49]. 3. Summary According to Relevant Catalogs 3.1 Registration Situation: Slight Decline in Urban Investment Registration Quotas - Overall, the registration quota of urban investment platforms slightly declined in August. The registration scale of the exchange increased significantly, while that of DCM decreased significantly. The planned issuance scale of urban investment bonds registered on the exchange was 214.6 billion yuan, up from 178.9 billion yuan, and that of DCM was 163.8 billion yuan, down from 204.2 billion yuan [12]. - By administrative level, the registration scales of provincial and district - county - level urban investment decreased significantly. The planned issuance scale of provincial urban investment registration projects dropped from 98.3 billion yuan to 76.8 billion yuan, and that of district - county - level dropped from 171.3 billion yuan to 133 billion yuan. The three - month moving average proportion of district - county - level urban investment bonds among all administrative levels decreased to 44% for the fifth consecutive month [15]. - By district - county qualification, the registration scale of weakly - qualified districts and counties decreased. The registration scale of district - level platform bonds with a budget revenue of less than 5 billion yuan was 50.2 billion yuan, down from 59.9 billion yuan, and the three - month moving average proportion continued to rise to 37.5% [18]. - By province, the scale of regions such as Sichuan, Anhui, and Guangdong increased significantly month - on - month, while that of Shandong, Chongqing, and Jiangxi decreased significantly. The scale of Hunan continued to decline, and the decline in Shandong mainly came from the district - county level. The scale growth in Zhejiang, Anhui, and Guangdong was significant, and the growth in Zhejiang and Anhui mainly occurred at the prefecture - level city level [20]. 3.2 Approval Feedback: Significant Slowdown in Weakly - Qualified Districts and Counties - In August, the DCM approval pace of urban investment bonds slightly accelerated, while the exchange approval pace slowed down slightly. The number of valid sample bonds registered with DCM was 439, a significant increase from the previous month, and that of the exchange was 94, a certain decrease from the previous month. The average number of feedbacks from DCM was 2.4 times, down from 2.5 times, and that of the exchange was 4.4 times, up from 4.0 times. The average feedback days of DCM decreased to 41.0 days, down from 41.2 days, and that of the exchange increased to 80.1 days, up from 71.6 days [25]. - By issuance method and level, the feedback time of private urban investment corporate bonds changed significantly, with that of prefecture - level cities shortening significantly and that of district - county - level cities lengthening significantly. In publicly - offered urban investment corporate bonds, the feedback time of prefecture - level cities was significantly extended, and that of district - county - level cities was significantly shortened [29]. - By province, the approval pace in Chongqing, Tianjin, and Beijing accelerated significantly. The approval speed in Sichuan and Tianjin accelerated significantly, and the approval speed in Chongqing, Tianjin, and Beijing continued to improve. The approval feedback days in Anhui, Shanxi, and Hubei were significantly extended, and the approval speed in Shaanxi continued to slow down. By administrative level, the approval pace of prefecture - level platforms in Sichuan accelerated significantly, while that of district - county - level platforms in Anhui slowed down significantly [33]. - By district - county qualification, the approval pace of bonds issued by weakly - qualified district - county platforms slowed down significantly. In August, the feedback days of district platforms with a general budget revenue of less than 5 billion yuan were 118.1 days, up from 60.3 days, much higher than the average of last year. The approval pace of bonds issued by district platforms with a general budget revenue of 5 - 10 billion yuan accelerated, while that of platforms with a general budget revenue of 10 - 30 billion yuan slowed down significantly [36]. 3.3 Terminated Issuance: Significant Decline in Terminated Project Scale - In August, the scale of terminated projects decreased significantly. The planned issuance scale of terminated urban investment bonds dropped from 23 billion yuan to 11 billion yuan, and the number of terminated projects decreased from 17 to 8. The terminated scale of district - county - level urban investment bonds decreased significantly, and its three - month moving average proportion dropped to 58%. The scale of terminated projects at the municipal level increased significantly, and there were no terminated projects at the provincial level. The three - month moving average proportion of terminated projects in weakly - qualified districts and counties (with a local budget revenue of less than 5 billion yuan) rose to 53.7% [38]. - By province, the terminated projects of urban investment platforms mainly occurred in Shandong and Hebei. The scale of terminated projects of urban investment platforms in Shandong and Hebei was relatively large, mainly affected by prefecture - level platforms [46].

Core Insights - In August, the A-share market saw a significant increase in new margin trading accounts, reaching 180,000, which represents a year-on-year growth of 381% and a month-on-month increase of 48%, marking the highest monthly record for the year [1][2] - The total number of margin trading accounts has surpassed 15.11 million as of the end of August, indicating a steady upward trend throughout the year [2][3] - The continuous growth in margin trading accounts reflects heightened market participation and investor confidence [2][3] Margin Trading Account Growth - The monthly new account data shows a consistent increase from January 2025 to August 2025, with new accounts rising from approximately 74,000 in January to 180,000 in August [2][3] - The total number of margin trading accounts reached 15,113,336 by the end of August, with a notable increase in personal investors, totaling 7.64 million, and institutional investors at 50,094 [3] Broker Strategies - Brokers are actively adjusting their credit business strategies to capitalize on the booming margin trading market. For instance, Huayin Securities raised its credit business limit from 6.2 billion to 8 billion yuan to meet the surging demand [4] - Guojin Securities announced an adjustment to the margin requirement for new securities, increasing it to 100%, which raises the capital required for investors to engage in margin trading [5] - This trend indicates a focus on risk management while accommodating the growing demand for margin trading services [5] Margin Trading Balance - The A-share margin trading balance has consistently exceeded 2.3 trillion yuan for three consecutive trading days and has surpassed 2 trillion yuan for 27 consecutive trading days, setting new historical highs [6] - On a recent trading day, the financing purchase amount reached 222.4 billion yuan, accounting for 2.48% of the circulating market value and 11.10% of the total A-share trading volume [6] - Despite the robust growth in margin trading activities, the overall leverage level in the market remains stable, with financing balances below historical peaks [6]