| | | 国金证券股份有限公司 2025年面向专业投资者公开发行公司债券（第六期） 发行结果公告 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。 根据中国证券监督管理委员会《关于同意国金证券股份有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可[2024]77 号），国金证券股份有限公司（以下简称"公司"）获准向专业投资 者公开发行公司债券面值总额不超过150亿元，批复有效期自同意注 册之日起24个月内有效，公司在注册有效期内可以分期发行公司债券。 二〇二五年十月二十一日 根据《国金证券股份有限公司2025年面向专业投资者公开发行公 司债券（第六期）发行公告》，公司2025年面向专业投资者公开发行 公司债券（第六期）（以下简称"本期债券"）发行规模不超过17 亿元，发行期限为3年期。 本期债券发行价格为每张人民币100元，全部采用网下面向专业 投资者簿记建档的方式发行。 本期债券发行工作已于2025年10月20日结束，实际发行规模11 亿元，期限3年，票面利率为2.05%。 特此公告。 国金证券股份有限公司 ...

| | | 债券代码：115952 债券简称：23 国金 07 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(第六期) 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： 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(第六期)（以下简称"本期债券"），将于 2025 年 10 月 20 日开始 支付自 2024 年 10 月 20 日至 2025 年 10 月 19 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： 一、本期债券的基本情况 1、债券名称：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(第六期) 2、债券简称：23 国金 07 债权登记日：2025 年 10 月 17 日 债券付息日：2025 年 10 月 20 日 二、本期债券本年度付息兑付情况 1、本年度计息期限：2024 年 10 月 20 日至 2025 年 10 月 19 日。 2、票面利率及付息金额：本期债券票面利率（计息年利率）为 ...

Group 1: Swine Industry - The rapid decline in pig prices has created a resistance to price drops, with secondary fattening entering the market causing a slight rebound, but the overall trend remains downward, and the entire industry is currently in a state of loss [2][3] - The average weight of pigs for slaughter this week is 128.25 kg per head, which remains in a historically high range, indicating that inventory levels have not significantly decreased despite falling prices [2][3] - In the coming months, pig slaughter is expected to increase month-on-month, and with enhanced control over secondary fattening, the seasonal accumulation space is limited, suggesting further downward pressure on pig prices [2][3] Group 2: Poultry Industry - As temperatures rise, the consumption of animal protein has been relatively weak, leading to continuous price adjustments in the poultry sector, with the overall industry showing signs of bottoming out [3] - The recent weak pricing environment has increased losses for slaughter enterprises, while the enthusiasm of farmers to sell has further pressured prices [3] - Yellow feather chicken prices have remained relatively strong due to improved downstream demand and supply contraction, indicating potential for better profitability as consumer demand gradually improves [3] Group 3: Cattle Industry - As of October 10, the price of live cattle in Shandong Province is 27.17 yuan/kg, showing a slight decrease of 0.11% month-on-month but an increase of 13.78% year-on-year, with expectations for steady price increases as the consumption peak season approaches [4] - The average purchase price for milk cows in major production areas is 3.04 yuan/kg, remaining stable month-on-month but down 2.08% year-on-year, with raw milk prices expected to stabilize and recover in the coming year [4] - Recent increases in calf and live cattle prices suggest the potential for a new cattle cycle, with the industry outlook expected to improve steadily [4] Group 4: Planting Industry - The recent harvest of new corn has caused some short-term price impacts, while ongoing negotiations regarding soybean imports between China and the U.S. create uncertainty in soybean prices [5] - The planting sector is expected to stabilize at the bottom, with the potential for improved conditions if there is a substantial reduction in grain production due to global weather disturbances [5] - The country continues to promote agricultural revitalization by increasing grain yields, which may enhance the planting industry's outlook [5]

- The macro timing model recommends a 50% equity allocation for October based on signal strengths of 40% for economic growth and 60% for monetary liquidity[6][47][48] - The macro timing strategy has achieved a return of 13.57% from the beginning of 2025 to date, compared to a 25.65% return for Wind All A Index during the same period[6][47][49] - The rotation model suggests switching to the "Mao Index" style due to the positive slope of the Mao Index's 20-day closing price (0.08%) compared to the negative slope of the micro-cap index (-0.001%)[18][25][27] - The micro-cap timing risk control indicators, including volatility crowding degree (-17.37%) and 10-year government bond yield (-13.46%), indicate that systemic risk is within a controllable range[18][20][25] - Among stock selection factors, reversal factors performed the best last week with an IC mean of 22.65% for all A-shares, followed by technical factors (14.88%) and value factors (25.89%)[51][52][53] - For convertible bonds, quantitative bond selection factors such as stock consensus expectations, stock value, and bond valuation factors achieved positive IC means last week[57][58][59]

Market Overview - The Shanghai Composite Index opened up by 0.67%, the Shenzhen Component Index by 1.49%, and the ChiNext Index by 2.45%, with sectors like CPO, insurance, and semiconductor chips leading the gains [1][2]. Institutional Insights - CITIC Securities believes the underlying logic of a bull market remains intact, supported by ample liquidity and limited downward adjustments. They highlight that market reforms are expected to promote upgrades, while structural prosperity continues to drive the market [1][3]. - CICC suggests that investors may focus on fundamental movements during the earnings season, looking for structural highlights in sectors such as gold, AI-driven TMT, and non-bank financials [3]. - Huatai Securities notes that market sentiment has returned to a neutral level, with potential for a shift towards defensive sectors amid ongoing trade negotiations. They recommend a balanced allocation with a focus on cost-effectiveness [4]. - Zhongjin Securities emphasizes the release of a three-year plan to double charging facilities for electric vehicles, which is expected to solidify construction expectations and suggests monitoring leading operators and equipment manufacturers [5]. - Guojin Securities sees a clear trend of supply-demand improvement in the airline industry, predicting significant profit releases for airlines due to rising passenger demand and ticket price improvements [6]. - China Galaxy Securities is optimistic about the innovation drug industry chain, medical AI, and leading companies in niche sectors, driven by the ongoing push for biopharmaceutical innovation [7].

Core Viewpoint - The report from Guojin Securities indicates a confirmed trend of supply and demand improvement in the airline industry, with expectations for significant performance release from airlines [1] Short-term Outlook - Recent strong performance in private travel and the anticipated release of business travel demand are expected to drive continuous improvement in industry passenger load factors, which are reaching new highs [1] - The "anti-involution" policy is expected to sustain ticket price improvements, leading to a notable year-on-year increase in airline profits in the fourth quarter [1] Mid-term Outlook - Due to capacity constraints from aircraft manufacturers and upstream component suppliers, the growth rate of supply in the aviation industry is expected to slow down, with an annualized growth rate projected at around 3% [1] - Demand is expected to maintain a high single-digit growth rate, and the optimization of supply and demand will drive ticket price increases [1] - Airlines exhibit high price elasticity, with a 1% increase in ticket prices potentially resulting in over 1 billion yuan in profit release for large airlines [1]

Core Viewpoint - The company has decided to change the purpose of its share repurchase from "maintaining company value and shareholder rights" to "cancellation and reduction of registered capital" [1] Group 1: Share Repurchase and Cancellation - The company will cancel 7,194,600 shares repurchased in the first half of 2025, reducing the total share capital from 3,712,559,510 shares to 3,705,364,910 shares [1] - The decision was approved during the company's board meeting on August 28, 2025, and the first extraordinary shareholders' meeting on October 16, 2025 [1] Group 2: Notification to Creditors - Creditors have the right to request debt repayment or corresponding guarantees within 30 days of receiving the notice, or within 45 days from the announcement date if no notice is received [2] - The cancellation will proceed according to legal procedures, and the validity of creditors' rights will not be affected by the deadline for claims [2] Group 3: Required Materials for Debt Claims - Creditors must provide original and photocopied documents proving the existence of the debt relationship, including contracts and agreements [3] - For corporate creditors, additional documents such as the business license and identification of the legal representative are required [3] Group 4: Contact Information for Debt Claims - Creditors can submit claims in person, by mail, or via email, with specific contact details provided for submissions [3] - The submission period is from October 20, 2025, for 45 days, with specified working hours for in-person claims [3]

Group 1 - The company has decided to change the purpose of repurchased shares from "maintaining company value and shareholder rights" to "cancellation and reduction of registered capital" [2] - A total of 7.1946 million shares repurchased in the first half of 2025 will be canceled, reducing the total share capital from 3,712,559,510 shares to 3,705,364,910 shares [2] - The company has notified creditors that they have 30 days from receiving the notice, or 45 days from the announcement date, to claim their debts or request guarantees [3] Group 2 - Creditors must provide original and photocopied documents proving the existence of the debt relationship when declaring their claims [4] - The company has provided multiple methods for creditors to declare their claims, including in-person, by mail, or via email, with specific contact details and submission timelines outlined [5] - The announcement was officially made by the company's board on October 20, 2025 [6]

Core Viewpoint - The recent market adjustment is attributed to high valuations of U.S. financial assets relative to GDP, weakening service sector, and emerging contradictions in technology development, indicating that the true bull market for Chinese assets has not yet begun [1][2][5]. Market Adjustment Insights - The adjustment in the A-share market is not primarily driven by trade relations but rather by deeper economic factors, including high U.S. financial asset valuations and a weakening service sector [2]. - Recent communications between U.S. Treasury Secretary and Chinese officials, along with easing concerns over U.S. regional bank bad debts, have led to a short-term market rebound, reducing the likelihood of a sharp decline [2]. Domestic Economic Indicators - Financial data shows a seasonal increase in new corporate medium-to-long-term loans and an above-seasonal growth in new household loans, indicating a potential recovery in terminal demand that could benefit midstream manufacturing and downstream profits [3]. - The year-on-year growth rate of PPI has rebounded, particularly in upstream industries, suggesting a stabilization in prices due to ongoing anti-involution efforts [3]. - China's reliance on U.S. trade has decreased, with a notable recovery in overall export growth despite low year-on-year growth in exports to the U.S. [3]. Long-term Asset Considerations - Factors supporting gold's strength include expectations of interest rate cuts, geopolitical risks leading to a weaker dollar, and persistent government deficits abroad [4]. - The rapid increase in gold prices since late August has coincided with volatility in equity markets, indicating a shift in asset allocation preferences among investors [4]. Structural Changes in Investment - The high valuations of U.S. financial assets and weakening service sector are exerting pressure on global technology advancements, with adjustments in Chinese assets being a normal part of the transition process [5][6]. - Recommended investment focus includes short-term attention on domestic industries with recovering sentiment, such as food and beverage, aviation, and coal [6]. - Mid-term investment should prioritize physical assets, including upstream resources (copper, aluminum, oil, gold) and capital goods (engineering machinery, power grid equipment) [6].

Core Points - Guojin Securities announced the cancellation of repurchased shares and notified creditors regarding related matters [1][2] Group 1: Share Repurchase and Cancellation - Guojin Securities held board meetings on August 28, 2025, and a temporary shareholders' meeting on October 16, 2025, to approve the change in the purpose of repurchased shares from "maintaining company value and shareholder rights" to "cancellation and reduction of registered capital" [2] - A total of 7,194,600 shares repurchased in the first half of 2025 will be canceled, reducing the total share capital from 3,712,559,510 shares to 3,705,364,910 shares, which is a decrease from 3.713 billion shares to 3.705 billion shares [2] Group 2: Creditor Information - According to the Company Law of the People's Republic of China, creditors have the right to request debt repayment or corresponding guarantees within thirty days of receiving the notification, or within forty-five days from the date of the announcement if no notification is received [3] - Creditors must provide original and photocopies of documents proving the existence of the debt relationship when filing claims, with specific requirements for both legal entities and individuals [3] - Claims can be submitted in person, by mail, or via email, with a specified submission period starting from October 20, 2025, for 45 days [3]