证券代码：600109 证券简称：国金证券 公告编号：临2025－64 国金证券股份有限公司 关于2025年度第五期短期融资券发行结果公告 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。 | 债券名称 | | 国金证券股份有限公司 第五期短期融资券 | 2025 年度 | | --- | --- | --- | --- | | 债券简称 25 | 国金证券 CP005 | 债券流通代码 | 072510137 | | 发行日 | 2025 年 7 月 22 日 | 起息日 2025 | 年 7 月 23 日 | | 兑付日 | 2026 年 1 月 22 日 | 期限 183 | 天 | | 计划发行总额 10 | 亿元人民币 | 实际发行总额 10 | 亿元人民币 | | 票面利率 | 1.63% | 发行价格 100 | 元/百元面值 | 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 国金证券股份有限公司2025年度第五期短期融资券已于2 ...

7月以来，券业掀起一轮"反内卷"研究热潮，研报、路演、电话会层出不穷之后，有券商更推出了"反内 卷"专题策略会。7月22日—23日，国金证券举办专题策略会，探讨"内卷"破局之路：从国际经验到中国 方案、"反内卷"下钢铁新机遇等话题。公开数据显示，7月以来，券商已"组团"发布了超300篇"反内 卷"主题相关研报。有业内人士表示，"反内卷"专题策略会不仅能够帮助关联公司梳理出更具前瞻性的 业务战略，同时也为客户提供了一种全新的视角和服务体验，预计这种形式可能引发更多机构跟进。不 过，券商也需在热点追踪与差异化研究间找到平衡。 300余篇研报关注"反内卷" 除国金证券外，7月21日，中信建投证券宏观、政策研究、策略、新股策略、固收、金属和金属新材 料、电新等研究团队也共同推出"反内卷"主题投资展望。 在策略方面，中信建投证券表示，配置层面关注中报业绩和反内卷主题，"反内卷"当前更多是作为"供 给侧结构性改革"的映射主题引发市场短期行情，政策力度尚不足以改变行业长期趋势。多数板块行情 预计在概念热度消退后重新回归基本面，而在更有实质约束力的政策举措落地后，"反内卷"这一横跨多 个政策约束力和执行路径成为投资者关注的焦 ...

国金证券主要观点如下： 智通财经APP获悉，国金证券发布研报称，当前具身智能真正缺乏的是第三阶段的生物智能——模拟学 习的能力，而物理AI正是构建模拟学习的核心。通过梳理生物智能五阶段的演变，该行认为人形机器 人产业虽处早期，但模型侧发展迅速，物理AI将成为解决机器人与物理世界交互最后一环的关键技 术。重视3D数据资产+物理仿真引擎双主线，看好中国物理AI稀缺资产。 具身智能发展至今，从物理形态到大脑机理，机器人无一不在以"仿生"的脉络发展演绎。该行认为，虽 然目前人形机器人的产业发展阶段尚处早期，但市场往往会高估原子层面的变化，而低估比特层面的变 化——具身智能模型侧的发展日新月异，因而该行试图在本篇报告中详细梳理生物智能五阶段的变化， 并逐阶段地映射产业界的产品形态与模型算法。生物体亿万斯年的演化历程，蕴含着解读目前具身智能 发展阶段的钥匙，该行认为，当前具身智能真正缺乏的是第三阶段的生物智能——模拟学习的能力，而 物理AI正是构建模拟学习的核心。 2025年CES上，英伟达发布Cosmos世界模型平台，该行认为，世界模型≈空间智能+物理AI，也就是需 要让模型具备理解、生成3D几何关系、距离等空间信息的 ...

近日，新浪财经首届上市券商领军人物领导力TOP榜结果出炉，国金证券总裁姜文国荣获成长发展券商第7 名。 TOP榜评比全景图 领导力评价方法 行业数据评价 40% 50% 机构同业评价 R 3 网络声量评价 10% 行业数据评价(权重50%) 公司规模 经营状况 三方评级 风险控制 员工回报 业务质量 营业收入增长率:-0.98% 归母净利润增长率: - 2.8% 资产回报率(ROA):1.42% 净资产收益率(ROE):5.04% 总资产增长率:2.63% 净资产增长率:3.58% 经纪业务利润率:70.19%,上市券商行业排名:30 投行业务利润率: - 5.49%, 上市券商行业排名:34 自营业务收益率:5.23%,上市券商行业排名:6 资管业务利润率：10.5%，上市券商行业排名：41 "上市券商领军人物领导力TOP榜"由新浪财经发起，旨在表彰各大券商领军人物的卓越贡献与深远影响 力。该榜单盘点最近一个完整年度的券商领袖管理成就，以行业数据、同业评价、网络声量多维度综合评 价体系为基础，以创造经济与社会价值为核心标准，表彰杰出领袖，助力金融行业持续健康发展。 个人简介 姜文国 生于1967年，管理科学 ...

Group 1 - As of July 21, 2023, 55 Sichuan-listed companies have disclosed their half-year performance forecasts, with 33 companies expecting profits and 22 facing potential losses [1] - The performance disparity among industries is increasing, with emerging sectors benefiting from policy support and market demand, while traditional industries are pressured by supply-demand imbalances and price fluctuations [1] Group 2 - New Yi Sheng is projected to have a net profit of 37 to 42 billion yuan, benefiting from the growth in AI-related computing power investments, marking a record high for the period [2] - Guo Cheng Mining and Huaxi Securities are notable performers, with both companies expecting net profit increases exceeding 10 times year-on-year, driven by non-recurring gains and improved asset quality, respectively [2] - Saint Noble Bio's net profit is expected to grow by 254% to 332% year-on-year, driven by increased exports of peptide raw materials in diabetes and anti-tumor fields [2] Group 3 - Traditional industries such as basic chemicals, power equipment, and non-ferrous metals are facing significant performance pressures, with Tongwei Co. expected to report a loss of 4.9 to 5.2 billion yuan, the largest loss among Sichuan-listed companies [3] - The losses for Tongwei Co. are attributed to ongoing supply-demand imbalances and persistently low product prices despite growth in new photovoltaic installations [3] - Other companies like Hongda Co. and Huati Technology are also forecasting losses due to falling zinc prices and increased competition, respectively [3] - The performance forecasts reflect a clear economic structural transformation, with emerging industries gaining an edge through policy support and technological advancements, while traditional sectors must adapt through capacity optimization and technological upgrades [3]

Group 1 - The core viewpoint of the articles highlights the comprehensive reforms in China's capital market in 2025, including the deepening of the registration system, the implementation of the new "National Nine Articles," and the enhancement of green finance policies, which collectively create a favorable environment for investment banking [1] - The regulatory authorities emphasize improving the quality of listed companies and supporting technological innovation and green transformation, prompting investment banks to shift from a "channel-type" to a "value-creation type" of business model [1] - The surge in cross-border financing needs and the accelerated capitalization of emerging industries demand higher industry expertise, resource integration capabilities, and comprehensive service capabilities from investment banks [1] Group 2 - As of June 2025, Guojin Investment Bank has 13 IPO projects under review, ranking seventh in the industry, maintaining a stable market share amid stringent regulations [2] - Guojin Investment Bank has established a differentiated service model focused on small and medium-sized private enterprises and technology companies, providing comprehensive services from early financing stages, with some projects lasting over 5 to 10 years [2] - The company has a market share of 8.89% in the automotive industry IPO projects from 2020 to 2024, ranking first in the industry, and 4.10% in the healthcare sector, ranking seventh [2] Group 3 - Under the "One Guojin" concept, the investment banking, research, and wealth management divisions collaborate deeply to provide "one-stop" comprehensive financial services [3] - For example, Guojin Investment Bank assisted Haohanshen in its 2022 Sci-Tech Innovation Board listing and helped with convertible bond issuance in 2025, showcasing the integration of various financial services [3] - The company continues to promote collaboration among its various business lines, including research, wealth management, and asset management, to meet enterprise needs [3] Group 4 - In the first half of 2025, Guojin Securities' bond underwriting amount reached 54.144 billion yuan, ranking tenth in the industry, with 183 bonds underwritten, ranking eleventh [4] - The company focuses on innovative products such as green bonds and technology innovation bonds, establishing a professional and systematic full-chain service capability [4] - From 2024 to the first half of 2025, Guojin Securities issued 22 special bond varieties with a total issuance amount of 19.95 billion yuan, including notable projects like the first technology innovation bond in Hebei Province [4] Group 5 - Guojin Investment Bank has been building a professional team focused on innovative products like green bonds and technology innovation bonds, cultivating composite talents in "industry + capital" [5] - The company provides pre-issuance services, including policy interpretation and feasibility analysis, to help "hard technology" and "specialized and innovative" enterprises clarify financing paths [5] - Guojin Securities aims to deepen its equity and debt collaboration strategy, focusing on capital strategic consulting services covering the entire lifecycle of enterprises [5][6]

7月22日，科创板迎来开市六周年。这六年来，科创板走出了一条资本市场服务科技创新之路，并发挥 资本市场制度改革"试验田"作用，带动中国经济转型升级。参与其中的投行，机遇与挑战并存。 "如果说中国资本市场三十年来是摸着石头过河，那么科创板经过六年发展，已经可以被称为取得重要 的阶段性成果，是在监管机构和市场各方努力下结出的丰硕果实。"国金证券副总裁廖卫平接受第一财 经专访时如是称。 在开市六周年前夕，科创板迎来新一轮改革，"1+6"政策措施落地，重点支持优质未盈利科技型企业上 市。廖卫平认为，新政之下，投行会更多关注和挖掘未盈利上市项目，科创板未盈利企业占比将提升， 传统估值模型面临挑战，对券商估值能力提出新的要求，那些长期以来深耕行业并不断提升专业能力的 券商，将会在科创板的新制度和新实践中胜出。 放眼整个A股市场，今年以来IPO市场一度掀起受理潮，并购重组市场活跃度提升，后续趋势以及IPO与 并购重组的关系受到市场关注。 在廖卫平看来，短期IPO是结构性回暖，长期随着经济逐步好转，IPO全面回暖指日可待。在当前一、 二级市场动态平衡机制以及严监管环境下，IPO预计难以重现过去的火热场景；并购在支持政策加码和 ...

Core Viewpoint - The evaluation results of the securities companies' practice quality for the second quarter of 2025 have been released, highlighting significant changes in the rankings of the top ten firms, with Shenwan Hongyuan taking the lead [1][2]. Group 1: Evaluation Results - A total of 103 securities firms were evaluated, with Shenwan Hongyuan scoring 149.30 to rank first [1][2]. - The top ten firms also include Guotou Securities, Dongxing Securities, CITIC Jianan, CITIC Securities, Kaiyuan Securities, Guotai Junan, Guosen Securities, Huatai Securities, and Galaxy Securities [1][2]. - Compared to the first quarter, Shenwan Hongyuan rose from sixth to first place, while Guotai Junan entered the top ten after merging [2]. Group 2: Business Performance - In the area of sponsorship business quality scores at the Beijing Stock Exchange, Shenwan Hongyuan, Guotou Securities, and Dongxing Securities tied for first with a score of 16 [2]. - In the M&A business quality scores, Shenwan Hongyuan and Dongxing Securities both scored over 12 [2]. - In market-making business quality, CITIC Securities led with a score of 4.92 [2]. Group 3: Compliance Issues - Six securities firms were recorded with negative practice quality behaviors, involving issues in information disclosure and compliance [3]. - Specific penalties included public reprimands, warning letters, and requests for written commitments from involved parties [3]. - A case highlighted involved a company failing to disclose accurate sales agreements, leading to warnings for both the company and its sponsor [3]. Group 4: Information Disclosure Standards - In the first half of 2025, the Beijing Stock Exchange received applications from 115 companies for public offerings, with 6 successfully listed, raising a total of 1.923 billion yuan [4]. - The exchange emphasized the importance of accurate and complete information disclosure, warning that errors could lead to regulatory actions [5]. - The standards for listing have not changed, and companies must meet all requirements to apply for public offerings [4][5].

Core Viewpoint - The article discusses the significant increase in tariffs imposed by the United States on China, reaching 48.2% in 2025, and its implications for global trade dynamics, particularly in the semiconductor and consumer goods sectors [4][6]. Tariff Changes - The average tariff rate for China is projected to rise from 10.9% in 2024 to 48.2% by May 2025, marking a substantial increase of 37.4% [3][4]. - Other countries such as the EU and Japan will also see increases in their respective tariff rates, with the EU's rate expected to rise from 1.2% to 6.7% and Japan's from 1.5% to 14.1% during the same period [3][5]. South Korea's Export Performance - South Korea's exports showed strong performance, with a year-on-year increase of 9.5% in early July, reaching $19.4 billion [9]. - Key export categories for South Korea include semiconductors, precision instruments, and automobiles, indicating resilience despite global trade tensions [9]. Real Estate Market Trends - The real estate market in China is experiencing a downturn, with transaction volumes declining by 12.1% year-on-year as of mid-July, particularly in first and second-tier cities [10]. - Price indices are also adjusting, with major cities like Beijing facing significant downward pressure on prices [10]. Consumer Electronics and Automotive Sales - Despite a decline in absolute sales figures, the consumer electronics sector in China is showing resilience, with a year-on-year sales increase of 34.6% in early July [12]. - The automotive sector also reported a 7% year-on-year growth in retail sales, with the new energy vehicle market seeing a notable increase in penetration rates [12].

Core Viewpoint - The report from Guojin Securities emphasizes the strong sustainability of performance growth in companies, particularly in AI-PCB, computing hardware, semiconductor self-control, the Apple supply chain, and AI-driven beneficiary industries [1] Industry Insights - AI-PCB is experiencing a demand resonance, with multiple companies in the sector reporting strong orders and full production capacity, leading to high growth expectations for the second half of the year [1][3] - The demand for AI copper-clad laminates is robust, driven by the ramp-up of Nvidia's GB200 and ASICs, with a shift towards M8 materials in AI servers and switches, and potential future adoption of M9 materials [3] - The semiconductor industry indicators show a steady upward trend across various segments, including consumer electronics, PCB, semiconductor chips, and passive components [1] Company Performance - TSMC reported Q2 2025 revenue of $30.07 billion, a year-on-year increase of 44.4% and a quarter-on-quarter increase of 17.8%, with a gross margin of 58.6% [2] - TSMC's net profit for the same quarter was $12.8 billion, reflecting a year-on-year growth of 60.7% and a quarter-on-quarter growth of 10.2% [2] - TSMC has raised its revenue guidance for Q3 2025 to between $31.8 billion and $33 billion, indicating an 8% quarter-on-quarter growth and a 38% year-on-year growth [2] - Nvidia is set to resume sales of H20 chips to China, with significant orders already received, while Oracle plans to invest $3 billion in Germany and the Netherlands over the next five years to enhance AI and cloud computing infrastructure [2]