兴业证券股份有限公司 2024 年度第四期短期融资券兑付完成公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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。 证券代码：601377 证券简称：兴业证券 公告编号：临 2025-043 兴业证券股份有限公司(以下简称"公司")于 2024 年 11 月 26 日发行 2024 年度第四期短期融资券，发行总额人民币 50 亿元，票面利率 1.93%，期限 360 天， 兑付日为 2025 年 11 月 21 日（详见公司 2024 年 11 月 27 日披露的《关于 2024 年 度第四期短期融资券发行结果的公告》）。 2025 年 11 月 21 日，公司完成本期短期融资券兑付，本息合计人民币 5,095,178,082.19 元。 特此公告。 兴业证券股份有限公司 董 事 会 二〇二五年十一月二十一日 ...

Core Viewpoint - The stock price of Industrial Securities has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 9.74%, indicating volatility in market performance [1]. Financial Performance - As of September 30, 2025, Industrial Securities reported a net profit of 2.521 billion yuan, representing a year-on-year growth of 90.98% [2]. - The company has cumulatively distributed dividends of 10.69 billion yuan since its A-share listing, with 4.663 billion yuan distributed in the last three years [3]. Shareholder Information - The number of shareholders decreased by 5.68% to 207,300, while the average circulating shares per person increased by 6.02% to 41,654 shares [2]. - Major shareholders include China Securities Finance Corporation, holding 214 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 146 million shares [3]. Market Activity - The stock's trading volume was 196 million yuan with a turnover rate of 0.33%, indicating moderate trading activity [1]. - The net outflow of main funds was 34.2652 million yuan, with significant selling pressure observed [1].

Core Viewpoint - The 2025 China Securities Industry Investment Banking Summit Forum highlighted the transformation strategies of investment banks amid capital market changes, with a focus on the resurgence of Chinese enterprises listing in Hong Kong and the anticipated growth in IPO activities in 2025 [2]. Group 1: Market Trends - Since the second half of 2024, there has been a notable recovery in Chinese enterprises listing in Hong Kong, with a projected increase in IPO issuance in 2025, leading to a financing scale that is expected to rise by over 200% year-on-year [2]. - The average first-day increase for IPO companies is reported at 59.3%, indicating strong market performance [2]. - The hot trend in the Hong Kong stock market is expected to continue until 2026, presenting cross-border business opportunities for Chinese investment banks [2]. Group 2: Strategic Focus - Domestic investment banks are adopting "regional deep cultivation" and "track specialization" as their two core strategies to reshape the competitive landscape [2]. - Changjiang Securities has been exploring iterative deep cultivation models and plans to enhance its role as a "guide" for industries by serving local platform companies and forming funds to attract quality enterprises along the industrial chain [2]. Group 3: Forum Discussions - The forum featured two roundtable discussions focusing on investment banking strategic transformation and the integration of technology and finance [3]. - Key executives from various securities firms participated in discussions about navigating cycles and embracing new production capabilities in the context of technology finance [3]. Group 4: Awards - The forum also announced the results of the "2025 China Securities Industry Investment Banking Jun Ding Award," recognizing outstanding contributions in various categories, including underwriting and sponsorship [5][6][7][8][10][11][13][14][21].

Group 1 - The China Securities and Insurance Index (399966) increased by 0.97% as of November 20, 2025, with notable gains from stocks such as First Capital Securities (up 5.61%) and Dongfang Securities (up 3.01%) [1] - Sunshine Life Insurance, a subsidiary of Sunshine Insurance, signed a fund contract with two companies and plans to expedite the filing process for the pilot fund [1] - Dongwu Securities highlighted that market demand remains strong, with a reduction in the preset interest rate and transformation of dividend insurance expected to optimize liability costs, alleviating pressure from interest margin losses [1] Group 2 - The Insurance Securities ETF closely tracks the China Securities and Insurance Index, which selects securities from the insurance sector based on the China Securities 800 Index, providing investors with diverse investment options [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities and Insurance Index accounted for 62.44% of the index, including major companies like China Ping An and CITIC Securities [2]

Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, driven by the announcement of a merger plan involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, which is expected to create a new entity with substantial assets and profits [1] Group 1: Market Performance - Brokerage stocks experienced a broad increase, with notable gains including a nearly 6% rise for Shouchao Securities and over 3% for Dongfang Securities and Shenwan Hongyuan [1] - The total asset scale of the merged entity is projected to reach 1,009.58 billion yuan, with a net profit attributable to shareholders of 9.52 billion yuan [1] Group 2: Merger Details - The merger between CICC, Dongxing Securities, and Xinda Securities is planned to be executed through a share swap [1] - Post-merger, the new company is expected to rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [1] - The net profit attributable to shareholders will position the new entity sixth in the industry, behind CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, and GF Securities [1]

Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, with notable increases in shares such as Shouchao Securities and Dongfang Securities, following the announcement of a merger plan involving CICC, Dongxing Securities, and Xinda Securities [1][2]. Group 1: Market Performance - Shouchao Securities experienced a rise of nearly 6%, while Dongfang Securities and Shenwan Hongyuan both increased by over 3% [1]. - Other brokerage stocks like China Galaxy, Industrial Securities, and Founder Securities saw gains exceeding 2% [1]. - The total market capitalization of Shouchao Securities is 57.7 billion, with a year-to-date decline of 3.58% [2]. Group 2: Merger Announcement - CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share exchange, which is expected to create a new company with total assets of approximately 1,009.58 billion [1][2]. - The projected net profit attributable to the parent company after the merger is estimated at 9.52 billion, with net assets expected to reach 171.5 billion [2]. - Post-merger, the new entity will rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [2].

Core Viewpoint - The report from Industrial Securities highlights the potential for significant appreciation of the Renminbi against the US dollar in the next 6 to 12 months, driven by contrasting monetary policies between the US and China [1] Summary by Relevant Sections - **Monetary Policy Impact** - The US is expected to continue a passive easing monetary policy, while China is actively stabilizing its monetary policy, which supports the trend of Renminbi appreciation [1] - **Valuation Assessment** - Since the beginning of 2023, the Renminbi has been approximately 6% systematically undervalued, indicating a gradual correction in the medium to long term [1]

四、投资者可通过以下途径咨询有关详情： 1、兴业证券股份有限公司 根据红土创新基金管理有限公司（以下简称"本公司"）与兴业证券股份有限公司（以下简称"兴业证 券"）签署的销售协议，本公司旗下部分基金产品自2025年11月20日起新增兴业证券为销售机构。现将 相关事项公告如下： 一、自2025年11月20日起，投资者可通过上述销售机构办理下表中对应基金的开户、申购、赎回、定投 等业务。 ■ 二、重要提示 上述业务仅适用于处于正常申购、赎回期及处于特定开放日和开放时间的基金。基金封闭期等特殊期间 的有关规定详见对应基金的《基金合同》和《招募说明书》 等相关法律文件及本公司发布的最新业务 公告。 三、实行费率优惠 对通过兴业证券申购本公司旗下前述基金的投资者实施的具体费率优惠情况请以兴业证券的规则为准。 基金原费率请详见基金合同、招募说明书（更新）等法律文件，以及本公司发布的最新业务公告。费率 优惠期限内，如本公司新增兴业证券为销售机构的基金产品，则自该基金产品开放认、申购当日起，将 同时开通该基金上述优惠活动。 网址：www.htcxfund.com 风险提示：基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基 ...

Core Viewpoint - The 2025 China Securities Industry Asset Management Summit highlighted the evolving landscape of the asset management industry, emphasizing the need for innovation and adaptation in response to market changes and new demands [2][3]. Group 1: Industry Trends - The asset management industry in China is experiencing a transformation with a more rational business structure and enhanced operational standards, leading to increased competitiveness [2]. - Three major trends are reshaping the securities asset management ecosystem: digital empowerment through AI and large model technologies, upgraded demand for innovative products like retirement and green investments, and a shift from traditional investment management to comprehensive solution providers [2][3]. Group 2: Challenges and Strategies - The asset management sector faces significant challenges, including asset scarcity, low interest rates, and high volatility, necessitating a transition from a single high-yield asset model to a multi-strategy approach [3]. - Firms must focus on brand cultivation and long-term development while enhancing active management capabilities and customer service to meet market demands effectively [3]. Group 3: Forum Highlights - The forum featured two roundtable discussions addressing opportunities and challenges in the post-public offering era and strategies for product layout in a low-interest-rate environment [4]. - The "2025 China Securities Industry Asset Management Jun Ding Award" was announced, recognizing outstanding contributions in the asset management field [4][6].

Company Overview - Lingxiao Pump Industry (SZ 002884) announced that it will accept investor research on November 14 and November 18, 2025, with participation from the company's board secretary Liu Zigeng and securities affairs representative Qiu Yanfei [1] - As of the report, Lingxiao Pump Industry has a market capitalization of 6.1 billion yuan [1] Industry Insights - For the first half of 2025, the revenue composition of Lingxiao Pump Industry is entirely from the pump manufacturing sector, accounting for 100.0% [1]