证券代码：601377 证券简称：兴业证券 公告编号：临 2025-036 兴业证券股份有限公司 本期发行的相关文件已在中国货币网（www.chinamoney.com.cn）、上海清算 所网站（www.shclearing.com.cn）上刊登。 特此公告。 兴业证券股份有限公司 董 事 会 二〇二五年九月九日 2025 年度第一期短期融资券发行结果公告 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。 兴业证券股份有限公司 2025 年度第一期短期融资券已于 2025 年 9 月 9 日发 行完毕，现将有关发行情况公告如下： | 短期融资券名称 | 兴业证券股份有限公司 | 2025 年度第一期短期融资券 | | | --- | --- | --- | --- | | 短期融资券简称 | 25 兴业证券 CP001 | 短期融资券代码 | 072510208 | | 发行日 | 2025 年 9 月 8 日 | 起息日 | 2025 年 9 月 9 日 | | 兑付日 | 2026 年 6 月 26 日 | 期限 | 290 ...

Group 1 - The company has signed a sales service agreement with Industrial Securities Co., Ltd. to sell certain funds starting from September 5, 2025 [1] - Investors will be able to perform various transactions such as account opening, subscription, purchase, redemption, regular investment, and fund conversion through Industrial Securities from the specified date [1] - All future open-end funds issued by the company will also be applicable to the aforementioned services without further announcements [1] Group 2 - The company has agreed to offer fee discounts for its funds sold through Industrial Securities, with specific discount rates and procedures to be published on Industrial Securities' website [2] - Any new fund products or changes to existing fund share categories sold through Industrial Securities will also be eligible for the fee discount starting from the date of their subscription opening [2] Group 3 - The regular investment business allows investors to set up automatic deductions for fund purchases based on agreed schedules and amounts [3]

Group 1 - The company, Huian Microelectronics, is one of the first globally to obtain the EU NG-eCall certification, which enhances traditional eCall with improved technical standards, data transmission capabilities, and network compatibility, upgrading from 2G/3G to 4G/5G and IMS technology [3] - The national standard AECS, while also compatible with 4G/5G, integrates the Beidou satellite navigation system, leading to differences in data transmission and voice channels [3] - The AECS standard is expected to create a market increment worth billions, although competition may lead to a decrease in terminal prices, there is a price floor due to safety concerns [3] Group 2 - The company's digital energy management solutions have been successfully implemented and have proven commercially viable, penetrating the supply chains of leading energy companies and expanding into multiple scenarios [3] - The energy sector presents significant market opportunities, driven by the demand for efficient charging in the electric vehicle market, which will further expand related markets [3] - The company acknowledges the competitive nature of the automotive industry and emphasizes the importance of maintaining product quality and safety standards while pursuing technological leadership and lean management [3] Group 3 - The company's product range includes both passenger and commercial vehicles, with a larger market size and higher technical barriers in the passenger vehicle sector, making it easier for the company to enter the commercial vehicle market [3] - The company is committed to technological innovation and has a stable and high-quality customer base, aiming for high-quality growth and continuous investment in research and development [3]

Core Viewpoint - Dingjie Smart Technology Co., Ltd. is responding to the second round of inquiry from the Shenzhen Stock Exchange regarding its application for issuing convertible bonds to unspecified objects, focusing on the construction of a research and training base and platform project development, which are upgrades to existing operations rather than new business ventures [1][2]. Group 1: Project Overview - The fundraising project includes the construction of the "Dingjie Smart Research and Training Base" and "Platform Project Development," aimed at enhancing the company's existing capabilities [2][5]. - The training base will host approximately 300 training and demonstration events annually in the Jiangsu, Zhejiang, and Shanghai regions, with expected monthly visitor flows exceeding 400 people [2][9]. - The total area of the Dingjie Smart Research and Training Base is planned to be 28,700 square meters, with 18,300 square meters designated for office use [9][26]. Group 2: Office Space and Personnel Needs - The current average office space per employee is 13.86 square meters, which is below the industry average of 20.67 square meters; the new project aims to increase this to 30.80 square meters [3][12]. - The company anticipates a continuous need for research personnel, with the number of R&D staff projected to grow from 1,479 at the end of 2022 to 1,552 by mid-2025 [7][8]. - The project is designed to accommodate both current and future personnel needs, ensuring that the office space is utilized efficiently and effectively [12][17]. Group 3: Training and Demonstration Activities - The company has a long-standing practice of conducting training and demonstration activities, which are essential for ensuring users can effectively utilize complex industrial software [18][19]. - The training and demonstration activities are tailored to specific industries, ensuring relevance and effectiveness in meeting client needs [19][20]. - The project includes dedicated spaces for training and demonstrations, which are critical for enhancing customer experience and operational efficiency [26][28]. Group 4: Economic and Strategic Justifications - Building the training base is seen as a cost-effective solution compared to leasing office space, with projected annual depreciation costs significantly lower than rental expenses [16][17]. - The project aligns with the company's future development plans, providing necessary infrastructure to support growth in product design, software development, and training [14][15]. - The strategic location of the project in Huzhou offers logistical advantages, being well-connected to major cities in the Yangtze River Delta [26][27].

Core Viewpoint - Dingjie Smart Co., Ltd. is issuing convertible bonds to unspecified objects, with the underwriting and sponsorship provided by Industrial Securities Co., Ltd. The issuance aims to raise funds for specific projects and working capital, complying with relevant laws and regulations [1][9]. Group 1: Issuance Details - The issuance involves convertible bonds with a total investment amount of 115,121.30 million RMB, of which 82,766.42 million RMB will be used from the raised funds [24]. - The bonds will have a term of 6 years and will be issued at a face value of 100.00 RMB each [26]. - The initial conversion price will be determined based on the average trading price of the company's stock prior to the announcement [27]. Group 2: Company Background - Dingjie Smart Co., Ltd. was established on December 26, 2001, with a registered capital of 27,139.2830 million RMB [3]. - The company operates in software sales, development, outsourcing services, and various technology consulting services [3]. Group 3: Financial Health - The company reported net cash flows from operating activities of 19,792.00 million RMB, 10,818.31 million RMB, and 4,992.60 million RMB for the years 2022, 2023, and 2024 respectively, with a negative cash flow of -4,552.41 million RMB for the first half of 2025 [16]. - The average distributable profits over the last three years are sufficient to cover the interest on the bonds [14]. Group 4: Compliance and Governance - The company has established a governance structure that includes a board of directors, supervisory board, and senior management, ensuring compliance with the Company Law and Securities Law [12][18]. - The company has not faced any administrative penalties from the China Securities Regulatory Commission in the last three years [21]. Group 5: Use of Proceeds - The funds raised will be allocated to the "Dingjie Smart Ecological Empowerment Platform" project and to supplement working capital, aligning with national industrial policies [23]. - The company will not use the raised funds for loss compensation or non-productive expenditures [23].

Core Viewpoint - Dingjie Smart Co., Ltd. is issuing convertible bonds to unspecified objects, aiming to raise funds for its digital empowerment platform project and to supplement working capital, aligning with national industrial policies and market demands [1][21]. Company Overview - Dingjie Smart Co., Ltd. was established on December 26, 2001, with a registered capital of 271.39 million yuan and is listed on the Shenzhen Stock Exchange under the stock code 300378.SZ [1][2]. - The company specializes in providing integrated digital solutions for the manufacturing and distribution industries, focusing on intelligent manufacturing and digital transformation [2][3]. Business Strategy - The company is implementing a strategy centered around "Intelligent+" to enhance its service offerings in artificial intelligence, industrial internet, and smart manufacturing, while continuously innovating its product services [3]. - Dingjie Smart has expanded its business scope to cover four major categories of industrial software, integrating advanced technologies such as AI, big data, IoT, and cloud computing [3]. Financial Data - As of June 30, 2025, the total assets of the company are 361,857.79 million yuan, with total liabilities of 118,407.60 million yuan, resulting in shareholders' equity of 243,450.19 million yuan [4]. - The company reported a net profit of 4,408.23 million yuan for the first half of 2025, with total revenue of 104,492.87 million yuan [4]. Key Financial Indicators - The company's liquidity ratios are as follows: current ratio of 1.70 and quick ratio of 1.60 as of June 30, 2025 [5]. - The asset-liability ratio on a consolidated basis is 32.72% [5]. Risks and Challenges - The company faces risks related to the implementation of its fundraising projects, including potential delays or failures in achieving expected benefits from the digital empowerment platform project [6]. - There is a risk of increased competition in the industrial software market, with both domestic and international players intensifying their efforts [10]. Convertible Bond Issuance - The company plans to issue convertible bonds with a total amount not exceeding 827.66 million yuan, with a maturity of six years [13][21]. - The bonds will be issued at face value of 100 yuan each, targeting a wide range of investors [13][14]. Governance and Compliance - The company has established a robust governance structure, complying with relevant laws and regulations, ensuring that all necessary procedures for the bond issuance have been followed [20][21].

Group 1 - The core viewpoint of the article is the verification opinion of the sponsor regarding the listing and circulation of shares prior to the initial public offering of Qiangmu Technology Co., Ltd. [1] - Qiangmu Technology has issued 16,666,667 shares in its initial public offering, resulting in a total share capital of 66,666,667 shares, with 51,475,416 shares subject to restrictions, accounting for 77.21% of the total [1] - The company plans to implement a profit distribution and capital reserve conversion plan, which will adjust the total share capital to 92,535,333 shares after the cancellation of 570,000 repurchased shares [2] Group 2 - Three shareholders, including Mr. Lü Bin and Mr. Lu Bin, have made commitments regarding the lock-up period of their shares, which lasts for 36 months from the listing date [3][4] - The shareholders' lock-up period will automatically extend by six months if the stock price falls below the initial offering price for a specified duration [7] - The total number of shares eligible for circulation after the lifting of restrictions is 16,826,250 shares, representing 18.18% of the company's total share capital [8][10] Group 3 - The company has confirmed that the shareholders have adhered to their commitments regarding the lock-up period and have not engaged in any violations [8] - The sponsor has verified that the lifting of the lock-up on shares complies with relevant laws and regulations, and the shareholders must continue to fulfill their commitments regarding share reductions [11]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [10]. Core Insights - The report discusses the three phases of public fund reform, highlighting the reduction of transaction costs and the optimization of redemption arrangements to encourage long-term investment [4]. - The new regulations aim to lower fund fees significantly, with maximum subscription fees for equity, mixed, and bond funds reduced by 56%, 75%, and 80% respectively [4]. - The report emphasizes the expected benefits of these reforms in enhancing investor returns and increasing fund sales [4]. - The anticipated outcomes of the public fund reforms include a shift in investor behavior towards long-term investments and improved market liquidity [4]. Summary by Sections Public Fund Reform - The China Securities Regulatory Commission is seeking public opinion on the draft regulations for public fund sales fees [3]. - The proposed changes include lowering subscription fees and encouraging sales institutions to offer greater discounts [4]. - The adjustments in redemption fee structures aim to promote long-term holding of funds [4]. Financial Performance - The report provides a detailed analysis of key brokerage firms, including their estimated net profits and return on equity (ROE) for 2024 and 2025 [5]. - For instance, Citic Securities is projected to have a net profit of 248.3 billion RMB in 2025, with an ROE of 9.0% [5]. - The report identifies competitive winners in the brokerage sector, recommending firms such as Guotai Junan and CITIC Securities based on their performance metrics [4]. Market Outlook - The report suggests that the public fund reforms will facilitate the conversion of household savings into investments, thereby boosting market trading sentiment [4]. - It highlights the importance of liquidity support in the current market environment and suggests focusing on brokerage stocks with strong performance potential [4].

我把这次有形之手主导下的中国股市（A股和港股）长牛形象比喻为"小白兔式长牛"。小白兔在龟 兔赛跑中猛冲、快速跑，然后睡一觉调整，睡醒精神抖擞再冲，再睡再冲。这次中国式"小白兔长牛"是 伴随阶段性快涨和调整、拾级而上的长牛。美国的长牛是乌龟式慢牛。 （中国）这个长牛走法像1998年到2020年的房地产，繁荣二十多年的地产长牛：走快了、热度高 了，政策调控就压一压；冷了，政策就托一托，如此震荡前行。这轮长牛不是为了少数投机分子、有钱 资本家割国家韭菜，而是通过长牛盘活社会财富，帮助改善地方政府、企业、居民的资产负债表。通过 这轮行情，地方政府相关资产上市变现。 2023年之前的中国股市和2023年之后的中国股市是两个股市 2023年之前我们动辄讲学习西方模式，动辄讲中国股市是新兴加转轨市场，觉得自己不成熟，要向 西方成熟市场学习。但2023年发生质的变化。2023年中央金融工作会议讲得很清楚，我们本质上不同于 西方金融模式，我们是以义取利，而不是唯利是图。以义取利就是看民族大义、国家大义，看国家长期 角度如何更好提升全民福利。 智通财经APP获悉，兴业证券全球首席策略分析师张忆东称，中国权益资产的一个超级长牛，包 ...

Core Viewpoint - The current market fluctuations are not merely driven by capital but represent a systematic recovery of confidence, reflecting the gradual formation of a positive feedback mechanism in China's economy and policies [1] Group 1: Market Dynamics - The ongoing market trend is characterized as a long-cycle market, with fluctuations serving as a "battery" for the market [1] - The market behavior is likened to a "little rabbit" style, where it makes progress in jumps and pauses but continues to move forward [1] Group 2: Investment Strategy - For investors, understanding the overall direction, maintaining composure, and selecting the right assets are deemed more important than chasing short-term market rhythms [1]