股票简称：东北证券 股票代码：000686 （住所：长春市生态大街 6666 号） 2025 年面向专业投资者公开发行短期公司债券 （第六期） 募集说明书摘要 | 主承销商/受托管理人 | 长城证券股份有限公司 | | --- | --- | | 信用评级机构 | 联合资信评估股份有限公司 | | 主体信用评级 | AAA | | 本期债券信用评级 | A-1 | （住所：深圳市福田区福田街道金田路 2026 号能源大厦南塔 楼 10-19 层） 发行人 东北证券股份有限公司 本期债券发行金额 不超过 15.00 亿元（含） 担保情况 无担保 主承销商、债券受托管理人 签署日期： 年 月 日 投资者认购或持有本期债券视作同意募集说明书关于权利义务的约定，包 括债券受托管理协议、债券持有人会议规则及债券募集说明书中其他有关发行 人、债券持有人、债券受托管理人等主体权利义务的相关约定。 发行人承诺根据法律法规和本募集说明书约定履行义务，接受投资者监督。 东北证券股份有限公司 公开发行短期公司债券募集说明书摘要 声 明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、监事、高级管理人员或履行同等职责的人 ...

1 东北证券股份有限公司 2025 年面向专业投资者公开发行 短期公司债券（第六期） 信用评级报告 www.lhratings.com 联合〔2025〕8170 号 联合资信评估股份有限公司通过对东北证券股份有限公司及其 拟面向专业投资者公开发行的 2025 年短期公司债券（第六期）的信 用状况进行综合分析和评估，确定东北证券股份有限公司主体长期 信用等级为 AAA，东北证券股份有限公司 2025 年面向专业投资者 公开发行短期公司债券（第六期）信用等级为 A-1，评级展望为稳 定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年八月十五日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响， 本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 二、本报告系联合资信接受东北证券股份有限公司（以下简 ...

Group 1 - The company XingShuai announced an investor research meeting scheduled for August 21, 2025, at 8:30 AM, with participation from the company's board secretary and deputy general manager [2] - For the first half of 2025, the company's revenue composition is as follows: 48.44% from the photovoltaic industry, 36.09% from the white goods industry, 9.78% from the motor industry, and 5.69% from other industries [2]

Market Overview - The A-share market experienced a sudden decline in the afternoon, with the Shanghai Composite Index dropping over 0.2% before recovering slightly, while the Shenzhen Component and ChiNext indices fell [2] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the first time this year, marking the seventh consecutive trading day of such volume [2] Sector Performance - Securities stocks collectively faced a pullback, with notable declines including Changcheng Securities down over 6% and Hato Securities down over 5% [2][3] - Several high-priced stocks hit the daily limit down, including Lianhuan Pharmaceutical and Zhongdian Xindong, with others like Shunlian Bio and Sainuo Medical dropping over 8% [4] Banking Sector - In contrast, bank stocks showed strength in the afternoon, with Agricultural Bank of China and Postal Savings Bank reaching new historical highs during the session [2] Hong Kong Market - The Hang Seng Index fell over 0.5%, and the Hang Seng Tech Index dropped more than 1% [6] - AAC Technologies Holdings (02018.HK) saw a rapid decline of over 14% following the release of its interim results, despite reporting a revenue of 13.32 billion yuan, a year-on-year increase of 18.4% [6][8] Company Performance - AAC Technologies reported a gross margin of 20.7%, down 0.8 percentage points year-on-year, attributed to changes in product mix, while net profit attributable to shareholders increased by 63.1% to 876 million yuan due to improved profitability in optical business and rapid growth in precision structural components [8] - CICC noted that the overall valuation level of A-shares remains reasonable, but the rapid increase in trading volume may lead to short-term volatility [8]

中国经济网北京8月20日讯 证监会网站近日披露了关于对马言琨采取出具警示函措施的决定。经 查，马言琨在渤海期货有限公司山东分公司任职期间，存在通过个人微信向客户提供有关期货交易品 种、交易价格和交易方向建议的行为，且未充分揭示期货交易风险，违反了《期货从业人员管理办法》 （证监会令第48号）第十四条第二项、第三项的规定。 根据《期货从业人员管理办法》第二十九条的规定，山东证监局决定对马言琨采取出具警示函的行 政监管措施。 东北证券(000686.SZ)2024年年报显示，渤海期货为东北证券控股子公司，持股比例96%。 以下为原文： 关于对马言琨采取出具警示函措施的决定 马言琨： 经查，你在渤海期货有限公司山东分公司任职期间，存在通过个人微信向客户提供有关期货交易品 种、交易价格和交易方向建议的行为，且未充分揭示期货交易风险，违反了《期货从业人员管理办法》 （证监会令第48号）第十四条第二项、第三项的规定。根据《期货从业人员管理办法》第二十九条的规 定，我局决定对你采取出具警示函的行政监管措施。你应引以为戒，加强法律法规学习，依法合规展 业，杜绝此类违规行为再次发生。 如对本监督管理措施不服，可以在收到本决定书 ...

者公开发行短期公司债券（第二期） 本息兑付暨摘牌公告 本公司及全体董事、监事、高级管理人员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 东北证券股份有限公司 2025 年面向专业投资者公开发行短期公司债券（第 二期）（债券简称：25 东北 D2，债券代码：524133，以下简称"本期债券"） 将于 2025 年 8 月 21 日支付自 2025 年 2 月 24 日至 2025 年 8 月 20 日期间的利息 及本期债券的本金。本期债券的债券摘牌日为 2025 年 8 月 21 日，债权登记日为 前买入并持有本期债券的投资者享有本次派发的利息和本金。2025 年 8 月 20 日 卖出本期债券的投资者不享有本次派发的利息和本金。 为确保本期债券本息兑付工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 公司债券（第二期） 兑付款项自本息兑付日起不另计利息。 东北证券股份有限公司 2025 年面向专业投资 有限公司 2025 年面向专业投资者公开发行短期公司债券（第二期）信用评级报 告》（联合〔2025〕822 号），公司的主体信用等级为 AAA，本期公司债券信 ...

Core Viewpoint - The enthusiasm for fund custody licenses has significantly decreased, with only three institutions currently applying for such qualifications, indicating a shift from a broad accessibility to a focus on leading players in the securities industry [1][2][3]. Summary by Sections Current Applications and Trends - As of now, only three institutions are in line to apply for fund custody qualifications: Mongolian Merchants Bank, Guangzhou Bank, and Dongwu Securities, with the latter being the only remaining brokerage firm [2]. - Previously, there were seven brokerages, including Western Securities, Caixin Securities, and others, that had applied for fund custody qualifications, but six have withdrawn their applications within a year [2][3]. Regulatory Changes - The decline in applications is attributed to new regulatory measures that have raised the entry barriers for fund custody licenses, making it difficult for smaller brokerages to meet the requirements [3][4]. - The new regulations, set to be implemented in 2025, include stricter compliance and risk management standards, requiring applicants to have a regulatory rating of at least level 2 or A class and a minimum net asset requirement of 50 billion RMB for banks and 30 billion RMB for securities firms [4]. Market Dynamics - The fund custody business is undergoing a transformation from a focus on scale to a focus on quality, with resources increasingly concentrating among leading firms [3][5]. - The number of qualified institutions has been reported at 66, with a significant portion being larger brokerages, indicating a trend where smaller firms may struggle to compete [6]. Future Outlook - The market is expected to see increased concentration, with stronger firms gaining market share due to higher entry barriers and a more rigorous exit mechanism [7]. - The business model for fund custody is anticipated to evolve from basic services to high-value comprehensive services, emphasizing technology and risk management capabilities [7]. - A differentiated market structure is likely to emerge, where leading brokerages may establish specialized subsidiaries for refined operations, while smaller firms may pivot to providing outsourced services [7].

东北证券股份有限公司2025年面向专业投资者公开发行次级债 券（第四期）票面利率公告 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证公告 内容真实、准确和完整，并对公告中的虚假记载、误导性陈述或者重大遗漏承担 责任。 证券代码：524407.SZ 证券简称：25东北C4 1 （本页无正文，为《东北证券股份有限公司2025年面向专业投资者公开发行次级 债券（第四期）票面利率公告》之盖章页） 东北证券股份有限公司2025年面向专业投资者公开发行次级债券（第四期） （以下简称"本期债券"）发行规模为不超过人民币7亿元（含7亿元）。 2025年8月19日（T-1日）15:00—19:00，发行人和主承销商长城证券股份有 限公司在网下向专业机构投资者进行了票面利率询价，利率询价区间为1.80%- 2.80%。根据网下向专业机构投资者询价结果，经发行人和主承销商充分协商和 审慎判断，最终确定本期债券票面利率为2.46%。 发行人将按上述票面利率于2025年8月20日（T日）-2025年8月21日（T+1日） 面向专业机构投资者网下发行本期债券。具体认购方法请参考2025年8月15日刊 登在深圳证券交易所网 ...

目前，全国性商业银行及少数证券公司托管了约80-90%公募、私募证券投资基金。基金托管一直是券 商重要的中间业务，不过近年来成功申领该项业务资格的券商越来越少。 年内，证监会曾发布《证券投资基金托管业务管理办法（修订草案征求意见稿）》公开征求意见的通 知，拟进一步提升相关机构的申请门槛。 日前，证监会公布的数据显示，还在排队申请基金托管资格的券商仅剩东吴证券一家，这一数量较2024 年锐减6家。 多家券商撤销基金托管资格申请 日前，证监会发布了最新一期的《证券、基金经营机构行政许可申请受理及审核情况公示》，表格显 示，当下仍在排队申请基金托管资格的机构仅剩三家，而聚焦到券商机构，则仅仅剩下东吴证券一家。 | | B | C | D | E | | class Front 6 H | | | - 31 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 表11:证券投资基金托管资格 | | | | | | | | | | | | | | | | | | 审核期限:20个工作日 | ...

Group 1: Monetary Policy Framework - Japan's monetary policy framework has undergone several structural changes since the introduction of the zero interest rate policy in February 1999, primarily due to prolonged deflation and economic stagnation[1] - The direct goal of the monetary policy framework from 2013 to 2023 was to address the long-term economic stagnation and chronic deflation that followed the bursting of the economic bubble in the early 1990s[2] - The introduction of the quantitative and qualitative easing (QQE) policy in April 2013 aimed to double the monetary base within two years to stabilize inflation at 2%[2] Group 2: Key Policy Components - The QQE policy was complemented by the introduction of negative interest rates in January 2016 and the yield curve control (YCC) policy in September 2016[3] - The QQE policy led to a temporary increase in the Consumer Price Index (CPI) growth rate to 3.7% in 2014, but it fell back to around 0% due to declining global commodity prices and an increase in the consumption tax[2] - The negative interest rate policy aimed to lower nominal interest rates below the natural rate and alter overall inflation expectations, with excess reserves divided into three categories with different interest rates[3] Group 3: Economic Impact - Japan's natural rate of interest has been on a downward trend since the 1990s, contributing to weak demand and low corporate growth expectations[2] - The prolonged deflation led to a stagnation in the normal economic cycle, where price increases, corporate profits, wage growth, and demand expansion became disconnected[2] - The structural issues in Japan's economy resulted in a shift from a capital shortage to an excess savings situation among firms, leading to "balance sheet recession" and low potential GDP growth rates[2]