股票简称：东北证券 股票代码：000686 （住所：长春市生态大街 6666 号） 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 （第六期）募集说明书 | 本期债券发行金额 | 不超过 亿元（含） 10.00 | | --- | --- | | 担保情况 | 无担保 | | 主承销商/受托管理人 | 长城证券股份有限公司 | | | 联合资信评估股份有限公司 | | 本期债券信用评级 | AA+ | | 信用评级机构 | | | 主体信用评级 | AAA | （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 主承销商、债券受托管理人 签署日期： 年 月 日 东北证券股份有限公司 公开发行次级债券募集说明书 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员保证募 集说明书信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏。 主承销商已对募集说明书及其摘要进行了核查，确认不存在虚假记载、误 导性陈述和重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 ...

股票简称：东北证券 股票代码：000686 （住所：长春市生态大街 6666 号） 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 | AA+ | | 主承销商、债券受托管理人 | | | | （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） 签署日期： 年 月 日 发行人 东北证券股份有限公司 本期债券发行金额 不超过 10.00 亿元（含） 担保情况 无担保 东北证券股份有限公司 公开发行次级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员保证募 集说明书信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏。 主承销商已对募集说明书及其摘要进行了核查，确认不存在虚假记载、误 导性陈述和重大遗漏，并对其真实性、准确性和完整性承担相应的法 ...

（住所：长春市生态大街 6666 号） 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 （第六期）发行公告 主承销商、簿记管理人、债券受托管理人 （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） 签署日期：2025 年 10 月 24 日 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 重要提示 8、发行方式：本期债券发行采取网下面向专业机构投资者询价、根据簿记 建档情况进行配售的发行方式。 9、本期债券询价区间为 2.0%-3.0%。发行人和主承销商将于 2025 年 10 月 28 日（T-1 日）向投资者利率询价，并根据询价结果确定本期债券的最终票面利 率。发行人与主承销商将于 2025 年 10 月 28 日（T-1 日）在深圳证券交易所网站 1、东北证券股份有限公司（以下简称"发行人"、"本公司"或"公司"）已 于 2024 年 11 月 29 日获得中国证券监督管理委员会证监许可〔2024〕1731 号文 注册公开发行面值不超过（含）80 亿元的次级公司债券（以下简称"本次债券"）。 ...

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（第六期） 信用评级报告 | | | www.lhratings.com 1 联合〔2025〕10326 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 年次级债券（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 发行次级债券（第六期）信用等级为 AA+，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： 二〇二五年十月十六日 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 ...

Market Overview - On October 23, the securities sector rose by 1.06%, with Haotou Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Haotou Co., Ltd. (600864) closed at 8.03, up 6.22% with a trading volume of 1.66 million shares and a transaction value of 1.299 billion [1] - Other notable performers included: - Tuxin Securities (002736) at 14.19, up 4.11% [1] - Guosheng Financial Holdings (002670) at 21.71, up 2.99% [1] - Huaxin Co., Ltd. (600621) at 16.61, up 2.40% [1] Capital Flow Analysis - The securities sector saw a net inflow of 358 million in institutional funds, while retail investors experienced a net outflow of 618 million [2] - Major stocks with significant capital inflows included: - Dongfang Fortune (300059) with a net inflow of 325 million [3] - Haotou Co., Ltd. (600864) with a net inflow of 16.6 million [3] - CITIC Securities (600030) with a net inflow of 13.8 million [3] Summary of Trading Data - The trading data for various securities showed mixed results, with some stocks experiencing gains while others faced declines [2][3] - The overall trading environment indicates a cautious sentiment among retail investors, contrasting with institutional buying activity [2][3]

Core Viewpoint - Northeast Securities initiates coverage on Tencent Music (01698) with a "Buy" rating, projecting EPS for 2025-2027 at 3.57, 3.47, and 3.96 CNY, respectively, highlighting the company's position as an industry leader with expected moderate revenue growth and improving profitability [1] Group 1: Company Overview - Tencent Music Entertainment Group, established in 2003, has evolved through the integration of KuGou and Kuwo in 2016 and its dual listing in the U.S. and Hong Kong, leveraging Tencent's ecosystem for competitive advantages in copyright, user base, and traffic [1] - As of 2023, the company has surpassed 100 million online music paying users, solidifying its leading position in the industry [1] - The company reported a revenue of 28.401 billion CNY in 2024, a year-on-year increase of 2.34%, with a net profit of 6.644 billion CNY, reflecting a significant profit growth of 35.04% [1] Group 2: Industry Dynamics - The online music market in China has expanded from 9.38 billion CNY in 2018 to 23.98 billion CNY in 2023, with a stable user base of around 700 million, indicating limited growth space but increasing paid penetration driven by younger demographics [2] - The competitive landscape is characterized by a duopoly between Tencent Music and NetEase Cloud Music, with ongoing expansion in copyright content and the application of new technologies like AI composition [2] Group 3: Strategic Focus - The core business of online music services accounts for over 70% of the company's operations, with efforts to deepen ties with musicians and support original works, while expanding long audio and pan-entertainment content [3] - The company enhances user engagement and monetization through platforms like 全民K歌 (Quanmin Kge), live streaming, and social entertainment, while exploring new revenue streams through TME live and virtual concerts [3] Group 4: Investment Highlights - Key investment points include improved paid penetration, strengthened copyright resources, and a growing original ecosystem, ensuring continued growth in core business [4] - The synergy of social entertainment is evident, with live streaming and karaoke services creating a competitive moat [4] - The company maintains a robust financial structure with improving net profit margins and ROE, indicating ample profitability flexibility [4]

Core Viewpoint - Northeast Securities initiates coverage on Tencent Music (01698) with a "Buy" rating, projecting EPS of 3.57/3.47/3.96 yuan for 2025-2027, indicating a stable growth trajectory and improving profitability driven by increased paid user penetration and content ecosystem enhancement [1] Group 1: Company Overview - Tencent Music Entertainment Group, established in 2003, has evolved through the integration of KuGou and Kuwo in 2016 and its dual listing in the US and Hong Kong, leveraging Tencent's ecosystem for competitive advantages in copyright, user base, and traffic [1][2] - As of 2023, Tencent Music has surpassed 100 million paid online music users, solidifying its position as the industry leader [1] - The company reported a revenue of 28.401 billion yuan in 2024, a year-on-year increase of 2.34%, and a net profit of 6.644 billion yuan, reflecting a significant profit growth of 35.04% [1] Group 2: Industry Dynamics - The Chinese online music market has expanded from 9.38 billion yuan in 2018 to 23.98 billion yuan in 2023, with a stable user base of around 700 million, indicating limited growth potential but increasing paid penetration driven by younger demographics [2] - The competitive landscape is characterized by a duopoly between Tencent Music and NetEase Cloud Music, with ongoing expansion in copyright content and the application of new technologies like AI composition [2] Group 3: Strategic Focus - Tencent Music's core business is online music services, accounting for over 70% of its revenue, with a focus on deepening ties with musicians and supporting original works to enhance user engagement and monetization [3] - The company is expanding into long audio and pan-entertainment content, while initiatives like TME live and virtual concerts are exploring new growth avenues [3] Group 4: Investment Highlights - Key investment points include improved paid penetration, strengthened copyright resources, and a robust financial structure with increasing net profit margins and ROE [4] - The synergy between social entertainment and live streaming/Karaoke services creates a competitive moat for the company [4] - International collaborations with entities like Spotify and Universal Music are expected to support long-term growth prospects [4]

Core Viewpoint - Northeast Securities maintains a "Buy" rating for Bosideng (03998), projecting revenue growth of 10.1%/10.4%/10.5% for FY2026-FY2028, reaching 28.51 billion/31.46 billion/34.77 billion yuan, and net profit growth of 11.7%/12.4%/11.8%, reaching 3.92 billion/4.41 billion/4.93 billion yuan, corresponding to valuations of 13/12/11 times [1] Group 1: Financial Performance - For FY2024/25, Bosideng's revenue is expected to grow by 11.6% to 25.9 billion yuan, with brand down jacket revenue increasing by 11%, and the main brand revenue rising by 10.1% to 18.48 billion yuan, achieving growth despite a warm winter [1] - The company’s net profit is projected to increase by 14.3% to 3.51 billion yuan, driven by effective cost control leading to a steady rise in net profit margin [1] - For the first half of FY2025/26, the brand down jacket business is expected to develop steadily, while the OEM business faces pressure, with overall group revenue expected to remain flat year-on-year [1] Group 2: Product and Brand Development - Bosideng launched the "Puff" series during Paris Fashion Week, featuring celebrities like Guo Jingjing and Dong Jie, enhancing brand visibility [2] - The AREAL high-end urban line was officially launched on October 20, featuring over 20 products, including men's and women's clothing and accessories, priced between 2399-3999 yuan, focusing on business down jackets with functional fabrics and stylish designs [2] - The company continues to collaborate with internationally influential designers, including Kim Jones, former artistic director of men's wear at Louis Vuitton and Dior, to strengthen brand upgrades and enhance international influence [2] Group 3: Market Conditions - A significant cold front is expected to sweep through central and eastern China starting October 16, with temperature drops exceeding 10°C in some regions, marking the beginning of the down jacket sales season [2] - The winter clothing sales peak before the 2026 Spring Festival, which falls in late February 2026, is expected to be extended by approximately 15 days compared to 2025, benefiting brand winter clothing consumption [2]

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Bosideng (03998), projecting revenue growth of 10.1%/10.4%/10.5% for FY2026-FY2028, reaching 28.51 billion/31.46 billion/34.77 billion yuan, and net profit growth of 11.7%/12.4%/11.8%, reaching 3.92 billion/4.41 billion/4.93 billion yuan, with corresponding valuations of 13/12/11 times [1] Group 1: Financial Performance - For FY2024/25, Bosideng's revenue is expected to increase by 11.6% to 25.9 billion yuan, with brand down jacket revenue growing by 11%, and the main brand revenue increasing by 10.1% to 18.48 billion yuan, achieving growth despite a warm winter [1] - The company’s net profit is projected to grow by 14.3% to 3.51 billion yuan, driven by effective cost control [1] - For the first half of FY2025/26, the brand down jacket business is expected to develop steadily, while the OEM business faces pressure, with overall group revenue expected to remain flat year-on-year [1] Group 2: Product and Brand Development - Bosideng launched the "Puff" series during Paris Fashion Week, featuring celebrities like Guo Jingjing and Dong Jie, enhancing brand visibility [2] - The AREAL high-end urban line was officially launched on October 20, featuring over 20 products, including men's and women's clothing and accessories, priced between 2399-3999 yuan, aligning with the company's strategy of "professional down jackets + high-quality design" [2] - The company continues to collaborate with internationally influential designers, such as Kim Jones, former artistic director of Louis Vuitton and Dior menswear, to strengthen brand upgrades and international influence [2] Group 3: Market Conditions - A significant cold front is expected to sweep through central and eastern China starting October 16, with temperature drops exceeding 10°C in some regions, marking the beginning of the down jacket sales season [2] - The winter clothing sales peak before the 2026 Spring Festival, which falls in late February 2026, is expected to be extended by approximately 15 days compared to 2025, benefiting brand clothing winter sales [2]

东北证券发布研报称，OCS产业趋势目前仍由海外大厂主导，国内厂商参与度逐步提升，建议重点关注 零部件供应或代工机会。重点关注三大投资方向：已进入海外OCS供应/代工环节的厂商、有潜力进入 海外OCS供应/代工环节的厂商、积极布局OCS的光模块厂商。 东北证券主要观点如下： OCS光交换是一种无需光电/电光(O/E/O)转换，直接实现光信号在光纤端口间切换的技术 OCS原理是直接对光信号进行物理路径的重构，从而在输入/输出端口之间建立专用光路。数据中心中 采用OCS可显著提升整体网络性能、运行效率和可持续性，优势显著。OCS可应用于数据中心"三张网 络"：TPU集群互连(scale up网络)、Spine层(scale out网络)、DCI跨数据中心互连(scale across网络)。 OCS有望迎来国内外共振，市场前景广阔 海外，OCP宣布成立光交换OCS子项目，有望推进行业标准化;国内，运营商与工信部积极推进OCS应 用落地。根据Cignal AI的测算，2025年OCS市场由谷歌MEMSOCS主导，总体市场规模约为4亿美 元;2029年OCS的市场规模将超过16亿美元，四年CAGR约为41%。Light ...