Core Viewpoint - Northeast Securities Co., Ltd. is issuing a subordinate bond with a total amount not exceeding 800 million RMB, rated AA+ by a credit rating agency, indicating a strong ability to repay debts and a stable outlook [1][3][4]. Group 1: Bond Issuance Details - The bond issuance has been approved by the China Securities Regulatory Commission, allowing the company to issue up to 800 million RMB in subordinate bonds [1][4]. - The bond is unsecured, meaning it does not have collateral backing, which may increase investment risk [4][5]. - The bond's interest rate will be determined through pricing methods such as inquiry and agreement pricing [1]. Group 2: Financial Performance - As of March 31, 2025, the company's consolidated net assets were reported, and the average distributable profit for the last three years was compliant with regulatory requirements [1][4]. - The company's net profit for 2022, 2023, 2024, and the first quarter of 2025 were 231 million RMB, 668 million RMB, 874 million RMB, and 202 million RMB respectively, showing a significant increase in profitability in recent years [1][4][13]. - The company reported a decrease in operating cash flow in 2023 but a substantial increase in 2024, indicating fluctuations in cash management [5][6]. Group 3: Credit Rating and Risk Factors - The credit rating agency assigned a AAA rating to the issuer and AA+ to the bond, reflecting a strong capacity to meet debt obligations [1][3]. - The company faces potential risks from regulatory changes and market volatility, which could impact its revenue and profitability [3][4][8]. - The company has a history of litigation, with ongoing cases that could affect its financial stability if outcomes are unfavorable [6][18]. Group 4: Operational and Market Environment - Northeast Securities operates in a highly competitive and regulated environment, with a diversified business model that includes brokerage, investment banking, and asset management [4][11]. - The company has established a strong marketing network across major economic regions in China, enhancing its competitive position [4]. - The overall performance of the securities market is influenced by macroeconomic conditions, which can lead to significant fluctuations in the company's earnings [8][14].

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 （第三期）募集说明书摘要 | 本期债券发行金额 | 不超过 亿元（含） 8.00 | | --- | --- | | 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 | | 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 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。 发行人承诺在本期债券发行环节，不直接或者间接认购自己发行的债券。 ...

（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 （第三期）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 7 月 11 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 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"）。 2、本次债券采取分期发行的方式，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（第三期）（以下简称"本期债券"）为本次债券批文项 下第四期发行。本期债券发行规模为不超过人民币 8 亿元（含 8 亿元），每张面 值为人民币 100 元，发行数量为不超过 800 万张，发行价格为 100 元/张。本期 债券简称为"25 东北 C3"，债券代码为" ...

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 （第三期）募集说明书 | 本期债券发行金额 | 不超过 亿元（含） 8.00 | | --- | --- | | 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 | | 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+ | 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、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 东北证券股份有限公司 公开发行次级债券募集说明书 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。 发行人承诺在 ...

二〇二五年七月四日 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（第三期） 信用评级报告 www.lhratings.com 1 联合〔2025〕6155 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（第三期）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（第三期）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： 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（以下简称"该公 司"） ...

Group 1 - Financial technology has become a significant driving force for the development of the securities industry [1] - The recent recruitment announcements for Chief Information Officers (CIOs) at various securities firms highlight the importance of this role [1][2] - Since 2025, there have been frequent changes in the CIO positions across at least 10 securities firms, indicating a trend of internal promotions to enhance the integration of technology and business management [1][4] Group 2 - Mergers and acquisitions have also led to new CIO appointments, with examples including the hiring of five executives from Minsheng Securities by Guolian Minsheng [2] - The ongoing mergers among major securities firms are expected to result in further CIO adjustments to ensure continuity and integration of technology frameworks [4] Group 3 - There are currently at least 82 CIOs in the securities industry, characterized by a highly educated and experienced demographic [4][8] - The average age of CIOs is approximately 52 years, with a significant concentration between 50 and 55 years old [8] - Nearly 70% of CIOs hold advanced degrees, with 38 having master's degrees and 18 holding doctoral degrees [8] Group 4 - Major securities firms are leading in technology investment, with Huatai Securities investing 2.448 billion yuan, followed by Guotai Junan with 2.2 billion yuan [8][9] - Smaller firms are also increasing their technology investments, with Dongbei Securities allocating 19.45% of its previous year's revenue to technology [9] Group 5 - The integration of AI and financial services is becoming a consensus in the industry, with significant increases in technology investments driven by policy guidance, technological advancements, and business upgrades [9][10] - The digital transformation of the industry is entering a phase focused on quality improvement and efficiency enhancement [10] Group 6 - The application of AI technologies is being rapidly adopted by smaller firms to enhance service quality, with examples of local deployments in compliance consulting and advisory services [10] - The competition among securities firms is shifting towards optimizing the cost and business value of AI technologies, rather than merely increasing technology spending [11]

Core Viewpoint - Northeast Securities is focusing on the creation of "Four Strengths and Three Goods" party branches as a strategic initiative to enhance its development and operational efficiency through strong grassroots party building [1][2][3]. Group 1: Four Strengths - The "Four Strengths" include strong political leadership, strong development promotion, strong reform and innovation, and strong cohesion and support [2]. - Strong political leadership emphasizes the importance of adhering to the principles of socialism with Chinese characteristics and ensuring compliance with national laws and regulations [2]. - Strong development promotion requires integrating party work deeply into business management to achieve high-quality growth [2]. - Strong reform and innovation focus on adapting to industry changes and using party work to drive management and business innovations [2]. - Strong cohesion and support involve enhancing the quality of the party member workforce and promoting democratic management to ensure employee rights and foster a harmonious work environment [2]. Group 2: Three Goods - The "Three Goods" refer to good party building, good business, and good efficiency [3]. - Good party building requires a robust system for party work, including regular meetings and evaluations, and the establishment of unique branding for each party branch [3]. - Good business emphasizes aligning party work with core business objectives to enhance management and client acquisition capabilities [3]. - Good efficiency aims to achieve both economic and social benefits while enhancing the company's public image and social responsibility [3]. Group 3: Implementation and Results - Since the initiation of the "Four Strengths and Three Goods" campaign, party branches have actively engaged in innovative activities, leading to improved morale and business performance [3][4]. - The company has developed a standardized toolkit for party branch construction to streamline processes and enhance efficiency [5][6]. - The company has implemented a "combat effectiveness project" to strengthen political leadership and improve employee engagement, which has contributed to a systematic approach to enhancing operational efficiency [6][9]. Group 4: Future Directions - The company plans to continue evaluating the effectiveness of the "Four Strengths and Three Goods" initiative, with assessments set for 2024 across seven core areas [10]. - Northeast Securities aims to maintain a dual-driven approach of "party building + business" to foster continuous growth and high-quality development [10].

Group 1 - The bond issued by Northeast Securities Co., Ltd. is named "24 Northeast 02" with a code of 148808, and it is scheduled to pay interest on July 14, 2025, for the period from July 12, 2024, to July 11, 2025 [1] - The bond has a credit rating of AAA with a stable outlook, and the interest rate for the first year is set at 2.23%, resulting in a pre-tax interest payment of RMB 22.30 for every 10 bonds with a face value of RMB 1,000 [1][2] - The tax on the interest income is the responsibility of the investors, with a personal income tax rate of 20% applicable to individual bondholders [2][3] Group 2 - The company will entrust China Securities Depository and Clearing Corporation Limited Shenzhen Branch to handle the interest payment, ensuring that the funds are transferred to the designated bank account prior to the payment date [2] - For foreign institutional investors, there is a temporary exemption from corporate income tax and value-added tax on bond interest income from November 6, 2021, to December 31, 2025 [3] - Contact information for inquiries includes addresses and phone numbers for representatives in Changchun and Suzhou [4]

债券简称：24 东北 02 债券代码：148808 债权登记日：2025 年 7 月 11 日 付息日：2025 年 7 月 14 日（因 2025 年 7 月 12 日为休息日，付息日顺延至 其后的第 1 个交易日） 计息期间：2024 年 7 月 12 日至 2025 年 7 月 11 日 东北证券股份有限公司 2024 年面向专业投资者公开发行公司债券（第二期） 将于 2025 年 7 月 14 日支付自 2024 年 7 月 12 日至 2025 年 7 月 11 日期间的利息。 为保证付息工作的顺利进行，现将有关事项公告如下： 东北证券股份有限公司2024年面向专业投资者 公开发行公司债券（第二期）2025年付息公告 重要提示： 一、本期债券的基本情况 1.发行人：东北证券股份有限公司 2.债券名称：东北证券股份有限公司 2024 年面向专业投资者公开发行公司 债券（第二期） 3.债券简称：24 东北 02 4.债券代码：148808 5.债券余额：人民币 4.30 亿元 6.期限：本期债券期限为 3 年期固定利息债券 7.当前票面利率：2.23% 8.还本付息方式：本期债券按年付息，到期一次还本。 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the securities sector, with the CSI All Share Securities Company Index rising by 1.34% as of July 10, 2025, and specific stocks like China Merchants Securities and Hongta Securities seeing significant gains of 10.03% and 6.09% respectively [3] - The ETF fund tracking the securities index also showed positive movement, increasing by 1.38% to a latest price of 1.32 yuan, with a cumulative rise of 1.40% over the past week [3] - Dongguan Securities noted that July is a critical period for tariff negotiations and economic observations, suggesting that the external environment affecting A-shares is becoming less disruptive, which may sustain positive market sentiment [3] Group 2 - The top ten weighted stocks in the CSI All Share Securities Company Index as of June 30, 2025, include Dongfang Wealth, CITIC Securities, and Guotai Junan, collectively accounting for 60.45% of the index [3] - The management fee rate for the ETF fund is set at 0.15%, with a custody fee of 0.05%, positioning it as one of the lowest fee options in the sector [4] - The performance of individual stocks within the ETF shows varying increases, with CITIC Securities rising by 1.73% and Dongfang Wealth by 1.31%, reflecting a generally positive trend among major players [6]