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） 信用评级报告 联合资信评估股份有限公司 评级总监： 二〇二五年八月六日 | - | | --- | | 112 | | = U2 | | i | | - nº 14 | | 服务 | 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（第四期）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（第四期）信用等级为 AA+，评级展望为稳定。 www.lhratings.com 特此公告 1 联合〔2025〕7917 号 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 ...

（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 （第四期）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 8 月 15 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（第四期）（以下简称"本期债券"）为本次债券批文项 下第五期发行。本期债券发行规模为不超过人民币 7 亿元（含 7 亿元），每张面 值为人民币 100 元，发行数量为不超过 700 万张，发行价格为 100 元/张。本期 债券简称为"25 东北 C4"，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 （第四期）募集说明书摘要 | 发行人 | 东北证券股份有限公司 | | --- | --- | | 本期债券发行金额 | 不超过 7.00 亿元（含） | | 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 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律 ...

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 （第四期）募集说明书 | 发行人 | 东北证券股份有限公司 | | --- | --- | | 本期债券发行金额 | 不超过 7.00 亿元（含） | | 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 楼 10-19 层） 签署日期： 年 月 日 （住所：深圳市福田区福田街道金田路 2026 号能源大厦南塔 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。 ...

Core Insights - The cumulative sales of passenger cars in China from January to June 2025 reached 10.488 million units, representing a year-on-year growth of 8.9%, primarily driven by government subsidy policies that stimulated domestic demand [1] - The market share of fuel vehicles remained stable at 59.0%, while the market share of plug-in hybrid vehicles increased to 28.7%, and pure electric vehicles saw a decline to 12.4%, resulting in an overall new energy penetration rate of 41.0% [1] - The export volume of passenger cars in China for the first half of 2025 was 2.478 million units, a year-on-year increase of 6.8%, with the share of new energy vehicles in exports rising significantly [1] Group 1: Market Performance - In the price range of 50,000 to 200,000 yuan, wholesale sales reached 9.266 million units, a year-on-year increase of 16%, with fuel vehicle market share at 56.1% and pure electric vehicles growing to 26.1%, leading to an overall new energy penetration rate of 44.9% [2] - In the price range of 200,000 to 300,000 yuan, wholesale sales were 1.969 million units, down 1.0%, with fuel vehicle market share at 32.5% and pure electric vehicles at 46.2%, indicating a strong presence of domestic brands [2] - In the price range above 300,000 yuan, wholesale sales were 1.484 million units, down 7.0%, with fuel vehicle market share stable at 59.0% and plug-in hybrids at 28.7%, while pure electric vehicles declined to 12.4% [2] Group 2: Future Outlook - The expansion of policies at the beginning of 2025 is expected to continue supporting domestic demand, with retail sales projected to reach 23.88 million units, a year-on-year growth of 5.0%, and export sales expected to grow by 10% [3] - The new energy retail sales are anticipated to reach 14.33 million units in 2025, reflecting a year-on-year growth of 33.4%, driven by tax incentives for new energy vehicle purchases [3]

Core Viewpoint - The article discusses the recent adjustments in registered capital by brokerage firms' alternative investment subsidiaries, highlighting their role in supporting the real economy and promoting technological innovation and industrial upgrades [1][4]. Group 1: Capital Adjustment - Several brokerage firms have flexibly adjusted the registered capital of their alternative investment subsidiaries this year to meet development needs and optimize resource allocation [2][3]. - Zhongyuan Securities announced a reduction in the registered capital of its subsidiary Zhongzhou Blue Ocean from 2.426 billion to 2.226 billion yuan, with previous adjustments occurring in January and April [2]. - Northeast Securities and Guodu Securities also reported reductions in their alternative subsidiaries' registered capital, indicating a trend among brokerages to enhance capital efficiency [2][3]. Group 2: Service to the Real Economy - Brokerage firms' alternative subsidiaries are actively engaging in alternative investment activities, including direct equity investments and sponsorship projects, thereby playing a significant role in driving technological innovation and supporting national strategies [4]. - These subsidiaries are seen as vital links between capital markets and the real economy, providing targeted financing support to early-stage and growth-stage technology enterprises [4]. - The "sponsorship + follow-up investment" mechanism allows brokerages to offer comprehensive financial services to technology companies, enhancing the synergy between investment banking and investment activities [4]. Group 3: Investment Strategies and Future Plans - Brokerage firms are adopting a "invest early, invest small, invest in hard technology" approach to promote technological innovation and industrial upgrades [5]. - Companies like Industrial Securities and Nanjing Securities are focusing their investments on high-growth sectors such as semiconductors, new energy, and high-end manufacturing, with Nanjing Securities planning to invest 700 million yuan over the next three years [5]. - Several brokerages, including Zhongtai Securities and Nanjing Securities, are planning to increase their investments in alternative subsidiaries, with Zhongtai intending to raise up to 1 billion yuan for alternative investment activities [5].

Core Viewpoint - Sustainable Aviation Fuel (SAF) is identified as a key driver for the aviation industry's goal of achieving carbon neutrality by 2050, expected to contribute 65% of carbon reduction efforts [1] Industry Overview - The global SAF production capacity is significantly lacking, requiring a 60-fold expansion within 25 years to meet a trillion RMB market demand [2] - Current SAF production processes are primarily based on the HEFA route, with 11 SAF production processes certified by ASTM, and HEFA being the only technology currently used for large-scale commercial SAF production [1][3] Policy Environment - Multiple countries, including the EU, UK, and the US, have implemented or are planning to implement mandatory blending policies for SAF, which will drive demand [2] - China is set to launch pilot SAF blending in 2024, indicating a broad future development space for the SAF industry in the country [2] Production and Supply Chain - The upstream raw materials for SAF include waste cooking oils, agricultural and forestry waste, municipal solid waste, and industrial emissions [1] - The production process involves technology licensing and construction phases, with foreign companies currently dominating the technology supply [1][3] - Domestic companies like Jianlong Micro-Nano are focusing on breakthroughs in heterogeneous catalysis for SAF production [1] Economic Factors - The profitability of HEFA-based SAF production is heavily influenced by raw material costs, with companies that can secure raw materials at lower prices likely to enhance their profitability [3] - The G+FT, AtJ, and PtL processes may increase SAF prices in the short term due to high production costs, but PtL has the greatest potential for cost reduction in the long term [3]

Group 1 - The humanoid robot industry is accelerating in commercialization, leading to technological upgrades and market expansion for tactile sensors as core components [1] - As technology matures and costs decrease, it is expected that dexterous electronic skin touchpoints will expand from five fingertips to full coverage of the palm and finger pads [1] - The market for humanoid robot electronic skin is projected to reach 15.5 billion by 2030, with the dexterous electronic skin market accounting for approximately 5 billion [1] - Companies with leading material processes, such as Jinghua New Materials, are recommended for attention [1]

Core Viewpoint - The tea beverage industry is experiencing a rapid chain development, with the clearance of single brands occurring faster than in other sectors, particularly in the affordable tea segment which has a strong ecological advantage and a clear competitive landscape [1][2] Industry Review - The industry saw a peak in operational data in 2023, with a potential harvest year in 2025. The year 2023 experienced a rebound expansion post-reopening, while 2024 is expected to witness intense price wars leading to the accelerated clearance of mid-sized brands and further concentration among leading brands [1] - By Q3 2024, major brands like Heytea announced a reduction in promotional efforts, prompting others like Mixue and Gu Ming to follow suit, with the price war expected to conclude by Q4 2024 [1] Competitive Landscape - The tea beverage sector is characterized by structural competition, with the affordable tea segment exhibiting a strong ecological advantage and a notably clear competitive structure compared to other segments in the food and beverage industry [2] Demand Side - The demand for affordable tea is stable, driven by two main factors: it targets a price-sensitive customer base at the bottom of the demand pyramid, and it has outperformed soft drinks in terms of cost-effectiveness, attracting some of their demand [3] Supply Side - The industry features two business models: the mainstream "industrial model" prevalent in the affordable tea segment and the "agricultural model" in the mid-to-high price segments. The industrial model benefits from high levels of integration across the supply chain, making it easier to achieve a positive feedback loop of scale, cost, and barriers to entry [4] - The affordable tea business model operates as a convenient store for ready-made beverages, offering several advantages over soft drinks and ensuring profitability for franchisees, consumers, and companies alike [4]

上市券商2021年年报正在披露中，其子公司的"战绩"也陆续亮相。其中，总会看到不少"抢风头"的 子公司，部分券商子公司一年的净利润已经大幅超越不少上市公司。 目前，至少有46家券商全资子公司2021年的净利润均超1亿元，其中，海通证券全资子公司海通开 元投资暂列第一。同时，券商参控股公募基金公司方面，有5家券商系公募基金对券商净利润的贡献超 10%。 46家上市券商 全资子公司净利均超1亿元 近年来，证券业高质量发展迎来重要机遇期，子公司的发展是重要一环。《证券日报》记者结合 Wind数据及年报不完全统计，至少有46家券商全资子公司2021年的净利润均超1亿元，其中有8家全资 子公司的净利润均超10亿元。海通证券全资子公司海通开元投资以25.53亿元的净利润暂列第一；中信 证券全资子公司中信证券投资实现净利润24.12亿元，暂列第二；来自海通证券旗下的海通创新以16.83 亿元的净利润暂列第三。第四位至第八位分别是华泰国际、华泰资管、广发乾和、国泰君安金融控股、 招商证券投资。 目前，在26家已披露2021年年报的上市券商中，净利润超过10亿元的共有19家。也就是说，有7家 券商的净利润"不如"这些券商子公司 ...