Core Viewpoint - Digital finance is reshaping the financial ecosystem and is a key focus for Northeast Securities, which is actively pursuing a digital transformation strategy aimed at creating distinctive digital financial services [1][2]. Group 1: Digital Transformation Strategy - Northeast Securities established a digital transformation strategy in 2021 to achieve differentiated development, including a comprehensive digital blueprint that outlines technology planning and vision [2]. - The company's president oversees the implementation of the digital transformation strategy, supported by an information technology governance committee and a dedicated digital transformation working group [2][8]. - Each department has appointed digital specialists to facilitate the digital transformation efforts, supported by a framework encompassing technology governance, data governance, organizational talent, and ecosystem collaboration [2]. Group 2: Digital Financial Services - The goal of creating distinctive digital financial services focuses on two main areas: digital and integrated operations for retail clients and specialized services for stock clients [2][3]. - Northeast Securities has developed three digital wealth management platforms that integrate employee and client interfaces, enhancing the digital service process for retail customers [2]. Group 3: Data Governance and Decision-Making - The company emphasizes data governance by establishing a governance committee and cross-departmental data management teams to coordinate data strategy and execution [4]. - A centralized data management system has been implemented to standardize data and provide unified data services, enhancing decision-making through a data-driven culture [4]. - The data platform collaborates with business departments to create an indicator and tagging system, supporting precise marketing and risk management [4]. Group 4: Technology Application and Efficiency - Northeast Securities has integrated AI technology into various areas such as account opening, customer service, and compliance, significantly improving operational efficiency [5][6]. - The online account opening process utilizes OCR technology, achieving an identification rate of over 98% for documents [6]. - The intelligent customer service system has reduced the manual intervention rate from 100% to 25%, effectively decreasing customer wait times and operational costs [6]. Group 5: Talent Development and Challenges - The company faces challenges in digital transformation, including data silos, integration difficulties, and a shortage of digital talent [7]. - Northeast Securities plans to enhance its talent structure by recruiting skilled professionals in key areas such as data governance and IT product management by 2025 [7]. - The company has established a performance evaluation mechanism for departments involved in financial technology projects, ensuring accountability and progress tracking [7][8].

Group 1 - The latest stock price of Northeast Securities is 8.78 yuan, an increase of 0.57% compared to the previous trading day [1] - The stock reached a high of 8.93 yuan and a low of 8.70 yuan during the trading session, with a total transaction amount of 589 million yuan [1] - Northeast Securities is located in Changchun, Jilin Province, and its main business includes securities brokerage, investment consulting, and financial advisory related to securities trading and investment activities [1] Group 2 - The company announced a reduction in the registered capital of its subsidiary Dongzheng Rongda from 3 billion yuan to 1 billion yuan, effective July 2025 [1] - Dongzheng Rongda reported a net loss of over 16 million yuan for the year 2024 [1] - On August 18, the net inflow of main funds was 12.43 million yuan, with a cumulative net inflow of 34.66 million yuan over the past five days [1]

Core Viewpoint - The continuous decline in the number of shareholders in several companies indicates a trend of increasing concentration of shares, with some companies experiencing significant reductions over multiple periods [1][2]. Shareholder Trends - A total of 693 companies reported their latest shareholder numbers as of August 10, with 105 companies showing a decline for more than three consecutive periods, and some, like Kangxin New Materials, experiencing a drop for 16 consecutive periods, with a cumulative decrease of 34.63% [1]. - Other notable companies with significant declines include *ST Lanhua, which has seen a 41.59% drop over 14 periods, and companies like Ziguang Guowei and ZTE Corporation also showing a downward trend [1]. Market Performance - Among the companies with declining shareholder numbers, 70 have seen their stock prices rise, while 35 have experienced declines. Notable gainers include Jiemai Technology, which rose by 47.49%, and Hailin Pharmaceutical, which increased by 39.58% [2]. - In comparison to the Shanghai Composite Index, 46 companies (43.81%) outperformed the index, with Jiemai Technology, Hailin Pharmaceutical, and *ST Huike showing relative returns of 36.13%, 29.44%, and 29.04%, respectively [2]. Industry Distribution - The industries with the highest concentration of companies experiencing declining shareholder numbers include basic chemicals, electronics, and electrical equipment, with 13, 12, and 10 companies respectively [2]. - The distribution of these companies shows that 71 are listed on the main board, while 34 are on the ChiNext board [2]. Institutional Activity - In the past month, 8 companies with declining shareholder numbers have been investigated by institutions, with Jiemai Technology and Shuanghui Development receiving the most attention, having been surveyed 4 and 2 times respectively [2]. - The companies with the highest number of institutional participants include Dongfang Yuhong, Jiemai Technology, and Shuanghui Development, with 72, 43, and 16 institutions involved in their research [2]. Financial Performance - Among the companies that have released their semi-annual reports, Shengnong Development reported the highest year-on-year net profit growth of 791.93% [3]. - Companies like Donghua Technology and Shaanxi Guotou A also reported significant net profit increases of 14.64% and 5.74%, respectively [3]. - A total of 32 companies have issued performance forecasts, with 5 expecting profit increases and another 5 anticipating profit [3].

Core Viewpoint - The alternative investment subsidiaries of several securities firms are undergoing capital adjustments, with some firms reducing capital while others are increasing investments in the sector [1][3][4]. Group 1: Capital Reduction by Securities Firms - Zhongyuan Securities announced a reduction in the registered capital of its subsidiary Zhongzhou Blue Ocean from 2.426 billion to 2.226 billion yuan due to development needs [1]. - Northeast Securities reduced the registered capital of its subsidiary Dongzheng Rongda to 1 billion yuan, reporting a total revenue of -1.836 million yuan and a net loss exceeding 16 million yuan for 2024 [3]. - Guodu Securities announced a capital reduction of up to 1.2 billion yuan for its subsidiary Guodu Jingrui, with the new registered capital set at 300 million yuan [3]. - CITIC Securities reduced the registered capital of its subsidiaries by 4 billion and 900 million yuan, representing reductions of 23.53% and 30% respectively, primarily due to changes in business positioning [3]. Group 2: Reasons Behind Capital Reduction - The capital reductions are influenced by a prolonged downturn in the equity investment and M&A markets, leading to underperformance and losses for some subsidiaries [4]. - Resource optimization is a key consideration, allowing firms to redirect released resources towards core business areas for higher quality development [4]. - Regulatory changes, such as the new Company Law requiring registered capital to be fully paid within five years starting July 2024, are prompting firms to adjust capital structures [5]. Group 3: Contrasting Trends in the Industry - While some firms are reducing capital, others are increasing investments in alternative investment subsidiaries, such as Caitong Securities planning to increase capital by up to 2 billion yuan [6]. - Century Securities has established a new alternative investment subsidiary, indicating a commitment to expanding in this area [6]. - Nanjing Securities and Zhongtai Securities are also planning to raise funds for their alternative investment subsidiaries, with amounts not exceeding 1 billion yuan each [6]. Group 4: Future Industry Trends - The current trend of differentiation is expected to accelerate industry reshuffling, with well-capitalized firms potentially creating ecosystems through a "mother fund + direct investment" model [7]. - Smaller firms may shift towards specialized investment strategies, such as convertible bond investments in specialized enterprises [7]. - The adoption of a "dynamic registered capital" mechanism is anticipated, allowing firms to flexibly adjust capital based on project reserves [7].

Group 1 - The A-share market showed a collective rise on August 18, with the brokerage sector rebounding, highlighted by Changcheng Securities achieving a four-day consecutive rise and Xibu Securities increasing over 6% [1] - As of August 15, 33 brokerages reported positive half-year performance, with 21 companies showing net profits exceeding 500 million yuan, led by Guotai Junan, Haitong Securities, and China Galaxy Securities with net profits of 15.62 billion yuan, 6.582 billion yuan, and 5.155 billion yuan respectively [1] - Notable year-on-year profit growth was observed in Huaxi Securities and Guolian Minsheng, with increases of 1189.55% and 1183% respectively, while several other firms also reported over 200% growth [1] Group 2 - The A-share market's activity has significantly increased, with the margin trading balance exceeding 2 trillion yuan as of August 15, indicating a robust trading environment [2] - Huatai Securities noted that the equity market has been steadily rising since the beginning of the year, with continuous improvements in trading volume, margin balance, and issuance of equity products, suggesting a positive outlook for brokerage valuations [2] - The brokerage sector is expected to see improved performance in Q3 due to rising market risk appetite and increasing trading volumes, with potential for additional capital inflow into the sector [3]

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]