股票简称：国元证券 股票代码：000728 国元证券股份有限公司 （住所：安徽省合肥市梅山路 18 号） 2025 年面向专业投资者公开发行 科技创新公司债券（第一期） 募集说明书 | 发行金额 | 不超过 亿元（含 亿元） 2 2 | | --- | --- | | 担保情况 | 无 | | 发行人 | 国元证券股份有限公司 | | 主承销商、债券受托管理人 | 西部证券股份有限公司 | | 信用评级结果 | 主体 AAA/债项 AAA | 主承销商、债券受托管理人 （住所：陕西省西安市新城区东新街319号8幢10000室） 签署日期：202 年 月 日 国元证券股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券(第一期)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责任。 发行人承诺在本期债券发行环节，不直接 ...

科技创新公司债券（第一期）更名公告 国元证券股份有限公司（以下简称"公司"）于 2025 年 2 月 21 日获得中国证 券监督委员会证监许可〔2025〕316 号文，同意发行人公开发行面值总额不超过 75 亿元人民币公司债券。（以下简称"本次债券"）。 国元证券股份有限公司 2025 年面向专业投资者公开发行 （本页无正文，为《国元证券股份有限公司 2025 年面向专业投资者公开发行科 技创新公司债券（第一期）更名公告》之盖章页） 发行人：国元证券股份有限公司 2025 年 月 日 （本页无正文，为《国元证券股份有限公司 2025 年面向专业投资者公开发行科 技创新公司债券（第一期）更名公告更名公告》之盖章页） 主承销商：西部证券股份有限公司 2025 年 月 日 本次债券的发行总规模不超过 75 亿元，采用分期发行方式，本期债券为第 三次发行，发行规模为不超过 2 亿元（含 2 亿元），本期债券期限为 13 个月。由 于本期债券跨年发行，结合募集资金用途为头像科技创新领域，根据公司债券命 名管理惯例，本期债券名称为"国元证券股份有限公司 2025 年面向专业投资者 公开发行科技创新公司债券（第一期）"，募 ...

国元证券股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期）募集说明书 股票简称：国元证券 股票代码：000728 国元证券股份有限公司 （住所：安徽省合肥市梅山路 18 号） 2025 年面向专业投资者公开发行 科技创新公司债券（第一期） 募集说明书 | 发行金额 | 不超过 亿元（含 亿元） 2 2 | | --- | --- | | 担保情况 | 无 | | 发行人 | 国元证券股份有限公司 | | 主承销商、债券受托管理人 | 西部证券股份有限公司 | | 信用评级结果 | 主体 AAA/债项 AAA | 主承销商、债券受托管理人 （住所：陕西省西安市新城区东新街319号8幢10000室） 签署日期：202 年 月 日 国元证券股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第一期）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 ...

国元证券股份有限公司 2025 年面 向专业投资者公开发行科技创新 公司债券（第一期）信用评级报告 中鹏信评【2025】第 Z【565】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本 ...

Group 1 - The event held in Chengdu on May 15 aimed to promote investor education under the theme "Caring for Investors, Working Together" [1] - The establishment of the Sichuan Panda Investor Education Alliance marks a new phase in investor protection efforts, integrating resources and enhancing collaboration among financial institutions [2] - The event attracted nearly 20,000 participants, focusing on differentiated content for various demographics, including middle-aged, family investors, and young social media users [5] Group 2 - Interactive activities, such as games and workshops, were designed to engage participants and educate them on investment risks and rights [5][6] - The event creatively combined financial knowledge with local culture, providing a unique experiential learning environment [7] - Future trends in investor education are expected to emphasize a more stylized, business-oriented, and innovative approach to content delivery, catering to the evolving demographics of investors [8] Group 3 - The event highlighted the importance of investor protection as a foundation for stable capital markets and financial inclusivity [9] - A multi-faceted protection network was established, involving regulatory oversight, industry collaboration, and community participation [9]

Group 1 - The report is prepared by Guoyuan Securities Co., Ltd. as the trustee manager for the bonds issued by Western Securities Co., Ltd. [1] - The bonds issued include multiple series with varying scales and terms, all set for a duration of 3 years without any put options [2][3] - The total issuance scale for the bonds includes 10 billion RMB for the first two series, 16 billion RMB for the third series, 8 billion RMB for the fourth series, and 7 billion RMB for the fifth series [2][3] Group 2 - As of December 31, 2024, Western Securities reported a net asset of 29.015 billion RMB and a loan balance of 36.998 billion RMB, indicating a loan-to-net asset ratio of 50.18%, exceeding the 40% threshold [4] - The company’s new borrowings are in compliance with relevant laws and regulations and are part of normal business operations [4] - Guoyuan Securities will fulfill its responsibilities as the trustee manager and ensure timely information disclosure to protect the interests of bond investors [4]

Core Viewpoint - The transition of public collective investment products from large brokerage firms to their affiliated fund companies is nearing completion, aligning with regulatory guidance and enhancing resource sharing and collaboration within the industry [1][8]. Group 1: Transfer of Products - Recently, Guangfa Securities applied to transfer seven public collective investment products to Guangfa Fund Management, while Huazhong Securities transferred two products to its subsidiary Huafu Fund Management [1]. - Earlier, CITIC Securities transferred all 19 of its public collective investment plans to Huaxia Fund Management, with some applications already approved by the CSRC [1][5]. - Other firms like Founder Securities, Guoyuan Securities, Donghai Securities, and Everbright Securities are also transferring their public collective investment plans to affiliated fund companies [1]. Group 2: Industry Trends - The public collective investment product transformation is expected to conclude by June 30, indicating a significant shift towards compliance and standardization in the industry [8]. - Currently, less than 20% of brokerage asset management companies hold public fund licenses, necessitating the transfer of products to licensed fund companies for continued operation [8]. - The transition is anticipated to enhance the operational efficiency of asset management firms, allowing them to focus on high-value private equity sectors while public fund operations are managed by specialized fund companies [8]. Group 3: Market Impact - As of the end of Q1 2025, there are 303 public collective investment products with a total asset size of approximately 3,565.42 billion yuan, indicating a significant scale increase for the involved fund companies [9]. - The publicization of these products is expected to improve compliance and market acceptance, pushing brokerage asset management towards a more transparent and standardized operational model [8].

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Group 1 - The core viewpoint of the news is that Shengtong Energy's stock is currently in a state of decline, having dropped 4.64% to a closing price of 13.16 yuan, indicating a failure to maintain its initial public offering price [1] - Shengtong Energy was listed on the Shenzhen Stock Exchange on September 8, 2022, with an initial public offering of 30 million shares at a price of 26.78 yuan per share, raising a total of 803.4 million yuan [1] - The funds raised from the IPO are intended for the construction of a comprehensive logistics park, the development of a logistics information system, and to supplement working capital [1] Group 2 - On May 31, 2023, Shengtong Energy announced its annual equity distribution plan for 2022, which includes a cash dividend of 3.30 yuan per 10 shares for all shareholders, with different tax treatments for various types of investors [2] - Additionally, the company plans to increase its capital by issuing 4 additional shares for every 10 shares held, using its capital reserve [2] - The record date for the equity distribution is set for June 6, 2023, and the ex-dividend date is June 7, 2023 [2]

Core Viewpoint - The report outlines the verification opinion of Guoyuan Securities regarding the listing and circulation of restricted shares for Anhui Rongzhi Rixin Technology Co., Ltd. after a specific issuance of A-shares to designated investors, confirming compliance with relevant regulations and the commitment of shareholders [1][5]. Group 1: Restricted Shares Issuance - The company has received approval for the issuance of restricted shares, increasing its total share capital from 81,626,048 shares to 87,427,353 shares, with 5,801,305 shares being restricted and 5,076,141 shares set to be listed for circulation [1][2]. - The restricted shares have a lock-up period of 6 months from the end of the issuance, involving 15 shareholders [1][3]. Group 2: Shareholder Commitments - Shareholders of the restricted shares have committed to not transferring their shares during the 6-month lock-up period, and they have adhered to this commitment without any breaches affecting the listing [3][4]. Group 3: Listing Details - A total of 5,076,141 restricted shares will be listed for circulation, representing 5.81% of the company's total share capital, with the listing date set for May 19, 2025 [4][5]. - The detailed list of shareholders holding restricted shares includes various investment funds and asset management companies [4]. Group 4: Verification Opinion - Guoyuan Securities has concluded that the application for the listing of restricted shares complies with all relevant laws and regulations, and the information disclosed by the company is accurate and complete [5].