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（第二期）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（第二期） 募集说明书 | 发行金额 | 不超过 8 亿元（含 8 亿元） | | --- | --- | | 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（第二期）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、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 ...

国元证券股份有限公司 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"）。 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 五次发行，发行规模为不超过 8 亿元（含 8 亿元），本期债券期限为 2 年。由于 本期债券跨年发行，结合募集资金用途为投向科技创新领域，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（第二期）"，募集说明书名称相应变更为"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（第二期）募集 说明书"。 2025 年面向专业投资者公开发行 本期债券名称变更不改变原签订的与本期债券发行相关的法律文件效力，原 签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律文件包括 但不限于：《国元证券股份有限公司 2024 年面向专业投资者公开发行公司债券之 承销协议》、《国元证券股份有限公司 2024 年面向专业 ...

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（第二期）信用评级报 告 中鹏信评【2025】第 Z【1099】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 ...

科技创新公司债券（第二期） 募集说明书摘要 | 发行金额 | 不超过 亿元（含 8 8 | 亿元） | | --- | --- | --- | | 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 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(第二期)募集说明书摘要 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 （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(第二期)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、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 ...

2025 年面向专业投资者公开发行科技创新公司债券 （第二期） 发行公告 主承销商、簿记管理人、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） 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） 签署日期： 2025 年 8 月 1 日 本公司及其全体董事、监事、高级管理人员或履行同等职责的人员保证公 告内容真实、准确和完整。 重要事项提示 1、国元证券股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 2 月 21 日获得中国证券监督管理委员会证监许可〔2025〕316 号文注册公开 发行面值总额不超过 75 亿元（含）的公司债券（以下简称"本次债券"）。 本次债券采取分期发行的方式，"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（第二期）"（以下简称"本期债券"）为本次债 券下的第五期发行，本期债券发行规模为不超过人民币 8 亿元（含 8 亿元）。 2、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 100 元，发行数量为不超过 800 万张（含 800 万张） ...

Company Overview - Company Name: Hefei Kobal New Materials Co., Ltd [2] - Stock Code: 920066.BJ [2] - IPO Application Date: December 29, 2023 [2] - Listing Date: October 31, 2024 [3] - Listing Board: Beijing Stock Exchange [3] - Industry: Rubber and Plastic Products [3] - Sponsoring Institution: Guoyuan Securities [3] - Lead Underwriters: Lv Tao, Zhu Peifeng [3] - Legal Advisor: Anhui Tianhe Law Firm [3] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [3] Performance Evaluation - Total Score for Kobal's IPO Project: 89 points, classified as B grade [4] - Negative Factors Affecting Score: Disclosure quality needs improvement, high issuance cost ratio, and actual fundraising amount decreased [4][30] - Average Days from Application to Listing for A-share Companies in 2024: 629.45 days; Kobal's listing cycle is 307 days, below the average [8][25] Financial Metrics - Underwriting and Sponsorship Fees: 16.476 million yuan, with a commission rate of 9.95%, higher than the average of 7.71% [10][25] - Initial Day Stock Price Increase: 294.59% compared to the issue price [12][26] - Stock Price Increase in Three Months: 162.17% compared to the issue price [14][27] - Issuance Price-Earnings Ratio: 14.45 times, compared to the industry average of 20.96 times, which is 68.94% of the industry average [16][28] - Expected Fundraising: 170 million yuan; Actual Fundraising: 166 million yuan, indicating a decrease of 2.31% [18][29] Short-term Performance - Revenue Growth for 2024: 16.73% year-on-year [20][29] - Net Profit Growth for 2024: 7.25% year-on-year [20][29] - Non-recurring Net Profit Growth for 2024: 0.32% year-on-year [20][29]

Group 1: Core Insights - Securities firms are focusing on continuous innovation and entrepreneurship as key strategies for the second half of the year, reflecting a need to break out of stagnant competition [1][2] - The shift towards a "buy-side mentality" in wealth management is emphasized, with firms aiming to enhance their capabilities in this area [5][6] Group 2: Operational Efficiency and Management - Many securities firms are prioritizing operational efficiency and refined management, aiming to improve per capita effectiveness and reduce costs [3][4] - The drive for enhanced operational efficiency is attributed to cost pressures, regulatory upgrades, and the need for digital transformation [3][4] Group 3: Digital Transformation and AI - Digital transformation is seen as a crucial factor for improving customer experience, with firms leveraging technology to optimize business processes and enhance service quality [4][6] - AI is reshaping the value chain in the securities industry, with its application in retail, institutional, and risk management sectors [6][7] Group 4: Regional Market Focus - Several smaller securities firms are choosing to deepen their engagement in regional markets as a differentiation strategy against larger competitors [8] - This regional focus allows for closer client relationships and personalized service offerings, enhancing customer loyalty and satisfaction [8] Group 5: Market Outlook and Investment Potential - The attractiveness of the securities sector is increasing, with investor interest rising significantly [9] - A stable macroeconomic environment and favorable policies could boost market activity and investor confidence, positively impacting the revenues of securities firms [9]

Core Viewpoint - The article highlights the performance of new IPOs in the A-share market from January to July 2025, indicating a significant increase in both the number of new listings and the total funds raised compared to the same period last year [1]. Group 1: IPO Performance - A total of 59 new companies were listed in the A-share market from January to July 2025, representing an 18.00% increase from 50 companies in the same period last year [1]. - The net fundraising amount for these 59 new listings reached 544.21 billion yuan, which is a 63.83% increase compared to 332.18 billion yuan in the previous year [1]. Group 2: Underwriting Institutions Ranking - 26 underwriting institutions participated in the IPOs of the 59 new companies, with a total of 60 deals due to dual appointments for some companies [2]. - The top three underwriting institutions by the number of deals are: - First: Guotai Junan with 7 deals - Second: Huatai United and CITIC Securities, each with 6 deals [2]. Group 3: Legal and Accounting Firms Ranking - 25 law firms provided legal services for the 59 new IPOs, with the top three being: - First: Shanghai Jintiancheng with 9 deals - Second: Beijing Zhonglun with 6 deals - Third: Guangdong Xinda with 4 deals [5]. - 15 accounting firms provided auditing services for the IPOs, with the top three being: - First: Rongcheng with 13 deals - Second: Lixin and Tianjian, each with 9 deals [5].

Group 1 - As of July 30, 2025, Guoyuan Securities' stock price closed at 8.67 yuan, down 0.80% from the previous trading day, with a trading volume of 434 million yuan and a turnover rate of 1.14% [1] - Guoyuan Securities is a comprehensive securities company engaged in various sectors including securities brokerage, investment banking, and asset management [1] - The company announced during its 2025 semi-annual operational meeting that it will focus on advancing artificial intelligence ecosystem construction in the second half of the year, aiming to empower business development through technology [1] Group 2 - Guoyuan Securities plans to enhance its financial technology application level and promote intelligent breakthroughs in business, aligning with the trend of "digital intelligence" [1] - On July 30, 2025, the net outflow of main funds from Guoyuan Securities was 52.54 million yuan, accounting for 0.14% of its circulating market value [1]

Core Viewpoint - Multiple securities firms have held mid-year operational meetings, analyzing current conditions and outlining key tasks for the second half of the year, with many reporting strong performance in the first half of 2025, achieving over half of their annual targets [1][2]. Group 1: Performance and Strategy - Securities firms have reported positive results for the first half of 2025, with executives expressing confidence in their performance, such as achieving the best historical results in revenue, profit, and return on equity (ROE) [2][3]. - Companies are focusing on the "15th Five-Year Plan" to ensure high-quality development and to set ambitious targets across various business lines [4][10]. Group 2: Key Focus Areas for the Second Half - Emphasis on digital transformation and the application of financial technology is a priority for many firms, with a specific focus on AI and compliance [5][6]. - Companies like Caifeng Securities are aiming to enhance their "Smart Finance" initiatives, while others are looking to build an AI ecosystem to drive business intelligence [7][8]. - The need for capital replenishment and compliance enhancement is highlighted, with firms planning to strengthen their capital base and improve compliance management systems [9][10].