Core Viewpoint - The credit rating report for Guoyuan Securities Co., Ltd. indicates a strong financial position and stable outlook, with a credit rating of AAA, supported by its parent company, Anhui Guoyuan Financial Holding Group [2][4]. Financial Performance - As of the end of 2024, Guoyuan Securities reported total assets of 172.10 billion, total equity of 37.06 billion, and net profit of 2.24 billion, reflecting a compound annual growth rate (CAGR) of 21.21% for revenue and 13.78% for net profit from 2022 to 2024 [3][4]. - The company's net capital stood at 25.97 billion, with a risk coverage ratio of 196.77%, significantly above regulatory standards [4][5]. Business Operations - Guoyuan Securities has a comprehensive range of business qualifications, including brokerage, investment banking, asset management, and proprietary trading, with a balanced business development approach [4][5]. - The company has a wide coverage of branches, with 41 regional branches and 105 securities offices, enhancing its competitive position in Anhui province [4][5]. Market Environment - The company's performance is closely tied to the securities market's conditions, with a notable decline in investment banking revenues due to market fluctuations and regulatory changes [4][5]. - In 2024, the underwriting amount for equity financing dropped by 85.28% to 1.91 billion compared to 2022, and investment banking revenue decreased by 78.68% to 163 million [4][5]. Risk Management - Guoyuan Securities has faced regulatory challenges due to compliance issues, necessitating ongoing improvements in its risk management and compliance frameworks [5][6]. - The asset management business has seen a decline in scale, with total assets under management falling by 6.93% to 21.53 billion by the end of 2024 [5][6]. Industry Overview - The Chinese securities industry is undergoing significant reforms, with a focus on stricter regulations and increased market concentration through mergers and acquisitions [10][11]. - As of the end of 2024, the total assets of 150 securities firms in China reached 12.93 trillion, with a year-on-year growth of 9.30% [13][14].

Core Viewpoint - The company, Guoyuan Securities Co., Ltd., has received approval from the China Securities Regulatory Commission to issue a total of bonds not exceeding 3 billion yuan, with the first phase of issuance being capped at 1.5 billion yuan [1] Group 1 - The bond issuance will adopt a phased approach, with the first phase having a term of 3 years [1] - The name of the bond has been changed to "Guoyuan Securities Co., Ltd. 2025 Public Issuance of Subordinated Bonds for Professional Investors (Phase I)" [1] - The name change does not affect the legal validity of previously signed documents related to the bond issuance [1] Group 2 - Relevant legal documents include the underwriting agreement, bond trustee management agreement, and bondholders' meeting rules [1]

国元证券股份有限公司 2025 年主 体信用评级报告 中鹏信评【2025】第 Z【565】号 02 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。 本次评级结果有效期为自本评级报告所注明日期起一年，本评级机构有权在本次评级结果有效期间变更 信用评级。 本评级报告版权归本评级机构所有，未经授权不得修改、复制、转载和出售。除委托评级合同约定外， 未经本评级机构书面同意，本评级报告及评级结论不得用于其他债券的发行等证券业务活动或其他用途。 中证 ...

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 次级债券（第一期） 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） 签署日期： 2025 年 6 月 12 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 4 月 1 日获得中国证券监督管理委员会证监许可〔2025〕647 号文注册公开发 行面值总额不超过 30 亿元（含）的次级公司债券（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 资者公开发行次级债券（第一期）"（以下简称"本期债券"）为本次债券下的第 一期发行，本期债券发行规模为不超过人民币 15 亿元（含 15 亿元）。 2、本期债券发行规模为不超过人民币 15 亿元（含 15 亿元），每张面值为 100 元，发行数量为不超过 1,500 万张（含 1,500 万 ...

国元证券股份有限公司 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 次级债券（第一期） 募集说明书 | 发行金额 | 不超过 15 亿元（含 | 15 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 | | 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次级债券（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、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、 ...

（本页以下无正文） （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次 级债券（第一期）更名公告》之盖章页） 发行人：国元证券股份有限公司 国元证券股份有限公司 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 4 月 1 日获得中国证 券监督委员会证监许可〔2025〕647 号文，同意发行人公开发行面值总额不超过 30 亿元人民币次级债券。（以下简称"本次债券"）。 本次债券的发行总规模不超过 30 亿元，采用分期发行方式，本期债券为首 次发行，发行规模为不超过 15 亿元（含 15 亿元），本期债券期限为 3 年。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次级债券（第一期）"，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次级债券（第一期）募集说明 书"。 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 ...

国元证券股份有限公司 2025 年面向专业投资者公开发行次级债券（第一期）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 次级债券（第一期） 募集说明书摘要 | 发行金额 | 不超过 15 亿元（含 | 15 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 | | 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次级债券（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、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 ...

Market Performance - On June 10, 2025, the ChiNext Index fell by 1.17%, while the shipping and port sector saw a significant increase[2] - The Shanghai Composite Index decreased by 0.44%, and the Shenzhen Component Index dropped by 0.86%[2] - The total market turnover reached 1,415.18 billion CNY, an increase of 128.96 billion CNY from the previous trading day[2] Sector Analysis - Among the 30 major sectors, the banking sector rose by 0.48%, while the defense industry fell by 1.96%[19] - The pharmaceutical sector increased by 0.33%, and the computer sector decreased by 1.91%[19] - Most concept sectors declined, with notable increases in yesterday's consecutive boards and genetically modified sectors[19] Capital Flow - On June 10, 2025, the net outflow of main funds was 57.03 billion CNY, with large orders seeing a net outflow of 31.34 billion CNY[23] - Small orders continued to see a net inflow of 51.17 billion CNY[23] - The net inflow of southbound funds totaled 7.59 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 4.80 billion HKD[25] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +5.66 billion CNY and +7.46 billion CNY respectively[28] - The trading volume for the CSI 500 ETF decreased by 0.86 billion CNY[28] Global Market Trends - On June 10, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index down 0.08% and the Nikkei 225 remaining flat[32] - The S&P 500 Index rose by 0.09%, while the Dow Jones Industrial Average remained unchanged[32]

瑞纳智能设备股份有限公司 首次授予第三个解除限售期解除限售条件成就 之 独立财务顾问报告 | 国元证券股份有限公司 | | --- | 关于 二〇二五年六月 一、释义 | 以下词语如无特殊说明，在本文中具有如下含义： | | | | --- | --- | --- | | 瑞纳智能、本公司、 | | | | 指 | | 瑞纳智能设备股份有限公司 | | 公司、上市公司 | | | | 独立财务顾问、本独 | | | | 指 | | 国元证券股份有限公司 | | 立财务顾问 | | | | 激励计划、本激励计 | | | | 指 | | 瑞纳智能设备股份有限公司 2022 年限制性股票激励计划 | | 划计划、本计划 | | | | 《激励计划（草 | | 《瑞纳智能设备股份有限公司 2022 年限制性股票激励计划（草 | | 指 | | | | 案）》 | | 案）》 | | 限制性股票、第一类 | | | | 指 | | 根据本计划，激励对象被授予的转让受到限制的公司股票 | | 限制性股票 | | | | 股本总额 | | 指 指公司目前已发行的股本总额 | | 激励对象 | | 指 按照本激励计划规定， ...

Core Viewpoint - A wave of corporate governance reform is sweeping through financial institutions in China, driven by the recent amendment to the Company Law, which allows companies to delegate the functions of the supervisory board to the audit committee of the board of directors, thus eliminating the mandatory requirement for a supervisory board [2][6][7]. Group 1: Background and Legislative Changes - The revised Company Law, effective from July 2024, explicitly permits joint-stock companies to exercise the functions of the supervisory board through an audit committee established by the board of directors, removing the compulsory establishment of a supervisory board [6][7]. - This legislative change is expected to lower corporate governance costs, prompting more financial institutions to initiate governance reforms [4][7]. Group 2: Actions Taken by Financial Institutions - Since April 29, 2023, several major state-owned banks, joint-stock banks, and city commercial banks have announced the abolition or non-establishment of their supervisory boards, including the five major state-owned banks: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications [4][5]. - In the securities sector, the first company to abolish its supervisory board was Caixin Securities on March 3, 2023, followed by other firms like Guoyuan Securities and Huaxin Securities [5]. - Foreign insurance companies have also been quick to act, with Japan Property Insurance (China) Co., Ltd. announcing the abolition of its supervisory positions on April 20, 2023 [5]. Group 3: Implications and Challenges - The shift from a supervisory board to an audit committee raises concerns about the effectiveness of oversight, as the audit committee, composed entirely of directors, may face conflicts of interest when supervising the board itself [9]. - The transition also includes provisions for former external supervisors to potentially become independent directors, provided they meet the qualifications and adhere to a tenure limit of six years [9].