国海证券股份有限公司 2025年面向专业投资者公开发行公司债券 （第二期） 主承销商/簿记管理人/债券受托管理人 （住所：广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） 5 发行公告 签署日期：2025年 月 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要事项提示 一、发行人基本财务情况 本期债券发行上市前，公司报告期末净资产为 229.28 亿元（2024 年 12 月 31 日合并财务报表中的所有者权益合计），合并口径资产负债率（扣除代理款）为 43.13%，资产负债率（未扣除代理款）为 61.52%；母公司口径资产负债率（扣 除代理款）为 44.21%，资产负债率（未扣除代理款）为 59.56%。 发行人最近三个会计年度实现的年均可分配利润为 33,486.28 万元（2022 年 度、2023 年度和 2024 年度实现的归属于母公司所有者的净利润 24,924.59 万元、 32,696.31 万元和 42,837.95 万元的平均值），预计不少于本期债券一年利息的 1 倍。发行人发行前的财务指标符合相关规定。 2025 年 4 ...

（住所：广西南宁市滨湖路 46 号国海大厦） （股票简称：国海证券；股票代码：000750.SZ） 国海证券股份有限公司 2025 年面向专业投资者 公开发行公司债券 （第二期） 募集说明书 | 本期债券发行金额 | 不超过（含）10 亿元 | | --- | --- | | 担保情况 | 无担保 | | 信用评级结果 | 主体评级：AAA；评级展望：稳定 债项评级：AAA | | 发行人 | 国海证券股份有限公司 | | 主承销商/簿记管理人/债券受托管理人 | 广发证券股份有限公司 | | 资信评级机构 | 中诚信国际信用评级有限责任公司 | 主承销商/簿记管理人/债券受托管理人 （住所：广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） 2025 年 月 国海证券股份有限公司 2025 年面向专业投资者公开发行公司债券（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、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（如有）进行了核查，确认不存在虚假 ...

国海证券股份有限公司 2025 年 面向专业投资者公开发行 公司债券（第二期） 信用评级报告 编号：CCXI-20251506D-01 国海证券股份有限公司 2025 年面向专业投资者公开发行 公司债券（第二期）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 5 月 30 日 * [14] M. C. 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性 ...

Group 1 - Market activity has slightly decreased, while the transportation infrastructure sector has seen continuous growth in total market value [2][3] - The primary market has a sufficient project reserve, with multiple projects in various stages of the approval process as of May 30, 2025 [2] - The REITs index has outperformed other indices, with the total market value of REITs decreasing to 198.207 billion, reflecting a drop of 0.224 billion from the previous week [2][3] Group 2 - The transportation infrastructure sector leads with a weighted average weekly increase of 0.67%, while the energy infrastructure sector follows with a 0.60% increase [3] - The cash distribution rates for different types of REITs show significant variation, with the average cash distribution rate for property-type REITs at 3.87% and for concession-type REITs at 8.33% [3] - The current market valuation for convertible bonds is at a moderately high level, with the premium rate maintaining between 22%-23% as of May 30, 2025 [5][6] Group 3 - The Vega strategy is highlighted as a method to identify mispricing in convertible bonds, particularly in volatile market conditions [6][7] - The mid-low Vega strategy is recommended for current market conditions, as it has shown strong adaptability and performance across various market environments [7]

Report Industry Investment Rating No relevant content provided. Core View of the Report The CSI Convertible Bond Index is approaching its previous high, and the overall market valuation is at a moderately high level under the stock - bond steady state. The high - level operation of the index is mainly due to the sharp rise of low - price bonds since September 2024. The current convertible bond valuation is moderately high, and if the market remains stable, the valuation is expected to maintain the current equilibrium level. The Vega strategy can capture mispriced convertible bonds in terms of volatility sensitivity. When market volatility intensifies, low - Vega convertible bonds show stronger resilience. In the current market situation, using the low - to - medium Vega strategy for bond selection is a good approach, and the Q2 quantile Vega portfolio is more practical [5]. Summary by Relevant Catalogs 1. Analysis of the Convertible Bond Market Situation - The CSI Convertible Bond Index is approaching its previous high, mainly driven by the sharp rise of low - price bonds since September 2024. The overall market valuation is moderately high, with the 100 - yuan premium rate maintaining in the 22% - 23% range as of May 30. Historically, valuation compression was caused by micro - cap stock negative feedback, the large - cap dividend style, and credit risk events. If the market remains stable, the valuation is expected to stay at the current equilibrium [5][6][9]. - Different price ranges of convertible bonds show significant valuation differentiation. Bonds priced between 100 - 110 yuan are mostly bond - like, and their valuation is at a five - year high. High - and medium - priced convertible bonds have relatively lower valuations, with those above 130 yuan at a low level since 2021 [7]. 2. The Convertible Bond's Low - to - Medium Vega Strategy 2.1 How the Low - to - Medium Vega Strategy Resists Volatility - Convertible bonds are a composite product of bonds and embedded options, and their value is often mispriced due to stock - bond fluctuations. The Vega strategy can capture mispriced convertible bonds in terms of volatility sensitivity. When market volatility increases, low - to - medium Vega convertible bonds show stronger resilience [14]. 2.2 How to Construct the Low - to - Medium Vega Portfolio - Determine the convertible bond pool: On the rebalancing day, select bonds with a rating above BBB (excluding), a remaining term of more than 1 year, a listing date of more than one year ago, and a balance of more than 100 million yuan. - Calculate the convertible bond Vega value: On the rebalancing day, calculate the Vega values of eligible convertible bonds, select valid and positive Vega values, and exclude extremely high and low Vega values. - Construct the portfolio: Divide the calculated Vega values into five equal groups using the quantile method, with a two - way fee of 0.3%. Rebalance on the first trading day of each month and calculate the portfolio return, IC value, and win - rate using equal - weight [18]. 2.3 When Different Quantile Vega Strategies Dominate - In the rapid upward period (October 2024 - March 2025), the Q3 quantile Vega convertible bond portfolio achieved the best risk - return ratio, with a ranking of Q3>Q4>Q2>Q5>Q1 in terms of return and Q3<Q2<Q5<Q4<Q1 in terms of volatility [23]. - In the sideways shock period (May - July 2023), the Q2 quantile Vega portfolio had the best risk - return ratio, with a return ranking of Q3>Q2>Q4>Q5>Q1 and a volatility ranking of Q5<Q4<Q2<Q1<Q3 [24]. - In the rapid downward period (June - September 2024), the medium - quantile Vega convertible bond portfolio had the smallest drawdown, with a return ranking of Q3>Q4>Q2>Q1>Q5 and a volatility ranking of Q2<Q3<Q4<Q5<Q1 [27]. - The low - to - medium quantile Vega portfolio can balance upward elasticity and downward drawdown, and has good adaptability in different market styles. In terms of annual performance, its Sharpe ratio ranked first in different years and achieved excess returns during the 2022 Q4 fixed - income + product redemption wave and the 2024 convertible bond credit event [30]. 2.4 The Unique Alpha of the Low - to - Medium Quantile Vega Portfolio - Since 2021, the Q2 and Q3 quantile Vega portfolios have obtained Alpha compared to the double - low strategy under the same conditions, especially showing relative advantages in a market environment with declining risk appetite and rising volatility. However, the low - to - medium quantile Vega portfolio's significant drawdowns were mostly due to credit events [32]. 2.5 The Cost - Effectiveness of the Current Low - to - Medium Vega Strategy - Currently, convertible bonds are not cheap, and it is difficult for the stock market to rise significantly. The market may enter a shock period. In this environment, the low - to - medium Vega factor strategy has high cost - effectiveness, and the Q2 quantile portfolio is expected to be more cost - effective [34].

Market Overview - The total market capitalization of public REITs has increased to 198.431 billion yuan, up by 5.185 billion yuan from the previous week[21] - The average daily turnover rate has risen to 0.71%, an increase of 0.13 percentage points compared to the previous week[21] Investment Highlights - The weighted average weekly increase for affordable rental housing REITs is 2.57%, leading the market, followed by transportation infrastructure REITs at 2.30%[29] - The cash distribution rate for property REITs averages 3.86%, with consumption infrastructure leading at 4.38% and municipal facilities at 12.83%[38] Market Performance - The CSI REITs total return index rose by 1.20%, outperforming other indices such as the dividend index (0.40%) and the CSI convertible bond index (-0.11%) during the week[24] - The average internal rate of return (IRR) for property REITs is 4.11%, while for concession rights it is 3.88%[38] Trading Activity - The transaction volume for park infrastructure REITs reached 213 million units, the highest among all sectors, followed by affordable rental housing at 120 million units[35] - The turnover rate for affordable rental housing REITs was 1.06%, the highest among all categories[35]

1979年出生的王海河，拥有丰富的金融领域管理经验，是目前A股最年轻的上市券商董事长。未来，他 将如何带领国海证券实现业务发展，记者将持续关注。 最年轻上市券商董事长 4月11日，国海证券发布董事长辞职的公告，因工作调动，何春梅拟辞去公司董事长、董事会战略与 ESG委员会主任委员、董事会薪酬与提名委员会委员、法定代表人等职务。自2014年12月起，何春梅已 担任国海证券董事长一职10年之久。 4月28日晚间，国海证券发布公告称，选举王海河为该公司第十届董事会董事长。 记者注意到，在当前A股上市券商中，从董事长的出生年份来看，主要集中在60后和70后。1979年出生 的王海河是目前A股最年轻的上市券商董事长。 王海河在金融领域的管理工作经验丰富。他曾在国家开发银行广西分行、国家开发银行办公厅工作，曾 任国家开发银行风险管理局信用风险管理委员会办公室副主任，广西投资集团有限公司风险控制与法律 事务部副总经理、党委专项巡察组副组长、风控与外派人员管理部（监事会工作部）副总经理、董事会 秘书兼办公室/董事会办公室/党委办公室主任/党委宣传部部长、协同部总经理，广西金控资产管理有限 公司董事长等职务。 2022年12月 ...

Group 1: Investment Strategies and Holdings - Dongfang Harbor Investment Fund, managed by Dan Bin, held a total of 10 US stocks at the end of Q1, with a market value of $868 million, down 13% from the end of last year [1] - The fund cleared four US stocks, including Tesla and Palantir, and significantly reduced its position in TSMC while increasing holdings in seven stocks, including Amazon and Google C, with Amazon seeing a 69.78% increase [1][2] Group 2: Market Performance and Trends - Following a significant drop due to "reciprocal tariffs," US stocks rebounded sharply, with the fund's best-performing asset, NVDA 2x Daily Long ETN, soaring 80% from April 7 to May 14 [2] - Bitcoin recently surpassed the $110,000 mark, reaching a high of $111,900, driven by macroeconomic policies and structural factors, with analysts predicting it may outperform gold in the second half of the year [3] Group 3: Company Developments - Zhonghai Energy Technology completed over 100 million yuan in Pre-A++ financing, led by Ant Group, to enhance technology development and expand production capacity [3] - Zhonghai Energy won a bid for a large-scale energy storage project in Huizhou District, with a total investment of nearly 1 billion yuan, and aims to sign projects worth over 1 billion yuan within the year [4] Group 4: Fund Establishments and Collaborations - Xinhua Insurance and China Life Asset Management established a 20 billion yuan private equity fund, with Xinhua Insurance contributing 10 billion yuan [5][7] - The fund will focus on large listed companies in the CSI A500 index, aligning with national policies to encourage long-term capital market participation [7]

Group 1 - The core point of the announcement is the approval of the 2024 annual profit distribution plan by the shareholders' meeting, which includes a cash dividend of 0.30 yuan per 10 shares [1][2] - The total profit distributed amounts to 191,585,234.31 yuan, with an unallocated profit of 465,524,248.41 yuan carried forward to the next year [2] - The cash dividend will be distributed to shareholders based on the existing total share capital of 6,386,174,477 shares, and the distribution ratio will be adjusted if there are changes in the total share capital before the implementation date [3][4] Group 2 - The record date for the rights distribution is set for May 29, 2025, and the ex-dividend date is May 30, 2025, with the dividend payment also occurring on May 30, 2025 [4] - The distribution method involves direct transfer of cash dividends to shareholders' accounts through their custodial securities companies [5][6] - The announcement includes details on tax implications for different types of shareholders, specifying that individual shareholders will not have taxes withheld at the time of distribution but will be subject to tax based on their holding period when they sell the shares [3][4]

证券代码：000750 证券简称：国海证券 公告编号：2025-30 国海证券股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 国海证券股份有限公司（以下简称公司或本公司）2024 年年度权益分派方案已获 2025 年 5 月 16 日召开的 2024 年 年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案等情况 （一）公司 2024 年年度股东大会审议通过的利润分配方 案具体内容为：以公司现有总股本 6,386,174,477 股为基数， 向公司全体股东每 10 股派发现金股利 0.30 元（含税），不 派送股票股利，共分配利润 191,585,234.31 元，剩余未分配 利润 465,524,248.41 元转入下一年度；2024 年度公司不进 行资本公积转增股本（以下简称权益分派方案）。自董事会审 议通过之日起至实施权益分派的股权登记日止，如公司股本 总额发生变动，将按照现金分红总额固定不变的原则，按最新 股本总额相应调整每股分配比例（即分配总额不变）。 （二）上述权益分派方 ...