Core Viewpoint - The petrochemical industry is facing significant "involution" competition, leading to a decline in profit margins, with the industry's operating revenue profit margin expected to drop from 8.03% in 2021 to 4.85% in 2024, and remaining low in the first half of 2025 [1] Group 1: Industry Challenges and Policy Responses - The current phase of the petrochemical industry is characterized by chaotic competition, resulting in a situation where increased production does not lead to increased profits [1] - The central government has proposed comprehensive rectification measures to address these issues, including enhancing self-discipline, promoting innovation, and eliminating non-compliant production capacity based on energy efficiency and environmental standards [1] - Recent policies have shifted from institutional construction to special rectification, with measures such as the introduction of the "National Unified Market Construction Guidelines" aimed at curbing repeated construction and market segmentation [1][2] Group 2: Supply-Side Opportunities - The report highlights potential supply-side transformation opportunities in sectors with significant homogeneous competition, such as refining, olefins, and certain pesticide varieties facing potential overcapacity [2] - The expected exit of inefficient production capacity due to state-owned enterprise capacity control and project approval restrictions may lead to an improvement in the supply-demand structure and a recovery in industry profitability [2] Group 3: Macro and Chemical Product Prices - As of July 2025, the comprehensive PMI output index was 50.2%, indicating a slight decline in manufacturing activity [3] - The China Chemical Product Price Index (CCPI) reported a decrease of 5.6% from the beginning of the year, with 48 out of 279 petrochemical products experiencing price increases year-on-year [3] Group 4: Oil Prices - International crude oil prices showed an upward trend in July, with Brent crude rising from $67.11 to $73.24 per barrel, and WTI from $65.45 to $70.00 per barrel [4] - The report anticipates that Brent crude prices will stabilize between $65 and $70 per barrel, while WTI will range from $60 to $65 per barrel, influenced by geopolitical risks and OPEC+ policies [4] Group 5: Future Outlook for Chemical Products - The report recommends investment in chemical products with improving supply-demand dynamics and scarce resource attributes, focusing on electronic resins, phosphate fertilizers, pesticides, and refining [5][6] - The electronic resin sector is expected to grow significantly due to increasing demand for high-frequency and high-speed copper-clad laminates used in AI servers, with a projected compound annual growth rate of 26% from 2024 to 2026 [5] - The phosphate fertilizer market is anticipated to see price increases due to overseas agricultural recovery and supply disruptions, while the pesticide sector is expected to rebound as demand rises and capital expenditure declines [6]

Core Insights - The overall performance of Shenzhen state-owned enterprises' new media accounts has significantly declined in June compared to May, with a notable decrease in both article and reading volume across most accounts [4][22][27] - The "Shenzhen State-owned Enterprises New Media Information Release Observation List" evaluates the performance of 54 accounts, including 31 primary accounts and 23 listed companies, focusing on reading volume as a key indicator of influence [3][22] Group 1: Article Performance - The top three accounts by article count are Shenzhen Bus Group (72 articles), Shenzhen Energy (62 articles), and Shenzhen Metro (60 articles), while the lowest are Special Zone Construction Group (2 articles) and Shenzhen Duty-Free (0 articles) [5][22] - Shenzhen Energy is the only account among the top three to show an increase in article count, while Shenzhen Bus Group's article count decreased by 25% [4][5] - The overall article count for many accounts has seen a significant drop, with some accounts like Special Development Group and Shenzhen Urban Public Safety Technology Research Institute experiencing a reduction of 37, 22, and 21 articles respectively [4][5] Group 2: Reading Volume - The top three accounts by reading volume are Shenzhen Metro (414,000+), Shenzhen Eastern Bus (191,000+), and Guoxin Securities (92,756), with Shenzhen Metro's article achieving over 100,000 reads [6][7] - Reading volume has decreased across the board, with notable declines for accounts like Shenzhen Gas and Shenzhen Port Group [7][24] Group 3: Engagement Metrics - In terms of likes, Shenzhen Metro (3,570), Shenzhen Bus Group (3,254), and Shenzhen Gas (2,680) lead the rankings, showing significant growth compared to May [8][9] - The recommendation volume is highest for Shenzhen Bus Group (2,433), followed by Shenzhen Metro (974) and the First Talent (387), while several accounts have very low recommendation counts [10][11] Group 4: Content Strategy Analysis - The Shenzhen Bus Group's content strategy focuses on balanced and diverse content, effectively engaging users and enhancing brand communication [12][14][18] - The First Talent account published 44 articles in June, primarily focusing on talent services and recruitment, but may need to diversify its content to better serve a broader audience [19][21] Group 5: Listed Companies Performance - The article count for Shenzhen listed companies has also seen a significant decline, with top performers like Shenzhen Special Force and Special Development Information experiencing substantial drops in article output [22][23] - Reading volume for listed companies has decreased, with Shenzhen Airlines, China Ping An, and Hai Neng Da leading in total reads but still showing declines compared to the previous month [24][26]

Group 1 - The core viewpoint of the report is that Guosen Securities has given Anker Innovations (300866.SZ, latest price: 122 yuan) an "outperform" rating based on several factors [2] - The first reason for the rating is the implementation of equity incentives that bind core employees, demonstrating confidence in long-term development [2] - The second reason is the continuous introduction of new products, which is expected to drive revenue growth [2] Group 2 - The report highlights potential risks including a deteriorating external trade environment [2] - It also mentions the risk of fierce price competition within the industry [2] - Additionally, there are concerns regarding the potential underperformance of new product promotions and channel expansion [2]

Group 1 - The core viewpoint of the report is that Ningde Times (300750.SZ) is rated as outperforming the market due to strong financial performance and growth prospects [2] - The company achieved a net profit attributable to shareholders of 30.485 billion yuan in the first half of 2025, representing a year-on-year increase of 33% [2] - The company's power battery shipments continue to grow rapidly, maintaining its leading position in the industry [2] - The company's energy storage business is experiencing rapid growth with stable profitability [2] - The company is accelerating capacity expansion and enhancing its global layout to improve service capabilities [2] - The company is speeding up the construction of a battery swapping ecosystem [2]

Group 1: Market Performance - The fluorochemical sector showed steady performance in July, with the fluorochemical index rising by 6.29%, outperforming the CSI 300 index by 1.32 percentage points [1] - As of the end of July, the fluorochemical index was at 1471.59 points, which is an increase of 6.29% compared to the end of June [1] - The chemical price indices reported by Guosen Securities indicated a slight decrease in the fluorochemical price index by 2.76% and an increase in the refrigerant price index by 2.24% as of July 30, 2025 [1] Group 2: Refrigerant Prices - Retail prices for the main refrigerant R32 continued to rise, with R227ea prices increasing rapidly to 73,000 yuan/ton due to demand from the firefighting sector [2] - Price forecasts for R32 are expected to stabilize with average prices projected at 56,000 yuan in August, 57,000 yuan in September, and 58,000 yuan in October [2] - The market anticipates an increase in refrigerant demand with the approach of the "Golden September and Silver October" period and the new cooling year [2] Group 3: Air Conditioning Production - Air conditioning production has been adjusted upwards due to high summer temperatures, with the total production for August expected to be 6.735 million units, a year-on-year decrease of 11.9% [5] - The cumulative export of air conditioners from January to June reached 41.08 million units, reflecting a year-on-year increase of 6.9% [5] - The third batch of 69 billion yuan for the old-for-new program has been allocated, providing support for the industry [4] Group 4: Company Developments - Companies such as Dongyangguang, Wengfu Group, and others have reported profit growth in their mid-year financial announcements [6] - The fluorine polymer and supporting projects by Dongyangguang have completed acceptance public announcements, indicating ongoing expansion in the sector [6]

Group 1: Brokerage Business and Internet Development - The company's brokerage business market share for stock-based transactions is 2.75% of the total market, with continuous improvement in client account numbers and quality [2] - The company emphasizes both new and existing clients, particularly leveraging internet methods to enhance operational efficiency and transform offline outlets [2] - There will be increased investment in digital operations to meet diverse client needs [2] Group 2: Wealth Management Ecosystem - For individual clients, the company has established a professional investment advisory team and various wealth management service brands, enhancing product offerings and quality [2] - For institutional clients, the company provides customized comprehensive financial services, addressing their investment pain points through an integrated service platform [2] Group 3: Proprietary Investment Business - The company employs a major asset allocation strategy to manage investments, utilizing stocks, bonds, derivatives, convertible bonds, and funds to mitigate volatility and market risks [3] - The focus is on dividend investment, value growth investment, and discount protection investment strategies, with a strong emphasis on stable fixed-income investments [3] - The derivatives business is conducted with a focus on compliance and risk control, aiming for high-quality development [3] Group 4: Acquisition of Wanhe Securities - The acquisition of Wanhe Securities has been approved by the Shenzhen Stock Exchange's merger and reorganization review committee, pending completion of registration and other procedures [4] - Post-acquisition, the company aims to leverage Wanhe Securities' advantages in cross-border asset management within the Hainan Free Trade Port [4] Group 5: Investment Banking Development Strategy - The investment banking division focuses on core responsibilities, enhancing professional capabilities, and increasing the scale of equity financing projects [4] - There is a push for business innovation, particularly in mergers and acquisitions, Hong Kong stock business, and technology innovation bonds [4] - Long-term planning is emphasized to develop an industrial investment banking model and enhance service capabilities for technology enterprises [4]

国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第五期）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，不直接或者间接认购自己发行的债券。债 券发行的利率或者价格应当以询价、协议定价等方式确定，发行人不会操纵发行 定价、暗箱操作，不以代持、信托等方式谋取不正当利益或向其他相关利益主体 输送利益，不直接或通过其他利益相关方向参与认购的投资者提供财务资助、变 相返费，不会出于利益交换的目的通过关联金融机构相互持有彼此发行的债券， 不实施其他违反公平竞争、破坏市场秩序等行为。 发行人如有董事、监事、高级管理人员、持股比例超过 5%的股东及其他关 联方参与本期债券认购，发行人将在发行结果公告中就相关认购情况进行披露。 中国证券监督管理委员会、深圳证券交易所对债券发行的注册或审核，不代 表对债券的 ...

国信证券股份有限公司2024年面向专业投资者公开发行 公司债券更名公告 同意国信证券股份有限公司面向专业投资者公开发行公司债券的注册。 特此说明。 由于债券跨年及分期发行，按照公司债券命名惯例，征得主管部门同意，本 期债券名称由"国信证券股份有限公司 2024 年面向专业投资者公开发行公司债 券"变更为"国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 （第五期）"，债券简称"25 国证 07"。 （以下无正文） 本期债券名称更变不改变原签订的与本期公司债券发行相关的法律文件效 力，原签署的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 《国信证券股份有限公司 2024 年面向专业投资者公开发行公司 之受托管理协议》 债券债券持有人会议规则》。 《国信证券股份有限公司 2024 年面向专业投资者公开发行公司债券 括但不限于： ...

国信证券股份有限公司 （第五期） 发行公告 发行人 牵头主承销商、债券受托管理人 住所：北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101 联席主承销商 住所：深圳市福田区福田街道福华一路 119 住所：广东省深圳市福田区福田街道金田路 号安信金融大厦 2026 号能源大厦南塔楼 10-19 层 住所：深圳市福田区福田街道益田路 5023 号 平安金融中心 B 座第 22-25 层 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要事项提示 获得中国证券监督管理委员会证监许可[2024]1722 号文，可向专业投资者公开发行面值 总额不超过 200 亿元的公司债券（以下简称"本次债券"）。 发行人本次债券采取分期发行的方式，"国信证券股份有限公司 2025 年面向专业投 资者公开发行公司债券（第五期）"（以下简称"本期债券"）为本次债券项下第六期， 发行规模为不超过人民币 30 亿元（含 30 亿元），债券简称"25 国证 07"。 者及专业投资者中的个人投资者不得参与发行认购。本期债券上市后将被实施投资者适 当性管理， ...

国信证券股份有限公司 公司债券（第五期） 信用评级报告 编号：CCXI-20252068D-01 国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 方、评级对象和其他第三方的干预和影响。 ? 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 （第五期）信用评级报告 声 明 ? 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 际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品 的依据。 ? ...