证券代码：524360 证券简称：25 国证 Y3 国信证券股份有限公司 2025 年面向专业投资者公开发行 永续次级债券（第三期）发行结果公告 发行人及全体董事、监事、高级管理人员保证本公告内容真实、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。 国信证券股份有限公司（以下简称"公司"或"发行人"）向专业投资者公开 发行面值总额不超过 200 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 号文注册同意。 根据《国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级债 券（第三期）发行公告》，国信证券股份有限公司 2025 年面向专业投资者公开 发行永续次级债券（第三期）（以下简称"本期债券"）的发行规模为不超过 40 亿元（含 40 亿元）。本期债券简称为 25 国证 Y3，债券代码为 524360。本期 债券发行价格为每张 100 元，采取网下面向专业投资者询价配售的方式发行。 本期债券发行时间自 2025 年 7 月 10 日至 2025 年 7 月 11 日，共 2 个交易日。 最终发行规模 40 亿元，票面利率 2.04%，全场认购 1.7 ...

Core Insights - The report highlights the steady growth of ESG stock funds in China, with the net value reaching 630.6 billion yuan by the end of 2024, indicating a significant increase in market interest and investment in ESG strategies [1][11][31] - ESG strategy funds have seen rapid growth, particularly in the fourth quarter of 2024, where the net value surged by 275 billion yuan, reflecting a shift in investor preference towards more strategic ESG investments [2][52] - The report identifies a preference among ESG stock funds for large-cap and high-growth stocks, which have yielded considerable positive premiums and excess returns [4][66] Development of ESG Stock Funds - The number of ESG public funds in China reached 665 by the end of 2024, with a management scale of nearly 833.1 billion yuan, surpassing the proportions seen in mature markets like the US and Japan [11][12] - The growth rate of ESG funds has accelerated significantly since the introduction of the "dual carbon" goals in September 2020, with an annualized growth rate of 36% and 29% for quantity and net value, respectively, from Q2 2020 to Q4 2024 [11][12] - Environmental protection funds have historically dominated the ESG fund landscape, but ESG strategy funds have recently overtaken them in terms of growth and scale [11][41] Performance Analysis of ESG Stock Funds - ESG stock funds have shown a consistent preference for large-cap and high-growth stocks, which has contributed to their performance advantages [4][66] - The report employs a factor model to analyze the performance of ESG stock funds, indicating that both active and passive ESG funds favor large-cap stocks, with passive funds showing a stronger preference [3][66] - The performance of active ESG funds has outperformed passive funds primarily due to excess returns, while both types exhibit similar preferences for high-growth stocks [3][66] Thematic Development of ESG Funds - The report categorizes ESG funds into various themes, noting that environmental protection and ESG strategy funds have seen the most significant growth, with environmental protection funds leading until recently [2][41] - By the end of 2024, the number of environmental protection funds was 224, while ESG strategy funds reached 195, indicating a shift in focus towards more strategic ESG investments [41][52] - Social responsibility and corporate governance funds have lagged in growth compared to environmental and ESG strategy funds, with their numbers remaining relatively low [42][53]

Core Viewpoint - The article highlights a significant surge in merger and acquisition (M&A) activities in the A-share market, driven by policy optimizations and an increase in the number of major asset restructurings, with a notable year-on-year growth in transaction volume and frequency [1][5]. Group 1: M&A Activity and Statistics - Since September 2024, there have been nearly 200 major asset restructurings in the A-share market, marking a substantial increase compared to previous periods [1]. - In 2024, 44 brokerage firms acted as independent financial advisors for M&A projects, with the top three firms—CICC, CITIC Securities, and Huatai Securities—leading in transaction numbers [2][3]. - The top three brokerages completed 32, 30, and 23 transactions respectively, while six other firms completed more than five transactions each [3]. - The total transaction value for the top three brokerages exceeded 1 trillion yuan, with CITIC Securities leading at 202.46 billion yuan, followed by CICC at 145.736 billion yuan, and China Post Securities at 116.367 billion yuan [3]. Group 2: Policy Support and Regulatory Changes - Recent policy changes have aimed to enhance the M&A environment, including a meeting held by the CSRC in February 2024 to discuss optimizing M&A regulations and supporting listed companies [6]. - The "Eight Measures" released in June 2024 by the CSRC emphasized stronger support for M&A activities, establishing a "green channel" for M&A processes [7]. - In September 2024, the CSRC issued the "Six Opinions" to further reform the M&A market, promoting cross-industry mergers based on transformation and upgrading [8]. Group 3: Industry Trends and Implications - The article notes that M&A activities are crucial for economic transformation and enhancing market vitality, particularly for emerging industries facing funding challenges [9]. - The integration of technology assets through M&A has been facilitated by recent policy changes, allowing companies to overcome previous barriers [10]. - The number of M&A cases in the electronics and computer sectors has significantly increased, with the proportion of M&A events in the Sci-Tech Innovation Board rising from 4% in 2023 to 18% in the first half of 2025 [10]. Group 4: Securities Industry M&A Highlights - The securities industry has seen notable M&A activities, including the merger of Guotai Junan and Haitong Securities, creating the largest A+H dual market merger case [11]. - Other significant transactions include the merger of Xiangcai Co. with Dazhihui and the acquisition of Wanhua Securities by Guoxin Securities [11]. - M&A in the securities sector is viewed as an effective means for firms to achieve external growth and enhance overall industry competitiveness [12].

Group 1 - The core index, the CSI Securities Company Pioneer Strategy Index, has shown a strong increase of 3.40% as of July 11, 2025, with significant gains in constituent stocks such as Bank of China Securities and Guosheng Financial Holdings [1] - The Securities ETF Pioneer has achieved a net value increase of 51.36% over the past year, ranking 200 out of 2908 index stock funds, placing it in the top 6.88% [3] - The latest price-to-earnings ratio (PE-TTM) of the CSI Securities Company Pioneer Strategy Index is 20.37, indicating it is at a historical low, being below 80% of the time over the past year [3] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Securities Company Pioneer Strategy Index account for 59.67% of the index, including companies like Dongfang Fortune and CITIC Securities [4] - Guosheng Financial Holdings reported a net profit of 243 million yuan for the first half of 2025, marking a year-on-year increase of 109.48% [4] - The capital market is experiencing a rebound, with increased trading activity and expectations for a recovery in IPO scale, which may lead to a resurgence in investment banking revenue [4]

证券代码：524360 证券简称：25 国证 Y3 国信证券股份有限公司 2025 年面向专业投资者公开发行 永续次级债券（第三期）票面利率公告 发行人及全体董事、监事、高级管理人员保证本公告内容真实、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。 国信证券股份有限公司（以下简称"公司"或"发行人"）向专业投资者公开 发行面值总额不超过 200 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 号文注册同意。 国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级债券（第 三期）（以下简称"本期债券"）每 5 个计息年度为 1 个重定价周期，在每个重定 价周期末，发行人有权选择将本期债券期限延长 1 个重定价周期（即延续 5 年）， 或全额兑付本期债券。本期债券发行规模不超过 40 亿元（含 40 亿元）。 2025 年 7 月 9 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，本期债券利率询价区间为 1.50%-2.50%。根据网下向专业机构投资者 询价结果，经发行人和主承销商按照有关规定协商一致，最终确定本期债券票面 利率为 2.0 ...

Group 1 - Guosen Securities announced the extension of the book-building time for its perpetual subordinated bonds (third phase) aimed at professional investors, originally scheduled for July 9, 2025, due to significant market fluctuations [1] - The issuance scale of this bond is not to exceed 20 billion yuan, with approval from the China Securities Regulatory Commission [1] - The extension of the book-building time may reflect market demand for perpetual subordinated bonds or fluctuations in interest rate expectations, necessitating further observation of the issuance results and market reactions [1] Group 2 - Perpetual subordinated bonds have no fixed maturity date and can be counted as equity, typically used to supplement the capital of financial institutions [1] - The purpose of this issuance is to optimize the capital structure and enhance risk resistance capabilities of Guosen Securities [1] - Market participants believe that extending the book-building time may be to fully gather investor intentions and ensure a smooth issuance process [1]

Group 1 - The company, Jiangxi Zhite New Materials Co., Ltd., has initiated the early redemption of its convertible bonds, known as "Zhite Convertible Bonds" [1][9] - The total amount of convertible bonds issued was 6.14033 million units, with a total fundraising of RMB 614.033 million, and the bonds were listed on April 21, 2023 [1][2] - The initial conversion price of the bonds was set at RMB 41.08 per share, which has been adjusted multiple times, with the latest adjustment bringing it down to RMB 8.86 per share [2][3] Group 2 - The company has specific conditions for the early redemption of the convertible bonds, which include the stock price being at least 130% of the conversion price for 15 out of 30 consecutive trading days [5][6] - The redemption price for the bonds is calculated based on the face value plus accrued interest, which is approximately RMB 100.36 per bond [7][8] - The redemption process is set to occur on August 15, 2025, with funds being transferred directly to the bondholders' accounts [8]

关于延长国信证券股份有限公司 2025 年面向专业投资者 公开发行永续次级债券（第三期）簿记建档时间的公告 根据《国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级债 券（第三期）发行公告》，发行人及簿记管理人原定于 2025 年 7 月 9 日（T-1 日） 15:00 到 18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记建档 结果确定本期债券的最终票面利率。 因簿记建档当日市场变化较为剧烈，经全体簿记参与人协商一致，现将本期 债券簿记建档结束时间由 2025 年 7 月 9 日 18:00 延长至 2025 年 7 月 9 日 19:00。 特此公告。 （以下无正文） 1 ( 本页无正文，为《关于延长国信证券股份有限公司 2025 年面向专业投资者公 开发行永续次级债券（第三期）簿记建档时间的公告》之盖章页） 国信证券股份有限公司（以下简称"公司"或"发行人"）向专业投资者公开 发行面值总额不超过 200 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 号文注册同意。 有限公司 月9日 （本页无正文，为《关于延长国信证券股份有限公司 2025 年面向 ...

Group 1 - The company has reached an agreement with Guosen Securities to add the sales business for the Oriental Pension Target Date 2050 five-year holding period mixed fund of funds (FOF) Y class starting from July 10, 2025 [1] - The new sales fund and business scope have been announced, with specific details available in the fund's legal documents [1] - Regular investment plans will not incur additional handling fees, and the subscription fee rate for regular investment will be the same as the daily subscription fee rate for the relevant fund [1] Group 2 - Fund conversion allows investors to convert all or part of their holdings in one open-end fund managed by the company into shares of another open-end fund managed by the company [1] - The business rules and processes for the new sales business will be subject to the arrangements and regulations of the involved institutions [1] - Investors are encouraged to consult Guosen Securities or the company's customer service center for further details [2]

Fund Overview - The fund is named "Hui'an Quality Selection Enhanced Bond Investment Fund" and is a bond-type open-ended fund [11] - The fund is managed by Hui'an Fund Management Co., Ltd. and the custodian is CITIC Bank [11][49] Fund Raising Details - The fund's subscription period is from July 21, 2025, to August 1, 2025, with a maximum subscription amount of 6 billion RMB [5][21] - The minimum subscription amount for each fund share is 1.00 RMB [11][27] - The fund will not accept subscriptions from financial institutions' proprietary accounts, except for the manager's own funds [19] Subscription Categories - The fund offers two classes of shares: Class A and Class C, with different fee structures [3][12] - Class A shares charge subscription fees, while Class C shares do not charge subscription fees but deduct service fees from the fund's assets [3][12] Subscription Limits - Individual investors can subscribe up to 10 million RMB per day, with no cumulative limit during the fundraising period [2][19] - If a single investor's cumulative subscription reaches or exceeds 50% of the total fund shares, the fund manager may impose restrictions on further subscriptions [4][24] Performance Benchmark - The fund's performance benchmark is composed of 85% of the yield of the China Securities Index Quality Credit Bond Index, 10% of the yield of the China Securities Dividend Quality Index, and 5% of the after-tax bank demand deposit rate [9][10] Fund Management and Operations - The fund operates as a contractual open-ended fund with no fixed duration [11] - The fund management company reserves the right to adjust the fundraising arrangements based on various factors [6]