Group 1 - The central bank and the China Securities Regulatory Commission (CSRC) jointly issued an announcement to support the issuance of technology innovation bonds, proposing measures to enrich the product system and improve supporting mechanisms for these bonds [1] - Shenzhen, recognized as a national highland for technological innovation and a pioneer in capital market reform, has a strong technological industry foundation and an active capital market system [1] - In 2024, Shenzhen's strategic emerging industries are expected to achieve an added value of over 1.5 trillion yuan, accounting for nearly 45% of its GDP, with R&D investment reaching 6.46% of GDP, ranking among the top in the country [1] Group 2 - Following the new policy for technology innovation bonds, 12 brokerages disclosed bond issuance announcements on May 8, with a total proposed issuance scale of 17.7 billion yuan, marking the first response from institutions after the policy's implementation [2] - Among these, four brokerages in Shenzhen issued bonds totaling 8.5 billion yuan, representing 50% of the national issuance total [2] - From May 7 to June 30, Shenzhen issued 17 technology innovation bonds with a total issuance scale of 13.777 billion yuan, including 10 bonds from securities companies and venture capital institutions totaling 11.5 billion yuan [2]

Core Viewpoint - The company plans to utilize part of the excess funds raised from its IPO to invest in a new project aimed at enhancing its product offerings and operational efficiency in the optical communication sector [5][14][16]. Fundraising Overview - The company raised a total of RMB 960.48 million from its IPO, with a net amount of RMB 881.39 million after deducting issuance costs [2]. - The IPO involved issuing 13,340,000 shares at a price of RMB 72.00 per share, with the shares listed on the Shenzhen Stock Exchange on May 26, 2022 [1]. Investment Project Details - The new project involves the construction of access network equipment for optical communication transmission systems, with a total planned investment of RMB 153.10 million [5][6]. - The project is expected to have an internal rate of return of 24.73% and a payback period of 3.51 years, indicating strong economic benefits [5]. Market and Industry Analysis - The optical communication equipment market is projected to grow at a compound annual growth rate (CAGR) of 12%, driven by increasing demand in data centers, smart manufacturing, and smart cities [7]. - The demand for optical communication is expected to rise due to the rapid development of technologies such as 5G, IoT, and cloud computing, which require robust data transmission capabilities [6][10]. Project Feasibility and Necessity - The project aligns with national policies promoting the deployment of gigabit optical networks and is expected to enhance the company's strategic positioning in the optical communication industry [11][14]. - The implementation of this project is deemed feasible and necessary to meet the growing market demands and to optimize the company's product structure [11][12]. Impact on Company - The investment in the new project is anticipated to improve the company's overall competitiveness, expand its product line, and enhance its revenue structure [14][16]. - The project will not adversely affect the normal operations of the company or the interests of its shareholders, as it is in line with the company's development strategy [14][16]. Regulatory Compliance - The company has established a special account for the management of the raised funds and will adhere to relevant regulations and guidelines to ensure proper usage [15][16]. - The board of directors and the supervisory board have approved the use of excess funds for the new project, confirming compliance with legal and regulatory requirements [16][17].

Core Insights - The domestic securities industry is undergoing significant restructuring in human resources due to business transformation, with a total workforce of 325,000 as of mid-2025, reflecting a reduction of 7,330 employees or 2.2% from the previous year [2][3][4]. Workforce Reduction - 80% of the 120 securities firms reported a decrease in staff, with major firms like Guotai Haitong and Guoxin Securities leading in layoffs [2][3]. - Guotai Haitong experienced the largest reduction, losing 698 employees (3.6%), while Guoxin Securities saw a decrease of 424 employees (4.2%) [4][5]. - The investment banking division of Founder Securities had the highest percentage reduction at 15.9% [5]. Business Line Trends - Traditional securities brokers are declining, with a reduction of 2,640 brokers (9.1%) in the first half of 2025, while investment advisors increased by 2,037 (2.6%) [6][8]. - The shift towards wealth management services is evident, as firms adapt to lower trading commissions and seek new revenue sources [6]. Investment Advisor Growth - As of mid-2025, the number of investment advisors reached 81,000, with Guotai Haitong leading at 5,823 advisors, significantly outnumbering its brokers [6][8]. - The trend indicates a clear transition from brokerage services to advisory roles, with major firms having a substantial number of advisors compared to brokers [6][7]. Underperformance in Underwriting - The number of sponsoring representatives has decreased to 8,526, down 3.5% from the previous year, with Guotai Haitong again leading in numbers but also experiencing a decline [11][12]. - The tightening regulatory environment and reduced IPO activity have pressured underwriting businesses, leading to a reevaluation of the roles of sponsoring representatives [14]. Analyst Movement - The total number of analysts increased by 94 to 5,588, but significant turnover was noted, particularly among smaller firms [15][17]. - Notably, analysts at firms like First Capital Securities saw a nearly 50% reduction, indicating instability in the analyst workforce [15][17].

Core Viewpoint - The issuer, Guo Xin Securities Co., Ltd., is set to publicly issue perpetual subordinated bonds (Phase III) with a total face value of up to 40 billion RMB, aimed at professional investors only [1][2][3]. Group 1: Issuance Details - The total issuance scale of the bonds is capped at 40 billion RMB, including the full amount [1][9]. - The bonds will be issued in phases, with the current phase referred to as "25 Guo Zheng Y3" [1][9]. - The bonds are rated AAA, indicating a stable outlook [2][18]. Group 2: Financial Metrics - As of March 2025, the issuer's consolidated net assets amount to 1,202.30 billion RMB, with a consolidated debt-to-asset ratio of 70.98% [2][18]. - The average distributable profit over the last three fiscal years is 69.11 billion RMB, with net profits of 60.88 billion RMB, 64.27 billion RMB, and 82.17 billion RMB for 2022, 2023, and 2024 respectively [2][18]. Group 3: Bond Characteristics - The bonds will have a face value of 100 RMB and will be issued at par [10]. - The initial coupon rate for the first five interest periods will be determined based on the average yield of 5-year government bonds published five working days prior to the issuance [10][11]. - The issuer has the option to extend the bond term for one repricing cycle (5 years) or fully redeem the bonds at the end of each cycle [12][17]. Group 4: Subscription Process - The bonds are exclusively available to professional institutional investors, with a minimum subscription amount of 10 million RMB [16][24]. - The subscription period is set for July 10 and July 11, 2025, with the final coupon rate to be announced on July 9, 2025 [19][24]. - Investors must submit their subscription applications through a designated system, and any failure to pay by the deadline will be treated as a default [25][24].

国信证券股份有限公司2025年面向专业投资者公开发行 永续次级债券更名公告 2025 年 3 月 26 日，中国证券监督管理委员会以证监许可[2025]628 号文同 意国信证券股份有限公司面向专业投资者公开发行永续次级债券的注册。 由于债券分期发行，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 2025 年面向专业投资者公开发行永续次级债券" 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永续次级债券 （第三期）"，债券简称"25 国证 Y3"。 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 括但不限于：《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 债券之受托管理协议》《国信证券股份有限公司 2025 年面向专业投资者公开发行 永续次级债券债券持有人会议规则》。 特此说明。 （以下无正文） 2 3/5 (此页无正文,为《国信证券股份有限公司 2025 年面向专业投资者公开发行永 续次级债券更名公告》之盖章页） 主承销商: 司 目 1 (此页无正 ...

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） 信用评级报告 | | | 1 www.lhratings.com 联合〔2025〕6031 号 联合资信评估股份有限公司通过对国信证券股份有限公司及其 拟面向专业投资者公开发行的 2025 年永续次级债券（第三期）的信 用状况进行综合分析和评估，确定国信证券股份有限公司主体长期 信用等级为 AAA，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）信用等级为 AAA，评级展望为稳 定。 评级总监： $$\Xi\,{\bf O}\,{\bf\Xi}\,{\bf\Xi}\,{\bf\Xi}\,{\bf\Xi}+{\bf\Xi}\,{\bf\Xi}\,{\bf\Xi}={\bf\Xi}$$ 信用评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之 日的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为 联合资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对 评级对象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评 级报告遵循了真实、客观、公正的原则。 ...

| 本次债券注册规模 200 亿元 | | --- | | 本期债券发行规模 不超过40亿元(含40亿元) | | 发行人 国信证券股份有限公司 | | 主承销商 中国银河证券股份有限公司、国投证券股份有限公司、平安证券 | | 股份有限公司 | | ーーーーーーーーーーーーーーーーーー 1 The till the time to the may be the may be | 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）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，不会直接或通 ...

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 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 号安信金融大厦 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 签署时间：二〇二五年七月 发行人 牵头主承销商、债券受托管理人 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 1．国信证券股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 3 月 26 日获 得中国证券监督管理委员会证监许可[2025]628 号文，可向专业投资者公开发行面值总 额不超过 200 亿元的永续次级债券（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 资者公开发行永续次级债券（第三期）"（以下简称"本期债券"）为本次债券项下第三期， 发行规模为不超过人民币 40 亿元（含 40 亿元），债券简称"25 国证 Y3"。 ...

的核查意见 国信证券股份有限公司 关于厦门弘信电子科技集团股份有限公司发行股份及支付现金 购买资产并募集配套资金暨关联交易之部分限售股份上市流通 国信证券股份有限公司（以下简称"独立财务顾问"）作为厦门弘信电子科 技集团股份有限公司（以下简称"公司"或"弘信电子"）发行股份及支付现金 购买资产并募集配套资金暨关联交易（以下简称"本次交易"）的独立财务顾问， 根据《上市公司重大资产重组管理办法》 《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等相关规定，对本次交易部分限售股份解除限售情况进行了核查，具体情况如下： 一、本次解除限售的股份取得和股本变化情况 （一）本次解除限售的股份取得情况 门弘信电子科技集团股份有限公司向巫少峰等发行股份购买资产并募集配套资 （证监许可20221097 号），同意公司向巫少峰发行 11,309,030 股 金注册的批复》 股份、向朱小燕发行 9,693,454 股股份、向颜永洪发行 2,299,088 股股份、向苏州 华扬同创投资中心（有限合伙）发行 1,491,300 股股份购买苏州市华扬电子有限 公司（曾用名 ...

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