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 ...

投资策略 · 固定收益 2025年第七期 0755-22940745 zhaojing@guosen.com.cn S0980513080004 债海观潮，大势研判 票息为主，积极持券 证券分析师：赵婧 证券分析师：季家辉 021-61761056 jijiahui@guosen.com.cn S0980522010002 0755-22940456 lizn@guosen.com.cn S0980516060001 证券研究报告 | 2025年07月08日 证券分析师：李智能 0755-81982035 tiandi2@guosen.com.cn S0980524090003 证券分析师：董德志 021-60933158 dongdz@guosen.com.cn S0980513100001 证券分析师：田地 请务必阅读正文之后的免责声明及其项下所有内容 摘要 请务必阅读正文之后的免责声明及其项下所有内容 Ø 行情回顾：6月所有债券品种收益率下行；利率债方面，6月短期限品种收益率下行更为显著；信 用债方面，高等级和短期限品种信用利差走阔；违约方面，6月违约金额略有上升但整体保持今年 偏低水平； Ø 海外基本 ...

Core Insights - The report from Guosen Securities emphasizes the importance of AI education products that can deliver full-chain service and effectively enhance teaching quality [1] - The evolution of online education provides valuable lessons for AI education, which now faces a more severe supply-demand mismatch post "double reduction" policy [1][2] - The commercial model of online education has shifted towards live courses that can frequently meet user needs and directly impact teaching outcomes [2] Group 1: AI Education Development - AI education must achieve a closed-loop service of "teaching-learning-practice-evaluation" and verifiable teaching results [1] - The demand for AI interactive classes and problem-solving systems is particularly strong among high school and adult learners, who are self-driven and have clear quantifiable outcomes [1][3] - For younger students, AI education serves as a compliant resource post "double reduction," integrating realistic simulation classrooms and emotional interaction technology to improve teaching effectiveness [1] Group 2: Online Education Business Model Changes - Online education companies with valuations exceeding 100 billion are concentrated in the live course sector, which offers strong teaching effectiveness and full-chain delivery [2] - Historical online education products have transitioned from various formats to focus on live courses due to their ability to directly impact learning outcomes [2] - The shift in AI education products should move from single tools to a comprehensive service model encompassing "teaching-practice-testing-feedback" while emphasizing learning outcome conversion [2] Group 3: Differentiated Design in AI Education - AI education products must cater to different age groups and needs, with younger students requiring engaging and participatory experiences [3] - High school and adult learners focus on efficiency, result verification, and cost-effectiveness, with tools designed for precise knowledge reinforcement [3] - Hardware solutions like smart learning tablets are in high demand but face challenges due to high costs and long repurchase cycles, indicating ongoing optimization in business models [3]

Core Viewpoint - The company intends to continue using part of its idle raised funds (including oversubscribed funds) for cash management to enhance fund utilization efficiency while ensuring that the investment projects remain unaffected [1][7]. Fundraising Basic Situation - The company has raised a total of RMB 91.5 million by issuing 23 million shares at RMB 39.78 per share, with a par value of RMB 1.00 per share [1][2]. Fund Usage and Idle Situation - As of June 30, 2025, the company has utilized RMB 65.525 million of the raised funds for its information technology construction project, leaving a portion temporarily idle due to the project’s construction cycle [2][3]. Previous Use of Idle Funds - In a previous meeting, the company approved the use of up to RMB 600 million of idle funds for cash management, which can be rolled over within 12 months [3][4]. Current Cash Management Plan - The company plans to use up to RMB 200 million of idle funds for cash management, with a maximum investment period of 12 months, ensuring that the investment does not affect the ongoing projects [4][5]. Investment Products - The company will invest in low-risk, high-liquidity products such as structured deposits, time deposits, and large certificates of deposit, with strict risk control measures in place [5][6]. Impact on Daily Operations - The cash management strategy is designed to enhance fund efficiency without impacting the company's normal operations or project funding needs, ultimately aiming to improve overall performance and shareholder returns [6][7]. Sponsor's Verification Opinion - The sponsor has confirmed that the company's decision to use idle funds for cash management complies with relevant regulations and does not harm the interests of the company or its shareholders [7].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched the Integrated Fund Platform (IFP) order transmission service, enhancing the efficiency of fund distribution and providing a broader range of investment options for investors [1][3]. Group 1: Platform Overview - The IFP includes 33 companies, with 17 fund distributors, including 12 Chinese brokers, and aims to streamline the fund distribution process [1][4]. - The platform is designed to cover the entire distribution cycle of retail funds in Hong Kong, lowering entry barriers for the fund industry and improving market efficiency [3][7]. - The new order transmission service integrates subscription and redemption processes, facilitating smoother operations between fund distributors and registered agents [3][9]. Group 2: Participating Institutions - The 12 Chinese brokers participating in the IFP include notable firms such as China Galaxy International and CITIC Securities, all of which have cross-border wealth management qualifications [2][8]. - Other distributors include major banks like Bank of China (Hong Kong) and China Construction Bank (Asia), indicating a diverse range of institutions involved [4][6]. - The platform also includes six registered agents, enhancing the operational framework of the fund distribution network [5]. Group 3: Impact on Wealth Management - The launch of the IFP is expected to significantly benefit wealth management businesses, particularly for brokers qualified for cross-border wealth management [10][11]. - As of May 2025, the cross-border wealth management program has seen participation from 157,900 investors, indicating a growing market for these services [10]. - Brokers have expressed optimism about the platform's potential to enhance service capabilities and expand the range of fund products available to clients [11]. Group 4: Future Developments - Future phases of the IFP will include agent services and improvements in payment and settlement processes, with ongoing collaboration between HKEX, regulators, and industry stakeholders [12].

1、本年度计息期间：2024 年 7 月 8 日至 2025 年 7 月 7 日 证券代码：002736 证券简称：国信证券 编号：2025-049 债券代码：149974 债券简称：22 国信 Y2 -【】 国信证券股份有限公司 2022 年面向专业投资者公开发行永续次级债券 （第二期）2025 年付息公告 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。 特别提示： 本期债券的债券简称为 22 国信 Y2，债券代码为 149974，本年度计息期间、 债权登记日及付息日等如下： 2、债权登记日：2025 年 7 月 7 日 3、债券付息日：2025 年 7 月 8 日 2025 年 7 月 7 日（含）前买入本期债券的投资者，享有本次派发的利息； 2025 年 7 月 7 日（含）前卖出本期债券的投资者，不享有本次派发的利息。 国信证券股份有限公司（以下简称"发行人""公司"或"本公司"）发行的 国信证券股份有限公司 2022 年面向专业投资者公开发行永续次级债券（第二期） （以下简称"本期债券"）将于 2025 年 7 月 8 日支付利息，为保证本次付息工 ...

Core Insights - The article highlights the strong performance of top investment advisors in the A-share market, with significant excess returns compared to the market average, showcasing their capabilities in a volatile market environment [1][3]. Performance Overview - The average return of the top 300 advisors in the stock trading group reached 27.19%, while the top 10 advisors achieved an impressive average return of 47.41% [2][3]. - In June, the three major indices in the A-share market all showed positive performance, with the Shanghai Composite Index rising by 2.9%, the Shenzhen Component Index by 4.23%, and the ChiNext Index by 8.02% [3]. ETF Group Performance - The average return for the top 200 advisors in the ETF group was 17.34%, with the top 10 achieving an average return of 30.93% [10][11]. - Compared to the benchmark indices, the top advisors significantly outperformed, with the Shanghai Composite Index rising by 5.04% and the Shenzhen Component Index by 5.71% during the same period [11]. Advisor Strategies - Advisors from leading firms like Guangfa Securities and CITIC Securities shared their strategies, focusing on growth stocks and utilizing models like "5+30" to identify high-potential sectors [13][14]. - Risk management strategies were emphasized, including controlling drawdowns and diversifying portfolios to mitigate risks during market fluctuations [15][20]. Institutional Strength - Guangfa Securities, CITIC Securities, and China Galaxy Securities led the rankings in terms of the number of advisors participating in the evaluation, indicating their strong institutional capabilities [23][28]. - The competition among institutions reflects a shift towards a client-centric approach in wealth management, emphasizing the importance of professional capabilities [39]. Future Outlook - Advisors are focusing on sectors with high growth potential, such as innovative pharmaceuticals and aerospace, while also considering macroeconomic factors like Federal Reserve policies [17][22]. - The article suggests that as market volatility becomes the norm, the ability of professional advisors to create value will be crucial for their competitive edge [39].

Core Insights - The China Securities Association conducted a special data survey on the performance of securities firms in promoting financial "five major articles" for 2025, revealing the ranking of firms in terms of personal pension product distribution [1] Summary by Category Securities Firms Ranking - The ranking of securities firms based on the scale of personal pension product distribution (in ten thousand yuan) is as follows: - China International Capital Corporation: 248,276 - Galaxy Securities: 180,620 - GF Securities: 171,836 - China Merchants Securities: 139,135 - Guosen Securities: 137,794 - Industrial Securities: 114,222 - Guotai Junan Securities: 71,553 - CITIC Securities: 53,185 - Huatai Securities: 40,565 - Ping An Securities: 34,479 - Shenwan Hongyuan Securities: 25,942 - Dongfang Securities: 21,668 - Zhongtai Securities: 21,320 - CITIC Jianan Securities: 13,698 - Changjiang Securities: 9,807 - Dongfang Fortune Securities: 4,552 - Guotou Securities: 2,649 - Everbright Securities: 2,315 [1]

Group 1 - The bond issued by Guosen Securities, referred to as "21 Guosen 04," will pay interest on July 7, 2025, with a coupon rate of 3.68% [1][2] - Each 10 bonds will distribute a pre-tax interest of 36.80 yuan, resulting in a post-tax amount of 29.44 yuan for individual investors after a 20% tax deduction [1][2] - The bond has been rated AAA with a stable outlook, ensuring a high level of creditworthiness [1] Group 2 - The interest payment will be made to all registered holders of "21 Guosen 04" as of the close of trading on July 4, 2025 [2] - The payment process will be managed by China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, which will distribute the interest to designated securities firms [2] - Individual bondholders are responsible for paying a 20% personal income tax on the interest received, which will be withheld at the time of payment [2][4] Group 3 - Non-resident enterprises, including QFII and RQFII, are exempt from corporate income tax on interest income from this bond until December 2025 [4] - Other bondholders are required to self-manage their tax obligations on the interest income [4] Group 4 - For inquiries, Guosen Securities provides contact information including a phone number and address for further assistance [4]

国信证券股份有限公司 2021 年面向专业投资者公开发行公司债券 (第二期)(品种二)2025 年付息公告 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。 特别提示： 本期债券的债券简称为 21 国信 04，债券代码为 149536，本年度计息期间、 债权登记日及付息日等如下： | 证券代码：002736 | 证券简称：国信证券 编号：2025-048 | | --- | --- | | 债券代码：149536 | 债券简称：21 国信 04 编号： -【】 | 1、本年度计息期间：2024 年 7 月 6 日至 2025 年 7 月 5 日 2、债权登记日：2025 年 7 月 4 日 3、债券付息日：2025 年 7 月 7 日 2025 年 7 月 4 日（含）前买入本期债券的投资者，享有本次派发的利息； 2025 年 7 月 4 日（含）前卖出本期债券的投资者，不享有本次派发的利息。 国信证券股份有限公司（以下简称"发行人""公司"或"本公司"）发行的 国信证券股份有限公司 2021 年面向专业投资者公开发行公司债券（第二期）（品 种二）（以下简称"本 ...