【 导读 】国信证券收购万和证券获交易所审核通过 见习记者 舍梨 国信证券收购万和证券迎来关键进展。 6月19日，深圳证券交易所并购重组审核委员会发布2025年第7次审议会议结果。公告显示国信证券（发行股份购买资产）符合重组条件和 信息披露要求。这意味着，国信证券收购万和证券控制权事项的申请获交易所审核通过。 同日晚间，国信证券发布公告称，公司拟通过发行A股股份购买万和证券96.08%股份的交易获得深圳证券交易所并购重组审核委员会审核 通过。本次交易构成关联交易，不构成重大资产重组，不构成重组上市。国信证券表示，本次交易尚需取得中国证券监督管理委员会同意 注册的批复。 "国信+万和"推进迅速 今年4月11日，国信证券公告称，公司拟发行股份购买万和证券96.08%股份正式获得深交所受理，证监会也对万和证券变更主要股东等事 项的行政许可申请予以受理。从受理到如今过会仅耗时2个月，国信证券收购万和证券股权项目审核推进可谓迅速。 回顾国信证券收购万和证券控制权的历程。2024年8月，国信证券宣布拟通过发行A股股份的方式购买万和证券53.0892%的股份。 同年9月份，国信证券公布了发行股份购买资产暨关联交易预案，交易 ...

证券代码：002736 证券简称：国信证券 公告编号：2025-045 国信证券股份有限公司 关于公司发行股份购买资产暨关联交易事项获得深圳证券交 易所并购重组审核委员会审核通过的公告 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。 国信证券股份有限公司（以下简称"公司"）拟通过发行A股股份的方式购 买深圳市资本运营集团有限公司、深圳市鲲鹏股权投资有限公司、深业集团有限 公司、深圳市创新投资集团有限公司、深圳远致富海十号投资企业（有限合伙）、 成都交子金融控股集团有限公司、海口市金融控股集团有限公司合计持有的万和 证券股份有限公司96.08%股份（以下简称"本次交易"）。本次交易构成关联交 易，不构成重大资产重组，不构成重组上市。 深圳证券交易所并购重组审核委员会于2025年6月19日召开2025年第7次 并购重组审核委员会审议会议，对公司本次交易的申请进行了审议。根据深圳证 券交易所并购重组审核委员会发布的《深圳证券交易所并购重组审核委员会 2025年第7次审议会议结果公告》，本次会议的审议结果为：本次交易符合重组 条件和信息披露要求。 本次交易尚需取得中国 ...

智通财经6月19日电，国信证券(002736.SZ)公告称，公司发行股份购买资产暨关联交易事项获得深圳证 券交易所并购重组审核委员会审核通过。本次交易拟购买深圳市资本运营集团有限公司等持有的万和证 券股份有限公司96.08%股份，构成关联交易，不构成重大资产重组，不构成重组上市。本次交易尚需 取得中国证券监督管理委员会同意注册的批复。 国信证券：购买万和证券96.08%股份获深交所并购重组审核委员会审核通过 ...

Group 1 - The report discusses the issuance of convertible bonds by Qingdao High Measurement Technology Co., Ltd., managed by Guosen Securities, with a total amount of 483.3 million yuan approved by the China Securities Regulatory Commission [2][3]. - The convertible bonds, named "High Measurement Convertible Bonds," began trading on the Shanghai Stock Exchange on August 12, 2022, with the bond code "118014" [3]. - The bond's conversion price will be adjusted based on specific corporate actions such as stock dividends, capital increases, and cash dividends, as outlined in the bond issuance prospectus [3][5]. Group 2 - The company plans to distribute a cash dividend of 1.80 yuan per 10 shares and increase capital by 4 shares for every 10 shares held, with adjustments made to the distribution if the total share capital changes due to convertible bond conversions or other corporate actions [4][5]. - The conversion price of the "High Measurement Convertible Bonds" will be adjusted from 10.50 yuan to 7.37 yuan per share, effective from June 27, 2025, following the company's annual equity distribution plan [7]. - The adjustment of the conversion price is in compliance with the terms set forth in the bond issuance prospectus and does not impact the company's daily operations or debt repayment capabilities [6][7].

特别提示： 本期债券的债券简称为 22 国信 Y1，债券代码为 149954，本年度计息期间、 债权登记日及付息日等如下： 1、本年度计息期间：2024 年 6 月 21 日至 2025 年 6 月 20 日 2、债权登记日：2025 年 6 月 20 日 3、债券付息日：2025 年 6 月 23 日 2025 年 6 月 20 日（含）前买入本期债券的投资者，享有本次派发的利息； 2025 年 6 月 20 日（含）前卖出本期债券的投资者，不享有本次派发的利息。 | 证券代码：002736 | 证券简称：国信证券 | | 编号：2025-044 | | --- | --- | --- | --- | | 债券代码：149954 | 国信 债券简称：22 | Y1 | -【】 | 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（第一期） 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。 1、发行人：国信证券股份有限公司 2、债券名称：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（第一期） 3 ...

Group 1 - The core viewpoint of the news is that the successful issuance of the "2025 Annual First Phase Targeted Technology Innovation Bond" by Dongfang Fuhai marks a significant milestone in China's bond market, showcasing innovative financial products and mechanisms for supporting technology innovation [1][2][6] - The bond issuance was led by Guosen Securities, which played a crucial role in facilitating the process, establishing a collaborative working group, and customizing financing solutions for Dongfang Fuhai [2][4] - The bond achieved a subscription rate of 6.325 times, with a total issuance scale of 400 million yuan and a coupon rate of 1.85%, setting multiple records in the bond market [1][3] Group 2 - The issuance is seen as a benchmark for private venture capital institutions, providing a replicable model for direct financing channels and introducing new capital for technology innovation enterprises [2][4] - The bond's structure includes a large issuance scale, long maturity, and low cost, effectively addressing the financing challenges faced by private venture capital institutions [4][6] - The supportive policies from regulatory bodies, such as the People's Bank of China and the China Securities Regulatory Commission, are crucial for easing the financing difficulties of technology-oriented small and medium-sized enterprises [6][7]

Core Viewpoint - The securities industry is expected to see a stable recovery in valuations and investment opportunities in the second half of 2025, despite a 7.51% decline in the A-share securities index since the beginning of the year [1][2]. Group 1: Industry Performance and Outlook - The securities sector's fundamental recovery is ongoing, with a notable 37.7% year-on-year growth in net profit for the first half of 2025 [2]. - The implementation of various reform policies in the capital market is anticipated to further stimulate market activity and investor interest [2]. - The net profit growth rate for the securities industry is projected to reach 17.3% year-on-year in 2025 under neutral assumptions, with an annualized ROE expected to rise to 6% [2]. Group 2: Mergers and Acquisitions - Active merger and acquisition activities are noted within the industry, including significant cases such as Guotai Junan's absorption of Haitong Securities and Guolian Securities' acquisition of Minsheng Securities [2]. - The ongoing mergers and acquisitions are expected to drive supply-side reforms in the securities industry, allowing larger firms to consolidate their advantages while providing opportunities for smaller firms to catch up [2]. Group 3: Investment Opportunities - Institutions recommend focusing on three main investment lines: 1. Securities firms with high growth potential and low valuations, particularly those expected to show significant performance improvements in the 2025 mid-year report [3]. 2. Leading comprehensive securities firms with balanced business structures and strong professional capabilities, which are better positioned to adapt to industry changes [3]. 3. Securities firms that may become acquisition targets or acquirers, as ongoing mergers and acquisitions are likely to continue [3]. - The combination of favorable policies, solid fundamentals, and liquidity is expected to enhance the resilience of the securities sector [3].

Core Viewpoint - The securities industry is expected to see a recovery in performance in the second half of 2025, with a focus on high-growth firms with low valuations, well-structured leading comprehensive brokers, and those with potential for mergers and acquisitions [1][4]. Group 1: Industry Performance and Outlook - As of June 18, 2025, the A-share securities index has declined by 7.51% since the beginning of the year, but the industry's fundamentals continue to improve, supported by active trading and ongoing capital market reforms [2]. - Citic Securities forecasts a 17.3% year-on-year growth in net profit for the securities industry in 2025, with an annualized ROE expected to rise to 6% [2]. - Huatai Securities highlights that the new "National Nine Articles" and the accompanying "1+N" policy framework will foster a favorable long-term investment market ecosystem, benefiting the growth of securities firms [2]. Group 2: Mergers and Acquisitions - Recent mergers, such as Guotai Junan's absorption of Haitong Securities and the acquisition of Minsheng Securities by Guolian Securities, indicate a trend where large brokers consolidate to strengthen their positions, while smaller brokers can achieve rapid growth through acquisitions [3]. - Dongwu Securities suggests that mergers and acquisitions may drive supply-side reforms in the securities industry amid a backdrop of reduced fees [3]. Group 3: Investment Strategies - Institutions recommend focusing on three investment themes: brokers expected to achieve high growth in mid-2025 with low valuations, leading comprehensive brokers with balanced business structures and strong professional capabilities, and brokers with potential for mergers and acquisitions [4]. - Citic Securities emphasizes that the combination of interest rate cuts and supportive policies will likely stabilize valuations in the securities sector, enhancing its resilience [4]. - The analysis of listed brokers indicates that the industry is undergoing significant transformation, with a focus on enhancing trading capabilities and diversifying asset management strategies [5].

Core Viewpoint - Guosen Securities Co., Ltd. is set to publicly issue perpetual subordinated bonds (Phase II) aimed at professional investors, which will be listed on the Shenzhen Stock Exchange starting June 19, 2025 [1] Group 1: Bond Details - The bond is named "Guosen Securities Co., Ltd. 2025 Perpetual Subordinated Bonds (Phase II)" [1] - The bond code is 524302, and it has a credit rating of AAA/AAA from United Ratings [2] - The total issuance amount is 30 billion yuan [2] - The bond has a fixed interest rate of 2.11% and will pay interest annually unless the issuer exercises the right to defer interest payments [2] - The issuance period is from June 11 to June 12, 2025, with the interest commencement date on June 12, 2025 [2] - The bond will have a re-pricing cycle of every 5 years, with the issuer having the option to extend the bond term at the end of each cycle [2] - The bond's issuance price is set at 100 yuan per bond [2]

Core Insights - The emergence of DeepSeek in 2025 is revolutionizing the financial industry by enhancing market prediction models with its dynamic self-correction capabilities and advanced data mining abilities [1][10] - Traditional market prediction models often suffer from fixed weight configurations, leading to distorted judgment results, which DeepSeek aims to address [1][10] Group 1: Impact on Financial Industry - DeepSeek's dynamic self-correction ability optimizes weight based on historical data and current realities, improving prediction accuracy [1] - The model's data mining capabilities allow for the discovery of more relevant data, breaking linear thinking and avoiding "black box" issues [1] - DeepSeek enhances overall strategy intelligence through its powerful reasoning and complex decision-making capabilities [1] Group 2: Educational Initiatives - Guosen Securities has reported a 0.27% increase in annualized returns and a 1.08-fold increase in the Sharpe ratio after integrating DeepSeek into their simulation trading [3] - A masterclass titled "DeepSeek Restructures Strategy Investment Paradigm" has been launched to educate users on utilizing DeepSeek for investment [3][7] - The course, led by Wang Kai, covers various topics including asset allocation optimization, risk parity strategies, and understanding policy semantics [3][11] Group 3: Course Content and Structure - The masterclass is divided into eleven parts, focusing on practical techniques for asset allocation and investment strategies using DeepSeek [3][11] - Key topics include the application of AI in multi-asset frameworks, recreating classic investment portfolios, and understanding market timing and sector rotation [11][12] - The course aims to provide insights into the behavior logic behind key financial institution statements and the implications for investment strategies [11][12]